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00:00Bismillahirrahmanirrahim
00:02Alhamdulillahirrahmanirrahim
00:04Assalamualaikum warahmatullahi wabarakatuh
00:20distinguished brothers and sisters assalamualaikum warahmatullahi wabarakatuh so I'll give a quick
00:2720-minute presentation even though I took about more than 24 hours to come here I'll give a quick
00:36one yeah you know today is a happy day for me and also it is a sad day sad day because the
00:45he left on this day remembering it was a happy day because I see hope you know when we see the
00:53crowd here there is hope that we can arise again so I will give a quick reason why I feel that the
01:01capitalism is inherently faulty or prone to crazy and professor later can give the solution to that
01:10yeah actually when the brother recited the Quran the pro the problem was already there and the
01:19solution is already there in the what he recited this now the main issue is riba riba a lost one
01:27Allah says on this issue alone that Allah subhanahu wa'ala will wage war on believers not non-muslims on
01:34believers Allah and his messenger will wage war on believers on the issue of riba and the solution
01:42also is there he says you must replace that with Sadaqat Zakat Waqqa so we muslim must now look back are we
01:53still indulging riba or not maybe we had war with Allah subhanahu wa ta'ala we do a lot of things but
01:59then our monetary system everything is riba base so are we in favor of Allah subhanahu wa ta'ala who are
02:07we actually just playing the riba game here and there and then trying to say that we are solving the
02:11problem so this is the main issue so I would like to highlight we analyze go deep into the system and
02:19see what are the main features of riba in the capitalism we need to address that then maybe Allah subhanahu wa ta'ala's
02:26help and this thing will come down to us I would like to highlight the three main sources of riba in
02:32the present system one is fiat money fiat money is money that is not linked to the anything that is real
02:40the paper money that we use I like don't like to show the paper money we use is the first source of riba
02:47number one the number two is the fractional reserve banking system the fractional reserve banking system
02:55allows the present banking system to create money out of nothing how do they create money out of nothing
03:02through accounting entries only then the third is interest rate so these are the three main features of riba in
03:12the present monetary system that we are faced with and when after the collapse of the caliphate the
03:18caliph of Maria the colonialists when they come and control colonized Muslim world when they gave us
03:25independence they made sure the monetary system is a riba base so until today is all riba base and then we
03:34are still trying to find a solution to all of this the you know I mentioned three three features fiat
03:41money fraction reserve and compound interest yeah the fiat money and compound interest sorry the fiat
03:49money and fractional reserve banking together form the nature of money in other words we need to address
03:56the nature of money what can we use as money is number one then the fraction reserve banking and the
04:03compound interest it is the debt industry the industry that creates money of nothing and lend to you
04:10lend to everybody at interest this is the main because we don't have much time 20 minutes I want to show
04:15you the main sources of riba these are the three so number one and number two they together form the
04:22nature of money and number two and number three together form the industry that creates debt yeah industry that
04:31creates debt so these are the main features we need to solve if you want to address the crisis
04:37yes you see the red line the red line will create in any economy it will create money and debt to grow exponentially
04:45like that you can go and check you take the data for Turkey the amount of money in the economy like normally we say M2 or M3
04:54run the total amount of money the broad money you can plot them you will see it will grow exponentially like that why it grows exponentially because the debt industry creates money out of nothing and then lend to people at compound interest and compound interest is an exponential function because it has power of n in the formula power it grows like this but the real economy the green line the green line almost like like
05:01linear slightly exponential so in other words the money is growing faster than the real economy our ability to produce
05:06that why it grows exponentially because the debt industry creates money out of nothing and then lend to people at compound interest and compound interest is an exponential function because of the power of n in the formula power it grows like this but the real economy the green line the green line almost like like linear slightly exponential so in other words the money is growing faster than the real economy our ability to produce
05:29computers table cars it exceeds so the difference always shows up as inflation so inflation is a characteristic of capitalistic system we cannot avoid it is by structure of the monetary system yeah and and also it will create bubbles sometimes we use the bubble property bubble dot com bubble stock market bubble so these are actually inflation in those sectors
05:59you say actually the net another name is inflation the third thing it will create is that it will create a widening gap between the rich and the poor why because when the system create new money it is given to the normally the richer people if a poor people person goes to the bank then the banker say no you are not credit worthy you may not be given the loan so most of the newly created money it goes into the hands of the rich people so it constantly creates
06:29a widening gap between the rich and the poor so this is by the structure of the monetary system itself all right and what most people we do not know is that most of the money that is circulating in the country is not created or issued by the central bank the central bank only issues the the notes and coin which is only about five to ten percent ninety percent of money it is created by commercial banks when they give out loans
