C. Loving : Buy American!


Your Tax Rebate:

The federal government is sending us a $600 rebate… some more & some less. However, if we spend that money at Wal-Mart, the money will go to China. If we spend it on gasoline it will go to the Arabs. If we purchase a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras, and Guatemala. If we purchase a good car it will go to Japan. If we purchase useless crap it will go to Taiwan… and none of it will help the American economy.

The only way to keep that money here at home is to buy prostitutes, weed, beer, and tattoos since these are the only products still produced in the USA.

Thank you for your help & please support the USA.

Charlie Loving / April 28, 2008 / The Rag Blog

Posted in Rag Bloggers | Tagged , , | 1 Comment

A Fundamental Breach of International Law


‘Western Leaders Are War Criminals’
By Mick Meaney / April 26, 2008

The former Prime Minister of Malaysia, Mahathir Mohamad, has echoed calls for Western leaders to be charged with war crimes over the illegal invasion of Iraq.

Speaking at Imperial College in London Mahathir, who was in office from 1981 to 2003, singled out US President George Bush, former British Prime Minister Tony Blair and Australia’s former prime minister John Howard as he wants to see them tried “in absence for war crimes committed in Iraq”.

The event was organised by the Ramadhan Foundation which is a leading British Muslim youth organisation working for peaceful co-existence and dialogue between communities.

Mohammed Shafiq, spokesman for the group said: “It was an opportunity for students to put a range of questions about war crimes and the international situation. He said that people have to stop killing each other and use arbitration, negotiation and discussion as an alternative to violence, war and killing.”

Speaking about the Iraq war, Mahathir focused on “the thousands dying, the economic war, the power of oil and how we could utilise some of these tools to have a leverage against the people who commit countries to war”, Shafiq said.

The event was incredibly well attended with over 450 people and 200 more had to be turned away.

Among the mountain of war crimes Western leaders are guilty of include:-

The illegal use of napalm and other chemical weapons

Intentionally torturing and abusing detainees

Blocking aid convoys

Killing unarmed civilians, including shooting into family homes

Western leaders are also guilty of many other violations of the Geneva Convention, the Charter of the United Nations, the Nuremberg Charter, International Law and the Constitution of the United States, including crimes against peace and crimes against humanity.

International law professors have called the attack against Iraq “a fundamental breach of international law (that) would seriously threaten the integrity of the international legal order that has been in place since the end of the Second World War.”

Mahathir Mohamad’s statement appears to be valid as the International Criminal Court defines the following as international crimes:

(a) Crimes against Peace:

Namely, planning, preparation, initiation or waging of a war of aggression, or a war in violation of international treaties, agreements or assurances, or participation in a common plan or conspiracy for the accomplishment of any of the foregoing:

(b) War Crimes:

Namely, violations of the laws or customs of war. Such violations include, but not be limited to, murder, ill-treatment or deportation to slave labor or for any other purpose of civilian population of or in occupied territory, murder or ill-treatment of prisoners of war or persons on the seas, killing of hostages, plunder of public or private property, wanton destruction of cities, towns or villages, or devastation not justified by military necessity:

(c) Crimes against Humanity:

Namely, murder, extermination, enslavement, deportation, and other inhumane acts committed against any civilian population, before or during the war, or persecutions on political, racial or religious grounds in execution of or in connection with any crime within the jurisdiction of the Tribunal, whether or not in violation of the domestic law of the country where perpetrated.

Source / RINF.com / Information Clearing House

The Rag Blog

Posted in RagBlog | Tagged , , | Leave a comment

Bush is Most Worsest

BuckFush.com.

Bush’s disapproval rating worst of any president in 70 years
By Susan Page

WASHINGTON — President Bush has set a record he’d presumably prefer to avoid: the highest disapproval rating of any president in the 70-year history of the Gallup Poll.

In a USA TODAY/Gallup Poll taken recently, 28% of Americans approve of the job Bush is doing; 69% disapprove. The approval rating matches the low point of his presidency, and the disapproval sets a new high for any president since Franklin Roosevelt.

The previous record of 67% was reached by Harry Truman in January 1952, when the United States was enmeshed in the Korean War.

Bush’s rating has worsened amid “collapsing optimism about the economy,” says Charles Franklin, a political scientist at the University of Wisconsin-Madison who studies presidential approval. Record gas prices and a wave of home foreclosures have fueled voter angst.

