بہت شکریہ . آپ کی محنت اور کمٹمنٹ مثالی ہے . آپ نے دوسرے شعبوں کے لوگوں کو بھی پولیٹیکل ہسٹری اور اکنامکس سیکھنے پر لگا دیا ہے . یقیناً ان علوم کی شدھ بدھ کے بغیر معاشی اور سیاسی معاملات کے بارے میں صحیح راۓ قائم نہیں کی جا سکتی . سلامت رہیں .
You didn't explain as per islamic perspective, also you didn't have correct knowledge about Sheikh Taqiuddin Nabhani, they way you presented and told the story is about European and US like how and why they left the gold standard. The facts you presented are not the correct I think you need more time to study the islamic solution under the islamic umbrella. Read again bro
گولڈ اسٹینڈرڈ اور گولڈ کرنسی ان دونوں میں کوئی مسلہ نہی یہ ایک گولڈ کرنسی کی ہی ایڈوانس شکل ہے۔ اسلام کو اس سے کوئی مسلہ نہی۔ پیپر کرنسی کے ایک نوٹ کا یہ مطلب ہوتا تھا بالفرض ہزار کا نوٹ ہے اسکی قیمت اتنے سونا یا چاندی کے برابر ہوگی اور آپ جب چاہیں وہ کرنسی دے کر اپ ا گولڈ اصولی طور ر لے سکتے ہیں یعنی کرنسی کے عوض سونا ہونا چاہیے یہ ایک دوسرے سے منسلک ہیں
@@rizwanahmed2662 یہ کہیں پر نہی لکھا گیا کہ کرنسی اور گولڈ ایک دوسرے سے منسلک ہیں۔ آپ کرنسی کو گولڈ کی رسید سمجھیں۔فرض کریں ہزار کا نوٹ ہے تو اس کا مطلب ہے کہ ہزار روپے کی قدر اتنی مالیت کے سونے کے برابر ہو گی۔آپ کبھی اپ ی کرنسی کے نوٹ کو غور سے دیکھیں اس پر لکھا ہے کہ حکومت پاکستان کی ضمانت سے جاری ہوا۔ یعنی یہ نوٹ آپ کے استعمال کے لیے حکومت نے کسی چیز کی بنیاد پر جاری کیا ہے یہ ضمانت کیا ہوتی ہے یہ سونا ہوتا ہے۔ جب حکومت نوٹ چھاپتی ہے تو اسکا مطلب یہ ہوتا ہے کہ فرض کریں حکومت کے پاس خزانے میں ایک کلو سونا آیا اور اس سونے کی قیمت کے برابر حکومت نے رسیدیں یعنی کرنسی نوٹ دے دہیے یعنی یہ نوٹ صرف کاغذ نہی بلکہ انکے پیچھے خزانہ میں آپ کے پاس ضمانت ہے کہ حکومت نے اتنی مقدر میں سونا رکھا ہوا ہے
Islam just give economic principles such as interest free, no monopoly, no black market and Zakat , ushrs as instruments for circulating money between different class. not. a rigid economic system as proclaimed by molanas. by including above principles we can apply any system left to right.
