Washington is behind India's cash ban. Is this the first step to a global ban on cash?

http://norberthaering.de/en/home/27-german/news/745-washington-s-role-in-india ^ | 1/1/2017 | Norbert Haring

[Weeble]

In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. U.S. President Barack Obama has declared the strategic partnership with India a priority of his foreign policy. In the context of this partnership, the US government’s development agency USAID has negotiated cooperation agreements with the Indian ministry of finance to push back the use of cash in favor of digital payments in India and globally. The business interests of the U.S. companies that dominate the global IT business and payment systems are an important reason for the zeal of the U.S. government in its push to reduce cash use worldwide, but it is not the only one and might not be the most important one. Another motive is surveillance power that goes with increased use of digital payment. U.S. intelligence organizations and IT companies together can survey all international payments done through banks and can monitor most of the general stream of digital data. Financial data tends to be the most important and valuable. Even more importantly, the status of the dollar as the world’s currency of reference and the dominance of U.S. companies in international finance provide the US government with tremendous power over all participants in the formal non-cash financial system. It can make everybody conform to American law rather than to their local or international rules.

[WKUHilltopper]

Another leap toward the mark of the beast.

[BipolarBob]

I don’t know how to ping.

I know from watching "The Hunt for Red October" that in a submarine they have a red button labeled ping and they push it. I hope this helps.

[bk1000]

And Hindus voted largely for Trump.

[palmer]

I think lottery is a way to gather up the remaining cash. People at the convenience store come in and pay for a couple things with a credit card, then pay cash for lottery tickets.

[magooey]

How nice that the current Indian government erased 80 percent of the national cash. Whatever happened to the concept of money being a store of value? If national governments can't be trusted with the conservative management of currency, then maybe local authorities will take up the slack. Perhaps Bihar, Utter Pradesh and Hyderabad can create provincial currencies so that trade can flourish and Indians don't starve.

[hawg-farmer - FR..October 1998]

to push back the use of cash in favor of digital payments B.S. it was about BLACK MONEY funding drugs and terrorists, 1000 Rupes is about $15.00 by the way.In India, black money is the white money but if tax not paid it becomes black money.funds earned on the black market, on which income and other taxes have not been paid or which is the proceeds of criminal activity such as bribery, kick backs and corruption. The total amount of black money deposited in foreign banks by Indians is unknown.

[firebrand]

So are smartphones.

[XEHRpa]

Talked to my Indian friend, and he says this story is all wrong. Modi, the PM, is a conservative, and the currency was outlawed because Pakistan and Bangladesh (ISI) have 5 major counterfeiting operations going on just over the border. Those denominations’ bills had not been updated in 20 years and apparently were easy to counterfeit.

The move was an attempt to cut off the foreign influence at destroying their currency. The effect on the border regions was immediate, and desirable. There are efforts to improve the security of the currency.

At least this is what my friend told me.

[Weeble]

Thanks for the update.