{"id":22364,"date":"2016-12-27T18:36:29","date_gmt":"2016-12-27T23:36:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22364"},"modified":"2016-12-27T18:36:29","modified_gmt":"2016-12-27T23:36:29","slug":"indias-prime-minister-has-singlehandedly-crushed-the-economy-with-his-reckless-cash-ban","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22364","title":{"rendered":"India\u2019s Prime Minister Has Singlehandedly Crushed the Economy with His Reckless Cash Ban"},"content":{"rendered":"
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India\u2019s Prime Minister Has Singlehandedly Crushed the Economy with His Reckless Cash Ban<\/a><\/h3>\n
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Today\u2019s piece should be seen as a bit of a followup to yesterday\u2019s post,\u00a0India\u2019s Demonetization Debacle Highlights the Dangers of Monetary Monopoly<\/a><\/strong>. While yesterday\u2019s piece was more philosophical\/strategic in nature, today\u2019s zeroes in on some of the devastating real world impacts of\u00a0Narendra Modi\u2019s insane and inhumane cash ban. It\u2019s hard to overstate the damage this policy has done to India\u2019s economy.\u00a0Modi is quickly solidifying his place as\u00a0one of monetary history\u2019s biggest idiots.<\/strong><\/p>\n

First, let\u2019s take a look at the destructive impact the move\u00a0has had on India\u2019s massive small businesses community.\u00a0The Washington Post<\/em><\/a>reports:<\/p>\n

NOIDA, India \u2014<\/span>\u00a0Over the past two years, this suburb of New Delhi mushroomed into a flourishing enclave of small cellphone manufacturers, attracting tens of thousands of workers from the countryside. Noida, known as the \u201chandset hub,\u201d was touted as a showcase for Prime Minister Narendra Modi\u2019s pet \u201cMake in India<\/a>\u201d initiative.<\/em><\/p>\n

Then on Nov.\u00a08, Modi\u2019s government took a\u00a0step<\/a>\u00a0that has jolted the bustling industrial quarter. It scrapped high-denomination currency, with a view, officials said, to curbing\u00a0illicit wealth<\/a>\u00a0and the financing of terrorism.\u00a0But the cash shortage triggered by the move has also curbed legitimate small enterprises. Many of Noida\u2019s manufacturing units have slashed production by nearly half, and more than a quarter of the workers have gone back to their villages.<\/strong><\/em><\/p>\n

\u201cIt was a booming sunrise industry before November 8th. Not now,\u201d said Vipin Malhan, president of the Noida Entrepreneurs Association, who also runs a business that makes cellphone accessories here. \u201cMany small factories and assembling units, which used to work round-the-clock, with three shifts, have scaled down to just a single shift. We are all in shock now. One word that businesses dread is \u2018uncertainty.\u2019 The government has thrown that at us.\u201d<\/em><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p><\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

India\u2019s Prime Minister Has Singlehandedly Crushed the Economy with His Reckless Cash Ban Today\u2019s piece should be seen as a bit of a followup to yesterday\u2019s post,\u00a0India\u2019s Demonetization Debacle Highlights the Dangers of Monetary Monopoly. While yesterday\u2019s piece was more philosophical\/strategic in nature, today\u2019s zeroes in on some of the devastating real world impacts of\u00a0Narendra […]<\/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":[14632,1035,4787,1034,422,4285,6174,14520],"class_list":["post-22364","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-14632","tag-cash","tag-cash-ban","tag-cashless-society","tag-india","tag-liberty-blitzkrieg","tag-michael-krieger","tag-narendra-modi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22364","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=22364"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22364\/revisions"}],"predecessor-version":[{"id":22365,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22364\/revisions\/22365"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}