Patrick W. Watson ,
Just
recently, millions of Americans voted
against Hillary Clintonbecause, among other reasons, we thought she would raise taxes or
otherwise take our money.
Most
of us didn’t notice what happened on the other side of the world that very same
day. Indian Prime Minister Narendra Modi really didtake
everyone’s money.
Citizens
of India learned, with only a few hours’ notice, that their 500 and 1,000-rupee
notes were no longer legal tender. Those are—or were—the country’s
largest-denomination bills and the foundation of a huge underground economy.
Now
they’re just paper.
The
results were what you would expect: confusion, chaos, and fear.
Nevertheless,
you can bet other governments watched closely. India could be just the first
cash domino to fall.
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