Make no mistake, the government of India has declared war on its people, and only time will tell if their actions lead to a full scale revolution.
Back in November Prime Minister Modi declared the top two denominations of currency to no longer be valid as legal tender, and the populace had until Dec. 15 to turn in their monetary notes to their local bank. However, this was met with a combination of trepidation and anger as the Indian economy runs primary on cash for transactions, with an estimated 98% of all commerce occurring using physical currency.
In response Modi suddenly cut short the time frame in which the people could trade in their now outdated bills and as a result, the people have rushed to jewelers to trade their stash of currency for gold and gold products.
And now we are finding out that the initial war on cash has suddenly shifted to a total war on wealth, or at the very least, a war on gold as news of armed raids on people, their homes, and their gold by the government is coming out from on the ground reports.
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For background to this article, please see my November 27 article Cash Chaos in India, 86% of Money in Circulation Withdrawn; Cash Still King in Japan.
Large denomination means 500-rupee ($7.30) and 1,000-rupee notes ($14.60), which account for more than 85 percent of the money supply. They are no longer legal tender, effective immediately.
As one might imagine, chaos ensued. And it continues. - Mish Talk