The intended speaker, Umar Vadillo was a no-show at al Hunafa today. As replacement, Dr Ahmad Kameel Mydin Meera (profile here) lectured. He is an Associate Professor at Economics and Management Sciences Faculty, UIA. If you google his name, you will find that he's a proponent of the gold dinar; a regular speaker at Islamic Finance and Economics meets, as well as a much sought-after consultant.
His delivery was simple and easily understood by this layperson on a topic so academic. He explained the fundamental flaws of the conventional monetary system namely 1) fiat money; 2) fractional reserve requirement; and 3) interest rates have caused the global crisis that the world is experiencing now. The recent 1 trillion USD that the US is printing (out of nothing) will create hyperinflation the world over; its domino effect will hit Malaysia within this year or next, thus rendering the value of our money in the bank much reduced. Our best defence, he says is to invest our money in land, commodities or gold, and do it ASAP!
So friends, let be forewarned. Do not let your savings sit idly in the bank. If you choose to buy gold, I know a source.
BTW, do you know how much a trillion is? It is a million millions. Question: If you were to spend 1 million dollars a day, how many years will a trillion dollars run out?
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