Economist calls for an interest-free, gold-backed economy

Economist calls for an interest-free, gold-backed economy - Hello loyal readers FeedGoogle, In the article you are reading this time with the title Economist calls for an interest-free, gold-backed economy, We have prepared this article well for you to read and take information in it. hopefully the contents of the post Article Malaysians, what we write you can understand. Alright, happy reading.

The author of a book on the Islamic gold dinar has suggested that Malaysia link the ringgit to gold. (Bloomberg pic)PETALING JAYA: Malaysia should adopt an interest-free, gold-backed economy as a way to stabilise the ringgit and protect against cost-of-living increases, according to an economist and business consultant.Ahamed Kameel Mydin Meera, who is also chairman of the Movement for Monetary Justice, told FMT that linking the ringgit to gold would safeguard against manipulation of the currency by the foreign exchange market and keep the currency stable.Removing the payment of interest on loans would also stop commercial banks from artificially creating money, and thus protect against rapid increases in the cost of living.“We can create an interest-free, gold backed economy parallel with the current system and give people the choice. Just like people have the choice between …