Studying Islamic Finance

السلام والازدهار العدالة المجتمعي
You are visiting a blog associated with an online noncredit course studying the topic of Islamic Finance, moderated by John Wiley Spiers. Feel free to participate in our discussion, and if you are interested in taking the course visit http://www.johnspiers.com/Islamic_Finance/Welcome.html

Wednesday, December 19, 2012

Fiscal Cliffs, Money and Credit

Gold is money, currency is credit.  As long as the USA can demonstrate it can squeeze ever more out money out of the future in credit today, people will prefer USA currency to money. Credit-with-usury is doubly wrong, and only possible with state-sanction, is far more profitable than any money based transactions.  Usury (interest) takes  future buying power from the buyer.  Going over the fiscal cliff will keep the game alive longer, but when it ends it will end faster and harder.  We need a core of people who know how to do business without usury (interest).

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