Want a Mortgage? Get a Burqa.
Bailout Opens Door to Shariah Compliant Finance
Amid the post election euphoria, it is helpful to keep in mind that we still have Islamofascist enemies determined to do us harm and overthrow our way of life. Their latest stragem is Shariah-Compliant Finance, which is now a much greater threat due to the recent $700B US Government bailout of the US financial industry.
This article by Frank Gaffney Jr. does a good job at spelling out the chilling details. Money quotes:
Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.Well I can see why the Treasury Dept. is going around with their hat in their hand: with the economy slowing down and tax receipts decreasing, they need to come up with the $700B from somewhere. But,correct me if I'm wrong, but isn't Saudi Arabia one of the leading exporters of Wahhabi Islam, the animating spiritual force of Al-Qaeda and other Islamic terrorists? Surely, a US government agency would never allow the nation to become financially dependent on such a malevolent force.
Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis."
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1 comment:
What we need to do is go back to Biblical principles regarding long term debt. For instance, I recently learned that it was not until the New Deal that the 30 year mortgage was born. Before that, mortgages were 7 year instruments based upon the Biblical limitations on debt. Can you imagine how cheap houses would be if people did not pay for them over 30 years?
It would be interesting to determine to what extent shariah finance is derived from the Old Testament, since Islam allegedly honors and draws upon it and it is quite detailed about finance. I also find it interesting that the article that you link to, as well as the other ones I have seen do not describe what shariah finance is. Here is a description.
It is particularly ironic to me that the columnist to whom you link mentions that the embrace of shariah would threaten our Constitutional form of government. Note that shariah finance holds to the sanctity of contracts as does our Constitution. However, our judicial system and Congress have spent decades undermining the sanctity of contracts. Moreover, the bailout bill and actions of Paulson and crew has been completing the job of obliterating Constitutional protection of contracts.
I'm quite sure that Obama will complete that obliteration.
Bottom line, I'm more afraid of what our "leaders" are doing to our system of finance than I am of evaluating and discussing the merits of shariah finance.
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