https://www.theedgemarkets.com/article/paying-matured-debt-new-loans-fed-govt-worrying-says-auditorgeneral%C2%A0WHEN THE AUDITOR GENERAL IS ALSO WRONG
But don’t blame the man he is right to his scales of justice. We are now talking of the scales of justice as understood, is wrong. The good man says a government must pay its debts which is absolutely right – anyone must pay his debts. What if it is okay for the government not to pay its debts? On condition the people and the nation benefits? What if what is called a government Debt is never a debt in the first place but a God given right mis accounted?!
This is the issue; this is the dilemma faced by monetary reformists when they talk a notion which is perhaps a light year away from common understanding. A true dilemma when what is seen as a light year away is actually just as far as a low lying fruit.
What if this blessed nation is given by God a small mountain of gold? In the jungles of Pahang, or Perlis or even Sarawak, we found a small mountain of gold and this mountain of gold becomes the nation’s money? Is this gold an asset to the government and nation, or is it a debt?
What if it is recorded as a debt of the government? A debt to the nation. The government spends the gold for the good of the people and the nation. The people and the nation prosper but the government fails to repay this debt to the nation – is the government a failure?
Should the government now tax the people to repay this debt to the nation?
If the inclination is to say no – to hell with this debt. The people and the nation is prospering. The so called debt is only a notion that hurts no one – is the government a failure or a success?
Resoundingly the government is a success. Our warped thinking or shaped thinking or strategically misguided thinking that makes it a failure.
Why must money always be a debt? Could we not now see that money created by the government spent wisely and beneficiently on the people and on the real economy of the nation, is the small mountain of gold in the jungles of the state of Pahang, or Perlis or Sarawak? Hell put the money creation under full control and purview of the Parliament if that makes us sleep better. Let not small issues which can be absolutely mitigated derail us from the main issue and reaching the main target.
It is our warped minds that makes this a forbidden fruit for us, the people and the nation i.e. the right of nations to create money. We are made to think this mountain of gold belongs to private banks. And if a government needs use of this gold for the good of the people and the good of the nation the government must borrow from the private banks!
Why must the nation come cap in hand to the private banks to borrow a pot of gold which is rightfully ours in the first place? And the borrowing is for the good of the people!
That the government owning the small mountain of gold will create inflation? And the private banks owning it will not?!
We are of course talking about the ability to create money. (Note : Banks create 95% of Numbers Money in a nation ; government merely creates 5% which is the papernotes and coins. Please go to International Movement for Monetary Reform, or Movement for Monetary Justice Malaysia websites for full explanation) And we are also talking of the sad misguided belief that a government creating money will create inflation but private banks creating money will not!
Isn’t this money going into the same economy? How come when private banks create the new money there is no inflation but a government creating the same new money, will?!
When private banks create new money, 65% (70 to 80% in the world) of it goes to personal loans, credit cards, and similar which does not produce goods and services in tandem with new money created. This leads to much inflation and theft of the people’s purchasing power.
When the nation creates new money under the Sovereign Money System it goes almost 100% to the real economy, creating jobs and economic output and thus not creating inflation or stealing the people’s purchasing power.
So isn’t the inflation argument misguided? Was it not planted there to serve a more sinister wish of the evil people who thrives from the world practicing such a system?!
Who put this mountain of gold in the hands of the private banks in the first place? Don’t we want to divert out thoughts to this? Or we are zombied from such thoughts?
When will we wake up to this truth? Or are we now victims of the Stockholm Syndrome? Victims of cruelty who now love the perpetrators of the cruelty on them.
As Muslims we do however have a stronger motive to wake up to the truth? What if, it is this reason why Allah swt and His Rasul saw declares war on the practitioners of riba? What if this is the mother of all riba? It is not just about the people of this blessed nation suffering under this insidious system. Think of the dead or dying children of Syria, Libya, Palestine, Iraq, killed by the system that delivers free mountains of gold to the wrong people.
And the millions of African children who died every year when their debt slave governments divert money from healthcare to pay interests and compound interests to international predator creditors?
What is our answer to the Creator in the hereafter, if we are complicit, full faith supporters of the system of the evil people, Allah swt and His Rasul declares war on?
Muhammad Zahid Abdul Aziz
Islamic Monetary Reformist
Movement for Monetary Justice Malaysia
website mmj.my
FB@ Gerakan Keadilan Monetari