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2.0 History
The usage of gold dinar is been implemented during the Islamic khilafah, from 700 BC to about 1930 AD. Dinar is the common medium of exchange in any trading. However, the system of exchange of dinar is likely to be corrupted time by time. This is due to untrustable and dishonest role of the shopkeeper that keeps the gold in change of resits and bills. When time passed by, the corruptions become more complicated and extended. The cheating of the currency occurs because of the money printing. Until August 15, 1971, the world entered the first era in its history in which no circulating paper anywhere was redeemable in Gold by anyone(1). Based on the Privateer Market Letter, they tolds that :
“On the date of August 15,1971, U.S. President Richard Nixon "closed the Gold window". This broke the last official tie between Gold and a circulating currency - which also happened to be the world's "Reserve Currency" - the currency held by all other nations as the reserve behind their own currencies.The result has been the world financial system of our "modern" era - the "floating currency" system.” (2001)
Then, the emergence of central banks is come to existence. The role of the bank is same like the corrupted shopkeepers a long tima ago. The earliest development of central banks starts with Bank of England and been followed by Bank of France(2) . The use of notes or paper money is been commercialized widely depending on the US dollar. To cut the history short, after years of the usage of secular economical system, it was observed that the system cannot support the profits and bring wealthiness to the people despite of loss and deficit. The rich people may become richer and the poor people may become poorer. According to Alan Greenspan, Gold and Economic Freedom (1966), he stated that :
"This is the shabby secret of the welfare statists' tirades against Gold. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism towards the Gold Standard." (3)
Footnote:
1.The Privateer Market Letter (2001). The Case for Gold as Money. Retrieved on September 29th, 2010 from http://www.the-privateer.com/gold1.html
2.The Privateer Market Letter (2001). The Case for Gold as Money. Retrieved on September 29th, 2010 from http://www.the-privateer.com/gold1.html
3.The Privateer Market Letter (2001). The Case for Gold as Money. Retrieved on September 29th, 2010 from http://www.the-privateer.com/gold1.html
Credit to :
An Assignment of Islamic Gold Dinar : Realistic or Not?
UNGS 2050K, by Mutiara, Nurulhuda, Nur Afifah, Siti Nor Aisyah and Siti Nurul Jannah.
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