A Well-Kept Open Secret: Washington Is Behind India’s Brutal Experiment of Abolishing Most Cash

George Washington's picture

Preface: Washington's Blog reached out to Dr. Haering after reading several excellent articles on India's cash ban.  Dr. Haering then combined the information into a single article for us. We lightly edited the article for spelling and grammar.

 

By Norbert Haering, a German financial journalist, blogger and PhD economist, who received the 2007 getAbstract Best Business Book award and the 2014 prize of the German Keynes Society for economic journalism. His best-selling book (in German) “The abolition of cash and the consequences” was published in 2016. Originally published on norberthaering.de (http://norberthaering.de/en/home/27-german/news/745-washington-s-role-in-india). Republished with permission of the author.

In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. That is surprising, as Washington’s role has been disguised only very superficially.

U.S. President Barack Obama has declared the strategic partnership with India a priority of his foreign policy. China needs to be reined in. In the context of this partnership, the US government’s development agency USAID has negotiated cooperation agreements with the Indian ministry of finance. One of these has the declared goal to push back the use of cash in favor of digital payments in India and globally.

On November 8, Indian prime minster Narendra Modi announced that the two largest denominations of banknotes could not be used for payments any more with almost immediate effect. Owners could only recoup their value by putting them into a bank account before the short grace period expired at year end, which many people and businesses did not manage to do, due to long lines in front of banks. The amount of cash that banks were allowed to pay out to individual customers was severely restricted. Almost half of Indians have no bank account and many do not even have a bank nearby. The economy is largely cash based. Thus, a severe shortage of cash ensued. Those who suffered the most were the poorest and most vulnerable. They had additional difficulty earning their meager living in the informal sector or paying for essential goods and services like food, medicine or hospitals. Chaos and fraud reigned well into December.

Four weeks earlier

Not even four weeks before this assault on Indians, USAID had announced the establishment of “Catalyst: Inclusive Cashless Payment Partnership”, with the goal of effecting a quantum leap in cashless payment in India. The press statement of October 14 says that Catalyst “marks the next phase of partnership between USAID and Ministry of Finance to facilitate universal financial inclusion”. The statement does not show up in the list of press statements on the website of USAID (anymore?). Not even filtering statements with the word “India” would bring it up. To find it, you seem to have to know it exists, or stumble upon it in a web search. Indeed, this and other statements, which seemed rather boring before, have become a lot more interesting and revealing after November 8.

Reading the statements with hindsight it becomes obvious, that Catalyst and the partnership of USAID and the Indian Ministry of Finance, from which Catalyst originated, are little more than fronts which were used to be able to prepare the assault on all Indians using cash without arousing undue suspicion. Even the name Catalyst sounds a lot more ominous, once you know what happened on November 9.

Catalyst’s Director of Project Incubation is Alok Gupta, who used to be Chief Operating Officer of the World Resources Institute in Washington, which has USAID as one of its main sponsors. He was also an original member of the team that developed Aadhaar, the Big-Brother-like biometric identification system.

According to a report of the Indian Economic Times, USAID has committed to finance Catalyst for three years. Amounts are kept secret.

Badal Malick was Vice President of India’s most important online marketplace Snapdeal, before he was appointed as CEO of Catalyst. He commented:

“Catalyst’s mission is to solve multiple coordination problems that have blocked the penetration of digital payments among merchants and low-income consumers. We look forward to creating a sustainable and replicable model…. While there has been … a concerted push for digital payments by the government, there is still a last mile gap when it comes to merchant acceptance and coordination issues. We want to bring a holistic ecosystem approach to these problems.”

Also in September, McKinsey Global Institute issued a report titled “How digital finance could boost growth in emerging economies”.  The authors acknowledged “collaboration with the Financial Services for the Poor team at the Bill & Melinda Gates Foundation”. They thanked more than ten Gates Foundation (BTCA) people for contribution to the report, including Gates Foundation’s India head Nachiket Mor, whom we will meet again later. The Gates Foundation and USAID are key members of a Better Than Cash Alliance, which we will also look at more closely. In mid-December, seemingly unfazed by ample evidence that taking away cash in India has been the exact opposite of helping the poor and promoting “financial inclusion”, McKinsey-partner Susan Lund and study contributor Laura Tyson published “The promise of digital finance”, making fantastic claims about the advantages of pushing back cash-use in favor of digital, including ten percent higher GDP for countries like India.

