Modi Misses Mark

Markets, it would appear, are something less than efficient when it comes to pricing elections. Earlier this week, investors were taken aback by the scope of Morena's landslide in Mexico's largest-ever ballot. The peso plunged the most in four years on concerns that Claudia Sheinbaum, AMLO's chosen successor, could govern with a supermajority. Fast forward to Tuesday, and markets were shocked when initial vote counts out of India suggested Narendra Modi’s victory won't be the sweeping affair

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5 thoughts on “Modi Misses Mark

    1. Agreed. I have to credit H for a large percentage of my political knowledge regarding Iran, Turkey and now India thanks to these missives (tho H should take little pride since the denominator is quite small).

      But as the autocratic clouds, whether hard or soft, continue to fill the skies globally, I was struck by a PBS NewsHour piece that gave some glimpses of the election on the ground in India and why it takes so long to complete the process and tally. In India, the ballot boxes are often brought to the voters which can require arduous treks over dilapidated or nonexistent roads to get to thinly populated areas with as few as just a handful of votes. That effort, juxtaposed with Modi’s presumptive landslide seemed remarkable to me — especially in contrast to the experience here in the world’s “beacon of democracy,” which is characterized by extra-judicial gerrymandering, the shrinking of voting rights, and requring that voters who are allowed to vote to wait in line for many hours to exercise that privilege, while anyone offering said voters a drink of water while in line might face prosecution.

      I suppose we’ll get around eventually to dropping the “democracy” part of our self-anointed moniker, perhaps sooner than later, but for now, we should most assuredly drop the “beacon” part.

  1. Sadly, Modi’s state visit to Washington last year showed that too many in the administration and in Congress can get comfortable with an ethnonationalist fascist (or is it a fascistic ethnonationalist?) so long as there is money to be made.

    1. Modi has also been tolerated in the hope that India will be a strong part of the bulwark against China as a military ally, an alternative to Chinese suppliers and a market to augment or replace China as things heat up further.

      Modi’s ethnonationalist policies are no problem in many US circles because he is picking on Muslims.

      So we’ve conveniently been able to overlook India’s stepped up purchases of Russian oil.

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