fiat money

This article argues that the wealth of the Malays in Peninsula Malaysia has been systematically plundered away from them through the interest-based fiat money banking system. This is also true for other Bumiputras that includes the indigenous people of the peninsula and East Malaysia and the early Arab and Indian Muslim trader-settlers. The process has been going on since the first private banks were established in Penang since 1860’s up till now. This has serious socio-economic-political effects for the Malay race, Islam and the country as a whole. Accordingly, the article calls upon the government, NGOs and concerned public to put a stop to this plundering process and thereafter take proactive and affirmative actions to reverse the process in order to establish socio-economic justice by promoting peace and prosperity in the country through an equitable distribution of national wealth …

Fiat Money and Economic Degradation of the MalaysRead More