Would love to have your thoughts on the following two comments. A) I feel that the argument that the gold standard is inadequate simply because when the economy expands rapidly not enough gold can be mined fast enough to support it is not a valid one. In such situations all that needs to be done is increase the price of an ounce of gold. There is absolutely no need to increase the supply of gold. Especially in our age when digital equivalent of gold can be used to divide gold almost infinitely the argument of “very small amounts cannot be exchanged” is also ruled out. Gold is not meant to be an asset. Its meant to be money. Its supposed to facilitate transactions of real assets. Its the plumbing of the system. There is no need to keep mining more of it in those rare times when economies grow much faster than their typical average rates of a few percentage points. The stock of gold naturally grows by similar amounts. Currently the central banks of the world own about 30,000 tons of gold and around 3000 tons are mined every year. That’s more than enough to absorb even large economy growths even without changing price. But with the option to increase price if accomodate abnormal growth periods, the problem totally disappears. The argument that large trade deficits mean that gold will disappear from those economies is not necessarily valid. As economic wealth will decrease so will salaries and once again their goods will start becoming more attractive in the global market and similarly as the gold reserves of a great economy will increase, so too will their life standards and this will eventually reduce their exports thereby restoring the gold balance. B) The example of the gold standard failing in times like the Great Depression is valid. However it must be realized that this does not imply that the alternative, namely unbacked limitless paper is better. Even the best systems can go through rough periods. Reasonable money printing may be tolerated in extinction level events, but unfortunately what has happened is that Keynesian economics has made governments trigger happy with money printing leading to artificial economies where real assets are few and far between and the paper which represents them is rampant. The amount of damage the paper money system has done to the underprivileged in the last 50 years ever since Nixon took the world completely off the gold standard in 1971 was I am quite sure not anticipated by Keynes. Many have corrected the flaws of Keynesian economics but greed knows no bounds and governments would much rather be able to print their way out of problems even if it meant putting future generations in unlimited debt. Please consider the above two comments as genuine inquiries and give your valuable feedback. Thankyou
Sir/Mame! You're thinking in the right direction. The intent of the Keynesian economics was certainly not what they've done in 1971, in 2000, and especially 2008. And now in the last 18 months. In the last 18 months Fed_reserve has printed as many USD since all in the history they've printed. This scale of their balance sheet expansion is unprecedented. And now they're talking about inflation? As dr sahib stressed, there is only a few handles that a central bank has, interest rate or bonds/yield quantitative easing or tightening. Again current crisis we have now landed (had been gradual in fact) is a supply-push rather that cost-pull, as you said greed based. And in fact a true demonstration of failure of capitalism.
@MMM Not really. The Chicago Merchantile Exchange (CME) and @NYMEX where the GOld Future are reckon to fix the Spot prices globally. The fact is that all commodities (Crude, Natural Gas, Silver, Wheat, Cotton, even within Equities (S&P500, NASDAQ, DOW30) and Bonds and currencies including USD/EURO/AUS/JPY/CAD/Pound and others) are all traded with their Future contracts. That dictates the Internation spot prices. That's the whole purpose of International Trade Exchanges which are 'almost' synch Internationally across the globe such HENKSENG/CHINA/INDIA/FRANCE/GERMANY/UK/US. In practical I agree there is rigging in prices by some large traders, we're especially seeing nowadays in Crude/Gold/Silver. The reasons may not self-explanatory but maybe out of the scope of this comment.
If countries don't have gold as in case of UK during WW1 period, they will face deficits. How UK was supposed to stabilize its economy in such a short war period! Your suggestions are valid but for long term. Huge US gold reserves would have increased prices of US products but also in the long term. What countries are supposed to do in case of emergency.
@MMM Its impossible to raise or lower the price of something like gold only in a single country. That wouldn’t make sense. It would mean something like saying that the dollar is worth 200 Pak Rupees in Pakistan but 300 Pak Rupees in the USA. That kind of exchange rate spread would be meaningless if international convertibility exists. So since gold would be “money” it would need to have an international price just like it has now. The argument is simply this that “not enough gold” is not a valid argument. One can simply raise or lower the price according to global GDP. In times of global conflict or when trust in the authorities who set the gold price breaks down completely, (which is basically a very extreme scenario), countries could even decide to shut trade with such countries which are not changing the price of gold fairly and only trade with those countries which are. International trade could still exist. Countries with different GDPs will simply benefit or lose in accordance with their contributions to global GDP. And furthermore the lower salaries in countries with less per capita gold will make their exports more lucrative and vice versa thereby creating a nice centering effect. Yes “fixed or limited supply” systems tend to become very difficult to sustain in times of extreme pressure like world wars or existential threats. In those “very very rare” cases I would allow “borrowing from future generations” by printing paper and lowering the “backing ratio” since if it wasn’t allowed even then, the future generations we are trying to save wouldn’t exist. But barring those extreme circumstances, allowing unbacked money, which by the way only benefits the elite because of the Cantillon effect, is uncalled for. Its like telling a cat to look after somebody else’s milk. Why create such a system?
