by Peter Koenig
A Financial genocide, if there was ever one. Death by demonetization, probably killing hundreds of thousands, if not millions of people, through famine, disease, even desperation and suicide – because most of India’s money was declared invalid. The official weak reason for this purposefully manufactured human disaster is fighting counterfeiting. What a flagrant lie! The real cause is of course – you guessed it – an order from Washington.
On 8 November, Narendra Modi, the Indian Prime Minister, brutally declared all 500 (US$ 7) and 1,000 rupee-notes invalid, unless exchanged or deposited in a bank or post office account until 31 December 2016. After this date, all unexchanged ‘old’ money is invalid – lost. Barely half of Indians have bank accounts.
The final goal is speedy global demonetization. India is a test case – a huge one, covering 1.3 billion people. If it works in India, it works throughout the developing world. That’s the evil thought behind it. “Tests” are already running in Europe.
The Nordic countries, Sweden, Denmark, Finland, are moving rapidly towards cashless societies. Electronic money, instead of cash, allows the hegemon to control the entire western world, all those who are enslaved to the dollar monetary system. Meaning literally everybody outside the Shanghai Cooperation Organization (SCO) that includes, China, Russia, most of Central Asia, Iran, Pakistan and – yes, India is an apparent candidate to join the SCO alliance.
There was no limit set in rupee amounts that were allowed to be deposited in bank or postal accounts. But exchanges or withdrawals were limited the first two days to 2,000 rupees, later to 4,000 rupees, with promises to further increases ‘later on’. The restrictions have to do with limited new bank notes available. The new money is issued in denominations of 500 and 2,000 rupee-notes.
On 9 November, none of the country’s ATM machines were functioning. Withdrawing money was possible only from banks. Queues behind bank counters were endless – lasting hours and in some cases days. Often times, once at the teller, the bank was out of cash. Imagine the millions, perhaps billions of labor hours – production time and wages – lost – lost mostly by the poor.
The banned bank notes constitute about 85% in value of all cash in circulation. India is a cash society. About 97% of all transactions are carried out in cash. Only slightly more than half the Indian population has bank accounts; and only about half of them have been used in the last three months. Credit or debit cards are extremely scarce – basically limited to the ‘creditworthy’ elite.
In rural areas, where most of the poor live, banks are scarce or none existent. The poor and poorest of the poor, again – as usual – are those who suffer most. Hundreds of thousands of them have lost almost all they have and will be unable to fend for their families, buying food and medication.
According to most media reports, Modi’s demonetization was an arbitrary decision. Be sure, there is nothing arbitrary behind this decision. As reported on 1 January 2017 by German investigative business journalist, Norbert Haering, in his blog, “Money and More”, this move was well prepared and financed by Washington through USAID (http://norberthaering.de/en/home/27-german/news/745-washington-s-role-in-india). Mr. Modi didn’t even bother presenting the idea to the Parliament for debate.
In November 2010 President Obama declared with then Prime Minister Manmohan Singh, a Strategic Partnership with India. It was to become one of his foreign policy priorities which was renewed during Obama’s visit to India in January 2015 with the current PM Modi. The purpose of this partnership was not just to pull one of the most populous BRICS countries out of the Russia-China orbit, but also to use it as a test case for global demonetization. Mind you, the orders came from way above Obama, from the omni-potent, but hardly visible Rothschild-Rockefeller – Morgan – et al, all-domineering bankster cartel.
This horrendous crime that may cost millions of lives, was the dictate of Washington. A cooperation agreement, also called an “anti-cash partnership”, between the US development agency (sic), USAID, with the Indian Ministry of Finance, was worked out. One of their declared ‘common objectives’ was gradually eliminating the use of cash by replacing it with digital or virtual money.
It takes two to tango. The PM of the second largest nation in the world, one would expect, would have a say in the extent to which a foreign country may interfere in India’s sovereign internal affairs, i.e. her monetary policies – especially a foreign country that is known to seek only Full Spectrum Dominance of the globe, its resources and its people. The head of India, a prominent BRICS country (BRICS = Brazil, Russia, India, China, South Africa), one would expect, could have sent the naked emperor to climb a tree – and say NO to this horrendous criminal request. But Modi did not.
Is India with PM Modi still a viable BRICS country? Or more importantly, India is currently poised to become a member of the Shanghai Cooperation Organization (SCO). Is India under Modi worthy of being admitted into this powerful Asian economic and military block, the only authoritative counterbalance to the west? – At this point, putting hundreds of millions of his countrymen at peril by obeying Washington’s nefarious dictate, Modi looks more like a miserable traitor than a partner of the New East.
USAID calls this operation “Catalyst: Inclusive Cashless Payment Partnership“. Its purpose is “effecting a quantum leap in cashless payment in India” – and of course, eventually around the globe. According to the Indian Economic Times, this program had been stealthily financed by USAID over the past three years. Funding amounts are kept secret. Who knows, where else in the world Catalyst is quietly funding and preparing other human financial disasters.
