INDIA NOTE NEWS
-----------------------------------------------------------------------------------------------------------------------------------------------------------Subject: Fwd: India scraps 500 and 1,000 rupee bank notes overnight - BBC News
> http://www.bbc.co.uk/news/business-37906742
One woman says the unexpected change will make it tricky ...
www.bbc.co.uk
India's PM says existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.
heck!
That should help push the price of gold/silver up
Those poor people, now people wont accept these banknotes. But new 500 and 2000 rupees came out today. Black Market still flourishing.
Quote from: 'serial' pid='101282' dateline='1478754874'That should help push the price of gold/silver up
Likely.
As the people of India (can I still call them Indians?) are fond of gold and silver anyway they will now certainly store even more value in the metals -- and not cash.
I personally think this is the act of a corrupt regime that is eager to keep the poor (who often lack trust in a banking system) in there place. Before this the government has been strangling the movement of gold in the country through legal changes and enforcement so to now do this in such a desperate and poor country (for most anyway) with massive wealth gap between the rich and poor. I smell a coup a coming
Quote from: 'serial' pid='101302' dateline='1478772298'I smell a coup a coming
MMM India has never had a coup. But there is a lot of disquiet about this move. There are counterfeit 2000 rupees already, although poor, they seem to be easy to do.
Quote from: 'Enlilninlil' pid='101394' dateline='1479092497'There are counterfeit 2000 rupees already
Time for NPA to get their skates on, and flog 'em some plastic, eh? :)
There is a worldwide move by the unelected monetary authorities to limit the use of cash.
This is a dirty ploy aimed at forcing savers out of discipline and into spending in the vain hope of reigniting stagnating economies. This is because manipulated low interest rate policy has clearly failed its objectives.
Notice how this was done on the day of the US election when everybody was distracted.
One of the many dangers with digital currency is governments cant help poke their nose into your private business.
Once private corporations know where you spend your money, the government will make it compulsory to hand over your data. All in the interests of "security," as we have seen with our internet, email and phone records.
The potential is there, if you don't pay a fine for instance, for them to freeze your account. The next step is if your politically incorrect, they could limit your spending.
They could make things uncomfortable for you or prosecute you if your records show you financially supported someone they opposed.
All governments will do it including left leaning regimes, having little regard for personal freedom except where it serves their socially progressive agenda.
Tyrants could easily wield incredible power over their subjects and minorities with this kind of power.
In my opinion we should make a BIG DEAL of the freedom to use anonymous cash. It should be enshrined in human rights law for our protection from governments.
There is always Gold and Silver to fall back on :good:
In Australia a shed full of beer and spirits is also just as good as currency as well :angel:
Yes, it is quite amazing what work you can get done for a "slab" of beer or "there will be drink in it for you".
Quote from: 'JeffH' pid='101415' dateline='1479113771'Yes, it is quite amazing what work you can get done for a "slab" of beer or "there will be drink in it for you".
Especially if the Beer is icy cold and you are in the middle of nowhere :yahoo:
Quote from: 'trout' pid='101417' dateline='1479113897'Quote from: 'JeffH' pid='101415' dateline='1479113771'Yes, it is quite amazing what work you can get done for a "slab" of beer or "there will be drink in it for you".
Especially if the Beer is icy cold and you are in the middle of nowhere :yahoo:
you are not in the middle of nowhere , hey Jim , you are always somewhere . :yahoo::dodgy:
Quote from: 'Chuckey' pid='101412' dateline='1479112974'One of the many dangers with digital currency is governments cant help poke their nose into your private business.
Which is a huge reason to use cryptocurrencies, or at least understand them, and why they are beyond the reach of governments.
I find it odd that the overwhelming sentiment here is negative however. How many forum members have ever actually had any crypto? Dogecoin, Bitcoin, whatever? Hmmm?
Perhaps the lack of interest just boils down to the amount of spare time people have at the moment. I know that I'm in the position where I have a to-do list that's a million miles long and whilst I'd dearly love to adventure into the idea, at the moment it's just not on the priority list.
Quote from: 'Chuckey' pid='101412' dateline='1479112974'In my opinion we should make a BIG DEAL of the freedom to use anonymous cash. It should be enshrined in human rights law for our protection from governments.
I wholeheartedly agree :wavemulticolor:
UBS (read RBA) suggests abolishion of the Aussie $100
I commented here last week that there is a concerted world-wide move by the secret authorities to eliminate cash. So its only a few days later that we hear a UBS analyst suggesting that Australia should abolish its $100 notes, because the only people using them are "criminal." The inference is hard to escape that anyone who prefers to use cash is also a criminal. Wake up sheeple! Let me also say even though this is written by a senior banking analyst, he would not go flying such a controversial idea without input from the RBA. This article is nothing more than a trial balloon from the Reserve Bank of Australia, to gauge public sentiment.
http://http://www.theaustralian.com.au/business/financial-services/ubs-analysts-call-for-australia-to-dump-100-notes/news-story/de5a6d38a536c9a29042d6863a23bb30
Quote from: 'Chuckey' pid='101527' dateline='1479280464'UBS (read RBA) suggests abolishion of the Aussie $100
I commented here last week that there is a concerted world-wide move by the secret authorities to eliminate cash. So its only a few days later that we hear a UBS analyst suggesting that Australia should abolish its $100 notes, because the only people using them are "criminal." The inference is hard to escape that anyone who prefers to use cash is also a criminal. Wake up sheeple! Let me also say even though this is written by a senior banking analyst, he would not go flying such a controversial idea without input from the RBA. This article is nothing more than a trial balloon from the Reserve Bank of Australia, to gauge public sentiment.
http://http://www.theaustralian.com.au/business/financial-services/ubs-analysts-call-for-australia-to-dump-100-notes/news-story/de5a6d38a536c9a29042d6863a23bb30
They think that the bank deposits will increase by 4% if all the $100 notes are deposited:laughingneqw: No, people will just withdraw an equal amount of lower denominations to stick in their emergency cash stockpiles. They might even take out MORE cash to stick under the mattress because when banks and governments play nasty games then many people rightly fear bank bail ins and governments stealing money "for the children".
It might even stuff the banking system up if people convert their $100s into rolls of small change. The mint could never keep up and both banks and retailers would be unable to make change for their customers.
Oh there are fake 2000 rupee notes already. And the current 2000 rupees seem to be of poor quality. Hahahaha good one Modi.
They have had to extend cashing in old notes for another week , banks have run out and ATM's can't use the new notes . 43 people have been killed in the rush and you can only change what amounts to $50 AUS in a one off transaction OMG
An epic disaster in the making. The cash economy in India is extremely important to the population, especially the poor. However Indians have to be among the most innovative people when it comes to making do.
Quote from: 'Chuckey' pid='101608' dateline='1479453486'Indians have to be among the most innovative people when it comes to making do.
Couldn't agree more.
I wouldn't be surprised to see these notes continue to circulate even after they stop being legal tender. The government probably expects them all to just be destroyed, but that's never going to happen.
Why would a note that had NO legal value still circulate??
A lot of Indians are very poor but I doubt very much that they are stupid.
Quote from: 'trout' pid='101611' dateline='1479454586'Why would a note that had NO legal value still circulate??
A lot of Indians are very poor but I doubt very much that they are stupid.
Perhaps they might force the government to back down by doing this? Last thing most elected governments want is to cause financial ruin to a few hundred million poor VOTERS (the US Democrats still have not that message:to_pick_ones_nose_eat:).