07:00so you can go and look at the statistics from your own central bank you can see m zero will be only about five percent the demand deposits in the banking system that is created through accounting numbers when you send check when you write a check or when you use electronic transfers all these are just accounting numbers they are not real how did they become money in the first place when the banks create money out of nothing and lend it to you at interest
07:27so this is the issue that is uh this is the data for Malaysia you can also look that for clicking you see the constant rise at exponential level this is the amount of money created by the commercial bank so they get the benefit
07:44they get the benefit of even creating the money first and then lend at interest so to profit one is creating out of nothing and the next is lending to people at interest so this is the issue that is uh uh faced by our system so when we see the next one
08:01so it creates three three three
08:20became inflationary and the poor people person everybody just suffering you see
08:26that then we see next thing so three three one is one is inflation that the
08:34rising cost of living cost of food and education utilities education health
08:39transportation communication having children and even retirement all go up
08:46price of everything goes up by structure then the asset price bubble no no please
08:53yeah then the asset price bubbles normally what the governments will do they
08:58will control the price of food item okay because otherwise people will suffer let's
09:03control the price of food item right wheat and everything but then the extra money
09:09will be absorbed by normally two sectors the property market and the stock market
09:13so these two stock market and property market absorb the extra money and
09:19constantly price of properties will rise faster than even the food because food is
09:25controlled right so you will find the rising price of houses houses become
09:32unaffordable then we have size of homes will become smaller smaller smaller if
09:36you live in a apartment you can find that when new apartments are built they'll
09:41become smaller and also the duration of the loan will become longer but my father
09:46took financing for home it was seven years you pay back now in Malaysia is 35
09:51years and when you go to Japan is two generations the father will take the
09:57son alone the son will complete it it's like that yeah will become longer and
10:03longer then the third one is it creates a widening gap in income and wealth
10:08distribution income and wealth distribution the middle income group and the low
10:15income group constantly the purchasing power of the income will constantly go down and
10:19then people become highly indebted that means your loan the loan will
10:26constantly arise in the economy individuals businesses and also the government all
10:32become debtors all become debtors individuals businesses and and government in accounting
10:42for every debtor there must be a creditor so who is the creditor if the individuals
10:47business and also the government are debtors who is the creditor the creditor is
10:52the banking system for which we have given the right to create money out of nothing and lend to all
10:57these three in accounting you'll see that yeah so next please now one more one more feature of riba
11:05system very important is the second one the second one yeah the total debt the total debt when you borrow
11:12money it's not repayable in complete aggregate you cannot be repayable in total why for example let's say you
11:20are the economy you come to me i'm a banker you you you borrow let's say one million dollars you borrow
11:27one million dollars i will create the money out of nothing and i'll give it to you then i say ten percent
11:33interest riba so you got to pay back one million plus another hundred thousand isn't it that one million will
11:42be moving among you in the economy creating economic activity but you got to pay back one million plus the
11:49interest but the interest does not exist in the form of money so when the interest does not exist in the
11:56form of money it means the system will definitely default by structure somebody must default maybe you
12:03maybe you maybe you might default the only that you don't know who will default so when you default then
12:09the banking system will come and take your real asset maybe your business maybe your land maybe your building
12:15so the interest portion can only be repaid in real terms then you have nonsense so if you as a country
12:22if you borrow money from let's say a world bank or if you borrow money from imf at a certain interest
12:29the interest portion can only be repaid using your natural resources that's why these these institutions
12:36they like to lend to countries with oil or you have some goal or whatever natural resources they like to
12:41lend to you because they know they will take back the real wealth from you all out of nothing all right
12:48so this is the game that is played by uh and also it it creates encourages competition because there's
12:56lack of money in the system businesses are all competing among the small amount of money that is
13:02circulating competing to pay me the loan plus the interest so constantly businesses are at odds with each other
13:10competing with each other rather than cooperating
13:14because the total money is not enough to pay back the loan actually
13:20and the most important is the last one is it concentrates wealth
13:26in the hands of minority by structure it takes wealth from the lower income group and transfer to the people at the top
13:32just by the structure because the the wealthy they like to give okay by the government bonds and lend money
13:39and everything so automatically it takes the wealth from the lower income group and and increases gives
13:46to the people at the top in one study in germany it was proven about 20 percent of wealth it's actually transferred
13:53from the lower lower rank to the top round okay next uh please uh this you see this has created this is
