On Islamic Banking

I was recently asked my opinion on Islamic banking. I know next to nothing about that. I am told that it is against Islamic principles to charge interest on loans. As a liberal, I take the position that people ought to be free to do whatever they want with their property. They should be free to lend their money at whatever interest they want (including zero interest or a million percent interest.) The only condition is that there must be no coercion involved.

Therefore, anyone who¬†is handing out interest free loans out of their own wealth will find a willing borrower in me. Although it is obvious that giving out interest-free loans is an idiotic thing to do, I don’t believe it is anyone’s business to force people to avoid folly.

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Understanding Economics is Easy

In the previous post “Economics and Physics” I briefly explored why the basic explanations of physics are hard to understand and why the basic explanations of economics are easy to understand. Physics is called a “hard science”. I believe it is hard in the sense that¬†advances in physics are made by supremely intelligent people and even comprehending them requires a good deal of training and intelligence.

Physics is also hard in that it is not some soft and squishy, namby-pamby whatever goes kind of nonsense, unlike in some other intellectual enterprises where people just make up stuff as they go along.

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