{"id":22243,"date":"2016-12-07T21:58:02","date_gmt":"2016-12-08T02:58:02","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22243"},"modified":"2016-12-07T21:58:16","modified_gmt":"2016-12-08T02:58:16","slug":"india-confiscates-gold-even-jewelry-in-raids-on-hidden-money","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22243","title":{"rendered":"India Confiscates Gold, Even Jewelry, in Raids on Hidden Money"},"content":{"rendered":"
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India Confiscates Gold, Even Jewelry, in Raids on Hidden\u00a0Money<\/a><\/h3>\n<\/header>\n
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Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold.<\/p>\n

It\u2019s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.
\n<\/span><\/p>\n

For background to this article, please see my\u00a0November 27 article Cash Chaos in India, 86% of Money in Circulation Withdrawn; Cash Still King in Japan<\/a>.<\/p>\n

Large denomination means 500-rupee ($7.30) and 1,000-rupee notes ($14.60), which account for more than 85 percent of the money supply. They are no longer legal tender, effective immediately.<\/p>\n

As one might imagine, chaos ensued. And it continues.<\/p>\n

India Confiscates Gold<\/strong><\/p>\n

\"india-gold\"<\/a><\/p>\n

Picking up where we left off, please consider\u00a0Message to Modi: Do No More Harm<\/a>\u00a0by Mihir Sharma.<\/p>\n

The chaos accompanying \u201cdemonetization\u201d hasn\u2019t eased up noticeably. It seems likely the disruption to the economy, especially in cash-centric rural India, will hit growth sharply for at least a few quarters. It\u2019s tough to say for how long and by how much; we are in uncharted territory here and guesses have varied widely. But many analysts agree with former Prime Minister Manmohan Singh, who\u2019s predicting the new policy will knock 2 percentage points off that world-beating GDP growth rate.<\/p>\n

Demonetization was originally sold as a\u00a0\u201csurgical strike on black money\u201d<\/a>\u00a0\u2014 the illicit piles of cash many rich Indians have accumulated out of sight of the taxman. It\u2019s now clear the policy has been anything but surgical. Worse, uncomfortable questions are being asked about whether the complicated rules and exemptions that have accompanied demonetization have allowed black-money holders to launder most of their cash. Of late, Modi\u2019s chosen to\u00a0focus<\/a>\u00a0instead on demonetization as means of advancing a cashless economy.<\/p><\/blockquote>\n

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

India Confiscates Gold, Even Jewelry, in Raids on Hidden\u00a0Money Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold. It\u2019s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry. For background to this article, please see my\u00a0November 27 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":[1035,1034,4853,315,374,422,14576,14577],"class_list":["post-22243","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-cashless-society","tag-confiscation","tag-financial-repression","tag-gold","tag-india","tag-mike-shellack","tag-modi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22243","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=22243"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22243\/revisions"}],"predecessor-version":[{"id":22245,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22243\/revisions\/22245"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}