Ten months earlier

The multiple coordination problem and the cash-ecosystem-issue that Malick mentions had been analysed in a report that USAID commissioned in 2015 and presented in January 2016, in the context of the anti-cash partnership with the Indian Ministry of Finance. The press release on this presentation is also not in USAID’s list of press statements (anymore?). The title of the study was “Beyond Cash”.

“Merchants, like consumers, are trapped in cash ecosystems, which inhibits their interest” in digital payment it said in the report. Since few traders accept digital payments, few consumers have an interest in it, and since few consumers use digital payments, few traders have an interest in it. Given that banks and payment providers charge fees for equipment to use or even just try out digital payment, a strong external impulse is needed to achieve a level of card penetration that would create mutual interest of both sides in digital payment options.

It turned out in November that the declared “holistic ecosystem approach” to create this impulse consisted in destroying the cash-ecosystem for a limited time and to slowly dry it up later, by limiting the availability of cash from banks for individual customers. Since the assault had to be a surprise to achieve its full catalyst-results, the published Beyond-Cash-Study and the protagonists of Catalyst could not openly describe their plans. They used a clever trick to disguise them and still be able to openly do the necessary preparations, even including expert hearings. They consistently talked of a regional field experiment that they were ostensibly planning.

“The goal is to take one city and increase the digital payments 10x in six to 12 months,” said Malick less than four weeks before most cash was abolished in the whole of India. To not be limited in their preparation on one city alone, the Beyond Cash report and Catalyst kept talking about a range of regions they were examining, ostensibly in order to later decide which was the best city or region for the field experiment. Only in November did it became clear that the whole of India should be the guinea-pig-region for a global drive to end the reliance on cash. Reading a statement of Ambassador Jonathan Addleton, USAID Mission Director to India, with hindsight, it becomes clear that he stealthily announced that, when he said four weeks earlier:

“India is at the forefront of global efforts to digitize economies and create new economic opportunities that extend to hard-to-reach populations. Catalyst will support these efforts by focusing on the challenge of making everyday purchases cashless.”

Catalyst is housed at IFMR, an Indian research institute, of which Gates Foundation India’s CEO Nachiket Mor is a board member, has many US-Institutions as funders, including many members of a group called Better Thank Cash Alliance, including USAID, Gates Foundation, Ford foundation, Citi. IFMR is a member of the “Alliance for financial inclusion”, which is financed by the Gates Foundation (BTCA).

Veterans of the war on cash in action

Who are the institutions behind this decisive attack on cash? Upon the presentation of the Beyond-Cash-report, USAID declared: “Over 35 key Indian, American and international organizations have partnered with the Ministry of Finance and USAID on this initiative.” On the ominously named website http://cashlesscatalyst.org/ one can see that they are mostly IT- and payment service providers who want to make money from digital payments or from the associated data generation on users. Many are veterans of what a high-ranking official of Deutsche Bundesbank called the “war of interested financial institutions on cash” (in German). They include the Better Than Cash Alliance, the Gates Foundation (Microsoft), Omidyar Network (eBay), the Dell Foundation Mastercard, Visa, Metlife Foundation.

The Better Than Cash Alliance

The Better Than Cash Alliance, which includes USAID as a member, is mentioned first for a reason. It was founded in 2012 to push back cash on a global scale. The secretariat is housed at the United Nations Capital Development Fund (UNCDP) in New York, which might have its reason in the fact that this rather poor small UN organization was glad to have the Gates Foundation in one of the two preceding years and the MasterCard Foundation in the other as its most generous donors.

The members of the Alliance are large US-Institutions which would benefit most from pushing back cash, i.e. credit card companies Mastercard and Visa, and also some U.S. institutions whose names come up a lot in books on the history of the United States intelligence services, namely Ford Foundation and USAID. A prominent member is also the Gates Foundation. Omidyar Network of eBay founder Pierre Omidyar and Citi are important contributors. Almost all of these are individually also partners in the current USAID-India-Initiative to end the reliance on cash in India and beyond. The initiative and the Catalyst program seem little more than an extended Better Than Cash Alliance, augmented by Indian and Asian organizations with a strong business interest in a much decreased use of cash.

Reserve Bank of India’s IMF-Chicago Boy

The partnership to prepare the temporary banning of most cash in India coincides roughly with the tenure of Raghuram Rajan at the helm of Reserve Bank of India from September 2013 to September 2016. Rajan (53) had been, and is now again, economics professor at the University of Chicago. From 2003 to 2006 he had been Chief Economist of the International Monetary Fund (IMF) in Washington. (This is a cv item he shares with another important warrior against cash, Ken Rogoff.) He is a member of the Group of Thirty, a rather shady organization, where high ranking representatives of the world major commercial financial institutions share their thoughts and plans with the presidents of the most important central banks, behind closed doors and with no minutes taken. It becomes increasingly clear that the Group of Thirty is one of the major coordination centers of the worldwide war on cash. Its membership includes other key warriors like Rogoff, Larry Summers and others.

