Author Topic: Chaos as India eliminates two largest banknotes without warning  (Read 13094 times)

Offline Mr. Bill

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #30 on: November 11, 2016, 03:45:37 PM »
What did they do there or what area did they go to ? I find it an interesting country

They don't like for me to share their personal info online.

Offline DrJohn

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #31 on: November 17, 2016, 11:48:41 AM »
According to the Daily Bell, there is a rumor that India will ban the private importation of Gold.

http://www.thedailybell.com/news-analysis/india-bans-cash-now-gold/

Offline Smurf Hunter

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #32 on: November 17, 2016, 12:03:13 PM »
According to the Daily Bell, there is a rumor that India will ban the private importation of Gold.

http://www.thedailybell.com/news-analysis/india-bans-cash-now-gold/

As I work with many folks from and in India, I expect many requests low volume smuggling for upcoming travel.

Offline David in MN

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #33 on: November 17, 2016, 12:41:45 PM »
According to the Daily Bell, there is a rumor that India will ban the private importation of Gold.

http://www.thedailybell.com/news-analysis/india-bans-cash-now-gold/

Always a good sign.

osubuckeye4

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #34 on: November 17, 2016, 01:30:45 PM »
According to the Daily Bell, there is a rumor that India will ban the private importation of Gold.

http://www.thedailybell.com/news-analysis/india-bans-cash-now-gold/


Offline mgw44

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #35 on: December 07, 2016, 07:30:54 PM »
ok, lets think a little.  So the US treasury mints gold and silver coins.  If the United States wanted to get rid of the higher value bills why do they still actively mint coins out of precious metals?

This event is another reason to diversify your wealth and income streams.

mgw44

Offline iam4liberty

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #36 on: December 07, 2016, 09:14:10 PM »
The $500, $1000, $5000 and $10000 US notes were eliminated in1969.  This preceded Nixon's closure of gold convertability.  it ensured that even financial institutions wouldn't have sizable assets in liquid form to covert before the window closed.  Instead of notes that could be redeemed under law the large transactions were changed into ledger entries.

Offline David in MN

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #37 on: December 08, 2016, 05:31:34 AM »
ok, lets think a little.  So the US treasury mints gold and silver coins.  If the United States wanted to get rid of the higher value bills why do they still actively mint coins out of precious metals?

This event is another reason to diversify your wealth and income streams.

mgw44

It's because the number of dollars in circulation (M3) is controlled by the Fed and minting of coins is controlled by the Treasury. The Treasury could mint a $20,000,000,000,000 coin, declare it legal tender, give it to the Fed for cash, and be debt free in an instant. Proof?

http://www.forbes.com/sites/kotlikoff/2013/01/19/the-treasury-has-already-minted-two-trillion-dollar-coins/#6165ec8c246e

Now that would have maybe a slight effect on inflation.. Cough. Maybe. But that's one of the economic outs in the good old US.


Offline Morning Sunshine

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #39 on: December 30, 2016, 09:42:46 AM »
Apparently the demonetization policies aren't working out that well for India...   ::)

thanks for the update.  was wondering last week

Offline Canadian Prepper

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #40 on: December 30, 2016, 12:24:26 PM »
That's provided for some interesting reading.

Incidentally, I had just been chatting with my mother last night about how people managed in Europe at the war's end once their money became worthless.  Rural farmers couldn't go into the city to purchase supplies, but city people had to go out to the country and barter their personal belongings for barely enough food to subsist upon. The situation probably lasted for at least several months if not for a year or two before the new currency was established.

Whatever the real reasons, India's demonitization policy is significantly different from the currency collapse of a post war, bombed out and occupied country, but it goes to show that things needn't necessarily be that far fetched before the government can step in and mess around with peoples' savings and plans.

Offline Mr. Bill

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Re: Chaos as India eliminates two largest banknotes without warning
« Reply #41 on: December 30, 2016, 09:28:10 PM »
Thanks, bigbear.

Indian numbers for the befuddled:
  • Lakh = one hundred thousand
  • Crore = ten million
  • Lakh crore = one trillion