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TURMEL: Islamic View on LETS
 
*Newsgroups: uk.religion.islam
*Subject: Islamic View on Local Exchange Trading - letsarab.jpg (0/1)
*Date: Sun, 10 Nov 1996 21:59:43 GMT
*Organization: Islamic Party of Britain
*
*L.E.T.S. help ourselves
*
*With the exception of the British Channel Islands, there is no 
*country "Islamic" or otherwise, in which Monetary Reform is not 
*desperately required. Although some local currencies have been 
*introduced in places such as Stroud in Gloucestershire and Chorum 
*in Turkey - independent of Central governments and the Basel 
*Convention, to the best of our knowledge, at the time of this 
*article going to press, we know of no genuine "Islamic" bank 
*operating anywhere in the world - and that includes the Central 
*banks of Saudi Arabia and the Sudan. 
*Would that we were wrong. 
*
     Actually, Argentinian provinces are using Islamic government 
bonds to pay employees:
 
*Thursday November 28, 1985,
*The Charlotte Observer,
*CASH-STARVED ARGENTINE PROVINCES TURNING OUT THEIR OWN MONEY
*By Andres Oppenheimer, Knight-Ridder News.
*     MIAMI -- Two remote Argentine provinces, short of cash to pay 
*public employees, have come up with an easy solution. 
*     They're printing up their own money, to the chagrin of the 
*national and international banking authorities.
*     "We are paying all our public employees with provincial bonds," 
*Roberto Romero, governor of the northern Argentina province of Salta, 
*said in a telephone interview. He said Salta started printing its own 
*IOUs because it wasn't getting sufficient federal currency fast 
*enough.
*     "People can change these bonds for money at any bank," Romero 
*said. "They can use them to shop at supermarkets and to buy cars or 
*any other products."
*     The Argentine government is not smiling, and world bankers are 
*worried that other cash-starved states will copy Salta's financial 
*extravaganza and jeopardize Latin efforts to curb inflation and pay 
*huge foreign debts.
*     The International Monetary Fund (IMF), the world's main financial 
*inspector for debt-ridden countries, was concerned enough to bring up 
*the issue in recent talks with the Argentine government, said sources 
*in Argentina and Washington. The IMF does not comment on negotiations 
*with individual countries.
*     After Salta started quietly issuing its own IOUs in September 
*last year, the nearby province of La Rioja started printing its own 
*bonds too. Four other Argentine provinces have either begun adopting 
*similar programs or are preparing to do so.
*     In all cases, the bonds are good only within the province where 
*they're issued.
*     But the government of President Raul Alfonsin says the provincial 
*bonds are expanding the country's money supply and are undermining 
*efforts to remove Argentina from the list of world inflation leaders. 
*Earlier this year, Argentina had a 1,000% annual inflation rate.
*     Alfonsin made headlines worldwide in June when he launched an 
*austerity program built around a commitment to stop his government 
*from printing money. Since then, inflation has dropped to 3% a month, 
*a record low in recent history.
*     The bonds printed in Salta come in denominations of 10, 100, and 
*1,000 australes, the same as ordinary Argentine currency bills. They 
*pay no interest and can be either exchanged for Argentine currency or 
*used to buy goods.
*     Romero, of the opposition Peronist Party, and officials of other 
*provinces claim their bonds are not really new currencies because they 
*are no good outside their provinces.
 
     Isn't it funny that despite fears of inflation due to all 
the new bonds money, inflation actually went down. I've always 
said that the real solution to inflation, backed up by the 
Mathematics of usury, is the increase the money supply or 
decrease the foreclosure rate. I take great pride in hoping that 
the Argentinian Finance Minister may have first heard of the 
small-denomination Government bonds idea when I handed it out 
before being arrested and making front page news for picketing 
the 1982 World Bank and International Monetary Fund conference in 
Toronto. 
 
*The list of noteworthy figures, who have sought to publicize the 
*destructive propensities and inherent failures of interest based, 
*fractional-reserve banking, along with other fraudulent aspects 
*of Western economics,  includes, William Cobbett, Abraham  
*Lincoln, Silvio Gessel, John Maynard Keynes, Karl Marx, John 
*Kenneth Galbraith, Professor  Frederick Soddy, Stephen Leacock, 
*etc., the full list is very long indeed.
*
     Only Abraham Lincoln was successful in the practice of 
monetary reform having actually engineered the abolition of 
interest in government finance with his LETS Greenback system. I 
have no verification that any of the others were advocates of the 
abolition of interest rate debt slavery. I have often quoted 
Keynes myself and though he shows some understanding of the 
monetary problem, as far as I'm concerned, he has never evinced 
any understanding of the monetary solution. As well, he was 
linked to his nation's oppressor bank, the Bank of England. I 
doubt he merits to be mentioned in the same breath as Lincoln who 
successfully engineered the abolition of usury in his domain. 
I've never heard any of the others acknowledge the abolition of 
interest rates as the solution though I'm pleased to hear that a 
fellow Canadian may be on-side. 
 
