The effects of India’s currency reform? “Chaos” say analysts + MORE Nov 18th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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NEW DELHI – The sudden withdrawal of 86 per cent of India’s currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.
That’s just the immediate fallout from Prime Minister Narendra Modi’s surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say.
“Basically, you’ve created chaos,” said Steve H. Hanke, an applied economist at Johns Hopkins University in Baltimore and a global authority on currency policy. “India is a cash economy. It’s not like Europe or the U.S. where everyone is running around with a credit card. That’s not the world of India.”
“It doesn’t look like this thing was thought through at all,” he said.
Every day or so, soothing assurances about India’s overnight currency reform spill from the offices of top government officials.
“Enough cash is available,” Economic Affairs Secretary Shaktikanta Das said Thursday during a nationally televised press conference, as millions of people waited in hours-long lines…

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DETROIT – President-elect Donald Trump took to Twitter Thursday night to announce that Ford Motor Co. won’t be moving Lincoln production from Kentucky to Mexico.
Bill Ford, the company’s executive chairman, telephoned him with the news that a Lincoln plant would stay in Louisville, Trump said in the tweet claiming credit for the decision.
Ford doesn’t have a plant that exclusively builds Lincolns, but it had planned to move production of the Lincoln MKC small SUV out of the Louisville Assembly Plant so it could make more Ford Escapes there. A company spokeswoman confirmed Thursday that Ford was considering MKC production at a factory in Cuautitlan, Mexico. The move was negotiated with the United Auto Workers union in 2015.
Company spokeswoman Christin Baker said she didn’t know when the decision was made to keep the MKC in Louisville or if Trump had any impact on it. It’s possible the decision was made before the election, because Escape sales have been falling since July, so additional production capacity in Louisville may not be needed…

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Severe credit damage awaits if you don’t pay up after losing a dispute

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