Across the world, unaccountable, unelected, bureaucrats, continue to mismanage their nations’ money in numerous ways at a high cost for the people. The most striking case is in India.
It is difficult to imagine waking up one morning to suddenly find out that 85% of your money is not actually money any longer, but that is exactly what happened at one of the most populous country on earth, where, what the day before was worth 500 rupees or 1,000 rupees, around $7 and $15, was instantly declared worthless.
The decision was made in complete secrecy, according to the Times of India, which states that “even ministers were not aware about the proposal to ban high-value currency notes.” Predictably, monetary chaos and panic followed with numerous stories about poor farmers unable to operate, students not able to pay for food, fathers and mothers stuck in never ending queues, as well as some driven to the edge and committing suicide.
The stated reason is because no one is paying taxes with India’s banking infrastructure as good as non-existent, at least as we know it in the west, with 98% of transactions in cash. The government of India wants to change this and