India

Submitted by Michael Shedlock via MishTalk.com,

Global financial repression picks up steam, led by India. After declaring large denomination notes illegal, India now targets gold.

It’s not just gold bars or bullion. The government has raided houses, no questions asked, confiscating jewelry.

For background to this article, please see my November 27 article Cash Chaos in India, 86% of Money in Circulation Withdrawn; Cash Still King in Japan.

Amid social unrest and loss of faith in the nation's currency, India's economy has ground to a halt with its Composite PMI crashing by a record in the last month as demonetization strikes.

However, even more problematic is that Indians have validated 82% of bank notes rendered worthless by PM Modi, dramatically undermining the government’s estimate of unaccounted wealth in the economy. As Bloomberg reports,

Buy Silver - May Replace Gold as Preferred Money of India
Silver replacing gold as India's preferred investment option again after 100 years?

by Fergal O'Connor, Senior Lecturer in Finance, University of York

Submitted by Jayant Bhandari via Acting-Man.com,

A Brief Recap

India’s Prime Minister announced on 8th November 2016 that Rs 500 and Rs 1,000 banknotes will no longer be legal tender. Linked are Part-I, Part-II, Part-III, and Part-IV , which provide updates on the rapidly encroaching police state

The cashless society is catching up to all of us. As SHTFPlan.com's Mac Slavo notes,

Most of Europe has shifted that way, and now India is forcing the issue. In the United States, people are being acclimated to it, and may soon find that no other option is practical in the highly-digitized online world.