یہ تاریخی معاملات مخصوص تاریخی معاملات میں، یعنی جنگوں کے بے ہنگم اخراجات کی وجہ سے گولڈ اسٹینڈرڈ کا خاتمہ ہوا۔ یہ۔مثالیں اوقات امن کے لیے مناسب نہیں ہیں۔ اور کسی نہ کسی سطح پر گولڈ سے کرنسی کا تعلق باقی رہنا چاہیے
اسلام ہر چیز کے حوالے سے ایک بنیادی تصور اور اصول دیتا ہے ۔۔اور معاشی حوالے سے بھی اسلام عدل و انصاف کے کچھ بنیادی ضابطے بیان کرتا ہے۔۔۔ باقی وقت کے تقاضوں کے مطابق اس میں تبدیلی لائی جاتی ہے لیکن جو بنیادی اصول اور ضابطہ ہے ان کے تحت۔۔
Jzk but my dear brother you’re conflating two issues and arriving at the wrong conclusion. The argument against the Islamic gold standard is poor because you mention realities that are only applicable to Capitalism. For example, the stock market crash is a capitalist issue due to the people borrowing money to plug into the market for magical capital gains return rather than true investment into a company based on the product/service being offered. This created an inflated market (over value of companies) based on “hope” which didn’t reflect the true reality on the ground. In Islam we don’t have this virtual market that sits on top of the real market. Furthermore we don’t have the market of derivatives that further sits on top of the stock market - speculation upon speculation! Therefore these volatile markets don’t exist that can cause a huge loss of wealth needing stimulus by tampering with money. We have stable markets with no need to tamper with the money supply. The beauty about the gold standard is that it is not open to manipulation which is the stability it offers and hence the attraction to it. It stores value at all times. #khilafah is the answer
@@phenomenalone4554 the market cap far exceeds real capital. This is evidence of being divorced from reality and hence what I call virtual on metaphorical sense.
@@hassanhamza5614 he argues against gold standard as being a utopia given that gold cannot handle economic crisis’. Stock market is the example he gave which is why I present that stock market crash and recessions in general are a western phenomenon due to capitalism and not a reality for Islam. Eg the boom and bust caused by a banking industry is alien to Islam. We won’t experience such realities under the Islamic economic system
یعنی خدا کو اس جدت پسندی کا علم نہیں تھا اور جدید دور کے جدید احکام اس نے بیان نہیں فرمائے اب یہ تو کفر ہے تو اور اگر بیان کیے ہیں اور یقینا کیے تو یہ تعلیم یافتہ لوگ اس جدت سے ابھی ناآشنا ہیں اور اگر ناآشنا ہیں تو محتاج ہی ایک علیم کے ذی علم کے نہیں تو بجائے اسلامی قوانین میں جدت کا مطالبہ کرنے کے اپنی جہالت کا اقرار کر لینا زیادہ بہتر ہے اور خدا سے دعا کریں کہ کوئی طالوت بھیج دے اس امت کیلئے بھی
You can trade in dollar system but you can not win with in dollar system againts America .sir why you are not saying about russian currency it's in this Ukraine war gets it's highest value .why.in the start of war its lose the value againts dollar but when they putin pushed all Europeans to trade is Russian currency so Russian currency become its peak point at all time .how.coz they are holding real assets real value in term of resources oil gas and others . But if they could not able to pushed Europeans to trade in russian how Russian will survive coz .... Only when one .when you accept this american dollar as a currency and you will think this is all . It's a joke you are fighting against some one and in terms of that enemy and you want to win.wao. Let me ask one thing if all countries ask guarantees behind dollar from America. Is America able to pay this. ...... It's a real fake currency to it's very real to control the world .jews project is running very successfully coz we accept this.
