LETS TALK ECONOMICS: I WILL BE ANSWERING ECON 101 QUESTIONS

Ras

It's all so tiresome
VIP
@Teeri-Alpha-Kismayo

Also had this crazy idea on how we could potentially stabilize our central bank.

Like with everything else you have to give something up to gain something.

The idea revolves around losing some sovereignty by outsourcing the central bank to a private organization in the west.

They'll have a mandate to rapidly grow our GDP and support our governments long term fiscal roadmaps just like China's 5 year plans.

In return they get paid fat commissions by managing our sovereign wealth funds.

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The US and a lot of other places essentially already have something like this in place but they're all domestic banks.

Our government can't just fire them and regain control unless they breach certain rules or fail to perform.

If they do; they get fined a decent percentage of our sovereign wealth fund and foreign currency reserves that they'll also be managing...i.e. collateral.

The whole point behind this idea is to bring in an army of highly competent custodians of our currency and the levers they hold to grow our economy.

We do have some smart qualified Geeljire around but they'll also need to have some stubborn level integrity and be as courageous as the men of our past.

You'd be lucky to find a dozen of them and most would still need a couple decades to gain the maturity and experience required for this responsibility.


Temporarily outsourcing the Central Bank could instantly gain us all the human resources required, front seat views for our domestic managers in-training to the highest levels of operators in their fields and more importantly...

Gain a strong ally in the west that has their incentives aligned with us.

They could easily get their own institutional LPs to invest in Somalia since it would directly benefit their bottom line. Then we'd pull more powerful friends onto our bandwagon.

If our own geeljire managers fucked us; all we could do is fire them but we could sue this private company to the moon.

Each option has it's own drawbacks and benefits but this could at least give us a decade of stability until those old fockers in charge retire.
 
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@Teeri-Alpha-Kismayo

Also had this crazy idea on how we could potentially stabilize our central bank.

Like with everything else you have to give something up to gain something.

The idea revolves around losing some sovereignty by outsourcing the central bank to a private organization in the west.

They'll have a mandate to rapidly grow our GDP and support our governments long term fiscal roadmaps just like China's 5 year plans.

In return they get paid fat commissions by managing our sovereign wealth funds.

You don't have permission to view the spoiler content. Log in or register now.

The US and a lot of other places essentially already have something like this in place but they're all domestic banks.

Our government can't just fire them and regain control unless they breach certain rules or fail to perform.

If they do; they get fined a decent percentage of our sovereign wealth fund and foreign currency reserves that they'll also be managing.

The whole point behind this idea is to bring in an army of highly competent custodians of our currency and the levers they hold to grow our economy.

We do have some smart qualified Geeljire around but they'll also need to have some stubborn level integrity and be as courageous as the men of our past.

You'd be lucky to find a dozen of them and most would still need a couple decades to gain the maturity and experience required for this responsibility.


Temporarily outsourcing the Central Bank could instantly gain us all the human resources required, front seat views for our domestic managers in-training to the highest levels of operators in their fields and more importantly...

Gain a strong ally in the west that has their incentives aligned with us.

They could easily get their own institutional LPs to invest in Somalia since it would directly benefit their bottom line. Then we'd pull more powerful friends onto our bandwagon.

If our own geeljire managers fucked us; all we could do is fire them but we could sue this private company to the moon.

Each option has it's own drawbacks and benefits but this could at least give us a decade of stability until those old fockers in charge retire.
@Removed @Thegoodshepherd what are your thoughts on this
 

Ras

It's all so tiresome
VIP
@Teeri-Alpha-Kismayo Are index funds xalal I want to invest money into them while young so I can have a large return when I’m around 55

Depends on what's in the index.

Quite a lot of their holdings sell haram services or goods.

Most are borrowing on interest to finance their business.

Maybe a Sharia compliant index fund would work but not sure about their returns:

 

Rageedi

Life | Liberty | Property
Please ask as many questions about econ, we are all learning, sorry for the delay

here is a very comprehensive answer, hope that helps, any more questions please ask away

Ahh it makes sense now, that the tariffs would not help much since it increases prices of products thus lead loss of jobs. Also heard that Peter Schiff how regulations and minimum wages leads to the outsourcing of jobs and disincentivize people to start a business.
I have two questions since riba is haram how would an Islamic bank make money since the business model of modern banks is based on riba. Second question what would you say is better to make ´money: day trade or long term investment? I have heard that very few are people to make money day trading
 

Rageedi

Life | Liberty | Property
@Teeri-Alpha-Kismayo Also, you said with regards to macroeconomics I should follow the Austrian school of thought. But what about microeconomics? are there any school of thoughts there or is it like the sciences where there are no schools of thought?
 

Mozart

You need people like me
@Teeri-Alpha-Kismayo How would you rank the following in terms of how 'haram' they may be to work in : Debt Capital Markets, Equity Capital Markets , and Mergers & Acquisitions ( Natural Resources ).

Did a trading internship last summer (short term interest rate and equity derivatives) and hated it so one of the three above is what i'll probably try next.
 
@Teeri-Alpha-Kismayo Also, you said with regards to macroeconomics I should follow the Austrian school of thought. But what about microeconomics? are there any school of thoughts there or is it like the sciences where there are no schools of thought?



 
who are your favourite economists?


Tom Woods (tom woods TV you tube, economic historian)

Henry Hazlitt

peter boettke

Peter schiff,

murray rothbard

thomas sowell

joseph solerno

irving schiff

von Mises,

von hayek

don boudreaux

benjamin powell of taxes uni

milton friedman

george ayittey only black african free market guy i know about

johns Stossel, not an economist but libertarian thinker of free markets and limited government

basically people of the Austrian school,

though a real doctor he knows his economics,

Ron paul, ron understands more about economics than many so called keynsian economists

also Bob Murphy of the Austrian school

tarek el-diwani

walter williams, black economist great genius just like thomas Sowell, infact a student of sowell


ancient economist or from 200 years plus:

JB Say , ever heard of Say's law?

Fred Bastiat

carl menger

richard cantillion, irish french economist, from 1700s, first man to explain how bank credit creation creates boom and bomb cycle

salamancan school founders, :
Francisco de Vitoria,
Martn de Azpilcueta Navarrus


these guys on top literally wrote and invented modern economics, money, banning riba, lower taxation, subjective utitlity centuries before adam smith was even born


Ibn Khaldun

ibn Masri

Al arabi

adam smith

Richard Cobden, Cobden centre free economic think tank

basically if they respected gold as money, free markets, free trade and no or no taxation and limited governance and a strong federalism to spur competition between states for entrepreneurs and innovators in business i admire them,

thus will include Seneca, Cato, Cato the younger that is,

i also like stoic philosophers, very practical philosophers how to deal with life, but i will stop there since they are not economist per say but they wrote about limited government, honest money i.e. gold and not creating inflation etc,
 
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