April 30, 2016

Baba Ramdev idea under serious consideration in America

Baba Ramdev made big news with one idea when Anna agitation was at peak:

The idea: Withdraw all big currency notes because lots of business transactions are done in cash to evade taxes. But his idea was rejected because it came from a Baba.

You can read the entire article here

The argument is simple: High denomination note is a boon to corruption and crime. Lawrence Summers solution: "a global agreement to stop issuing notes worth more than say $50 or $100". This is being hailed by many as next big disruptive idea which will destroy the business models of tax evaders, criminals and terrorists. It will also end high-value bribes.

Interestingly Baba Ramdev made the same argument 2-3 yrs back. Now, I am sure even people in India will debate this because it comes from Harvard professor and former Treasury Secretary. People in India run down our own people because we consider people who cannot speak good English as low IQ people. Common sense has nothing to do with language. But unfortunately, our colonial minds will never come out of this closed mindset.

Read more/ source: State of the Market - is this the reason why Gold is rallying?

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