India’s Disastrous War Against Cash, Encouraged by American Taxpayers

Today, let's look at a real-world example of what happens when a government seeks to curtail cash. It happened in India last November, and I wrote about the disruption that was caused when the government banned certain notes.

But maybe the short-run costs were acceptable because there are long-run benefits. That's certainly possible, but the evidence suggests that the Indian government is doing long-run damage.