If ignorance is a bliss, Mr Gupta must be living in a paradise now and forever under Modi's regime.
Nixon DID NOT demonitize Dollar. But delinked Dollar from Gold, which was bench mark for Dollar until 1971. Until 1971, US must sell 1 oz Gold at the rate of USD 39, when any country wants it. The delinking of US$ from Gold is known as Brettonwoods effect. It literally meant US Can not print currency more than its reserve of Gold. Because this foolishness, the US is paying a very heavy price by surrendering its paying jobs to coolies from India and manufacturing prowess to pighouses of slavery in China. And the US pwes to others 18 trillion US$ and 6 trillion in internal debts. Most of 2nd, 3rd and earlier generation Americans are best fitting themselves into McDonalds, Wendys, Walmart, Costco jobs. And all the good and innovative jobs taken over by hardworking immigrant coolies! Mr Trump, the white supremacist, is drawing and raising his middle finger against the dangerous trend developed since the days of Nixon, Reagan and Bush, who nearly destroyed all American jobs.
US never went after black money, it went after tax evaders. I am sure you know the difference between the two. Here the system is managed by persons, who have tons of black money and they know how to manage it.
What a pathetic assesment on Nixon's 'spposed' demonitization!
Only super intelligent persons like you and Modi could evolve such wonderful and negative excercise to go after more than 95% of people (innocent and helpless), when the real black money lies and sleeps with less than 5% of the cunning population (who could never be touched even by Mr Modi's little finger). Only people like you and Modi could pontificate illiterates and people working for their daily bread to go after plastic money.
Kasthuri N Ravilla
On Wednesday, 30 November 2016 5:05 AM, "HK Gupta hkgupta@hotmail.com [worldmalayaliclub]" wrote:
I have one question . In 1969 , U.S. President , Mr. Nixon had also demonetised the currency and the result is before all of us . There is no black money . All people use plastic for transactions . All pay taxes .
HKGupta
Sent from my iPad
On 29-Nov-2016, at 5:18 AM, Colonel Srikant colonelsrikant@gmail.com [worldmalayaliclub] <worldmalayaliclub@yahoogroups.com> wrote:
*Dr. K.C. Chakrabarty, Deputy Governor of the Reserve Bank of India from 2009 to 2014, is not a anti-Modi, anti-BJP person.*
He is explaining in simple, coherent language the social and economic impacts of Demonetization. Following are the excepts:1. The economic benefit is less and the cost is more.
2. I think (the Prime Minister) has not been properly briefed on the subject.
3. Currency notes are not black money, all currency notes are white money.
4. When it (the currency) reaches a person who is not paying tax it becomes black money.
5. When the currency reaches a person who is paying tax it becomes white money.
6. The process and the person are the culprit, but you are destroying the notes.
7. If the process and people are not changed, a person can use currency, gold, other assets for black money generation.
8. Government's understanding is that [black] money is with the rich, whereas on the contrary more cash money is lying with the poor.
9. 90% of the poor's liquidity is in cash, so (now) they have no cash.
10. All your trade and commerce is likely to be affected.
11. The total cost of replacing the notes will be Rs 10,000 or 15,000 crore. That is a direct loss.
12. Banks will be doing only this job for the next two months: exchanging the note, managing the cash, managing the crowds. People will be more busy with these things. All this will have an adverse effect on the economy.
13. There will be a liquidity crunch, volume of transactions will go down, sometimes it may totally collapse, depending on the situation.
14. Inflation will come down because people have no money. If you withdraw the money from the people all prices will collapse, but people will not be able to eat vegetables also. Prices are collapsing because medium of exchange is not there.
15. If the economic growth comes down, the government's tax collection also comes down….If a person goes with black money and spends it in the malls, restaurants or cinema hall then government gets a part of the tax.
16. Demonetisation is a very blunt instrument and it has to be used very judiciously and in a very very critical situation. Generally, in a normal situation it doesn't give any results.
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Posted by: Kasthuri Ravilla <rnkasturi@yahoo.co.in>
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