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Demonetisation is for losers: American economist Steve H Hanke
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Demonetisation is for losers: American economist Steve H Hanke
(Demonetization In India With Effect From November 8, 2016’)
By PTI | Updated: Feb 06, 2017, 05.40 PM IST
“Prof. Steve Hanke @steve_hanke Feb 5, 2017
#Demonetization is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.”
A. NEW DELHI: Criticising India's decision to scrap high-value currency notes, noted American economist Steve H Hanke has said demonetisation is for 'losers' and even Prime Minister Narendra Modi does not know where the country is heading now.
B. "#Demonetisation is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading," Hanke, an American applied economist at the Johns Hopkins University in Baltimore, Maryland, said in a tweet.
C. “Prof. Steve Hanke @steve_hanke Feb 5, 2017
D. #Demonetization is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.”
E. A Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, Hanke had earlier said that "India simply does not have the infrastructure to adapt to Modi's demonetisation...he should have known."
F. Prime Minister Narendra Modi on November 8 had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption
G. The Economic Survey for 2016-17 had said, "demonetisation will have significant implications for GDP, reducing 2016-17 growth by 0.25 to 0.50 percentage points compared to the baseline of 7 per cent.
A Few Selected Comments:
Rohan:
1. What hanke has said is absolutely true. Modi has shattered our economy by demonetisation. Millions lost their jobs because of this. Companies are not recruiting, exports have plunged to a new low, manufacturing is down, farmers lost what they had. Modi has taken Indian economy to 3 years back and now when he realises the blunder he committed and nothing''s left to lure voters to bjp he and his party has started to appeal people to vote for building ram temple. What a shame? What a shame? When there is no development seen around he has once again raised the issue of ayodhya.
Anshu:
2. Hanke is right in criticisizing the mega scam of demonetisation committed by bjp/modi which has ruined the economy. Earlier also nobel laureate economists like Paul Krugman and Amartya Sen has castigated the govt for committing the demonetisation scam. Due to this mega scam , common people of the country have suffered miserably, and they will reply through the baLLOT BOX. the only people eulogising the demonetisation are the paid typists recruited by the bjp''s IT Cell.
girish Kamat Points:
3. Half knowledge is dangerous. Ignorance is bliss. PM has surrounded himself with quacks and does not believe that discretion is better part of valour. Difference between MMS and Modi is MMS''s corruption was exposed but PM has successfully hidden his corruption in infrastructure so far. But that is not substitute to MMS''s expertise. Like Jobs said A player gets A players in his team, B and C get C and D people. That is recipe for disaster.
Upendra Prasad:
4. Rightly said. Modi does not know what he has done to Indian economy. He has hammered his own feet. Now, he is not even in a position to justify his decision of demonetisation, which has wracked havoc to the economy. He has himself destroyed his chance to repeat himself as the next PM after 2019. People made him Prime Minister, but he proved that he did not deserve this post.
Jacob Skaria:
5. Even our PM may not be knowing the purpose and out come of demonetization. From Nov 8 on wards he is going on changing his concept of demonetization. Initially PM except about 4 lakh cr not reaching bank, when it reached, his statement was about terror/fake money, terrioriest worked as usual then he says technology will catch black money people, then his statement is it biggest advantage is cashless transaction. Yadha Raja tadha Praja,in the same way all PM followers/ well wishers start clapping ..
Parambir Hanjra Hanjra:
6. A month ago demon was a big master-stroke for winning elections by Modi, not any more as in his speeches the joking and laughter is missing, genuine concern is visible, in older days it was the pundit that controlled the Raja, but it was the opposite in 2014 it was the chaiwala that controlled the pundit. But the fear of loosing the Raj made uturns out of Modi. It so happened that in the urgency to confuse the voter Demon was thrown prematurely without adequate preparation. It was for Black Money & Terrorrism, turned out to be for Cashless Economy, turned out to be for Less Cash, later became Digital Economy. But all ploys failed miserably. Now their is no mention of Demonetization in the speeches of Amit Shah & Modi both in Aligarh & Meerut. Demonetization has never been successful any where in the world, digitization has taken 10 years to take root, cannot be done overnight.
7. ‘Demonetization In India With Effect From November 8, 2016’
Balbir Singh Sooch –Sikh Vichar Manch observed as under:
Yadha Raja tadha Praja, seems to be rightly said, I am being layman and not an expert on the subject, but beside that definitely shared the sufferings of people all over due to the sudden of ‘‘Demonetization-Notebandi-Cashless India’ in my writings number of times so far.
From the comments as to how far PM MODI and his team feels or would feel stronger or weaker as their picture is projected till date from different angles.
Again, it is difficult to say whether PM MODI and his team will remain stronger for a short or longer period politically by weakening the country economically leading to Chaos or adverse to it, for betterment of country-India as being said, “Yadha Raja tadha Praja, in the same way all PM followers/ well wishers start clapping … rightly or wrongly and incorrectly ignoring the advice of great expert economists of living within India and outside?