Why don't you sit with academic scholar (not controversial) and have a healthy debate session ? Don't come up with an argument that Scholars are uneducated yes they are but not each of them many of them are very well aware and educated like Raja Zia ul haq,Hafiz zubair,Mufti Syed adnan Kakakhail Mufti Taqi usmani,Danial( Muslim skeptic,his channel on YT) and list goes on..
taimur bhai..is wqt k graet scholar jo shah waliullah k thought k revival hain..unho ny economic system ki definition with exact specificity aur relation of production ko jadeed bnyado p smjhay h.. ap waisy molveo s ghbraty hain q k unhon ny jahalat phailai..lkn m khalos e dil s apko un s aik bar mlny ka mshwara zror dnga... Name- shah abdul khaliq azad raipuri Location- Queens road institute of Rahimaia Sciences Lahore usk bad ap khud kaho gy k capitalism s onward aur islam ka apna specific system waqae hai.. bqi apki mrzi..mera comment prh k ignore krein ya positive way m aik bar mil lain
@@whiteholeeducationcenter asal mulaqat taimur bhai ki krani h jo sach m pareshan hain k history m islam asiatic mode of production system p tha..apnna nh tha system koi..to unki tasalli hgi tb jaa k bht faida hna pakistan ko...q k taimur bhai ko abhi tak koi aisa bnda ya literature nh mila jis s unki tasalli ho
@@tahiraziz9168 Qasir Ahmad Raja Nae Tamoor Sahabh ko discussion ka kha hoa hai lslamic economic system Par Tamoor Sahabh khud nahi gate kae khi un ka jhoot fash na ho gae. Sare seculars ka yahi tariqa e wardat hai.
By making subtle anti Islamic videos,he's showing his agenda,you Marxist lot were defeated so badly that your entire system broke down in 1991,this is communism,Lenin said: “Destruction of three quarters of the world is nothing; what matters is that the remaining quarter become communist.”
To technology advancement feudalism q nhi kr skti? Hr feudal Lord apni Zameen me tra tra ki factories lgay r us area k logon ko factories me forced labour krvay. Cheap labour, cheaper products, better market competition with all those capatalist, socialist etc 😜
When u wear glasses of prejudice then u cannot see with clearly. Why US stocks are expensive? When US removed Gold standard then US never imagined that it will cause stocks to be very expensive. Gold standard is the only benchmark to stop inflation. It is also true that this standard hinders elastic flow of money but take a look of countries which took advantage of this elasticity and ended up in debt. Now the biggest problem every country is facing is debt. Even US is suffering from debt but we cannot feel it because 80% of lenders of US are actually American citizens and US debt is denominated in its own currency. These two factors solely prevents US from feeling the heat of debt. Now a days every youtuber thinks he is master of this whole universe.
Sir you should read the book"Economic Terrorism by Zaid Zaman Hamid" he explains how big power controlling you by paper currency. If we'd have real currency no body could control our economy by decreasing value like why there is 1 dollars equals to 250 pkr? Cqn one dirham equals to 250 dirham??
Incomplete analysis which only covers the "medium of exchange" part - others aspects of currency like "containment of value" and "measure of value" if touched upon would give a better conclusion\
Around ww1, or may be now, if some countries spent all their gold reserves due to lots of expenditures and imports then they should increase their production, services and efficiency etc. to earn the gold back. How can just printing your own paper money make you wealthy again? The problem with gold, which Dr. Taimoor is mentioning, also exist in current paper currency world. As US dollar is the dominant currency, what if some countries run out of US dollars, e.g. like PAKISTAN? They have to increase their production and efficiency. So, I don't see problem with gold, except that it's not convenient to carry.
Hey guys, this professor is confusing people. He's also biased, presenting one part and hiding the dark part of paper currency. (I'm sure he got what I am saying) This's unjustice, I'm wondering, How is this professor playing with people's minds?
Dr Taimur, this is the first time I heard views of the other side. Before this I always heard all bad things about the paper currency. RU-vid is filled with videos on gold standard. But I think this subject demands an indepth discussion, I'm not completely satisfied with your 23 minute video because it left a lot of questions un answered. You have to bring the arguments of the other side and take them one by one.
There are two types on money in capitalism, 1) Hard money 2) Soft money. Hard money is hard to earn you produce and soft money is you print money and printing money creates inflation. The only solution to stop the inflation is to work hard and produce more and only a free and fair capitalist society enables you to do that.
