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Ergodan is logical

Reader comment on item: Will No-Interest Banking Undo Turkey's Economy?

Submitted by Prashant (United States), Feb 8, 2012 at 05:00

Dear Dr Pipes:

Ergodan seems to be logical (stupid but logical). If Interest is unislamic but you cannot get rid of it then at least you can set the interest rate equal to the rate of Inflation and thus effectively make the interest disappear. That is a logical conclusion. Should the inflation become negative some day (e.g. if Turkish economy improves and there is an over supply of everything), and should you need to borrow money at that time, the government will then pay you to borrow money. That will be superb.

Submitting....

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