Saturday, September 08, 2007

Ahmadinejad Calls for Interest-Free Banking

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.

No comments: