Crisitunity in India's Cash Crunch

11/20/201624 Comments

What the government giveth, the government taketh away. Like that money in your wallet. Do you really think it's yours? If so, the people of India would like to have a word with you.

Oh, haven't you heard? In case you missed the story during the din and clatter of the US sElection circus, all hell has broken loose in India.

It all started on November 8th, when Indian Prime Minister Narendra Modi made a surprise television address to the nation. As you might have guessed, this was no stale policy speech. Instead, Modi sent shockwaves through the country (and the region) by announcing that as of midnight that evening, existing 500 and 1000 rupee notes would no longer be accepted as legal tender. The tax cattle would have until December 30th to trade in their 500 and 1000 rupee notes at post offices and banks.

And just like that, the bits of colored paper in everyone's wallets were revealed as...well, useless bits of colored paper.

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Comments (24)

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  1. HomeRemedySupply says:

    Bill Gates: “All of the pieces are coming together….”

    James Corbett: “The counter-economy will continue to come up in new and unexpected ways. Or even new and expected ways….”

    Personally, I am thrilled that James Corbett often promotes “Solutions”.
    He is ahead of the curve. As time goes on, the anarchist* trend will continue to grow.

    * Anarchism
    Anarchism is a “decentralization of state control” philosophy that advocates self-governed societies based on voluntary institutions and interactions; the elimination of the state in favor of individual sovereignty, private property, and open markets, and with a revolutionary form of free-market that focuses on employing counter-economic activity to undermine the centralized control of the state.

    The REAL Revolution Is Already Here by James Corbett

    • wall says:

      James, can you cover what is really scewing up Venzuela and other Latin American countries? People keep blaming communism/socialism etc…. then I read other people blaming US companies for witholding food and for some reason Venezuela stopped producing its own food and was exporting it…? It would be nice to have clarification.

  2. HomeRemedySupply says:

    I encourage folks to view Corbett’s “Just For Fun” in the “Recommended Reading and Viewing” below the article.

  3. dreadeutsch says:

    We should start using gold and silver for our “black money”. Before cash is outlawed. I guess we would have to call it “barter” where I am, in the USA. Who cares what we call it? I think one-gram gold bars are currently valued at about $40 and an ounce of silver at about $16.

    • Ragnar says:

      Yes, preparation before something like this is very important. Whether it’s strict bartering, or a mix. People need to be considering something that’s not government sponsored. I’ve seen where areas have developed local currencies that seem to work well. The problem is the media won’t dare talk about this, so most people are clueless that this might happen suddenly.

      They still haven’t realized that the government doesn’t have their best interests at heart.

  4. mammique says:

    Hopefully there are Open Source P2P solutions for people to create their own decentralized cash system, secure and with intrinsic value:

  5. nosoapradio says:

    Well the “reform” has one big fan:

    “…There should be no question that this BJP policy is bold and courageous…The fight against corruption and black money in India has just begun. If successful, this will go down as the biggest reform in India, bigger than the GST (though the two are related) and bigger than the industrial policy reform of 1991…”

    Wonder if Surjit Bhalla’s got anything to do with this demonetization:

    “…Surjit has taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, World Bank, Goldman Sachs and Deutsche Bank. In 1996, he moved back to India to found Oxus Research and Investments, a New Delhi-based asset management firm…

    …While at Oxus, Dr. Bhalla has also served on several committees of the government of India, … He is on the governing board of India’s largest think tank, NCAER.”

    On a side note, I just spent the evening with people who work with India in the Truck industry on a daily basis including yesterday. They had not heard a word of the situation!

  6. Crisitunity, I never encountered that before.

    Haha. I love learning things.

  7. nawk says:

    Nothing new. Back in Nam, GI’s were not paid in US dollars if they were ‘in country’, they were issued something called “issue.” “Issue” was a ‘pseudo currency’ if ever-there was on. “Issue” would and DID become worthless without recourse at the flip of a switch. One was only allowed to exchange a set amount of “issue” within a very short period of time. Any amount over that amount ‘currency/issue’ authorized to be exchanged was effectively worthless. (I am not even going to go into the excuses for doing such a thing.) But is was done over and over again.

    The war on the ‘cash’ has been around for a l-o-n-g time.

