Buhari suggests return to gold standard

The former military head of state insists that linking money to gold would ensure price stability
Article | July 27, 2011 - 4:29am | By Olusola Babarinsa

Former Nigerian military head of state, General Muhammadu Buhari has said that only a return to the use of the gold standard can help governments globally and curtail budget deficits. The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold rather than the US Dollar as had obtained since the end of the Second World War.

Buhari, who was the Presidential Candidate for the Congress for Progressive Change (CPC) in the last elections, was speaking at the 2nd World Conference on Riba (interest) holding in Malaysia. He stressed that linking money to gold would ensure “price stability” in the long run.

“For the Islamic economy and for the world, only a return to the gold standard will ensure long term price stability (zero inflation), help governments curtail budget deficits and end fiscal indiscipline,” he said.

vicoloni:

He should go and stop Boko Haram first then we'll listen to his advise

collins Jn:

“For the Islamic economy and for
the world, only a return to the
gold standard will ensure long
term price stability (zero
inflation) , help governments
curtail budget deficits and end
fiscal indiscipline,” he said.
Diz Man Self,MUST He Say Any Tin witout Islamic diz Islamic day ? Hiss,Am Out Of Here“For the Islamic economy and for
the world, only a return to the
gold standard will ensure long
term price stability (zero
inflation) , help governments
curtail budget deficits and end
fiscal indiscipline,” he said.
Diz Man Self,MUST He Say Any Tin witout Islamic diz Islamic day ? Hiss,Am Out Of Here




Good riddance!

liquid7:

a lot of countries  and even individuals have since the global recession kept their money into gold  thus gold keeps rising  in price .
Examples are russia,venezula,france,germany,italy etc.
Some believe even that the reason italy has not long sicne fallen into a greece situation is due to creditors been a bit more on ease since they have a huge gold reserve.
Nigeria however has chosen the way of petro dollars  which can be dangerous espically with the current state of the USA economy.
I praise buhari for saying this .

stagger:

This Buhari man is too dense for words.

I have done a lot of research on the 1944 Bretton-Woods agreement that pegged the UD dollar to gold at $35 an ounce, and pegged other European currencies to the US dollar at varying rates and I can easily tell that such a system will NEVER work in today's world.

Does he know why that agreement collapsed in 1971? Since when did Buhari becoma a guru in Economics? How long did the price control regime he introduced in 1984 last? You do not control the supply of an item to match the demand, and you are setting price control. How does it work?

He should go and reign in his CPC members, many of whom I am sure are now in the Boko Haram and leave Economics to those who know.

logic101:

Since when did western agreements become nigerians agreement.

logic101:

Since when did western agreements become nigerians agreement.

stagger:

This Buhari man is too dense for words.

I have done a lot of research on the 1944 Bretton-Woods agreement that pegged the UD dollar to gold at $35 an ounce, and pegged other European currencies to the US dollar at varying rates and I can easily tell that such a system will NEVER work in today's world.

Does he know why that agreement collapsed in 1971? Since when did Buhari becoma a guru in Economics? How long did the price control regime he introduced in 1984 last? You do not control the supply of an item to match the demand, and you are setting price control. How does it work?

He should go and reign in his CPC members, many of whom I am sure are now in the Boko Haram and leave Economics to those who know.

success4:

What yeye research have you done? A good research will tell you that GOLD standard remain the best!  
Why trolling? Check the highlighted

In short, you don't get anything out of a gold standard that you didn't bring with you. If your government is a credible steward of the money supply, you don't need it; and if it isn't, it won't be able to stay on it long anyway. (See Argentina's dollar peg). Meanwhile, the limitations on the government's ability to respond to fiscal crises, the necessity of defending against speculative attacks in times of crises, and the possibility of independent changes in the relative price of gold, make your economy more unstable. It's a terrible idea, which is why there are so few economists willing to raise their voices in support of it.