Just because something is in our culture or tradition it does not mean it is moral. Well, in the current context it may not be moral or relevant.

So when a girl did not get educated, maybe she was given some dowry, and even an annuity. The annuity was in terms of ‘raksha bandhan’ gifts, or ‘pongal’ gift. The bounty of the harvest was shared partially with the daughter. Remember the girl got nothing from the HUF at the time of the death of the karta.

When the girl is educated, capable of earning her living….the concept of giving her ‘gold’ or ‘dowry’ makes no sense, but OBVIOUSLY men find it easy to ask and get dowry.

Just one example of how the kids of today think differently – and that is good. Dowry is on its vane, but not vanished for sure. Similarly, we have been told many stories – men are stronger, it is ok to eat eggs but not ok to eat chicken. Take for example the Brahmins, and the Jains – they have similar diet. If the Buddhists really like ahimsa why are they not vegetarian, or even better vegans? why do the Jains consume milk, but not honey? use leather shoes and purses, but are now giving up silk? Just the narrative – and the way it was told to you. Can you imagine having tiger milk from a tiger farm? eeks…did you say? but did you drink cow milk today?

Hopefully the kids of today will think differently. For example if the kids around the world said “we will not buy big branded items UNLESS THEY tell us that a fair wage was paid to the workers” — and created a certificate for that, many big brands will suffer. If for example the US GDP is analyzed you will find that a big portion is from the sin industry. What if kids say “porn should be banned” – the US entertainment industry will take a hit. What if the kids say “we will not vote for a senator who supports the arms and ammunition industry” or that “US should leave Iran alone – it has some brilliant minds”.

Similarly among the 4 factors of production can the cost of one of them go to zero and stay there for 40 years? Answer is yes…interest did go to zero. Will equity boom if interest is zero? well only temporarily. When corporates get free money, they will squander it. That will burn some serious capital, and the market will re-rate the company even inequity. Fair enough.

Labor has been a big loser in the past decade, and wages and in some case even salaries have NOT kept pace with inflation. Real estate is stagnant. Now can equity keep going up or will it become breathless in a few minutes?

So be careful. The world is changing. US is losing its market share of the world. What if India, China, Brazil, Russia and Iran form a consortium of makers and users of petroleum.

So what if we refused to keep buying US $?

As a fund manager how do you account for the fact that your money is less risky in Indian bank than in ILFS?