The Problems with Islamic Finance & The Case for Bitcoin with Harris Irfan
The Thinking Muslim
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The Problem of Money Supply in the Modern World
Central banks have control of the supply of fiat money. They can manipulate that supply to deal with economic crises, these boombus cycles. It also allows banks to operate what's called a fractional reserve system. This has allowed a culture of what i call high time preference. We build in obsolescence into our products. We don't mend things. We throw them away and we buy new things. The resilience and sustain ability of society is decreasing. I think there are more societa mental health issues than there were in the seventies and eighties. So i'm very concerned that we have this armost religious dogma that is being preached to us by priests speaking latin.
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