This had many people puzzled. What does Bill Gates have to do with anything that he’s been quoted out of the blue? Why would Bill Gates be the source of information on how many mobile phones or Aadhaar cards are in India for the Finance Minister with access to National statistics? For example the Assocham Deloitte study that says that internet connectivity is still out of reach for 950 million Indians? A few others, who had been paying attention to the news remembered Bill Gates endorsing the demonetisation last month and then denying much knowledge of it and limiting his endorsement to the digitisation of the Indian economy. But what does Bill Gates have to do with India’s demonetisation that he was even asked to comment or endorse it at all or that made headlines on the subject twice and a month later the Finance Minister used data allegedly provided by him to support the viability of this insane venture? 100 crores is 1 billion – in a country of 1.2 billion, with 22% of the population (264 million!) below an absurd poverty line. You’d need to hand phones to babies on birth to get that kind of penetration! That alone should tell you that the number is useless for anything more than propaganda. It is the total number of SIMs sold. Of them “active” – used once a month at a minimum – are 900 million. This number would also include dual SIM phones, SIMs used for non-phone devices (air pollution measuring devices, for example), multiple SIMs used for businesses and so on. This really tells you nothing about the kind of penetration that would allow cashless transactions. Far more accurate statistics with relevance to demonetisation are available for India that make it clear that India has 220 million (100 crore is 1 billion) smart phone users (not all of them have internet enabled). For that, we must rewind a bit, to something I’ve mentioned briefly in previous articles and explore it in more details. Worldwide, as banks fail to manage their money responsibly, we are seeing them flounder. Powerful companies and people writing and influencing monetary policies are encouraging cashless transactions – supposedly to improve the government’s coverage for taxation, but in reality, in a country with 70% of its population only owning 10% of its wealth while the top 1% own almost 60%, the cost of digitizing the vast majority of citizens is not even going to be covered by anything that can possibly be recovered from their meagre income that is way below taxable limits. It doesn’t take a hotshot economist to know that in a country where 1% of the population pays taxes, the “tax net” is unlikely to get any substantial benefits from being thrown over 100% to see who gets caught. The costs of such an exercise would outstrip any benefits. What going cashless actually achieves is providing a lifeline to banks by:
Bill Gates told me that here more than 100 Cr have mobile phones, 109 Cr have Aadhar cards, digital economy will boom in India: FM Jaitley pic.twitter.com/dG9u3iHR2c— ANI (@ANI_news) December 25, 2016
- Getting most of the nation’s money into them and shoring up their failing liquidity
- By generating an income for them from the routine transactions of every citizen’s day to day living.
- Preventing withdrawal of cash from banks by people who want to make more economical choices instead of paying commissions for every use of money.
- Jaitley’s direct quote of incorrect statistics allegedly provided to him by Bill Gates, that he used in order to justify the demonetisation at the Digi Dhan mela, even as all statistics of any reputable source point to the opposite. The RBI’s data even shows that while the number of card transactions at PoS has increased (out of necessity), the value of transactions has actually gone down, clearly indicating a reluctance to adopt cashless transactions more widely than what was going on naturally.
- While in opposition, the BJP itself has pointed out that the CIA works through the USAID programme acting through philanthropic foundations to destabilize countries. There is considerable evidence to support this that BJP were already aware of. USAID has been implicated in covert operations to support subversive activities in countries from Cuba to Pakistan and notably the backing of Al Qaeda affliated rebels in Syria recently.
- Ford Foundation grants have in the past preceded at least two major political upheavals in the country – the Janlokpal Andolan and the creation of the Vivekananda International Foundation (which backed it and later ran subversive slander campaigns undermining the newly emerging AAP) were both preceded by grants by the Ford Foundation to their founding members or organizations. The Jan Lokpal Andolan discredited the government then in power. The Vivekananda International Foundation masterminded the rise of the current government, discredited the Aam Aadmi Party that was on the rise and now has an extraordinary number of members appointed to government positions, including the National Security Advisor Ajit Doval, under whose “able guidance”, India’s regional foreign policy has collapsed. There are allegations that he influenced a controversial supercession in the appointment of the next Army Chief.
- Contributed by reader Prem A (in comments below): The conflict of interest doesn’t stop there, Dr Nachiket M. Mor is the country directory of Bill & Melinda Gates Foundation and he is also one of the directors of RBI.
- Usual sources of reliable advice and information to the government appear to have been bypassed in this apparently “well planned” demonetisation, indicating that other sources of information were likely used – the government may potentially have been misled to use information that was not in national interest. This needs investigation given the mounting damage being inflicted on the country.
- Strangely, neither the government’s joining the Better than Cash Alliance, nor the Catalyst were reported in India at all. For a government that proudly publicizes its every sneeze and hiccup that is dutifully given maximum publicity by a subservient media, if this were indeed a move that would benefit India, it is unclear why the Prime Minister would not proudly declare it.