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Re: The intellectual underpinnings of #DeMonetisation of 8 Nov 2016. A Tweet thread.
Was there a body of theoretical or logical intellectual economic thought that could have influenced #Indian Prime Minister Modi to spring the #wreckingball of #Demon on the Indian #Economy?
Was there a body of theoretical or logical intellectual economic thought that could have influenced #Indian Prime Minister Modi to spring the #wreckingball of #Demon on the Indian #Economy?
1. Nobel Laureate Kenneth Rogoff wrote a book 'The Curse of Cash' . He argued for the phased withdrawal of the USD 100 bill. His arguments were:
1. Hardly anyone in USA ever used or carried the 100 dollar note. Smaller transactions were paid, when they were paid with cash,
1. Hardly anyone in USA ever used or carried the 100 dollar note. Smaller transactions were paid, when they were paid with cash,
With USD 20s or 10s. Transactions of > 100 USD value were settled by cheque, plastic or bank transfers.
2. 40% of all USD 100s are held outside America.
3. The main sector where the 100 dollar bill was used regularly was the trade in guns, drugs and crime. All over the World.
2. 40% of all USD 100s are held outside America.
3. The main sector where the 100 dollar bill was used regularly was the trade in guns, drugs and crime. All over the World.