Bush also holds the record for the other extreme: the highest approval rating of any president in Gallup’s history. In September 2001, in the days after the 9/11 attacks, Bush’s approval spiked to 90%. In another record, the percentage of Americans who say the invasion of Iraq was a mistake reached a new high, 63%, in the latest poll.

Assessments of Bush’s presidency are harsh. By 69%-27%, those polled say Bush’s tenure in general has been a failure, not a success.

Low approval ratings make it more difficult for presidents to maneuver, limiting their ability to get legislation passed or boost candidates in congressional elections.

“The president understands war and the slowdown in the economy weigh down public opinion, but the situation in Iraq is improving, and the economy is about to get a big boost from the stimulus package,” White House spokesman Scott Stanzel said.

Bush has had dismal ratings through most of his second term. His approval rating hasn’t reached as high as 50% since May 2005. He has been steadily below 40% since September 2006.

Views of Bush divide sharply along party lines. Among Republicans, 66% approve and 32% disapprove. Disapproval is nearly universal — 91% — among Democrats. Of independents, 23% approve, 72% disapprove of the job he’s doing.

Source. / USA Today / April 22, 2008

The Rag Blog

Posted in RagBlog | Tagged , , | Leave a comment

The Stakes Have Been Raised in New Ways


The Sorrows of Race and Gender in the 2008 Presidential Election
By Robert Jensen

[Robert Jensen is a journalism professor at the University of Texas at Austin and a member of the board of the Third Coast Activist Resource Center. He is the author of The Heart of Whiteness: Race, Racism, and White Privilege and Citizens of the Empire: The Struggle to Claim Our Humanity. He can be reached at rjensen@uts.cc.utexas.edu. This is an expanded version of a talk given to the University Democrats at the University of Texas at Austin, April 16, 2008.]

It may seem odd to talk of sorrows around race and gender in politics when we are a few months away from being able to vote for a white woman or a black man for president of the United States. When I was born in 1958, any suggestion that such an election was on the horizon would have been laughed off as crazy. In the first presidential campaign I paid attention to as an eighth-grader in 1972, Shirley Chisholm — who four years earlier had become the first black woman to win a seat in Congress — was to most Americans a curiosity not a serious contender. Today, things are different.

Today Hillary Clinton’s and Barack Obama’s battle for the Democratic Party nomination suggests progress. Though the pace of progress toward gender and racial justice may seem slow, we should take a moment to honor the people whose struggles for the liberation of women and non-white people have brought us to this historic moment. If not for the vision and courage of those in the feminist and civil-rights movements there would be no possibility of a contest between Clinton and Obama, and the debt we owe those activists is enormous.

But instead of getting too caught up in this moment, we should reflect more deeply on that history — not just on what was won but what has been lost. We have an obligation to those who sacrificed in those struggles for liberation to reflect honestly, and if we do that I believe it will lead to sorrow.

I don’t take this sorrow to be a bad thing. Today one of the most important virtues is the ability to understand sorrow clearly, to confront sorrow openly, to feel sorrow deeply, and in the end to accept the sorrows that come with being human in the modern world. Such sorrow is especially important in a society built on delusional beliefs about manifest destiny and endless expansion, world domination and American exceptionalism. The best of a people is carried not by those who pander to a pathological sense of entitlement, but by those who are not afraid to live with sorrow.

Read the rest here. / CounterPunch / April 21, 2008

The Rag Blog

Posted in RagBlog | Tagged , , , | Leave a comment

Iraq Moratorium : Americans Saying "NO!"

Almost 40 people turned out on Iraq Moratorium Day #8 in Hayward Wisconsin at a Vigil for Peace sponsored by Peace North and Veterans for Peace Chapter 153.

From Dennis O’Neil / April 27, 2008

Dear Friends,

Reports from Moratorium Day #8, just over a week ago, are still coming in and being posted on the Iraq Moratorium website, IraqMoratorium.org., and a few got me thinking. One report, our first ever from Point Arena, CA said:

Three of us came out to honor Iraq Moratorium on Friday, April 18, 2008 in front of the local post office.

We carried a sign and displayed it prominently, and we handed out flyers to interested people.

The weather was very cold and exceptionally windy; I think that kept people away. However, we felt really good about joining people all over the U.S. to stand against the Iraq war.

Looked at in a vacuum, three people doesn’t sound too impressive, does it? Well, I googled Point Arena. It’s a tiny rural town with a population of 486. Not an easy place to build an anti-war presence. And for me, their conclusion gets to the essence of the Moratorium: “We felt really good about joining people all over the U.S. to stand against the Iraq war.”

