Bigger India
The Indian coin that set off millions of messages
India's central bank is reckoned to have sent out hundreds of millions of text messages in the last couple of days - all part of a rearguard effort to protect the value of the Indian currency.
Don’t be too alarmed, the Indian economy isn’t about to tank – not quite yet, anyway. The bank’s herculean campaign is only designed to ensure the integrity of the country’s humble 10 rupee coin – worth just 10 US cents or 10 UK pence.
It’s powerful evidence of just how seriously governments take their task of ensuring the illusion that the cash in our pockets actually has value. As I’ll explain, the truth is that money is the greatest confidence trick in the history of humanity.