Below is an excerpt from the book India in Cognitive Dissonance published by GreatGameIndia – a quarterly journal on Geopolitics and International relations. For more details on the figures mentioned in this article kindly go through Calculating #DemonetizationScam From Official Reports.
With the assassination of two Prime Ministers in succession, a stage was set for the final round of Liberalization and Privatization in India, using the Mantra of “Development” as if India was some aboriginal country.
The Black component inside India, in terms of assets and cash alone is more than 70 Trillion USD. This is roughly equal to the value of the entire natural resource base of Russia. No one knows how much Gold is with the people, no one knows how many diamonds, precious stones and metals are with the people and religious and spiritual institutes of India, no one knows how vast the unexcavated Gold Reserves. No one knows what quantity of other natural resources including the rare-earth metals are hidden within the Indian continent, no one knows what were the technologies used to extract and use them over the past thousands of years.
But what certainly they knew are the following facts and statistics that were compiled over the past fifty years since Independence, though we have a phenomenal, abysmal ignorance about what India had in terms of human and economic resources prior to Independence. The value of immovable property of the several-thousand or so spiritual and religious institutions of Karnataka alone is valued at 30-50,000 crores (7.5 b USD). The most conservative estimate of the Gold holdings under one vault alone of the temple of Shri Padmanabha Swamy in Tiruvanathapuram is valued at a whopping Trillion USD. The income generated from the former united Andhra-Pradesh state from the Prostitution rings alone is in far excess of Rs 30,000 crores (4.5 b USD) per year. (Rs 1000 crore ~ 155 million USD)
The register maintained in the Tirumala Temple that deals with the broken non-usable discarded jewellry is more than 500-billion USD. The average wealth amassed by any Chief Minister who held the position for more than a decade is over 50,000 crores (7.5 b USD). The total amount of money swindled away in the top 35 scams is over 8 Lakh crore (120 billion USD). The amount of NPAs written off by the SBI recently is 280,000 crores (42 b USD). The total amount of tax evaded by major 30 industrial corporations over the past fifty years is close to 3 Lakh crores (45 b USD). It is no wonder these figures with large numbers of zeroes do not make sense to Indians, but they make very clear economic sense to the collapsing Western Economies, who realize that India can bail out every other economy of the World for the next 100 years. The list if we start compiling about what we have, what we are losing, will be a Magnum Opus of two or three volumes and could well be titled “Corrupt Indians”.
The Indian economy now stands at 1.2 Trillion USD, which is what we call the white economy and the Black economy is another 1.2 Trillion USD. Our entire national debt is less than 90 billion USD.
If the massive assets created under the Indian Economic Miracle were to be sucked out of India, this would create a massive Western Economic Miracle. This process has started since 1985 and is continuing with and incremental numbing and dumbfounding of the minds of the Indian population, subjecting them to a massive array of propaganda with every Government turning India into a sloganocracy rather than into a thinking participative democracy.
The current round of demonetization is the first large-scale plunder executed on India. Let us take a closer look. On the surface, we invalidated all the 500 and 100 Rupee notes and in the process, according to official figures, 14 Trillion Rs (~0.25 billion USD) moved into the Banking system, from the general working public. Then we re-introduced the same denomination 500 and a double denomination of 2000; the last two steps having no precedent in the entire history of demonetization the world over.
And then, we clamped restrictions on withdrawals to the bear-minimum limits, thus cornering all the cash into the Banking system. What happens to the velocity of the white money here? It drops heavily. High school students can predict its impact on the Economy.
Of particular note is that this 14 Trillion Rupees (0.25 Trillion USD) was the money put into the system by the General Honest and Hard-working people of India, the vast majority of who are not black-money hoarders. The black money which is about several tens of times this amount which was stacked up with the corrupt officials, politicians, industrialists, hawala dealers and other such groups, could not and did not go into the Banking system, if it did there is an obvious problem. Then where did it go?
Enter the Re-monetization of Black Money. Where did the massive amount of Black Money go? It is a simple question to which everyone knew the answer….even a rickshaw puller on the street could tell you the first part of where the black money went. But amazingly neither the corporate media, which has become a mirror image of the US fake media, nor the Indian economists, nor the Indian bankers ever discussed this question, the first part of the answer to which being common knowledge in the public.
But anyway, the following lines will explain de-monetization. Most of the money that has not entered the system from the above groups, valued at a barest of minimum estimates at 5 Trillion USD was bought by many illegitimate money-exchangers at a discounted-rate, up-to 40%. These money exchangers who are connected to various political parties who were financing gold-, dollar-, pound- and diamond- and narcotic-smuggling operations and are spread all across the West Coast, Delhi and Southern Coastal towns of Tamil Nadu and Kerala, swung into action and purchased the entire Black Money at a discount of 40%. The next obvious question is does, either the Enforcement Directorate, the Income Tax Department, the CBI, the Police, the IB or any other branch of the Government have a detailed list of who these illegitimate money-exchangers were?
— Great Game India (@GreatGameIndia) August 11, 2017
Now the next obvious question is why did these illegitimate money-exchangers do with if this invalidated currency has no value? Were they Saints trying to help the people of India who could not go to the banking system for help?
