From God's Money to Monopoly Money and now Crypto-Currencies

As the world is moving from the fake/fiat currencies to even less tangible "money" ie. crypto-currencies, some are going back to "God's Money" a.k.a. real money with intrinsic value, and so should you. 

The rate at which the world is changing almost feels as if the very tectonic plates of the Earth are shifting. We are all waiting to see what the new world will look like after the restructuring ends. When you hear great initiatives coming from the World Economic Forum like, "The Great Reset," it truly makes you want to grab hold of that pole on the subway car and brace for ride. 

"There is an urgent need for global stakeholders to cooperate in simultaneously managing the direct consequences of the COVID-19 crisis. To improve the state of the world, the World Economic Forum is starting The Great Reset Initiative."- World Economic Forum

Fiat Currencies and Digital Currencies are Tools of the Oppressors

By their very nature, they give power to the people in control. The value of the US Dollar and every other fiat currency is not a static issue. Their fluctuations can be manipulated intentionally by market movers and banking practices. While these fluctuations may not hurt the very wealthy who have wealth stored in valuable, tangible assets, it does hurt the average person like you and I who at best have a home and car payment. The value of your US Dollars for example, is easily manipulated. Every time the US does QE (Quantitative Easing), more money is printed, further devaluing the purchasing power of your money. 

Push to Digital Currencies by World Governments

The United States is working on creating its own government's cryptocurrency so that each American can partake in the Fed's cryptocurrency. You may have heard that China You may read more about their role out here on Kitco. China's crypto-currency is backed by their government. Note that China has 20 tonnes of gold giving their government backing substantiation. That news about China should stoke some concern over the future value of the paper currency in your hand or digitally held in your bank account. All the more reason to take some of your fiat currency, whether it is Turkish Lira or Mexican Pesos, and but what ever bit of gold or silver you can. 

Currently, the governments of Ecuador, Tunisia, Senegal, Singapore, Venezuela,  and Dubai have issued the own cryptocurrency. I've read about Japan to be issuing it's J-Coin, Sweden to be rolling out its E-krona, Russia has it's Crytpo-ruble, Estonia its Estcoin and the list goes on. 

Turkish Citizens Run to Gold

The gold rush in Turkey has been widely published. You can read more about it in this Wall Street article. They aren't just buying gold bullion such as gold coins. The famous Grand Bazaar in Istanbul is a hub for gold jewelry has sky rocketing sales from about 450 pounds to 4500 pounds of gold daily. 

Issues with Digital Currencies

Volatility: As with anything in finance, higher volatility means higher risk of loss as well as a higher potential profits.  to but they fluctuate in value as well because they have no intrinsic value. While the value seems to be rising, that is no issue to people. But just as it rose, it can fall. How would that affect the average Jamal who spent their hard earned money investing in the digital currency?

No Intrinsic Value:  Digital currencies have even less intrinsic value than paper money. At least we can say paper money can be used to build a fire or write on! We are going from fake/fiat to even more fake.

False sense of Security from Government: The United States seized over $1 billion in bitcoin this past November of 2020. Although it was supposedly related to illegal drugs, it does make me ask how safe is your bitcoin from the government? You can read about it in this linked Reuters post: Bitcoin Seized.

Digital Currency Disappears: Digital currencies are not as safe as they would like you to believe. A Wall Street Journal article states that 1/5th of all Bitcoin is actually missing. 

God's Money

The world uses fiat currency, which basically means the money could be Monopoly money as long as the people, banks and government are accepting it as a medium of exchange. The paper money flowing around the world has no more intrinsic value than Monopoly money. In Islam, money must have intrinsic value. There are several evidences that Islam has established gold and silver as the monetary units of money for the Islamic State/ Empire. This doesn't mean that Muslims today using fiat currencies are committing a sin because there is no Islamic State and where ever you live in the world today, you are likely unable to use use gold or silver to do daily transactions. However, should Muslims move even further from what is acceptable as money in Islam? In my opinion, it would make more sense to take the fiat and use it to save in real money, Islamic currency. 

                        

      So paper and digital money does not exist and is not halal in the Islamic Economic System. 

Money in Islam, must be a store of value. If you're familiar with the story of Moses (Musa) when he was following Khidr. When they came to a town of rude, callous people and Khidr rebuilt a broken down wall, we learned along with Moses a.s. that Khidr was protecting the wealth of two orphans in the town that was hidden in that wall by their righteous parents. What does that have teach us about the Islamic definition of money? 

What if that money was not gold and rather a fiat currency like the US Dollar. By the time those orphan children grow up, the fiat currency could have lost 1/2 of its value or more, depending on market fluctuations. Gold and silver are money that has its own intrinsic value and that is not going away. There is not an endless amount So even thousands of years after the time of Moses, gold and silver will still have value. 

You may have heard stories from family members or friends who tell about hard times where the woman in the family sold her gold jewelry to save the family from a terrible financial hardship. What if your savings turn out to be that saving grace? I strongly encourage everyone reading this to spend from your fiat/ fake currency to purchase gold and or silver. 

How You Can Buy Gold and Silver

You don't need a middle man or to even leave your house to buy gold and silver today. You can go to a reputable and trusted site like JM Bullion or even Ebay. Apmex is another reputed and trusted site. They will mail it directly to your home. If you skip your eating out once a week and instead put aside that $25 to $30, you could buy an ounce of silver each week. In order to get free shipping on some sites, you may need to spend a minimum amount so save about $200 before you make your purchase. 

It doesn't hurt but will help you to save in real money. Each time you get a paycheck, pay yourself in real money.

 

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