BRICS Will Not Kill the Dollar—War Will | Martin Armstrong

The BRICS currency was created for geopolitical reasons when the neocons transformed the SWIFT system into an economic weapon and even threatened China with the same fate if they supported Russia. Once this occurred, the neocons turned the entire world’s monetary system into a weapon of war. This is why we have BRICS; it had nothing to do with killing the dollar or backing their currency with gold.

 » All currency is fiat, even when it is gold. Just because a currency is

backed by gold does not eliminate inflation or deflation. «

Many hoped for an official announcement regarding a gold-backed currency, which failed to materialize. A gold-backed currency would be massively deflationary. The money supply could not expand with the population or in times of need without new discoveries. Just because a currency is backed by gold does not eliminate inflation or deflation. The gold discoveries of the 19th century in California, Alaska, and Australia caused significant economic upheaval, followed by wars. The fact that gold was the currency did not prevent inflation.

Spain defaulted seven times. The gold and silver they brought back from the New World led to massive inflation in Europe. Those who preach that a gold standard is the solution lack an understanding of history. They blame “fiat currency,” as if eliminating it will solve all problems. There were booms and busts throughout ancient times long before paper money existed. All currency is fiat, even when it is gold. I have shown that Southern India routinely imitated Roman gold coins because they held a premium over gold—this is fiat. Northern India and the Kushan Empire issued their own coinage primarily because they traded more with China. Southern India used imitation Roman gold coins for about 250 years, confirming that the Roman coinage was worth more than its metal content.

 

 » The purchasing power of gold fluctuated at all times. The value of a currency is determined 

by the productive capacity of its people, not by its gold reserves. «

Similar claims were made about the Euro, which also did not work out well. Why? The value of a currency is determined by the productive capacity of its people, not by its gold reserves. Japan and Germany lost the war yet rose to the top of the economic hierarchy because their populations were productive. The United States has the largest consumer-based economy, which means that everyone needs to sell their products here, requiring transactions in dollars. The US is also strong militarily, which further supports the currency's foundation.

It is time to abandon these outdated economic theories, remnants from the 18th and 19th centuries. The economy has evolved since then. The neocons are destroying the dollar and undermining the future of the United States. When we lose another one of their endless wars, financial capital will shift from New York to Beijing. Just as war diminished Britain, so will it diminish the dollar and the United States.

Quoted from:
Martin Armstrong (October 29, 2024) -  BRICS Will Not Kill the Dollar—War Will.

China Sells Off Record Amount of Dollar Assets as US Remains World's Bully

China sold off a record $53.3 billion of Treasury and agency bonds in the first quarter of 2024, a move seen as part of Beijing’s drive to diversify from US dollar assets. This comes as gold's share in China's official reserves rose to 4.9% in April, the highest on record.

 

» It is a wise decision to diversify away from USD and to hold physical gold in your own country. «

Claudio Grass - May 18, 2024  

[...] This comes as Beijing vowed to retaliate against the Biden administration’s tough new levies on a wide array of Chinese-made goods, ranging from semiconductors and solar power cells to electric cars - the latest move in the escalating trade war between China and the US. The PRC’s Commerce Ministry warned that it would "take resolute measures to safeguard its own rights and interests" in response to the US’s 25-100% tariff hikes, accusing Washington of turning economic and trade issues into an instrument of "domestic political considerations." The warning followed the White House accusing China of "non-market policies and practices" resulting in "growing overcapacity and export surges that threaten to significantly harm American workers, businesses and communities."

 

 » And people expect interest rates to decline? «

Martin Armstrong - May 18, 2024

 

[...] Asked how the latest developments could affect the greenback on the global markets, Claudio Grass, an expert on monetary history, economics and an independent precious metals advisor based out of Switzerland, argued that "it will lead to the collapse of the USD and the current system. It is obvious that the Western civilization is being destroyed by their own corrupted and rotten political system and its rulers. The renewed politically enforced separation of the East and the West will lead to turmoil and chaos."

