Demonetization: The Sinister Agenda Behind Washington’s “War On Cash”

Monday, January 23, 2017
By Paul Martin

By F. William Engdahl
Global Research
January 23, 2017

It’s kinda sneaking up on us like an East Texas copperhead pit viper. It began to get some wide attention in 2016, with prominent economists and financial media suddenly talking about the wonderful benefits of a “cashless society.” Then the government of Narenda Modi completely surprised his citizens by suddenly announcing withdrawal of larger denomination currency notes from circulation, forcing Indians to put their cash into banks or lose it. Now, everywhere we turn, it seems, someone is arguing the Nirvana benefits of a cashless, “digital” money world. It reminds me in an eerie way of a statement attributed to then US Secretary of State, Henry Kissinger in the 1970’s. He reportedly stated, “If you control oil, you control entire nations; if you control food, you control the people; if you control money, you control the entire world.” Consider the following in this regard.

Modi and a USAID ‘Catalyst’

On November 8, 2016 in a surprise televised address, Indian Prime Minister Narenda Modi announced that, within a deadline of days, all Indian currency notes of 500 and 1,000 Rupees must be put in a bank account and exchanged for smaller denomination notes. At today’s exchange rate 1,000 Rs is roughly equal to $15. This would perhaps be equivalent to the US Treasury outlawing all cash notes larger than a $10 bill.

Overnight, Modi’s government de facto outlawed an estimated 86 percent of all cash in circulation by value. People had 50 days to hand in the notes or they become worthless. Yet the government, despite stating it would issue new, more secure 500Rs and 1000Rs bills, had nowhere near the equivalent value of new notes ready for replacement. They say it may take up to a year to print enough, which means confiscation, de facto. Faked opinion polls with slanted questions done only via smart phone apps of which only 17% of the population has access, claimed that “90% of Indians approve” the demonetization.

Yet it’s far worse. India is an underdeveloped country, the largest in the world in population terms with more than 1.3 billion people. By demanding Indians turn in all 500Rs and 1,000Rs bills to banks, Modi is forcing major change in how Indians control their money in a country high on the corruption scale where few trust government let alone private banks, and prefer to deal strictly in cash or hoard gold for value. Nearly half the population, some 600 million Indians, do not hold a bank account and half of those, some 300 million Indians, lack a government identification, necessary to open an account.

When he presented his shock announcement, Modi pitched it in terms of going after India’s black economy. Soon he shifted gears and was praising the benefits of a “cash-less society” to enable Indians to enter the digital age, appealing to younger Indians, savvy in smart phones and digital networks, to convince the older of the benefits of online banking and consuming. The drastic demonetization declaration was planned by Modi and five other inner-circle ministers in complete secrecy. Not even the banks were told before. The question is what is behind, or rather who is behind this drastic form of monetary shock therapy?

Beyond Cash

The Rest…HERE

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