A Global Islamo-Socialist Stimulus Plan

[Agent Ferris]

A Global Islamo-Socialist Stimulus Plan
By Joseph Klein
FrontPageMagazine.com | Friday, April 03, 2009

“Islamic finance now extends beyond the traditional predominantly Muslim economies to become an increasingly important part of the international financial system.”

“Islamic finance implicitly embraces strong core values and universally beneficial characters.”

“The Islamic financial system derives its strength and stability from its faculty to uphold Shariah principles. The Islamic financial system thus has an in-built dimension that promotes financial soundness and stability, as it resides within a financial trajectory underpinned by the forces of Shariah injunctions.”

These are the words of Tan Sri Dr. Zeti Akhtar Aziz, a prominent Bank Governor in Malaysia who has been an outspoken advocate of the Islamic financial system as an alternative to Western capitalism. Aziz has given speeches at Islamic finance summits pointing out the success of Malaysia’s Islamic-based economy and laying out a clear mission: “positioning Islamic finance as an integrated component of the International Financial System.”

Aziz now has the perfect global platform for her mission. She was recently appointed by the hard left United Nations General Assembly president Miguel d’Escoto Brockmann to serve on his Commission of Experts, a high-level task force of economic and finance specialists which is tasked with making recommendations for radical reforms of the global economic system. This gives her a megaphone to publicize Sharia-based Islamic banking to an international audience, as a potential solution for the ongoing global economic crisis.

The UN Commission of Experts is headed by Joseph Stiglitz, the winner of the Nobel Prize for economics in 2001 and former Senior Vice President and Chief Economist of the World Bank who has been a critic of free market economics. The titles of two of his articles show clearly where he stands: “Turn Left for Growth” and “The Malaysian Miracle.” Asked by FrontPage Magazine whether Islamic finance contained any lessons for his commission to apply in recommending the architecture for a new global economic order, he praised the Sharia-based system for focusing on fundamentals and for its superior ethics in comparison to American lending practices.

The Commission of Experts issued a preliminary report on March 20 outlining its views on the causes of the current global economic crisis, the impacts on all countries and recommendations to avoid its recurrence and restore global economic stability. The report contemplates a massive reordering of the world economy involving trillions of dollars of wealth transfers, global regulation, and global taxes, all under the supervision of the United Nations.

The report blends the socialist and Islamic economic perspectives as an alternative to our present capitalistic system. It has four basic themes. Western-style free market capitalism is the villain. Redistributive justice is mandatory. New global governance authorities are required. Global taxes are also needed.

FrontPage Magazine

U.N. out of the U.S., U.S. out of the U.N..

What we need now is a new international body, one whose doors is only open to liberal democracies.

 

[Kandahar]

U.N. out of the U.S., U.S. out of the U.N..

What we need now is a new international body, one whose doors is only open to liberal democracies.

Huh? What in the world does that conclusion have to do with this article?

 

[Agent Ferris]

Huh? What in the world does that conclusion have to do with this article?

That the general Assembly is thoroughly controlled by the Arab block and serves the policy goals of the global Jihad. I see absolutely no use for the U.N. outside of use by the enemies of liberty.

 

[winston53660]

That the general Assembly is thoroughly controlled by the Arab block and serves the policy goals of the global Jihad. I see absolutely no use for the U.N. outside of use by the enemies of liberty.

Do you have any evidence of your hypothesis? Like a link maybe?

 

[Kandahar]

That the general Assembly is thoroughly controlled by the Arab block and serves the policy goals of the global Jihad. I see absolutely no use for the U.N. outside of use by the enemies of liberty.

Uhh :shock:
Where to begin...

1. "Global Jihad" has nothing to do with how Islamic finance works.

2. Islamic financial systems are quite interesting and seem to work well in places like Malaysia. Perhaps you should study them a bit before reflexively condemning them.

3. There is nothing wrong with a well-respected banker from a country with a great economic success story encouraging other countries to use her country as a model. Americans and Europeans do it all the time.

