Its an important day for US. Within few hours they are gonna get a new President. The whole world is pretty anxious to know the results, especially since the choices were very interesting this time 😉
But when media had already prepared and rehersed all the bytes and footage, something unexpected happened.
Every 500 and 1000 rupees notes got banned in India.
Declared tonight just after all the banks closed. And even tomorrow, with all banks closed to public transactions, its going to be a tough time.
Right now, it doesn’t matter how rich or poor you are.
Tonight, its a frenzy in every Indian house, searching for change.
I’ve been getting some pretty crazy WhatsApp messages every minute.
Its a moment of crisis. But a HILARIOUS one 😝
All useless!!😛😛
Till its exchanged from Reserve Bank of India within 50 days!
It was apparently done to stop fake notes and black money.
Some of the 500 rupees notes will be reissued again but the 1000 rupees notes were completely banned.
Instead 2000 rupees notes will be issued.
500 and 1000 rupees are very commonly used…..that is what most people have at their homes…..if suddenly it all becomes useless without any prior notice……its gonna cause a lot of chaos.
But fake notes were becoming a huge problem. All these black money was even used to fund all sort of violence.
A pretty drastic step but hopefully will bring good results.And surge the use of e-wallets.
A historic day…..for both US and India.
Best of luck to everyone affected by either of the events ☺
What a day!!
Bye bye
Mithai
Mithai Mumblezz 
Money has to have intrinsic worth, value that is real (and not just a reducible/revocable promise that we accept on faith value or at gunpoint).
The Mexican Hugo Salinas Price has some good ideas on this topic …
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That’s true, at the end of the day its just paper notes. Makes things boring!!
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That is very drastic move.
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Yep it was!! Things were pretty chaotic for a long time.
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Again and again my point is being made: you (we, all) don’t need ‘money’ that is printed. We need a genuine item of value to trade with. Dare I say it? Bullion.
But in the absence of physical bullion we might get by with genuine certificates of real ownership (of real bullion) that can (did too, once) serve well as currency. It won’t happen, as long as ‘they’ are able to add zeroes to the face ‘value’ of valueless paper.
It happens all over the world, all through recent history, and will keep on happening until we wise up and get a currency that has value in itself.
As for Trump, I don’t follow politics or politicians; but he comes across as both a buffoon and a bit of a realist.
Putin of Russia, on the other hand, comes across as a statesman. I hope they can do real business together.
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If we used gold as currency, then who’s to say that a particular gold coin contains enough gold as it claims, someone could have mixed impurities with it. And gold reserves are very scarce. After a while its going to run out. Then countries which have hoaraded gold, their value will increase. And to make money out of paper is easy and FAST and inexpensive.
But to make a coin out of gold, it would have to be mined out, increasing cost and time of production hugely, making the govt. run in loss. These are my opinions…..
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How about the making of coins out of gold be opened up to anyone and everyone, rather than just ‘The Government’? If you have the gold, you add to the coinage (if folks will accelpt it).
The coin itself is it’s own value.
Gold is gold, regardless of who mints the currency.
Trust? Of course. For now I would trust a US Mint Gold Eagle, or a Brit sovereign far more than a coin from the Mint Of Argus.
It’s the scarcity of gold that makes it ideal for coinage. Other valuable metals would do too; platinum, silver. Copper was used until recently—so rather than a ‘value’ be inscribed on a coin, just its purity and weight suffice.
What would happen if anyone/everyone made coins and offered them in exchange for goods and services? After a while the most trusted would become popular currency; because from any source a genuine ounce of silver is an ounce of silver.
You’re quite right—to make ‘money’ out of paper is fast and inexpensive. Which is exactly why our ‘money’ is becoming worthless (only last night I read that the US real debt is something like twenty trillion dollars. Hell, they could solve that by printing a single twenty trillion dollar note, no?
(I still have difficulty even conceiving of a million lots of a million—I did some sums once based on a single dollar being about four thousandths on an inch thick. My pile of dollar bills reached reached from the Earth to the moon. And back again.
Twenty-five times … we need a system where ‘money’ can only be coined from/with genuine value, not just magicked onto paper, or appear as ethereal decimals in electronic systems. We may yet go back to cans of sardines…
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Basically what I find a bit problematic in this system is, how will a common man mine out gold and make his own coins and even if he claims there’s 25mg of gold in his coins, can can anyone check if he’s telling the truth…..only jewellers have that facility to properly check how much gold is actually present. The same holds for silver. Basically the cost of producing a gold coin will become more than its actually worth and in the long run lead to losses. And also, there’s limited gold mines, ones it starts running dry, the whole world will go into deflation and then inflation, thus falling into a vicious cycle…… ofcourse we can only predict these things, every idea has its pros and cons☺
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No need for the common man to mine and refine and mint. He doesn’t do that at present with banknotes … if he does, and gets away with it, he’s pretty clever—but let’s see someone try that with gold. Or silver. Or tin, copper, iron, lead … even cans of sardines.
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You always hit, so to speak, the nail on the head. I remember this, but in the total nausea surrounding the election I could barely remember my own name. It seems to me that all of this illustrates the fact that value in this world…is based on almost nothing. Money isn’t worth anything and it’s clustered Somewhere Far Far Away, anyway. Perhaps it is no coincidence that basic work, craft, skill, isn’t remunerated very well at all. In the US one can begin to feel like a coin purse surrounded by stalkers. So…navigating the chaos sucks, far as I’m concerned. But making it more understandable is a valuable service! Thank you for that, and thank you for reading my blog, too. It really helps.
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I hope the condition gets better everywhere, its very important to have a motivating and inspiring work ambience.
And thank you so much for your kindest words, it means a lot to me!!😊😊 Looking forward to visit again☺Lots of love and hugs❤❤
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Wonderful article in beautiful way.nice.
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That’s a lot!! Really means a lot to me that you are going through my blog! I too loved your and your daughter’s articles 😊😊 Lots of best wishes ☺☺
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So much thanks fot u.😊and wish – u have lovely n sunshine day.a lot of love n blessings.❤💙💜
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Wishing you a marvellous day too!! Thank you for the blessings, lots of love and hugs to you too ❤❤
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For u too.😊
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Thank you 😊😊
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Welcome dear.
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😀😀
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