All fits into the Big Scheme of things: Reducing the world population, so less resources are needed to maintain 7.4 billion people – and growing – many of them finite resources that can be used by a small elite, supported by a few million slaves. This is the world according to still ticking war criminal numero UNO, Henry Kissinger. Forcefully reducing the world population is his one big objective since just after WWII, when he became a key member of the Rockefeller sponsored Bilderberg Society.
Some of the same people are currently spreading neo-fascist mantras around the world, at the infamous WEF (World Economic Forum) in Davos, Switzerland (17-20 January 2017). WEF attendees (by invitation only) are a mixed bag of elitist ‘private’ billionaires, corporate CEOs (only corporations registering at least US$ 5 billion in sales), high-flying politicians, Hollywood’s cream of the crop, and more of the kind. Pretty much the same definition applies to the Bilderbergers.
Like with the Bilderbergers, the key topics discussed at the WEF, those themes that are supposed to guide the world further and faster towards the New (One) World Order, are discussed behind closed doors and will hardly surface into the mainstream. It is, however, highly likely that the “Cashless India” decision – a trial for the rest of the world – had previously been discussed and ‘ratified’ by the WEF, as well as the Bilderbergers. None of this is known to the common people, and least to the Indians.
All-out efforts are under way to maintain highly lucrative disaster capitalism, or at least to slow down its decline – because its end is in sight. It’s just a question of time. Hence, the term Catalyst (accelerator) for the USAID program is well chosen. Time is running out. One of the best ways of controlling populations and unbending politicians is through financial strangleholds. That’s what a cashless society is all about.
According to Badal Malick, former Vice President of India’s most important online marketplace Snapdeal, later appointed as CEO of Catalyst: “Catalyst’s mission is to solve multiple coordination problems that have blocked the penetration of digital payments among merchants and low-income consumers. We look forward to creating a sustainable and replicable model. (…) While there has been (…) a concerted push for digital payments by the government, there is still a last mile gap when it comes to merchant acceptance and coordination issues. We want to bring a holistic ecosystem approach to these problems.“
This is further supported by Jonathan Addleton, USAID Mission Director to India: “India is at the forefront of global efforts to digitize economies and create new economic opportunities that extend to hard-to-reach populations. Catalyst will support these efforts by focusing on the challenge of making everyday purchases cashless.”
What an outright heap of bovine manure!
Those who are supporting the Catalyst idea in India – and presumably elsewhere in the world, are, as per an USAID Beyond-Cash report, more than 35 Indian, American and international organizations (http://cashlesscatalyst.org/), mostly IT and payment service providers, including the Better Than Cash Alliance, the Gates Foundation (Microsoft), Omidyar Network (eBay), the Dell Foundation Mastercard, Visa, Metlife Foundation. All of them want to make money from digital payments – another transfer from the poor to the rich – another catalyst for widening the rich-poor gab – worldwide.
Interestingly, the USAID – Indian partnership to temporarily banning most cash coincides with Raghuram Rajan as President of the Reserve Bank of India (September 2013 – September 2016). Mr. Rajan has also been chief economist of the International Monetary Fund, and there is talk that he may be poised as Mme. Lagard’s successor at the helm of the IMF. It is clear that the IMF, and by association the World Bank, is fully aboard with this project to transform western society into slavehood of digital money – with emphasis on wester society, because the East, the Russia-China-Iran-SCO axis, where the future lays, has already largely detached itself from the dollar based western – and fraudulent – monetary scheme.
Mr. Raghuram Rajan is an influential but also highly controversial figure. He is also a member of the so-called Group of Thirty, “a rather shady organization, where high ranking representatives of the world’s major commercial financial institutions share their thoughts and plans with the presidents of the most important central banks, behind closed doors and with no minutes taken. It becomes increasingly clear that the Group of Thirty is one of the major coordination centers of the worldwide war on cash. Its membership includes other key warriors like Rogoff, Larry Summers and others” (N.Häring, 1.1.2017). On the other hand, Rajan is extremely disliked by the Indian business society, mostly because of his tight monetary policy as head of the Indian Central Bank (go figure!). Under pressure, he did not renew his term as India’s central bank governor in 2016.
The Group of Thirty sounds akin to the highly secretive Board of Directors of the infamous Basle-based BIS (Bank for International Settlement), also considered the central bank of all central banks, which meets once a month in secret (during a weekend for lesser visibility) and no minutes taken. The BIS is a Rothschild controlled private bank, close associate of the FED, also privately owned. It is clear, with the FED, BIS and IMF in connivance, the dice are cast for a cashless (western) society.