14:01the latest data just eight billionaires in the world they own for our wealth more than half the
14:08population of the world more than 3.6 billion people's wealth is now owned by only eight people
14:16and this number is every year is becoming smaller and smaller last year it was about 16 or something like
14:21that now it's only 18 before you know it's constantly it's coming down right those picture is just for
14:28in here because they are actually politicians you know so i just put that the figure by
14:33Oxfam in in UK Oxfam they study every year they next please so i have another two minutes
14:42brother yourself two minutes so this one you see uh one of the major problem we need to realize one of
14:51the major problem caused by capitalism sometimes we don't realize is that it will shrink the population
15:01imagine price of everything is going up price of children going up price of my cost of my retirement
15:08going up then i'm becoming my house becoming smaller and smaller i cannot afford a home
15:15then price of a rising cost what will be the general population will do they don't want to have many
15:20children and demographic studies show when the average number of children per woman goes below
15:29one point actually below one point 2.1 the population will shrink but if it goes below 1.3 it is not
15:38reversible so countries like singapore japan south korea and entire europe is already 1.3 and below already
15:48which means the population will continue to shrink people simply don't want to have children and it will
15:54jason and mr lee kuan yu in singapore he recognized that as the number one problem and this imagine
16:02like japan in japan the population shrinks they were trying they are trying to counter that using robotics
16:11because one of the major problem when population shrinks is that in future
16:16you will have shortage of labor in every sector
16:18in every sector there will be shortage of labor so therefore they are speeding up the robotics
16:26but that's not the solution because as people die you cannot have a country full of robots
16:32right so they need to understand this and solve it's all allah swt is giving us the problem is is
16:39in your riba system that you have he already mentioned in the quran that if you are dealing with riba
16:44then he will wage war allah and his messenger will wage war on you that is the only issue mentioned in
16:49the quran that allah unless his messenger will wage war on you and we need to address that so this is
16:54the next one you can quickly see uh the data next please uh you see that is just a data for turkey and
17:03malaysia uh turkey uh money growing at 17.5 percent whereas the economy growing at 5.82 percent which means
17:12inflation will be on average about 11 percent this 11 percent is actually average of everything
17:18not only the consumer price index normally the government uh reports only the consumer price index
17:24where the price of food control this is average of everything and for malaysia you can see growing at
17:3013.5 uh real economy growing at 6.6 therefore the inflation is about 6.53 percent so it is by design
17:39yeah next please this is the data for all nations in the in the world you see i just wanted to show
17:48you the japan the first part the first portion is the debt by households the blue is uh by businesses
17:55and the gray is by government the total is 400 the total debt of japan is 400 of what you can produce
18:04as a whole and japanese people are very hard working people and they work you know like from early
18:12morning to night early morning to night and then they are the highest debt in the world strange isn't it
18:18so why it is happening is because the system is riba based the japanese people are very hard working but
18:24the the monetary system is against the population okay next here please okay this one uh you know i have
18:32done study in this monetary listing to show that characteristics of money has effect on economy it
18:38have effects on uh on the society it can create crime and so on during recessions it can create problem
18:47for environment you know there are a lot of studies have been done how you know our natural resources are
18:53being plundered how our green rainforest is being plundered just to pay back the interest you know and
19:01politics it has a lot of effects on politics and also the shrinking population so all this you can actually
19:08have a talk on each one of them how the rebar system actually contributes to all this you know
19:14and then next please this is a quick one uh one minute time ready okay okay so time ready so i will
19:23this thing i just like to tell you this one even in malaysia we were also destroyed by the monetary system
19:31when the colonialists came in 1860. in 1860 they came and introduced the paper money this is an example
19:37how in 1997 our economy was hit by currency speculators if i have time i can actually run
19:44through and show how much profit they make two types of profit speculation and arbitrage we call it
19:49it destroyed the thing and also the introduction of paper money when the colonialists came before that
19:55it was gold and silver in the release of paper money they just printed a lot of money and they just
20:00purchase all the lands and everything so the the wealth owned by muslims it just transfer like that
20:07yeah so uh maybe we can go to the last uh slide so i will like to say that the solving of this rebar
20:15problem is basically the the can you can you please go to the last slide because no time go to the last
20:20line uh the one before this one before yeah this one so ultimately what you have to make is instead of
20:27letting the red line grow exponential like this all the solutions we take it must make the red line and
20:33the green line to go in tandem in parallel how do we do that is the challenge and we actually have
20:40solutions and i think the prophet will be later telling giving you the solutions how to address this
20:44and this is basically inshallah when we do address that and inshallah that will solve the major
20:50problem and maybe we can then look for lessons from allah thank you very much assalamualaikum warahmatullahi
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