New Delhi, December 23: Steve Forbes, Editor in chief of America’s most read “Forbes” magazine defined Indian Prime Minister Narendra Modi led demonetisation drive as “a massive theft of people’s property” shockingly committed by a democratically elected government which is “immoral”, “sickening” and a “dreadful” example for the world.
In a hard-hitting editorial for Forbes magazine which is yet to be published on January 24, 2017 in print edition of the magazine, yet available online, Forbes writes: What India has done is commit a massive theft of people’s property without even the pretence of due process — a shocking move for a democratically elected government. India is the most extreme and destructive example of the anti-cash fad currently sweeping governments and the economics profession.
He points out: Governments don’t create resources, people do!
Forbes blatantly says the move by the ruling government will harm its people and set a dreadful example for the world. In a razor sharp criticism, the senior journalist censured the government for its unprecedented act of withdrawing 86 percent of legal currency in the country and hurting the economy.
FORBES gave a 4 Point ANSWER to the Modi Government who propagated demonetization for far-reaching results.
1. Terrorists aren’t about to quit their evil acts because of a currency change.
2. As for the digitization of money, it will happen in its own good time if free markets are permitted.
3. And the best cure for tax evasion is a flat tax or, at the least, a simple, low-rate tax system that renders tax evasion hardly worth the effort.
4. Make it easy to do business legally and most people will do just that.
He further pointed, in its current form of demonetisation, there’s no misunderstanding what this is truly about:
“By stealing property, further impoverishing the least fortunate among its population and undermining social trust, thereby poisoning politics and hurting future investment, India has immorally and unnecessarily harmed its people, while setting a dreadful example for the rest of the world.”
Forbes lashes out Modi government for attacking public’s privacy and inflicting more government control over life. The government’s prerogative should be to make the rupee as strong as the Swiss franc and not hurt the public.