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Showing posts from October, 2017

The Transition to the Gold Standard

Download the book  The Transition Introductory Remarks In his tract on monetary reform, John Maynard Keynes referred to gold as a barbarous relic, whose rigidity had fettered the world from economic freedom and prosperity. He spoke at a time when the Occident were suffering from macroeconomic anaemia and were yearning for a solution. In sheer desperation, fiat money became the drug that gave growth-addicts what they craved for in the short-run. However, years after its introduction, the fiat system has induced far more volatility than it sought to resolve. In truth, Keynes failed to realise that barbarity was a trait not of gold but of fiat, insofar as it has plagued the world with monetary anarchy. In fact, the very system he consigned to history has never been more relevant than it is today. Islam’s imminent arrival as a political entity has necessitated a vital discourse, in which its ability to purge the world of its monetary woes by way of bimetallism must be explicated.

‘The one who spoke, was Ja’far ibn Abi Ṭālib…’

The companions of the Messenger of Allah (peace be upon him), the  Ṣaḥ āba h,  hold a truly special place in the history of Islam.  Whether one considers the most famous of them or even those that are perhaps less well known, their steadfastness, sacrifice, commitment and devotion is truly unparalleled.  It should be of no surprise that they are credited with having the accolade ‘may Allah be pleased with him/her’ after the very mention of their name. Explicit praise is given to the  Ṣaḥ āba h  in the text of the Qur’ān itself, where Allah says: والسابقون الأولون من المهاجرين والأنصار والذين اتبعوهم بإحسان رضي الله عنهم ورضوا عنه وأعد لهم جنات تجري تحتها الأنهار خالدين فيها أبدا ذلك الفوز العظيم And (as for) the foremost, the first of the Muh ā jireen and the An ṣ ā r, and those who followed them in goodness, Allah is well pleased with them and they are well pleased with Him, and He has prepared for them gardens beneath which rivers flow, to abide in them forever; that is