Y are unknowningly supporting keynesian economics. Karl Marx did not opposed golden standard as standard commodity money unit, how y can support money pumping policy of crony capitalism.
We should not adopt the gold standard. We should trade in gold at the state level. And the state bank should convert foreign remittances to the current equivalent valued gold.
Now you are being utopian he thinks america will let us get rid of commercial banking it is also impossible to get out of capatalism by living in dollar standards.
He's a Marxist/Leninist, if you don't know what they are then I suggest you to read this,Lenin said: “Destruction of three quarters of the world is nothing; what matters is that the remaining quarter become communist.”
@@haroon420 Pandu,Jawab de,this guy has an agenda!!!!! Naive people like you get entrapped and then realize that these people are filled with Ahmedis and Atheists and Murtads!!!! I know their lot!
Dr sahb with due respect ap apni opinion and facts ko separate separate byan kiya kerain. Q k is doubt create hota k shayed ap socialist ideas se influence ho ker one sided picture na pesh ker rahey hon...btw i consider you great teacher ❤
You are confusing people you have not discussed intrinsic value of an exchange medium. Neither you have talked about Fiat currency bankers interest based activities who have authority of printing as much money as they can and circulating it in the society with no equivalent gold backup.
If plenty of gold would have been discovered from.any where from any of this planet then there would be then irreversible inflation. And if gold will be discovered then how can you stop production then there is going to be complete deflation
The currency of countries with less gold should have devalued or the entire Govt would have collapsed. The moment the decoupled fiat currencies from the Gold standard, inflation kicked in and every state on the planet Earth acrued huge debts and now sunk under the ocean of debts and paying their interests. We still use gold standard today in Zakat and other grains/resins standard for fitrana etc. Why US refused to give gold to France in 1970s as USD was assured to be backed by Gold by then!
Thanks again dr sahib as always extremely engaging lecture. Two comments: - COMMENT # 1 : The hegemony of an imperial is indeed reflected in the economic advancements into their currency .. in principle you're right, however, cause causality is rather flipped in our case (in most cases fact if you study the past imperialists) especially with US-imperialism. Until the advent of Neo-Liberalism / Globalization (70's especially) this had been more or less true. Since then there had been mass exodus of Industrialization and rather transformation into financialization, nevertheless representing virtual economies (debt-backed and its derivative-based economies). The IOU's are rather worthless across various central banks nowadays if you investigate and various financial institutions around the world with Asset to Equity ratios raising to alarming scales never been. The only reason they're keeping there hegemony employing the triple terrible (IMF/WTO/World-bank) and using large CIA/Military's global foot-print investing into AI/war driven economies. So its their 'PETRO" dollar that has kept their hegemony so far using sanctions and fear factor. i.e. by might rather than real economic advancements. .. this lead to the 2nd comment.. - COMMENT # 2 : About the gold standard. We do have to recognize. US had been 'The' major contributor towards the weaponry-war economics. We should not even call it economics, rather de-economy due to the fact it is destructive economics. Every dollar you spend on creating weapons' you destroy equal or lot more resources. Thus the produce/product that was tangible to gold has been destroyed. So this 'Weapon-Incorporated' is one of the few example that hurts Gold Standards model in its current form. As free Stock markets inflates at various instance (like Y20k DOT.com bubble). Trade imbalance as you said. There should rather be mechanism towards that to account for such disentanglements, for instance as we segregate indices like CPI vs Core-CPI etc. Point is the Gold Standard should be modified not abandoned. My point is that Gold Standard is not the failure. Rather the intent was malicious: Since Bretton Woods until 1971 Nixon's dollar-gold detachment the purpose/promise of the World-Bank was to balance currency exchange rates to facilitate trading, and as this Development Bank to help out nations in the times or trouble. Malicious part became obvious when the troubles were created within nations to bring them into crisis. The notoriety became obvious when that detachment happened from dollar to Gold, while USD was being the sole floating currency against the 6 currencies. They started printing and are printing and will be printing at their own discretion. Thus turning PETRO-Dollar as their sole weapon. However,, its a fact now that when Russia trades in currencies other than USD or China or Iran or KSA anyone does, its a declaration against that fear-factor i.e. PETRO-Dollar. Although we agree in order to create a proper market for any currency standard you need to establish a prevalent Bond/Yield market in order for your clearing houses to sustain and operate. Which we find nothing at this time other than USD. But again it's a matter of time.
