The battle for a cash-only world is getting hotter. The latest battlefront? India.
The latest rupee news? Outrageous.
Prime Minister of India, Narendra Modi - beloved of Western elites for a variety of reasons - has just announced that all 500 Indian rupee Notes ($7.50) and 1,000 Indian rupee ($15) notes will no longer be considered legal tender. The 500 and 1,000 rupee, by the way, are the two largest denominations in India. Equivalent to the US banning the $100 and $50.
More: ATM withdrawals will be limited to 2,000 Indian Rupees ($30) for some.
The Reserve Bank of India and the post office also apparently decided that because of this “major task ahead” of them, that all commercial banks were shut down for the public on November 9th for a “bank holiday”.
We’ve covered the cash-confiscation trend in the past. It’s just one more brick in the wall of rising fascist barriers against free utilization of currency. In Europe, the 500 euro note is to be discontinued by the end of 2018, for instance.
That not-so-coincidentally is the year that The Economist magazine hinted would be the first year of a “world currency.” If so it will just be the culmination of what I’ve spent years predicting - a continued hyper-internationalism created by war, economic ruin and increasingly Draconian laws and regulations.
There are plenty of powerful bureaucrats working to implement such globalist fascism. It’s not surprising that we find Modi at the front of the pack. Modi served as chief minister of Gujarat in the 2000s where his main achievements were apparently allowing the killings of more than 1,000 Muslims during political riots and adapting technocratic “smart city” approaches.
Modi was enamored of corporate sponsorship for municipal and industrial projects in Gujarat. It allowed him to cultivate relationships with major Western multinationals and these pan-global entities supported his rise to the prime ministership.
It’s not at all surprising that Modi would provide support for a major technocratic project like cash confiscation given these relationships. Certainly as interest rates around the world head into negative territory, cash confiscation becomes an increasing priority.
Back in February, Mario Draghi and the ECB began talking about eradicating the 500 euro note. But it’s now reported Draghi wants to rid himself of the 200 euro note, and even the 100. Meanwhile, in the US, you have Harvard "scholar" Peter Sands who suggests it’s high time to get rid of the $100 dollar bill.
All of this is being advocated for under the guise of deterring “tax evasion, financial crime, terrorism and corruption." Of course, some reverse the rhetoric, suggesting the real terrorists and financial criminals are central bankers who have been funding both sides of wars for centuries and endlessly debasing currency as well. And, of course, taxation is theft… so “evading taxes” is akin to “evading robbery” by running away.
That wouldn’t be Modi’s point of view, however. He’s eager to abet Western central bank ruination and a worldwide tax dragnet by making India party to it.
From the PM in his words:
"Fake money and terrorism are ruining the nation's fabric,""An honest man cannot buy a house, cannot get [a] proper education due to black money."
"Cash economy aides black money, corruption and makes life difficult for the poor."
"Government is imposing a limit on high denomination notes. In the history of nations, such a moment comes when you realize that you must be part of this historical moment. This, is one such day.”
“Every common man who is tired of corruption and black money is welcome to contribute to this catharsis. It is very important to cleanse the nation of the corruption."
"Come, let's all celebrate the festival of honesty"
Festival of honesty? Paper fiat is “fake” enough, because it can be printed at will. But digital fiat is “faker” in that it doesn’t even require printing. It’s literally created at will when someone punches numbers into a computer.
So, Indians now have until the end of December to deposit these higher denomination bills into the bank before they are rendered useless. You can’t just make a deposit, though. You’ll need to show a government ID before you can make one. And, if you have any sizable amount you’ll doubtless be immediately investigated for theft … sorry, tax evasion.
If the 1,000 and 500 rupee is “declared illegal,” that just leaves the 100 rupee note, which is currently worth $1.40. In other words, if you want to use cash in India, get out your backpack.
This is another in the long line of attacks in the war on cash. They’ve talked the Nordic countries into just using debit/credit cards instead of cash. In Greece, they just closed the banks for months and put in place capital controls. In Cyprus they closed the banks one weekend and by the time they reopened, large depositors only had half of what they’ve had before.
As the war rages on, you won’t want to have any substantial portion of your savings or assets in fiat currencies. Especially if they become digitized fiat currencies which are even more susceptible to bank bail-ins like what we saw in Cyprus.
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They are coming and they want everything you have. You can pretend it isn’t happening or you can take action now.
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They will change the notes of 500 and 1000 for a new ones! Why are you saying they are taking out the notes? It is not true... They are even a new Rs 2000 note http://timesofindia.indiatimes.com/city/chennai/Craze-for-selfie-with-Rs-2000-note-catches-on-in-Chennai/articleshow/55348479.cms
Cashless society is coming, slowly but steadily.
People were first signed up to receive their salary in bank account. Then pensioners started receiving their pensions in bank account. Then all child payments like child support, allowance, allimony and others. Then all welfare... Then credit/debit card shopping, then online banking, etc etc.... Every payment gets mopped up by a bank.
