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Penniless lenders — I

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13.01.2018

To the surprise and horror of an Indian nation of more than a billion, in November 2016, many people woke up from being have to have-nots as some of the country’s wealth vanished in thin air when 500 and 100 rupee bills were demonetised by the Indian government. It was not the birth of a new reality, it was just that an absolutely forgotten reality making its way to the public in a rather rude manner: their money, Indians realised, was state owned, and that they were only using it on behalf of their government, not owning it in the classic sense of ownership. One must ask if that holds true for all modern economies.

Human societies of the past are known to have traded using barter systems. The first known use of a metal as currency, according to some historians, was by Lydians in around 6th century BC. Since then the precious metals have been used as a store of value and as a gauge for comparative value of different commodities.

It is up to question if the money has evolved from that stage to come to a point where one of the biggest robberies in the history of mankind was facilitated in India by stripping people off their hard earned money by the mere stroke of a pen. That money might have been retrieved later but that is not good enough for many whose earnings turned into a piece of paper when they and their families needed it.

The first known use of a metal as currency, according to some historians, was by Lydians in around 6th century BC

That should not have been so shocking had the masses known that it was actually a stroke of pen that initially created that money and that there was nothing perplexing about it disappearing in the same........

© Pakistan Today