Fiat Money Is “Riba,” Which Islam Forbids

This chapter describes another fundamental criticism of the Western economic system – that from Islamic economics. This is included not because the authors are advocating for Islamic economics, but because Islamic economists generally have a clearer understanding of the fundamental dishonesty of the Western monetary system than mainstream Western economists, who almost entirely ignore this glaring flaw at the heart of the Western economic system. Having forbidden interest-bearing loans, like Islam, for its first 1600 years, Christianity relaxed its rules, and thereby lowered its guard against the “money power,” which is now running rampant in what was once “Christendom.” Recent collaboration between Islamic economists and “dissident” Western economists is very promising.

What Could or Should Replace Existing Monetary Arrangements?

In this chapter, three main approaches to creating a new, more stable monetary system, which is under wide discussion today, are considered in turn. First, the feasibility of reviving the use of gold as backing for currencies is a never-ending controversy, kept very much alive by those who argue that “In a crisis, there is nothing else.” Second, the rapidly growing use of the internet for decentralised finance or “DeFi” services is offering the public a growing range of new, reliable, low-cost financial services. Among these is the use of “crypto-currencies,” which are growing rapidly but which still suffer severe instability and uncertainty. Third, the world's central banks are developing their own internet-based currencies, known as central bank digital currencies (CBDC). However, these are unlike private crypto-currencies since their use would give government control over all transactions – a degree of power which would risk enabling tyranny.

Adoption of Libra as a Digital Currency in Thailand

Libra, Facebook's cryptocurrency, is expected to have an impact on the global monetary system; therefore, it is interesting to investigate Libra's adoption in Thailand. The objectives of this research are to examine the key factors in the acceptance of Libra and to gain an understanding of Libra. Logistic regression analysis was used for data analysis. The results indicate that Libra coins have not been accepted among Thais yet. Factors in influencing the acceptance of Libra are age, career, saving, social media, and knowledge scores. To encourage the adoption of Libra, the chapter suggests that gaining knowledge about cryptocurrency nationwide should be prioritised. Moreover, financial institutions should encourage the usage of cryptocurrency among low-saving clients and small enterprises as these groups tend to accept Libra rather than those with a large amount of savings. If cryptocurrencies are accepted nationwide, it might attract investors and boost Thai economic growth.

Summary

As the controversy over the “Great Reset” being advocated by supporters of globalization continues, those who consider the prospect of a centralized monetary system controlled by unelected and largely unknown people to be profoundly undesirable will be greatly strengthened in their resistance if they can agree on a preferable alternative. What is needed most of all is a means of reducing the vulnerability of smaller countries to destabilization by large financial corporations and government organisations. This book advocates close consideration of the politically and economically simple initiative to implement the Grondona system, which enables individual countries to improve the working of existing monetary policy arrangements incrementally, notably by stabilizing the real value of their national currency in terms of a range of industrial commodities. Eminent economists have argued in favour of this policy for more than a century, but without offering a satisfactory means of implementing it.

The Long-Predicted Failure of the Post-Bretton Woods “Non-System”

The monetary system implemented at Bretton Woods in 1944 made the US dollar the centre of the world economic system, with 43 other countries' currencies linked to it via fixed exchange rates. However, once the US government broke its promise to redeem dollars in gold at $35 per ounce on August 15, 1971, expansion of the supply of dollars was no longer constrained, and like many currencies before it, the lack of monetary discipline led to inflation through which the value of the dollar has fallen by about 98%. The “oil shock” of the 1970s led to the introduction of the “petro-dollar” system whereby Saudi Arabia, then the largest oil producer, agreed to accept only US dollars in payment for its oil in exchange for the US government's pledge to defend it. This shored up demand for the fiat US dollar, enabling it to survive until its now approaching endgame.

Alois Rašin – czeski i czechosłowacki ekonomista. Przegląd wybranych koncepcji, poglądów i doświadczeń

Alois Rašín (1867-1923) was a Czech and Czechoslovak politician, economist, one of the founders of Czechoslovakia and its first finance minister. Alois Rašín is also the author of the first Czechoslovak law and the creator of the national currency, i.e. the Czechoslovak koruna. Rašín was a representative of conservative liberalism. The paper presents a review of Alois Rašín's concepts, views as the Minister of Finance of Czechoslovakia. Particular attention was paid to his efforts to regulate the currency and monetary system of Czechoslovakia, and to fight galloping inflation (hyperinflation). Rašín supported the free competition, believed in an entrepreneurial society, and believed that the state should strive to maintain a balanced budget.

CLASSIFICATION OF THE OLBIAN COINS OF THE SECOND HALF OF THE 4TH CENTURY BC.

Since the beginning of the XXI century, the amount of available for the researchers numismatic material has increased significantly, so introducing a new types of coins into the scientific circulation has become an especially relevant in modern numismatics, even when the archaeological context of most of these finds is almost lost. The study of ancient numismatics of Olbia is rapidly gaining in modern Ukraine. At the beginning of the XX century, ancient numismatics already had some significant achievements, but the accumulated material required urgent cataloging and systematization. During last 10 years since the publication of the most important and thorough catalog of ancient coins by Vladlen Opanasovich Anokhin, as well as the results of cataloging Olbia coins by other researchers - Valery Nechitaylo and Grigory Makandarov, numismatics has been enriched by new previously unknown coin types. The aim of the study. The main purpose of the article is to introduce into the scientific circulation new varieties of Olbia coins and to compile the most complete classification of Olbia coins of the IV century BC. Research methodology. In the process of scientific elaboration of the topic general scientific methods were used: analytical, chronological, and topographical, as well as source methods: critical, metrological and iconographic. A systematic approach to the processing of modern finds from private collections and access to the collections of foreign museums was the impetus for writing an expanded classification work. The scientific novelty. The value of the processed materials is that they not only complement this group of coins, but also refine previously published types in unsatisfactory condition, where incorrect reading of the names and trinkets has led to inaccuracies. The Conclusions. The so-called «obol series» covers the period of the Olbia minting around 350-330 BC. The monetary system consists of four denominations: obol (on the coin field depicts Demeter and the eagle on the dolphin), dikhalk (on the coin field depicts Demeter and the eagle on the dolphin), hulk (on the coin field depicts Demeter and the ear, dolphin) and hemihalk (depicts Demeter and dolphin). The die analysis allowed to divide the coins of Olbia of the IV century BC senior denomination for two stylistic groups. According to the results of our own research, we were able to determine the following number of varieties of each of these denominations: obols – 24 types, dikhalks - 6 types, hulks - 6 types, hemihalks - 2 types. We see the prospect of further research in the introduction into scientific circulation of new previously undiscovered varieties of Olbian coins from little-studied sources - materials of museum collections in Ukraine and abroad, among numismatic rarities sold at numismatic auctions and private collections.