Zubair, 18 – A Selection from the Do Write Chapter “Whispers from Kashmir”
In the midst of darkened nights, the world wails for the deaths of thousands who die of hunger, who die of befallen debt-traps on them, stuck in poverty, stuck in pain, whereas there are people who are overwhelmed with excess of money, which they store bundles upon bundles. Inflation, unstable economy and the outcome of which is nothing but depression. The whole world is today stuck in the shackles of unstable money and the whole world is crying out loud for stable money, a better economy. Is there any solution for it? Is there any alternative?
History bears witness again and again to the fact acknowledged globally that Gold and silver were the foundations of stable civilizations in the past and were used as currency from ages long. From Roman and Persians civilization to all many other civilizations currency of such intrinsic value formed the foundation of the then economic system which resulted in prosperity and stability. The great personalities, Julius Caesar converted Rome’s currency into Gold standards; Napoleon introduced gold standards in France and history bears witness for the reforms in their times and their greatness acknowledged. In Quran and bible, the monetary system is referred to be based on gold and silver, real wealth with intrinsic value. Currency which forms the medium of exchange must have some intrinsic value unlike the artificial wealth of this time, which erroneously now is converting to no more then digits on electronic screens. Gold as currency with its intrinsic value was accepted worldwide, no matter where one travelled in any part of the world. If a person travelled from India to China, there was no need for him to change currency and worst part is that we are today made to pay for that conversion of currency. Gold is gold, weather used in India or in China or in America; it has its own value. The advantage of Gold as currency is that it will be of price stability with rare chances of inflations and hyperinflation as a dream. Inflation is a factor which proves harmful for the overall economy. Inefficiencies in market, reduction of productivity, decrease in investment, increased instability and effect on balance of trade are the outcomes of inflation which can be vividly reduced in gold and silver based currency. And the worst scene can occur in the case of hyperinflation which can result in the abandonment of the effected country’s currency. Gold if sunk under water and taken out five hundred years later will be of same value and will yet form the part of transactions, whereas if it happens to paper it will be of no use. Throughout history, when paper used as currency, it has never remained on its first value, the example of which is dollar whose purchasing power has reduced since 1950 a high time, and reported to be 90% fall in its purchasing power. In history, no paper currency remained intact for a longer period; they soon come to an end.
The present time is witnessing an amazing situation where the labor and hard work of people is compensated by mere pieces of papers which keep on printing and printing all the time. The papers of no value and made more worthless by spoiling them with ink, holding pictures, signs and rendered not even usable for writing purpose. These are the aspects which are not taught in our secular education system and not usually spoken about in the media. There is a clandestine conspiracy, conspiracy of silence led by the elites and authority holders to let not people aware of the problems of their systems and the alternatives to them otherwise their would have been no biasness in their set curriculum and controlled media to not show the other side and the brighter side which can bring the world out of the shackles of poverty and problems of economic disparities of rich getting richer and poor getting poorer.
And in conclusion, we say that the world has not witnesses such disasters in history due to any economic code which the present time is witnessing. And the monetary system is an important part of any economic system as said money is important because it is one half of every single transaction. So, there is a need to return to the road of Gold and Silver which worked as currencies for thousands of years in human history. And as Voltaire said “Paper money eventually returns to its intrinsic value- ZERO”.