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Cinnamon

Scenes Of Panic In India As Gold Price Skyrockets After Currency Ban

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 Cinnamon    28,915

Today India is on the verge of a major social-political crisis, unless either the government backs off from the decision of banning the currency or some real magic happens. There is chaos in the streets and daily life is slowly but surely coming to a full halt.

What Modi did was not only heavy-handed, hugely arrogant, and of no value, it has been very badly implemented to boot — as everything in India always is — and carries the real potential of escalating and snowballing into something horrific. They could have seen that this was not going to end well by simply using primary school math.

<snip>

http://www.zerohedge.com/news/2016-11-16/stunning-scenes-panic-gold-price-skyrockets-india-after-currency-ban

I wonder what all is behind this nightmare? And who! 

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Cinders777   
Cinders777

Banksters need a large country to try out the "cashless society" beta test.  Looks like India got the short straw.  If what is happening over there is true, many people will suffer and die needlessly.  

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 Brio    1,038

How easy it would be for a bank to disappear all deposits and say hackers did it.

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 roamer    973

Here is an excellent explanation - it's all about crippling small businesses and compelling Indians to open up bank accounts:

Quote

All media outlets concur in reporting that most Indians don’t have bank accounts, which thus makes it very difficult for them to exchange their old notes. The only solution to this is for them to either depend on legally unsavory and costly “workarounds” (e.g. dispatching people with bank accounts to exchange one’s money for a commission) or to go through the process of opening their own accounts. Many Indians don’t need to use banks, though, because most of the untaxed transactions that constitute the bulk of the country’s domestic trade are handled with cash and conducted among the millions of small businesses scattered throughout India. 

Herein lies the true reason why Modi is pushing through “demonetization”, and it’s not just because of his government’s desire to extract more tax revenue from its citizenry. What they really want to do is cripple small businesses and compel Indians to open up bank accounts in anticipation of the large-scale rollout of his “Make In India” initiative. This proposal is straightforward enough – it seeks to have India’s foreign partners build their products in India in exchange for having preferential access to its more than one-billion-customer marketplace. The catch, however, is that the vast majority of foreign companies don’t pay their local laborers in cash and demand that they have bank accounts so that their earnings can be directly deposited and thus more easily accountable, especially in the event of an audit. Moreover, foreign manufacturers might have difficulty tapping into the Indian marketplace if domestic brands are already predominant in certain low-scale sectors. 

http://katehon.com/article/cash-crisis-what-make-india-supposed-look

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