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The fix that no one seems to talk about is to abolish usury/interest. Islam, Judaism, and Christianity outlawed lending money with interest many centuries ago,
by apta 6y ago
The fix that no one seems to talk about is to abolish usury/interest. Islam, Judaism, and Christianity outlawed lending money with interest many centuries ago, and for good reason. Once the core is fixed, we will see benefits across the board almost by definition. Ban parasitic and immoral practices (interest/usury, stock shorting, selling debt for debt, short and long option positions [aka gambling], etc.) and things will get fixed very quickly. Don't forget to return to a properly backed currency, not today's fake currency that allows the government to print money at will.
- Ericson2314 6y agoThis is nonsense economics. Whether monetary policy or "natural", Capitalism as we know it relies on huge growth to have good outcomes. If you want a steady-state economy, you're going to need far more reforms than this, and if you want capitalism without interest you're shit out of luck.
- apta 6y agoIt's not nonsense economics because it's proven to work. Islamic finance heavily encourages proper economic growth through correct risk sharing. Want to open a business? Get VC funding and grow the company, if it succeeds, all parties profit, if it fails, all parties share the risk. This is in line with capitalism, just without the immoral and parasitic practices that make it unstable, as we see today. It's worth pointing out that the SEC banned short selling during the 2008 economic crisis, I wonder why. Not to mention that without interest bearing loans and selling debt for debt, there wouldn't have been a 2008 crisis to begin with. The solution is less taxation, while removing the parasitic practices that underly the economy today.