 

Quoted from:
Oleg Brunov (May 18, 2024) - China Sells Off Record Amount of Dollar Assets as US Remains the 'World's Bully’.

 

See also:

Emil Cosman (May 18, 2024) - China leaves West's financial system. Sells record amount of Dollar Assets. De-Dollarization. (video)

Col. Jacques Baud (May 18, 2024) - Putin and Xi's Shocking Alliance and Huge Trouble for the US. (video)

Pepe Escobar (May 13, 2024) - Welcome to the UNIT - The De-Dollarization Bombshell. 

Egon von Greyerz (November 27, 2023) - The Financial System Has Reached The End.

The Financial System Has Reached The End | Egon von Greyerz

The world is now witnessing the end of a currency and financial system which the Chinese already forecasted in 1971 after Nixon closed the gold window [...] History tells us that we have now reached the point of no return. So denying history at this point will not just be very costly but will lead to a total destruction of investors’ wealth. 

 

History never lies but politicians do without fail. In a fake system based on false values, lying is considered to be an essential part of political survival. Let’s just look at Nixon's ignorant and irresponsible statements of August 15, 1971 when he took away the gold backing of the dollar and thus all currencies. Later on we will show how clear-sighted the Chinese leaders were about the destiny of the US and its economy. So there we have tricky Dick’s lies:

• The suspension of the convertibility of the dollar in 1971 is still in effect 52 years later.
• As the dollar has declined by almost 99% since 1971, the “strength of the economy” is also declining fast although using fiat money as the measure hides the truth.

And now to the last lie: “Your dollar will be worth just as much tomorrow”. Yes, you are almost right Dick!  It is still worth today a whole 1% of the value when you closed the gold window. The political system is clearly a farce. You have to lie to be elected and you have to lie to stay in power. That is what the gullible voters expect. The sad result is that they will always be cheated. So in 1971 after Nixon closed the gold window, China in its official news media the People’s Daily made the statements below: 

 

Clearly the Chinese understood the consequences of the disastrous US decision which would destroy the Western currency system as they said:

• Seriousness of the US economic crisis and decay and decline of the capitalist system.
• Mark the collapse of the monetary system with the US dollar as its prop.
• Nixon’s policy cannot extricate the US from financial and economic crisis.

I am quite certain that the US administration at the time ridiculed China’s official statement. As most Western governments, they showed their arrogance and complete ignorance of history. How right the Chinese were. But the road to perdition is not immediate and we have seen over 50 years the clear “decline of the capitalist system”. The end of the current system is unlikely to be far away. Interestingly it seems that a Communist non-democratic system is much more clairvoyant than a so called Western democracy. There is clearly an advantage not always having to buy votes. 

 

As the whole currency system is about to implode,  it is in my view totally irrelevant where the US dollar is heading short term measured against other fiat currencies. The dilemma is that most “experts” use the Dollar Index (DXY) as the measure of the dollar’s strength or weakness. This is like climbing the ladder of success only to find out that the ladder is leaning against the wrong building. To measure the dollar against its partners in crime (the other fiat currencies) misses the point as they are all on the way to perdition. So the dollar index measures the dollar against six fiat currencies: Euro, Pound, Yen, Canadian Dollar, Swedish Kroner and Swiss Franc. The Chinese Yuan shines in its absence even though China is the second biggest economy in the world. But here is the crux. The dollar is in a race to the bottom with 6 other currencies. Since Nixon closed the gold window in 1971 all 7 currencies, including the US dollar, have declined 97-99% in real terms. Real terms means constant purchasing power. And the only money which has maintained constant purchasing power for over 5,000 years is of course gold. So let’s make it clear – the only money which has survived in history is GOLD!

All other currencies have without fail gone to ZERO and that without exception. Voltaire said it already in 1729: "Paper money eventually returns to its intrinsic value – zero." And that has been the destiny of every currency throughout history. Every single currency has without fail gone to ZERO. And this is where the dollar and its lackeys are heading. To debate if a currency, which has fallen 98.2% in the last 52 years, is going to strengthen or weaken in the next year or two is really missing the point. It is virtually 100% certain that the dollar and all fiat money will complete the cycle (which started in 1913 with the creation of the Fed) and fall the remaining 1-3% to ZERO. But we must remember that the final fall involves a 100% loss of value from today.

