India's Cashless Economy Is FAILING! - Debt CRISIS As Markets Face Turmoil

 Josh Sigurdson talks with author and economic analyst John Sneisen about the countless problems in India as the country centralizes itself into chaos. As we see a debt crisis in the non-banking financial sector, India's central bank has said they will buy 100 billion Rupees of government bonds. This is all part of an effort to reassure investors, but we know this will simply lead in the same direction long term that all of this massive market manipulation and centralization has. All the while, Blackstone has announced they're planning a 7% yield for India's first REIT IPO. It will include 33 million square feet. Also in the news, India's bank non-performing loans rise to $150.2 billion at the end of March! Bad loans held by India's banks rose 10.36 trillion Rupees at the end of March the government recently announced. All the while, India's top court just upheld Aadhaar, the biometric system that utilizes finger prints, retina scans and other digital identification tools which help the government track people and control them under the guise of convenience as the country falls into a cashless system. That is what this is really all about. The state and banking system is scrambling as the country flips into this technocratic system, moving from a system that has historically been very supportive of cash, especially gold to this new digital system. In the past, India had a flourishing free market among merchants. That has all changed as the government cracked down on free markets and is attempting to force everyone into bank accounts, allowing them to track every move in a race against China to unroll a completely cashless system with Modi at the helm. It's not all going as planned as they are quickly finding out like so many before them throughout history that centralization of an economy doesn't work and restriction of the markets pushes people into poverty causing massive problems with debt and development, not to mention a brewing crisis among the populace who feel disenfranchised. It's a perfect test ground. Start with a culture that loves cash and move along throughout the rest of the world abolishing cash and forcing them into a digital centralized currency. If your money's in the bank, it's not yours, it's the bank's. If your money's always going through the bank via digital transactions and legal tender laws, it's never your money and it's always the banks and you know what that makes you. Subservient. Stay tuned as we continue to unravel this serious issue in the world's second most populated country.

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