{"id":22472,"date":"2017-01-13T14:49:57","date_gmt":"2017-01-13T19:49:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=22472"},"modified":"2017-01-13T14:49:57","modified_gmt":"2017-01-13T19:49:57","slug":"a-well-kept-open-secret-washington-is-behind-indias-brutal-experiment-of-abolishing-most-cash","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=22472","title":{"rendered":"A Well-Kept Open Secret: Washington Is Behind India\u2019s Brutal Experiment of Abolishing Most Cash"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.washingtonsblog.com\/2017\/01\/well-kept-open-secret-washington-behind-indias-brutal-experiment-abolishing-cash.html\">A Well-Kept Open Secret: Washington Is Behind India\u2019s Brutal Experiment of Abolishing Most Cash<\/a><\/h3>\n<div class=\"entry-content\">\n<p><em>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\u00a0economic journalism. His best-selling book (in German) \u201cThe abolition of cash and the consequences\u201d was published in 2016. Originally published on norberthaering.de (<a title=\"http:\/\/norberthaering.de\/en\/home\/27-german\/news\/745-washington-s-role-in-india\" href=\"http:\/\/norberthaering.de\/en\/home\/27-german\/news\/745-washington-s-role-in-india\" target=\"_blank\" rel=\"nofollow\" shape=\"rect\">http:\/\/norberthaering.de\/en\/home\/27-german\/news\/745-washington-s-role-in-india<\/a>). Republished with permission of the author.<\/em><\/p>\n<p>In early November,\u00a0without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value.\u00a0Amidst\u00a0all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this.\u00a0That is surprising, as Washington\u2019s role has been disguised only very superficially.<\/p>\n<p>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\u2019s development agency\u00a0<strong>USAID<\/strong>\u00a0has negotiated cooperation agreements with the\u00a0<strong>Indian ministry of finance<\/strong>. One of these has the declared goal to push back the use of cash in favor of digital payments in India and globally.<\/p>\n<p>On November 8, Indian prime minster Narendra Modi\u00a0announced that\u00a0the 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\u00a0<a title=\"many people and businesses did not manage to do\" href=\"https:\/\/www.washingtonpost.com\/world\/asia_pacific\/benefits-of-indian-cash-overhaul-elusive-as-deadline-passes\/2016\/12\/29\/58379066-ce31-11e6-85cd-e66532e35a44_story.html?utm_term=.20ab2e78320a\" target=\"_blank\">many people and businesses did not manage to do<\/a>, 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.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Well-Kept Open Secret: Washington Is Behind India\u2019s Brutal Experiment of Abolishing Most Cash 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\u00a0economic journalism. His best-selling book (in German) \u201cThe abolition of cash and [&hellip;]<\/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":[63,3306,1035,1034,422,14520,14667,14668,865,5510],"class_list":["post-22472","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-banks","tag-barack-obama","tag-cash","tag-cashless-society","tag-india","tag-narendra-modi","tag-norbert-hearing","tag-said","tag-washington","tag-washingtons-blog"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22472","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=22472"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22472\/revisions"}],"predecessor-version":[{"id":22473,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/22472\/revisions\/22473"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}