India’s Prime Minister, Narendra Modi, announced on 8th November 2016 that Rs 500 (~$7.50) and Rs 1,000 (~$15) banknotes would no longer be legal tender. Linked are Part-I, Part-II, Part-III, Part-IV, Part-V, Part-VI and Part-VII, which provide updates on the demonetization saga and how Modi is acting as a catalyst to hasten the rapid degradation of India and what remains of its institutions.
India’s Pride and Joy
Indians are celebrating that their economy has surpassed that of India’s former colonial master, the UK.
So-called educated Indians have latched on to the above visual, with full support of the Indian government. It has been shared far and wide in the national media. When you remind them that India’s population is twenty-one times that of the UK and on top of that, the British pound has taken a huge pounding because of Brexit and associated fear in the financial markets, expect to be ignored. You will be seen as anti-Indian.
Given the underlying irrationality and tribalism of India (read earlier updates for more on this), selected numbers are used to rationalize feelings and emotions. You see this everywhere in India: Science — very ironically — is used as a tool to rationalize superstitions and irrationalities.
Who needs reality when we can exist in illusions? But even this illusion—that India has superseded the UK — might disappear once the reality of India’s demonetization sinks in and the rupee falls, which it likely will once the international media recognize that Modi went for demonetization not to reduce corruption, but to transform India into a police state.
Modi’s interest was to increase tax collection, for the sake of tax collection, an approach in which rulers start to see themselves as all that matters, where citizens come to be seen as mere cogs in the service of the state.
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