Category Archives: Economics

What Really Triggered the Financial Crisis? By MIKE WHITNEY

In Greed We Trust

Most people still don’t know what caused the financial crisis. They know it had something to do with subprime mortgages and Lehman Bros, but beyond that, it gets rather hazy. Unfortunately, Congress appears to be in the dark too, which is why their attempt to regulate the system is bound to fail and pave the way for another crisis in the next few years. [Financial crises occur on average every seven years. Eds.]

The real source of the the last crisis is a design-flaw in the architecture of the modern banking system. This sounds more complicated than it really is. Continue reading

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Obama Takes on the Muslim World – John Taylor

To put a seal on Obama’s humiliation at the hands of right-wing Israeli politicians Bibi Netanyahu and Avigdor Lieberman, the Obama administration sidelined the Goldstone Report detailing war crimes during the Gaza war (“willful killings and willful causing great suffering” to the civilian population and “collective punishment intentionally inflicted by the government of Israel on the people of the Gaza Strip”), signed a multi-year, $30 billion defense protocol with the Israelis, and rebuked U.S. Middle East negotiator George Mitchell for saying quite accurately that the U.S. had once withheld U.S. loan guarantees as a way showing displeasure at settlement activity. Continue reading

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Dollar exit for oil trade? By F William Engdahl


Arab oil-producing nations and some of the world’s largest oil consumers including China and Japan are reliably reported to be planning a long-term exit from pricing their oil trade in US dollars. If true, it would spell the death knell for the dollar as the world’s reserve currency and for the United States as global economic power.

Ever since Washington tore up the Bretton Woods treaty in August 1971 and went onto a “dollar paper reserve system” instead of a dollar backed by gold, the United States, as the world’s most powerful military power, has been able to dictate financial terms to the world. Nations like Japan and later China, dependent on US export markets, would dutifully invest their trade surplus dollars into US government debt, in effect financing wars such as Iraq and Afghanistan, which they opposed. They saw no choice. Continue reading

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The Quest for Economic Progress – An Islamic Blueprint for Pakistan (PDF book)

At this point in time when Capitalist economic solutions have a virtual monopoly in the discussion of economics for both Muslims and kuffar, it is critical that a working alternative model is presented to the world. As the recent Credit … Continue reading

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War Costs in Perspective

With $872.6 billion, the cost of the conflicts in Iraq and Afghanistan so far, the United States could fund…  …a year’s worth of health care for 117 million Americans ($7,439/person) …one year of public elementary school for 116 million children … Continue reading

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Is Islamic finance the answer?

Experts in Islamic finance believe their way of doing business has shielded them from the global credit crisis.

“We don’t recognise the concept of interest… to look for some profit from trading money,” explains Dr Bambang Brodjonegoro from the Islamic Development Bank.

“In the Islamic concept, money is strictly for the purpose of exchange or storing value, but not for the transaction of looking for excessive profit,” he says.
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Vatican promotes Islamic finance in face of global crisis


Vatican says Western banks should look at rules of Islamic finance to restore confidence amongst clients. Continue reading

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