Well the Muslims did it back then and it was a success. If you're rich you lend interest-free with cost/gain sharing model. Why would you do that? Because your nominal stack of money will be depleted every year by 2.5% because of the obligatory Zakat (wealth tax). So you are encouraged to make your money work for you, hence the circular economy. If you are poor you are a recipient of that wealth tax. This was done in a gold/silver standard.
There's a famous story of a Muslim leader named ʿUmar ibn ʿAbd Al-ʿAzîz who ruled Muslims for just thirty months. During this time, rich men used to come to the state Treasury, Bayt Al-Mâl, with great amounts of money, saying: “Spend this on the poor.” But they would return to their homes with their charity in hand, for it was said to them: “There are no poor that we know of”
Pastiano / Pastiano ⚡
npub1pf…lcscq
2024-09-19 15:36:37
in reply to nevent1q…fz2d
Author Public Key
npub1pf0mzwx08tlvs4kdcv799g2cwg6qz65aw9wldvqaa694fzxrfzsqllcscqPublished at
2024-09-19 15:36:37Event JSON
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"content": "Well the Muslims did it back then and it was a success. If you're rich you lend interest-free with cost/gain sharing model. Why would you do that? Because your nominal stack of money will be depleted every year by 2.5% because of the obligatory Zakat (wealth tax). So you are encouraged to make your money work for you, hence the circular economy. If you are poor you are a recipient of that wealth tax. This was done in a gold/silver standard. \n\nThere's a famous story of a Muslim leader named ʿUmar ibn ʿAbd Al-ʿAzîz who ruled Muslims for just thirty months. During this time, rich men used to come to the state Treasury, Bayt Al-Mâl, with great amounts of money, saying: “Spend this on the poor.” But they would return to their homes with their charity in hand, for it was said to them: “There are no poor that we know of”",
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