People in Indonesia have been using an alternate money in the gold dinar and silver dirham as a response to the devaluation of their currency that began in the late nineties. This is a clip from a dutch film : www.youtube.com A Guardian article also discusses this phenomena which is taking root in the Islamic world as the Malaysian government considers allowing people to use a gold dinar as an alternate currency. www.guardian.co.uk “Will the gold dinar thwart capitalism?” um. . . actually that is what true free market capitalism is based on, commodity money. The global economy is NOT a capitalist economy in the free market sense of the word and hasn’t been so for a century at least!! Mercantilism or corporatism more appropriately describe the USA today along with other nations of the global economy. gold, silver, gold dinar, silver dirham, Indonesia, fiat money, central banking, federal reserve, gold and silver, dinar, dirham, inflation, Marc Faber, Peter Schiff, Mises, Rothbard,
Karina Ulrich
Awesome video! I love that you clear out the misconception of free market capitalism and also love that last a bit that that group of Muslims are at least doing something about the problem of devalued currency and? the capacity for a smaller group of people to use the current monetary system to engage in massive legalized theft of the wealth of the masses.
Dude, you are mistaken! Dinar Dirham will be used under Islamic economy sharia Law where the zakat (give to the poor) is a must, where hoarding wealth more than we deserved is prohibited, where usury is a big sin and prohibited With Islamic economy sharia law but u still can be? rich on some level, the society will be lifted up and no one left behind, no Bill Gates or no king Abdullah, Islamic economy is not like socialism or capitalism!
02:23 mate, in? Indonesia if you tear a paper money to 2 pieces and then you stick it together again with Sellotape then it absolutely worth again as a normal money and even to save it in the banks
I dont know how it be in USA but it Indonesia it does and yes its magic..
Reason? 4 attack on Libya?Gaddafi
1 Criticizing US 4 Afghan invasion in UN, saying “Taliban is not my enemy” & calling Security Council a Terrorism Council. NO
2 Insisting on a mutual Arab Nuclear program in the Arab leauge conference. NO
3 Killing of civilians by Gaddafi forces. NO
4 Calling 4 Jihad against Swiss bcoz of minerats ban. NO
5 Accused Israel 4 killing JFK. NO
6 Gaddafi wants Gold in return 4 Oil. YES
watch?v=GuqZfaj34nc
watch?v=v1lw1N5gTwI
watch?v=hwPzIvSX3J4
i thought i’d? listen to something smart from you but it’s not. It’s just a support for the word ‘capitalism’.
Global demand for oil has fallen significantly since the peak in 2008. The ability of these countries to produce oil has NOT changed. Yet the price of oil is almost as high as the 2008 high. So lets do a simple calculation… price up, demand down, supply = ?? And don’t choke this up to inflation, the price of oil has increased in all currencies (not? just the USD), and even if you account for inflation. This has happened despite lackluster demand.
@riffdex69 OPEC sets targets amounts based on “CLAIMED” reserves. The more reserves you claim the more you are “allowed” to sell. Are you that naive that you don’t think those numbers aren’t inflated? How do YOU have any clue what capacity they have?? There are many signs that many of them are ALREADY pumping at full capacity.
Talking about research.. Have you read Matthew Simmons book Twilight in the Desert? and do you understand the Saudi/USA relationship? I think YOU need to do more research
@justintempler
OPEC sets limits on how much oil member countries can produce. This affects the supply, and thus affects the price. You do realize that OPEC countries are NOT producing oil at maximum capacity right now? If they were,? supply would be higher and the price would be lower. I don’t have time to teach you basic economics, why don’t you do some research yourself?
@riffdex69 Oil prices are fixed? No they aren’t. Oil prices are bid up and down depending on supply and demand.
BTW..
Beginning May 18th the Hong Kong Mercantile Exchange is introducing a 32 troy ounce gold futures contracts (and remember Hong Kong is a Chinese territory) That means Asia is getting in to the gold market in a big way,? they will no longer have to rely on the American and European “cartels” LOL
OPEC likes oil and gold, and it seems like the Chinese like oil and gold too
@justintempler
You have to understand that OPEC is a cartel not as a result of capitalism, but? as a result of the combined power of middle-eastern governments. When these governments use their influence to fix prices, they corrupt the competitive nature of the free market. By mandating payment in gold, they are taking their cartel power a step further. And guess which governments continue get stronger as a result of this cartel power? I’ll give you a hint, it is not the US.
the same profit. However, if the prices are NOT fixed by the OPEC governments, and competitive pricing is allowed to occur, countries that sell lower will get more business and as a result that country will make more profit. I don’t see why it is so hard for you to understand. If you are trying to say that? OPEC is NOT a cartel, well then you are truly hopeless.
@justintempler
A lower price for oil would only lower profits for all OPEC countries, collectively. The problem is, they are not making decisions on a firm by firm basis, and they do not make decisions that maximize an individual country’s profits. Whether the countries have formed a cartel (they have) or not, there will be a certain demand for oil. If the prices are fixed (they are), it does not matter which country provides the oil, they will all be selling for the same and? thus making