Justify Noonan’s theft if you can beyond all tax is theft.
A small number of 100k+ deposits in IBRC that were not coveted by the ELG were lost when IBRC was liquidated.
I stand corrected.
IIRC these depositors had had four years at that point to take their money elsewhere.
A very clever move in India to force people out of the cash economy. The political backlash might yet be a problem.
I wonder how much of the Indian economy will revert to barter to avoid the banks?
I was talking to an Indian lad in work and he was saying that 40% of the population did not have a bank account last year but the Government made everyone get one. He’s saying it’s having a real effect. A lot of hot money looking for a home, 0% interest loans being offered all over the shop. It sounds like Ireland pre-Euro changeover on steroids. He says the local shop he frequents never issues receipts.
I wonder if all these lads have to start paying tax will it push up prices for the ordinary Joe Soap.
According to Antropologists there are no local economies that work on barter. Barter only occurs in those places that previously relied on money to transact things and it’s only ever a stop gap measure until a new currency is found.
The problem appears to be getting rid of the big notes as you can only deposit a certain amount to your bank account a day.
As a stopgap, it appears that barter has indeed emerged in India.
The Indian experiment continues with some interesting pressure points emerging.
Demand for Gold to drop, and Property prices likely to slide. - Financial Times
Commodity markets being disrupted. - Bloomberg
Farmers could be affected worst of all., - Reuters
Farmers can buy seeds with old Rs 500 notes; relief for small businesses - -> hindustantimes.com/business- … Md90N.html
Rupee Sinks to Record as Foreign Funds Dump Indian Assets on Fed - -> bloomberg.com/news/articles/ … accelerate
Demonetisation: How black money conversion is driving commission, dollar and pound rates - -> firstpost.com/business/demon … 19228.html
US dollars become scarce as demand picks up due to its easy convertibility - -> yourstory.com/2016/11/us-dollar … etisation/
NRIs fail to get dollars converted - -> tribuneindia.com/news/amrits … 28061.html
I’ve been using a German service bitwa.la (bitwala.io now) for over a year now
Originally started using it as away to get even cheaper/faster transfers to US and China than tranferwise (and of course the banks who fleece you here)
Also to pay all my Irish bills using bitcoin, bitcoins that i keep safe and secure on my Trezor usb hardware wallet and transfer amounts required when needed.
Now that they have a mobile app and a debit card which can be loaded and balance/transaction checked in real time I am after realizing I am using this service more than my bank.
A long winter for cash? Deutsche Bank says cash is still king - -> cnbc.com/2016/12/02/a-long-w … -king.html
Investor who backed Brexit sees euro breaking up within 5 years - -> gulfnews.com/business/money/inve … -1.1938862
Blackrock Germany Boss Warns on Euro Break Up - -> global.handelsblatt.com/finance … -up-653808
Will the euro survive the rise of populism? - -> moneyweb.co.za/news/markets/ … -populism/
Ireland must plan for possible EU breakup, says economic adviser - -> theguardian.com/world/2016/ … kup-frexit
The Euro currency is a political project, once people lose confidence in the politics then the currency fails. If you hold cash off the books, and people do, you are going to have to find a way to wash it through the system or you will be eventually be left with depreciated notes that no one wants, the last country to leave gets stuck with the notes, there is a first mover advantage to leaving the Euro. The Latin monetary union officially lasted about 60 years, the Scandinavian monetary union lasted 40 years. The Euro project is now 18 years old, several of its members have encountered a sovereign debt crisis, and now a political crisis is developing in it’s core members France and Germany where the electorate seeks more autonomy from political union under Brussels. Dollars don’t look so bad in the medium term.
With apologies, but if the euro could survive 2011, what would cause it to disappear now?
As a political project the technocrats held sway in 2011/12, since then there has been a backlash against any further EU integration, when populations in countries like Italy, France, Germany and the Netherlands take the view the Euro is no longer in their interest they too will exit the political project. The Euro may float around due to political inertia for a few years more, ultimately it goes the same way as previous monetary unions and it is most likely we will experience another currency reform within the decade in an effort to keep the project afloat.
Never underestimate the attachment of the administrative class in France and Germany to the common currency.
Once a Franco-German currency union exists it is most practical for everyone else to be involved.
Bulgaria has pegged its currency to the Deutschemark (latterly the euro) since 1997.
European Payments Council launches SEPA Instant Credit Transfer scheme - -> bankingtech.com/660672/europ … er-scheme/
Unfortunately, SEPA Instant is going to have optional compliance attached to it. Banks can opt-out if they want.
And all of europe used to peg to the DM before that (whether offically or not).