Posted on 11/19/2016 8:14:17 PM PST by Tolerance Sucks Rocks
So, what’s the penalty in India going to be for carrying “illegal” tender?
They switched from coin to paper/linen in the past because paper was so much more convenient (lighter, takes up less room, can be folded).
Their goal here (and the goal of other nations banning higher denominations) is to force — eventually — people to carry their cash in 1’s and 5’s.
The idea is that people will get so fed up have having huge wads of smaller bills that they’ll demand that their governments “offer” the alternative of digital currency.
The governments will be happy to oblige, since that is their ultimate objective.
Once it is available as an alternative, they’ll phase out non-digital currencies completely.
Then they’ll be able to monitor your every transaction and shut down all of your buying/selling activities should they deem you not to be “in compliance” with whatever they dictate.
I don’t carry cash around now. I may have to get some 20s changed to 5, 10, or 1 dollar bills.
Until one day there’s a blip and poof! your account or the US Treasury is suddenly at $0 balanace.
“this is all about the transition to a cashless society and government confiscation of your remaining savings (after multiple tax grabs) through negative interest.”
Yes, that, and the establishment of a tyranny the like of which has never been seen before.
Logan’s Run? Soylent Green? Imagine how life will be when you can’t even get a drink of water unless your chip allows it.
Have you seen those old photos of Chinese people who were put in wooden wheel collars around their necks so that they couldn’t lift food or water to their mouths? This will be so much more efficient. The computers will even tell them if anyone else is getting extra rations to give them.
wtf happened in India? Did their stock market crash? What caused this drastic action? was it out of the blue?
They took their old 500- and 1000-rupee notes out of circulation in an attempt to stop black market activity. However, those notes composed about 85 percent of the money in circulation. Therefore, they had a huge cash crunch.
Last I read, they are coming out with a new type of 500-rupee note and a 2000-rupee note and the banks are retrofitting their ATMs to handle them.
slave labor.
India is actually replacing the old notes with a new type of 500-rupee note and a 2000-rupee note, so I’m not sure if India is trying to go all-electronic. I’m pretty sure that a lot of people in India don’t even have a bank account.
See #29.
OK. But this does not mean there is not a ‘war on cash’ in order to force a digital currency on Western nations.
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