 

 

[...] The world’s reserve currency has had a sad performance based on lies, poor real growth, all due to a mismanaged economy based on debt and printed money. So although most currencies have lost 97-99% in real terms since 1971 there are shining exceptions. When the gold window was closed in 1971 I was working in a Swiss bank in Geneva. At the time, one dollar cost Swiss Franc 4.30. Today, 52 years later, one dollar costs Swiss Franc 0.88! This means that the dollar has declined 80% against the Swiss Franc since 1971. 

 

So a country like Switzerland with virtually no deficits and a very low debt to GDP proves that a well managed economy with very low inflation doesn’t destroy its currency like most irresponsible governments. The Swiss system of direct democracy and people power is totally unique and gives the people the right to have a referendum on almost any issue they choose. This makes the people much more responsible in their choices as a winning vote on any issue becomes part of the constitution and cannot be changed by government or parliament. Only a new referendum can change such a decision. Swiss Debt to GDP is around 40%. This was the level of US debt back in 1971 before the gold window was closed. [...] US debt to GDP is now 132%. In 2000 it was 55%. 132% debt to GDP is the level of a Banana Republic which is frantically trying to survive by printing and borrowing ever increasing amounts of worthless fiat money.

  

Quoted from:
Egon von Greyerz (Nov 27, 2023) - The Financial System Has Reached The End.

 

 Agustín Carstens, general manager of the Bank for International Settlements (BIS) — the central bank of central banks in Basel, Switzerland — admits that Central Bank Digital Currency (CBDC) will grant central bankers » absolute control « over how it can be used, and the technology to be able to centrally enforce that. Not 'up to date' with your injections? Exceeded your weekly carbon allowance? Ventured outside of your designated '15 minute' district? Oops, no money for you!  

 

» Digital ID and CBDC is the essence of scientific dictatorship «, says Patrick Wood, author of the 2014 book 'Technocracy Rising: 

The Trojan Horse of Global Transformation'. He breaks down the all-encompassing digital open-air prison

that CBDC and digital ID are designed to facilitate.

 

Joe Rogan, host of the world's most popular podcast, is now wide awake to the grave dangers posed to freedoms by CBDC, and the social credit systems that it facilitates. » If you get a bad social credit score because you tweeted something they didn't like, now you can't buy a plane ticket, now you can't buy a car, now you can't get a loan. «

See also:

Bank for International Settlements (2023) - BIS Innovation Hub work on central bank digital currency (CBDC).

International Monetary Fund (Nov 20, 2023) - Central Bank Digital Currency Development Enters the Next Phase.

Atlantic Council (Mar 21, 2023) - Snapshot: Which countries have made the most progress on CBDCs so far in 2023.

Imran N. Hosein (2021) - The Bretton Woods International Monetary System.

Carroll Quigley (1963) - The BIS — The Apex Of The System.

Carl Schmitt (1932) - Legality and Legitimacy.

On Fiscal Mismanagement | Martin A. Armstrong

Martin A. Armstrong (Sep 13, 2022) - Don’t mix the problem of the quantity of money with what is actually money. They are two separate issues. The theory that inflation is tied to the quantity of money truly extends back to when metal was the money supply. The sudden discovery of America led to a huge wave of inflation in Europe. The FISCAL MISMANAGEMENT of Spain led to its total collapse. They were borrowing against the next shipload of gold coming in from the New World. They would not wait even to get it in, and they were so excited to spend it before it arrived.

 

[...] The amazing Decline and Fall of Spain is perhaps the greatest lesson if someone wishes to write “How NOT to Manage Government For Dummies.” The Spanish became both the richest nation and the greatest debtor, not that dissimilar from the United States, and succeeded in ending up as the poorest. Spain became a serial defaulter beginning in 1557, followed by 1570, 1575, 1596, 1607, and 1647 ending in a 3rd world status without hyperinflation. Their economic model was one of conquest and plunder rather than developing domestic industry and a viable economy.

