May Allah (SWT) strengthen all of them who have taken this initiative. (Amen)
@AsifAmeer, your comments please.
Yaar I cant read urdu... I honestly am not as smart as you think I am... lol
He is absolutely right about there will be NO INFLATION. And infact there would be some deflation. Deflation se eak aur masla hota hai.. People start to hoard money.. Like under inflation, people start to hoard goods, under deflation people start to hoard money. When people hoard money, then money is removed from economic circulation and commerce slows down.
F A Hayek suggested multiple currencies within an economy for efficiency. I have yet to absorb this concept intellectually.
Lekin about unemployment - that there will be no unemployment, Sheikh is dead wrong. Coz if there will be 0 unemployment, then there will be INFLATION in human capital... hence inflation in the economy. Not sure why Sheikh said that..
May Allah (SWT) strengthen all of them who have taken this initiative. (Amen)
@AsifAmeer, your comments please.
It is about Umar Ibrahim Wadelu, he was a christian and then converted to Muslim. He is working for gold/silver currency worldwide, he is doing it practically as he converted one state of Malaysia to metal currency.
Orya Maqbol sb invited him to give guidelines that how can we get rid of paper currency and convert to metal currency..
Umar Ibrahim Wadelu says that paper currency is about to collapse so we all should start saving our wealth in gold or silver, and govts can not change the paper currency.
He gives a good suggestion that traders should start doing this like they mentions on their shops that "credit card accepted" similarly they should mention that "Gold silver accepted" and eventually it will develop
He also gives a standard size for gold/silver coins and it is the same as was in Hazrat Umar RA rule.
HE added that their is no other solution to current economic crisis other than shifting back to metal currency.
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