Lmaoooo you're such a troll. If the US doesn't care about gold currency, why did they topple Ghaddafi? The US currency would become weak if everyone abandoned it. It's common knowledge.
Muslim nations switching to gold currency
- Thread starter Yahya
- Start date
Tukraq
VIP
US didn't topple ghaddafi they were his ally, he just turned crazy and caused an international crisis with his own people while having no backing, so the world powers jointly took him out, gold in Libya of all places would be the most insignificant of the US's worries, everyone again wouldn't abandon it because most countries are economically rational and wouldn't want to step on there own foot, maybe if crypto were to catch on as a transfer of value tool like the dollar and not a commodity you hord like gold that could be a legitimate fear but unpractical gold bars as stores of value wouldn't as the US dollar is a much superior as a transfer tool, no rational country would set their economy back due to this so the worries wouldn't be there let the irrational ones lose out and be further left behind as the world further globalizes
Zayn
Visionary from Garbaharey
I doubt that America wouldnt care
Uneducated people assume that fiat is evil but in reality it's just a tool like gold.
However it's a much better tool for it's job than gold.
This graph perfectly illustrates why:
When we finally got off the gold standard our economies shot through the roof.
Fiat unlike gold and butcoin is designed for liquidity. More liquidity means more trade and economic activity between us all...
With gold it'll be in everyone's interests to hoard since it's so scarce.
Also one single trip to a metal type asteroid could crash it's value overnight.
Let me guess your from SL. You guys love economy. I suspect it's due to poverty in SL. @SirLancelLord is identical. The thirst u have for it is great, u should focus where you have a drive and energy for. I would ban Isaaqs from Science or areas that need solutions and ideas. Their good at 'reading' what others do in the world and copying, not actually adding anything new.
Dependent people but if they know they're limitations as a culture this is a good thing as u won't waste your time on areas your people are terrible. Forget politics, it's not for Isaaq sxb, I know it sounds all good and dandy to have power but not if you achieve nothing in that field. I love coaching and mentoring, I like empowering people and creating knock-on effect 'race' to happen in Somalia because at the moment there is no 'incentive' to succeed, they don't see a need too because, they look at they're neighbors and keep it at the same pace.
As for Gold well anything really that people value it doesn't have to be just gold, but gold has long history of stability and it's world-wide language that anyone understands and it's predicted to continue to be stable commodity for centuries to come. It's already lasted 5000 years since the time of the pharoahs till now as the lingua franca of economics. As for FIAT, if your not going to do RIBA, you cannot survive in FIAT currency.
Riba requires strict control of supply of your notes to compliment your countries yearly predicted economic activity, if you supply to little or more it can cause problems. Somalis have a faulty understanding of RIBA, they take the understanding of the ARABS, but if they are not going to do it, they must be taught you cannot ever become a first world nation, as your not controlling your economy currency supply to compliment your economic activity. I don't think there is halal or haram when humans need to survive. The world order has made it clear that an ISLAMIC state or REGIME is not allowed and barred. Are u going to now go do that and suffer the consequences of your assets in foreign countries frozen, bank accounts, are u going to risk your people survival when they're told no country can trade with u and your people can not even move outside they're borders like North Korea.
Look at North Korea and Iran as an example of what happens to you when you defy the world order of the UN. Somalis need to realize there is no time to quote quran or what is halal iyo haram in these situation, u simply need to adapt and survive to the new conditions, this isn't haram whatsoever the right to live and if it is, this religion needs to go immediately.
But with all due respect RAS, I think you can create another economic sphere but they will need to set up an IMF system for country loans, they need to have some sort of UN at regional level like Islamic Economic Union, they need so many multi-lateral organizations like 'trade regulator' to ensure rules are followed in this economic circle.
They need some sort of 'weapons manufacturer' so they're independent security wise. If u want independence and not being hostage to other, the only way they can achieve this is you need to do your own things, you can't rely on buying it from another nation, once you do, your 'tied' down. The only way to create these things is 'intimate knowledge' of the sciences and ensuring your students are 'sent' and 'targetted' to ensure you have the brain capacity to create and invent and manufacture your security at the very least like Russia can.
Look at Putin now, he feels independent. If you cannot simply roll out a strategy how many millions of students we can get in Somalia to redirect they're focus on studying STEM and wait for them to return with they're knowledge then you got some pretty bad leadership who doesn't want you to be independent.
As for Gold it can be done technically, you just need an 'evaluation' of currency. U need to determine how much each note or denonimator is worth in gold, you can adjust the evaluation to suit your 'economic corridor'. What can happen is houses start to get evaluated 'less' because of gold supply, this then trickles down to other aspects of the market place, so the house maybe priced at 100 dollars, but then salaries get re-adjusted to 3 dollars a year. Financials is weird but if u can see the big picture u will see it 'manipulation'. Always look at the ASSET, forget currency you can manipulate it based on supply control with fiat or you manipulate it based on gold reserves. Why would u care if you bought a house, car, have health insurance and you paid 200 dollars for all of it but u spent 30 years. Ur assets are identical to westener who has pay 1 million dollars cause his currency is inflated lol. His not richer cause he has more notes waryaa kkkkkk, your assets are identical, living standards are identical, your cost of living is only different because u use different currency evaluation systems.