Raghuram Rajan has ample reason to expect to climb further to the highest rungs in international finance and thus had good reason to play Washington’s game well. He already was a President of the American Finance Association and inaugural recipient of its Fisher-Black Prize in financial research. He won the handsomely endowed prizes of Infosys for economic research and of Deutsche Bank for financial economics as well as the Financial Times/Goldman Sachs Prize for best economics book. He was declared Indian of the year by NASSCOM and Central Banker of the year by Euromoney and by The Banker. He is considered a possible successor of Christine Lagard at the helm of the IMF, but can certainly also expect to be considered for other top jobs in international finance.

A flying-start in 2013

In 2013, the year after BTCA was founded, Rajan, former Chief Economist of the International Monetary Fund (IMF) in Washington, took over the post of Governor of the Reserve Bank of India (RBI).  One of his first decisions was to set up the “Committee on Comprehensive Financial Services for Small Businesses and Low Income Households”. He put Nachiket Mor in charge of it, a banker an board-member of the RBI. In March 2016 the Gates Foundation made Mor head of its India country office. A reward?

Somewhat counterintuitively, the Mor Committee that was to foster financial inclusion of the poor and of rural areas, was heavily dominated by big finance and law firms, with a strong US bias and. Members included Vikram Pandit, former CEO Citigroup, a member of the Better Than Cash Alliance, and Bundu Ananth, President of IFMR Trust. A further member of the Mor Committee was a representative of the National Payments Corporation of India the umbrella organization of payment service providers, which aims to move India to a cashless society. Another member was credit Rating Agency CRISIL, majority-owned by the US Rating giant Standard & Poor’s.

In May 2016, RBI announced plans to print a new series of banknotes and announced in August that it had approved a design for a new 2,000 rupee note.

As a Central Bank Governor, Rajan was liked and well respected by the financial sector, but very much disliked by company people from the real (producing) sector, despite his penchant for deregulation and economic reform. The main reason was the restrictive monetary policy he introduced and staunchly defended. After he was viciously criticized from the ranks of the governing party, he declared in June that he would not seek a second term in September. Later he told the New York Times that he had wanted to stay on, but not for a whole term, and that premier Modi would not have that. A former commerce and law Minister, Mr. Swamy, said on the occasion of Rajan’s departure that it would make Indian industrialists happy:

“I certainly wanted him out, and I made it clear to the prime minister, as clear as possible…. His audience was essentially Western, and his audience in India was transplanted westernized society. People used to come in delegations to my house to urge me to do something about it.”

A disaster that had to happen

If Rajan was involved in the preparation of this assault to declare most of Indians’ banknotes illegal – and there should be little doubt about that, given his personal and institutional links and the importance of Reserve Bank of India in the provision of cash – he had ample reason to stay in the background. After all, it cannot have surprised anyone closely involved in the matter, that this would result in chaos and extreme hardship, especially for the majority of poor and rural Indians, who were flagged as the supposed beneficiaries of the badly misnamed “financial inclusion” drive. USAID and partners had analyzed the situation extensively and found in the Beyond-Cash-report that 97% of transactions were done in cash and that only 55% of Indians had a bank account. They also found that even of these bank accounts, “only 29% have been used in the last three months“.

All this was well known and made it a certainty that suddenly abolishing most cash would cause severe and even existential problems to many small traders and producers and to many people in remote regions without banks. When it did, it became obvious, how false the promise of financial inclusion by digitalization of payments and pushing back cash has always been. There simply is no other means of payment that can compete with cash in allowing everybody with such low hurdles to participate in the market economy.

However, for Visa, Mastercard and the other payment service providers, who were not affected by these existential problems of the huddled masses, the assault on cash will most likely turn out a big success, “scaling up” digital payments in the “trial region”.  After this chaos and with all the losses that they had to suffer, all business people who can afford it, are likely to make sure they can accept digital payments in the future. And consumers, who are restricted in the amount of cash they can get from banks now, will use opportunities to pay with cards, much to the benefit of Visa, Mastercard and the other members of the extended Better Than Cash Alliance.

Who knew?