And they did. They joined Raging Grannies in San Mateo. Fifth graders in Milwaukee who call themselves Kids Against the War and have started their own website, http://k-a-w.org. Women in Black in Baltimore. Students for a Democratic Society in NYC. Very, very slow pedestrians in the main crosswalk in Greenfield, MA. And thousands of others who came to vigils, speeches, letter-writing sessions and other organized activities.
And they joined who-knows-how-many other people who did something on their own on Moratorium Day #8. We have reports from a guy (that’s me) who puts the number of US dead in his apartment windows on the Third Friday of every month, a veteran who made bio-diesel to fuel the tractor he uses to do clean-up in New Orleans, and a Tulsa resident immobilized by diabetes who distributed a Move-On alert to 160 friends via email. We all broke our daily routine and took some action to end the war.

What did you do?

Please, file a report from the link in the Moratorium Day #8 section on the home page of the Iraq Moratorium website, a couple of sentences is fine, and let others draw strength, and maybe even new ideas, from your actions. While you’re on the site, please check to see that planned
activities for Moratorium Day #9, on May 16, that you know about are listed, too.

In closing, the handful of overworked volunteers who make up the Iraq Moratorium Committee will be meeting face-to-face for the first time ever very soon. If you have any thoughts concerning the Moratorium you’d like to share with us or anything you wish we would do to make the Moratorium more useful to you, holler at us. Just send an email to iraqmoratorium@copatriot.com and let us know what you’re thinking.

Peace out,

Dennis O’Neil
for the Iraq Moratorium
IraqMoratorium.org.
iraqmoratorium@copatriot.com

The Rag Blog

Posted in RagBlog | Tagged , , , , | Leave a comment

The Democracy : Yes or No

Thanks to Harry Edwards / The Rag Blog

Posted in RagBlog | Tagged , , | Leave a comment

Apples and Oranges – Torture in Amerikkka


“The Underdeveloped Jurisprudence of the Forcing/Pouring Distinction”
By Marty Lederman / April 24, 2008

There have been several accounts in recent days of the Vice President and several agency heads and other high government officials (Ashcroft, Rice, Powell, Tenet, Gonzales, Rumsfeld, et al.), convening meeting after meeting in which they deliberately and dispassionately formed a consensus that the United States should establish a systematized, bureaucratic regime of officially sanctioned waterboarding and other plainly proscribed war crimes.

These stories have struck me as old news: After all, last year the President himself publicly boasted of having personally authorized the CIA black sites program and its “enhanced interrogation techniques,” which we know to have included waterboarding, hypothermia, stress positions, severe sleep and sensory deprivation, threats to detainees and their families, etc. — all conduct that is prohibited by several legal norms and that this nation has traditionally prosecuted as war crimes when engaged in by others. If the President authorized it, well then it should come as no shock that there would first have been principals meetings at which this all-important program was discussed and recommended.

What is alarming — grotesque, even — is not that such meetings occurred, but that, as far as we know, no one at such meetings interrupted the flow of discussion to point out the obvious — namely, that these were the highest officials of the most powerful nation on earth, calmly discussing torture and cruel treatment that has long been universally condemned and legally proscribed. The JAGs understood this immediately when the regime of official torture and cruelty seeped into the military. Jim Comey, when he got wind of it, warned DOJ colleagues that they would all be ashamed when the world eventually learned of it. For goodness’ sake, as Robert Mueller testified today, even the FBI — those cowardly, shrinking violets — quickly recognized this for what it was. And it’s not as if the CIA itself was sanguine about the legality of what it was being urged to do: According to a declaration of the information review officer for the CIA’s clandestine service court in a current FOIA case, “[t]he CIA’s purpose in requesting advice from OLC was the very likely prospect of criminal, civil, or administrative litigation against the CIA and CIA personnel who participate in the Program.”

So why wasn’t there any alarmed dissent — a “Snap Out of It!” moment from Colin Powell, perhaps — at the principals meetings? How could that not have occurered?

Of course, part of the explanation no doubt was the sheer panic and terror these officials felt in the wake of September 11th, with the prospect of further devastating attacks appearing to be all-too-feasible, and possibly imminent. But it’s increasingly clear that another essential factor was that these government officials convinced themselves that this was program was all hunky-dory, and a world apart from the torture regimes with which they were familiar, because this time, the administrative regime was being sanctioned and overseen by trained professionals — the best lawyers in the government, as well as physicians and psychologists.

