Gold currency can smash US Dollar

Faith based schools are also the most expensive private schools. That sounds like a concept born in contradiction. The most expensive private schools in almost all the “free” countries of the west and the muslim majority “3rd world” are such schools as Catholic school, Jewish school, Islamic school or girls’ convents. I am not sure how charging exorbitant makes  God happy?

All faith based schools should ideally be free of charge. Actually all educational institutions from the start to finish should be either free or highly subsidized to a great extent. My “free enterprise loving, capitalist, profit focused, bonus hungry” investment banker friend tells me thats not a feasible idea. He says its not “sustainable”. Oh yeah, I heard that buzz word before. Its the World Bank/IMF creation which basically tells us poor people that we are more of a burden for the capital managers of the world! Well, two words for my one eyed greedy friend, F.O.

Education was never a commodity in the Islamic East. Not only that. Islamic cities in the Abbasid and Ottoman eras built central universities where housing was provided free of charge to travellers and visiting scholars from other parts of the Islamic empire. Especial attention was apid to translators because they were instrumental to reviving the forgotten works of Greek philosophers, scientists and politicians.

Things have changed. We have the US Dollar as the international currency for conducting all our economic transactions. Let me ask, is this not a US hegemonistic economic policy? Why should the currency of one country prevail over all others? The concept of “freedom” and all its associated terms come to a dead end here.

3rd world countries (a super elitist theory in the term itself) were “allowed” to break away from the grasp of the British empire after world war II mostly because the US wanted it be that way. End of world war II put the US military might above the combined power of Franco-British empires. Old europe had to go. New American imperialism had arrived. And for that new power to establish itself British empire would have to make a humiliating withdrawal from the richest land in the world of that time, Hindustan which was the jewel of the Islamic world.

Half naked fakirs and the tight lipped barristers had very little if any at all to do with the big powers’ decision to end colonialism. USA had everything to do with “self determinism” and to place the final seal on a 200 year old empire. There was just one problem. The real powers behind the powers wanted more control by a new mechanism, not less. The US Dollar’s monopolistic attitude and the rise in nuclear dominance in strategic affairs left no room for weaker states. They had to remain at the mercy of the dollar owners (US) or the bomb owners (USSR – till its end).

Can the world ever break free from the neo-colonial control of the US Dollar?

Below is an interesting piece written by the Crescent Online:

Gold is making a comeback not merely for its rapidly rising price but also as a serious contender in the field of economics as part of the global power struggle. This situation has developed as a consequence of failure of the current financial order in the world led by the US. Not only its $16 trillion debt ceiling but also the fact that for a few days, the US government actually toyed with the idea of issuing $1 trillion platinum coin to bypass the Congress-imposed debt ceiling points to the deep structural problems in the western economic system.

Another indicator of this was an interview published by Asia Times on January 12 with Ansgar Belke, former Research Director for International Macroeconomics at the German Institute for Economic Research in Berlin. The point raised was the consideration by the EU Parliament to use gold-backed bonds. It is one of the major indicators that the current global economic set up is not functioning.

Belke states that “only a decade ago, it appeared rather old-fashioned to ever suggest that any investor would claim gold as collateral; in the era of cyber finance, securities such as treasury bonds tended to rule. However, over the past few months, groups like LCH, Clearnet, ICE and the Chicago Mercantile Exchange have to an increasing extent begun to accept gold as collateral for margin requirements for derivatives trades.”

Financial and economic tools designed by Western imperialist powers are obscure mechanisms and this fact is becoming a mainstream idea.

Gold has always been an important aspect of Islamic economic and financial concepts. The fact that the Islamic Republic of Iran uses gold as one of the tools to overcome the illegal imperialist sanctions is an indicator that by working with gold, developing nations can begin breaking free from the imposed obscure economic tools of Western imperialist powers.

Today the idea of non-ribah (interest) loans and other interest free financial tools is gaining mainstream acceptance. This factor provides an excellent opportunity for Muslim economists to put forward Islamic economic concepts as tangible solutions to the problems gripping the world. However, in the contemporary world no financial institution or concept can have a strong start and a productive future without a political will and systematically institutionalized mechanisms of implementation.

While the socio-political arms of the global Islamic movement have managed to come together and form a strong resistance to imperialism, in the economic field the global Islamic movement has a lot of catching to do. Independent Islamic intellectual centers can repeat the successful formation of strong Islamic socio-political power centers in the sphere of economics.

Information and opinion from mainstream economic centers indicate that gold can be one of the major tools to develop alternate forms of economic models. The fact that gold is a crucial and commonly used material in many developing societies means gold-based economics can accrue advantage to the developing world. This is augmented by the fact that gold is a mineral and cannot be manufactured. Similarly many developing countries have gold mines, thereby giving them an added advantage to overcome their current dire economic plight.


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