This paper shows that the recent euphoria in Malaysia to introduce Gold Dinar as money in Muslim countries is devoid of reason. Despite the destabilizing potential of the current monetary arrangements in the world, the return to gold is neither desired nor practicable. The Denarists, as some prefer to characterize the proponents, are palpably asking for the moon. It is argued here that the introduction of gold money in Muslim countries is in no way an Islamic imperative. And, if enforced, the system is likely to end in a chaotic failure. Sagacity, not emotion, must guide public policy.
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
8134.
Length: Date of creation: 2007 Date of revision: Publication status: Published in JKAU: Islamic Economics 1.21(2008): pp. 1-21 Handle: RePEc:pra:mprapa:8134
Find related papers by JEL classification: E0 - Macroeconomics and Monetary Economics - - General
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