mauldineconomics.com / BY PATRICK WATSON / NOVEMBER 22, 2016
Two weeks ago, millions of Americans voted opposite Hillary Clinton because, among other reasons, we suspicion she would lift taxes or differently take a money.
Most of us didn’t notice what happened on a other side of a universe that unequivocally same day. Indian Prime Minister Narendra Modi unequivocally did take everyone’s money.
Citizens of India learned, with usually a few hours’ notice, that their 500 and 1,000-rupee records were no longer authorised tender. Those are—or were—the country’s largest-denomination bills and a substructure of a outrageous subterraneous economy. Now they’re only paper.
The formula were what we would expect: confusion, chaos, and fear. Nevertheless, we can gamble other governments watched closely. India could be only a initial money domino to fall.
Modi’s “Demonetization” Turned into a Mess
I contingency confess to not meaningful most about India—the closest I’ve ever been is conference some Sanskrit difference in yoga class. we wish to revisit someday, though. When we do, I’ll have to move my Visa label since my money might not work there.
The Reserve Bank of India posted this notice on Nov 8: