India’s prime minister Modi is likely going to be thrown out of office during the next election given his government’s war on gold. He sucked-up to the Indian jewelry industry to gain support to be elected in the first place. Now, the industry sees his true colors.
Attacking gold and gold holders has nothing to do with an attempt to crack down on corruption, but it is an effort to stop average Indian people from attempting to use gold as protection against the Indian government and India’s insane history of inflation debasing the Indian currency, the rupee.
If the Indian government was truly interested in the welfare of its people rather than participating in the preservation of the interests of its banking system and, by extension, playing a role in the international financial world order, India would classify gold imports as the purchase of money, rather than the purchase of a commodity so as to make India’s current account deficit problem that harms the value of its currency pretty much disappear as a concern. But then, that would be too damn intelligent. It’s far more important to screw little people and keep the system humming. – Eric Dubin
