{"id":14203,"date":"2015-11-05T14:27:17","date_gmt":"2015-11-05T19:27:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14203"},"modified":"2015-11-05T14:27:17","modified_gmt":"2015-11-05T19:27:17","slug":"a-warning-to-indian-citizens-your-government-wants-your-gold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14203","title":{"rendered":"A Warning to Indian Citizens \u2013 Your Government Wants Your Gold"},"content":{"rendered":"
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A Warning to Indian Citizens \u2013 Your Government Wants Your Gold<\/a><\/h3>\n
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The notion that the Indian government considers its citizens\u2019 gold \u201cidle\u201d and would like to get its hands on personal holdings of the metal, as well as bullion held in temples, has been\u00a0circulating in the media<\/a><\/strong>\u00a0for several years now. What\u2019s interesting about today\u2019s article, is that Prime Minister, Narendra Modi, has introduced concrete plans to make it happen.<\/p>\n

Bloomberg<\/a><\/em>\u00a0reports:<\/p>\n

There\u2019s about 20,000 metric tons of gold stashed away in India\u2019s temples and households \u2014 more than four times the amount that\u2019s held in Fort Knox in Kentucky \u2014 and\u00a0Narendra Modi wants to get his hands on it.<\/strong><\/em><\/p>\n

India\u2019s prime minister on Thursday unveiled three state-backed plans to try to tap the stockpiles of the precious metal to\u00a0trim physical demand<\/a>\u00a0and reduce imports by providing people with alternative avenues for investment.\u00a0At an event in New Delhi, Modi announced the formal start of a gold-deposit plan, a sovereign-bond program linked to the metal\u2019s price and introduction of locally minted coins, some bearing the face of Mahatma Gandhi.<\/strong><\/em><\/p><\/blockquote>\n

Also\u00a0known as the \u201cplease trade in your gold for paper promises and government tokens\u201d plan.<\/p>\n

\u201cThe expectations from the schemes in the short term must be tempered as it will take time to build the infrastructure and products and for customer acceptance to grow,\u201d<\/strong>\u00a0said P.R. Somasundaram, managing director at the World Gold Council in India. \u201cWe should see this announcement and launch as a strong indication of an intention to put gold at the heart of the financial system and make it work for the Indian economy.\u201d<\/em><\/p><\/blockquote>\n

Yes it will take a while to properly propagandize the population, and if that fails, there\u2019s always\u00a0coercion or violence.<\/p>\n

Meanwhile, I remain confused as to why it would be advantageous to place\u00a0a barbarous, pet rock relic, owned merely\u00a0for tradition at the \u201cheart of the financial system.\u201d<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Warning to Indian Citizens \u2013 Your Government Wants Your Gold The notion that the Indian government considers its citizens\u2019 gold \u201cidle\u201d and would like to get its hands on personal holdings of the metal, as well as bullion held in temples, has been\u00a0circulating in the media\u00a0for several years now. What\u2019s interesting about today\u2019s article, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[8283,309,317,374,422,1972,536,1100,10498,1988],"class_list":["post-14203","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-barbarous-relic","tag-fiat-currency","tag-financial-system","tag-gold","tag-india","tag-indian-government","tag-money","tag-paper-money","tag-tradition","tag-world-gold-council"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14203"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14203\/revisions"}],"predecessor-version":[{"id":14204,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14203\/revisions\/14204"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}