Islam and the Future of Money - Imran Hossein pp.34-42.
103 Islam and the Future of Money - Imran Hossein pp.34-42.
[Just read the bold and navy parts, its worth it.]
The reader can easily recognize the very heart of the process of legalized theft in the international monetary system that the Judeo-Christian alliance has created
by focusing attention on an event that occurred in April 1933.
The US Government enacted legislation at that time prohibiting American residents from keeping gold coins, bullion or gold certificates in their possession. Gold coins were demonetized, and were no longer permitted as legal tender.
They could not be used as money. If anyone was caught with such gold after a certain date, he could be fined $10,000 and/or be imprisoned for six months.
In exchange for the gold coins and bullion, the Federal Reserve Bank, which is a private bank, offered paper currency (i.e., US dollars) with an assigned numerical value of $20 for every one ounce of gold. Most Americans rushed to exchange their gold for paper currency, but those who were aware of the rip off that was about to take place bought gold with their paper currency and then shipped the gold away to Swiss banks.
It is significant that the British government also demonetized gold coins in the same year as the US. They did so through the simple expedient of suspending the redeemability of the sterling paper pound into gold.
After all the gold in USA had been exchanged for paper currency, the US Government then proceeded in January 1934 to arbitrarily devalue the US paper dollar by 41% and to then rescind the law of prohibition concerning gold that was previously enacted. The American people rushed back to exchange their paper currency for gold at the new exchange value of $35 per ounce of gold.
In the process, they were robbed of 41% of their wealth. The reader can now easily recognize the legalized theft that takes place when paper currency is devalued.
The Qur’ān has specifically prohibited, hence declared Harām, such a robbery of people’s wealth. It has done so, for example, in these verses of Sūrah Hūd:
"And O my people! give just measure and weight, and do not deprive people of what is rightfully theirs by diminishing the value of their things (such as value of labor, merchandise, property, etc.) and do not commit evil in the land with intent to corrupt and destroy.”
(Qur’ān Hud, 11:85)
And Prophet Muhammad (sallalahu ‘alaihi wa sallam)
has declared such transactions which are based on deception, and which yield a profit or gain to which one is not justly entitled (i.e., acts of ‘ripping off’), to be Ribā.
The Federal Reserve Bank appeared in the above incident to have initiated a ‘trial run’ to test domestically the new monetary system through which a massive and unjust transfer of wealth throughout the unsuspecting world could be achieved. That transfer would take place through the simple device of
creating money out of worthless paper and then forcing paper currency upon all of mankind. Those who control the monetary system would then
target certain currencies and force them to be continuously devalued. As such paper currencies lost value the unsuspecting masses would suffer massive loss of wealth, however, their ‘loss’ would result in ‘gain’ for others.
Less than two years earlier, in September 1931, the British pound was devalued by 30% and this gradually increased to 40% by 1934. France then followed with a devaluation of the French Franc by 30%, the Italian Lira was devalued by 41%, and the Swiss Franc by 30%. The same thing subsequently happened in most European countries. Only Greece went beyond the rest of Europe to devalue its currency by a whopping 59%. What appeared to be "beggar thy neighbor" policies of 1930s — using currency devaluations to
increase the competitiveness of a country's export products in order to reduce balance of payments deficits — resulted in
plummeting national incomes, shrinking demand, mass unemployment, and an overall decline in world trade that came to be known as the Great Depression. However, it prepared the way for the imposition of an international monetary system that ostensibly sought to bring order and prevent chaos in the world of money and trade. In other words, the Great Depression was artificially contrived in order to justify the imposition of an international monetary system that would bring order to a chaotic world of money. This unusual and highly suspicious collaboration amongst European countries in the almost simultaneous and utterly fraudulent devaluation of their currencies should have awakened Muslims to the grave dangers posed by the European Judeo-Christian monetary system of paper currencies. The Judeo-Christian alliance went on to establish a ‘paper currency’ international monetary system at Bretton Woods. They used the link between the US dollar and gold in the Bretton Woods Agreement as a fig leaf to hide the fact that paper could now be printed and used as money without any requirement that it be redeemable in the market in real money, i.e., money with intrinsic value. The Bretton Woods Agreement paved the way for the International Monetary Fund to be established in 1944 with the explicit function of maintaining an international monetary system of precisely such
non-redeemable paper currencies. By 1971 even the fig leaf isappeared when USA reneged on its treaty obligation under international law to redeem US dollars for gold. As the European Judeo-Christian alliance decolonised the rest of the colonised world they ensured that the decolonised non-European world was absorbed into the new monetary system through membership in the International Monetary Fund. The Articles of Agreement of the IMF prohibited the use of gold as money.
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It did so by prohibiting any link between gold and paper currencies other than the US dollar.
Art. 4 Section 2(b) of the Articles of Agreement stated: “exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member's choice.”
The evil plan behind the whole system was also
to get Western currencies, as well as those of their surrogates, to constantly increase in value in relation to other currencies. That was achieved through the simple device of either coaxing or
forcing devaluation of targeted currencies.
As such currencies were devalued, it
resulted in a massive transfer of wealth from the masses to the elite. It also
forced labour into working for slave wages, and it imprisoned those who took hard currency loans from an ever-willing IMF and from European commercial banks and now found themselves in ever-increasing difficulty to repay those loans with interest.
In fact, the entire monetary system with its IMF centrepiece was specifically designed to achieve such results.
Targeted countries were trapped with huge loans, were
continuously drained of their wealth, and were
impoverished as they struggled to repay loans with money that constantly lost value. It did not happen by accident.