What is amusing about the anti-corruption drive to cashless society is that it ALLOWS and HIDES corruption. The technocrats become the new Banktsers cooking the books. Laughable proposition: digitization == anti-corruption
From Wolf Street, by Don Quijones
The profit motive in the War on Cash.
For the last 12 days, India has been turned into the world’s biggest open-air laboratory for extreme financial experimentation, after the Modi government decided, at the drop of a hat and apparently without warning even the banks, that the two biggest denomination notes were all of a sudden worthless, to be replaced by new notes.
Before Modi’s fateful decision, on Nov. 9, the 1,000 rupee ($14.67) and 500 rupee ($7.33) notes accounted for 86% of India’s cash economy, which itself represented well over 90% of the country’s retail transactions. The result has been widespread financial and economic chaos. Consumption in the cities dropped considerably. In the countryside, where bank branches are few and understaffed, the economy has ground to a shuddering halt. As the WSJ reports, for many the last remaining lifeline has been the…
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