Can the Euro Survive?


The current attack on the Euro is getting worse, as currency speculators see a golden chance to make massive profits by attacking "the weakest link" in the Euro system, which is Greece.

Other weak links, like Portugal, Spain, Italy and Ireland, could be next due to their weak economies and high public debts.

Can Europe save the Euro?

According to an article in the Daily Telegraph by Jeff Mandell on May 20, "The Euro as we know it is dead"

As suggested in a post on this blog last month (29 April), Damage Caused by Currency Speculation, a political decision is needed to freeze currency exchange rates for one month to design and implement a new sustainable system.

In the current environment of panic and negative speculation, without such a freeze on exchange rates, not only the Euro may collapse, it may worsen the current global financial mess.

Let's hope this is not the case.

Fixing the Global Financial Mess!

The only way out of the current financial and economical mess the world is in today is to follow a new sustainable system which is balanced and fair.

This new financial system needs to be free from exploitation, free from gambling on currencies and shares, free from interest and usury.

People can't sell what they don't own, and therefore gambling in "future" markets should not be allowed.

Money needs to be backed up with gold, as it always has been the case till 1971.

Equity finance should replace debt finance in real partnerships between investors and business.

These are some aspects of the Islamic solution to economics and finance in today's world, which would lead to a sustainable and fair economic and financial system.

Banks have caused enough damage and misery ...

It's time to fix the mess now, before it's too late ...

Free or Fair Trade?

Which is more important for a just world?

Rich countries and investors demand 100% free trade in order to maximize their profits by increasing the size of their markets

The rest of humanity is looking for justice in foreign trade where balanced relations allow for a win-win scenario

And this should be the essence of trade: both sides should benefit, and no country should be forced to open its markets if it is not in their best interest

On the political level, free trade leads to false corporate democracy, whereas fair trade reflects real people democracy

The choice is very clear if we are searching for peace in this world