Vedic Mathematics or Vedic Nonsense ?

Lets multiply 98 by 76. Under prevalent system, you will do something like this:

First, 98 * 6 = 588.

Second, 98 * 70 = 6860 (Actually, 98 * 7 = 686, then just put 0 at the end)

Finally, 588 + 6860 = 7448