Washington’s interest in a cashless society goes far beyond the business interests of IT, credit card and other financial institutions. More importantly is the surveillance power that goes with digital payments. As with electronic communications today – every one of them read, listened to and spied on throughout the world – some 7 to 10 billion electronic messages per day – every digital payment and transfer will be controlled and checked worldwide by the Masters of the dollar-based hegemony. Every transfer will be registered and monitored by an American-Zionist control mechanism. This is the only way (totally illegal) sanctions can be dished out to governments that refuse the dictate of Washington and its western European lackeys. Cases in point are Russia, China, Iran, Cuba, Venezuela, Syria — the list is endless. The Frankfurter Allgemeine Zeitung (FAZ) recently reported that Employees of a German manufacturing firm doing completely legal business with Iran were put on a US terror list, which meant that they were shut off most of the financial system and even some logistics companies would not transport their furniture any more.
Norbert Häring concludes, “Every internationally active bank can be blackmailed by the US government into following their orders, since revoking their license to do business in the US or in dollars, basically amounts to shutting them down. Deutsche Bank had to negotiate [in September 2016] with the US treasury for months whether they would have to pay a fine of 14 billion dollars and most likely go broke, or get away with seven billion and survive. If you have the power to bankrupt the largest banks even of large countries, you have power over their governments, too. This power through dominance over the financial system and the associated data is already there. The less cash there is in use, the more extensive and secure it is, as the use of cash is a major avenue for evading this power.”
Back to India. It is not difficult to imagine what the implications of such a massive demonetization operation might have in a country like India, where hundreds of millions live in or near poverty, with a large rural population, where almost all transactions are carried out in cash – and where cash is everything for survival. This is death by financial strangulation.
No blood, No traces – no media coverage. It is a clandestine willful mass-murder, carried out by the Indian government on its own people, while instigated by the chief assassins, operating from within the Washington Beltway killer farms, no scruples, no morals, no ethics – what Washington knows best to achieve its purpose.
This no-holds-barred strategy is accelerating, as time runs out. The ship is slowly but surely turning towards another dimension, another world view – one of in which humanity may gain back its status of a solidary being. These atrocities around the globe may go some ways – but I doubt they will go all the way. There is a spiritual limit on how far evil can go.
Peter Koenig is an economist and geopolitical analyst. He is also a former World Bank staff and worked extensively around the world in the fields of environment and water resources. He lectures at universities in the US, Europe and South America. He writes regularly for Global Research, ICH, RT, Sputnik, PressTV, The 4th Media, TeleSUR, TruePublica, The Vineyard of The Saker Blog, and other internet sites. He is the author of Implosion – An Economic Thriller about War, Environmental Destruction and Corporate Greed – fiction based on facts and on 30 years of World Bank experience around the globe. He is also a co-author of The World Order and Revolution! – Essays from the Resistance.
Another primary purpose of banning cash in India was to suppress demand for gold, see http://investmentresearchdynamics.com/the-deep-states-attempt-to-suppress-indias-gold-demand/
There is a very good, lengthy comment at ICH.
Submitted by a commenter named Mohammad Cohen (!) and recast by a native English speaker, “Billy Obvious.”
See the comments here:
And this, my friends, is why Bitcoin — and Cryptocurrency in general — Absolutely MUST succeed at all costs. These are incredibly important technologies.
We have now a revolutionary technology which makes it so where anyone who has both a PC and an internet connection (granted, probably a lot of them don’t) or even just a smartphone connected to the internet can not only be your own bank but also puts the power of currency issuance back in the hands of the people, and away from fraudulent entities like the Federal Reserve.
Bitcoin makes it possible to have millions of dollars on a USB drive, that the government can’t reach or would even know about. You can send it to anyone in the world, or convert it into traditional FIAT currency at any time. And no one can stop you.
Cryptocurrency makes all of the traditional financial systems obsolete in the way that they can be simply bypassed by anyone with internet and a smartphone or personal computer. No restrictions. No one telling you that you can or can’t use this technology. Even if they tried, such laws would be unenforceable if cryptocurrency was allowed to go mainstream.
Make no mistake, a lot of enemy forces are actively trying to keep Bitcoin down at the moment. They don’t want it to be able to scale to a massive, mainstream level with hundreds of millions of users like the VISA networks currently have. Because if this were to happen, it would mean a deathblow to both the central bankers and all the government-issued currencies of this world.
May Cryptocurrency & Bitcoin succeed, be given to the masses on a global scale which will revolutionize the global financial industries and render the system of central banks and the government control over people’s personal finances TOTALLY OBSOLETE.
As for the millions (billions) of people who have no internet or are too poverty stricken to even think about owning just a few cents worth of bitcoin, well, we will find a way to help them also. Where there is a will, there is a way.
I don’t want bitcoin or what they did to India’s currency. I want cash, since I can’t afford any gold (gold would be better). The masses really don’t have any idea what is coming, so there will be no widespread opposition to this.
