Episode 313 - Demonetization and You

01/27/201736 Comments

Demonetization. Cashless payments. Biometrics. Can you connect the dots? Join James today on The Corbett Report as he uncovers the truth about India's recent demonetization and follows the trail to the coming cashless biometric control grid.

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Watch: The Moment PM Modi Announced 500 and 1,000 Rupee Notes Are Illegal
Time Reference: 0:52
Demonetization - Investopedia
Time Reference: 02:15
Printers expected a New Year launch for new notes, caught unawares
Time Reference: 03:03
Crisitunity in India’s Cash Crunch
Time Reference: 04:35
Episode 309 - Solutions: Agorism
Time Reference: 05:37

Cashless Biometrics and India’s Demonetization Experiment
Time Reference: 05:53
Only 6- 10% of the black money is kept in cash
Time Reference: 06:39
Demonetisation has impacted State tax revenue: Governor
Time Reference: 07:37
Death by Demonetisation: Satya Sagar
Time Reference: 08:17
Interview 1245 – Satya Sagar Explains the Indian Demonetization Disaster
Time Reference: 10:34
Mobile payments firms are cashing in on India's rupee crisis
Time Reference: 12:06
Gates's advice for the world's most cash-strapped nation
Time Reference: 15:18
A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash
Time Reference: 16:44
Norbert Haering on The Scott Horton Show
Time Reference: 18:39
The NDTV Dialogues With Amitabh Kant: Is India Ready To Go Digital?
Time Reference: 25:12
India working to replace cash with biometric e-payment
Time Reference: 26:37
India Fingerprinting, Iris Scanning Over One Billion People
Time Reference: 28:30
USAID, Finance Ministry bring Catalyst for digital payments in India
Time Reference: 30:50
Sweden Is Leading The Way for a Future Without Cash
Time Reference: 32:13
Government 'Experiment' A Cashless Society Biometric Payment System
Time Reference: 33:05
Visa Device Innovation - University of Technology Sydney
Time Reference: 33:51
Visa Mobile World Congress 2016 Finger Print Biometric Payment
Time Reference: 34:13
The War on Cash: A Country by Country Guide
Time Reference: 35:15
Facial recognition, fingerprints to replace passports at Australian airports under new self-processing system
Time Reference: 36:08
Big Q: Why Should RBI Or Any Central Bank Have A Monopoly On Money?
Time Reference: 38:04
How To Beat The Banksters At Their Own Game
Time Reference: 40:57
Fiat Money vs. Bitcoin
Time Reference: 41:06
Outrunning Collapse: The alternative currency solution
Time Reference: 41:07
Self-Issued Credit: A Monetary Solution
Time Reference: 41:10

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Comments (36)

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  1. danmanultra says:

    You’re really on a tear this month, James! Love it! Thank you so much for all your hard work in research and presentation.

  2. Karl says:

    Another one like the other one – excellent! Lots of really good info here. Thanx.

  3. Asa says:

    What would be a good investment to move money to? Bitcoin?

    • Neo says:

      your question is leading directly to the key problem of ALL KIND of money “investments”.

      as long as the ruling class has a monopoly on the (virtual) quantity of money there will never be a competitive freeconomy.

      Because only one investment or rule can destroy all kind of freeconomy thinking ideas (just happened in India).

      • Neo says:

        And you can guess who belongs the most of the bitcoins…
        Hint: It is not IT freaks, wearing hoodies, hacking around and only think to free the world from slavery

    • mkey says:

      The rule which worked well over generation for people who are into old money is the following: put equal thirds into precious metals, art and real estate.

      The reasoning was that, when push came to shove, one could stuff his pants with gold, roll up some old paintings and head to the woods. It stood to reason that legally owned real estate would eventually come back to the possession of the family.

      To answer your question more directly, you are, as am I, probably screwed. I think the safest bet is gold currently, but also some cash can prove to be a good option. The obvious problem is that you never know when will gold or cash holdings be made illegal, as they almost certainly will, so if you decide to buy, don’t leave any paper trails. Don’t leave anything in banks, either.

