A few months ago I was in India when the prime minister called the country’s leading 
bankers to an 8 PM meeting. There he announced to everyone’s utter shock that all 500 and 1000 rupee notes would be rendered nonnegotiable by midnight that same night. (Those are the biggest notes of currency and used for most daily expenses and all major purchases.) The leaders were stunned, as was the nation. The resulting financial earthquake plunged millions into chaos and confusion. The next morning before dawn the lines in front of every shuttered bank and ATM machine told the story in human fears. My colleague and I spent two days in our rooms as we couldn’t change our foreign currency…read more