4. I hardly think that allowing a Malaysian economist to speak at the UN means that "the General Assembly is thoroughly controlled by the Arab block." For starters, Malaysia is about 4,000 miles away from the nearest Arab country. :doh

 

[Agent Ferris]

Uhh :shock:
Where to begin...

1. "Global Jihad" has nothing to do with how Islamic finance works.

A) False:

Bahrain’s International Islamic Financial Market (IIFM) counts $97 billion in Islamic bonds in circulation with another $66 billion forecast through 2008 -- and SCF is not limited to the bond market.

Nevertheless, SCF advisors help these funds remain sharia-compliant. Unfortunately, these authorities often are Muslim extremists who appear mainstream by consulting for such powerhouses as Deutsche Bank and Standard & Poor’s.

*In 2002, Caribou Coffee had to explain the ties between its Atlanta-based sharia-compliant owner, Arcapita, Inc., and Arcapita’s sharia advisor, Yusuf Al-Qaradawi. He had defended “our brothers and children in Al-Aqsa and the blessed land of Palestine generously sacrificing their blood, giving their souls willingly in the way of Allah.” Qaradawi eventually resigned from Arcapita.

*Sheik Muhammad Taqi Usmani advises the Dow Jones Islamic Index. He has written: “The purpose of Jihad…aims at breaking the grandeur of unbelievers and establish[ing] that of Muslims.”

* The North American Islamic Trust owns 69.8 percent of the Dow Jones Islamic Fund. The Justice Department identified NAIT last June as an unindicted co-conspirator in supporting Hamas’ murderous anti-Israeli terrorism. NAIT also owns Albany, New York’s Masjid As-Salam mosque. In April 2007, its founder, Mohammed Mosharref Hossain, and imam, Yassin Muhiddin Aref, received 15-year prison sentences for assisting an FBI sting operation to assassinate a Pakistani diplomat in Manhattan with a shoulder-fired missile.

Sharia-compliant funds usually donate 2.5 percent of profits as “zakat.” While such money assists peaceful Muslim causes, some of it has gone ka-boom.

*The Holy Land Foundation, Benevolence International Foundation, and Global Relief Foundation, all major Muslim charities, were shuttered in December 2001 for allegedly supporting Islamic terrorism.

*According to “The Tax Lawyer,” Yasin al-Qadi -- an investor in one Hamas-connected, sharia-compliant company called BMI (not the perfectly legitimate Broadcast Music, Inc.) -- transmitted $820,000 to Chicago’s Quranic Literacy Institute in 1991. QLI employee Mohammad Salah confessed in 1995 that he trained recruits to handle assorted toxins and “basic chemical materials for the preparation of bombs and explosives.”

“This is bad for America, bad for capitalism, and good for jihad,” says Frank Gaffney, president of the Center for Security Policy, which is sounding the anti-SCF claxons. CSP’S legal analysis by David Yerushalmi richly details SCF’s dangers.

Sharia-Compliant Finance Funds Jihad - HUMAN EVENTS

Shariah, of course, is the term the Islamists use to describe the ruthlessly repressive, totalitarian program they believe should govern every aspect of the lives of faithful Muslims. It is also the instrument they intend to use to rule the world. The first clue that something is wrong with Wall Street's next big thing is that it is Shariah-compliant.

The next clue is how Shariah-Compliant Finance works. Like subprime, it is a black box, in which management and investors alike are told to trust in the experts. In this case, the experts are Shariah authorities who are accorded exclusive responsibility for determining whether investments are "pure" (halal) and therefore acceptable, or "impure" (haram) and not.

As an important monograph on the subject recently issued by the McCormick Foundation and the Center for Security Policy (for copies contact the Center at Center For Security Policy) makes clear, these authorities are, unsurprisingly, adherents to Shariah. A number of them explicitly embrace its call to jihad (including a former senior member of the Dow Jones Islamic Index, Sheik Taqi Usmani). This "holy war" is to be waged where possible through violent means, where necessary through "soft" means like Shariah-Compliant Finance. For this reason, such Islamists call SCF "financial jihad."

