Everything is Everything

Which Indian hasn't experienced a KYC nightmare? And yet, we have normalised it. We should instead fight it. India's KYC is not just the worst such measure in the world, it is also an infringement on our rights. Welcome to Episode 74 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Kaagaz Dikhaao! 00:50 Chapter 1: The Curious Tale of Lal Bihari Mritak 04:55 Chapter 2: The Nightmare of KYC 09:26 Chapter 3: The Importance of Financial Privacy 21:24 Chapter 4: The History of KYC 34:02 Chapter 5: Why India Has the Worst KYC 38:58 Chapter 6: Why Aadhaar Didn’t Solve This 41:55 Chapter 7: Don’t Take Blindly From the USA 44:29 Chapter 8: Recommendations

Should alcohol be banned? What about recreational drugs? Gambling? Hate speech? You may disapprove of certain things, but if they do not infringe anyone's rights, then turning them into crimes tends to backfire. We should think hard about what we classify as crimes -- and also examine our own morality. Welcome to Episode 73 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: How Do We Wow Them Today? 01:02 Chapter 1: What Are Victimless Crimes? 03:47 Chapter 2: Why We Should Not Punish Victimless Crimes 07:10 Chapter 3: Alcohol 14:19 Chapter 4: Drugs 20:32 Chapter 5: Gambling 25:03 Chapter 6: Prostitution 30:30 Chapter 7: Homosexuality 34:37 Chapter 8: Self-Harm 39:10 Chapter 9: Hate Speech 40:47 Chapter 10: The German Cannibal and our Moral Intuitions 47:36 Chapter 11: State Capability 58:31 Chapter 12: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Songs, albums, books, films are the way they for a reason -- and those reasons are outdated. The dominant forms of creative expression evolved because of constraints that no longer apply. We should free our minds and look beyond them! Welcome to Episode 72 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Contemplative Atom 02:29 Chapter 1: Understand Form 05:57 Chapter 2: The Sound of Birds 09:51 Chapter 3: How Music Was Shaped By Form 26:26 Chapter 4: Form and Writing 37:48 Chapter 5: The Audio-Visual Medium 44:52 Chapter 6: A Golden Age For Creators 56:42 Chapter 7: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Ajay Shah, an esteemed economist and policy expert on Indian finance, delves into the transformative journey of India’s financial system. He highlights the historical failures of banking pre-regulation and the impact of nationalization. The evolution of equity markets post-1990s reforms is showcased as a success story. Additionally, Ajay argues for cautious growth in banking to prevent crises and critiques the downsides of capital controls and financial surveillance. His insights on bankruptcy and household finance reveal pressing contemporary challenges.

The discussion tackles the broken Indian competitive exam system, emphasizing the immense pressure it places on students and families. The hosts critique the meritocracy myth associated with exam scores and explore the disconnect between rote memorization and genuine learning. They propose a three-part solution, including a computerized testing approach and diverse assessments, while advocating for educational reform that prioritizes holistic development. The need for accessible learning and innovative methods in higher education is also a key focus.

The hosts dive into the art of storytelling, revealing how just seven plots underpin countless narratives across cultures. They explore archetypes like 'Overcoming the Monster' and 'Rags to Riches,' using beloved films and classics to illustrate each theme. Discussion on the journey of transformation, both internal and external, showcases how comedies and epic tales evolve. The significance of rebirth is examined, emphasizing character growth. Ultimately, they argue for embracing the complexities of human nature in storytelling, avoiding simplistic moral portrayals.

Inflation is a tax on the poor. High and variable inflation can shatter the fine interplay of incentives and information within an economy. And, as Milton Friedman famously said, inflation is always and everywhere a monetary phenomenon. The state is responsible -- and the central bank's one job should be to keep inflation in check. Thankfully, we got that right with inflation targeting. Welcome to Episode 68 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay talks about why inflation can be such a problem, and Inflation Targeting is an elegant way to keep it under control. Ajay was in the policy community in India that made it happen. Here's the inside story! TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 00:55 Chapter 1: A Basic Guide to Inflation 05:40 Chapter 2: What Do You Measure? 13:25 Chapter 3: Why Inflation Matters 30:02 Chapter 4: Introducing Inflation Targeting 36:45 Chapter 5: Inside the Boiler Room 42:05 Chapter 6: The India Story 1:01:23 Chapter 7: Recommendations For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In the last episode, Amit and Ajay spoke about how the state should never mess with the price system. Well, the exchange rate is the most important price -- and the state shouldn't try to control that either! Welcome to Episode 67 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Ajay sheds light on one of his pet peeves -- people's obsession with the exchange rate. It doesn't matter if the rupee is 'strong' or 'weak', he argues -- these terms mean nothing. All mature economies have learnt to leave the exchange rate to the market -- and so should we. A freely fluctuating exchange rate guarantees macroeconomic stability. TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 05:47 Chapter 1: The Exchange Rate is the Most Important Price 21:48 Chapter 2: The Evolution of Exchange Rates 27:46 Chapter 3: The Three Rooms in the House 33:52 Chapter 4: Fluctuating Exchange Rates are Great! 42:57 Chapter 5: The India Story 1:08:47 Chapter 6: Recommendations 1:11:04 Chapter 7: Life Lessons For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

How do people in society fulfil each other's needs while being self-interested? No human person or committee could coordinate all this -- but the miraculous, decentralised system of prices do exactly this. And when you mess with prices, you harm society. Always. Welcome to Episode 66 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah. In this episode, Amit and Ajay describe how all interventions in the price system end badly & harm the poor -- from price caps to rent control to the minimum wage to MSPs to import tariffs. Don't mess with the price system! By the way, Amit and Ajay have launched their online course LIFE LESSONS. Click here to sign up: https://lifelessons.co.in/ TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Gravity of Gravity 02:10 Chapter 1: The Miracle of Prices 11:53 Chapter 2: Price Caps 32:18 Chapter 3: Rent Control 39:20 Chapter 4: Minimum Wage 53:06 Chapter 5: Minimum Support Prices 57:54 Chapter 6: Import Tariffs 1:01:55 Chapter 7: Why Don't We Learn? 1:11:46 Chapter 8: Recommendations 1:13:21 Life Lessons! For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

India's pension crisis unfolds through personal stories and systemic analysis, revealing the dangers of reverting to the Old Pension Scheme. The discussion dives into the evolution of the National Pension System (NPS) and the importance of individual retirement planning. Unique political dynamics influenced the NPS's creation, while the tension between insurance companies and pension management highlights historical conflicts. The conversation calls for structural reforms and long-term thinking to navigate the complexities of sustainable pension policies.