Interview 1245 – Satya Sagar Explains the Indian Demonetization Disaster

01/23/201713 Comments

On November 8, 2016, Indian Prime Minister Narendra Modi made a dramatic announcement on live tv: as of midnight that night, the 500 and 1,000 rupee notes would no longer be legal tender. Indians would have to turn in their old cash for new notes in the coming weeks. This “demonetization” scheme was sold to the public as an attempt to rid the Indian economy of so-called “black money,” but what was it really about? And what are the real consequences of this action? Today we talk to Satya Sagar of countercurrents.org for the Indian perspective on this startling event.

SHOW NOTES:
Watch: The Moment PM Modi Announced 500 and 1,000 Rupee Notes Are Illegal

Crisitunity in India’s Cash Crunch

Death by Demonetization

India’s Caste System, Social Inequality and Demonetization

Credit Suisse Global Wealth Report 2014

Modis Operandi: When India Went ‘Keshless’

countercurrents.org

TheWire.in

Economic & Political Weekly

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Comments (13)

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  1. HomeRemedySupply says:

    Corbett, Thank you so much for such a stellar interview with Satya Sagar which again widens our understanding of the world and other cultures.

    I see so many parallels, so many insights which apply universally. To hell with the rule-makers, know-best authorities, and the “engineers of society”.
    This episode reinforces principles of voluntaryism and agorism.

    Very fitting plug at the end of the video with the Corbett Federal Reserve video.
    https://www.corbettreport.com/federalreserve/
    ~~~~~~~~~~~
    I smiled widely seeing Breaking Bad’s “Heisenberg” on Satya Sagar’s locked door.
    YouTube (short clips)
    https://www.youtube.com/watch?v=xsqrwRGCbho
    Say my name — https://www.youtube.com/watch?v=5eZOOEkrf6Q
    What’s your name? — https://www.youtube.com/watch?v=r5wpigdBfK8
    About Breaking Bad – http://breakingbad.wikia.com/wiki/Walter_White
    Heisenberg – https://www.quora.com/Breaking-Bad-TV-series-Why-did-Walter-choose-Heisenberg-as-his-alias-How-is-Walts-character-related-to-the-real-Heisenberg-and-his-uncertainty-principle
    Heisenberg – http://theweek.com/articles/459448/beyond-breaking-bad-meet-real-heisenberg

  2. nosoapradio says:

    As the most isolated Indian populations are being driven from the forests into industry and “dumped into slums”, western populations are going back to the forests, driven from industry… may their math classes be of guidance to them in their search for harmony with nature infused with ambiant intelligence.

    “…Seventy years ago, at least 3 million people died from starvation and malnutrition during a famine in the Indian province of Bengal –”

    I was not aware of the Bengal Famine…eugenistic genocide? Here’s the first MSM article I found about it describing 3 million killed by man-made holocaust kicked into the memory hole…

    “…In 2010, Bengali author Madhusree Mukherjee wrote a book about the famine called “Churchill’s Secret War,” in which she explicitly blamed Churchill for worsening the starvation in Bengal by ordering the diversion of food away from Indians and toward British troops around the world…Later at a War Cabinet meeting, Churchill blamed the Indians themselves for the famine, saying that they “breed like rabbits.”

    http://www.ibtimes.com/bengal-famine-1943-man-made-holocaust-1100525

    “…Outside of India, the Bengal famine of 1943 might only be known through the efforts of Indian filmmaker Satyajit Ray, who directed a movie in 1973 called “Ashani Sanket” (“Distant Thunder”), based on a novel by the same name by Bengali author Bibhutibhushan Bandyopadhyay…”

    the Norbert Haering article entitled “Washington’s behind India’s demonetization” that you linked to was also illuminating.

  3. notify says:

    This is a really good interview. I’ve seen this debated on HackerNews and other sites, mostly talking about the technology gaps and the terrible state of many of the electronic payment systems there.

    This is a really good look into the Indian economy and comes from a perspective of someone actually in Indian, who is familiar with the history and living in the aftermath of this decision.

