Joe Kelley
Administrator
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http://www.informationclearinghouse.info/article19818.htm
Partnership between leaders and clerics, therefore, serves as the root of Islamic finance. This concept springs from the essence of the Umma, the body or community of believers, central to the spirit of Islam. For Muslims, the Umma represents a single and unified entity; it breathes, thinks, and prays in unison. It exudes the soul of Islam. Individualism within
Islam does not make sense because Islam, based on tribal culture, does not recognize it. Traditional tribal values, such as the strong sense of belonging, the obligation to help friends in need, and the acceptance of religious leaders’ authority are the pillars of Muslim culture. Sharia scholars transplanted these values into Islamic economics; these same principles allowed Arab Bedouins to withstand the harshness of the desert for centuries. Cooperation was essential in such a hostile environment and is still a must in modern times.
Partnership is the heartbeat of Islamic economics. “Underlying the system is the philosophy of risk sharing: the lender must share the borrower’s risk, making the two in effect partners, injecting a strong social component into the financial system. This concept separates Islamic Finance from Western Finance, which seeks to maximize profits and minimize loss through diversification and risk transfer.” Also, money must be put to work. Because Islamic finance prohibits interest, it seeks revenues from rents, royalties, business profits, or commodity trading; a mortgage, for example, represents a “rent to buy” arrangement. Thus, conceptually, Islamic economics is the opposite of Western finance, which revolves around the individual’s self-interest.
Above all, Islamic finance represents the sole global economic force that conceptually challenges rogue economics. It does not allow investment in pornography, prostitution, narcotics, tobacco, or gambling. As discussed above, since the fall of the Berlin Wall, all these areas have blossomed thanks to globalization outlaws under the indifferent eyes of the market-state.
This:
Above all, Islamic finance represents the sole global economic force that conceptually challenges rogue economics.
How about this:
http://www.informationclearinghouse.info/article20091.htm
We are supporting the Ethiopian Government's occupation of Somalia because George Bush told us to: because Somalia is a front line in George Bush's ill-conceived, counter-productive, utterly discredited, "about to be booted out in the United States" so-called war on terror. We were against the former Government of Somalia because they were an Islamic Government, just as we are against the Government in Sudan because they are an Islamic Government, and just as Ethiopia, on our behalf, opposed the Government in Eritrea because they are an Islamic Government.
Similar to this:
http://www.lewrockwell.com/north/north512.html
WHAT IS THE SOLUTION?
In theory, there are two possible solutions, neither of which has any possibility of being implemented in my lifetime or yours.
One solution is free banking. This was Ludwig von Mises’ suggestion. There would be no bank regulation, no central bank monopolies, no bank licensing, and no legal barriers to entry. Let the most efficient banks win! In other words, the solution is a free market in money.
Another solution is 100% reserve banking. Banks would not be allowed to issue more receipts for gold or silver than they have on deposit. Anything else is fraud. There would be regulation and supervision to make sure deposits matched loans. This was Murray Rothbard’s solution. The question is: Regulation by whom? With what authority?
There would be no government-issued money. There would be no government mint. There would be no legal tender laws. There would be no barriers to entry into coin production.
There would also be no free services. There is no such thing as a free lunch.
Anything other than free banking or 100% reserve banking is a pseudo-gold standard or silver standard. It is just one more invitation to confiscation.
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Joe Kelley
Administrator
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http://www.lewrockwell.com/rothbard/rothbard181.html
Gold is 'legal tender'?
Does that dictate tax payments in gold and no other form of money?
If so, then Gold will be an enforced necessity where any one who manages to gain that enforced necessity gains the power to rent it to those who do not have it.
That is a monopoly power and the power behind "interest".
If Free Banking reigned as the law of the land, then competition would reign too where the highest quality money earned the greatest market share because of lower costs charged for that supply.
If Gold did not fair well against the competition in quality and cost, then gold would not earn dominance in that market.
Which currency would earn dominance in a free banking market?
Answer:
The highest quality money supplied at the lowest cost.
That is sound, easy to understand, and logical economics.
It is as easy to understand the inspiration to enforce a monetary monopoly: the power to collect interest payments merely for the privilege of borrowing currency.
When the effort intends to out-law competition in money markets the writing is on the wall, if those criminals get that power then following the money trail will end at The Parasite City.
http://www.the-portal.org/mutual_banking.htm
Murray Rothbard was a political hack who demonized banking competitors so as to enforce his money monopoly ideologies.
