Are the things available today, such as oil, gasoline, food, and others, valued in gold or in paper currency?
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Now, regarding your answer to our brother Abu Abd al-Rahman, you have opened a new door in the topic, correct? In your speech and response to the economic theory mentioned earlier, you stated that gold is the standard by which others are valued, not that others are the standard by which gold is valued. Is this correct?
The questioner : By Allah, this is what I have been informed of by some.
The Shaykh : I beg you, Abu 'Ammar, let your answers be in the style of Al-Albani: say yes, say no, and then elaborate if you wish. Because now, when you give a detailed answer, the question is lost and the answer is lost.
The questioner : But also, out of concern for academic integrity, my professor, I am not an economic expert, so I do not assert matters with certainty, but rather...
The Shaykh : My brother, give your opinion. Glorified is Allah, I am telling you that you are an economic expert. You and I, our colleges are in the air, but when you are asked a question, is it correct or not? What is in your mind is either correct, three things, and this is a dilemma: either it is correct, or it is not correct, or I do not know, correct?
The questioner : Yes.
The Shaykh : Is there a fourth state? There is no fourth state. So, being an economist or not having an economics degree does not preclude your answer to the one who asked you from being correct. Do not tell him "correct" or "not correct" or "half knowledge, I do not know." If you are not an economist, that does not justify you not giving a clear, concise answer. And even if you were not an economist, I tell you, explain your opinion that you want to answer about briefly. If you say it is not correct, explain. If you say it is correct, explain. If you say I do not know, Allah does not burden a soul beyond its capacity. I repeat my previous question: the understanding from your answer earlier to our brother Abu Abd al-Rahman is that gold has become the standard by which others are valued, and it is internationally known that all things are valued in gold. Is this opinion correct? Are things valued in gold, or the reverse? State your opinion.
The questioner : I cannot assert with certainty. In this matter, some say it is so, but I have not yet verified it, because as I said, it must be referred to the specialists. Among those who have some expertise, one said that the reality has changed, the economic situation in the world has changed, and gold no longer has that previous dominance it used to have.
The Shaykh : Do not delve into what we are not in. May Allah guide you and me. This is a return to what I mentioned earlier, but this is not the answer to the previous question. Now, the things that were valued in gold, can they be limited to five, ten, or a hundred? Say yes or no?
The questioner : The things that are valued in gold.
The Shaykh : Yes, the things that people need and deal with, such as food, drink, clothing, housing, oil, gasoline, and other things. These things that were previously valued in gold are limited to five, ten, or a hundred.
The questioner : Of course, they are not limited.
The Shaykh : They are not limited. Keep your composure. I want to build on your answer. Do not get excited because you are young. Keep your composure a little. So, these things that I say "were" in line with you, these things that were previously valued in gold, are they limited to five, ten, or a hundred?
The questioner : No.
The Shaykh : They are not limited.
The questioner : Yes
The Shaykh : Okay, now the economic scale has reversed, as you say from the economists, and gold has become the standard by which others are valued. So what is this "other" that has taken the place of gold? Gold used to be the standard by which it was valued, so now it is the standard by which others are valued. What is this "other"? Is it oil, for example? Is it industry? Is it agriculture? Is it... and so on.
The questioner : I mention what I found in some newspapers. I found in some newspapers, and there are many, that on the news page in the newspaper, the internal page, yes, I think the currency prices are according to the dollar. So they put the dollar as if it were the German mark, regarding the dollar, it equals so much and so much, the French one so much and so much. This means this, I found it in many newspapers. So it seems the dollar has taken the place, of course, and what corresponds to it or what it is based on, the massive American revolution in industry, factories, agriculture, and similar things, yes, military power.
The questioner : By Allah, this is what I have been informed of by some.
The Shaykh : I beg you, Abu 'Ammar, let your answers be in the style of Al-Albani: say yes, say no, and then elaborate if you wish. Because now, when you give a detailed answer, the question is lost and the answer is lost.
The questioner : But also, out of concern for academic integrity, my professor, I am not an economic expert, so I do not assert matters with certainty, but rather...
The Shaykh : My brother, give your opinion. Glorified is Allah, I am telling you that you are an economic expert. You and I, our colleges are in the air, but when you are asked a question, is it correct or not? What is in your mind is either correct, three things, and this is a dilemma: either it is correct, or it is not correct, or I do not know, correct?
The questioner : Yes.
The Shaykh : Is there a fourth state? There is no fourth state. So, being an economist or not having an economics degree does not preclude your answer to the one who asked you from being correct. Do not tell him "correct" or "not correct" or "half knowledge, I do not know." If you are not an economist, that does not justify you not giving a clear, concise answer. And even if you were not an economist, I tell you, explain your opinion that you want to answer about briefly. If you say it is not correct, explain. If you say it is correct, explain. If you say I do not know, Allah does not burden a soul beyond its capacity. I repeat my previous question: the understanding from your answer earlier to our brother Abu Abd al-Rahman is that gold has become the standard by which others are valued, and it is internationally known that all things are valued in gold. Is this opinion correct? Are things valued in gold, or the reverse? State your opinion.
The questioner : I cannot assert with certainty. In this matter, some say it is so, but I have not yet verified it, because as I said, it must be referred to the specialists. Among those who have some expertise, one said that the reality has changed, the economic situation in the world has changed, and gold no longer has that previous dominance it used to have.
The Shaykh : Do not delve into what we are not in. May Allah guide you and me. This is a return to what I mentioned earlier, but this is not the answer to the previous question. Now, the things that were valued in gold, can they be limited to five, ten, or a hundred? Say yes or no?
The questioner : The things that are valued in gold.
The Shaykh : Yes, the things that people need and deal with, such as food, drink, clothing, housing, oil, gasoline, and other things. These things that were previously valued in gold are limited to five, ten, or a hundred.
The questioner : Of course, they are not limited.
The Shaykh : They are not limited. Keep your composure. I want to build on your answer. Do not get excited because you are young. Keep your composure a little. So, these things that I say "were" in line with you, these things that were previously valued in gold, are they limited to five, ten, or a hundred?
The questioner : No.
The Shaykh : They are not limited.
The questioner : Yes
The Shaykh : Okay, now the economic scale has reversed, as you say from the economists, and gold has become the standard by which others are valued. So what is this "other" that has taken the place of gold? Gold used to be the standard by which it was valued, so now it is the standard by which others are valued. What is this "other"? Is it oil, for example? Is it industry? Is it agriculture? Is it... and so on.
The questioner : I mention what I found in some newspapers. I found in some newspapers, and there are many, that on the news page in the newspaper, the internal page, yes, I think the currency prices are according to the dollar. So they put the dollar as if it were the German mark, regarding the dollar, it equals so much and so much, the French one so much and so much. This means this, I found it in many newspapers. So it seems the dollar has taken the place, of course, and what corresponds to it or what it is based on, the massive American revolution in industry, factories, agriculture, and similar things, yes, military power.