The Yen carry trade unravelling is some scary stuff. It's a cycle that might be very hard to contain, and a TINY .25% hike in interest rates in Japan is taking down many markets. I explored why and finally got it. And it's quite something!🧵
Japan had zero interest rates, so people borrowed money there and put it in any kind of asset for a potential for yield, all over the world. In global stocks, crypto, real estate... Literally anything that can yield over zero.
This flow also meant the Japanese Yen as a currency lost value for years, as people sold it to buy USD to invest in the US. Especially as US hiked interest rates, making it all a risk free money making bet!
Everyone telling you you're not middle class because earning 10-15 Lakh in India means you in the top 5% is wrong. You're most definitely middle class!
Even earning 30 Lakhs, you're middle class!
The middle class isn't economically in the middle. That's a misconception. 🧵
The middle class refers to a class of people in the middle of a social hierarchy, defined by occupation, income, education, or social status.
There's the poor and below middle class - defined by a social profile of having to do labour to live, and struggling for the basics.
They struggle every month to make sure bills are paid. And they don't even think of sending their kids to expensive schools. Of course no big vacations. No eating in Khan Market / CP type restaurants. They drink nothing over Blenders Pride.
How to Win an Indian Election (Penguin, '19) is an intro to politics and how it works. How parties, citizens, and other stakeholders operate in the political realm.
The Art of Conjuring Alternate Realities (HarperCollins, '21)
explains how parties and nation states shape your information environment, and in effect shape your reality.
Anything you "know" and who you are is a product of the information you consume... shaping that shapes your thoughts. The book explains how that is done.
TACAR, as @iam_anandv loves to point out, also predicted a LOT of things years ago - including providing a roadmap for how an... ahem... authoritarian leader's control over information can be broken, and what such a leader would do to prevent his grip over reality from breaking.
Looking into city planning and real estate in Delhi is a different sort of hellhole!
So much of Delhi is illegal. Even legal areas have all sorts of illegal construction. Municipality sends notice, people get court stays for decades! So bad, most builders just build illegally!
Even more crazy... people advise other to encroach! And people are like itna toh chalta hai while building totally illegally extended structures.
Areas with crores of people living don't have proper water and sanitation! No trash collection is super common. This is the capital!
Parking? You have to be insane to think there will be any! Everyone parks on the roads, leaving just enough space for one car at a time to pass.
Most illegal areas are two wheelers only, this is the posh Delhi - no parking. Just enough space to crawl through.
I now have a working theory on ECI reluctance to disclose form 17C and voter turnout data.
There will be no mismatch. If there are more votes in EVMs than votes polled, all hell would break lose. It'd be the end of India's democracy tag and no one would risk losing the tag...
Instead, what we would see is voting is down in very specific, targeted booths.
Granular turnout data would have told us how opposition votes are being suppressed!
This'll still come out, but now after results, and no one would be able to do anything or care as much.
If the pattern was figured out now, there would be huge outcry. Instead all we see is few complaints of voter suppression. Machines not working. Police and goons causing disruptions... And overall decline in voting percent.
The narrative was voter apathy, lack of enthusiasm...