Episode 29 – Italian Referendum, India’s War on Cash, and UK Anti-Encryption Laws

Mark Geise Show – Mark Geise

In this episode, I discuss three seemingly unrelated stories: the United Kingdom’s recent passing of the Investigatory Powers Bill, India’s recent overnight ban of 5,000 and 10,000 rupee bills (roughly $7.50 and $15, respectively), and Italy’s “No” vote on its constitutional referendum. Each of these stories are relevant to topics I have previously discussed. The United Kingdom’s Investigatory Powers Bill contains specific language forcing private individuals to turn over information protected by “electronic protection,” meaning encryption. This a hit on the internet battleground between freedom and control; these developments are so important because I believe encryption is one of the most important methods we have left to protect ourselves. Next, India’s recent overnight ban of larger bills is straight out of the playbook of Kenneth Rogoff, whose proposal I took to task in Episode 17. India’s consumers are heavily reliant on cash to conduct everyday transactions, but the Indian government in all its infinite wisdom wants to force people into the country’s banking system. Finally, Italy’s “No” vote on its constitutional referendum is yet another rebuke of elite “wisdom.” Though I think it is far too early to tell whether or not Italy will be overtaken by the populist wave overtaking the Western Hemisphere, this is certainly a step in that direction.

https://s3-us-west-2.amazonaws.com/mark-geise-show/Episode+29+-+Italian+Referendum%2C+India%27s+War+on+Cash%2C+and+UK+Anti-Encryption+Laws.mp3

Suggested Reading/Referenced Articles:
“UK Bans End-to-End Encryption, Mandates Government Authority Over Encrypted Technologies” – The Cointelegraph
“UK’s new Snoopers’ Charter just passed an encryption backdoor law by the backdoor” – The Register
“Hacker Lexicon: What Is End-to-End Encryption?” – Wired
Podcast: “Episode 17 – The War on Cash and Post-Debate” – Mark Geise Show
“Modi’s ‘Masterstroke’ Cash Ban to Boost India Digital Push” – Bloomberg
“Five Charts Showing What India’s War on Cash is Doing to the Economy” – Wall Street Journal
“Here’s Why Italy’s Zombie Banks Should Be Terrified About a ‘No’ Vote In Renzi Referendum” – Fortune
“Italy referendum result: What is going to happen to the country’s fragile banks?” – Independent