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> It is also the way he did what he did that ruffled many feathers. He did not consult Parliament. He did not solicit advice from many learned advisers. He did
by 1024core 8y ago
> It is also the way he did what he did that ruffled many feathers. He did not consult Parliament. He did not solicit advice from many learned advisers. He did not give the public any warning.
Anyone who makes such statements is a complete moron. Sorry about the inflammatory language, but that's the truth.
Can you imagine what would have happened if the Parliament was "consulted" ? All of the money hoarders would have immediately converted their cash, negating the move.
When you want to set a trap to catch something, the last thing you want to do is announce your intentions loudly and put big blinking signs there.
- mavelikara 8y ago> All of the money hoarders would have immediately converted their cash, negating the move. You mean those holding 0.7% of the currency?
- axiom92 8y ago>All of the money hoarders would have immediately converted their cash, negating the move. Unless you disagree with the figures RBI has reported, this (precisely this) has happened anyways; the move has been negated. I am baffled at the number of people on HN who still believe that this chicanery really made the rich throw their hoarded cash somewhere. I mean, come on folks! That's the whole point of the article we are talking about here! 99.7% of the demonetized currency is back. The rest of it could be in Bhutan or Nepal, with the NRIs or could be hiding under the pillows of those who were too poor to get it changed; we don't know.