Earlier this year, David Yerushalmi, a litigator specializing in securities law and an expert on Shariah, produced a riveting legal memorandum (soon to appear in the University of Utah Law Review) examining the civil and criminal exposure inherent in Shariah-Compliant Finance (http://www.centerforsecuritypolicy....on PDFs/Shairias Black Box (D Yerushalmi).pdf). His conclusion: banks and investment houses offering SCF products may be enabling or engaging in the following: racketeering, antitrust activity, securities fraud, consumer fraud and/or material support for terror.

What makes Shariah-Compliant Finance even more dangerous than subprime is that, in its effort to legitimize and institutionalize Shariah in America, it is advancing a criminal conspiracy whose purpose is the violent overthrow of the United States Constitution and government in favor of Islamic rule. That would make it sedition.

For these reasons, we should be especially wary of the purported silver lining to the current Wall Street crisis: the infusion of vast quantities of petrodollars, primarily from the Organization of Petroleum Exporting Countries' Saudi Arabia and other Islamist nations in the Persian Gulf. It is bad enough that these putative rescuers of our subprime-fueled liquidity debacle are buying up engines of our capital markets for pennies on the dollar. Worse yet, they are, in the process, putting themselves in a position to promote Shariah-Compliant Finance and the seditious theo-political agenda it serves.

A forthcoming book about SCF by Center for Security Policy Vice President Alex Alexiev offers a further, sobering thought about the fire next time: It is becoming ever-harder to differentiate between the Gulf states' so-called Sovereign Wealth Funds (actually they are the slush funds of the sovereigns) and Shariah-Compliant Finance. The former is increasingly being invested in ways that promote the latter, adding unfathomably large pools of funds to what is estimated already to be an $800 billion global industry.

The Center for Security Policy has sent copies of David Yerushalmi's legal memorandum to the heads of scores of Wall Street firms and the nation's leading commercial banks, warning them of the ominous similarities between subprime and SCF. Interestingly, only the late Merrill Lynch bothered to respond, albeit with a vacuous note blithely affirming its concern about terrorism.

Fortunately, Congress is beginning to recognize the possible peril in what may happen next to Wall Street. Notably, last month, a senior and highly respected member of the Senate Finance Committee, Arizona Republican Jon Kyl, wrote Securities and Exchange Commission Chairman Chris Cox, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and Attorney General Michael Mukasey, asking them to respond to Mr. Yerushalmi's analysis of Shariah-Compliant Finance.

The question occurs: Will they encourage or discourage the capital markets' leap into the fire via a headlong plunge into subprime on seditious steroids?

Frank J. Gaffney Jr. is president of the Center for Security Policy and a columnist for The Washington Times.

GAFFNEY: Wall Street, what's next? - Washington Times

2. Islamic financial systems are quite interesting and seem to work well in places like Malaysia. Perhaps you should study them a bit before reflexively condemning them.

Yes in places like Malaysia which is governed by Sharia law where they imprison gays for being gays and where non-Muslims are in a status of dhimmitude. Not exactly a model I would seek to emulate especially on a global level.

3. There is nothing wrong with a well-respected banker from a country with a great economic success story encouraging other countries to use her country as a model. Americans and Europeans do it all the time.

There is something seriously wrong with appointing a supporter of Sharia Finance to an assembly tasked with making recommendations for sweeping and radical reforms for the global economic system. You may support creeping sharia and the expansion of dar al-Islam through the back door, I on the other oppose the global jihad and Islamic imperialist expansionism.

4. I hardly think that allowing a Malaysian economist to speak at the UN means that "the General Assembly is thoroughly controlled by the Arab block." For starters, Malaysia is about 4,000 miles away from the nearest Arab country.

