The medium of exchange is not a commodity and that is the Islamic basis of viewing money anywhere. The clerics that have supported this printed-paper regime, as a commodity, over decades have in effect partnered with colonists in time to allow this wholesale piracy! Printed-paper is representative of value and that has to be assessed in both ‘tangible’ and ‘intangible’ terms, as is manifest today. If gold were to represent the ‘tangible’ then technology through intellectual property rights could be determined as the ‘intangible’ factor representing value. The ‘intangible’ value determination however is subject to an evolutionary process of research and development where any and everybody will arrive at the same conclusion bearing the truth of things, as they manifest. With R&D being politically blocked the technological lead gets protected for a select club of pirates. The earthworm phenomenon gets invoked with the head moving forward in the lead and body always lagging behind catching up! Indisputably at the head are global pirates and the body is made up of us the providers of raw material in exchange of printed-paper!
The crisis of using the ‘intangible’ to acquire the ‘tangible’ is the act of piracy that needs to be contested globally and legislated in terms of the Islamic ideology. Money is not and cannot be a commodity – full stop! It is a tool of international oppression and piracy both, and truly a weapon of mass destruction when it comes to the fate of the global population and their deprivation. The over population and abject poverty on the planet are both attributable to this diabolic regime of money management. For reasons, which are political, many a men have tried to shun, contest and change the monetary order of the world but have in the process lost their lives, livelihood and socio-political standing. Many did write about the affects of this carnage but in vain. For us in the sundry Islamic Republics of world it is a compulsion to invoke an order in consonance with our founding ideology to restrict global trade only based on a tangible medium of exchange, or shed the Islamic tag to go with for global recognition. We are and should choose to remain republics of under-dogs most submissively! It is nonsensical to remain tied down to servitude and feed pirates simply because they print a different picture on paper. The concept of a ‘reserve currency’ of the world and the initiative to digitize the same yet again fortifies pseudo and neo colonialism.
While global politics is based on economics, we need to base economics on the scales of equity. This is Islamic and achievable only if there is a common denominator for value exchange like tangible gold. The printed-paper medium of exchange, however many, need to be contained within political territories and equated one for one globally. Global trade has to lean on the one tangible only so that the opportunity to grow, develop, live in peace and evolve in technology is universally equitable. This opposition to the current money management regime globally is not un-common but the implementation for change has simply become impossible with printed-paper being flaunted in all economies to keep the ruling governments in office who support this heist.
In the Pakistan scenario the money management initiatives ought to get aligned with our founding ideology and must be structured such. We need to in the first instance peg our foreign trade to gold. Trade balances must be settled in gold and imports and exports both must be based on a gold-based instrument as an international medium of exchange unilaterally adopted. This can be engineered overnight. Trade tariffs must be completely abolished for all Muslim majority countries to help create a commonwealth for our produce. In the same stride travel restrictions for Muslims must become visa free. The foreign debt needs to be liquidated on the parity of one to one or in the volume of gold. Governmental revenue needs to come from land, across the board and in rupees only. All other heads of taxation must be abolished. The Rupee has to be barricaded for use within the territory of the country and revalued to represent the value of gold on a base unit of one gram to one rupee. Land utilization must surface with every inch duly counted for and categorized for usage supporting a revenue stream. The doors to industrialization in every form need to be opened tax free and free from political repression and bureaucratic blackmail. The economic destination must be set at, for a hundred percent urbanization with fiscal empowerment of the population from dole supportive to housing, nourishment, healthcare and education. The uniqueness of the model will open floodgates for industrialization, employment, and transfer of technology resulting in real wealth. The Islamic Republic will surface true to it its founding ideology and depart from the fake visage it does exist with. More. The laws based on the colonial philosophy of law making have to be scraped to allow the power to shift to the people from institutions of the state manned by the servants of the people. The Executive must only regulate and the highest standards known for every discipline, the Army must defend the ideological and territorial boundaries of the state with impunity and the Judiciary must adjudicate without being politically biased, as a neutral umpire.
Here is for us to think and act upon as the Islamic Republic in essence.