By Rory Hall
Yes governments can steal your gold and kill the people, that doesn’t mean they can control either. Look at what is happening in India…
Prime Minister Narendra Modi’s government spent 16 months trying to persuade Indians to deposit their jewelry in the bank to earn interest, in an effort to curb soaring imports of the precious metal. But the program has only lured a tiny fraction of the $900 billion of gold that families and temples are estimated to have stashed away. On the other hand, Modi’s controversial decision to withdraw all high-value banknotes did the job instead. Source
Taking away their cash has not worked. People are still acquiring gold. Maybe not as much, especially of the “official” persuasion, but they are still adding to their stack every single day.
Gold doesn’t pay interest, remember? It is a barbarous relic held by central banks as a “tradition,” so I am little confused as to why the Indian government wants the 20,000+ tons of gold held by the people. Oh yeah, gold is money and represents freedom and independence – two things all governments hate. The Indians like their gold and want to keep it to protect themselves from thieving government officials.
“The government tried, but the people are not coming forward,” Devendra Kumar Pant, chief economist at India Ratings & Research Pvt., the local unit of Fitch Ratings, said by phone from New Delhi. The government is under less pressure to fix it because “the position right now on the current-account side is relatively comfortable.” Source
The Modi government thieves are demanding the people take their gold to an official assay company with a promise to return the gold or cash equivalent at the end of a specified “loan” period. Needless to say the Indians want nothing to do with this latest scheme to steal their gold.
Under Modi’s plan, holders hand over that jewelry, or at least part of it, to a bank in return for interest payments on the value of the precious metal and a promise to return the equivalent amount of gold or cash at the end of the loan term.
The customer first has to take the jewelry to an independent assay office nominated by the bank to verify its purity. The bank then sends the gold to a refiner before finding a buyer for the resulting bullion. At the moment, there are only about 440 assayers and 10 refiners across the country approved by the Bureau of Indian Standards. [Emphasis added] Source
This is truly a scheme operating in plain sight and the sad part is, the government thieves believe the people are going to fall for this nonsense. The Indians have not trusted paper currency for hundreds, if not thousands, of years. What makes Modi and his ilk think that today that is going to suddenly change? What an idiot.
As if the scheme, that was unleashed on the people in 2016, when Modi announced the government would be eliminating 86% of all cash in the country was some type of confidence builder for the people. Did they really think the people would see this vicious act as a sign the government was now going to represent the people instead of the bankster criminals? Seriously?
This latest scheme is going to fail just like all the other recent schemes have failed. The Indians will continue acquiring gold any way possible. The Indians will not trust the government to treat them with the respect they deserve nor will they believe anything the government says, especially about gold and currency. Why should they? With a track record like the one Modi is running on, it is a wonder the people listen at all. Oh, that’s right, they’re not.