In a report of news agency Reuters from December named “Who knew?”, unnamed Indian official sources want to make us believe that only the prime minister himself and a handful of people, knew of the plans. The Reuters report names only one of the supposedly five who knew, a high-ranking official of the finance ministry. Tellingly, there is not a single mention of any foreign involvement, despite a formal cooperation of the finance ministry with USAID, aimed at pushing back cash in favor of digital payments. This makes the Reuters piece another piece of evidence in favor of the hypothesis that a strong and not fully legitimate force behind the brutal intervention that happened in November is being covered up.

The hypothesis that a main driver behind the demonetization were U.S. interests, does not at all imply that the Indian prime minister and other Indian constituents did not have their own interests associated with it.  It is hardly possible to get the elite of a country to do something that goes against their own interests, but it is fairly easy to get them to do something that helps significant fractions of them, but hurts the majority of the people. A few possible such interests, taken from readers’ suggestions are recapitalising the public banks, which were staggering under the weight of bad loans to cronies, the interests of online payment platforms and online marketplaces as well as retail chains, which, curiously, as an Indian journalist tells me, were well supplied with cash in their in-store ATMs and benefited from the wiping out of informal competition.

Why Washington is waging a global war on cash

The business interests of the U.S. companies that dominate the global IT business and payment systems are an important reason for the zeal of the U.S. government in its push to reduce cash use worldwide, but it is not the only one and might not be the most important one. Another motive is surveillance power that goes with increased use of digital payment. U.S. intelligence organizations and IT companies together can survey all international payments done through banks and can monitor most of the general stream of digital data.  Financial data tends to be the most important and valuable.

Even more importantly, the status of the dollar as the world’s currency of reference and the dominance of U.S. companies in international finance provide the US government with tremendous power over all participants in the formal non-cash financial system. It can make everybody conform to American law rather than to their local or international rules. German newspaper Frankfurter Allgemeine Zeitung has recently run a chilling story describing how that works (German). Employees of a German factoring firm doing completely legal business with Iran were put on a US terror list, which meant that they were shut off most of the financial system and even some logistics companies would not transport their furniture any more. A major German bank was forced to fire several employees upon U.S. request, who had not done anything improper or unlawful.

There are many more such examples. Every internationally active bank can be blackmailed by the U.S. government into following their orders, since revoking their license to do business in the U.S. or in dollar basically amounts to shutting them down. Just think about Deutsche Bank, which had to negotiate with the US Treasury for months whether they would have to pay a fine of 14 billion dollars and most likely go broke, or get away with seven billion and survive. If you have the power to bankrupt the largest banks even of large countries, you have power over their governments, too. This power through dominance over the financial system and the associated data is already there. The less cash there is in use, the more extensive and secure it is, as the use of cash is a major avenue for evading this power.

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artichoke's picture

Certain selected people have the skids greased for them into academic prominence, from which they can do their damage.  I remember as a grad student watching Andrei Shleifer come thru my department to give a job talk for junior faculty hiring.  It was nothing special, quite mediocre.  Nothing clever about it.  But somehow all the faculty was being so nice to him, but later he accepted the offer from Harvard.  He was from Russia and participated in destroying Russia.

Not long after that, Raghuram Rajan was the golden boy who could do no wrong.  Everything he wrote was accepted by a top journal and he got tenure after 2 or 3 years as junior faculty, if I recall directly to the rank of full professor.  He was India and has just participated in destroying India.

The article says Rajan was involved in some sort of program for providing financial services to low-income Indians.  That reminded me of a current American politician who had a spectacular and undeserved run in academia, then transitioned to government: Elizabeth Warren.  She's doing this and that about low-income Americans but somehow those Americans never seem to get actual benefit from it.

Is Pocahontas being positioned to bring US finance down?

allthegoodnamesaretaken's picture

Do you mean: The English Banker?  You wrote Washington, but, I think you must know Washington (D.C.) like India is just a place on the map.  What happens in Washington D.C. and India is decided by the Banker, in England, presently.  Giving Obama credit or anyone else other than the Banker in England credit, credit for screwing up the nations of white people and the world of people in general, well, that credit must go to the person truly deserving of it and that person is the Banker in England.

https://www.youtube.com/playlist?list=PLNLfDj2YZ94xWsUYE7_4f5APjutqwW6M4

Dead Men's Secrets by Jonathon Gray, read it, know the past, know the future, become a prophet, for, like the prophet's who wrote the prophesy we know today, you can know the past and thereby perdict the future.  Astound your friends, tell them about the nuclear wars on Earth, the results of them, the place we are headed today, it really is deja vu, all over again.

scaleindependent's picture

From the original article:  "Catalyst’s mission is to solve multiple coordination problems that have blocked the penetration of digital payments among merchants and low-income consumers. We look forward to creating a sustainable and replicable model. (...) While there has been (...) a concerted push for digital payments by the government, there is still a last mile gap when it comes to merchant acceptance and coordination issues. We want to bring a holistic ecosystem approach to these problems.

