people relatively low. M.O. Farooq notes that the countries that have gone in an "'interest-free' direction" are "hardly examples of greater economic stability." On the issue of over-indebtedness and instability, Chapra also argues that the interest-based system and its reliance on collateral leads to excessive levels of debt, which leads to economic instability. Islamic finance would mean greater financial discipline than debt-based financing because it is tied to real assets. This discipline would mean greater economic stability. Mirakhor and Krichene argue that interest charges on debts lead to the creation of a secondary market for debt. This leads to debt changing hands, multiple layers of it being created, and the generation of credit bubbles whose inevitable bursting destabilizes the economy. M.T. Usmani insists interest-based financing may "fuel inflation" since it "does not necessarily" finance the creation of real assets" (its financing not tied to real assets), and may increase the supply of money without increasing products to match it. He cites a number of non-Muslim economists criticizing capitalist financial system for its propensity towards financial speculation, over-indebtedness, misallocation of lending capital. (Although their solutions its problems do not include banning all interest on loans.) Another way in which interest is alleged to "lend itself to speculation" is the (alleged) practice of borrowing at low rates to lend at higher ones. This (allegedly) disrupts "trade cycles" and interferes with economic planning and would be remedied by banning interest charges. Chapra also argues that "the erratic behaviour of interest rates" has caused "three decades" of "turbulence in the financial markets", citing a Nobel Laureate in economics, Milton Friedman. Islamist leader Abul A'la Maududi — who was not an economist but has been credited with laying "down the foundations for development "of Islamic economics — preaches that interest (along with the lack of zakat tax on savings) prevents economic progress and prosperity by rewarding savings and capital formation (the common idea that these things help economic development being a "deception"). When people are not in "the habit of spending all the wealth they earn" they consume less, which decreases employment, which leads to still less consumption, creating a downward spiral leading finally "to the destruction of the whole society as every learned economist knows." Entrepreneurial profit and wages should be the only source of income in society. Siddiqi and Ganameh cite a hadith of "income devolved on liability" in this context. In reply,