Views: 3711|Replies: 6

Banksters Ban Cash, Wreck India's Economy [Copy link] 中文

Rank: 8Rank: 8

Post time 2017-1-1 21:21:27 |Display all floors
Banksters Ban Cash, Wreck India's Economy

31 December 2016.

Some of the most industrious people in the world no longer have enough money to buy food.

India's Prime Minister Narendra Modi under the guidance of international banksters has imposed one of the most idiotic monetary policies in history and thrown a spanner into the beautifully crafted and functioning Indian economy.

Over 1.25 billion people in India are now facing an economic crisis as 86% of the country's currency is being taken out of circulation.

Banksters are wrecking India's economy as it rapidly shifts into a cashless, digitally controlled grid that has been an objective of the global elite for many decades.

By Mac Slavo:

Suddenly, things are moving faster than anyone could have imagined.

Officially, the government of India believes their demonetization efforts to haul in some 86% of the cash in circulation will bolster the economy and improve the situation for the world's second most populous country.

But on the ground, and in reality, the pain is still spreading - and it could become even worse.

The cost of goods is increasing sharply and the poor and working classes are being hit hard… and many are still waiting in long bank lines to deposit what little they have.

Cash-related industries, which dominate Indian daily life, including tourism, shops, farming, vendors, day labor, jewelry and the informal industries are facing huge declines as cash bans have severely cut back their business.

via Business Insider:

Modi's announcement that 500 and 1,000 rupee bills - making up 86% of India's currency - were no longer legal tender has posed an enormous hardship for millions of people who use cash for everything from salaries to cellphone charges.

Empty ATMs and ever-changing rules are preventing people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores are suffering huge losses or going under.

Daily commerce in essentials including food, medicine, and transportation screeched almost to a halt.

Real estate, tourism, transportation, and gold and gems have been hit the hardest, along with informal sectors that rely mostly on cash. Prices are forecast to rise since the cash crunch is pinching supplies of all sorts of goods.

"The first two months have been so bad for us, we don't even have enough money to buy food," daily wage laborer Neeraj Mishra, 35, said.

Worst affected were the country's hundreds of millions of farmers, produce vendors, small-shop owners and daily-wage laborers who usually are paid in cash at the end of a day's work. Many lost their jobs as small businesses shut down, compounding their poverty.

The direct shortage of cash, with no reliable alternative system in wide use among the nation's poorer majority, resulted in demand that outstripped supply on every front for physical cash and a means of exchange.

This is how quickly they could bring things to a halt.

The inhumane impact on literally hundreds of millions of poor people there remains largely in the background of policy discussions - which have actually been branded as fighting for the poorest - as banking modernization becomes the most important factor.

So far, despite the widespread inconvenience and costs… The Indian government is urging patience, insisting it's playing a long game that will eventually modernize Indian society and benefit the poor.

Since domestic commerce drives most economic activity, analysts have expressed alarm over the scale of economic and social disruption and are warning a contraction is likely in coming quarters.


The wide impact of the demonetization won't be known until the government issues its next quarterly gross-domestic-product figures in February, but the Reserve Bank of India already has shaved half a percentage point from this year's GDP growth forecast, to 7.1%.

If the United States banned the $100 bill tomorrow, and perhaps the $50 as well, as many bureaucrats and banking insiders have suggested, there would be a massive impact at home as well.

Despite the fact that a majority of transactions in America are now electronic, cash still remains a stubbornly viable exchange mediums for all sectors of society, across wealth and age brackets, and remains especially vital for the working poor who often rely upon cash for daily transactions.

Use magic tools Report

Rank: 4

Post time 2017-1-2 09:56:59 |Display all floors
Unfortunately for India, they are being used as a guinea pig to test whether The Plan will work... The elite like to test their ideas in poor regions of the world so the major economies are not disrupted.

It is up to the people to come up with a counter plan which will become a substitute and thwart the Plan. Perhaps either a bartering system which some communities use in other parts of the world or a local money substitute. Bitcoin would probably work but in a poor population, you cannot base your commerce on an online-only bitcoin economy.
testing the waters

Use magic tools Report

Rank: 8Rank: 8

Post time 2017-1-2 13:23:50 |Display all floors
ocpaul20 Post time: 2017-1-2 09:56
Unfortunately for India, they are being used as a guinea pig to test whether The Plan will work... T ...

Bitcoin would probably work

Use magic tools Report

Rank: 8Rank: 8

2016 Most Popular Member 2015 Most Popular Member 2014 Most Popular Member

Post time 2017-1-2 18:57:41 |Display all floors
Rubbish thread

Use magic tools Report

Rank: 8Rank: 8

Post time 2017-1-2 20:40:03 |Display all floors
dusty1 Post time: 2017-1-2 18:57
Rubbish thread

'Gold Is Now Effectively Illegal' In India - The Consequences Of Creating A Cashless Society

24 December 2016.

Jayant Bhandari warns "there are clear signs that in a very convoluted way, possession of gold for investment purposes will be made illegal" as he discusses India's attempts to create a cashless society (and consequences of it) and why precious metals and geographical diversification are the most viable options investors around the world, not just India, should be taking.

"The situation is getting worse by the day… people are desperate"

Jayant provides the clearest explanation of where India is (and where it is going) in the brief interview with's Maurice Jackson …

As Jayant detailed previously, expect a continuation of new social engineering notifications, each sabotaging wealth-creation, confiscating people's wealth, and tyrannizing those who refuse to be a part of the herd, in the process destroying the very backbone of the economy and civilization.

There are clear signs that in a very convoluted way, possession of gold for investment purposes will be made illegal. Expect capital controls to follow.

Gold Bullion Is Now Effectively Illegal

Assaults on people's private property and the integrity of their homes through tax-raids continue.  In a recent notification, government has made it clear that any ownership of jewelry above 500 grams of gold per married woman will be put under the microscopic scrutiny of tax authorities.

Steep taxes and penalties will be imposed on those who cannot prove the source of their gold. In India's Orwellian new-speak this means that because bullion has not been explicitly mentioned, its ownership will be deemed to be illegal. Courts will do what Modi wants. Huge bribes will have to be paid. […] ... a-cashless-society/

Use magic tools Report

Rank: 6Rank: 6

Post time 2017-2-8 03:30:03 |Display all floors
Good observations here-sorry, but yes, coming attractions for the western countries.

Use magic tools Report

Rank: 8Rank: 8

Post time 2017-2-21 14:05:01 |Display all floors
dragon8 Post time: 2017-1-2 20:40
'Gold Is Now Effectively Illegal' In India - The Consequences Of Creating A Cashless Society

And so it should be.

Use magic tools Report

You can't reply post until you log in Log in | register

Contact us:Tel: (86)010-84883548, Email:
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.