Deficit driven economies have always failed. Whenever one party (usually governments or banks) artificially dilutes the value of money/currency (which are half of any business transaction), that tends to create inflation. Such dilution is done to cover the deficits of overspending. Gold/Silver based system does not necessarily need to increase money supply infinitely. Improvements in technology can reduce costs and keep the trade moving forward. The gold standard was absolved by Nixon as they had already started pumping more dollars than the gold reserves they had. They couldn't deliver their promises such as dollar to gold conversion demanded by Charles de Gaulle of france. So instead of defaulting on their promises, they simply abandoned the gold standard which they could get away with due to their military might. If you get some extra time to watch web series 'Hidden secrets of Money' by Mike Maloney, I would like to have your comment on that.
Yes you are correct. The fractional reserve system of banking is the core reason why the economy goes through a recession after a few decades. Gold reserve system would have kept this in check all the time.
Food is a standard of currency in Islam as Gold, silver till this date. We donate money like Zakat as per gold/silver standard and other smaller mandatory donations as per food grains/resins standards like the mandatory fitrana donation at the end of every Ramadan (Eid UL Fitr)
یار میڈیسن پڑھ کے کیا کرنا؟ کوئی بزنس وغیرہ کریں اور ایم بی بی ایس بس شوق کی حد تک کریں۔ بلکہ فزیشن سے آگے ریسرچر تک جائیں، لیکن روزگار کیلئے حکومت اور پرائیویٹ اداروں کی غلامی کی نیت توڑ دیں۔ مجھے کیلے کا ٹھیلا لگا کے زیادہ آمدن ہو گی بجائے اس کے کہ مجھے ڈی ایچ کیو میں جاب مل جائے۔
Hum ne tu capitalist countries ko progress karty deekha. For example, 1970 main china ne free market ko adopt kia phir hi traqi ki. Cuba , Soviet union mao's china sab failure thay.
Agar China capitalist bana 1970 mein to phir Pakistan, India, Bangladesh ki development China ke saamne itni low kyun hai? Pakistan to China se pehle "capitalist" tha
Bhi phir b india or Bangladesh grow kar rhy. Bat capitalism or socialism ki nhi bat governance, rule of law, political consistency ki hy. In kay bagair socialism b koch nhi kar skti.
I always learn more that I ever imagined with your V-Logs Dr. Sahab. Looking forward to Money Supply and Commercial Banks episode. Can you also do a V-Log on Bonds and how they effect the capitalist economy and how Pakistan can issue bonds to foreign investors to grow its economy.
Yes but printing money, not matter if you increase production accordingly, it can increase the imports because some money goes to people which can increase imports
@@ahmednaeem5729 A Marxist/Communist can't be a Muslim,read the Fatawas of Saudi scholars,and also Indonesian and Malaysian scholars!!!!!! Lenin said: “Destruction of three quarters of the world is nothing; what matters is that the remaining quarter become communist.”
We have to wear our religion on our sleeves. This country needs a miracle to get out of this mindset. Everything is a conspiracy against Islam. Even a lecture on Gold Standard. A mob of fools is what Pakistan has become.
President Vladimir Putin said on Wednesday that the BRICS countries - Brazil, Russia, India, China, and South Africa - are currently working on setting up a new global reserve currency.....Should pakistan work with them your coments?
I know my comment is out of context still I am putting it here...just read the news that Pak's Punjab province's administration has declared 'RAPE EMERGENCY' due to immense rise in incidents of rape followed by murder of the victims.I am from India but it hurts witnessing such decadence of humanity.Probably none of us have heard the term 'RAPE EMERGENCY' before.It's pathetic.
Bhi dako science mei joo bhi development hoi hai Woo military expansionism ki waga sae hoi . Muslim uss time apnae empires ko expand kar rahae thae. Iss lia woo Technological advancements mei bhi baki sab sae agae thae
