by Andy Hoffman, MilesFranklin.com:
For the past year, we have opined that India’s government may be the world’s most inept; which, as you well know, are saying A LOT. By kowtowing to Western bankers – and thus, massively overprinting the Rupee – the Reserve Bank of India has created one of the world’s worst inflation problems. Compounding this madness, the Indian government has undertaken an open-ended promise to subsidize two-thirds of the population with rice and wheat at $0.45/lb. and $0.30/lb., respectively, compared to the current market rates of roughly $16/lb. and $6/lb. In other words, the equivalent of naked shorting billions of ounces of silver at, say, $5/ounce.
Worse yet, it moronically decided to restrict gold imports and sales, to a billion-plus gold loving, rupee hating people.
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