The Demonetization of India: Authoritarian and Demonic Theft
Since the NDA government introduced “demonetization”, I’ve been making multiple attempts to emphasize certain unseen attributes (pros and cons). The term “demonetization” is coined by the beneficiaries for their convenience to articulate eudemonia among the Indian public. Thus, let’s consider disposing of such terms, as it certainly cryptical to delimitate so. The basic timetable behind the demonetization drive is to create a “Cashless Society “. It was not absolved initially why this monetary reform was forced onto the Indian public in such a hasty manner.
The New Stuff –Trust Factor and Haste
“Digitizing” or “Digital India” are truly new terms, likely to impress the young, the educated, the most deprived, and everyone in between. Digitizing cash has several implications and the pros and cons vary from society to society. Hence an intellectual critique is required while attempting to force it upon the Indian public, which is largely cognized as a “cash economy “.
It’s been evident that the NDA Government is constantly seeking the factor of “trust” from the public, over and over through assorted media outlets. This has to viewed as the government’s inadequate confidence on the said reforms and the fear factor that the public may turn reactionary. Obviously, there are always reactionaries in any given society and hence the natural skepticism has been addressed by the government by seeking further extension for the said reforms. The government’s slogan “be patient, wait and trust us” has become too repetitious for the masses and evidently un-meaningful. The withdrawal of high denomination bills /notes has been implemented in a “haste” and the ongoing chaos proves the unprofessional “planning” and the extent of unpreparedness of the government departments. As you cruise further through this article, it may well be evident why the reforms are being realized in such a hasty manner. I must say this has something to do with a third party other than the people or the elected government.
India’s Finance minister, Arun Jaitely, says about the “The New Normal” which has been neglected or not highlighted by most media outlets is a failure to introspect the inherent substance. I must quote here about the flimsy credibility of Indian media and its inability called "Receptive Language Disorder”:
The cash that you have in your bank account is yours (as you think - unarguably). But do you know that it is an amount that you have loaned to the banks? That simply means the bank can do whatever with it, with or without your consent, As per “forthcoming monitory regulations or reforms " (which you have no idea of or control over).
Your confidence on this matter is bestowed by the factor of “trust” in the government’s actions, which is something they have enforced upon you. Such trust factors are something Iiadvertent, which disables you to think, rather just believe.
You trust, simply because you have been told to!
Paytm witnessed over 7 million transactions worth Rs 120 crore a day, helping it cross $5 billion in GMV sales, which is a whooping profit earned by a corporate entity out of compulsion implied upon the Indian public by its elected government .The government compelled you to opt for a corporate service rather than a convenient option of “cash transaction”. The same applies to the Big Bazzar. More and more so called “trustworthy” corporate services are to be accepted in the coming future. The question whether this is a personally opted choice or not has lost prominence and we all are made to comply with the “New Normal “ .
Bad and toxic Loans – As the government has informed, the waved off loan amount is only a “procedural” banking act for the convenience of certain paperwork and the amount will be reclaimed. But the truth is entirely different. The practical implication in reclaiming amounts from the most hostile corporate entities is near improbable. Please have a look at the link.
Black Money - Black money in the form of cash is the most minuscule amount and targeting it is certainly improbable.
Let’s investigate some basic issues:
2 Gujarati news papers reported about the possibilities of a "government withdrawal" of higher denomination notes (500 and 1000). This was eight months back from the date of the announcement. Let’s hope that was a coincidence or sort of mistake. yet any of your queries based on skepticism will be unblushingly rejected by the NDA patrons.
Prior information on the "cash withdrawal” has generously helped the black money hoarders to shift their domicile out of Indian jurisdiction (with enough time). While others converted such into solid assets (gold and property) which is never recoverable in the form of black money. Such would be excluded from the announced War on Black Money or the illustrious “Masterstroke”.
The withdrawal of these denominations, really don't deter the capable black money hoarders with the kind of corruption that we have among the bureaucrats. They will find a way around it somehow (as it is evident).
For further analysis on the phenomenon of black money, please consider reading the link below:
The total sum of bank notes in circulation in India is ₹17.77 lakh crore ($260 billion). Staggering 80% plus have been taken away from the public with the promise of pushing it back in the economy, but the technical limitations in the printing might drag this to 6-8 months. During the course of time, banks can use this money for whatever they want, still assuming that they will push the entire confiscated amount back into the economy as liquid cash. This is a situation where the government finds itself contradicting their clarifications. The trust factor vested upon individuals is getting more delicate.
