A great article by Grant Williams traces the decline of India’s rupee. The idiot Keynesians who ran the Bank of India destroyed the rupee.
In India, fathers buy gold for their daughters’ dowries. They don’t buy rupees.
India put a tax on gold imports in a vain attempt to save the rupee. It didn’t work.
The government hates it when Indians buy gold. This shows a lack of faith in the government. That lack of faith is well deserved.
The government said that Indians who bought gold were making a big mistake. But it turns out that Indians who trusted the government’s rupee made the big mistake. Those who bought gold are sitting pretty.
If you think it can’t happen here, you could wind up like all those Indians who have lost a quarter of their wealth in recent months. They believed their government. Silly them.