Go Back   This Blue Marble, a Global Current Events Discussion Forum > Main Floor > Economy

Economy Economy discussion forum. Discuss the politics and effects of the general economy and global economic collapse here. Please keep all politics out of the Finance and Investment subforum.

Reply
 
Thread Tools Search this Thread Display Modes
Old 03-22-2017, 03:16 PM   #1
A.T. Hagan
Your "Crazy Town" reporter
 
A.T. Hagan's Avatar
 
Join Date: Aug 2008
Location: North/Central Florida
Posts: 12,897
Thanks: 2,914
Thanked 7,200 Times in 3,057 Posts
Default What Can India Teach Us About Abolishing High-Value Currency?

http://www.npr.org/sections/parallel...alue-banknotes


People line up to withdraw money from an ATM in Allahabad on
Dec. 9. The government's removal of 500- and 1,000-rupee notes
from circulation triggered a severe cash shortage.
Sanjay Kanojia/AFP/Getty Images


Quote:
Ever since Genghis Khan used tree bark as legal tender and backed it up by threatening anyone who didn't use it with death, governments have manipulated paper money to suit their purposes.

When India abolished its highest-value rupee notes last November, it sought to rein in hoarders of big bills who evade tax. However, the move sucked so much cash out of circulation that it destroyed the wages of millions of Indians who earn in cash, and deprived millions more of access to their money.

If it seems radical, it turns out a lot of countries have considered scrapping big bills.
The rest at NPR.

Not that I have enough money to be keeping it laying around in $100 bills, but if I did I think I'd be moving it over into twenties or some such even if it meant a bulkier stash. The handwriting seems to be on the wall.
__________________
Chance favors the prepared mind.
A.T. Hagan is offline   Reply With Quote
Old 03-26-2017, 04:47 AM   #2
Ross
Lifetime Member
 
Ross's Avatar
 
Join Date: Aug 2008
Location: Melbourne Australia
Posts: 14,983
Thanks: 5,763
Thanked 6,140 Times in 2,757 Posts
One imagines a street vendor currency black market has
emerged where higher USD$ denomination notes are bought/sold at a premium .

Because almost no obstacle is insurmountable for those focused on
concealing wealth from Big Brother and cash based corruption .

Just my guess .

..
__________________
All paper is a short position on gold . “Gold is money. Everything else is credit.”

“If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” ( Noam Chomsky )

‘you can judge a man’s spirit by the amount of truth he can tolerate.’ .... Nietzsche

Last edited by Ross; 03-26-2017 at 07:35 PM.
Ross is offline   Reply With Quote
Old 03-27-2017, 02:07 PM   #3
A.T. Hagan
Your "Crazy Town" reporter
 
A.T. Hagan's Avatar
 
Join Date: Aug 2008
Location: North/Central Florida
Posts: 12,897
Thanks: 2,914
Thanked 7,200 Times in 3,057 Posts
Modi tells India to scrap the cash and continue the fight against black money and corruption on 'Mann ki Baat' show

On his monthly 'Mann ki Baat' programme, Modi spoke of building a 'New India'
Modi has asked people to take the fight against black money and graft to the next level


http://www.dailymail.co.uk/indiahome...nue-fight.html


In his monthly 'Mann ki Baat' programme, Modi spoke of building
a 'New India', which he said can be achieved when 125 crore Indians
take a pledge and unitedly work towards it
__________________
Chance favors the prepared mind.
A.T. Hagan is offline   Reply With Quote
Old 03-28-2017, 03:43 AM   #4
Oric
El Turco
 
Oric's Avatar
 
Join Date: Aug 2008
Location: Istanbul, Turkey
Posts: 8,352
Thanks: 880
Thanked 2,263 Times in 994 Posts
If you stock up on $100 bills, it is worse, what India did was to declare those banknotes "not convertible", if the same happens SHTF
Oric is offline   Reply With Quote
Old 03-28-2017, 06:43 AM   #5
Ross
Lifetime Member
 
Ross's Avatar
 
Join Date: Aug 2008
Location: Melbourne Australia
Posts: 14,983
Thanks: 5,763
Thanked 6,140 Times in 2,757 Posts
I suspect the correct way to read the latest Modi imperative is
that they are now getting desperate and are doubling down on
stupid .

Do you go full crazy if the system is not already seriously broken ?
( hint : Primarily Government owned banks ) .


Quote:
.......some 16.6 per cent of the Indian banking system — or $191bn-worth say Yes Bank, via the Economist
— is now estimated to be non-performing. That’s probably going to get worse before it gets better too.
In short, it’s not a good look for any economy and it’s a huge reason that credit growth and investment is stalling.
Obviously a totally cashless society is catastrophic when large sections of the population are illiterate and
have no bank account . Is Modi trying to exterminate them ?

More here .

There is some good news here . When Western economic delinquents suggest we need a cashless society one only need
select an appropriate URL and show what happened to India . ( but somewhat dishonestly because the system was already
broken )

..
__________________
All paper is a short position on gold . “Gold is money. Everything else is credit.”

“If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” ( Noam Chomsky )

‘you can judge a man’s spirit by the amount of truth he can tolerate.’ .... Nietzsche

Last edited by Ross; 03-28-2017 at 07:42 AM.
Ross is offline   Reply With Quote
Old 03-28-2017, 08:52 AM   #6
A.T. Hagan
Your "Crazy Town" reporter
 
A.T. Hagan's Avatar
 
Join Date: Aug 2008
Location: North/Central Florida
Posts: 12,897
Thanks: 2,914
Thanked 7,200 Times in 3,057 Posts
It's all about control and I think Modi is making his move.

I also believe he's being closely watched around the world by others who would like to do the same.
__________________
Chance favors the prepared mind.
A.T. Hagan is offline   Reply With Quote
Old 03-29-2017, 05:39 AM   #7
Ross
Lifetime Member
 
Ross's Avatar
 
Join Date: Aug 2008
Location: Melbourne Australia
Posts: 14,983
Thanks: 5,763
Thanked 6,140 Times in 2,757 Posts
ATH said ....
Quote:
It's all about control and I think Modi is making his move.

I also believe he's being closely watched around the world by others who would like to do the same.

Well I certainly agree that at first pass it looks to be ''all about control''
but underneath it all I suspect the real driver is that Indian banks
are in deep poo and this is a method of keeping them liquid .



Chart source .

...
__________________
All paper is a short position on gold . “Gold is money. Everything else is credit.”

“If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” ( Noam Chomsky )

‘you can judge a man’s spirit by the amount of truth he can tolerate.’ .... Nietzsche
Ross is offline   Reply With Quote
Old 03-29-2017, 11:02 PM   #8
oldasrocks
Senior Member
 
Join Date: Sep 2008
Posts: 1,099
Thanks: 38
Thanked 293 Times in 186 Posts
They want to make sure they can tax everything. If there is an electronic trail it's impossible to hide a transaction.
oldasrocks is offline   Reply With Quote
The Following User Says Thank You to oldasrocks For This Useful Post:
Ter (03-30-2017)
Reply

Tags
abolishing, currency, highvalue, india, teach

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 08:44 AM.


Powered by vBulletin®
Copyright © Jelsoft Enterprises Ltd.