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Indian Economy Grinds To A Halt After Cash-Ban: "Faith In System Shaken"
Zerohedge ^
| Nov 17, 2015
| Tyler Durden
Posted on 11/18/2016 7:15:08 AM PST by Former Proud Canadian
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This is a fascinating story that is being entirely overshadowed by the US election. India has basically called in all of its paper currency notes over the equivalent of $10US. Since 90% of the Indian economy runs on cash you can imagine the turmoil.
To: Former Proud Canadian
More socialism, statism and fascism in action.
Watch the results carefully, because it is what every central bank and government in the West wants to do as well.
2
posted on
11/18/2016 7:17:45 AM PST
by
PGR88
To: Former Proud Canadian
The Indians might start using foreign notes instead of rupees
To: Former Proud Canadian
A ten dollar note is much to small a currency to have in large quantities.
Imagine you purchase groceries that cost $150, you would need to have 15 ten dollar bills in your possession to pay for it.
This would not be acceptable here.
To: PGR88
Yeah, that’s why its fascinating for me. Kind of like a case study in how to recall all your fiat currency.
5
posted on
11/18/2016 7:22:29 AM PST
by
Former Proud Canadian
(Gold and Silver are real money. Everything else is a derivative)
To: Former Proud Canadian
Gee, I hope this doesn’t affect the bottom line of all those U.S. companies that offshore to India.
6
posted on
11/18/2016 7:22:47 AM PST
by
Wolfie
To: Former Proud Canadian
I wonder if Obama’s multi-billion dollar cash ransom payment to Iran had anything to do with this lose of faith in cash money in this part of the world?
7
posted on
11/18/2016 7:24:23 AM PST
by
DJ Taylor
(Once again our country is at war, and once again the Democrats have sided with our enemy.)
To: Former Proud Canadian
To: Former Proud Canadian
Hillary proved that you don't need bags of large bills to keep the wheels of corruption well lubricated. Blatant and easily traceable electronic transfers work just as well if you have a government that squeezes its eyes shut to evidence of corruption. Thus if politicians no longer need stacks of hundreds you don't either, peasant.
9
posted on
11/18/2016 7:25:53 AM PST
by
KarlInOhio
(" T'was the witch of November come stealin' " And who could the stealing Witch of November be? Hmm?)
To: Former Proud Canadian
You say you want a revolution . . .
This is how you start one.
10
posted on
11/18/2016 7:26:06 AM PST
by
fella
("As this was before Noah so shall it be again,")
To: captain_dave
That's the first thing I thought of. If you had a hoard of US$ instead of rupees you would be doing very well now, don't you think? Gold and silver coins would be good as well.
I can't see this happening in Canada. The switch to US currency by the public would be instantaneous. I have more US cash at home right now then Canadian.
I can see it happening in the US, though, which would make my US dollars worthless. There is an ultimate hedge against this nonsense. Read my tagline.
11
posted on
11/18/2016 7:28:44 AM PST
by
Former Proud Canadian
(Gold and Silver are real money. Everything else is a derivative)
To: Wolfie
>>Gee, I hope this doesnt affect the bottom line of all those U.S. companies that offshore to India.
With trust in rupees in free-fall, they could just start offering cash payments in USD instead at a very profitable conversion rate.
12
posted on
11/18/2016 7:28:45 AM PST
by
vikingd00d
(chown -R us ~ur/base/*)
To: fella
13
posted on
11/18/2016 7:29:46 AM PST
by
Former Proud Canadian
(Gold and Silver are real money. Everything else is a derivative)
To: PGR88
More socialism, statism and fascism in action.
Nah...doncha think this is probably Pres-Elect Trump's fault? I mean surely our election season & this Indian cash call happening at the same time aren't just coincidences. /s
14
posted on
11/18/2016 7:29:51 AM PST
by
citizen
(Sanctuary cities: Illegals move in for free stuff, residents move out b/c they can't pay the taxes.)
To: Former Proud Canadian
But isn’t the Indian government issuing brand new paper currency based on a different denomination of Indian Rupees because there was an issue with counterfeit currency coming in from Pakistan?
15
posted on
11/18/2016 7:32:13 AM PST
by
RayChuang88
(FairTax: America's economic cure)
To: RayChuang88
SHhhh. You’ll spoil the thread.
16
posted on
11/18/2016 7:38:10 AM PST
by
MrEdd
(MrEdd)
To: Former Proud Canadian
Government policies force an underground economy.
The government responds by banning cash.
Look for it to happen here too.
17
posted on
11/18/2016 7:39:15 AM PST
by
headstamp 2
(Fear is the mind killer.)
To: Flavious_Maximus
We always use cash when we are traveling on vacation. Cost to fill tank can run up to close to $60 so we always have a few $50’s. Were amazed this summer at how many places now take nothing larger than a $20. When asked, the response always had something to do with being afraid of getting counterfeit bills. Counterfeiters don’t make tens and twenties?
I can understand quick shops not taking any cash. May make them less susceptible to being robbed. Large amounts of cash are an accounting nightmare, require trips to the bank, and transactions are subject to clerical error.
Seriously considering exchanging cash for a gift credit card on future trips.
18
posted on
11/18/2016 7:43:34 AM PST
by
Grams A
(The Sun will rise in the East in the morning and God is still on his throne.)
To: Flavious_Maximus
Imagine you purchase groceries that cost $150, you would need to have 15 ten dollar bills in your possession to pay for it. This would not be acceptable here.
Neither is not having food.
Given a choice between accepting shopping with a wad of banknotes and starving, which would you do?
19
posted on
11/18/2016 7:44:45 AM PST
by
null and void
( If you defy federal law, we deny federal funds.)
To: Former Proud Canadian
The push for digital money—the globalists are going for broke. When they control your money and how you will use it, they’ll control everything about you. Say something they don’t like? They flip a “switch” and you have zero access to your own money.
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