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Two Things Government Wants Desperately to Control – Gold and People

Two Things Government Wants Desperately to Control – Gold and People

news.goldseek.com / By Rory Hall / Friday, 17 March 2017

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.

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

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