Hargeisa business district closes due to inflation soaring and Sland currency failing
- Thread starter Bohol
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,anyone can check for themselves in the currency market.
Bohol
VIP
1 Dollar equals to 10000 shilling noe
Every product will get more expensive. A lot of products
Yes for the residents backhome, since they are the ones feeling the most in this inflation. Already many shops closed.
This the result of inept leadership that don't even know basic economics, and a economy that relies to much on forgeiners (Ethiopia&Mideast)
Inquisitive_
VIP
As long as your pegged to the dollar your finished! Especially if your a third world country.
We need to go back to our old bartering system and Islamic finance. Since we don't have gold or silver we simply trade through commodities.
In the old days commodities that had a long shelf life were traded when gold/silver were in short supply like dates/salt/wheat/barley/rice etc. We did incredibly well in this system and our pastorialist flourished as a result until the colonialist came in with their usury fiat money and totally destroyed us, many don't even know how they destroyed our bartering system.
If you look at the hadiths the Prophet forbade trading with unequal number of dates through two different merchants as it's a form of usury, the reason he peace and blessing be upon him did it is because it opens to the door to the parasite lenders whom will enslave the entire population! these lenders of course print the money out of thin air then charge interest on top of it.
We lack very basic economic knowledge as do our businessman as do every other scholar in this world and none of this is even taught in an economic class for a reason, the people that come out of these institutions are even worse then those that don't know with their whole blind love of Austrian economics of perpetual debt that's fed to them.
There is enough commodities in Somalia for people to trade without relying on these useless fiat money pegged to the dollar that is extremely volatile, your actually engaging in usury by doing this, usury is of many types and 'interest' is just one of them!
The lowest form of which is equal to sleeping with your own mother a dozen of times in sin! yet we expect success in this model! the people are too cowardice to change, when I move back soon, inshaallah will not accept a single fiat money again, already building large storage facilities, only accept hard commodities as trade after self sufficiency is achieved.
We need to go back to our old bartering system and Islamic finance. Since we don't have gold or silver we simply trade through commodities.
In the old days commodities that had a long shelf life were traded when gold/silver were in short supply like dates/salt/wheat/barley/rice etc. We did incredibly well in this system and our pastorialist flourished as a result until the colonialist came in with their usury fiat money and totally destroyed us, many don't even know how they destroyed our bartering system.
If you look at the hadiths the Prophet forbade trading with unequal number of dates through two different merchants as it's a form of usury, the reason he peace and blessing be upon him did it is because it opens to the door to the parasite lenders whom will enslave the entire population! these lenders of course print the money out of thin air then charge interest on top of it.
We lack very basic economic knowledge as do our businessman as do every other scholar in this world and none of this is even taught in an economic class for a reason, the people that come out of these institutions are even worse then those that don't know with their whole blind love of Austrian economics of perpetual debt that's fed to them.
There is enough commodities in Somalia for people to trade without relying on these useless fiat money pegged to the dollar that is extremely volatile, your actually engaging in usury by doing this, usury is of many types and 'interest' is just one of them!
The lowest form of which is equal to sleeping with your own mother a dozen of times in sin! yet we expect success in this model! the people are too cowardice to change, when I move back soon, inshaallah will not accept a single fiat money again, already building large storage facilities, only accept hard commodities as trade after self sufficiency is achieved.
T1a
Oberbefehlshaber der Somalier Genetik Gruppe
I support currency backed by commodity, because it's not possible or practical to be carrying around silver or gold anymore.
I don't support your idea of returning to old ways. What do I do if I want a new book or computer? Offer the seller two thousand dates?
The 'old days' didn't have mass manufacturing of items. Products are no longer coming straight from the manufacturer. Setting up storage for hard commodities is impractical for large businesses. Currency is small and portable, and has a much better size to value ratio.
Inquisitive_
VIP
Fiat currency has no intrinsic value and you can't carry that either bringing you at the mercy of the banks and parasite lenders, you gone back to the same overlords and hyena's without fixing any of the underlying problems.
Only the very wealthy need large storage and as for those people they would trade more globally for silver/gold anyway that have instrinsic value, your not solving anything at all but taking us back to the same problem
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