In a surprise TV address Narendra Modi, the Indian prime minister, announced that all 500- and 1,000-rupee notes would be withdrawn immediately from circulation. At a stroke Mr Modi rendered 86% of currency worthless outside a bank branch. While Mr Modi campaigned to end corruption, it would have been better if the government had updated its antiquated tax system to realise such a task. Mr Modi, a Hindu nationalist, was for a decade an international pariah over his alleged role in the mass murder of Muslims in a region he once administered. Two years ago Mr Trump’s svengali, Steve Bannon, described Mr Modi’s victory as part of a “global revolt”.

Source: The Guardian November 17, 2016 19:23 UTC