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Cashless Crusaders I: Hindi-Chini Bhai Bhai?

You can argue with opinions, but it’s hard to argue with data. Indiaspend has an interesting article on the keywords used in Modi’s post-demonetization speeches. Here’s a graphical summary in figure one: Figure 1: From Indiaspend: “How Modi Changed (And Changed) The Demonetisation Narrative” As you can see cashless replaced black money as the dominant […]

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Alternate Dystopias

As you might know, I have been writing extensively about demonetization. In case you have missed some of the articles on medium, they are here: While demonetization is undoubtedly important — perhaps the single most important economic-financial event anywhere in the world after the 2008 recession — and it affects the lives of the Indian poor much more than […]

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Demonetizing small business

An earlier version of this article used the term Lala for trader, which could be taken as a derogatory reference. My apologies. I am old enough to remember the BJP of Madan Lal Khurana. Not when he was the chief minister of Delhi, but much before, when he was the voice of the trader during […]

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Permanent Demonetization

It’s an error to compare today’s demonetization to what happened in 1946 and 1978, for those were simply cases of removal. What’s being attempted today is the wholesale replacement of one financial system — based on cash — with another financial system, based on credit and electronic trade. It’s not a surgical strike; it’s bypass surgery on an unwilling […]

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The Anti-Corruption Cult

All of us know that corruption runs throughout the Indian government; from the very bottom to the very top. Need a water connection: pay up. Need a building permit: pay up. We now also know that corruption is no longer an individual matter — it’s not a clerk or an officer collecting bribes for himself, but an […]