  4. nilamk says:

    love it James, keep up the good work !
    Thanks a TON for this insight on my home country

  5. HomeRemedySupply says:

    Corbett, I appreciate you carving this very important episode with an explanation of terms and concepts. It makes for easier sharing. Very important topic.

    You face a tough dilemma when delivering a message. There are many types of audiences. Some may be freshman Corbett 101 and some may be on a graduate Gladio B level.

  6. nosoapradio says:

    A Landmark and formidable connection of the dots.

    Also I realized that the French state will not need to make its Carte Vitale health cards biometric by force which would only call attention to (and thus attract opposition to) the already ongoing collection of biometric data through new technologies enticement, passports and the electronic handprinting of France’s schoolchildren in an environment of generalized fascination and ignorance.

    This site is indisputably an invaluable resource.

  7. HomeRemedySupply says:

    This episode prompted me to think of Aaron Russo exactly one decade ago. I am sure James remembers how Russo helped to dynamically shift society’s awareness.

    A “must see”, if one has never seen it.
    The Aaron Russo Interview

    Russo goes in-depth on the astounding admissions of Nick Rockefeller, (Rockefeller’s prediction of 9/11 and the war on terror, Rockefeller’s creation of women’s lib, plan for world population reduction, and a microchipped society with control of all money.)

    …the same Rockefellers who bring us the “climate change” agenda.

    • Karl says:

      I have an Aaron Russo interview by Alex Jones on CD, but it’s not the one on YouTube. I wonder how many times Alex interviewed Aaron?

      • HomeRemedySupply says:

        I will bet what you have is the original interview (which I prefer). I happened across this one by chance which is a “redone” version a couple years later with added comments by Jones.

  8. nosoapradio says:

    Has anyone seen the Mike Cahill movie called I Origins… Scanning the irises of Indians made me think of it…

  9. peace.froggs says:

    One word, and that is “scary”, and this is coming from a person with a “Christian” perspective that read the back of the book (Mark of the Beast), having said that, I wonder how many people were against paper money decades ago when governments all over the world first started using paper money as opposed to gold and silver coins as currency and thought back then that paper currency was the *Mark of the Beast.

    It’ll be interesting to watch and see how “Christians” in America accept or rebuke this new form of currency, and also how Israel (Jesus was Jewish) accepts this new form of currency given that in the old Testament Bible (Torah) there is mention of King Solomon’s 666 talents of gold.

    Will they resist?

    Is gold, paper or digital money the “Mark” of the Beast?

    What is the Beast? The financial system? Wall Street?

    There is soooooo much inequality in this world, where even in developed countries, where people work full time yet live in poverty. For example, in Canada, supposedly one of the richest countries in the world, about 45% of the work force earn minimum wage ($10/hr) in a country where the basic cost of living is closer to $15/hr just to make ends meet.

    I see this new digital currency as either being a god send (great equalizer) for societies world wide, or hell on earth (meaning mass riots and revolutions).

    As someone once quoted: “The road to hell was paved with good intentions.”

    • D. Rolling Kearney says:

      There is undue attention given to money as the mark of the beast. In Biblical numerology, the number 6 stands for wickedness and 7 stands for righteousness. When things are repeated 3 times it is for emphasis. Three sixes represents a preponderance of wickedness; everything the person does serves a wicked purpose.

      The mark in the hand and/or forehead are also symbolic of behavior: with our hands we commit actions, in our foreheads we commit thoughts. In Biblical times, slaves were actually marked so they could be identified as property. In our day, our thoughts and actions show who we serve.

      That being said, anything being used to control other people is evil.

  10. geof.h says:

    The Gates link and US Gov link after that are broked.

  11. theplanet.myhome says:

    Thank you James, an excellent presentation.

    I remember when people were afraid of the RFID chip, its news so long ago now, that never happened but its interesting how such news comes out. We totally missed that they were going to introduce Biometics.. Wow!! maybe the PTB actually put out that information knowing people would be talking about and gleen from what people are saying, then with their “think tank” come in and sift through that data and come up with an even more insidious plan.

