CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency

[Zibago]

CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency


Council of Islamic Ideology (CII) Chairman Maulana Muhammad Khan Sheerani has said that an economic system based on paper currency is not viable, and that a system based on gold and silver should be considered.

Speaking at a seminar hosted by the CII on Tuesday, Sheerani reminded media personnel that before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

He said this was necessary to establish a true Islamic economic system in an Islamic country such as Pakistan.

“The current system of economy based on paper currency is not durable because there is nothing concrete in paper currency,” he said. He further said that the Islamic style of economy was necessary to revive Islamic principles.

Sheerani announced that the CII would soon open a debate on re-circulation of gold and silver coins.
http://www.pakistantoday.com.pk/201...ulation-of-gold-and-silver-coins-as-currency/
@django @Moonlight @waz @WAJsal @Mr.Meap @PaklovesTurkiye @Musafir117 @Spring Onion @Shamain
Achi baat hey phir meri pay 100 ashrafiyan ho jaye shayad

 

[fitpOsitive]

CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency


Council of Islamic Ideology (CII) Chairman Maulana Muhammad Khan Sheerani has said that an economic system based on paper currency is not viable, and that a system based on gold and silver should be considered.

Speaking at a seminar hosted by the CII on Tuesday, Sheerani reminded media personnel that before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

He said this was necessary to establish a true Islamic economic system in an Islamic country such as Pakistan.

“The current system of economy based on paper currency is not durable because there is nothing concrete in paper currency,” he said. He further said that the Islamic style of economy was necessary to revive Islamic principles.

Sheerani announced that the CII would soon open a debate on re-circulation of gold and silver coins.
http://www.pakistantoday.com.pk/201...ulation-of-gold-and-silver-coins-as-currency/
@django @Moonlight @waz @WAJsal @Mr.Meap @PaklovesTurkiye @Musafir117 @Spring Onion @Shamain
Achi baat hey phir meri pay 100 ashrafiyan ho jaye shayad

Idea is solid.

 

[Moon]

CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency


Council of Islamic Ideology (CII) Chairman Maulana Muhammad Khan Sheerani has said that an economic system based on paper currency is not viable, and that a system based on gold and silver should be considered.

Speaking at a seminar hosted by the CII on Tuesday, Sheerani reminded media personnel that before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

He said this was necessary to establish a true Islamic economic system in an Islamic country such as Pakistan.

“The current system of economy based on paper currency is not durable because there is nothing concrete in paper currency,” he said. He further said that the Islamic style of economy was necessary to revive Islamic principles.

Sheerani announced that the CII would soon open a debate on re-circulation of gold and silver coins.
http://www.pakistantoday.com.pk/201...ulation-of-gold-and-silver-coins-as-currency/
@django @Moonlight @waz @WAJsal @Mr.Meap @PaklovesTurkiye @Musafir117 @Spring Onion @Shamain
Achi baat hey phir meri pay 100 ashrafiyan ho jaye shayad

How to bankrupt your nation.1) Make this man your financial adviser.

before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

Before soap, animal or human urine was used to clean clothes, maybe we return to that.

 

[ACE OF THE AIR]

How to bankrupt your nation.1) Make this man your financial adviser.

Before soap, animal or human urine was used to clean clothes, maybe we return to that.

Bit coin is based on a similar concept.

https://en.wikipedia.org/wiki/Bitcoin

 

[Norwegian]

Just an old dumb cleric seeking attention. Moving on...

 

[jamal18]

The idea is solid. This is the first time we are living in a world of purely paper money; backed by nothing.

I believe that historically every currency not backed by gold has come to a disastrous end.

The ending of the gold backing of the dollar was pretty much the beginning of the end.

Backing a currency with gold brings a tremendous amount of fiscal discipline; governments simply can't print money as it suits them

 

[Moon]

Bit coin is based on a similar concept.

https://en.wikipedia.org/wiki/Bitcoin

But bitcoin is independent from the State Treasury and Minting, thus almost nil chance of it bankrupting a state.

 

[Norwegian]

The idea is solid. This is the first time we are living in a world of purely paper money; backed by nothing.

I believe that historically every currency not backed by gold has come to a disastrous end.

The ending of the gold backing of the dollar was pretty much the beginning of the end.

Backing a currency with gold brings a tremendous amount of fiscal discipline; governments simply can't print money as it suits them

There are other mechanisms to control government money printing activities. Bringing gold and silver coins back is like bringing camels back to replace cars.

 

[Gufi]

Currencies are now printing money with nothing real to back it up... Debt is what is making the global economy function and it will all come tumbling down one day
Gold coins are something we should replace with something on the model of bitcoin... limited supply will make a currency which is real and depreciates and appreciates with patterns

 

[jamal18]

There are other mechanisms to control government money printing activities. Bringing gold and silver coins back is like bringing camels back to replace cars.

These other mechanisms don't work, look at the massive increase in money supply in the US and the UK. The US curve is virtually vertical.

Gold backing means it's virtually impossible to print money on the present scale. The dollar was backed by gold as late as the 1970's.

By 'camels' I assume you think because this is said by a 'mullah' ?

What gives currency value is what it is backed by, it is essentially a promise to pay. Remove the backing, and all you have is a piece of paper, worthless.

 

[Taimoor Khan]

Paper money got no interensic value, whoever is printing it got control and on global scale states like America and her allies control world affairs through their bogus paper currency. We are actually moving towards something called e-money, something you can't even see. Just numbers on your computer screen. It's not just what this chap Sheerani is saying, most Islamic scholars with knowledge on subject agree that we need to move to gold and silver coins. This is the Islamic way.

 

[Musafir117]

Movi sahib ko Afghanistan rawana karo

 

[django]

CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency


Council of Islamic Ideology (CII) Chairman Maulana Muhammad Khan Sheerani has said that an economic system based on paper currency is not viable, and that a system based on gold and silver should be considered.

Speaking at a seminar hosted by the CII on Tuesday, Sheerani reminded media personnel that before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

He said this was necessary to establish a true Islamic economic system in an Islamic country such as Pakistan.

“The current system of economy based on paper currency is not durable because there is nothing concrete in paper currency,” he said. He further said that the Islamic style of economy was necessary to revive Islamic principles.

Sheerani announced that the CII would soon open a debate on re-circulation of gold and silver coins.
http://www.pakistantoday.com.pk/201...ulation-of-gold-and-silver-coins-as-currency/
@django @Moonlight @waz @WAJsal @Mr.Meap @PaklovesTurkiye @Musafir117 @Spring Onion @Shamain
Achi baat hey phir meri pay 100 ashrafiyan ho jaye shayad

from the top of my head I guess that this will curtail inflation though admittedly I am no economics expert

 

[AZADPAKISTAN2009]

If you really think about it the paper dollar is just ... paper with fancy graphics on it
If you have printer and right type of pressing machine you can make unlimited copies

Does not makes sense that you can just print unlimited copies

While Gold coins or silver are special they have value, you can melt them reshape them etc they are worth something even after million years as the quantity is limited

Interesting ideas

 

[Zibago]

Movi sahib ko Afghanistan rawana karo

Afghanio ka kiya kasoor hay?