  8. nosoapradio says:

    Then there’s that “CristiUnity”-style United Nations experiment in India called Auroville that has, along with its absence of money actually called “money” (I believe it’s called ‘crédits’ or something to that effect)

    that has its very own spiritual figure called the “Mother” who made annual waving appearences from the second floor of her house to her followers during the last couple (decades?) years of her life…

    Yea, it’s been a while… I need to brush up on Auroville… their was an awesome video by a person who stayed there and filmed the place in the 70s that I must dig up…

    • nosoapradio says:

      OOOHHHHHH! CRISItunity! NOT CRISTIunity (unity out of… Crist?) or CRISIunity (unity out of crisis?)

      Crisitunity. Right. my bad…

      still gonna look for that Auroville video…

      A smart version of Auroville…could resemble the NWO…?

      • nosoapradio says:

        Amongst the myriad of emphatically zen works and videos on Auroville embellished with various types of new-age meditation music I found this fairly short and insightful article:

        speaking about, among other things, the curious relationship with money there (including the Aurocard) and blackout concerning who manages the original financial investments of Auroville’s permanent residents.

        and there was this interesting page of a book devoted to UN funding for the Auroville project since its inception in 1968:

        anyhow, I should really leave y’all alone and get back to work…

        • nosoapradio says:

          one very last thing (for the moment): the book linked above (2nd link) seems very very interesting. It’s devoted to exploring the fundamental relationship between India, UNESCO and Auroville.

          From a nano-skim it seems India really is a sort of New World testing ground for UNESCO. And, ha HA! We all know who founded THAT organisation!

          In light of this semi-secretive and sudden demonetization of the country… it seems to provide a provocative perspective…

      • lucid says:

        Looks to me like if its funded, and consequently controlled by the UN, then it could be that its purpose is to serve as a living example to outsiders of how community DOESNT work. After all, with the funds the united nations has available, if they genuinely wanted to set an example to the world, they’d do a better job right? As an anarchist, as well as (for want of a better term) “new ager” (they’re not mutially exclusive concepts in my eyes), I am well aware of the misinfo and subterfuge aimed at both movements. In my opinion at least, the NWO remains anathema to both.

  9. HomeRemedySupply says:

    Nov 20 News – “Five ways Indians are dodging ‘black money’ crackdown”–finance.html
    …Tax evasion is rife in India with many small businesses and professionals such as doctors and lawyers asking to be paid in cash to avoid taxes.
    Only six people earning over 500 million rupees filed returns in 2012-2013, despite there being an estimated 2,100 ultra-wealthy Indians whose net worth exceeds $50 million….

  10. pertinax193 says:

    Don’t forget the multiple attempts of Pakistan to flood the country with counterfeit currency in order to attack through inflation. Oh yea, India has done the same to Pakistan as well.

  11. nosoapradio says:

    “The shortage of bank notes is blocking growth”

    “The shortage of bank notes is blocking growth”

    An automatic translation of the French text:

    “…The demonetization is all the more unfortunate as it will have “no effect on the dirty money and the false currency,” laments the former minister of finance Palaniappan Chidambaram. The situation is so alarming that the generally very discreet Manmohan Singh, Prime Minister from 2004 to 2014, has finally made himself heard insisting:

    “The way in which the measure was put in place is a huge error of management and constitutes a case of organized pillage,”

    quoting what he’d just declared before the Rajya Sabha.

    Widely applauded in this high Chamber of the Parliament where the opposition is the majority, he said that the demonetization could cost two points of growth to India

    which was in total contradiction to the International Monetary Fund which, a few days earlier, had welcomed the decision of Mr Modi as “thus combatting “corruption and illicit financial flows””.

    Learn more about

  12. IndianaJones says:

    So easy for them to pull the strings.

  13. mkey says:

    I would just like to warn everyone that money and currency are not the same. One acts as a store of value, i.e. it has intrinsic value of its own. While the other rests on a false belief system which has been used for centuries, spanning the globe and civilizations, to defraud and rob people of their life long contributions.

    How can one work for their entire life and only amount to a mountain of debt? Easy, all you need is a rigged and obfuscated currency creation process.

    • mkey says:

      Who knows more about slush funds and laundering currency than banks? We better listen to them.

  14. lucid says:

    They are bringing these measures into effect in a techno-savvy country (Bitcoin aware and potentially open source friendly) that also has huge holdings in private gold? this may “backfire” methinks. I do wonder sometimes whether there are anarchist at the apex of the pyramid.

  15. nosoapradio says:

    Finally what scares me the most is that nobody ever knew about it…


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