The Irish Crisis and the Fiat Money

“Paper money eventually returns to its intrinsic value ---- zero.”

Voltaire, Philosopher

‎"Banks lend by creating credit. They create the means of payment out of nothing."

Ralph M. Hawtrey, Secretary of Treasury, England

Over the last three years, the Irish economy has gone from boom to the verge of bust, needing a major bailout. In a globalised world, the economies of nations are interlinked.  If Ireland went down, it would definitely hurt the UK, Ireland is the fifth largest export market; the trade is worth around £23.8 billion. David Cameron emphasised this in his statement: "We export more to Ireland than we do to Brazil, Russia, India, China combined”. In addition to economic ties, there are ties of culture, language and history.

Therefore, the British government and the Euro were compelled to organise this bailout, in order to halt the potential domino effect, from the collapse of the Irish economy, creating another dive into recession. Spain and Portugal seems to be going in a similar direction with a growing budget deficit, and there is already talk of them being bailed out in the future.

Where is your evidence for holding demonstrations?

We are all familiar with the characteristic expression of the self-righteous groups (evidence-brigade): “brother we follow Quran and Sunnah, not ration”. Thus implying, unless the evidence is explicitly stated or concurs with their interpretation, it is not valid, and you are classed as a deviant who is halfway up the apostasy road. During the previous general election, these self-righteous groups were engaged in the usual inquisition, demanding textual evidence which permit the tax-paying and law-abiding Muslim citizens of UK to vote. I do not want to discuss the subject of voting, but rather how they approach the subject of evidence: which tantamount to - either you accept our interpretation or else you have no evidence. They will pass their ‘fatwa’ - you are not following Quran and Sunnah but ration, as if they do not employ their mind, which in some sense is probably true!

The reality is – everyone including the evidence-brigade employs ration in construing their arguments, they do that by interpreting the evidences in various ways, and make various kinds of analogy, extrapolation and deduction, as one would struggle to find literal evidence on voting or the numerous activities that they (evidence-brigade) do, be it holding grand conferences or the regular demonstrations outside the embassies of various Muslim governments. 

Day of Arafat and Eid-ul-Adha

Peace and blessings upon you all on this Day of Arafat. As the Hajjis pray on the Mount of Mercy, may He spread His Mercy and Blessings upon the Earth. 

Wish everyone a happy EID tomorrow.

Yamin