Fine then, the Islamic Bloc.

 

[Kandahar]

A) False:

Everything listed here is completely irrelevant. Is your argument that this system of finance is somehow evil and/or doesn't work? If so, please explain. Or is your argument that terrorists get funding from Islamic banks? That's true, but not particularly surprising since most terrorists come from Islamic countries. It has nothing to do with the actual finance systems in place.

Al-Qaeda did quite a bit of its banking in Switzerland too. Does that mean that Swiss banks are controlled by jihadists? :roll:

Yes in places like Malaysia which is governed by Sharia law where they imprison gays for being gays and where non-Muslims are in a status of dhimmitude. Not exactly a model I would seek to emulate especially on a global level.

Again, this has absolutely nothing to do with Islamic banking.

There is something seriously wrong with appointing a supporter of Sharia Finance to an assembly tasked with making recommendations for sweeping and radical reforms for the global economic system. You may support creeping sharia and the expansion of dar al-Islam through the back door, I on the other oppose the global jihad and Islamic imperialist expansionism.

Judging from your posts, you obviously don't have a clue what Islamic financing *is*, and had probably never even heard of it before you read this article. You're just condemning "Sharia Finance" because it sounds bad. Whereas if you actually had bothered to learn what it entails, it's not particularly scary.

I doubt that such a system would work in non-Muslim countries, but Malaysia offers a good model for other Islamic countries that wish to develop their financial sectors. And at any rate, there's nothing wrong with an economist giving her opinion.

Fine then, the Islamic Bloc.

Don't worry, "The Christian Bloc" still has considerably more power. :roll:

 

[Agent Ferris]

Everything listed here is completely irrelevant. Is your argument that this system of finance is somehow evil and/or doesn't work? If so, please explain. Or is your argument that terrorists get funding from Islamic banks?

My argument is that sharia finance is a tool for the global jihad.

That's true, but not particularly surprising since most terrorists come from Islamic countries. It has nothing to do with the actual finance systems in place.

It has everything to do with the fact that sharia finance serves the interests of Islamic imperialist expansionism. And it has everything to do with the fact that sharia finance is created and governed by Sheiks IE Islamists.

Al-Qaeda did quite a bit of its banking in Switzerland too. Does that mean that Swiss banks are controlled by jihadists? :roll:

Were these Swiss banks knowingly supporting the global jihad in the form of Zakat donations to the jihadists?

Again, this has absolutely nothing to do with Islamic banking.

It has everything to do with Islamic Banking, Islamic Banking is a tool for funding Islamic imperialism and the spread of Sharia.

Judging from your posts, you obviously don't have a clue what Islamic financing *is*, and had probably never even heard of it before you read this article. You're just condemning "Sharia Finance" because it sounds bad. Whereas if you actually had bothered to learn what it entails, it's not particularly scary.

It's very scary considering Zakat.

But hay maybe I'm wrong let's ask a Muslim expert on Sharia finance:

*Sheik Muhammad Taqi Usmani advises the Dow Jones Islamic Index. He has written: “The purpose of Jihad…aims at breaking the grandeur of unbelievers and establish[ing] that of Muslims.”

Or how about Sheik Yousuf al-Qaradawi:

"I like to call it Jihad with money because God has ordered us to fight our enemies with our lives and our money."

I doubt that such a system would work in non-Muslim countries, but Malaysia offers a good model for other Islamic countries that wish to develop their financial sectors. And at any rate, there's nothing wrong with an economist giving her opinion.

Ya it's the sharia finance that helped their economy not the fact that they have oil and natural gas.

Don't worry, "The Christian Bloc" still has considerably more power. :roll:

Not in the general assembly and the only reason why they do is because they have veto power on the UNSC, but there are proposals on the table to do away with the UNSC to make the UN more "democratic" meaning ceding more power to the general assembly so that it would take the form of a parliament or congress and making general assembly resolutions binding and having the power of law like the UNSC resolutions have now.