Here is another example of what Rothbard called: Monetary Cranks
http://www.lysanderspooner.org/papercurrency.htm
Another (which Rothbard probably would not have touched with a ten foot pole):
http://books.google.com/books?hl=en&id=gWhZMoa39mcC&dq=Equitable+Commerce&printsec=frontcover&source=web&ots=FBVCvlSbMM&sig=BoLvuk3lrfgXSiDrRy6aGHbRrLk&sa=X&oi=book_result&resnum=3&ct=result
That above version has an Equitable Commerce for Dummies version:
http://www.anarchism.net/scienceofsociety.htm
More Modern versions:
http://www.globalideasbank.org/site/bank/idea.php?ideaId=904
and:
http://www.perfecteconomy.com/pg-parable-of-perfect-economy.html
Here are some of my versions:
http://www.restoretherepublic.com/component/option,com_fireboard/Itemid,27/func,view/id,863/catid,34/
Example:
Welcome,
My introduction here may appear to be odd; bear with me - please.
Experience suggests to me this type of introduction before moving onto the main purpose of this current effort. In case history repeats itself the thread here will generate unwelcome text including but not limited to Straw-Men, Hyperbole, Projection/Transference, and other types of psychological/political falsehoods; therefore – watch the first strike and know it will be pointed out by me as accurately as I can possibly identify it (and defend as this ‘welcome’ intends).
Call me a ‘conspiracy theorists’ and know my intent from moment one.
Currency is currently inaccurate and fraudulent to a point of extreme criminality on the part of the producers, maintainers, and infected individuals involved who just so happen to receive the lion’s share of purchasing power flowing to them from their victims.
The fix is very simple and safe.
People merely need to demand more accurate currency, and we are, leading to the production and maintenance of more accurate currency which is, in fact, cost-less.
I contend, on this point, to expose the fallacy of ‘legal tender’ laws whereby competitive currencies are outlawed (excluded, taxed, levied, or otherwise crippled by law) including any law whereby involuntary taxes must be paid in Gold.
To concentrate upon the negative, in defense of the positive, is not my purpose here and now.
Allow me to offer a simplified version of what can be in the effort to back up my claim of positive reinforcement concerning my professed economic knowledge.
Suppose a few things happen in order to realize the simplicity of what I am trying to communicate.
Suppose two products become available to any qualified borrower on the planet.
Allow me to qualify the qualification with a simple measure already in existence. A ‘qualified borrower’ is a person who has a high credit rating and a history of repaying all of the principle and all of the interest on currency borrowed.
Hint: I did not say ‘debt’ on purpose. Currency is ‘borrowed’ from some one.
Product number one is a loan of purchasing power of a size equal to the current interest bearing mortgage and this loan does not require any interest payment at all.
Product number one pays off the mortgage company debt and allows the user to gain title of his residence in a shorter time period at the same monthly payment rate or lower the monthly payment rate and change the duration of the loan.
The entity offering the loan (person or group of persons working together to offer the loan) cannot afford to give this service away; however – the costs of running the business is meant to be realized with the next product.
The first product is meant to gain market share.
Product two is offered to the same people (qualified people) at one percent interest. Product two is a loan of purchasing power equivalent to whatever the borrower wants to purchase if the purchase is invested in alternate (other than petroleum) energy production and use.
Example:
Person A uses his savings in mortgage interest (he pays less per month for 30 years) to pay off a new Solar Panel loan whereby person A begins creating accurate currency from the Sun (electric current). Person A also borrows enough purchasing power to afford a new electric car; hence – no more utility bill and no more gasoline bill.
Since the interest on the second loan is one percent the net gain for the borrower is positive. The cost of the home mortgage loan is merely the principle (no interest and thereby saving nearly the entire cost of the home since mortgage interest can easily amount to double the home cost) and the cost of the Solar Panels including the interest on the loan (one percent) is less than the price (at current rates) of the electricity produced by those Solar Panels (even if only one Solar Panel is purchased). The savings on gasoline (at current prices) pays for the car during its lifetime since Solar Panels generate more POWER than the cost of the Solar Panels – see this clearly.
The entity offering the accounting process (the loan) gains one percent on every sale of product number two, so, do the numbers.
How much does it COST to allow a limited liability corporate nation state to produce and maintain a monopoly on our preferred currency?
Do the numbers.
I can explain in more detail if someone has an interest in learning.
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