Raghuram Rajan and Black Money
(Exited) RBI Governor Raghuram Rajan anticipated bad loans a long time ago and decided to clean up the mess in the balance sheets. Not surprisingly, 2 lakh crore of Gross Non Performing Assets (GNPA) was declared in just one quarter (January-March 2016), thus taking the GNPA of banks to 5,94,929 crore at the end of March 2016. This means 6 lakh crores of bad loans!
Rajan gave March, 2017 as the target to banks to clean up their balance sheets and disclose the entire stock of bad loans.
Basically there were 2 issues concerning:
- The propensity of the banks to make technical adjustments to push NPAs to restructure loan baskets.
- The corporate-political nexus arm-twisting on PSB's to provide loans to the cronies who have funded their election campaigns.
Rajan made it mandatory for banks to make provisions on restructured loans at par with bad loans and force them to set aside 15% loan amount as provisions if they chose to go for fresh restructuring. This irked the cronies and hence Rajan was shown the doors, eventually ending up exiting himself after facing several humiliations articulated in a unreasonable manner.
After Rajan's exit, banking crises began as the NPAs started to tumble out in truckloads and banks feared bankruptcy. Due to their fractured balance sheets, they are unlikely to draw investor interest even if they hit the market with bonds. The government need the money as capital but from where? (The government owns 70% of the banks). This problem was created by the government itself (past and present). In its desperation to address to the capital issues of the ailing banks, the government committed a blunder which the media reported as a “masterstroke” or “demonetization.”
Weeks have passed since “demonetization,” and the government is striving to find credible results. The brittleness of the trust factor is pushed to the edge with ongoing chaos and economic standstill. The impact on white money is being questioned by the world, hence the violation of civil rights, government irresponsibility, and belligerent refusal to admit the failure. The NDA government and its patrons have yet to realize the fundamentals of social democracy and its cons. The amicable balance between the cronies and the proletarians are asymmetrically violated in favor of the corporate-political nexus necessitating global capitalist elites. The war on black money has found nothing black, yet impacted the white money and its righteous proprietors. The improbability of fighting black money in a given capitalist environment is as old as a hill. It is the refractory attitude and the denial of the government by dishonestly pretending to address the threatening forces. The stability of the social system is at stake, due to the government’s fondness towards the corporate nexus. These kind of idiosyncrasies were anticipated by critics and intellectuals. In essence, the Indian government's “masterstroke” on black money is like giving a lecture on gun control while you have a gun hidden in your vest.
Panama Papers and Falciani
Hervé Falciani is a Franco-Italian software engineer who has access to all papers regarding HSBC (Swiss). Falciani possesses a colossal amount of data on Indian black money with around 1,300,000 names in the data (various countries).
Let’s listen to Falciani for a while:
A4. I had offered Indian investigators to come to Barcelona. Earlier it was planned that Argentina would also be part of this plan but with the change in government there, things have changed. But I had offered. I don’t have an answer from India.
A5. I will not go to India to get arrested. It won’t be a very intelligent way to proceed.
Question: Minister Arun Jaitely was not happy with your statements to journalists. You had requested for protection but he had said, “Whoever has whatever details, he or she should give it to us instead of putting any pre-conditions .”
A: The so-called “conditions” are only related to travel procedures.
A. If they don’t proceed in the right way, things will eventually lead to nothing. And I won’t participate in something that’s designed to fail.
It’s evident that most of the time it is for tax evasion at least, or worse, to launder illicit money.
Umberto Eco said it’s harder to prove the truth than to prove lies. Information is correct and we don’t have to struggle any further. How easy it is for any Indian citizen to do this and how they didn’t hesitate.
With this kind of activity, governments lose the power to provide infrastructure and services because of tremendous loss of resources, as huge amounts of national wealth are lost through these intermediaries. And it’s the citizens who pay the price. Intermediaries make room for theft. And citizens end up paying for that. It holds truer for poor countries. Everything becomes more unaffordable because of this loss of wealth.
6. If India was to manage its own economic and financial information efficiently and locally, they would not have to rely on third parties to protect their information.