[...] The endless increase in the supply of dollars is not the problem [...] Our problem is NOT that money is paper. The problem is those in charge of the government [...] No matter what is money, it CAN NOT be fixed in value. It must be allowed to float, for there are always trends that shift back and forth. Therefore, the relentless creation of money is not because they are paper dollars. As I said, you are blaming the gun rather than the shooter. This is fiscal mismanagement created by Marxism, where the politicians no longer know how to run for office without bribing the people for their votes. This is the system that is completely doomed.

Quoted from:
Martin A. Armstrong (Sep 13, 2022) - Answering Questions

The Magic of Money | Hjalmar Schacht

Hjalmar Schacht (1967) - Man needs money and cannot exist without it. The diabolic magic of money is here clearly visible. It has helped mankind to make immense strides in economic development, and has at the same time enslaved him. Regression to a money-less condition, or the modern method of exchange by means of money any kind of money, but still money - these are the alternatives. Money plays the role of the sorcerer's apprentice - created to serve a master who cannot now rid himself of his indispensable sprite. It is the master now. 

Hjalmar Schacht (1877 – 1970), President of the Reichsbank.

[...] Modern paper money, the banknote, is backed by its creator, the State. It is true that John Law, the inventor of paper money, recommended a kind of cover based on landed property, but Law too saw that the principal security for paper money lay in confidence in the government, which has legal control over all kinds of things which would provide security. The failure which put an end to Law's measures was not so much caused by a paper money inflation, as by a collapse of speculative activity in the shares of the overseas enterprises he had founded. The value of his paper money was not based on these public companies, but only on their relationship with the state. Law rightly recognised that money, if it does not consist of tangible metal, is purely an internal affair of the national state. This remains true today.

For this reason there is no such thing as international currency. It is unlikely that it will ever come into being. International money would have to be granted the status of legal tender in all countries in which it circulates. In all these countries it would have to be possible to settle every state and private obligation in this currency. Any institution controlling this. currency irrespective of whether it is a bank or a government department would dominate the world an unthinkable situation. Currency is the most nationalistic factor in political life. Every central bank responsible for issuing it is dependent on the government of the country by whose laws it was instituted, and which makes its notes legal tender in the country's home territory.

The granting of credit is unthinkable without a central bank. No central bank can be allowed to act against the government of the country. The government is over the central bank, and influences its policies. It is thus also in a position to inflate the currency by taking up too much credit with the central bank. No international central bank could countenance such a situation. It cannot permit one of the governments with which it is associated to misuse its facilities unless every other government is in agreement. This however is a condition which cannot be reconciled with the fight of all against all in time of economic difficulty. No state will surrender so much of its sovereignty that its partners or competitors are given the power to prescribe its economic and financial policies. Standing over and above central bank and government, both of which are led and administered by changing personalities, there is a higher, impersonal, and substantially necessary law: the stability, the constancy of value, of money. This higher law has in the past granted the central banks an autonomous, independent position. Governments change, and can pursue good or bad currency and credit policies according to whether or not it is to the advantage of the party in power. 

 

Schacht in an Allied internment camp, 1945.
"Dr. Schacht, you should come to America. We’ve lots of money and that’s real banking".
Schacht replied, "You should come to Berlin. We don’t have money. That’s real banking".

[...] Even if common currency is regarded and desired as the crowning achievement of the European Common Market, it would be wrong to leave the relationship between the government and the central bank out of account. [...] The closer the economic ties between various countries, the easier will it become to reach agreement on currency policies. Whether these will ultimately lead to a unitary currency will always depend on the extent to which the participants are prepared to surrender their sovereignty. Here in fact is the Common Market's chief problem.