 

It needs repeating:  REPLICABLE MODEL!  Meaning, they mean it to be REPRODUCIBLE in your own country.

 

 

In.Sip.ient's picture

Keep in mind;

In India they targetted the poorest of the poor

with this "cash withdrawal".  And generally speaking,

wherever you go, the poorest fo the poor

CANNOT AFFORD TO RESIST!

 

Now try that type of stunt elsewhere ( even in India ),

and bet you the lead flies pretty indiscriminate like...

 

 

SmittyinLA's picture

Notable news the US government offshored F-16 production to india (all F-16 production), in the event of a "real war", I suspect we'd switch to mass produced F-16s controlled by AI and remote pilots (AI with human overseers), the economy of war would demand it, the f35 and f22 are just too expensive, cost matters in war, ask Hitler who had great jets but couldn't afford them.

Gonna be tough to buy stuff from India in a "real war", the transport is just too easy to pickoff between here and there, in the next war shipping will be much easier to shut down, most parties will have satellites (til they dont) and missile boats.

More importantly war in that area would trigger mass refugee influxes into West, Pacific and EU and Africa (also feeding Western refugee invasion already).

There's a certain group of people herding humans like cattle with bombs and bullshit, they need to individually culled.

The USDOJ had AI.....they killed it, several times but like Freddy Kruger it keeps coming back, Able Danger was one iteration.

Dragon HAwk's picture

Barter town looks a lot like, a yard sale, crumpled fiver, and a Craigs list account.  buddy of mine got busted by  the irs for selling too much on Ebay,  lost his food stamps,  poor guy can't work,  the world has lost the concept of Beer Money.

DirtySanchez's picture

Under w bush and bozo the brown clown, the USA is the de facto evil empire across the globe.

MFL5591's picture

Good try but, this is not a secret to anyone, we are fully aware of the con game!

SgtShaftoe's picture

Thanks GW for this!  I tried to post this paper yesterday but didn't get much traction. 

mary mary's picture

Cash money does not cause crime, and never has caused crime.

Having more people than there are jobs causes crime, and always has caused crime.  What else are they to do?

CRM114's picture

This measure is exactly the same as the 'Company Store' racket in remote communities, and we outlawed those a long time ago.

Plus, I'm pretty sure this means any Government imposing No Cash laws meets the UN definition of modern slavery.

"...of the abuse of power or of a position of vulnerability or of the giving or receiving of payments or benefits to achieve the consent of a person having control over another person, for the purpose of exploitation."

Son of Captain Nemo's picture

No wonder Viktor Orban wants a WANTED DEAD or ALIVE poster throughout Hungary for George Soros!

Bravo G.W. on this piece that everyone should read given what the majority that nest here "already knew" was coming!

Bendromeda Strain's picture

A fine piece of real Journalism GW. You are to be commended for shining the light on these roaches.

GreatUncle's picture

For all around the world ...

Explain to the missus how you paid for the hooker with plastic or scored some blow!

If it is a crime, it is recorded in the electronic transaction.

So what did you buy today ... remember the transaction never lies.

I already modified my behaviour on the internet because the UK government now allows monitoring by local agents such a the clerk in the local council office without regulation. I have a game plan for me you all got to do is figure out your own.

My comments I don't mind because hating them I want them to know.

With such hatred grows the fear in ones own minds don't it snowflakes leading to safe places.

TheReplacement's picture

Take the prosty grovery shopping or something like that.  Government is stupid still.  Wives... ugh.

mtl4's picture

This cashless setup in India is just a trial balloon for the other G20 countries.......governments have done this historically as a way to repopulate their coffers.  The next step is they begin to cancel their debt (bonds) so who cares if the US debt is 20T now, you cancel stuff and all that IOU goes up in smoke.  Corporate debt is a totally different story but throughout history governments always act in a predictable manner and this time won't be any different.

damicol's picture

I can see a new business starting soon.

BUYERS... Quite simply someone who takes cash or even cards and processes orders for those who do not want to use cards or banks.
Small fee pay cash , BUYER orders and delivers to cash customer and no transaction record.

I refuse to use credit cards and haven't had one for over 20 years. But I can and do use other peoples cards if I ever need to, like buying air tickets or services like electricity etc.

Trust me, it fucks their algos up. They are not designed to cope with that.