Perhaps if money is abolished we will be forced back to a bartering economy, ie, “Here’s a chicken”, offered in exchange for your work on the farm this afternoon.
This could be paradise, it’s awful that some, yes, actual evil people want to enslave all the rest of us.
don’t want to rain on your parade, but…
”all the government-issued currencies” ?
if that were true the PRIVATE BANKS money would be
obsolete, ref..the greenback dollar and kenedy’s few
billions issued without the fed. there were many people
that wanted him gone but i think that was the primary one.
every transaction is monitored and if bitcoin is such a
threat the ‘powers that be’, will definately be looking at it.
i have not studied bitcoin myself, not having any assets
like most working stiffs.
Bitcoin is not currency, but a commodity. If you can’t use it to buy meat and vegetables from a local farmer, it’s useless. Just another method of control.
Sometimes I think that the Dutch Tulip Bulb scam never really went away.
True, most of that kind of scams are still around in one or another form. Now while I’m convinced that Bitcoin could and would work, it only would in a much more honest and stable world…
Besides the banksters who would make Bitcoin disappear, there are many more risks that threaten a web-based payment system. Just think of the www or power network going down because of NEMP or a coronal mass ejection (CME) and these risks are not negligeable, whilst other causes, on purpose or not, will be just as bad for users of Bitcoin.
To secure oneself without going through gold is choosing for poor man’s gold: Silver (1troy ounce Maple Leafs, Eagles, Vienna Philharmonick,…). More volatile but at a ratio of 1 to 70 instead of the traditional 1 to 16 the risk is small. Let’s ask Peter Koenig…
Modi most certainly is a miserable worthless traitor. And what about RT/Sputnik singing the praises of the worthless charlatans who run Russia’s central bank? And what kind of business has ‘communist’ China (and a load of Chinese ‘communist’ billionaires) with this miserable Nazi trash (monstrous frauds, ‘globalists’) in Davos?
Hopefully Putin & Trump (and Russian & American patriots) can soon organize a bit more freedom of expression (press, media) in the Nazi run world. (the rest will come all by itself)
Mr. Koenig raises legitimate concerns regarding a cashless world (lack of privacy, vulnerability to totalitarian control).
However, he is wrong regarding the recent demonetization campaign’s effect on India. 500 rupees, in Indian purchasing power, is equivalent to $50 USD. The poor generally transact with 100 rupee notes (which were left untouched). In India, the campaign is widely perceived as punishing those who cheat on their taxes or pay/receive bribes.
This article is worth reading. It’s insightful and quite funny!
SMH… not fake news much.
I generally don’t trust Australian articles regarding India, but this one was accurate.
Just think: if demonetization were the catastrophe that Mr. Koenig claims, there would have been major protests/riots all across India. However, there haven’t been. There have been long lines at banks, but most people have patiently put up with the inconvenience. In India, the demonetization campaign is seen as a necessary reform and an important anti-corruption measure.
Obviously, some people are not happy, but most are.
Sorry. Indians just don’t do street protests in the absence of a religious or cultural sheet to drape themselves in. Not without a large media push to support them at least. And in this case, the Indian media is in Modi’s corner. Like it has been since before the elections.
Also, you do not go out on the streets when you are struggling to make ends meet, or standing in line to make sure the fruits of your labour remain yours to whatever extent they can.
It is a horrible excuse this. Corruption. Corruption is a systemic issue. Not an issue of high value notes(how can 86% notes be high value?) being carted around in suitcases.
The problem is.. Define corruption.
Is the local eatery who charges 10 rupees for a plate of food, without producing a bill, guilty of corruption? In the legal sense, yes he is. Is the bank which unilaterally decides to say a transaction is invalid, a final loan disbursement need not be given so you keep paying EMIs, has rules around loans all geared towards the big businessses. Are they corrupt? In the legal sense, no.
This is the Western model. They legalise corruption to prop up a corrupt system. Everyone else is then called corrupt.
In any case, corruption will not and cannot end. Essentially ever. Mostly because it is not desirable to concentrate your resources towards destroying corruption 100% instead of concentrating on growth. Growth which has been completely destroyed now in India, and small businesses (which is the majority of the population – hence the use of cash) will now be destroyed through monetary means as well as policy.
You say that the Western model legalizes corruption.
Man you are so right! They have even legalized usury! It seems no one reads The Merchant of Venice anymore.
There were no protests because Indians are stuck waiting in bank queues.
Whether India wants to move into the US aligned orbit or whether India wants to commit suicide on the instructions of the US is immaterial. Were WW3 to break out India would remain neutral: because Indian soldiers are not like Vietnamese soldiers or Chinese soldiers and India knows it. India knows how Italy fared during WW2.
