The Mauryan Empire was arguably the largest empire to rule the Indian subcontinent, with a single currency across India. Kumaragupta I, gold dinar, c. 415–455, image from Coin India.

What if Indians can choose their money?

What if there is a means to prevent the poor getting poorer?

Even accounting for the ISI’s Karachi INR currency note press, the free-falling rupee, demonstrates the hypocrisy of a ruling elite. Netas claim the amelioration of poverty to be their raison d’etre.

Sher Shah Suri issued the first Rupiya. Image from CoinIndia.com

India has conjured up a plethora of projects to uplift the underprivileged: Garibi Hatao, Jai Jawan, Jai Kisan, Jan Dhan Yojna, National Old Age Pension Scheme (NOAPS), National family Benefit Scheme (NFBS), Indira awaas Yojana (IAY), Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), Annapurna, Integrated Rural Development Program(IRDP) …

Even when wrapped in the tricolour, India has made the rupee fail.

Seigniorage, passivity & ignorance arbitrage

seigniorage, ˈseɪnjərɪdʒ/, noun: profit made by a government by issuing currency, especially the difference between the face value of coins and their production costs.

historical: a thing claimed by a sovereign or feudal superior as a prerogative.

From Google

Both the Reserve Bank of India & the government of India profit from issuing currency notes & the replacement of soiled currency notes.

Is seigniorage profit based on the public’s ignorance arbitrage or an average Indian’s passivity?

The way we make our money…why we paid 67,000 crores (a little less than USD 10 billion) in dividends to the government last year is because people hold currency and don’t ask us for a return on it…then we can invest the currency that we issue in things like government bonds….foreign exchange reserves…government bonds are paying 7.6% today…If we moved entirely to electronic currency…seigniorage revenue would disappear & we would have to ask the government to finance us, instead of us financing the government.

Raghuram Rajan, former Governor, Reserve Bank of India, Q & A

Did post-Independence India, ever provide its citizens sound, honest money?

While the Jan Dhan Yojana has brought 260 million into the formal banking system, these new depositors have only a INR 100,000 RBI bank account guarantee. This limited deposit insurance, even for public sector banks, is a reason why Indians continue to trust gold for preservation of capital.

Economics : Fiat Currency :: Physics : Gold Money. Gold is perfect money because of physics; not economics Through the Goldmoney Android & iOS apps, Goldmoney Personal & Business accounts & Goldmoney Wealth clients can access Goldmoney platform features. Image from Jacquelyn K Humphrey’s Goldmoney News blog post. You too can make gold your money.

Indians have usually elected Dracula to run the blood bank.

Neither fellow-travelling socialist Bharat nor crony capitalist India, has ever provided Indians with a stable currency, as evidenced by:

• Morarji Desai’s 1968 gold grab, jump started Dawood’s import-export business.
• Indira Gandhi 1969 bank nationalization strangled whatever entrepreneurship had survived Nehru’s mixed economy.
• India is still in the process of muddling through Narendra Modi’s 2016 demonetization.

Gold is made in the interior of massive stars. Gold : Physics :: Currency : Debt. A currency is payment commonly accepted to pay a debt. The rupee, like all fiat, is a debt based currency. All Indians can choose to have gold as their money. Sound, honest, money, once again. Today.

What if Indians have a choice in money?

And the money is not only as good as gold?

But gold?