If black money saved us in 2008, what happens without it now?

We, the people, are acutely sensitive to what happens to our economy, so now that the dust is settling from last week's demonetization in India and Donald Trump's victory in the US what can we expect? UP Chief Minister, Akhilesh Yadav said yesterday,"Economic experts say the magnitude of the global economic crisis at times is not felt in India because of strong (parallel) economy of black money." To preempt any criticism he immediately qualified his comment by saying,"I am opposed to black money. I do not want it." Is he wrong? No. When real estate prices collapsed in the US, known as the subprime crisis, prices in UK also fell by a record 16.2%. In the US the majority of foreclosures were not subprime, or poor risk, at all, but people with good credit risk profiles who took out large mortgages, expecting prices to keep climbing. Nothing happened here. Why? Why is the real estate market so resilient in India? Because of black money. At least half the price of any real estate was paid in cash and banks would give loans of 90% of the remaining amount. Which meant that the buyer paid at least 60% of the cost of the property up front. Even if property prices collapse people continue to pay their banks to protect their cash investment. What about other indicators? After Trump's victory bond prices fell and yields rose in the US because markets expect the Federal Reserve to raise rates by at least 25 basis points in December. Usually any hint of a rise in interest rate causes the stock market to fall, but US stocks are rising to record levels because of Trump's promise to spend more on infrastructure and cut taxes. In India, on the other hand, bond prices have risen and yields have fallen, because banks have an excess of funds, as people have deposited all their old currencies in banks but there is a limit on withdrawals. Banks are now flush with cash. It is now cheaper for the government to borrow, to finance its fiscal deficit. Both retail and wholesale inflation rates fell in October, possibly because of a drop in food prices because of the good monsoon. Inflation is expected to fall as demand has fallen precipitously. Interest rate could fall by 100 basis points. Will it see an increase in new investments? If there is no demand where is the impetus to increase output? The stock market has fallen because foreign investors are transferring money to the US. With Goods and Services Tax set to hit small businesses in the unorganized sector growth could drop to low levels. Trump won because people were angry about the economy. What happens to the BJP  in state elections next year remains to be seen. Meanwhile we will continue our struggles according to Ram Bharosey, or God's Grace.