So, for example, the principals were plainly moved by the insistence of OLC and the Department of Justice that there were countless sophisticated, heavily footnoted reasons why the numerous apparently pertinent legal limitations that would prevent the CIA program — the Constitution, the Geneva Conventions, the Torture Statute, the Convention Against Torture, the UCMJ, the assault and maiming statutes, etc. — did not, in fact, apply to this war, to this agency, to these detainees, to these secret locations, . . . to this Commander in Chief.

For instance, the Attorney General himself sat in on these meetings, and it appears that the nation’s chief law enforcement officer assured the assembled participants (including himself) that when the Senate gave its advice and consent to the Convention Against Torture, it included a reservation “defin[ing] torture as something that leaves lasting scars or physical damage,” such that “no, waterboarding does not violate international law.” Yes, John Ashcroft insisted on this legal justification just the other day, as an explanation of how he could have approved waterboarding. Needless to say (well, it used to be needless, anyway), it ain’t so — there’s no such Senate reservation about lasting scars or physical damage. But John Ashcroft continues to this day to believe that there was!

Read the rest, with a startling exchange between John Ashcroft and a questioner at Knox College, here. / Balkanization / Guantanamo Blog

The Rag Blog

Posted in RagBlog | Tagged , , , , | Leave a comment

Reverend Jeremiah Wright Speaks at NAACP

Wright teaches important lessons about differences
By Rochelle Riley / April 27, 2008

Alert the media. The Rev. Jeremiah Wright is not the boogey man.

Strip away all but the controversial words “God damn America” from the sermon that America could not escape in recent weeks and you’d miss the rest of what Rev. Wright does best: use his pulpit — and the fire and brimstone rhetoric that is a staple of the black church — to comment on the nation’s social and political agenda.

Strip away the media attention, the roaring crowd and the presidential campaign that hung, for a night, on his words, and all the Detroit NAACP got tonight from the Rev. Wright was a typical, but powerful sermon on how different does not mean deficient.

You could feel the disappointment in the room as Wright taught a lesson, a calm lesson, to 12,000 people about difference. Wright, without contention, without volume but with enough charisma to lead many in the audience to cheer, offered no apology to America.

Instead, he offered a lesson and vowed that America will change only when Americans work to see each other as, essentially, the same.

“We are committed to changing the way we treat each other,” he said. “Everybody in here who’s not an Indian do be an immigrant. Some of ya’ll came over on the decks of the ship and some of ya’ll came in the bowels and holds of the ship, but we’re all immigrants.”

He couldn’t help himself as he smacked Oakland County Executive L. Brooks Patterson around a little, asking folks to explain his remarks so Patterson would not take them out of context. And it was interesting that Patterson was among his critics.

Wright also chastised a local critic who said his visit to Detroit would be divisive.
“Just to help him out, I’m not one of the most divisive. Tell him the word is ‘descriptive,’” Wright said. “I describe conditions in this country. Conditions divide, not my description.”

Dealing less with the controversy and more with explaining why people are so quick to judge him, Wright gave a history lesson on the NAACP and how hundreds of its chapters were founded in black churches across America and how whites and black see things differently.

Using linguistics and music, he asked why the media never question the poor English of politicians, from John Kennedy to Lyndon Johnson to Ted Kennedy, yet label black children as deficient when their words sound different.

But what he did more than anything was show that he can be a man of tame temperament, a man who has been a minister to thousands without offense in an America that increasingly takes offense too quickly. What happened to America?
We have created a nation that no longer affords its citizens the rights that form its foundation. When did we stop defending the rights of people to say what they feel? America has always been stronger than any darts thrown at it, stronger than criticisms that actually can help America grow.

If we are not allowed to criticize America, then America is no longer America, no longer the nation that grows, expands, becomes greater with each new generation questioning old traditions, getting angry at its sometime slowness.

And speaking of those generations, I can’t help but wonder what children make of the fights they see adults having about America, adults who wallow in the political and spiritual sandboxes, throwing dirt while children, who are more globally aware and connected, watch amused or disgusted.

Carrie Tuskey, the 50-year-old director of risk management at Henry Ford Health System, didn’t come to the dinner to hear the boogeyman. Tuskey, who is white and has not chosen a presidential candidate yet, just wanted to see for herself.

“I thought I’d missed more in the news because so many people had the notion that … this was going to be the worst thing to happen to the NAACP and to Barack Obama’s campaign,” she said. “I enjoyed his speech.”

Imagine that.

