Indian Prime Minister Narendra Modi has announced that the 500 ($7.60) and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings.
Banks will be closed on Wednesday and ATM machines will not be working.

Read the Full Article: Source – BBC News
Time For Truth: (BBC News) – India scraps 500 and 1,000 rupee bank notes overnight

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Recently, White House Press Secretary Josh Earnest said the following: “One of the key legacy achievements of this presidency will be the important reforms of Wall Street. Those reforms have led to a financial system that is more stable and ensures that taxpayers are not on the hook for bailing out financial institutions that make risky bets.”

Evidently the Obama administration has a different definition of “risky bets”, and “taxpayers not on the hook” than most people, because as the Washington Post reports:

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