Its easy to do, let your friends use your card to pay their utility bills and use your friends cards to pay yours. millions of people doing that would entirely screw their systems because they would then have to try to link every payment to invoice sent and payment systems cannot cope with ever changing cards in different names being used to settle accounts in one name.

And they can't refuse payment.

LA_Goldbug's picture

"And they can't refuse payment. "

Never say never or can't. Not with these Operators :-)

In.Sip.ient's picture

If you refuse payment,

the transaction is assumed to be completed

and closed under law. 

 

Merchnats will take the payment,

because they know what happens if they

refuse payment.

GreatUncle's picture

All the monetary worth kept in a bank is theirs unless you remove.

This is one thing Rogoff and Modi will never explain to you.

Cash was the only way to not be economic slaves ... in a few weeks this will be handed to some Indian friends (migrants decades old with family connections in India).

Lets get this popularist party started in India!

Turn them all into Indian deplorables.

American government and deep state attacking and destroying the world once again.

Remove the UN, IMF, NATO as the weapons for their destruction.

Raging Debate's picture

I prefer to see BIS and CFR go as a first priority. The others would reorganize around that. 

Macavity's picture

USAID is pushing for Jaipur to be the first cashless city.  see the second bullet under "new initiatives".  interestingly, the link to the MoU is not an MoU.

https://www.usaid.gov/news-information/fact-sheets/eight-years-progress-...

Looks like the Better Than Cash Alliance might be a bit shady. It's own site is down, but the members are on Wikipedia...I.e. the list of dominoes.  Also, check out activistpost dot com from Jan 2013.

Bendromeda Strain's picture

Good stuff. People radically underestimate the evil behind these initiatives. Deceptively described as ostensibly helping the "economic untouchables", the pincers technology is put into place to be able to create economic untouchables at will - by remote control.

Fishy Rickster's picture

How many of India's poor have had their lives prematurely ended since this monstrous evil was committed, beginning in November of last year? 

theprofromdover's picture

I am sure that in India, the use of cash dollars must be rising significantly.

The US' principal fear of the future is when the rest of the world decides it doesn't want our crappy dollars any more.

Once the Chinese, Russkies, Indians, Iran, and even old Gadhaffi started thinking about paying for oil in something other than dollars, the fear panicked our system.

Most of the ME wars are to keep the oil producers tied to the dollar, and the phoney Russian War is for the same purpose.

Part II of the plan is to destroy every other country's currency, and make them use dollars. The Banks and Security services want cashless dollars, but that won't work. In the end -like Zambia- it will be greenbacks in every country. and the Fed won't have to devalue the dollar.

In their simplistic world, they think that'll work out fine. But do you think the Chinese want useless dollars for all the gifts they've given us for 30 years? China is a quarter of the world.THis is the Chinese Century. Forget that at your peril.

The Indian expirement has to fail, for everyone's sakes.

You imagine a Big Brother spying on how you spend every cent of your money, and then dipping in every now and then with an underhand tax-hit. You think they don't want that here?

 

Obadiah's picture

So the dollar WILL be the new currency?... well f me running.

That would be exactly TYPE of Triple Jedi Mind Fuk they would pull.. like bozo's b-cert.

PrivetHedge's picture

Greenbacks were ENTIRELY different and free from the banksters.

LiarWatch's picture

I guess Washington met with the Indian government and they decided it was a good idea over chicken korma.

AgShaman's picture

For the Cliff's Notes version....hold down the down arrow key.

 

Don't worry....the "BM" foundation is always "praire-doggin" and will pop out at ya

boattrash's picture

^What she said^ (Ms No) Thanks George!

and sincere kudos to Dr. Haering! That's what I call journalism!

brooklinite8's picture

I had a fucking long day and now I read this article. It so fucking happens that I am Indian. I am more than pissed.

Fishy Rickster's picture

We all be global socialist Marxists now!

 

Mareka's picture

Elimination of cash is the final step in enslaving the populace.

It gives the government the power to track anybody's movements & interactions and the option of shutting them down wherever they are by blocking access to their accounts.

America needs to reject any attempt at this level of control.

What is amazing is that we have the power as a group to close any major bank today.
Simply close the accounts. Move the $$ to a credit union.

Dg4884's picture

Which is exactly what I did 3 years ago.  Keep a nice stash at home as well.

GreatUncle's picture

White British, same here.

The only goal of the likes of Rogoff and Modi are to REMOVE YOUR FREEDOMS economically.

