As most of you know, I've been following the alleged counterfeit bearer bond story for some time now, since at the minimum it indicates that there is at least a major market for such things, and major players behind their manufacture. But there's another side to this counterfeiting story, and that is the state- or other organization-sponsored counterfeiting of currency, which seems, in India's case, to have reached serious proportions:
The U.S., as the article notes, has a massive database of counterfeit notes - including photographs - and histories of their circulation, and India is seeking the technology.
But we can expect another "directed history narrative" to emerge here, as financial elites and private central banks seek to clamp down even more tightly on the control of their money monopoly. That narrative will go something like this: (1) more and more stories will be written, featuring the growth of counterfeiting as a threat to international financial security in a volatile time; (2) nations like India will increasingly look to the US to provide that technology.
Now, before we continue further with the projected emergence of directed history narrative, let's pause right there. Anyone following Wikileaks, Julian Assange, the whole Anonymous story, or, for those with longer memories, especially the whole INSLAW scandal from the 1980s Reagan administration, will be aware that the US government is notorious for placing hidden back doors in the technology and software it "shares" with other countries, and one can only imagine that the same would hold true particularly in the case of technologies to monitor and track counterfeit currency notes.We can readily imagine India will seek assurances - behind closed doors of course - that the USA will not do this, and of course, the USA will politely reassure the Indians, and go ahead and do it anyway. And India, no doubt, will vet the technology themselves.
That in mind, the next step will be for banks to site "growing security problems with circulating currency," and push for a truly cashless, virtual electronic money, and side-stepping the whole issue of the fact that even such electronic money is not completely secure. After all, any system can be hacked, especially if the hackers engaged in the process have major state backing and ties to the community circulating the software to begin with. The other fly in the ointment is the growing cynicism worldwide toward governments and, more importantly, the central banks behind them, as the growth of local currencies attests.
See you on the flip side.