Quotes from:
Hjalmar Schacht (1967) - The Magic of Money

Who Ever Sets the Price of Gold and Silver | Stephen Mitford Goodson

There was an increase in trade and Rome became one of the most prosperous cities in the ancient world. [...] bronze coins represented national money and were paid into circulation by the state and each was only of value in as much as the symbols on which its numbers were recorded, were scarce or otherwise. This money was thus based on law rather than the metallic content. [...] This can be considered as an early example of the successful use of fiat money.

While fiat money is much criticised in some quarters, for example by the followers of Austrian economist Ludwig von Mises, there is nothing wrong with it, as long as it is issued by government, not by private bankers, and is carefully protected against counterfeiters. Non-fiat money, in contrast, has the serious drawback that who ever sets the prices of gold and silver, i.e. private bankers, can control the nation’s economy.

[...] in September 45 BC, Caesar found the streets and cities crowded with homeless people, who had been forced off the land by usurers and land monopolists. 300,000 people had to be fed daily at the public granary. Usury was flourishing with disastrous consequences. [..] Caesar fully understood the evils of usury and how to counter them. He recognized the profound truth that money is a national agent, created by law for a national purpose, and that no classes of men should withhold it from circulation so as to cause panics, in order that speculators could advance the rates of interest, or could buy up property at ruinous prices after such panic.

Caesar introduced the following social reforms:

1. Restoration of property was done at the much lower valuations which held prior to the civil war (49-45 BC).
2. Several remissions of rents were granted.
3. Large numbers of poor citizens and discharged veterans were settled on allotments.
4. Free housing was provided to 80,000 impoverished families.
5. Soldiers’ pay was increased from 123 to 225 denarii.
6. The corn dole was regulated.
7. Provincial communities were enfranchised.
8. Confusion in the calendar was removed by fixing it at 365¼ days from 1 January 44 BC.

His monetary reforms were as follows:

1. State debt levels were immediately reduced by 25%.
2. Control of the mint was transferred from the patricians (usurers) to government.
3. Cheap metal coins were issued as the means of exchange.
4. It was ruled that interest could not be levied at more than 1% per month.
5. It was decreed that interest could not be charged on interest and that the total interest charged could never exceed the capital loaned (in duplum rule).
6. Slavery was abolished as a means of settling debt.
7. Aristocrats were forced to employ their capital and not hoard it. 

These measures enraged the aristocrats and plutocrats whose “livelihood” was now severely restricted. They therefore conspired to murder Caesar, the hero of the people. 

 

The 'Ides of March' Denarius (43/42 BC), a declaration of the Republic's 'liberation' from tyrannical Caesar.
Ironically, Brutus appears on the obverse professing he killed Julius Caesar on the Ides of March.
This is one of the most sought-after coins from the Roman world.

Quotes from:

Stephen Mitford Goodson (2019) - A History of Central Banking and the Enslavement of Mankind.

 

See also:

Stephen Mitford Goodson (2017) – How The Banking System Works.

 Alfred Deahl (2020) - Money Talks: A Very Short History of Roman Currency.

Stephen Mitford Goodson (1948 - 2018) was a South African economist, author, politician and former Director of the South African Reserve Bank. He was the leader of South Africa's Abolition of Income Tax and Usury Party, and stood as a candidate for the Ubuntu Party in the 2014 General Elections.

Who Owns Bitcoin

Modern Money Mechanics | The Alchemy of Global Neo-Feudalism

"Modern Money Mechanics" was a booklet published
and distributed by the Federal Reserve Bank of
Chicago, originally written by Dorothy M. Nichols
in May 1961. Described as a "workbook on bank re-
serves and deposit expansion", the text offers a
detailed description of the basic process of money
creation out of absolutely nothing in today’s glo-
bally established fractional reserve banking schemes
such as the Federal Reserve System and the European
Central Bank (see also HERE).

Most academic texts teach that money is created first by someone making a deposit and then the bank waits for someone to come along and borrow it. 

However, that is not true: Modern Money Mechanics explains how money is created the instant it is borrowed. In other words, debt creates money. All the so called ‘Western’ governments create bonds (= public debt), give them to private bankster-cartels called ‘independent central banks’ or 'commercial banks' which use that debt to create money. There is no other value attached to it. It is the act of borrowing which causes it to spring into existence. Also all other banks are creating money based on a borrower’s promise to pay (the IOU = I Owe You). They create money by ‘monetizing’ the public and private debts of businesses and individuals.