Source. / Detroit Free Press

The Rag Blog

Posted in RagBlog | Leave a comment

The Smartest Guys in the Room


Why the U.S. Has Gone Broke
By Chalmers Johnson / April 26, 2008

The military adventurers in the Bush administration have much in common with the corporate leaders of the defunct energy company Enron. Both groups thought that they were the “smartest guys in the room” — the title of Alex Gibney’s prize-winning film on what went wrong at Enron. The neoconservatives in the White House and the Pentagon outsmarted themselves. They failed even to address the problem of how to finance their schemes of imperialist wars and global domination.

As a result, going into 2008, the United States finds itself in the anomalous position of being unable to pay for its own elevated living standards or its wasteful, overly large military establishment. Its government no longer even attempts to reduce the ruinous expenses of maintaining huge standing armies, replacing the equipment that seven years of wars have destroyed or worn out, or preparing for a war in outer space against unknown adversaries. Instead, the Bush administration puts off these costs for future generations to pay or repudiate. This fiscal irresponsibility has been disguised through many manipulative financial schemes (causing poorer countries to lend us unprecedented sums of money), but the time of reckoning is fast approaching.

There are three broad aspects to the U.S. debt crisis. First, in the current fiscal year (2008) we are spending insane amounts of money on “defense” projects that bear no relation to the national security of the U.S. We are also keeping the income tax burdens on the richest segment of the population at strikingly low levels.

Second, we continue to believe that we can compensate for the accelerating erosion of our base and our loss of jobs to foreign countries through massive military expenditures — “military Keynesianism” (which I discuss in detail in my book Nemesis: The Last Days of the American Republic). By that, I mean the mistaken belief that public policies focused on frequent wars, huge expenditures on weapons and munitions, and large standing armies can indefinitely sustain a wealthy capitalist economy. The opposite is actually true.

Third, in our devotion to militarism (despite our limited resources), we are failing to invest in our social infrastructure and other requirements for the long-term health of the U.S. These are what economists call opportunity costs, things not done because we spent our money on something else. Our public education system has deteriorated alarmingly. We have failed to provide health care to all our citizens and neglected our responsibilities as the world’s number one polluter. Most important, we have lost our competitiveness as a manufacturer for civilian needs, an infinitely more efficient use of scarce resources than arms manufacturing.

Read all of it here. / Le Monde

The Rag Blog

Posted in RagBlog | Tagged , , | Leave a comment

J. Retherford : Some "Smart Advice" for Obama


Here’s my “smart advice” to Obama as he campaigns in Indiana.
By Jim Retherford / April 27, 2008 / The Rag Blog

Forget bowling. That gutter ball proved that Barack is no Lebowsky.

Stick to hoops, dude. If ya got game — and I hear you got plenty —
Hoosiers will love ya. Nothing like a tight cross-over dribble, a
no-look pass, an arching rainbow jumper from the top of the key, a
floater from the paint, a strong move to the rim to make
basketball-mad Indiana folks take notice.

They don’t call it Hoosier Hysteria for nothing.

As I discovered at the age of 14 when all-black Crispus Attucks High School won back-to-back state titles in 1955 and 1956, basketball is way bigger than race in Hoosierland as young hoopstas from the ghetto playgrounds of Naptown and East Chicago to the rural barnyards of Jimtown and Tecumseh revered and emulated the magnificent Tigers of Coach Ray Crowe.

Endorsements? Forget Evan Bayh! Who he???

Get Oscar Robertson.

Get Larry Bird. A trip to French Lick and a chance for a little
one-on-one at Bird’s private full-size basketball gym should get the
Indiana State and Boston Celtics legend on board.

Get Bobby Plump (whose last-second field goal crowned the tiny Milam
High School Indians the 1954 Indiana state champs, a fabled
David-over-Goliath event fictionalized in the Oscar-nominated film
Hoosiers and still celebrated in Hoosier history books).

The result: an Obama slam dunk.

That’s my smart advice for the candidate.

Jim Retherford is responding to Steve Russell, who said that Obama’s Way Out of the Race Trap was the “smartest advice to Obama I’ve seen.”

The Rag Blog

Posted in Rag Bloggers | Tagged , , | Leave a comment

Hillary Strangelove


Hillary has crossed the line.

[The following appeared as an editorial in the Boston Globe, Sunday, April 27, 2008.]

Americans have learned to take with a grain of salt much of the rhetoric in a campaign like the current Democratic donnybrook between Hillary Clinton and Barack Obama. Still, there are some red lines that should never be crossed. Clinton did so Tuesday morning, the day of the Pennsylvania primary, when she told ABC’s “Good Morning America” that, if she were president, she would “totally obliterate” Iran if Iran attacked Israel.