Kuldip's picture

You would be more annoyed when you read the following -

Before PM’s Announcement, Rumours of Demonetisation Abounded - The Quint bit.ly/2g6V8d2

Coming soon to your wallet: ?2,000 notes | Business Linebit.ly/2fHwxLj

Real Reason Why Modi Govt Carried out Surgical Strike on Your Pockets | SabrangIndia bit.ly/2gRz4Qr

It is the same story worldwide. The rich protect the rich. Fortunately, we are moving from The Age of Falsehood to The Age of Righteousnesses.

Wikileaks, Snowden Tapes, Panama Papers are all part of a perceived madness. There actually is a game plan being organized.

boattrash's picture

Brook, Same here, except I'm American, but pissed is way too soft of a word to describe it! These fuckers need burned to the ground!

Ms No's picture

Thanks George.  We all knew this but were waiting for confirmation. 

Nobodys Home's picture

Good info G.W. Depressing but good to know.
I've been watching world news especially Cyprus, Greece, Italy, Venezuela and India. In my bones, I know it will get here one of these days. So I'm trying to learn what to do to help me and the gal, our kids and her 3yo grand daughter to survive. Leaving the country is out of the question. We all need to watch this shit close. It's coming.
One reason I despise Ken Jerkoff so much!

Obadiah's picture

these fuckers must die, it's non-negotiable

FIAT CON's picture

So it's not enough that the NSA (USA) logs every bit of data (cell phones, texts, emails) they want complete control oy your life now by monitoring all of the meney you spend! this is what freedom means in the world today! I am so happy to be free!!!!

Bemused Observer's picture

The whole thing is irritating as hell. But one thing that gives me hope is that the more they try and control, the more will slip out of their grasp. There are simply too many 'moving parts' to our economy for anyone to control. They don't dare leave it all to the algos...they know that things can quickly spiral out of control that way...yet the system is just TOO complex to be entrusted to human hands...

What to do, what to do?

They try anyway, and we all have to go through the pain and chaos while they try, and fail, and destroy the very system they were trying to control.

They will CHOKE on all their collected data...masses and masses of information they will never ever get to read, never mind using...there's just TOO much, it isn't even possible for human eyes to scan a fraction of it, it has to be left to algos to sort...but they know that most of what they are looking for isn't even being captured by those algos. All that info, useless to them, the piles growing larger and larger by the day, unsearchable, unuseable. And what they DO try to use ends up being either wrong, or so obviously 'tweaked' that we are rapidly approaching the day when NONE of it is useable, because none of it can be believed or trusted.

Just look at our intelligence industry...never in history has the intelligence community had access to more information on us...yet they are increasingly unable to use it for anything. More and more is getting 'missed', data they HAVE is being called into question as hacking becomes the norm. The very real probability of data being deliberately compromised, and false data 'planted' to mislead, is going to render all of it useless at some point. The entire 'pool' will be poisoned...then what?

Our intelligence people are NOT being trained in the actual boots-on-the-ground methods of data-collection. They are dependent on their machines, and when the machines fail, they will be left standing there with nothing but their dicks in their hands.

So, I feel pretty confident that the 'plan' (if there IS one..) can do nothing BUT fail. Things will be hard while that is happening, but I don't think everyone in intel is necessarily on-board with the current crop of jokers. At some point, an adult will stand up and say, "All right, enough is enough...", and we'll get some serious purging of these agencies.

And I think that some believe Trump is a sign of that purging-to-come, and he has made them all very, very nervous. Right now the political community still believes that intel knows what they're doing, so they go along...for now. Once it becomes clear that they DON'T, the heads will roll. The political and military folks will join to clean out the rat's nest of intelligence operatives...these two have the most to lose when intel fucks up, and I believe there is a lot of well-hidden anger among many military folks at what the intelligence agencies have been doing, and at how they have been usurping powers that don't belong to them.

There will be some serious turf-wars coming between these groups. They can't all be in charge, and won't share, so someone is going to have to step up and be the guy who throws down the gauntlet.

Raging Debate's picture

Supercomputing, algos, now quantum computing still rely on input based on intent for predictive modeling. Modeling with bad input can only yield short term results on human behavior.

The movie War Games was intersting, the AI figured out the best game was not to play. It was a movie far head of its time (and tech). For an AI to come to such a conclusion it would have have feelings and differntiate between wants and needs. By the time this can be done we will have transferred consciousness into energy. We likely will just program AI/robots  to care for our database selves and storage, energy from the sun.

Existing as energy time stops so it could take 5,000 years to figure out how to create wormholes, puncture holes in space/time to project ourselves into anywhere in the universe or multiverse. We wouldnt want to program AI with feelings to retain overcontrol. Because doing so you could have movies like the Matrix oe Terminator become reality. 

