3 ms·
+1 Taxation by a state which has very little legitimacy is more akin to thievery. This shows all the signs of a new Indira Gandhi-esque regime in the making (w
by gnipgnip 10y ago
+1
Taxation by a state which has very little legitimacy is more akin to thievery. This shows all the signs of a new Indira Gandhi-esque regime in the making (with about the same amount of fanfare).
- The currency replacement is likely going to take about ~$5B (the "Black money" is valued at $20B).
- Nothing stops Pak from counterfeiting these new notes.
- This move creates a reverse bank run to build up reserves, which in light of the rate (10-15% ?) of bad loans in Indian Banks, is interesting to say the least.
- There also appears to be a very big push under this regime to push for cashless-id transactions. With the UIDAI in place, pessimists would believe there to be the coming of an even more efficient 1984-esque system for producing more cheap labor for US & pals.