I prefer currency method mind you, I don't want to go around digging other people land for gold, it's not worth the hassle
You're rambling and assuming shit again but I'm already used to it.
This current global Fiat system isn't enforced by the west because it's in their interest... Instead it's used because the top economist have decided that this is the best way to induce a growth economy.
It's goes beyond monetary policy and barebones economics and touches on soci-politics.
Growth economies create more stable societies. there's more social mobility because there's more liquidity around you have less disgruntled ambitious people around that would want to overthrow the system.
Sometimes it isn't as simple as using an existing system because you can't think for yourself.. When a millennial of thought has gone into a topic you shouldn't automatically assume you can do it better.
BTW ignoring all that, there's also a premium you have to pay for deciding to go with another system.
You can trade with others but that'll mean you'll have to pay for exchange fees.
Want to limit trade between yourselves? Less competition so higher prices...
That's just a few inefficiencies that you have to deal with and there are plenty more that an actual economist could list.
You have to ask what the end goal you're trying to achieve is first and work down from there.
Currency doesn't grow an economy, it's a legal tender to trade in only. U forget to mention pricing authority which is critical, all commodities around the world need to be 'priced' or floated on the stock exchange for supply/demand. I don't see much of a stock exchange in Somalia nor the Islamic world. I would be hesistant to enter a union with a country that doesn't ensure me all the materials, goods, commodities in the 'economic sphere' are predictable thru a pricing authority or thru stock exchange where it's left to supply/demand.
I am not sure where you get this idea currency will make you rich? there is heck of a-lot of paper floating around Mugabe country, it's worthless. What makes you rich is actual 'goods, commodities, resources' or what people 'need' in the world, they don't need your damn 'paper' unless it can purchase something. Money is useless if not used for purchasing or transaction, lol.
It becomes like Somali currency that just died away, it has no inherent value whatsoever, but since the government controls it and the government controls the land and all that resides in it. This is why 'currency' gets value, it's coming from the AUTHORITY. The authority then sets 'prices' for his market place or they let the market decide the prices.
Anyways it's interesting topic and I do respect what you said that 'centuries' of work went into discussing economics and to overthrow such efforts is itself irrational, but I hope u see my points.
PS - I wasn't taking a shot at you because your Isaaq, I just find they are so fascinated by economies constantly, they're always focused on wealth or how other regions are performing a-lot of they're topics. The reason this happens is when your society lacks something u tend to grave it more, hence poverty must be reason their so focused on economics in other regions, plus they work as chefs and cooks in other Somali cities while other clans don't go to Hargeisa. It doesn't matter the way 'I grave science' why? it's lacking in Puntland, ppl grave what they lack or have a need for. Maybe in the future PL can be given scholarships to west for science academies and we give Isaaq more 'foreign funding' to help alleviate they're poverty
That's the beauty of Fiat. The authority might control the local currency but not the global market.
So local monetary policy only has a limit influence on the wider market and that creates stability & liquidity.
BTW it's liquidity that makes people rich not the actual tool itself.
Gold unless controlled with paper gold would lead to a deflationary spiral where people are less likely to spend their gold because it'll be worth more because of scarcity.
You can control it's exchange rate or even control commodity prices but you won't have much luck with that.
Hoarding = less trade = less liquidity = the rich get richer while the poor have no way to climb up.
Anyways I don't want to educate you on the uses of Fiat or it's benefits over gold.
There are others better than me.
Check out this book when you get the chance:
It perfectly illustrates my thoughts on the stability and freedom that the current global system creates.
Just look at what happened recently in the Iran vs Trump scare.
The markets went down slightly but kept chugging along because everyone knows that there's too much momentum & people's interests behind these markets that make wars moot.
Gold will just create a zero sum game for obvious reasons.
There will be war sometimes for short term gain but it'll only benefit a shrinking minority over time.
I personally wouldn't privatize certain areas of the economy and want it in the hands of a reliable government owned and funded by taxpayers. Food/Water/Infrastructure/Hospitals. I don't mind if the rest of the economy is determined by customers and businesses and what people are willing to pay for something compared to how desperate the supplier is willing to sell. It's a good system that one, it regulates itself, as long as it's not 'critical' aspects of your economy. You don't want people to find ways to compete on food, milk, medications, and the critical areas of human being lives. It can jepordize your people food security, health standards, water needs and so forth. I am partly socialist but on very specific areas the rest 'capitalist' as they're not critical lifelines of the economy.
You won't be able to sell me a house that is inflated and over-priced and outside the 'ratio' of other what other homes are selling for, competitors in housing game will need to keep prices with-in marginal lines of competitors or else customers go where-ever they get the best bargain. Let the customer and business decide how much, I don't want to see a controlled economy as many things could go wrong in how you 'price' things and it can cause a disaster.locally.
You won't be able to sell me a house that is inflated and over-priced and outside the 'ratio' of other what other homes are selling for, competitors in housing game will need to keep prices with-in marginal lines of competitors or else customers go where-ever they get the best bargain. Let the customer and business decide how much, I don't want to see a controlled economy as many things could go wrong in how you 'price' things and it can cause a disaster.locally.