    Here what they are doing in Australia

    • D. Rolling Kearney says:

      What do you mean by “I remember when people were afraid of the RFID chip, its news so long ago now, that never happened…”? This actually has been rolled out all over the world, as Katherine Albrecht has clearly shown (see http://www.spychips.com, for instance). Wal-mart can track the movement of its products all throughout the store, and even has cameras that record when you pick up or look at certain products. RFID is also the chip in the newer credit cards. Just not sure if I understood your comment correctly. Apologies, if so.

  12. Mohawk Man says:

    Months ago in a comment I made (and you disagreed with my theory) The Fed was PURPOSELY making it illegitimate by its actions and was planning something something much more sinister. This may be it. I was not wrong.I have the same theory about the entire U.S. Government. The corruption is naked and full fledged. Never have we witnessed such open corruption and really open for all to see. Why? World Government is my theory. “They’re no good–lets all do it together—Global Statists”.

    About USAID—I point you to George Webb and the Dyncorp and USAID stuff that is occurring. Granted, Webb is clearly a zionist and I am somewhat suspect of his true motives but they are clearly to impune the reputation of The Federal Government. We’re talking about child sex trafficking and human sacrifice among other atrocities with the likes of Carlos Slimstein involved and Hillary–a truly evil person.

    Gates is a NOC clearly (as is Z-berg/Sandberg/Ellison/Jobs/Cook among others)–and a eugenicist who needs to be…..dealt with. The only way this can be stopped is if specific action is taken towards individuals in the “elite” world and they will know of our fury. They’re clearly nervous now but if Mr. Gates had an accident..they’d back off a bit and then some of his comrades..one by one. Thats sadly where we are today but it must be done or were finished.

    I believe Mr Trump is clearly aware of this and although you may think of him as a “plant” (which he may be) I am hopeful that he is so Goddamned pissed at this shit he may take action. I’ve followed him for 40 years. Met him once in Manhattan many years ago. Nice guy but I found his building to be rather ostentatious–not to my liking. He doesn’t want to do this. Why? I think he sees the infiltration of global Communism and Totalitarianism (although he is clearly an authoritarianist figure who will increase some statist principles) I was pleased he fired almost the entire State Department (no, they didn’t quit) and neutered the EPA and will act on other agencies. A 20% firing of gov employees TO START and a major reduction in regulations—-which are crippling this country. I was sad to see his acts on my fellow Natives re the water situation but I will still wait and see. Thats all I can do.

    This is a fight between Good and Evil and I believe Satan is involved. It’s a test. Lets pass it so your babies have a world of love to live in. I won’t make it through this but thats okay. I’d rather be with My Father than deal with this evil. It’s too hard on many of us. We just can’t take it.

    Be well James. I hope your’e not a NOC too. (non official cover). I’d drop the “Anarchist” description as well. Libertyist or something unique. We saw what the anarchists did in D.C.—–violence, killing etc. The label puts people off and I want you to be watched. by EVERYONE. They hear anarchist–you’re switched off. Just an opinion to help spread your wise words.

    One last comment re your previous video. You don’t know why they want war with Syria/Russia? The zionsists (Bolsheviks) have had a hard on for Russia for decades and there is also Greater Israel..thats why. This is The Bolshevik Revolution part II. I said it before and thats what it is. Unless we stop supporting those bastards/you know whom I am referring to–all is lost. Tell that to Ted Cruz/Marko Rubio/Lindsay Graham and John McCain (and many others) and we’ll fix this. Throw AIPAC to the wind. Throw them out as a foreign agent.


    The Mohawk

  13. HomeRemedySupply says:

    You can help get the word out.
    When I see mainstream articles about all the hoopla about immigrants, Trump and the middle east, I make a comment similar to this:
    The real solution to all this mess includes people becoming aware of the fraud surrounding 9/11/2001.
    (5 minutes) https://www.youtube.com/watch?v=yuC_4mGTs98

  14. TechX says:

    (I made this comment earlier in an older post and repeating it here in the hope of finding some clues to the events unfolding…)

    One thing always puzzles me in these discussions about Indian demonetization –

    The currency notes that were banned were Rs.500 & Rs.1000, equivalent to about $10 to $15. All the currency notes below 500, such as 100, 50, 10 are still valid and in circulation.