    I have not been to India in decades. I’m sure a lot of changed, but I’m sure this still puts an amazing hardship on people that are already struggling in that country.

  4. VoiceOfArabi says:

    Excellent Interview James.. Thank you…

    Satya Sagar, you make me proud to be Asian… Thank you…

  5. tgmolitor says:

    India is the guinea pig for electronic money.

    At the G20 meetings, there were discussions behind the curtain about eliminating currency. Modi is pushing India against the wall to move into this new world of electronic money, which they hope to have running by 2018. Everything will change. The big question is whether Trump will go along with this agenda that Obama began and raise taxes even more.

    Modi is not doing this in isolation. He is trying to get India up to par with the other countries moving electronic. There are ongoing discussions and India is being watched very closely. If this works in India, they will adopt this forced measure by 2018 in many countries. Europe will probably be next.

    • nosoapradio says:

      Yes, as I may already have mentioned, my son had to have his handprint taken to access the school cafeteria in France. His older brother was given the choice and ended up being the only high school student still using the old photo ID lunch card. The biometric system has existed for almost a decade or so in public high schools here and I haven’t noticed anyone objecting to it.

      Europeans will probably be drawn into biometrics with their Carte Vitale health ID cards along with other gadgets such as Apple watches and smart phones etc… like the no contact credit cards that popped into circulation now it will be fingerprints

  6. sjb says:

    Satyr’s comments about the bullfighting in India were very interesting. Animal rights activists condemn a sport that has been practiced for thousands of years. As Satyr said this was also an ancient method of selecting the best bull for breeding.Personally I don’t agree with this sport, however the world continues without me agreeing to all persons activities.

    Here in Latin America the cruel sport of cock fighting is popular too, also to me extremely cruel but a sport that has been practiced for many thousand of years too.

    When a cock fight was taking place next door I could hear the yells of excitement, but the thought that at least they are not killing each other came to mind.

    I’m guessing these types of sports are watched or participated in by alpha males. Humans have always been aggressive, animals have been on the receiving end of this aggression. The man that comes home to kick his dog, takes his anger out on the animal. Another man may kick his wife??

    Fights in the Roman Coliseums involving men have now progressed to drone warfare. Wrestling matches on TV are more popular now too.Violence & aggression is growing due to the violent world we live in.
    Bullfights, cockfights or even dog fights in Japan are personal choice sports, watching MSM news one has no choice but to watch or be aware of today’s alpha male war “games”.

  7. nilamk says:

    I want to thank James for looking at the Indian geo-political scene per se, as I believe that India even though the 2nd largest population in the world and the largest democracy, never seems to figure in any discussions or analysis. If mentioned at all India is mentioned only as a passing reference sort of a way point on to greater topics.
    However in my opinion India should be analysed and discussed more prominently as it is as mentioned earlier 2nd largest number of people, largest democracy and not to mention the largest source of engineers, doctors and managers across the world.
    A deeper analyses should bring about greater know-how of a lot of happenings in the geo-political realms.
    Look forward to more such in-depth and analytical work based on India from you
    Last but not the least, I want to thank you for all the work and the level headed analyses you do everytime – keep up the good work.

  8. TechX says:

    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.

  9. HomeRemedySupply says:

    News – March 19, 2017 – Bloomberg (Interesting.)
    QUOTE
    The Reserve Bank of India may consider raising the cash reserve ratio for the first time since 2010 if deposits accumulated due to November’s cash ban don’t flee over the coming months, economists say. Banks are holding a near-record 5 trillion rupees ($76 billion) of surplus cash, according to the Bloomberg Intelligence India Banking Liquidity Index, limiting the RBI’s ability to buy dollars and curb rupee gains to avoid further increasing liquidity.
    https://www.bloomberg.com/news/articles/2017-03-19/rupee-s-surge-may-push-indian-central-bank-to-use-rare-cash-tool.

  10. Pablo de Boer says:

    India’s Economy Is CRASHING Following Demonetization! – Cashless Society Fails
    https://www.youtube.com/watch?v=ytPQ2mcFiCQ

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