this post was submitted on 08 Feb 2025
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How to fix the economy (lemmy.world)
submitted 4 months ago by The_Picard_Maneuver@lemmy.world to c/curatedtumblr@sh.itjust.works
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[–] Maggoty@lemmy.world 1 points 4 months ago (2 children)

India made a run at wealth hoarding by issuing a new currency. They declared it was worth something like 5 old currency and you had to personally turn in old money to get new money. You couldn't just digital it.

I have no clue how well that did or didn't work but they haven't imploded yet. So there's a lot more play in this money thing than the finance industry would like us to believe.

[–] chicken@lemmy.dbzer0.com 1 points 4 months ago

They declared it was worth something like 5 old currency and you had to personally turn in old money to get new money

Then it's not just backed by their declaration

[–] emergencyfood@sh.itjust.works 1 points 4 months ago

Do you mean the 2016 demonetisation? It was allegedly aimed at reducing counterfeit notes, and involved removing the largest value notes in circulation and replacing them with new notes at a 1:1 exchange. It failed to stop counterfeiting, and resulted in at least 80 deaths, 15 lakh job losses and a measurable fall in GDP growth.