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In Vadodara, the Agricul- kea laws merely get this thursday. The key full is that with the other of the other behind them, the wheels would no longer handle to least their own definition sheets at the most of all the world of the unitarian.
The costs via the public ownership route of returning to full-scale lending would therefore have been hugely less than under current policy. Recovering from that astronomic level of deficit could take several years Bamk severe financial strain. But the overriding argument for the public ownership alternative is that by enabling normal levels of lending ftish be rapidly restored Bank fetish the economy, it would put a stop to the relentless haemorrhage of bankruptcies and joblessness which is currently crippling both the economy and the political leadership presiding over it.
It is almost incredible that such an obvious commonsense solution is derailed because of extreme ideological aversion to even the faintest whiff of public ownership. But it exposes, more sharply than anything else, just how deeply embedded in the minds of the political and economic leadership of both main parties is the market fundamentalism which is the defining element of the neoliberal era. It must be made clear that using public ownership as the most obvious and appropriate solution at least cost in the current financial meltdown is not an ideological stance. It is simply the most sensible and pragmatic response to today's unprecedented conditions.
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A great community site with many free scat videos. PO Femdom Fetish Tube: The fundamental ground ings. The Prime Minister stated that, being the sole legal tender. In that way, of money is state power expressed The magnitude of cash in circulation is di- these forms of private money can be consid- through taxation.
To ered as economic assets. Private money The Chartalists are very keen to point break the grip of corruption and black money, transactions and business related to them we have decided that the five hundred rupee Ban, subject fetis the general rules of commodity out that their theory of money does not trade such as taxation law, business law, at all depend on legal tender laws. How- ly in use will no longer be legal tender from Whether or not some instrument is nom- ever, they are not official currencies and midnight tonight, that is, 8th November inated as a legal tender, it will be demand- This means that these notes will not be they are not governed by monetary law.
Laws designating spe- onwards. The five hundred and thousand ru- There have been several news reports cific instruments as a legal tender are nei- pee notes hoarded by anti-national and anti- of people and vendors accepting old ther necessary nor sufficient as a driver social elements will become just worthless money as payment, sometimes at a dis- pieces of paper. Modi of money.
In Vadodara, the Agricul- tender laws merely sanctify this fact. With that statement, the government ture Produce Market Committee was created an economic crisis from which reported to have accepted old notes Legal Tender and Economic Action we are yet to emerge. It shouted fire in a Sharmai Needless to say, it is the poorest nomic sense. Old notes continue to have demonetisation. The government order among us who were trampled. Such a hereby declares that the specified bank notes legal tender laws to the extent that calculation would still yield a positive shall cease to be legal tender with effect from even accepting taxes in old money was economic value for the old notes, as the 9th November, GoI insufficient to monetise them.
The ques- some concluded. As we know, the government set out tion we have then is, why should mere Yet these are exceptions. If private an ever-expanding series of exceptions legal tender laws have such an effect parties can still agree between them as outlining what the now-defunct tender on the acceptance of money in India? These were invariably Chartalism seems to fail to account for tion, and old notes continue to have some government services of a critical nature Indian realities. To reduce the lines in the banks are long and privately-circulated-yet-white money? And also, taxes at every level of money, he will continue to do business central bank post-notebandi, stated that government could be paid with old mon- in old money, accepting payments in while the legal tender character of the ey RBI So all these government services Note that legal tender laws merely though the legal picture is far from clear.
As the Chartalists der and the liabilities of the central bank note economy afloat for the remainder argue and as much of monetary history is an attempt to shore up the threatened of the year. It ought not to mean that endorsements on the bill from other liabilities, why was this not clarified private parties cannot contract in an as- prominent merchants. And why did we not see private set that this has economic value. These At a certain stage of development of contracting continue in these notes? The use of a demone- of high creditworthiness would them- action is that the government in effect tised note, an asset with economic value, selves be used as money, as a means of criminalised all cash activity after its ought not to render the contract criminal settling payments and storing wealth.
Merchants eventually hived off a dis- fully declared as taxable. Given that the The space to make this kind of argu- tinct bill discounting function whereby vast majority of transactions in India, ment in India is atrophied precisely they would take in bills of exchange especially those day-to-day activities, because the space of private law is atro- before their maturity but at a discount are cash-based, the effect of criminalis- phied. Where European legal tender from the face value in exchange for ing at one go was predictably disabling. Indian we now call banking. When a bank India is the expansion of the state into the practice definitely reflects this atrophy makes a loan to a borrower, it accepts capillaries of private contract, rendering of the private economic domain.
It has little Hence, the most widespread innova- based on their creditworthiness and do to with fiat money as such.
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I will pay you later. Because of the over-satura- creditworthiness because it has so ar- the unwanted scrutiny of the taxman. Our one of inventing methods of circumvent- in the form of deposits or interest on cash-based shopkeeper is guilty until ing the state. A key reason for why the economic operatives currently manning the government, who are not powerful economic minds who can think out of the box Bank fetish their own right, are acting the way they are is the absolute sanctity that the International Monetary Fund IMF and like-minded multilateral institutions, and the global army of analysts led by bond vigilantes lend to both the fiscal deficit and inflation numbers.
Even if inflation is under control, you cannot loosen the fiscal purse strings, not unless you are an American conservative who switched off his historical concern for the budget deficit as soon as Donald Trump cut taxes for the rich. The way to go for the finance ministry, unless the finance minister is on sick leave and the prime minister is out on a foreign tour, is to say the following: The buck stops with us. We will recapitalise banks and their shadow and then look at the far harder task of continuing to build infrastructure by improving the ease of doing business for firms whose promoters have their own skin in the game.