There are lessons here for the entire South Asia region . . . perhaps even for the 99% of Americans . . .
An Excellent Out of Box Solution for the Entire Economic Malaise of Pakistan
Posted at www.snayyar.com by Syed Nayyar Uddin on July 17, 2013 in Action Plan to Revive Pak Economy, Case for Pakistan's Loan write off, Corruption, Pak Loan Write-off, Pakistan, World Bank Affairs | Edit |
An Excellent Out of Box Solution for the Entire Economic Malaise of Pakistan.Pakistan must give a try to this novel idea as a pilot project in the most backward area to easily eliminate poverty and unemployment.
The other untapped 'free' money
July 17, 2013
Najma Sadeque
An Article About a Novel Idea to Easily Eliminate Poverty & Unemployment Published in the daily "The Nation" dated 17 July, 2013.
The actual worth of goods and services in the world last year was over $71 trillion, a staggering jump from over $41 trillion in 2000. If that's the case, how is it that the amount of money in the world – coins, paper and digital – is ten times that or more? With such excess, why are 2 billion still hungry, poor, jobless or underemployed?
What happens when some have too much and most have too little money? When a minority of people have several hundred or thousand-fold more than others, they buy up most of everything, create monopolies and cartels, arbitrarily raise prices and make undue, excessive profits while the majority do with less than their fair share, or go without entirely. They have money enough to lobby and influence politics, government and legislation, and unwarranted control over or privatisation of 'commons' lands and public goods, leading to loss of social and economic services for the masses. Why is such excess purchasing power allowed when it causes heightened and unacceptable inequalities and damaging inflation?
If we really believe in things like human and constitutional rights, democracy, Islamic finance, and equal rights and opportunities, and acknowledge that all natural resources are essential for survival, and all are therefore entitled to an adequate share each, there then has to be a mechanism to ensure fair distribution of minimum needs for all citizens.
That facilitator is money, which today no longer has to be backed by gold or silver or other commodity; it just needs to be guaranteed and reliable.
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