In the context of India’s larger problems, demonetisation seems like an even stranger crusade. Given that the country faces acute crises in education, agriculture, healthcare, water, energy, and almost every other field, Modi’s decision to mobilize the nation’s people and resources to contend with the form and function of its legal tender seems like a strange battle to pick. The complete hijacking of the public discourse and political mindshare is a lost opportunity to engage on more pressing issues, as the airwaves have been clogged with only news of demonetisation for several weeks. Furthermore, Prime Minister Modi has undoubtedly expended much of his limited social capital, insomuch as the electorate has a finite appetite for such dramatic and life-interrupting changes. Ultimately, the public’s reserve of patriotism and altruism, which propelled them to follow Modi’s lead in this experiment, will be exhausted. After seeing the bungled execution of this initiative and growing weary of waiting for its long-dated benefits, Indians will be less amenable to future exhortations from the Prime Minister. Such a decline in the power of Modi’s bully pulpit may render collateral damage on some of his more worthwhile initiatives that have the power to address India’s serious crises. In addition to expending social capital, Modi has undoubtedly torched political capital as well, and made new enemies in both his own party as well as the opposition. Politicians in both the BJP and Congress have been caught flat-footed by this change (and many have undoubtedly lost their own stores of precious black money), and may be keen to enact vengeance upon Modi. By acting unilaterally, rather than by legislative mandate, Modi has further undermined the tenants of India’s democracy and stoked fears about his authoritarian inclinations.