Fed raises rates by another 75 bps to fight inflation

Re:Fed raises rates by another 75 bps to fight inflation by monlockandkey on Wednesday September 21, 2022 @05:46PM (#32931955)

None. There is no Muslim majority country on Earth at this moment which fully abides by Sharia. There are some Islamic laws here and there mixed with secular rulings. As such Muslim countries of today unfortunately engage with interest.

The thing with interest, there is very little in terms of going back. As mentioned in this thread the entire modern global economy is built on usurious financial instruments. This was not really the case a few hundred years ago where the level and extent of debt was not to the extremes of today.

Abu Huraira reported: The Messenger of Allah, peace and blessings be upon him, said, “A time will come upon people in which they will consume usury.” It was said, “All of the people?” The Prophet said, “Whoever does not consume it will be affected by its dust.”

Source: Musnad Aḥmad 10191

Grade: Sahih (authentic) according to Ahmad Shaki

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Re:Fed raises rates by another 75 bps to fight inflation by pixl97 on Wednesday September 21, 2022 @06:11PM (#32932241)

I know I look back a thousand years when I look for reliable ways to operate a modern global financial economy. Their insights are just filled with relevant information on how to run my business, and treat my concubines and slaves.

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Re:Fed raises rates by another 75 bps to fight inflation by monlockandkey on Wednesday September 21, 2022 @06:54PM (#32932679)

With that attitude you would need to condemn democracy as it is a 2500 year old system that we championt to run our modern political agenda.

Maybe we would not be in this mess in the first place if we sustained insights of the past.

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Re:Fed raises rates by another 75 bps to fight inflation by pixl97 on Thursday September 22, 2022 @02:11PM (#32942565)

While conveniently ignoring the messes of the past.

When this system was made 2500 years ago it worked, because it was new and adapted to the conditions then. Then guess what, the world changed and those systems stopped working because the assumptions they are built on no longer exist.

If you brought a lifeform from 2500 years ago to the world today it would get sick and die. It's defense system would not be adapted to the threats it would experience. Yet this is the first thing people try to do with the complex systems we create and they will suffer the same fate.

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