The Simple Reason Why the Global War on Cash Will Continue

• The Simple Reason Why the Global War on Cash Will Continue
  by Phoenix Capital, http://www.zerohedge.com/
  India’s cash ban continues to create problems… Here are a few of the headlines regarding this issue:
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  In Its Third Month, India’s Cash Shortage Begins to Bite (NY Times)
  Cash-ban distress leaves scant room for India budget giveaways (Times of India)
  Indian Bank’s World-Beating Profit Growth at Risk on Cash Ban (Bloomberg)
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  A normal would see these developments and think “the cash ban will probably be reversed… after all, it’s having a negative impact on the economy.”
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  The only problem is that the political class is not comprised of normal people. And they don’t care about the economy. All they care about is remaining in power.
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  Put another way, unless a policy results in getting kicked out of office, it’s not considered a problem.
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  Just look at India, despite the clear evidence that banning some 86% of cash in circulation has been an economic disaster, the country is pushing forward by… banning more cash.
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  read more.

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