Today is 8th November – the third anniversary of “Demonetization”. It was on 8th November 2016 that a lunatic, narcissist megalomaniac called Narendra Modi announced at 8 PM that he would demonetize Rs. 500 and Rs. 1000 currency notes which constituted 86% of the currency in circulation. It was hailed as a Masterstroke by the idiot Bhakts, which included some famous and supposedly educated economists.
I had written extensively against this mindless, ill-conceived and ill-executed decision of Demonetization.
Three years later it is very clear that Demonetization was a monumental blunder and we are still paying for it. What could have been a better confirmation that on the third anniversary Moody’s – the Rating Agency downgraded India’s outlook from “stable” to “negative”.
Don’t think that this is an effect of global uncertainty/slowdown or some other recent factors such as trade war concerns. They might have played a small role. But most of it is our own doing and the roots of all this mess can be traced to Demonetization. You’ll find enough data points which suggest that our macro indicators have been butchered since Demonetization.
What’s worse is that people have been totally ignorant of this tragedy. They brought back in 2019 the same maniac with even stronger majority and gave more teeth to his deputy and hit-man thug Amit Shah. The results are clear. The manner in which Article 370 was abrogated bypassing constitutional procedure, and subsequent lock down of Kashmir shows where we are headed. Ayodhya verdict will come out any time in next 1-2 weeks. I hope that would be the end of the torture and we would get back to the real and meaningful issues such as unemployment, economy, infrastructure and social harmony.
Till then we must suffer collectively for choosing the clown. As they say: Elect a clown, expect a circus!