But the US is getting increasingly desperate, weakening India means strengthening China, because a strong India is a threat to China. A strong India would have lots of ships and subs with lots of long range standoff missiles which would make life difficult for any aggressor in that region. Yet the US still wants to weaken India.
It almost seems like the US has given up on having allies (witness Obama’s U-turn with Israel), and just wants to weaken them so that Russia and China couldn’t possibly benefit from them. Its like the US is in retreat and is adopting a scorched earth policy behind her, in the hope that that could slow down the menaces of Russia and China. Possibly the US considers its last line of defense on the land warfare side to be Hawaii in the East and England in the West, so all the lands in between them are disposable when their time has come. Such is the lot of vassals. I don’t think the US has any faith in the EU or Japan being able to hold out for long.
Witness also the few thousand US troops and the few hundred US tanks in Eastern Europe, that is not even enough for a proper hour of high intensity conventional armed warfare. EU vassals, thy master has forsaken thou.
What if the Anglo-American elites wanted to groom India to become a proxy superpower in order to counter China. They would have everything to gain by strengthening India and then encouraging India to go to war to China. A massive war between the two countries would do wonders for world depopulation.
Russia does not seem to care that India will be pulled away from BRICS. When will the Russian central bank dump all of its dollar reserves? What is the progress of the alternate payments system to SWIFT?
Yes, but Peter’s article talks about the US weakening India, not the US strengthening India. If the US were strengthening India then India would indeed be a bulkhead against China, but the US is instead weakening India. Therefor the US is in effect actually strengthening China.
Hopefully China has not joined the US camp. The Chinese president has been saying some unpleasant things about populism harming globalization recently. The Chinese economy definitely favours globalization because they want everyone to buy goods from them, so that they can build up their balance of payments surplus even more, which is a nice situation to be in. Foreign countries adopting domestic protectionism is not in China’s current best interest.
Believe it or not, “US” front is “Israel”-occupied territory (“Zionist Mafia Empire”). “Israel”, the only country in the M.E. not set on fire, hides behind “US” in the West via Purse and Press & fronted with stooges and traitors. In a nutshell: https://www.youtube.com/watch?v=HPpybzN0cLo
If I may copy my comment on another article and post it here. It is just a brief outline of how Modi only came to power because he is a stooge of the US. Something I am actually hesitant to say here out of fear.
But there is no doubt in my mind about the truth of that statement. I hope our public can see through the facade created by the media (all Western led and fed) and even more, hope that the Election Commission has not been coopted to an extent to fix elections. The next round of elections will be huge for the future of India.
Throw your mind back to 2010 and the Commonwealth Games in Delhi. The whole issue of corruption (started in the British media with the Queen’s baton, and award of the games portrayed as corrupt), the Anna Hazare movement, the subsequent created controversies by the CAG and the then Army General, the blocking of the functioning of the parliament over issues like the Goods and Services Tax and FDI investments (both of which are now treated as modernising tools of this govt) and the media hysteria around the falling rupee (higher than it is today when oil prices were at well over $100 a barrel. Sometimes $130)
Now, also think how Modi’s image and history of the Gujarat riots (something he has not and cannot apologise for because both his detractors and his supporters would finish him) and how the media normalised him. How the West went from publishing stories about refusing visas to him, to the UK ambassador visiting Gujarat and praising the ‘Gujarat model’ to the heavens. A Gujarat Model which was only based on hype and false statistics, aligned with dictatorial control and misuse of state power (the anti terror squad stalking the woman – which the media only covered as a women’s rights issue rather than an abuse of power issue, and of course the extrajudicial killings) All social indicators show a decline in Gujarat.
And even more importantly, the public mood. In 2010, we Indians were full of hope and energy. If the USA can do something why can’t we? If China can build something, why can’t we? If Australia can win Olympic golds, why can’t we? We must. All that energy was destroyed by the noise around corruption. Now we’re led to believe we’re all useless and Modi has come in to save us. (A gift from God his own ministers call him) Essentially we were told to stop all progress because corruption is a by product of progress.
And in my reckoning, this came about to contain an increasingly assertive India on the global stage. Especially after they thought they had co-opted India with the Nuclear deal only to see the contracts go to France and Russia instead of the US. India must remain tied up with Pakistan. How else can they play us off each other using the ‘nuclear powered neighbours’ line to keep up the fear. (A nuclear capability that they helped build in Pakistan)
And now, Modi’s first action was to go to the US, come back and raise pharma prices by 30%. The defense procurement policy has been changed to be able to buy even at 150% higher than the lowest price (because US can’t compete on price) and simultaneously the media (and our old friend the CAG’s office maligns Russian planes and systems) Giving the US Air Force access to fly around the Himalayas to recover the body of a World War 2 soldier. Giving MIT contracts to map the interiors of the country for interlinking of rivers. They are talking about the education policy being changed to have all engineering degrees to be subject to a common exam (Pearson and McgrawHill will love it) And above all, the destruction of India’s cash economy to bring everyone under the ambit of their banking system. A system designed to feed on the poor.
