Should a single person have the authority to flip a switch and bring all
trade, transactions, indeed the entire economy to a halt?
After stealing and demonetizing 88% of all cash in circulation, with no chance of redemption of existing notes, A single man - the president - is also going to seize 30% of every bank deposit in a national TAX on ALL BANK DEPOSITS.
All commerce has come to a halt. No food deliveries, gas, services going on three weeks and the country is slowly starving to death. Modi made no provisions for the effects of his executive orders or their obvious outcomes.
And people, by the tens of thousands, are dying every day.
As it stands, money is now dead in India – and a police state is rapidly
encroaching. Both at home and abroad the only topic of conversation for
Indians is the currency ban.
Two millennia of progress in money have been destroyed. Rural places are
increasingly falling back on barter. In a barter economy, economic
calculation is no longer possible; only the most basic economic
exchanges can take place.
The western elite and MSM carry a favorable opinion of Modi,
backed by cult-like “intellectual” climate created by the salaried
upper middle class (who lack critical thinking and reasoning capability), and
supported by the international media and institutions like the IMF,
i.e., people who are sitting in Western cities have no clue about the
realities on the ground.
Modi is also hinting that his next step is to BAN TO PURCHASE OF PRECIOUS METALS.
India...a nation of a billion souls...murdered by their own man, the president. Two orders and the banks are made solvent, the IMF made happy, and the people being wiped out.
This is the the NWO and globalism.
Feeling culturally enriched yet?
Should a single person have so much power to be able to destroy
the lives of almost one out of every five human beings on the planet?
After just a few years under Modi’s rule, there is no independent body
left in India. Courts simply do not take a position against Modi.
Police now reserve the right to randomly search people’s possessions
without a warrant. Those who live in India — in an economy in which 97%
of all consumer transactions are in cash, most salaries are paid in
cash, and most revenues are collected in cash — routinely transport and
carry large amounts of cash on their person. Only to be seized by the police at gunpoint, as is being done in the USA.
The fear among small businessmen and those with savings outside of the
banking system, even if they are fully legitimate, is palpable. They are
now deemed to be criminals and it is their job to prove themselves
innocent, just like in America.
Historically, India has been a negative-yielding economy. Interest
rates have mostly been negative in real terms. Stock market returns are
negative-yielding, even before adjusting for business and jurisdictional
risks. In such an environment, savers have no option but to keep their
money in gold, or outside the formal economy.
Any oppression of savers forcing them to direct their money into the negative-yielding formal economy
will only lead to even more of their savings going into gold and
escaping to foreign jurisdictions, eventually making India much less
well-off. Even in the short-term, India’s economy is rapidly going into
paralysis.
An old man has died in the queue at the
bank. No one came to help him, due to the risk of losing their place in
the queue. A large number of people have died in similar circumstances.
 |
| no food, no jobs, no cash, and now, no bank accounts |
Protesting farmers in India. Buyers
cannot buy products for they no longer have access to their own money.
Unable to sell, sellers are stuck with their produce and cannot pay
their debts, driving them and their creditors into bankruptcy. This is a
very complex vicious cycle. Even if liquidity is eventually restored —
which is unlikely — the demonetization has crippled the production
system.
Depending on who you ask, even food
market sales have fallen by 20% to 80%. It is too early to say if people
are eating less or if they are consuming emergency stores they have
kept at home; perhaps both. If farmers cannot sell their food, they
cannot buy seeds for the next planting season. A vicious cycle is going
to get entrenched.
Indian Express photos: Pavan Khengre