I am among those who could not decide whether to clap ever in favour of PM MODI and his team blindly, seeing and keeping in view the endless sufferings of people all over due to the sudden decision of ‘Demonetization-Notebandi-Cashless India’? Commented by Balbir Singh Sooch –Sikh Vichar Manch
Courtesy by: The Economic Times
Forwarded by:
BALBIR SINGH SOOCH-SIKH VICHAR MANCH
http://www.sikhvicharmanch.com/
https://www.facebook.com/balbir.singh.355
#Demonetization is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.”
C. “Prof. Steve Hanke @steve_hanke Feb 5, 2017
D. #Demonetization is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.”
E. A Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, Hanke had earlier said that "India simply does not have the infrastructure to adapt to Modi's demonetisation...he should have known."
F. Prime Minister Narendra Modi on November 8 had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption
G. The Economic Survey for 2016-17 had said, "demonetisation will have significant implications for GDP, reducing 2016-17 growth by 0.25 to 0.50 percentage points compared to the baseline of 7 per cent.
A Few Selected Comments:
Rohan:
1. What hanke has said is absolutely true. Modi has shattered our economy by demonetisation. Millions lost their jobs because of this. Companies are not recruiting, exports have plunged to a new low, manufacturing is down, farmers lost what they had. Modi has taken Indian economy to 3 years back and now when he realises the blunder he committed and nothing''s left to lure voters to bjp he and his party has started to appeal people to vote for building ram temple. What a shame? What a shame? When there is no development seen around he has once again raised the issue of ayodhya.
Anshu:
2. Hanke is right in criticisizing the mega scam of demonetisation committed by bjp/modi which has ruined the economy. Earlier also nobel laureate economists like Paul Krugman and Amartya Sen has castigated the govt for committing the demonetisation scam. Due to this mega scam , common people of the country have suffered miserably, and they will reply through the baLLOT BOX. the only people eulogising the demonetisation are the paid typists recruited by the bjp''s IT Cell.
girish Kamat Points:
3. Half knowledge is dangerous. Ignorance is bliss. PM has surrounded himself with quacks and does not believe that discretion is better part of valour. Difference between MMS and Modi is MMS''s corruption was exposed but PM has successfully hidden his corruption in infrastructure so far. But that is not substitute to MMS''s expertise. Like Jobs said A player gets A players in his team, B and C get C and D people. That is recipe for disaster.
Upendra Prasad:
4. Rightly said. Modi does not know what he has done to Indian economy. He has hammered his own feet. Now, he is not even in a position to justify his decision of demonetisation, which has wracked havoc to the economy. He has himself destroyed his chance to repeat himself as the next PM after 2019. People made him Prime Minister, but he proved that he did not deserve this post.
Jacob Skaria:
5. Even our PM may not be knowing the purpose and out come of demonetization. From Nov 8 on wards he is going on changing his concept of demonetization. Initially PM except about 4 lakh cr not reaching bank, when it reached, his statement was about terror/fake money, terrioriest worked as usual then he says technology will catch black money people, then his statement is it biggest advantage is cashless transaction. Yadha Raja tadha Praja,in the same way all PM followers/ well wishers start clapping ..
Parambir Hanjra Hanjra:
6. A month ago demon was a big master-stroke for winning elections by Modi, not any more as in his speeches the joking and laughter is missing, genuine concern is visible, in older days it was the pundit that controlled the Raja, but it was the opposite in 2014 it was the chaiwala that controlled the pundit. But the fear of loosing the Raj made uturns out of Modi. It so happened that in the urgency to confuse the voter Demon was thrown prematurely without adequate preparation. It was for Black Money & Terrorrism, turned out to be for Cashless Economy, turned out to be for Less Cash, later became Digital Economy. But all ploys failed miserably. Now their is no mention of Demonetization in the speeches of Amit Shah & Modi both in Aligarh & Meerut. Demonetization has never been successful any where in the world, digitization has taken 10 years to take root, cannot be done overnight.
7. ‘Demonetization In India With Effect From November 8, 2016’
Balbir Singh Sooch –Sikh Vichar Manch observed as under:
Yadha Raja tadha Praja, seems to be rightly said, I am being layman and not an expert on the subject, but beside that definitely shared the sufferings of people all over due to the sudden of ‘‘Demonetization-Notebandi-
From the comments as to how far PM MODI and his team feels or would feel stronger or weaker as their picture is projected till date from different angles.
Again, it is difficult to say whether PM MODI and his team will remain stronger for a short or longer period politically by weakening the country economically leading to Chaos or adverse to it, for betterment of country-India as being said, “Yadha Raja tadha Praja, in the same way all PM followers/ well wishers start clapping … rightly or wrongly and incorrectly ignoring the advice of great expert economists of living within India and outside?
I am among those who could not decide whether to clap ever in favour of PM MODI and his team blindly, seeing and keeping in view the endless sufferings of people all over due to the sudden decision of ‘Demonetization-Notebandi-
Courtesy by: The Economic Times
Forwarded by:
BALBIR SINGH SOOCH-SIKH VICHAR MANCH
http://www.sikhvicharmanch.
https://www.facebook.com/
#Demonetization is for losers and has been bungled from the start. No one, not even Modi, knows where India is heading.”