This foolish and dangerous threat was muted in domestic media coverage. But it reverberated in headlines around the world.

Responding with understatement to a question in the British House of Lords, the foreign minister responsible for Asia, Lord Mark Malloch-Brown, said of Clinton’s implication of a mushroom cloud over Iran: “While it is reasonable to warn Iran of the consequences of it continuing to develop nuclear weapons and what those real consequences bring to its security, it is probably not prudent in today’s world to threaten to obliterate any other country and in many cases civilians resident in such a country.”

A less restrained reaction came from an editorial in the Saudi-based paper Arab News. Being neighbors of Iran, the Saudis and the other Gulf Arabs have the most to fear from Iran’s nuclear program and its drive to become the dominant power in the Gulf.

But precisely because they are most at risk from Iran’s regional ambitions, the Saudis want a carefully considered American approach to Iran, one that balances firmness and diplomatic engagement.

The Saudi paper called Clinton’s nuclear threat “the foreign politics of the madhouse,” saying, “it demonstrates the same doltish ignorance that has distinguished Bush’s foreign relations.”

The Saudis are not always sound advisers on American foreign policy. But they understand that Rambo rhetoric like Clinton’s only plays into the hands of Iranian hard-liners who want to plow ahead with efforts to attain a nuclear weapons capability. They argue that Iran must have that capability in order to deter the United States from doing what Clinton threatened to do.

While Clinton has hammered Obama for supporting military strikes in Pakistan, her comments on Iran are much more far-reaching. She seems not to realize that she undermined Iranian reformists and pragmatists. The Iranian people have been more favorable to America than any other in the Gulf region or the Middle East.

A presidential candidate who lightly commits to obliterating Iran – and, presumably, all the children, parents, and grandparents in Iran – should not be answering the White House phone at any time of day or night.

© Copyright 2008 Globe Newspaper Company.

Source. / Boston Globe

The Rag Blog

Posted in RagBlog | Tagged , , , , | Leave a comment

Partnership Is the Heartbeat of Islamic Economics

Islamic Finance
By Loretta Napoleoni / April 26, 2008

Islamic finance has become the fastest-growing, most dynamic sector of global finance. Every Western-style financial product has its sharia, i.e. Islamic law, compliant instrument: microfinance, mortgages, oil and gas exploration, bridge building, even sponsorship of sporting events. Islamic finance is innovative, flexible, and potentially very profitable. “Operating in 70 countries with about $500bn in assets, it is poised to expand geometrically.” With more than one billion Muslims eager to support it, analysts project that this system will soon manage approximately 4 percent of the world economy, equivalent to $1 trillion in assets. Such figures explain the eagerness of Western banks to tap into sharia financial services. Citigroup, along with many other Western banking retailers, have opened Islamic branches in Muslim countries.

At the end of 2004, the Islamic Bank of Britain, the first bank catering to a European Muslim client base, floated its shares on the London Stock Exchange. Ironically, Western capitalism’s three major global economic crises – the 1970s oil shocks, the late 1990s Asian crisis, and 9/11 – paved the way to the ascent of Islamic finance. Unlike market economics, Islamic finance centers on the religious tenets of Islam and operates in a way to keep Muslims compliant with sharia, the religious law that comes directly from the Koran. Islamic activists, intellectuals, writers, and religious leaders have always upheld the prohibition of riba, the interest charged by moneylenders, and denounced gharar, which refers to any type of speculation. Under this belief, money must not become a commodity in itself to create more money. Islamic finance thus shuns hedge funds and private equities, because they simply multiply cash by stripping assets. Money serves as a means or instrument of productivity as originally envisioned by Adam Smith and David Ricardo. This principle is embodied in the sukuks, Islamic bonds. Sukuks always link to real investments – for example, to pay for the construction of a toll highway – and never for speculative purposes. This principle springs from the sharia’s ban on gambling as well as on the prohibition of any forms of debt and activities that trade risk.

At the end of the nineteenth century, supporters and promoters of Islamic finance repeatedly expressed discontent with the Western-style banks that had penetrated Muslim countries.

Several fatwas, or religious decrees, were issued to reiterate the tenet that the interest-based activities of the colonizers’ banks proved incompatible with the sharia. Yet, because Western financial institutions were the only banks active in the Muslim world, the faithful had to use them even if they performed poisonous practices based on prohibited activities.

Read the rest here. / Information Clearing House

The Rag Blog

Posted in RagBlog | Tagged , , | Leave a comment