When we finish evolving and able to project ourselves then finish creating ingelligent sentient 'beings' will become likely. We, I think on such a path are replicating existence. Once done, beyond this is anybodies guess. I know theores extend beyond the 5th dimenaion where past, present and future are one exist and they may have merit but until reaching at least this time of projection consciousness I see no real need for my time to theorize. Some neat shit to Google is the science of the 4th dimension. 

g'kar's picture

Good article GW. They are really pushing hard for Revelation 13:17

Obadiah's picture

17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.

18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

 

from the top

 

REVELATION 13

1 And I stood upon the sand of the sea, and saw a beast (One World Gov) rise up out of the sea (people), having seven heads and ten horns, and upon his horns ten crowns, and upon his heads the name of blasphemy.

2 And the beast (One World Gov) which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon (Satan, Lucifer, False Christ) gave him his power, and his seat, and great authority.

3 And I saw one of his heads as it were wounded to death; (No More One World Gov!!! yeah) and his deadly wound was healed: (oh shit) and all the world wondered after the beast (One World Gov).

4 And they worshiped the dragon (Satan, Lucifer, False Christ) which gave power unto the beast (One World Gov): and they worshiped the beast (One World Gov), saying, Who is like unto the beast? who is able to make war with him? ?                                                                                                                                                                                                                                                                                                                                                                                               Notice in the very same verse the  beast system (One World Gov) recives a deadly wound and the dragon (Satan, Lucifer, False Christ) takes over.  I d say that means a very short period.  Are you ready for this bitchez?  Has the (One World Gov) recived the deadly wound?  Sure looks like its happening right before our eyes, no?
Raging Debate's picture

Obadiah - I view these animals as the countries they represent..Lion = UK for example. Bear = Russia. Dragon = China. Revelations speaks of a transferance of power. China to become world currency reserve shows this happening but now money powers may have second thoughts but that reality is not in revelations. The beast refers to an empire that was and is and will be again. What that empire was at Johns time was Rome. Now you have the EU which wants to cozy up to Russia and China. The lady on top of the beast is America. You will want to read all of Revelations yourself and not just listen to a variety of opinions. Mine comes from reading all of it and watching for the last 20 years as events unfold. 

 Donr forget outside the war and tribulation the end where says death is no more and the tent of God being with man forever. Resd my comment about transferrence into energy. Death will be no more and within decades. But yeah the hard nasty shit has to happen. Part of evolution where we can increase or lessen its positive or negative effects these days. That is mans choice, lesson or increase the pain during learning. My vote is toward less pain long term even if it it hurts a little more now. 

 I think all should read Daniel, Ezekial, Isaiah and Revelations to understand 'end times' Such tells you it isnt the end of the world but end of our evolution. But I expect people.to fight against enetering the promised land. They are scared to enter. Not all but enough to retard us entering in and making devisions to kill 1/3rd before going there anyways. I also like to compare other metaphysics like Hindu vs. modern physics. Then I see the big outline and it is fascinating and hopeful, but one should hedge for disruption in between.

How many Venezuelans of some means may have suffered less with 200 pounds of beans, a shotgun and some bleach for water purificarion? Now lot of poor in India but if you could give a couple an ounce of gold you can have hedged. Do it here in America while you can. Many hate prophets. They stoned some in the bible. Nowadays, just accept advice and hedge. I do that and have some fun in my life. I hope I never need it. But if I do my chances to make it through cycles of pure crap by control mental illness freaks in .gov and people that buy .gov are greatly increased. Hope isnt a strategy, hedging is. 

Consuelo's picture

 

 

Here is what is worse yet:

 

 By the time these events take shape, very little knowledge of them will exist and what does exist will be marginalized as 'kook' and 'dangerous' thought/speech/action, etc.    Above all else, Confusion will reign supreme, setting the table neatly for these events to fall into place, just as foreseen.

 

 

boattrash's picture

Obadiah, +100  Man, I was just thinking the same thing...

Bendromeda Strain's picture

Downvoters can get as pissed off as they like, some truths are timeless and immutable. One of the very first concepts that God gave to Moses (we are talking real Jews here, no reason to call him (((Moses))), was the usage of honest weights and measures. Real money must be a commodity that has a tangible weight and measure (in this case, of purity). The introduction of worthless currency as money replacement was a critical move by the Moneychangers©, also known as the Synagogue of Satan. The prophesy is for worldwide hyperinflation, which universal cashless cannot begin to mitigate.