1. Demonetisation is for losers: Economist Steve H Hanke

Demonetisation is for losers: Economist Steve H Hanke

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.

By: | New Delhi | Published: February 6, 2017 5:43 PM
hanke 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.” (Twitter)

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.

“#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.

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.”

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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.

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.”

  1. B
    Boxenchau
    Feb 7, 2017 at 4:35 pm
    Not at all a good decision..... more for TRP rating. Had he announced disclosure of all parties political funding to be mandatory the decision would change this county for more good than demonetisation
    Reply
    1. N
      Non bakht
      Feb 8, 2017 at 3:10 am
      Modi bhakti cant save nation. U people dont know pros and cons. only modi modi modi. and wat one here said that do u guarantee those 100 wouldnt be dead without demonetisation.... can u guarantee even yourself. And mean it that in India every time is an election time if someone says truth.Bakhts need Bahana
      Reply
      1. H
        Humanity
        Feb 7, 2017 at 3:06 am
        Ok bhakts...so what excuse are you going to use to trash this guy? lol...you people need to stand up and admit this act of Demon by Modi was the biggest ber ever taken. Now faced with unemployment rising. Great. Those who are successful admits to their mistakes and move on but this ego maniac cant handle the truth and lives on lies. 2019 isnt far.
        Reply
        1. A
          Ajith
          Feb 6, 2017 at 2:02 pm
          It's worthless report is being published here, no basis for his claim "Demonetisation is directionless". Why it is directionless.
          Reply
          1. S
            Subhajit
            Feb 7, 2017 at 10:51 am
            Okay. Only you are genius and he is stupid including the Govt. and the RBI. Right?
            Reply
            1. S
              Subhajit
              Feb 7, 2017 at 10:49 am
              Please stop this cheap political words. Demonitization didn't kill those people. Even if the demonitization didn't happen, do you guarantee that these people wouldn't have been dead?
              Reply
              1. S
                Subhajit
                Feb 7, 2017 at 10:52 am
                So, it's not the infrastructure. It's the mentality. Isn't it?
                Reply
                1. D
                  Dinesh Shah
                  Feb 7, 2017 at 8:51 am
                  Big economies can not grow at more than 5% because their trillions of dollars worth economies If grow by one percent the actual amount will be equal to many countries' total GDP. And that will adversely impact the world economies. Because we are far poor and our per capita income is a iota of theirs, we must grow by 10% or so and even then world will not be tremendously affected .
                  Reply
                  1. K
                    Kamal Gaur
                    Feb 8, 2017 at 12:32 pm
                    Muhammad Bin Tughlak is known in history around 1000 years ago to take such decisions, about banning gold and silver coins and started with leather coins, then talking apital from Delhi to Tughlakabad and then return back to Delhi. I am traveling across India and seeing the negative effects of demonetization, on businesses, small or big, on tourism, on retailer and textile industry, on hospitality and travel industry, farming and dairy industry. all are suffering. Real estate is down to zero, ATM machines has no cash, budget tourists are not spending cause has no change available.Middle man are charging them 5% on cash advance on credit card. Gas stations are not accepting cards. Its total chaos. Disaster on economy is inevitable. Only government ried people are smiling all others are crying.
                    Reply
                    1. A
                      Arun singh
                      Feb 6, 2017 at 3:39 pm
                      Instead of criticizing hankes report on Indian demonetisation step by modi in blank. Come out with the benificial outcome to criticize his report. Well we all supported government, all we want to know where the step was placed on firm homework or not. Give it a try atleast.
                      Reply
                      1. J
                        JPMorgan
                        Feb 7, 2017 at 3:48 pm
                        Sir, I agree with your essment of impact of demonetization on economy. Modi is done now.
                        Reply
                        1. K
                          Ketan Kadu
                          Feb 7, 2017 at 3:52 pm
                          You mean to say he was a good economist and he was sleeping for this many days and now woke up from his slumber and put his opinion in the tweets. What a timing just before they election he woke up and put up a negative remark on the Bhartiya Goverment.
                          Reply
                          1. K
                            ketan
                            Feb 7, 2017 at 3:38 pm
                            What a stupid economist, come to India and see the effect. Now everyone is back on track and ready to take on the world. I suspect he is a paid specilist thay why he just woke up in the election time. Anyway "Bharat ka jo hona hai ho jayega we are ready for it, worry about the USA for now"
                            Reply
                            1. S
                              Sayed Maqsood
                              Feb 8, 2017 at 10:19 am