    About 60% of the Indian population is below poverty line and makes about $2 / day. These people, the poorest of the poor, use currency notes of 100, 50 etc. and rarely get to own a Rs.1000 note.

    What I don’t get is, how does banning currency notes of 1000 & 500 affect the poor people, who can’t & don’t use these notes.

    In this age of deception, it is really difficult to find an honest & intelligent, insightful analysis.

    • peace.froggs says:

      “…it is really difficult to find an honest & intelligent, insightful analysis.”

      I like to keep things simple, so let’s say that about 60% of the 1.5 Billion Indian population is below poverty line…do you really believe that this move is to impoverish the poor even more?

      I don’t think so, I believe this currency move is designed to lift millions out of poverty.

      The only down side to this is the “cashless biometric control grid”. In other words, we give up a certain amount of control to the state, and the state rewards us with social programs, in other words “socialism”. — which btw I agree with.

      For the religious “Mark of the Beast” perspective… I wonder what kind of a G-d would want his people to choose between (poverty and freedom) over (wealth and enslavement)?


      Mark of the Beast?

      I heard NASA gets $50 Billion per day, yet the minimum wage in America is $7/hr without Universal Health Coverage!

      In addition to NASA fleecing Americans, the people’s taxes also go towards funding the US military Industrial Complex. Tax payer dollars which the government uses to hand out contracts to companies like Boeing and LockHeed Martin, making their share holders wealthy, only for them to then sell that military equipment to countries like Saudi Arabia, again making their share holders even wealthier with money that originally came from the poor tax payer which get absolutely no dividend on their investment!

      and somehow we are to believe that governments have our best interest in mind?!

      Government corruption is its own worst enemy.

  15. Camille says:

    It’s great that you brought up E-Gold as I was just looking into them, interest sparked by this article about Bitgold acquiring Goldmoney, they mention the E-Gold troubles at the end.


    The article also mentions the Soros family ties to Bitgold/Goldmoney.

    I thought I’d do a search on Goldmoney and India and I came across this article by their Head of Research, Alasdair Macleod. It is an interesting read.


    “Cash is just one aspect of government control over its citizens. Tax is another. According to an Ernst & Young report, few governments “are not investigating the incalculable benefits of digitalising their tax systems”. It includes deploying software that automatically calculates taxes due. Brazil, it seems, is leading the way, with a digital software system that accesses a company’s bank accounts, financial filings, daily invoices and sales slips to calculate taxes which become immediately due. And it’s not just companies, but individuals who are increasingly subjected to this intrusion as well.”

  16. madd_one25 says:

    Bio-metrics have been used in UK schools for many years now. I was distraught about 8 yrs ago when I found out my oldest 2 children were already in the system at their school- there was no warning provided and no parental consent needed. Here is a news link from 2007 which helps to show just how long this has been going on.


    The UK have recently brought out the new plastic £5 note which nobody seems to want, especially vegetarians. It seems even those of us who still use cash as often as possible are having plastic pushed on us.


    Also I recently had to get a new bank card and they now only do the contact-less cards, which are apparently already activated, much to my annoyance.

  17. BuddhaForce says:

    The Gates Foundation Cashless Paradigm Project: Level One

    reposting for link between Gates and the war on cash.

  18. BuddhaForce says:


    Sec. 7. Expedited Completion of the Biometric Entry-Exit Tracking System. (a) The Secretary of Homeland Security shall expedite the completion and implementation of a biometric entry-exit tracking system for all travelers to the United States, as recommended by the National Commission on Terrorist Attacks Upon the United States.

