“A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash — Norbert Häring | Money and More”

Taking Sides

Source: A well-kept open secret: Washington is behind India’s brutal experiment of abolishing most cash

BY Norbert Häring

01 January 2017

In early November, without warning, the Indian government declared the two largest denomination bills invalid, abolishing over 80 percent of circulating cash by value. Amidst all the commotion and outrage this caused, nobody seems to have taken note of the decisive role that Washington played in this. That is surprising, as Washington’s role has been disguised only very superficially.

US-President Barack Obama has declared the strategic partnership with India a priority of his foreign policy. China needs to be reined in. In the context of this partnership, the US government’s development agency USAID has negotiated cooperation agreements with the Indian ministry of finance. One of these has the declared goal to push back the use of cash in favor of digital payments in India and globally.

On November 8, Indian prime minster Narendra…

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