SEIGNIORAGE

Author: 3RU7AL
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#1
3RU7AL
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coinage has an interesting history

in india, when the foreign invaders wanted to control the population

they minted new coins

but nobody used them, and that makes a poor system of control

so, they did some research

and minted new coins with the image of a luck god that was popular in that region

and spread rumors about how lucky things happened to people who carried these lucky coins

people then wanted these coins, because, who doesn't need more good luck, and apparently, the more coins you hold, the more luck you get

they of course also cornered the market on wheat (leveraging physical force, aka, soldiers) and set an exchange rate of X number of coins for X measure of wheat
this gives the coin practical utility

but to really get things started, they need the broadest possible USERBASE

and that's where the "air-drop" comes in

representatives traveled the countryside, making sure every village gets some free coins and spreads the word about how lucky they are

and just like cocaine

once you get them hooked

the system becomes self-sustaining
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Shila
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The valued of gold has dropped. Fortunately India has a robust IT, Pharmaceutical and medical practitioners to make it self reliant.
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@Shila
The valued of gold has dropped. Fortunately India has a robust IT, Pharmaceutical and medical practitioners to make it self reliant.
the value of precious metals has been manipulated by market-makers for a very long time
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The valued of gold has dropped. Fortunately India has a robust IT, Pharmaceutical and medical practitioners to make it self reliant.
the value of precious metals has been manipulated by market-makers for a very long time
Gold was a hedge against inflation. But we have high inflation and gold stocks dropped by 15%.
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@Shila
Gold was a hedge against inflation. But we have high inflation and gold stocks dropped by 15%.
because of the market manipulation
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Gold was a hedge against inflation. But we have high inflation and gold stocks dropped by 15%.
because of the market manipulation
Or was it designed to fool the Indians?

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@Shila
India also has a lot of very poor people who have always been self-reliant.

India is a Nation of two halves. A very big half and a much smaller half.

Typical of capitalist evolution I suppose.
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India also has a lot of very poor people who have always been self-reliant.

India is a Nation of two halves. A very big half and a much smaller half.

Typical of capitalist evolution I suppose.
There is an explanation for Indias current high poverty rate.

How Britain stole $45 trillion from India And lied about it

Jason Hickel The GuardianJason Hickel The Guardian
DECEMBER 15, 2018
There is a story that is commonly told in Britain that the colonisation of India – as horrible as it may have been – was not of any major economic benefit to Britain itself. If anything, the administration of India was a cost to Britain. So the fact that the empire was sustained for so long – the story goes – was a gesture of Britain’s benevolence.

New research by the renowned economist Utsa Patnaik – just published by Columbia University Press – deals a crushing blow to this narrative. Drawing on nearly two centuries of detailed data on tax and trade, Patnaik calculated that Britain drained a total of nearly $45 trillion from India during the period 1765 to 1938.

It’s a staggering sum. For perspective, $45 trillion is 17 times more than the total annual gross domestic product of the United Kingdom today.

See another link.

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Yes, I did briefly read that article.

Seemingly a staggering claim, but not quite all that it seems. For a start, 45 trillion is a comparative amount and somewhat sensationalist to say the least.

And who is regrinding the old colonial axe now, and why?

And certainly not relative to caste disparity and associated wealth disparity in modern Indian society.

And judging the past against the present only serves to achieve global negativity, same as ever.

And I sure that Mr Patnaik is doing just fine for himself.
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Shila
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Yes, I did briefly read that article.

Seemingly a staggering claim, but not quite all that it seems. For a start, 45 trillion is a comparative amount and somewhat sensationalist to say the least.

And who is regrinding the old colonial axe now, and why?

And certainly not relative to caste disparity and associated wealth disparity in modern Indian society.

And judging the past against the present only serves to achieve global negativity, same as ever.

And I sure that Mr Patnaik is doing just fine for himself.
That is evidence India was robbed by the British and by so many  Indians live in poverty. 45 trillion is not a trivial amount.

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@Shila
45 trillion, is a comparative amount applied for the purposes of sensationalism.

Using the blacky v whitey mantra to cherry pick specific bits of recent history to justify the disparate society that is Modern India.

By an ex-Indian doing well in the U.S.A.
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Shila
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45 trillion, is a comparative amount applied for the purposes of sensationalism.

Using the blacky v whitey mantra to cherry pick specific bits of recent history to justify the disparate society that is Modern India.

By an ex-Indian doing well in the U.S.A
Think what 45 trillion would do for the underprivileged in India.