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I'm suggesting that any non zero rates are predatory. Loans should be reserved as acts of charity, as Islam dictates. Otherwise, it will open up to running the

by azth 5y ago

I'm suggesting that any non zero rates are predatory. Loans should be reserved as acts of charity, as Islam dictates. Otherwise, it will open up to running the economy on debt, which is exactly what we see today. Debt fuels more debt, more inflation, it's a rolling snowball. It's no wonder we're in the mess we see today. Of course dissociating the currency from gold or other precious metals allows them to print more money to pay off their ever growing debts. This is how all these factors are connected. Not to mention immoral acts like gambling (aka put and call options) and selling what you don't own (shorting), all of which are prohibited in Islam, are contributing causes as well.

ctvo 5y ago
Trying to roll back the clock to the golden age of Islam is not something you’d expect to find in HN’s comments section. Liquidity fits into your world view how? In its most simple form: A business or person needs money to buy resources to make things to earn money. Do they go to the Sultan and beg for a loan based on charity?
- azth 5y ago
  > Trying to roll back the clock to the golden age of Islam is not something you’d expect to find in HN’s comments section. Why, because most people are not familiar with Islamic history? :) > A business or person needs money to buy resources to make things to earn money. Engage in a fundrise not dissimilar to what people do today with VCs and startups. The investor(s) contribute money in exchange for a portion of the business. If it succeeds, both parties make money, if it doesn't, the investor loses money, and the business owner loses money and effort he put into it. It's true risk sharing.