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Josh Sigurdson talks with author and economic analyst John Sneisen about the unthinkable level of debt India currently faces. India is second only to Italy on the world stage and tracing back their history of vast central planning is an integral part of putting the puzzle together as to why they are facing this crisis.
When comparing their M3 money supply with the devaluation of the Rupee, it becomes clear that the vast demonetization made the problem that much worse and unmitigated.
While India has historically been an incredibly self sustainable country (also the second largest populated country in the world) and has had reputably impressive free markets, a few years ago, Modi gave the poor “free” bank accounts allowing the state to keep tabs on them and make free market exchange a lot more difficult.
Then, like clockwork, India demonetized vast amounts of money, going almost entirely digital allowing for tracking, ending the ability to properly trade on the free market without getting taxed, allowing the state to shut down accounts if they do not like the person and also inevitably stopping bank runs while allowing bail-ins in the case of a crisis, like the one we are currently seeing.
If your money’s in the bank, it’s not yours, it’s the bank’s. If your money’s always going through the bank via digital transactions and legal tender laws, it’s NEVER yours, it’s ALWAYS the bank’s and you are essentially owned by the government and banking system.
What we are currently seeing in India is a frog boil. An attempt to use the people, once very self sustainable as guinea pigs in order to create a vast dependent society, with little innovation outside of what the government allows. A far more worrisome global financial problem where the government and central bank is creating a testing ground for the IMF’s SDR world reserve digital currency, completely centralized.
This isn’t decentralized Bitcoin which the Indian government has been attempting to suppress. This is centrally planned blockchain technology. The differences are incredibly dangerous and vast.
Individuals must protect themselves and their purchasing power. There are solutions as noted in the video, but first people must be educated in these issues.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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