In his book ‘The Creature from Jekyll Island’ G. Edward Griffin elaborates on this in the example of the US:

» The entire function of this machine is to convert debt into money.  It’s just that simple.  First, the Fed takes all the government bonds which the public does not buy and writes a check to Congress in exchange for them.  (It acquires other debt obligations as well, but government bonds comprise most of its inventory.) There is no money to back up this check. These fiat dollars are created on the spot for that purpose. By calling those bonds “reserves,” the Fed then uses them as the base for creating 9 additional dollars for every dollar created for the bonds themselves. The money created for the bonds is spent by the government, whereas the money created on top of those bonds is the source of all the bank loans made to the nation’s businesses and individuals. The result of this process is the same as creating money on a printing press, but the illusion is based on an accounting trick rather than a printing trick. 

The bottom line is that Congress and the banking cartel have entered into a partnership in which the cartel has the privilege of collecting interest on money which it creates out of nothing, a perpetual override on money which it creates out of nothing, a perpetual override on every American dollar that exists in the world. Congress, on the other hand, has access to unlimited funding without having to tell the voters their taxes are being raised through the process of inflation. If you understand this paragraph, you understand the Federal Reserve System.

[…] The federal government adds ink to a piece of paper, creates impressive designs around the edges, and calls it a bond or Treasury note. It is merely a promise to pay a specified sum at a specified interest on a specific date […] this debt eventually becomes the foundation for almost the entire nation’s money supply.  In reality, the government has created cash, but it doesn’t yet look like cash. To convert these IOUs into paper bills and checkbook money is the function of the Federal Reserve System.

An instrument of government debt is considered an asset because it is assumed the government will keep its promise to pay […] so the Federal Reserve now has an ‘asset’ which can be used to offset a liability. It then creates liability by adding ink to yet another piece of paper […] the “Federal Reserve Check” […]

There is no money in any account to cover this check. Anyone else doing that would be sent to prison. It is legal for the Fed, however, because Congress wants the money, and this is the easiest way to get it […] The process is mysteriously wrapped up in the banking system […] The Federal Reserve check is then deposited in one of the Federal Reserve Banks […] These checks become the means by which the first wave of fiat money floods into the economy. «

Trading with Nothing for Something | Islamic Perspectives on Fiat Money

Money must have intrinsic value ... Fiat currency and
banking are acts of crime ... (HERE)

 

Asatizah of Al-Munawwar (2013) - The Dazzling Proof for the Return of Our Pure Money. 

The Judgment on Fiat Currency.

"[...] Money must have intrinsic value due to it being the measure and store of the value of things. A form of 'money' that is open to total artificial manipulation and subjective valuation will not be able to perform these two functions of money.

[...] Fiat currency and banking are acts of crime, in fact, among the worst crimes in human history. Banking institutions must be held accountable for the continuous campaigns of wars and colonialism – today, corporate colonialism – which are undeniably their biggest and lucrative money-making opportunities. They have left behind clear fingerprints and traces for the world to see. They are also directly responsible for the impoverishment of countries shackled by unpayable debts owed to internationally recognized bloodsucking money lenders and financiers.  

[...] The monetary system based on fiat currency ensures that the amount of debts created will always be far more than the actual money supply, which means that many will never be able to repay the original sum, what more the interest. Many will be forced to default, declare bankruptcy and watch as their possessions are confiscated before their eyes. This does not happen to individuals only, but also to countries and nations which are forced to sell their resources for a measly price due to their inability to repay their international debts.

