In this video, I talk with author and economic analyst John Sneisen about the trauma the Indian economy has seen as of recently as economic growth has slumped to its weakest point in Q1 2014.
While the growth is still rather high compared to many other countries, it's a massive sign of the blowback following the vast 86% demonetization by Modi earlier this year.
Alongside the demonetization, Modi cracked down on black markets which led to many self sufficient free market businesses to shut its doors in the market place. Now those who were making the markets prosperous, are unable to bring that prosperity and the abundance of the free market is decimated.
There have been bank runs and panic as the demonetization sets in and many of the people of India are standing up in rebellion.
A centrally planned cashless society if incredibly dangerous to those who are forced by legal tender laws to use the digital currency.
If your money's in the bank, it's not yours, it's the bank's. If your money's always going through the bank via legal tender laws, central planning and digital transactions, you never hold it, the government and banking system ALWAYS own your money and you are in perfect servitude to them. All of your transactions are tracked and you can't properly try to make a living outside of the massive taxation and aggressive regulations.
These are all factors as India attempts to climb to the top of the food chain alongside the incrementally cashless China as the IMF pushes towards a global cashless society under the SDR.
India has also been pushing forward their Aadhaar system which utilizes retina and finger print scans.
John Sneisen breaks down exactly what's happening and why you should be concerned.
See the FULL video report here:
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Yo ,
Very interesting read, Thanks you for sharing it!
Very interesting post. Much more to come this autumn...
What?!? Are you saying that a government regulation is not working!? Impossible!!!
I know! Who woulda thunk?
Not me! I could not have thinkuded that!
Calling 'Government' corrupt in general may be true, it would be unfair in case of Modi (and his crew) who has been relentless to bring India out of 60 years of corruption and system less economy.
We cannot say "While the growth is still rather high compared to many other countries" and say India's plan of demonetization is a failure...because if the overall global economy is sluggish, achieving any decent growth is great for an 'developing nation'.
India is on 2nd rank in terms of GDP and we cannot expect for one man to drive a nation with billion people who DON'T want to pay taxes, just like you said in the video that India's black market is as old as congress in India itself!
I agree with most of what you say...but demonetization is not a failure...it is the CORRUPT people who found ways to circumvent the efforts.
Compare that to communist country where people shit in pants to practice corruption!
Agreed. I'd add, Modi seems to be the most hardworking and honest prime minister.
Are you a communist?
Not the point...you cannot compare democratic place which is prone to people's whims and wishes leading to more corruption to a fear filled communist place...
No wonder all governments are promoting cashless transactions these days. Was surprised - didn't think much of it at first.
lolz
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You should tag India in this post so the people there who search it might chime in. So sorry to see this happening.
Bitcoin mining in Venezuela is big because their Bolivar is worthless. I think Venezuela's official currency will be totally replaced by cryptocurrency and it looks like India's Rupee might follow a similar path.
There has been serious issues with counterfeit currency in India recently so the blow to people's confidence in the state sanctioned fiat currency is only going to exasperate things there.
Another great insight. The solution lies in the free market, self education and self efficacy. Thanks Josh!
After that mess will be growing
not sure when :(
I am an anarchist from India I agree with you.
Its started here in UK also !
https://steemit.com/cash/@batfinkler/attack-on-cash-are-we-being-conditioned-for-a-cashless-society