*Many groups in the world, already create money for themselves 
*when they involve themselves in interest-free, L.E.T.S (Local 
*Exchange Trading Systems). These demonstrate clearly that money 
*can be a useful servant - the role specified for it by Allah. 
*
     I was voted the 1995 July World Wide Web Kook-of-the-Month 
for arguing that Christ also spoke of the LETSystem differential 
equation. Maybe I'll get another Kook-of-the-Month award for 
insisting that Mohammed also spoke of the LETS differential 
equation. (1/s with interest = 0%) 
 
*The compatibility of Local Exchange Trading Systems and Verse 282 
*of Surah Al-Baqarah is quite remarkable. For example, Allah 
*informs us earlier, in verses 275-279 of the same chapter that, 
*He permits trade but condemns outright - usury/interest/riba - in 
*any shape or form. "Those who devour usury will not stand except 
*as stands one whom Satan by his touch has driven to madness. That 
*is because they say: "Trade is like usury", But Allah has 
*permitted trade And forbidden usury...
*
     As, Adelard Turmel, the Great Quebec Social Crediter taught 
his grandson The Engineer: 
     1) Money has no babies. (L'argent n'a pas de petits.)
     2) Interest is theft. (L'interet est le vol.)
     We must not forget all the prophets of Judaism who, with 
Christ and Mohammed and Adelard, have also condemned usury and 
recommended interest-free Local Employment Trading tokens. 
 
*Allah will deprive Usury of ALL blessing... 0 you who believe! 
*Fear Allah, and give up what remains of your demand for usury if 
*you are indeed believers. If you do not (desist), Take notice of 
*War from Allah and His Messenger ." 
 
     As I wrote: 
 
*Another prophet great, Mohammed known in Muslim lands,
*Decreed that it was sinful if one interest demands.
*In the Koran in Chapter two, at verse two seven five,
*We find inspired advice from God from which we may derive:
*"Those who devour usury won't stand up inasmuch, 
*As stands those whom the Evil One has maddened by his touch.
*That is to say that "Trade is similar to usury,
*But God permitted trade but not the usurious fee. 
*Those who accept their Lord's command, desisting with no grudge,
*Shall be forgiven for it's up to God their case to judge.
*But those who do repeat offence, the consequences dire,
*Abiding in forever as Companions of the Fire.
*God will deprive the usury of all blessing perceived,
*But will give increase for the charity to those in need. 
*For not He loveth creatures wicked and ungrateful so,
*Give up demand for usury, as true believers go. 
*But if ye do it not you should take notice of a war
*From God and his Apostle is the thing you have in store. 
*But if ye turn back ye shall have your sums of capital,
*Deal not unjustly. Ye'll not be unjustly made to fall.
*So if your debtor has some difficulty to repay,
*Grant him some time until when he is capable the day.
*But if you should remit it by an act of charity,
*That is the best for you if only ye knew verily.
*And fear the day when ye'll be brought to face His Godly poll,
*Then shall be paid that what was earned by each and every soul.
*In Chapter three: 130, "Not devour usury,
*Doubled, multiplied, it's not way to prosperity. 
*In Chapter 30:39, "That which ye lend for more,
*Through property of others will not count as Godly score. 
*But that which ye lay out for charity when needy cry, 
*Will show God's increase as the recompenses multiply.
* 
     I hope nothing is out of context. 
 
*In the absence of any 
*initiative from a first, second, or third world government to act 
*in the best interests of its population, ordinary people began to 
*recognize that while they had wealth to exchange they had 
*insufficient money with which to carry out the transaction. This 
*spawned a number of schemes. Foremost of which is L.E.T.S, which 
*was established in the United Kingdom and became famous through 
*its Stroud Pound. One of the prime movers was the Muslim convert 
*Sandra Bruce, who, together with Maggie Mills, set up the Stroud 
*Directory which now boasts several hundred participants, and 
*offers a wide range of goods and services which can be barter-
*traded or exchanged for promissory notes/cheques specifying 
*amounts in monetary terms - which, in effect, Commits the issuers 
*of the cheques to redeem the face value of those cheques by 
*providing either goods or services to anyone else involved in the 
*LETS scheme. The original act of writing the sum agreed upon 
*between the buyer and the seller amounts to having created a 
*deposit of time/money. Money which is directly linked to a 
*specific commodity or service which must be provided or delivered 
*upon demand either now or some time in the future.
*
     The Abolitionist Party of Canada pledges to install the 
LETSystem software on the national database. 
 