    (b) The Secretary of Homeland Security shall submit to the President periodic reports on the progress of the directive contained in subsection (a) of this section. The initial report shall be submitted within 100 days of the date of this order, a second report shall be submitted within 200 days of the date of this order, and a third report shall be submitted within 365 days of the date of this order. Further, the Secretary shall submit a report every 180 days thereafter until the system is fully deployed and operational.

    • D. Rolling Kearney says:

      Yeah, I have been pointing out to people that this is one of the most egregious things about this executive order! Supposedly about finding and tracking “terrorists” but will be used to track everyone (!) that enters or leaves the USA, including citizens. Also, since nearly all terror is actually perpetrated by the government, this tracking is the only actual purpose of this legislation besides stirring the population up into a violent and controllable frenzy.

  19. TechX says:

    Well, the cashless economy does have a danger of evolving into a ‘Big Brother’ mode. But, realistically, don’t we know that we are already living under the Big Brother surveillance state?

    The financial tracability created by a digital economy is a two edged sword. So far, we have had only a one way transparency – The government/elites can look into our life unimpeded, but their operation is opaque to us. This financial transparency can become a great equalizer.

    Granted that the ‘purpose’ of the digital economy might be financial repression by driving down negative interest rates and steal from the masses, but the ‘unintended consequences’ of this move might be that everyone, including the elites, become vulnerable as the wikileaks & Clinton’s email scandal has shown us. Just like the Internet was not created for us, but it did become the great equalizer.

    I just don’t want to be caught into the echo chamber where we hear that everything the government does is bad and we should always oppose it. Sometimes, it is possible that the elites make mistakes that they don’t fully realize the potential fallout of their agenda. As someone has said wisely – don’t interrupt your enemy when he is making a mistake.

  20. D. Rolling Kearney says:

    What comes to my mind as I think about the impending cashless control grid is the example of the Homeland Security No Fly List. They will not tell you what the criteria are for being put on the list, and have stated that there is no way to get your name off of the list. This is the restriction of a citizen’s right to travel and, according to the NDAA, it can be completely baseless–just because they say so.

    I can see this treatment extending to financial transactions just as soon as they finalize the cashless control grid. “We’re sorry, sir. You are unable to make a payment. You are on the government No Pay List. Going to complain about it? TSA agents are standing by to taze and pummel you because you must be a terrorist.”

    This will make complete non-citizens out of those of us who refuse to go along with the program. It will be near impossible to work around a system like this. No one can give or lend you money. Everything will be tracked. If you buy something for someone else it will be traced to you. This is a lot of badness waiting to happen.

  21. doublek321 says:

    Fascinating episode. As someone else said, Corbett Report is an INVALUABLE resource. I’m trying to understand one subtlety from this episode though. At around the 26:30 mark, the e-payment methods get brought up (using some smartphone attachment to become a “walking ATM”). Shortly after, it is mentioned that, by 2020, biometrics will replace the need for that smartphone attachment. The subtlety I’m trying to understand is the smartphone attachment. Is it necessary if, in a couple of years, biometrics will (in theory) replace it entirely? I feel like, in general, when acclimating people to new (tyrannical) things, the time period is longer than just 3 years (as 2020 is 3 years away). It feels to me that, in this instance, they’re “boiling the frog” surprisingly quickly (smartphone attachment straight to biometrics).

    So in short, I’m wondering if the smartphone attachment thing necessary intermediate step.

  22. scpat says:

    Silicon Valley Joins War on Cash: Tim Cook Seeks “Elimination of Money”

    “The real reason the war on cash is gearing up now is political: Politicians and central bankers fear that holders of currency could undermine their brave new monetary world of negative interest rates.”

    “Negative rates are a tax on deposits with banks, with the goal of prodding depositors to remove their cash and spend it to increase economic demand. But that goal will be undermined if citizens hoard cash.”

  23. ms says:

    “only 6% of black money stored in cash”, yes, but it’s not about storage, it’s about cash flow. Ever tried to buy a house using 1$ bills?

    • ms says:

      The real reason is likely something similar to why they wanted TPP and why they have Swift: to make it easy to force sanctions on China, Iran etc.

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