Whatever the official policy may remain on paper, I am afraid India has sold out, our institutions are being destroyed by a dictator, and we know the US loves dealing with those. All this with the media turning a blind eye, or indeed cheering it on.
Excellent article, Peter.
Here’s what I wrote about the topic in November:
“The Cash Crisis Is What ‘Make In India’ Is Supposed To Look Like”:
I also chronologically documented India’s pro-American pivot over the past year in the list of articles included in my 2017 South Asia forecast for Katehon:
Nevertheless, in spite of India’s ‘defection’ to the West, I still strongly advocate for President Putin to visit South Asia this year:
The esteemed M. K. Bhadrakumar surprisingly responded to my Sputnik article with some insightful comments:
Well India is gone like Gandhi’s flip flops!But which india are you talking about? Have you traveled from Bombay to Calcutta or from Madras to the Banares? Its so many countries in one geophysical location too many religions,too many languages and too many castes and cultures,the east india company broke it into when it became unmanageable which after more Muslim hindu politics became three.
This move is to finish off the middle class the engine behind india the ultra rich elite and the egomaniacal politicians will do very well the poor downtrodden will just survive as they have allways done.
By the time the ordinary middle class indian wakeup from his ‘bollywood’ fantasy that india is good,multicultural,democratically free and in abundance thats the time the revolution will start..but not holding my breath!
On a side note, after the old notes were declared invalid and withdrawn from circulation, someone decided to print new notes that were different size and therefore TOO LARGE for the ATMs to dispense. So in addition to printing all that new currency, they now have to replace all the ATMs in India. Good job, idiots.
They will need new wallets too. Great investment opportunity for those who did the stupid designs.
These rearranging the furniture scams always look stupid when examined closely.
Canada printed plastic money which everyone hates because it tends to melt and feels like… well… plastic money. But it is a good match for Prime Minster Hairdo, their plastic Prime Minister.
Stupid? From the greedy point of view, it’s a great opportunity to make some extra $$! ;)
This is absurd: if the Indian Villager thinks that they need a piece of paper to live then they are only promoting their own demise . The sun is going to rise in the morning ,the garden is going to grow nevertheless . Yes the First Nations of America were correct .You don’t need any of this Bankster garbage it was always only a MEANS of promoting their game and nothing more.
Your comment reminds me of one of the videos the Saker posted of Sheikh Imran Hosein. In it, he said something like, “and when are those farmers in Indonesia going to realise that instead of exchanging their rice for money, that their rice is money??” Something like that.
Of course :You’re on the right track ,why should the Indians change their system of exchange when they have been practicing it for a millennium. I see the present Fiat crises as a ploy to ‘Force ‘ the locals into accepting bondage to a piece of paper . If the author is correct in that fact that the Rupee crises is driving the peasants to the bank in order to open an account (for exchange) ,then something is definitely amiss . This is like forcing the locals to open bank accounts for somebody else’s gain .This is a Scam.
Peter, you are quite correct in that the goal by those who are able to achieve this cashless society, is total control of the planet’s economy. To the followers of Christ amongst us, this comes as no surprise at all. This was spoken about in the Bible over 1900 years ago, by the apostle John, in the book of Revelation, chapter 13. I suggest that those unfamiliar with the prophesy, read it for themselves. It cannot be more clear that total control will come, and it is inevitable, and there will be no escaping other than death. When I first read it, I thought that it described events in the more distant future, but it is happening before my eyes. There are countless “explanations” of the prediction, but I suggest that it is read with an open mind, and heart.
The aim of big banks should have been obvious for decades. Though possessing a mind that goes completely blank faced with a balance sheet, even I could see what the game was way back in the 1970s.
It doesn’t take an economic genius to realise the advent of plastic was a just wheeze to enable the banks to pilfer a small percentage out of every transaction conducted by card while doing absolutely nothing for it. Not only were commissions milked but, as the full sale price went into the banks’ accounts to gain interest and play around on the financial casinos. Meanwhile, teh people who actually made, grew and sold the stuff had to waited for it to appear in their accounts. Many older workers will recall the same scam banks and businesses performed when they moved paying weekly salaries to monthly salaries. In effect, they were supplying their bosses with interest free loans for the major part of each month, while helping to cut the cost of the accounts dept staff by threequarters, as doing the wages for a month takes about the same time as doing them for a week. Cash purchasers lost out, as they weren’t permitted to pocket the obvious difference there ought to have been between a cash and a card purchase to reflect the commissions charged by the banks. As trade by plastic was made easier and trade by cash more difficult it grew tremendously. With most salaries being paid through banks, and more debit cards being given away, there was even more money for nothing. Expansion of the internet and resulting sales only added to the banking bonanza. But that hasn’t stop the banker’s greed, now they want a share of every single financial transaction on the planet. As usual, they don’t want to do any labour for it.