More Details on Hervé Falciani Talks (link below)
Fake Currency Notes - Kashmir – Terrorism
India’s finance and banking departments have stated that the new denomination bills/notes are out, but with inadequate security features, which will enable foreign state actors to duplicate the Indian Rupee. Let’s assume that the security features are as unreliable enough as we were told, then the possibility of duplication is near impossible. In any of our senses do we underestimate ISI? I must quote that the ISI is one of the most formidable intelligence networks in the world, most of the time their capability surpasses the CIA or MI6. It is widely networked and influential, closely collaborating with NATO imperial entities and other related organizations like CIA and the Pentagon. To top it all off, consider their complicated relationship with terror networks, war lords, drug mafias, war profiteers, and the military. This enables them to execute indisputable accomplishments. Printing bills is not rocket science! Moreover, India’s corrupt bureaucrats and possible state enemies all pose threat to our financial security concerns. The mint in Peshawar will print any notes whether we have security features or not. We only assume and hope that they won’t.
Creating a cashless society also comes with certain articulated propagation and falsifications. They emphasize the cons of cash usage and security threats due to free movement of cash. Most governments tend to relate free movement of cash to terrorism, illicit activities, and crimes. All these claims and propagations are a part of exculpation to discourage free movement and usage of cash.
Surprisingly, most citizens will eventually accept such falsifications and tend to support the idea of a cashless society, ultimately bowing to plastic money, which is one of the global banking elite’s agendas.
FCN's are not brought into India through the LOC or international border, but routed to Dubai and moved through the D-company networks.
Kashmir violence ended 3 weeks prior to the announcement of the note withdrawal. 2000 plus were arrested and most of them booked under PSA and won’t see daylight for the next couple of years (minimum). But the "masterstroke" hasn’t ended the Kashmir Insurgency.
Cashless Society - Global Banking Elites and The possible Conspiracy (Demonetization)
Your safe deposit
The global banking elite’s target might not be necessarily liquid cash as it seems to be. The collective volume of gold (legal and Illegal) held by Indians is the largest among any community possessions anywhere in the globe. The value of such collection is staggering and priceless. We must understand that wealth is seen as a factor of power, security, confidence, and influence. The power of wealth is the power to manipulate. Now it’s only a matter of time until these entities might go to the extent to legalize theft to confiscate such an overwhelming treasure. It is still not believable for several individuals. We must understand that a lot of illicit deals do not necessarily require parliamentary procedures as such, but certainly will be disguised as “legitimate” in the house of representatives, which will eventually amend banking regulations. In such cases, your safety deposit is questioned, your possessions in deposits might be restrained from movement or access. Initially, they tend to imply such regulations partially. At this point, people tend to be cynical and will try to acquire the possessions from deposits, and that will pave the way for them to imply further regulations. Questions could arise as to the legality of such possessions and, in case you were able to provide required dockets, they go to an extent to question the legality of the money used to purchase such valuables. Now that’s going to a trap and a reason for them to slap a confiscation notice on citizens’ hard earned possessions. There is no question of justice for such unscrupulous acts and there is no one to lend an ear for your explanations. Even the newspapers will print the news as “Illegal valuables confiscated by the State”. The faith entrusted by you in the system will propound that: its all for sake of the state! Our Motherland! We also must understand that the state is only an intermediate entity and temporary beneficiary between the people and Global Corporatism.
Creating a Cashless Society - How does it work?
- The state tends to link cash to terrorism (Mass falsification that the free movement of cash involves criminal activities)
- Regulations are then imposed on cash limits (withdrawals)
- The above-mentioned limits are lowered from time to time
- The public is convinced and motivated to use plastic money (debit/credit cards)
- Propaganda instills in consciousness that cash is no longer required, as it is always bad and suspicious.
The Indian government and media have already managed to falsify the facts to say that the terrorist groups fund their attacks with cash (totally wrong information). Other countries who have placed such limitations are France, Sweden, and Greece.
- Generate false information that all criminal activity is operated with cash.
- Declare a date when a certain currency note will be invalid
- Once the bank acquires cash, increase the negative interest rate
- The confiscation cash deposits begins (legal in the US, Canada, EU)
- Confiscation of bank deposits (initially on the basis of selective lists)
- Make tax direct debit (ending voluntary taxation)
- Propound a declaration that all money is “state property” (you can use it but it can get confiscated at any given moment by citing criminal acts against a individual )
Most individuals are likely to be the victims sooner or later. Skepticism will not be at your advantage as it is too late for action. Yet there are some individuals who think that this could not be really happening and that there might be a way to escape from such legal plundering. Such individuals will move their wealth to entirely different and trusted deposits which are not under his/her state’s jurisdiction. Furthermore, such individuals might plan to personally escape the country.