Muhammad Mahathir - Malaysian Prime Minister (2008):
» Quantitative Easing is a privilege for the rich nations only. When Greece lost money, it could not print currency notes or issue cheques to pay debts.Greece needs to borrow money from European countries to repay loans. Again no currency notes would be involved. The amount lent would be credited to the Central Bank of Greece which then would issue cheques to the commercial banks... Rightly both the United States and United Kingdom should be bankrupt. To recover they should be selling all their banks, industries and other assets at fire-sale prices. That was what the Asian countries were forced to do after the currency traders forced many of them almost into bankruptcy. But the bankrupt powerful countries of the West don’t have to do that. They carry out Quantitative Easing, print money and refinance their banks and bankrupt industries. And they talk about transparency in business practice. «

 

[...] One-third of the world's population now lives in a state of poverty. This is not due to the lack of natural resources or intellectuals, but due to the mischief of the robbers, i.e., the international bankers who went around the world selling their loans while hiding behind the pretext of offering technological progress and modernity to the 'backward' countries.

[...] The criminal act of banking (lending other people’s money on interest without their consent and earning through that without any risk of loss or without any labor involved) cannot be separated from fiat currency. Without fiat currency, banks today will not be able to function as how they are functioning. From the very beginning, it was the introduction of promissory notes (which have now devolved to fiat currency) that allowed the banks to engage in this misuse of the money that was entrusted to their safe-keeping by the unsuspecting masses. Both the practice of banking and the use of fiat currency are based strongly on Riba [usury].

[...] Fiat currency today cannot be a measure of value or a store of value as it constantly loses its illusory 'value' due to it not having natural or intrinsic value. In reality, it is nothing presented as something. This is why fiat money and chronic inflation are not separable; both are the results of each other. Nothingness will only return to nothingness and history is a witness to this.

Imran N. Hosein  (2013) - The International Monetary System:
» When the poor are permanently poor, and the rich permanently rich, that is oppression! All around the world today that oppression exists, and is constantly increasing - the poor grow poorer and the rich richer. Riba [usury] is the cause! A predatory global elite, centered in the West, but also around the world, is constantly sucking the wealth of mankind and impoverishing the masses through riba. Their ultimate objective is to utterly enslave all of mankind in a new sophisticated slavery.Political, legislative, judicial and legal systems, the media etc.,  are all created by the oppressor, and all function to preserve the system of economic oppression. Television is used to transport the masses to fantasy-land so that they remain unaware while riba is used to enslave them. «

 

[...] When inflation occurs, the purchasing power of the money we hold (fiat currency) falls, that is to say, the money that we use today buys lesser and lesser constantly. As time passes, the purchasing power of money only falls, hence people can only buy lesser with the money they have.

 [...] This fall in its purchasing power does not happen based on real situations where the money supply circulating in the nation naturally exceeds the goods and services available in the same nation. The resultant increase in the price of goods and services is due to the artificial creation of money out of nothing. This artificial creation of money out of thin air - one of it - is due to what bankers call Fractional Reserve Banking. This has never ceased to happen since banking took control of the money supply of a country and as a result, the price of goods and services are deliberately forced to be raised and as an inevitable result, the value of the money in our possession (purchasing power) keeps falling. This is intended rip off [Al-Bakh].

Riba-nomics

 

[...] Therefore, trading with fiat as a means of exchange, in reality, is trading with nothing for something. There is no equality; it is zulm [oppression], a clear act of injustice especially from the part of the issuer of the money.

[...] We do not need to bring down, attack or destroy the banking industry. The usurers will themselves bring the banks down since usury is baatil [falsehood], and baatil is bound to perish. What we have to do is to bring the haq [truth] and haq does not need the majority to give it any extra strength.

[...] Many shops and traders around the world have started to accept the Dinar [gold] and Dirham [silver] as payment. Some have also started using it as their mahar and some have went a step further by signing business contracts with the Dinar and Dirham being the capital as well as the profit.”

Tarek El Diwany, 2014: » An economically educated person should ask why a man would go to prison for creating money at home, while the bankers do it for a living. Still the question goes unanswered. Why does the crime of counterfeiting become a respectable profession through the act of incorporation as a limited company? Can you give me one example in Shari’ah where something that is haram [forbidden] becomes halal [legal] by the granting of a commercial license? «