However, this latest objective might not be as wise as they think. With its massively impoverished rural population spread over huge distances, without the infrastructure needed, India might be the worst place to start In order for a rural society to survive without cash to help provide its most basic of needs, such as food, there will be no choice but to resort to barter.
Once a workable barter system has been established cash becomes unnecessary for a good deal of things. And, as people get more accustomed to barter, which at its most basic level can only function person to person, they will realise barter systems can actually function more effectively in providing essentials such as food.
The more sophisticated barter systems become, the wider the range of goods and services they are able to offer. Of course, eventually some some sort of central accounting process will become neccessary to take account of labour and other services that aren’t foodstuffs or goods, but these are just small hurdles that can be easily overcome on a local basis, where the people involved can see what is going on.
In vast countries with huge populations such as India, trying to stop the evolution of barter could cause social strife and disorder, as people begin to understand their governments have abandoned them for the elites. Halting such evolutions by force, when starvation is the only alternative, would be extremely difficult and could easily lead to the sort of civil disobedience that unseats goverments.
In many ways, though there are many storms to be faced ahead, our governments and banks may be doing us all a favour by showing us the only people we can really rely on are ourselves and our local communities. We have to learn in order to survive. A cashless society may hasten the financial crash that is inevitable. Moves like this can help us prepare for a future where any sort of money, digital or paper, will buy you nothing whatsoever.
I agree :well said
Localities can also introduce their own scrip, and it would not surprise me at all if this appeared very quickly in India.
There is plenty of information online about how to manage a scrip system. Although I think there used to be more information available. Of course the gummint doesn’t like it but I don’t think it is illegal. Anyhow one could start here:
I think Kirkpatrick Sale wrote quite a lot about this.
The problem with simple barter is finding the person who has the exact thing you need and you have the exact thing she needs. At the same time. This problem is solved with scrip, which is just a local money system. In fact, it has certain aspects in common with, say, Airbnb, which through reviews builds trust among users. Airbnb reviews almost function like money! or credit. The advent of computers makes scrip even easier. Many towns already have scrip systems. And, money was more or less localized before the Civil War and Lincoln’s creation of the greenback.
So, I can envision a world where big items are paid for with plastic and smaller local purchases and donations to local nonprofits, etc. are with scrip. I guess maybe Bitcoin is a type of cyber-scrip, that I don’t know.
BTW, an article in a recent issue of Vanity Fair gave some insights into the Airbnb financial model, which is (more obviously) (1) that both parties pay a commission to Airbnb, and (less obviously, at least to me) (2) People have to pay Airbnb when they book, but hosts don’t get the money until much later, or even after the stay. That means that at any point in time Airbnb is sitting on a big pile of cash that it can lend out etc. on the short-term credit market. There must certainly be a big banking division at Airbnb to handle making money off all of this cash. In effect, Airbnb has figured out a way to make big, risk=free bucks off property that others own and maintain, and you might almost say to use others’ property as collateral. After reading this I decided to circumvent Airbnb whenever possible in looking for a place to stay.
OK, found a title on this; it looks quite good:
Understanding and Creating Alternatives to Legal Tender
By Thomas Greco
Foreword by Vicki Robin
Illustrated by Karen Kerney
I like the part about “There is a spiritual limit on how far evil can go.”. Maybe, just maybe … ya think?
i’m going to let you know a little secret that for many years i was only willing to whisper to close friends.
money (as in currency) is needed because no one wants to trade eggs for rice, and all the other combinations.
money is only worth as much as we are willing to. we used to represent with something scarce (gold, shells, etc) so that it was not easy to manipulate, but it always was.
if you study the roman empire before the break up(east west), the last 2 emperors teach a very important lesson. how you can screw up an economy, and how you can fix it, through money/currency.
So we know how to fix it. what else is missing? something that was not possible in roman times, but would be trivial nowodays. the full traceability of money.
all money must start as a payment from state/society for a good/service. not as a stupid mining algorithm as in bitcoin or all current cryptocurrencies. it should be fully traceable until it is taken back in the form of taxes. that will finish all current forms of theft and corruption. if it is conceptually so easy, why no one mentions it anywhere?
(afaik up to today, i never saw this being defended by anyone but me)
I don’t think PM Modi decided to go for demonetisation after a order from US govt.
The actual cause seems
1) a desparate wish to win in coming assembly election of state of Uttar Pradesh (the biggest Indian state). Elections require a steady and huge supply of money (mostly in cash form – a norm in rural India). By cutting of this supply – he hoped to hurt opposition parties more than his own. His party (BJP) gets lots of funds from corporates and abroad. These don’t require to be in cash form.
2) divert popular attention away from real issues (a common practise in Indian polity history – and also world over). Pakistan card was being played too repeatedly and people were not buying it any more.