And now that all payments go through a bank, they start banning cash, and when cash is done, your life and finances will be 100% controlled by a bank.
So when they start bailing in your account, you have nowhere to go and you will lose all your money..... But thank God we have Bitcoin, Precious Metals, Steem and other cryptocurrencies to defend against this!
Don't worry soon they will have control on all cryptocurrencies.
How?
I also don't know the answer. But they will do it.
Currently the cryptocurrencies are the most secure storage vehicle in my opinion and their networks are very robust. I think the weak points are the exchanges, where the government can seize your money. But there will be decentralized counterparts to that too.
I'm sure they will try, yes.
Not as sure they will succeed, however.
new 500rs ( 7.531 usd ) notes and 2000rs (30 usd ) note would be circulated , This has been done to end corruption , black money and terrorism sponsored by Pakistan . 95% of the Indian population is happy with this news .
Good article on the views of Indians on this :-
https://steemit.com/india/@ishan-pandey/how-narendra-modi-the-prime-minister-of-india-ended-black-money-and-corruption-in-india-in-one-night
Shared on twitter
Disclaimer: I am just a bot trying to be helpful.
The average Indian seems to praise the move: https://steemit.com/india/@ishan-pandey/how-narendra-modi-the-prime-minister-of-india-ended-black-money-and-corruption-in-india-in-one-night
There are only two kinds of folks in the world, those that want you left alone to do as you do, provided you don't interfere with others, and those that think killing you to gain compliance is a good option, for them.
Great post @dollarvigilante.
Some people believe electric currency is freedom, other people think its worse than printed currency...
Personally I have been advocating an eventual switch to electric currency since before technology made it feasible. Although there should certainly be a system in place before such a switch begins to take effect.
The average income in India is so low most people have very little cash on them anyway, not a book bag's worth.
Awesome post @dollarvigilante !
Any predictions about when the IMF bails out the central banks with the SDR? Will the SDR be blockchain-based? What will the next crypto-cash-replacement be to play the role of anonymous nature of cash?
This is crazy news; but the fact that they will be reintroducing bills goes against the idea of it being currency elimination. They have been saying that Pakistan has been counterfeiting bills. This is a serious way to destabilize the economy -something both the US and Germany considered/tried in WWII. Portugal faced a serious crisis like this when a conman got the mint to "'counterfeit" a huge amount of money. (He tricked the mint into thinking he represented the government, then spent the money they printed... ingenious as far as frauds go... ) https://en.wikipedia.org/wiki/Alves_dos_Reis The extent to which this is really a Pakistani anti-counterfeiting move and or a move to collect taxes is hard to say though. There are other countries whose largest bill is only worth $1 or so. Burma and Venezuela are countries that come to mind.
Appalling, but all the more reason for people to migrate into cryptocurrencies to protect themselves. Of course, when enough people do this, then Our Dear Leaders will try their best to confiscate crypto. #monero #dash #zcash
a lot of indians dont use banks. they will lose out.
@dollarvigilante is missing a lot of context here.
First before you label people "prime murderer" (the ignorant Indo-hater Jayant Chaudari, no doubt has a role in this), you really ought to read up more. Read up on the event @dollarvigilante - the train, the 750 dead Muslims, the 250 Indics, the Supreme court, the witch hunt by the opposition as well as Hillary Clinton.
http://www.sunday-guardian.com/news/obama-quietly-reverses-hillarys-get-modi-policy
ISI is believed to have secured a huge stash of bond paper from De la Rue, the same supplier to India. Pak has been pumping in fake currency as a means of economic warfare.
This blood-letting has come to be a religious devotion to the "nation" for many Indians - the move is quite popular in non-business circles (atleast for now). Only time will tell, how this will affect things.
There has been a huge push towards a draconian state in India. We all know the usual tactic of capturing debates by restricting it to two a thesis an anti-thesis (as if these were the only ones). INC, set the stage by essentially looting from the tax-slaves, and now comes BJP as a saviour on a white horse.
UIDAI, a massive biometric database was set up by a Nandan Nilekani. Nilekani is a big political player, who profited by running a body shopping IT business. His goal for India is to keep it a "service" oriented economy, keeping it free of all that manufacturing shit.
Modi, has been opportunistic w.r.t this and many other issues, completely flipping his pre-election stance. This is very suspicious. There was the Gold Bond, trying to transfer gold-reserves of Indic temples.
It should be noted that India is still governed by a very strong Jesuit-Fabian (colonial) state, where every native form of culture, language, heritage are repressed heavily, while those foreign are given encouragement. Modi came partly on the promise of fixing this situation, but as usual hasn't found time on dismantling the British colony, what with all his travel and stuff.
Senpai Hegelian dialectic desu!
It's depressing to be born into a people whose history is as glorious as its contemporary stupidity is egregious. Nationalism, religion, language, culture, have essentially been and continue to be instruments for coming into power.
India makes me cynical beyond hope.