No solution is perfect, but ultimately I think the idea of fiat
currency is
superior, if it is used responsibly.
Doesn't bother me if it's not compulsory. Any group of individuals can
trade amongst themselves using any combination of goods, services, or
notes payable in goods and
Hi Robert,
What both Jim and you seem to ignore in the argument is the fact that the
Caliphate flourished not only because(or in your case, despite) of
Gold/Silver currency, but because of (1) NO INTEREST OF ANY KIND OR FORM
and (2) low taxes, if any.
Well, interestingly Jim first brought
Hello Danny,
Well, interestingly Jim first brought up the examples of Byzantine and
Italian Renaissance, so I have not been talking about Caliphate.
... Sorry, mea culpa, I was only halfway down the previous thread at the
time I jumped in. My argument for the Caliphate might be a bit
On Tuesday, October 7, 2003, at 06:38 AM, Danny Van den Berghe wrote:
No solution is perfect, but ultimately I think the idea of fiat
currency is
superior, if it is used responsibly.
Doesn't bother me if it's not compulsory. Any group of individuals can
trade amongst themselves using any
The Arabic digits made actual calculations easily possible for the first
time since Sumeria and ancient Egypt.
Just a smal point, but so-called Arabic numerals were actually a product
of Hindu culture, exported by the Arabian empire into Europe. In keeping
with a long-cherished white guy
Hello Frank,
It's not such a small point actually and you are absolutely right.
Of course, it was the Muslim scholars who then showed the world what to do
with those numbers ;o)
Cheers,
Robert.
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You are mentioning the social aspects (or lack thereof?) but don't seem to
consider that during the height of the Caliphate people practiced what
they preached. This included the Zakyat or the voluntary taxation of
wealth where rich merchants and indeed most others who had come into
wealth
Hello Danny,
What both Jim and you seem to ignore in the argument is the fact that the
Caliphate flourished not only because(or in your case, despite) of
Gold/Silver currency, but because of (1) NO INTEREST OF ANY KIND OR FORM
and (2) low taxes, if any.
Your argument that people would hoard gold
