I promise to pay the bearer the sum of 10 rupees.

“I promise to pay the bearer the sum of 10 rupees”. As a child I always wondered who would give
me the money if this is not the money and why don’t they give me the real money then! As I asked
the elders they would simply not know. Then someone did explain the matter to me but now
something more important struck my mind. Why in the name of God did we reject gold for paper?
This question though was half-answered but new questions now continued to occupy a small space
in my grey matter. Then one day when I was selected for the MBA course in Kashmir University I
thought the puzzle would be solved once for all. They taught me all about money leaving basic
questions altogether. As I went myself further into the system, I could simply see that it did not all
emerge by chance. There was something more to it than just the global economies. Basically paper-
money was started to get rid of carrying the gold which was till then the money used. Paper-money
started as a receipt for the gold you would deposit with the bank. This receipt could be traded, for
there always was the bank to discount it. But it was not simply that beautiful. The banks got the
ultimate power to do anything. This power was unleashed by the creation of credit. The bankers
could generate receipts at their will and use them for their own ends. Again they started to lend the
gold to the people but as receipts could be traded so they just lent the receipts! Offcourse money
was generated out of nothing at all. In other words, banks could create as much we could borrow!

The fake receipts did not stop here from illegally benefiting the bankers as they would charge more
for lending the receipts. This ‘created’ the concept of usury or interest. Money is deposited and
reloaned a number of times giving totally wrong figures as the real money is unimaginably lower in
value. The recent stats tell it to be just 5% while bank credit amounts for 95%. The Central banks
forming a closed loop with other banks make sure the economic fraud remains healthy.

One can easily imagine what would happen to the money market with this fake currency in a totally
fake economy now. And this is what is happening till date. No amount of economical strategies can
be effective to make this world an economically better place to live in. After all you cannot correct a
wrong with another wrong. Or simply, two wrongs do not make a right! The credit creation capacity
of banks has created all the fuss on the blue planet. It has been efficiently used to keep the poor
with status quo and make the rich richer. The economic gap is getting widened day by day. No
wonder my marketing professor taught me, “80% of wealth lies with the 20% of the people”!

The same deception is used to govern the whole globe. When the developing countries go to the
developed ones for aid, it is not any real wealth they bring in. They simply bring permission to print
more currency. And this makes sure that they never can stand against the mighty lords. The World
Bank and all its ‘progeny’ is nothing but the same tool.

“I’m afraid that the ordinary system will not like to be told that banks can and do create money and
they who control the credit of nation direct the policy of Govts. and hold in their hands the destiny
of the people”. (Reginald Mckenn)

Prior to World war I pound was the standard currency to be backed with the gold. And then after the
War, with power base shifting to the Uncle Sam they made dollar as the standard currency. This
standard currency could be cashed for gold and not other currencies. Their value would depend on
the dollar’s value directly, nothing to do with gold. But because of credit creation by Uncle Sam, not
enough gold was available against dollar. So in 1971 the greatest economic fraud on earth was done
by making even the dollar as a fluctuating standard. I wonder what it means to have a standard for
measurement which itself is not a constant! After all nobody measures weights or lengths with
fluctuating standards. The concept of inflation and devaluation of money should have never been
there. One needs to first set the rod and then only measure with it. It shatters the fruits of ones hard
work as there is no security with the value. One works day and night for earning his square meal and
is not sure about the value he receives. We simply do not know how much we earned actually. Then
how can we address the poverty if you do not know its levels! Moreover, when we go for savings we
actually do not know how much we have saved. We may have saved to buy a house but it suffices to
just pay for the land. Needless to say, problem is not even identified. This is one of the few atrocities
this system has inflicted on mankind. The concept of fluctuating currency is making it possible to
economically re-value the currency of one country against the other. This smoothly paves way for
political interferences by the so called developed countries. Wait a minute! Uncle Sam too is not a
power in itself. It does not print its own currency despite its constitution directing it to do so. It is the
Federal Reserve that does the job. And yes, it is not a Government bank! It wholly belongs to an
American family. Here you can understand why Uncle Sam cannot be a Super-Power. U.S economy is
paralysed with credit from Federal Reserve. It has to go along the dictates of those with real power.

The Federal Reserve authorities are not going to let Uncle Sam take any step to gain control of the
dollar. Whosoever tries to do so is shown the way to heavens be it Abraham Lincoln, John F Kennedy
or James Garfield.

“The banking powers are more despotic than a monarchy, more insolent than autocracy, more
selfish than bureaucracy. They denounce as public enemies, all who question their methods or
throw light upon their enemies. I have two great enemies the southern army in front of me and the
bankers in the rear. Of the two the one on my rear is my greatest foe.” (Abraham Lincoln)

And indeed it was not the southern army who assassinated Abraham Lincoln. Years later John F
Kennedy tried to implement the constitutional right of issuing dollar without any family owned
reserve. In 1963, he signed executive order 11110 to return the U.S Government the power to issue
dollar. And History repeated itself!

