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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.