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I agree with everything besides “business X relies on lending.” Businesses _in the west_ rely on lending. Islamic businesses _cannot_ morally or legally rely o
by brutusborn 4y ago
I agree with everything besides “business X relies on lending.”
Businesses _in the west_ rely on lending. Islamic businesses _cannot_ morally or legally rely on lending, so they must have alternatives. And if you look at the alternatives you will realise that debt is not essential.
Sure, if all western governments banned lending tomorrow there would be crisis, but because any major change shocks an economy, not because economies _need_ debt.
Haha I knew you’d come around about the GFC, it’s definitely not a good example of the superiority of Western Financial system LOL
- sanderjd 4y agoLike I've been saying, businesses either rely on lending, or they rely on a state directing things from the top down. The alternatives are giant sovereign wealth funds. I think lending is much better. I've actually come back around on the GFC thing :) The way in which it's the opposite is that with the GFC we had low inflation and high unemployment and right now we have high inflation and low unemployment.
- brutusborn 4y agoYou can keep repeating yourself, but it is still false. I've provided an existence proof of why it is false, and you have supplied..."I've been saying" The GFC was caused by bad lending regardless of the levels of inflation and employment. Of course you are free to keep believing it's the "opposite." Doubling down on preconceived ideas is a pretty good strategy to never learn anything new. I'd prefer if you would provide a reason for your beliefs because I might learn something if your reasons contradict my own. Sorry if I sound harsh but it feels like I'm responding to an echo.