“Whoever controls the volume of money in our country is absolute master of all industry and
commerce and when you realise the entire system is very easily controlled, one way or another by a
few powerful men at the top, you will not have to be told how periods of inflation and depression
originate”. (James Garfield)

With the assassinations, our freedom was murdered. The same string is played for the same tone
even now. No wonder they call it globalization! They possess the ultimate power to cripple any
economy including that of Uncle Sam. The whole world is submitting to the irresistible power of
these forces. The recent inflation that forced the people in Zimbabwe to kill one another is the only
blessing such a system can bestow upon us, and Robert Mugabe is not the sole one to blame.
Iceland, Greece, Italy, Spain and Portugal are the other recent examples.

Any child can tell us that Africa is one of the richest in natural resources, if not the best. How come
we see the poorest on earth over there? It is the ‘beauty’ of this very system. If a person can rein
you economically, you ought to be a slave. And slaves never think, they obey! Call it globalisation,
privatization or liberalisation; this system makes sure that we remain slaves for ever.

“Money is a new form of slavery and distinguishable from the old simply by the fact that it is
impersonal, there is no human relation between master and slave”. (Leo Tolstoy)

The story does not end here. We are moving towards more chaos and slavery with the concept of
electronic cards. Slowly and steadily with the complete automation in our lives, we are moving
towards intangible money. The paper money is being replaced with electronic money. From gold of
intrinsic value to paper of no real value, the civilizations are now moving towards an abstract value.
Couple it with the fact that we are obsessed with credit cards-a magic wand to buy when you would
not. Who is going to think what is happening when you can buy all you want? The consumerism aims
to make you feel it is a paradise not the planet. The problem goes on complicating itself when both
the government and the governed are credited. A nation of slaves governed by slaves while the real
master does not bare the blame. There is no need of delight on getting aids from these masters.
They know what they are feeding the slaves-more credit! They twist our arms and then tell us to do
anything we want. Power begets nothing but power and misery begets misery. When U.S was
paralysed with the credit, the government had to find a way to deal with it. They indeed did ‘find’
one-the Income tax. This is from where you get the concept of Income taxes. A person striving hard
in life not only is insecure with the value but also has to pay for working hard! It is nothing but
exploitation never heard of. Why should a person pay tax on income after all! Again, who actually
pays the taxes? The middle class and the poor fellows. It is not those who have the authority to
govern. If Savings were taxed for carrying on public works it was justified. Everything would be
reverse and the economic gap would indeed minimise and not the opposite. Taxing the savings
would also push the wealth into the market into circulation itself. The vicious circle of the
concentration of wealth in certain hands would be done away with. But the masters can never
tolerate such a system. Power possesses those who posses it. All the means of power, be it media,
technology, education; everything is in their hands. Recently when the U.S. presidential candidate
Ron Paul stressed these facts of fake economy he was so blacklisted by the media that most people
even do not know this name. This is what this system makes us, noting but slaves economically,
psychologically, and politically. They program us so vehemently that terms like globalisation,
cultural-mixing, liberalisation seem to be a solution in themselves. They are nothing but sugar
coated pills. They can do no good to us when the economy is based on something absolutely fake.
The system is intertwined in such a complex mode that if you try to take people out of it, they will be
the first to oppose the move. We see molecular machines all around not humans. The capacity to
think and analyse is there but it is busy in building further the prevailing system into all possible
dimensions. The educational institutes are the worst when it comes to teaching the masses about
the fallacy of this economic system. The academic books do not utter a single word about the truth
behind this system of oppression and tyranny. They just teach how to swim along!

The problem is moving towards greater heights with the transition towards the electronic money.
This surely is going to culminate into the greatest ever slavery of mankind. This is because nothing
will remain hidden from their eyes now. All our transactions will go through their routes leaving
nothing private. They will know more about our ‘wealth’ than us. How can then our slave-leaders
even go to the negotiation table? Their can be no negotiations but obedience. The power of nations
will be completely snatched and one central dictatorship established. This is exactly what is
happening with the real wealth of petroleum. Arabs are selling petrol for the paper currency without
any gold to back it. This fake currency has nothing to be discounted against. The creation of fake
wealth has robbed them of the real wealth. They are poorer than they can even imagine of. They are
all running towards nothing but an Economic-Suicide. With the inevitable collapse in the fake
system, they will have to beg the central authority even for food. And they do not know when this
authority will let it happen. Surely the game is all theirs. They will be the sole winners even at that
moment for they have collected the real wealth of gold not us. I do not see a way out, for we all
solely depend on this system based on deception. There are a number of questions and answers that
need to be answered but not being an expert in economics I think this matter should be referred to
the economists. They should look into the big picture rather than playing with interest rates which
depicts nothing but mental slavery and wake up to save us from the economic disaster ahead. The
economic prosperity they tell us about is only the silence that precedes a storm.

“Anyone who believes exponential growth can go on forever in a finite world is either a mad-man or
an economist”. (Kenneth Boulding)

I personally believe that Islamic Scholars can come up with an answer, for Quran argues that there is
no issue with humans that it cannot address. A dedicated effort from all of us in accordance to what
our capabilities are seems to be the answer. Allah knows best and His is the glory.

Muqbil Lateef Hussain

MBA(K.U)

muqbillateef@yahoo.co.in