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India Currency Experiment
Posted on 5/23/17 at 10:58 am
Posted on 5/23/17 at 10:58 am
LINK
I'll be curious to see if the crypto currencies survive. By definition, they are impossible to tax or control meaning that the state loses revenue/control/power.
quote:
What would you do if you woke up one day and found out that all your cash was worth nothing? That's what happened in India last November, and Prime Minister Narendra Modi gave people six weeks to go to the bank and change their suddenly worthless bills out for new ones. There was also a strict daily limit. Modi said the currency change was necessary in order to fight corruption and help bridge the country's economic divide. It has been six months since that change happened, so Stacey Vanek Smith of the Planet Money podcast went to India to see if it's been working.
I'll be curious to see if the crypto currencies survive. By definition, they are impossible to tax or control meaning that the state loses revenue/control/power.
3
Posted on 5/23/17 at 11:04 am to Aubie Spr96
Sounds like a good reason to own hard gold and silver.
Posted on 5/23/17 at 11:11 am to TrueTiger
quote:
Sounds like a good reason to own hard gold and silver.
Yep.
quote:
India Currency
As worthless as wet score cards.
Posted on 5/23/17 at 11:12 am to TrueTiger
quote:
Sounds like a good reason to own hard gold and silver.
Silver is extremely cheap compared to its normal historical value v gold, for what it's worth. I'd go with that.
Posted on 5/23/17 at 11:17 am to Aubie Spr96
quote:
India Currency
The Dot?
Posted on 5/23/17 at 12:01 pm to Wtodd
quote:
Dot
Only ranges in value amounts of 7-11 dots
Posted on 5/23/17 at 12:03 pm to Aubie Spr96
I don't think you can link what happened in India to what happened here. Their currency is (and was) all fricked up. Inflation is rampant, their debt is not denominated in Rupees and the US dollar is often preferred to rupees.
btw, my former boss was in india when this happened for work. He was straight up fricked. He couldn't get any cash, and most places didn't take credit cards.
btw, my former boss was in india when this happened for work. He was straight up fricked. He couldn't get any cash, and most places didn't take credit cards.
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