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Interest Free Monitory System

Dear Dr Soros

My wife and I and our son were very fortunate to attend the dinner at Park Lane Hotel, London on May 4th given by the Board of Deputies in your honour, and to listen to the most interesting answers to the various questions which were put to you. Allow me to put to you my own question, kindly requesting your opinion on this important issue.

In view of the recent final demise of the gold standard, the gradual phasing out of gold reserves by central banks, and of the gradual transition to paper money, firstly by the issuing of gold certificates, then by promissory money (I promise to pay the bearer TEN POUNDS)....... do you think that the time has come for mankind to achieve the biblical dream of Moses and work out an interest-free monitory system? This can simply be done by accepting the principle that promissory paper money needs to be issued - not in the name of the money lender nor of the central bank, but by the consumer, or in the name of the consumer.

In moving from commodity money to promissory money, economists did not take the right step. Moses identified the problem of the need for an interest-free medium of exchange, but no solution was possible at that time.

Moses left only a pious wish against usury, taken up by the Christians in the Middle Ages and also by the Moslems. Ironically Jews became the money lenders to the Gentiles with great riches and persecution. Present Islamic banking is only cosmetic.

My Foundation is able and willing to devote the necessary funds for the promotion of this idea.

Yours sincerely

Naim Dangoor

His reply:

Dear Mr Dangoor

Thank you for your letter of May 9th. I am afraid I am not in a position to answer your question about an interest free monetary system.

With best wishes.

George Soros

Soros Fund Management LLCOpen
Society Institute
888 7th Avenue
Suite 3300
New York
NY 10106, USA

Scribe: Dr Soros is known to give an abrupt comment on matters in which he is not an expert.


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