IMO – he succeeded in his goals initially. But he should have done his homework. Demonetisation has hurt Indian economy and employment pretty hard. Whatever the mainstream media may say – the pain at ground level, in rural India and in remote parts is unbearable.
Few of my close friends work in state secretariats and all of them (including die-hard fans of Mr. Modi) are worried about what future quarters hold for them. A public backlash (which is bound to come) is something Mr. Modi doesn’t want. Popularity amongst Indian-American means nothing if you don’t get Indian votes.
I have never used credit card. One of those valuable lessons my dear father taught me as i was young. Thanks father. You were so good to me.
The lesson here is simple. Everyone using Master Card or any US credit system is paying mafia tax to Empire. Never forget that.
I present the largest money laundering operation in the world sponsored by a state
The Hindoo Notebandi
The Demo Scam – which no Indian Newspaper reported – as they were all paid off – as they are of the ilk of the Brahmins and Banias.dindooohindoo
It is the disaster of the Brain of Narendra Modi !
Conversion Route (Elementary Level – rest to be submitted at the CIC Hearing)
• Party A has Rs 1 crore of Old Cash (which is obviously unaccounted) and the choice of paying tax and interest thereon has lapsed as there is no VDIS – and post Demo the deemed tax is 100% at the minimum
• Party B (Stage 1 Converter) has Rs 65 lacs of New Cash – which is given to Party A in lieu of the Old Cash of Rs 1 crores which is then given to Party C to X as under:
o Party C to X (Stage 2 Converter) are legal entities who trade in Nil VAT/ST products (or under Exemptions and /or Compounding) and are POS Retailers who then , make manual or backdated E-Bills for fictitious sales of items to unknown individuals and deposit the new cash into the bank
o Party C to X deposit the cash in banks whose books are open for 30-45 days before the date of announcement of the Demo or whose IT systems allow backdating of E- Bank Statements (within the period of reporting to the RBI and other Regulators)
• Party Z then taps Party A to convert the New cash Received of Rs 70 lacs into a capital entry to clean the cash at a rate of , say 15%, wiring Rs 59 Lacs to Party A, as a capital receipt etc, and taking the Rs 70 lacs of new cash from Party A
• Party Z which is basically front for Party B – hands the cash to Party B, after charing the custodial, logistics and security charges
• Party B then resumes the same chain as in Step 2 above, wherein the rate of the conversion, id.est., 30% keeps rising as the DEMO deadline appears
• Party A can convert the Rs 50 lacs into cash – new and old – at a premium, at any time that it is required
• Since converters had the new cash within a day and as per news reports , even before the announcement of Demo, they have to be part of the establishment
o If the converters had withdrawn the new notes from the bank, the banks would have tipped off the DRI/ED etc and possibly reported to the RBI – in which case they would be raided (but were not) or they would have to explain why large amounts of cash were withdrawn (for labour wages – although wages are not paid in Rs 2000 notes , agri payments etc) and on specific dates and how/why the banks were satisfied about the same
o Hence, if the converters got the new cash o/s the Banking system – that is fraud and proof that the converters are part of the establishment
o If the converters got the new cash from the banks – it is proof of collusion and fraud by the bankers, as past patterns of withdrawal by bank customers (for labour, wages, agri payments etc), would not support the new notes withdrawal
• Since converters had to transport cash across locations, it would have required security or perhaps state security, they have to be part of the establishment as
o It is impossible that the state would not be aware of the logistics and security
o It is impossible that the state would not raid the cash movement
• Since Party C to X, who would have reported drastic increase in cash sales and deposit of cash into the bank , would not be able to support the same by past patterns of raw material purchases and trading purchases and such large amounts of purchases of raw materials in cash – could not have been justified by party C to X, w/o the support of the establishment
• Cash recovered in the “form of old notes” by the “DRI/ED and the Police” – were all recovered from the “so called originators” and “so called garbage dumps”- w/o “a single case of cash recovered” from “the converters/entry operators”
• No cash was recovered from the “converters/entry operators (Party B and Party C to X, as stated above)”, who are obviously part of the establishment – which is unusual , as the operators would be having the new currency which o Is either kept in a house/safe or o Stocked in the bank (which would have tipped off the DRI/ED etc or o Transferred the cash around in new stocking points and neither of the 2 above points can happen w/o the support of the establishment
• Since the GDP is still growing on the “computation mode of GDP on expenditure mode”, and there is “no shortage of notes” of less than Rs 100,it would mean that the Industrial agglomerations typified by the SSI and the Cash sector,have been “able to convert the bank deposits”, back into cash – “obviating the purpose” of the notebandi (Rs 100 is assumed,as the wages are paid in that denomination
Capitalized lines have been changed to lower case. Please, do not use capitals (moderation rule #1), mod