“There’s Chaos Everywhere” – Indians Angry As ATMs Run Dry After Cash Ban

Tyler Durden's picture

The blowback from the world’s latest strike in the war on cash is unraveling fast in India. This week’s decision by PM Modi to ban some high-denomination banknotes (on the premise of fighting corruption) has left “chaos everywhere” according to one official who accused the prmeier of wreaking havoc on the poorest Indians. As Reuters reports, nearly half of India’s 202,000 ATMs were shut on Friday and those that operated quickly ran out of the new notes as scores of people descended upon them.

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WAR OF THE WORLDS

“We know now that in the early years of the twentieth century this world was being watched closely by intelligences greater than man’s and yet as mortal as his own. We know now that as human beings busied themselves about their various concerns they were scrutinized and studied, perhaps almost as narrowly as a man with a microscope might scrutinize the transient creatures that swarm and multiply in a drop of water. With infinite complacence men went to and fro over the earth about their little affairs … In the thirty-ninth year of the twentieth century came the great disillusionment. It was near the end of October. Business was better. The war scare was over. More men were back at work. Sales were picking up.” – Opening monologue of  War of the Worlds broadcast – October 30,1938

It was 77 years ago this week that Orson Welles struck terror into the hearts of Americans with his live radio broadcast of the HG Wells classic War of the Worlds. The broadcast began at 8:00 pm on Mischief Night 1938. As I was searching for anything of interest to watch the other night on the 600 cable stations available 24/7, I stumbled across a PBS program about Welles’ famous broadcast. As I watched the program, I was struck by how this episode during the last Fourth Turning and how people react to events is so similar to how people are reacting during the current Fourth Turning. History may not repeat exactly, but it certainly rhymes.

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QUOTE OF THE DAY

“In reading The History of Nations, we find that, like individuals, they have their whims and their peculiarities, their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.”

Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds