Iranian President Imajihadi (or whatever his name is) keeps astounding with his wackiness. This time, he's calling for reforming the Iranian banking system to the Islamic principle of interest-free banking. I hope he succeeds; that alone could bring his country to the point of begging the West to remove him from power.
I mean, it's funny, actually:
“No economic activity is possible without assistance from banks,” he said and “any problem in the banking system will have a negative impact on all economic sectors and the people's lifestyle."
However, if the banking system adopts a proper monetary policy, all other sectors of the economy will grow, he observed.
I could go into the function of interest in an economy, but I won't. Hopefully everyone who reads this will understand the utter insanity of his plan.