Archived Indian Economy Grinds To A Halt After Cash-Ban: "Faith In System Shaken" | Zero Hedge (zerohedge.com)
submitted ago by Broc_Lia
Posted by: Broc_Lia
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Archived on: 2/21/2017 12:00:00 AM
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Archived Indian Economy Grinds To A Halt After Cash-Ban: "Faith In System Shaken" | Zero Hedge (zerohedge.com)
submitted ago by Broc_Lia
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[–] ratsmack 0 points 2 points 2 points (+2|-0) ago (edited ago)
I can see this not ending well at all. If 90% of all transactions were currently made with paper money, and then they pull a large portion of those bills from circulation.... what the hell were they expecting.
[–] Broc_Lia [S] 0 points 2 points 2 points (+2|-0) ago
An economic miracle probably.
I mean... were they expecting all these farmers to go out and buy credit card machines?
[–] daskapitalist 0 points 1 point 1 point (+1|-0) ago
I have had people make that EXACT argument that of course they'll just go buy POS systems and get credit cards and bank accounts.
And it's a retarded "no grasp of Indian economics" argument. Sandeep with a second grade education, no ID, and living in a slum isnt going to do that. There's no infrastructure to do it.
[–] bikergang_accountant ago
This is an example of trying to squeeze out a competitor. What they were hoping for (they as in retailers) is that all business would have to go to them or people with cc processing capability. The people be damned.