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The Preeminence of Gold and Silver as Money

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  • Krichene, Noureddine
  • Ghassan, Hassan B.

Abstract

Historically, money is gold and silver, supplied by the market on profit criterion. Everywhere, government inconvertible paper money arose from bankruptcy. A government with balanced budgets would never need it. Imposed by force, inconvertible paper is a taxation mean, highly inflationary, and causes impoverishment. Unjust and bankrupt governments will continue to force this despotic money. Islamic Monetary Economics refutes the idea of money as a policy tool. Fully convertible paper is Shariah compliant. Shariah requires a just government to balance its budgets and restore fully gold and silver as lawful money.

Suggested Citation

  • Krichene, Noureddine & Ghassan, Hassan B., 2017. "The Preeminence of Gold and Silver as Money," MPRA Paper 85798, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:85798
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    File URL: https://mpra.ub.uni-muenchen.de/95445/1/MPRA_paper_85798.pdf
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    File URL: https://mpra.ub.uni-muenchen.de/95445/8/MPRA_paper_95445.pdf
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    References listed on IDEAS

    as
    1. Barro, Robert J, 1979. "Money and the Price Level under the Gold Standard," Economic Journal, Royal Economic Society, vol. 89(353), pages 13-33, March.
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    Cited by:

    1. Sultan, Shahid, 2021. "A Contextual Analysis of Riba under the Framework of Exchange," SocArXiv p6aw7, Center for Open Science.

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    More about this item

    Keywords

    Money; Gold-silver; Inconvertible paper; Inflation; Bankruptcy; Shariah.;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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