Discussion of the claim that in the new world order, gold is not the only thing upon which things are based, but there are other things such as oil and agriculture

The questioner : By Allah, I mean this issue is actually open to research, because many people who have expertise in this subject mention that the situation has changed since about twenty years ago. Now, in reality, even in the major countries and those with hard currencies, gold is no longer the reserve, or it is only part of the reserve and general coverage. It has become a general custom in the International Bank and in the global custom that it is acceptable for a country to print its currency to the extent of its wealth. So the current global situation is...

The Shaykh : But this statement contradicts what we said earlier and agreed upon.

The questioner : No, it is not a contradiction of what we said; I mean this matter of coverage by gold.

The Shaykh : Let us return to the previous question: the country that does not possess gold.

The questioner : It prints.

The Shaykh : No, my brother, do not tell me it prints.

The questioner : No, it does not print; rather, they acknowledge its printing. I mean, countries do not deny it.

The Shaykh : Be patient, take me with your gentleness.

The questioner: Go ahead.

The Shaykh : The research is not about whether it prints or not, but whether it is permissible for it under the system of international law to print when it does not have gold in its treasury. This question was raised and it was agreed that it is not permissible for it now. You say it prints, so we return and say it prints, but is this...

The questioner : Now, perhaps I intended in my previous answer that it is not permissible for it to print without having a reserve, whether of gold or of wealth.

The Shaykh : Glory be to Allah, let us define this now. Let us stay at the previous point so that the speech is distinguished and clarified. Now, does international law allow any country, no matter how poor it is in terms of gold, to print whatever it wants in terms of paper currency? Does international law allow it to do so even if it has no gold?

The questioner : What is reported to me is that the new global reality is such that it allows it.

The Shaykh : Return to the reality.

The questioner : No, no, the reality is considered. I say...

The Shaykh : May Allah forgive you, my brother, you are saying "the reality" again, and I am with you, I say "the reality."

The questioner : I mean by "the reality" the international system itself.

The Shaykh : Where is this international system? Bring it so we can see it.

The questioner : Economic experts say this.

The Shaykh : My brother, it is not enough for us to say "economists." It is permissible for economists to go through the situation and state of affairs. First, we have a custom about which there is no disagreement. What is the custom? It was established that paper currencies are allowed to be printed to the extent of the gold in the treasury. This is known to us.

The questioner : Correct.

The Shaykh : What abrogated it? Is there a general custom now that has replaced that, so that we do not need to ask?

The questioner : The news now is that the global custom itself has changed. And if you wish, by Allah, I prefer...

The Shaykh : My brother, you are returning to the call. I am not contradicting you in the call; I want the international law that replaced the previous law. Where is it?

The questioner : I mean, it decides on this issue. By Allah, if we bring a brother with expertise in economics, like Professor Qays...

The Shaykh : He will give me the same speech as yours.

The questioner : No, he describes the reality. I mean, if the reality is such that the global custom has come to acknowledge that the sufficient reserve that allows any country to print whatever it wants of the currency is, if there is sufficient public wealth other than gold, then now, if this is what is acknowledged—and I have been informed by many people with expertise and study in economics and legal scholars—I would like, if you wish, in a session, for a person of this type to be invited, someone who has no bias but describes the current global system, and who may have the international laws in his heart, with documents and studies. Now, this is what was conveyed to me by those who have studied this issue. Based on that, the previous question arises. If you wish, we can postpone it and invite some people of this type.

The Shaykh : No, my brother, there is no need to invite any person. I only ask any person for the international law that allows any country to print chaos. Now, I add to what was said before: chaos. Why? What is the economy of Syria now?

The questioner : There is agriculture, there is oil, there is industry.

The Shaykh : Well, who assesses Syrian agriculture and allows the Syrian state to print a certain percentage of paper currency? And is there also a new system where the poorest country in all matters related to the economy can print whatever it wants of paper currency? Is this possible?

The questioner : No, whatever it wants.

The Shaykh : Be patient, one by one. Can a person say this? Not a state, but a sane person who knows what comes out of his mouth? Is it possible?

The questioner : No.

The Shaykh : If you stop now and stay with me, how do you assess agriculture, for example? Now, regarding Syria, it is said to it: "You can print a pound of Syrian pounds." How is it assessed?

The questioner : The harvest and production of every country are assessed. Now, there are geography books, there are statistics, there are economic studies that mention, for example, how many million tons of wheat were produced.

The Shaykh : Is this production fixed or not fixed?

The questioner : Of course, according to the seasons, there is a year.

The Shaykh : My brother, tell me, is it fixed or not fixed? May Allah guide you. Do not elaborate on things that do not need elaboration. Is it fixed and stable, or not fixed and not stable?

The questioner : By what is agriculture assessed? By what is industry assessed?

The Shaykh : No, then this...

The questioner : It is the same thing, my brother. By what is the value of gold assessed? What is bought with gold? Once it was like this. Now, valuations have been made for all goods against each other. Now, the dollar has become even more important than gold, and it is assessed by it.

The Shaykh : You are shifting the topic now, responding to Abu 'Abd al-Rahman, because this is another problem.

The questioner : No, let us return. I say, it is not fixed.

The Shaykh : It is not fixed. Well...

The questioner : And according to economic seasons.

The Shaykh : Whereas gold in the state treasury, is it fixed or not?

The questioner : It is not fixed.

The Shaykh : How is it not fixed?

The questioner : Because if gold is used a lot, it is extracted from the mines. The more it is extracted, the cheaper gold becomes.

The Shaykh : No, no, I mean it is limited. I mean, every country's gold is limited in the treasury. If it wanted to break the law and print more paper currency than it has, it is possible that the reality of the existing gold would be revealed. But agriculture, its reality cannot be known with this speed and this clarity. And therefore, the truth is that I still say that this custom you are talking about is an illegal custom, rather, it is completely chaotic.