                              Muslims are speaking truth, and truth tastes bitter.its time now for all Indian voters who voted for modi including me in 2014 to teach him a good lesson in all 5 states and in 2019 and throw him out of power, he is only shouting giving tall and big speeches but we need action not words,ACTION SPEAK LOUNDER THAN WORDS.Where is 15 lakhs, where is jobs for 2 crores every year as promised by modi in his election manifesto in 2014, where is farmer loan cancelled,where is bullet train, he promised to have within 100 days of his coming to power.He promised that he will deliver within 100 days of coming to power all the promises he made in his election rallies, but not a single has been fulfilledmodi is making rich more rich and poor more poor , the demonetization of 500 and 1000 rupees mostly poor, middle cl and farmers suffering, modi treating all these as black money ders, what a shame.he is protecting, ambanis, birlas, adanis, tatas, and all big business houses,because they givehim donations in crores so that he can use that money for his election campaigns, modi is paying Rs.500 to each person to attend his election rallies, what a shame, modi is no 1 corrupt and brife takers, he took Rs 50 crores from birlas and 25 crores from adani for his election funds, modi is the worst PM we have ever seen.,modi is working only for his party only for RSS developments, modi is not looking about the welfare of Indians , poor etc. time has come for all of us to throw modi out of power hahahahahah
                              Reply
                              1. S
                                Sayed Maqsood
                                Feb 8, 2017 at 10:19 am
                                फालतु में मोदी के पीछे पडे रहेते है सब !! कौन कहेता है मोदीने 3 सालमें कोइ काम नहीं कीया ??? ये रहा लिस्ट... मोदी विरोधीओ के मुंह पे दे मारना...** बड़े उद्योगपति ओ की लोन माफ़ की और आमआदमी पर टैक्स बढ़ाया मतलब गाय का दूध निकाल के को पिलाने जैसा काम किया !*नोटबंधी करके अमिरोका कालाधन सफेद कीया और सेंकडो गरीबोकी लाशे बिछाइ*जवानोको घटीया खाना खिलाके देशके बहोत पैसे बचाये* अडानी को ठेके दिलाये*लोकशाहीका खुन कीया*पत्रकारीताको शर्मिंदा कीया* जयललिता को जेल जाने से बचाया* ललित मोदी को बचाया* पेट्रोल के भाव बहोत कम हो सकते थे लेकीन होने नहीं दीये !!* फेसबुक पर विरोधी कमेन्ट लिखने वालों को जेल भेजा* कश्मीर मे पाकिस्तानी झंडे लहरवाए* दिल्ली सरकार को अच्छे काम करने से रोका* महंगे पंडाल लगाने वालों को काम मिला* गुजरात और MP के मुख्यमंत्रियों को 100 करोड़ के विमान दिलवाए* काला धन वालों के नाम छुपाकर उन्हे बदनाम होने से बचाया* नकली डिग्री को सम्मान दिया* रिलायंस को सरकारी ठेके दिलवाए* बिजली के रेट बढ़ाने मे बिजली कंपनियो की मदद की* लोगो को गैस सबसिडी छोड़ने को कहा* ACB के पावर कम किए* रुपये की कीमत गिराई* शिक्षा का बजट कम कर हजारो करोड़ बचाए* गौ मास पर सबसिडी बढ़ाई* कहा स्किल इंडिया और बनाया स्केम इंडिया* चुनावो मे अरबों रुपये खर्च किये* पीडीपी से सत्ता की भागाई की* नावजशरीफ की केक काटी और पठानकोट हे की पाकिस्तान से जाच करवाई* स्वच्छ भारत का नारा देकर ईमानदार अफसरो का सफाया किया* शरद पवार के फार्म हाउस मे रात बिताई और पद्म विभूषण दिलाया * लोगो को थूक चाटने की कला दिखाई...!!!*3 साल में इतने सारे बडे बडे काम करने के लीये छप्पन इंच का सीना चाहीए !!**कौन कहेता है मोदीने कोइ काम नहीं कीया !!*
                                Reply
                                1. F
                                  Fauxall
                                  Feb 8, 2017 at 12:23 am
                                  Are trying to convince a blind and deaf loud mouth of trolls that have not even read economics but studied possibly in a shady foot school ?
                                  Reply
                                  1. F
                                    Fauxall
                                    Feb 8, 2017 at 12:26 am
                                    No amount of intelligence can light Indias candle anymore. It's done. There's one salvation for its people that the floodgates may open for a deluge and Wash away their ignorance as in past deluges when humankind was unfit for further evolution, Indian progeny is doomed.
                                    Reply
                                    1. P
                                      Pran
                                      Feb 6, 2017 at 4:20 pm
                                      What all these theoreticians are doing for their own country, as in this case Growth Rate, it is only 1.5 % in USA. Give money to these people and will write any thing to your wishes.
                                      Reply
                                      1. R
                                        Rajan Adigal
                                        Feb 6, 2017 at 3:30 pm
                                        Read report of Financial Express Steve H Hanke have right say his opinion ,but matter he does not well realize - Prime minister decision -He studied enough then took the step ban high value currency because prevent black money fake currency and corruption it is the secure of Nation's Economy that why -Demonetisation is needed
                                        Reply
                                        1. R
                                          raka
                                          Feb 6, 2017 at 1:03 pm
                                          Well he may be partly right but grossly wrong when he says there is no infra to support cashless transactions. He has never experienced India i guess, one of those people who say things based on their false image of this country. Not your fault Mr., every american thinks Indians are living in a cowsheds and snake charmers roam this land.
                                          Reply
                                          1. R
                                            rohan
                                            Feb 8, 2017 at 7:51 am
                                            Modi chala hero banne. Modi bana Zero !
                                            Reply
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