Well no, the same people who violate every international and national law and became a vehicle to suck the blood of the Indian Common Man could not have suddenly become saints! They did not purchase the money to alleviate the suffering of their fellow Indians at 40% discount. Then, what did they do with the cash?
Someone pointed a finger blaming the Banks. So, we had to believe that when the common man was standing for hours in the heat of the Sun to withdraw 4000 Rupees the “Corrupt Bankers” sold all the newly printed currency of the same-denomination to these (as explained in the book earlier) black-money hoarding groups in high priority order (e.g. in just one exposed case a low-level party official was caught with several thousand crores of newly issued currency). First of all they became richer overnight by about 30%, and this entire money now being legitimate. And what did they do with the new money?
This legitimized money was then transferred out of India into US, Cananda, England and Israel by purchasing Dollars, Pounds, Diamonds and Gold in the international markets. This sudden flow of money into the international markets from India explains overnight hike in the price of Gold, and the hike in the exchange value of dollar and pound, though there was no valid economic reason that existed either in Europe or in America at that same time to explain this hike. So when every leading European economist had predicted that the value of the Pound will fall heavily post-Brexit, but yet — defying all those predictions of the European economists — yet lo and behold! Surprise of surprises!!! The pound actually appreciated and Britain declared that they would be able to sustain the economic losses of the Brexit. At the same stretch of time, even US and Canada predicted a revival of their nearly-destroyed real-estate markets and a revival of their long-pending infrastructure projects slated at a whopping 2-Trillion USD?
So then, from the perspective of the Americans and the British, the obvious question they asked for their own motive was: “Why not? Why not let Britain survive and why not let America Revive?” To accomplish this, both of them were able to move 4 Trillion USD of hard earned Indian money into their economies from India and pump it into their economies in a matter of one week.
No wonder then, the Head of State of the British Government and of the erstwhile British East India Company was present in India, perhaps symbolically, to ensure that the money was properly transferred to them during the period of demonetization; and no wonder all of this gang of Money Lenders praised her and elevated her to the level of Durga, so that she could punish the fingerprintable-biometrically-tagged-thieves and slaves of India one more time and can loot their wealth away.
While our own Prime Minister Mrs Indira Gandhi was not allowed entry into the Puri temple on the flimsy grounds that she had married a Parsi (who are actually very much a part of our own civilization), the British Prime Minister, a foreigner and of a semitic faith was by your own priests elevated to the level of the Goddess inside the Sanctum sanctorum of Someshwar Temple, precisely when this saga was going on.
No wonder also then that the Israeli president was present in India at this same time, to smoothen the workings of the transfer of the trillions of dollars and pounds. This entire saga being too complex for the so-called Indian Economists to understand, our Prime Minister decided not to rely on them and handed over the process of demonetization to Israeli-based economists and their advisors, and himself set out for a vacation in Japan.
Does this explain why our Honorable Prime Minister did not take the advice of Indian Economists, but chose to depend instead upon Israeli Economists/American Economic Think Tanks/British Based Friends-and-Family for his de-monetization decision? Every other country that de-monetized including as recently as Spain, never re-issued the same denomination or a higher denomination currency after demonetization. In fact, after demonetization, these countries have kept a restriction on withdrawals to a minimum limit, so that whatever is currently printed to the extent of cancelled denomination, it is used for the National rebuilding.
On a relatively much smaller note, let us mention what was done with the money deposited in the banks. Once the money was collected into the Public Sector Banks and put the restrictions on the cash withdrawals, they have written off the No-Performing-Assets bad loans to the tune of lakhs of crores, which were in the first place, given to the Politicians or Industrialists who have borrowed thousands of crores and never paid back a single penny (e.g. Kingfisher, Tata and many others) across the political spectrum under every government since Liberalization. Most of this money was used to revive sick industries in Britain, Europe, America, from which not a single pie was paid back to the Indian Banks. By cancelling all this debt, we have converted Indian white money into that much black money in the economy….. the Black money problem has actually worsened.
The complete absence of any critical role of our own Economists and of our own IIMs and the minimal role if any of the NIBM, in what is a major national economic process, is indicative of their actual irrelevance in anything meaningful or in anything that is directly observed. Neither did we see them as much as offer the above explanation or any other convincing explanation to the people of India who experienced the event, nor were they taken into confidence by their own government.
Why can’t we see an independently-set up panel of Eminent Economic Professors being given an insight into the working of the RBI and be able to come up with Economic Theories that will tell us what is really happening in the country? This panel changing every two-years or so and drawn up from Universities across the country? Instead of the public seeing a highly erratic set of facts, confused theories combined with big words being used to destroy all common-sense questioning, with Economic Professors giving explanations that are only marginally more illumining than that which un-educated common men talk, aping the words put into their ears by the corporate fake media?
Excerpt from the book India in Cognitive Dissonance – an explosive hard-hitting myth-buster, a timely reminder for the decadent Indian society and a masterpiece on Indian geopolitics published by GreatGameIndia – India’s only quarterly journal on Geopolitics & International Relations.
Read this exclusive research on the Global War on Cash with an impact study of India’s demonetization drive with a push towards a Cashless society published in the Apr-Jun 2017 Demonetization issue of GreatGameIndia – India’s only quarterly magazine on Geopolitics and International Affairs.
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