Article: Exasperation in an Economy
MMJ
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Exasperation in an Economy
In what manner are we to discuss this? In the current standard economics wisdom? Which really possess no wisdom. Or in basic common sense throwing established academic economics parameters to the wind? When will we realise we are trapped in a world where the system demands certain things.
The system demands Riba rules the world. The system demands we believe moving interest rates will solve everything. The system demands the banks profit from the world at all cost. Having set the parameters, Economics as a subject was design to uphold and defend these objectives. We live in a Ribafied world. Interest do not change economic things like inflation. Other methods are demanded like moving funds to real sector. But they got that covered with the demonisation of risk. Our own religion says AlGhunm bi Alghurm (Rewards only with Risk) but we ignore that as a kampung statement not worthy of our high westernised standards. The only thing interest does is help US to maintain strength of its currency.
When USD is heading to the dustbin the Fed who has trained the world economy to do things they like, just increase interest rate and funds rush to the US, and USD strengthens. And journalism wisdom announce US Economy is strong. And people are surprised USD inflation is high when Fed Riba rate is high? Interest rates has nothing to do with inflation. Inflation happens when banks overlend to personal sector and ignore the real sector. Singapore is also a ribafied country that is why its currency is so strong. So what do we do?
We should join BRICS and debunk USD. So why don't we?! BNM is just a loyal lapdog of the Fed in love with USD. Our gold Reserves is only 38 tonnes compared to 800 tonnes of India for example, and we rank in the bottom 50 of countries with gold! So until we are brave enough to talk the truth we will continue to be the servant of misguided wisdom.
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Dikemaskini [Updated]: Sam Ahmad 20240304