The following article from Reuters is a follow up to a topic I have explored on various occasions in the past. Namely, how an inept Indian government is attempting to use the age old tactic of scapegoating in order to deflect attention away from its widespread policy failures. In the case of India, the target is gold. It’s a logical target for any crony Indian bureaucrat or Central Banker to go after. Wealth confiscation is a tried and true method historically used by corrupt elites to stay in power, and there is plenty of gold floating around the subcontinent. Easy pickings…or so they thought.
It appears some of the temples are now drawing a line in the sand, and are in fact refusing to provide details about their holdings. Other temples are a bit more compliant. From Reuters:
The central bank, which has already taken steps that have slowed to a trickle the incoming supplies that have exacerbated India’s current account deficit, has sent letters to some of the country’s richest temples asking for details of their gold…
- We’re the Indian government and we’re here to help you: “How much gold do you have?” (maxkeiser.com)
- Gods forbid: India’s temples guard their gold from government (ibnlive.in.com)
- India’s temples guard their gold from government – NDTV (profit.ndtv.com)
- India’s temples ‘guarding’ their gold from government (arabtimesonline.com)