The 2008 worldwide financial crisis caused a massive amount of bad credit for Americans. Without credit, the people effected by the meltdown, started to spend the money they actually had on hand. With the Trump Administration’s talk of diluting the Dodd-Frank Act, the banks will again soon be running wild. America’s household debt load is already higher than before the worldwide financial collapse in the late 2000’s. More available credit for consumers yields more spending. The banks slice, dice, and sell off the paper, and they are most of the time fat, happy, and sassy. Next time America will bust, and there will be a next time, people may not have the paper money option. This will create permanent slaves working for the company store.
Hurricane preparedness instructions tell us to have cash on hand, because ATM and credit card terminals may become out of service. What does a person do when regular commerce areas are underwater, with no electricity, no bars on smart phones, and oops, NO CASH?
Then comes along Modi, the Prime Minister of India, wiping out loads of cash from people at once. He is an innovative leader for some, a great experiment to watch for others. But how realistic is this? There is no question that the amount of people involved, losing some of their money, and getting used to a new way of life in the new financial order, has the world’s attention. How much financial control has the common Indian ever had over their money? Life is very hard for a sizable chunk of the population, and Hinduism keeps the peace in a country that is still struggling with a caste system. Will Modi’s experiment work in other nations where the blood runs hot, and the God worshiped on Saturday, changes face on Sunday?
Corruption, money laundering, drug money, and other CASH derived from vices are the poster child stories of why governments all over the world should consider a new financial world order.
The ones with the extra money to hide, laundered, or the corrupt, will always find a way. The good USA has gaps in its financial laws to allow bad money to come in LEGALLY. Lobbyists and lawyers pave a system where there’s no such thing as dirty money, if one knows how to allocate it.
The working stiff on the other hand, has every penny scrutinized, and must learn to live under financial slavery till death do us part.
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