By Hossein Askari, Noureddine Krichene (auth.)
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Additional info for The Gold Standard Anchored in Islamic Finance
9 Money in the Qur’an as well as in the Sunnah was gold and silver. Many verses referred to these two monies. 10 Moreover, these two commodities obey the laws of value and are determined neither by the central bank nor by the deficit of the state. This is how governments pay back their debt in devalued or even worthless paper. Introduction 25 Conclusions Under the present inconvertible paper system, monetary expansion at near zero-interest in reserve currency countries has pushed debt to such levels that make another financial crash and general bankruptcy highly likely.
Subprime markets are main recipients of credit; they use it mainly for consumption, and therefore, they have little capital base to service loans. Even general bankruptcy, as in 2007–2008, becomes ineffective to check credit expansion. Since the central bank has no constraint on money printing, it buys all toxic assets from financial institutions in exchange for freshly printed money under massive bailouts. 26 Moreover, to push credit even to higher levels beyond the general failure point, the central bank pushes interest rates to zero levels and undertakes quantitative easing programs with the aim of pushing more cheap money into the economy.
Each country, if it chooses to, has independent fiscal and monetary policies. Floating exchange rates measure how far currencies have depreciated with respect to each other. In contrast to classical gold system, the exchange The Shortcomings of the Present Payments System 31 rate devaluation or depreciation has become the main instrument of balance of payment adjustments. All currencies keep losing purchasing power over the years. In 2012, as measured by the US consumer price index, the dollar had the same purchasing power as 2 cents did in 1913, and has depreciated considerably in relation to gold.