Of Course India Needs More Currency – The Economy Is Growing

It might not be all that common to find a general agreement between Milton Friedman and Karl Marx but here is one – of course India needs more currency because the economy is growing. Thus this statement from a Reserve Bank of India official just isn’t a surprise, it’s a statement of the obvious:

With the country’s GDP size increasing in quantitative terms, there could be need for more currency in the economy, a Reserve Bank of India official said Thursday.

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Modi’s Indian Demonetisation Worked – Dependent Upon Your Meaning Of Worked Of Course

Narendra Modi suddenly upped and announced that all Indian banknotes worth above a pittance were invalid. New notes would be issued at some point, all the old notes well, the only way for them to retain their value would be to deposit them in a bank. Chaos ensued – not that chaos is a rarity in the Indian economy. There was some thought that all that black money floating around would not be processed through the banks and that this would produce a dividend for the government.…

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India’s Demonetisation Was Hugely Successful – Don’t Let Them Tell You Otherwise

It appears that all of the notes made worthless by India’s demonetisation experiment have made it back into the banking system. Therefore, it is said, the whole experiment was a failure, even should not have been tried. This is to be incorrect about such things. But then the critique is from a piece in The Guardian and we all know about them and matters economic. Never met a theorem they’ve not picked up the mucky end of.…

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