Money Banking & Finance part 2

Debt Traps:
The money has made.some nations debtors and other creditors (again note that money itself has not done it. It is the international monetary system which is responsible for this). The massive debt over developing countries have contributed to huge ailments. The debt trap has bounded present and coming generations of poor countries in chains of economic slavery. The debtor countries are forced to implement heavy taxes and penalties on their poor people to accumulate money to pay off these debts. The interest burden alone has caused havocs for finance ministries of debtor countries. All this have led to revolutions and great monetary and fiscal disturbances in many countries.
5. Domination of Multinationals:
'TI:c money .economy has resulted in concentration of wealth in few hands. The multinationals have taken hold of the major proportion of whole world's trading and business. It is estimated that some 100 multinational are controlling nearly 80% of whole world's business. The seriousness of this problem can be judged from the fact that world's top 10 richest people have accumulated so much wealth that is sufficient to provide food, water and shelter to all the poor population of the world.
6. Environmental Degradation:
The greed of money has made man so selfish that he is collecting wealth at the cost of the well being of his future generations. Due to rapid and reckless industrialisation and usage of natural resources we have reduced the life of our environment. The massive pollution has snatched the beauty of nature which is so precious that it cannot be measured in any currency of the world.
7. The Credit Economy:
The availability of money has considerably contributed to the expansion of credit throughout the economies. The credit creation of the commercial banks is also based on availability of primary deposits(money). However besides promoting investment and growth the credit has also created a deceptive economy along side. This deceptive economy is.not based on currency or money but on written claims and lOU's. this deceptive -economy has tied people into chains of never ending and ever expanding interest burden. This interest factor has caused much harm to our peaceful lives and it also in turns leads to the evil of concentration of wealth in few hands
(Note: The evils of interest have been explained in detail in the chapter on Islamic banking)
Social Disadvantages:
1. Greed:
The amenjties of new world has increased the greed of men. The luxuries and modern facilities have made man aggressive and selfish. So everyone is iii a race to snatch more and more money. This has made people too much materialistic and they have forgotten the duties they owe to their Creator