*For example. The classic case is that of Mrs. Smith, an elderly 
*lady who has a leaking roof. She might be able to get Mr.Jones, 
*the local builder, who she hears is short of work, to repair it 
*for her in exchange for baby sitting his children at 2 per hour. 
*The problem arises when the builder has no need of her services, 
*in which case, the old lady has to wait until she can find a 
*builder with whom she can barter her services. In the mean-time 
*the community is denied both of their wealth creating activities, 
*and she has to continue living with a leaking roof. However, 
*under a LETS scheme, they would both be able to benefit. 
*Under a LETS arrangement Mrs. Smith could call the same builder 
*or any builder in the scheme, who would be able to undertake her 
*roofing repairs and accept from her a cheque for the full amount. 
*In this case 200 Stroud Pounds, which is pegged at 1 Stroud Pound 
*for 1 Sterling. This is the usual rate throughout the country. 
*The builder then takes Mrs. Smith's cheque for 200 Stroud Pounds 
*to the depository where it is recorded and credited to his 
*account. Mrs. Smith's account is duly debited by the same amount. 
*This means that Mrs.Smith is now committed to perform 100 hours 
*of Baby-sitting at 2 Stroud Pounds per hour. The builder can now 
*spend some of his money on getting his van serviced. He may have 
*to pay sterling for parts but the service portion of the bill can 
*be paid in LETS currency. There are now over 400 Local Exchange 
*Trading Systems in the United Kingdom.    
*
     Best of all is how LETS can help pensioners who are not fit 
to trade employment by babysitting: 
 
     Today, a pensioner who has to hire a plumber goes to the 
Royal Bank and borrows the $100 she needs on her estate 
collateral at 10% interest. At the end of the year, she owes 
$110. At the end of the second year, due to the miracle of daily 
compound interest, she owes $121 with interest on the interest. 
By the 7th year, she owes almost $200. After 7 years, it has 
doubled. Upon her death in 25 years, the Royal Bank subtracts 
over $1200 from her estate so that she paid $100 for plumber's 
time and $1,100 for money's time. 
 
     A pensioner who joins a LETSystem may hire a plumber by 
going to the LETS Greendollar bank and borrowing the G$100 she 
needs on her estate collateral at 10% service charge. Her estate 
owes $110. At the end of the second year, she still owes $110. 
After 7 years, it has not doubled. Upon her death in 25 years, the 
Greendollar bank docks over $110 from her estate so that she paid $100 
for plumber's time and $10 for the LETsystem operator's time and 
nothing for money's time saving her heirs $1,090 of the $1,100, 
or 99.1%, of the usual cost of the credit. 
 
     It really is an amazing rip-off when the middlemen can rip 
off up to 99% of personal estates which explains why so many 
retirees end up with nothing.
 
     We must accept pensioners' estates as collateral for Green 
credit to really get your young people working. Young people 
don't want to spend. They want to earn. Old people cannot earn 
and basing spending power on earning power excludes them from 
trading. Basing spending on earning power and their past earning 
power, their collateral, includes them in trading. Pensioners are 
necessary partners to stimulate LETSystem trading. All it takes 
is a promissory note to settle their Greendollar commitment upon 
sale of their estate. 
 
*LETS helps to rebuild self respect and a sense of community. 
*Without preparing practical solutions for the everyday problems 
*of everyday people, all talk of an Islamic State and caliphate 
*are idle and futile. A jpg image of an Islamic barter cheque 
*follows.
*
     I commend you on your use of paper as well as electronic 
media. I suggest you use color coded and standard denominated 
cheques which can function as useful small-denomination currency 
until they get old and are deposited. Saves a lot of bookkeeping. 
     I welcome the Muslim community onto the LETS lifeboat and 
hope you work with me towards the day when every subject of the 
Commonwealth, then the world, has an interest-free connection to 
the State. 
 
--
John C. "The Engineer" Turmel, Leader, Abolitionist Party of Canada
Box 111 Canada K2C 3L4, Tel/Fax:613-723-2739
All TURMEL topics to newsgroup: can.politics
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