india note news

[keldaw]

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


 

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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India's PM says existing 500 and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

[robbiegal]

heck!

[serial]

That should help push the price of gold/silver up

[Enlilninlil]

Those poor people, now people wont accept these banknotes. But new 500 and 2000 rupees came out today. Black Market still flourishing.

[redlock]

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.

[serial]

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

[Enlilninlil]

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.

[Fulvio]

There are counterfeit 2000 rupees already

Time for NPA to get their skates on, and flog 'em some plastic, eh?

[Chuckey]

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.

[trout]

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:

[JeffH]

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".

[trout]

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:

[keldaw]

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:

[Fulvio]

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?

[Unicorn]

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.