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Category Archives: Economics
A Bankrupt Superpower – The Collapse of American Power
In his famous book, The Collapse of British Power (1972), Correlli Barnett reports that in the opening days of World War II Great Britain only had enough gold and foreign exchange to finance war expenditures for a few months. The British turned to the Americans to finance their ability to wage war. Barnett writes that this dependency signaled the end of British power.
From their inception, America’s 21st century wars against Afghanistan and Iraq have been red ink wars financed by foreigners, principally the Chinese and Japanese, who purchase the US Treasury bonds that the US government issues to finance its red ink budgets.
The Bush administration forecasts a $410 billion federal budget deficit for this year, an indication that, as the US saving rate is approximately zero, the US is not only dependent on foreigners to finance its wars but also dependent on foreigners to finance part of the US government’s domestic expenditures. Foreign borrowing is paying US government salaries–perhaps that of the President himself–or funding the expenditures of the various cabinet departments. Financially, the US is not an independent country. Continue reading
Posted in Economics, Empire
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Part Two: The Khilafah, Investment and the Economy
In part one, the causes of the fragility of the financial markets were analysed and its impact on wider economy. However in any system businessmen, companies and banks are looking to invest their money as well as contribute to a nation’s economy. In this final part Khilafah.com will outline how the Islamic economic system deals with such issues and the investment opportunities the Khilafah will provide.
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Posted in Economics, Religion of Abraham
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Part one: The Fragility of the financial markets
With the financial crisis engulfing the developed world a couple of months old its origins, causes and possible effects can now be assessed as many of the underlying factors have become clear. Khilafah.com in this two part series will asses the instability of the financial markets in the West and its impact on the wider global economy and what the Khilafah has to offer as an alternative. Continue reading
Posted in Economics, Religion of Abraham
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7 Countries Considering Abandoning the US Dollar (and what it means)
It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy. Continue reading
Posted in Economics
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Fears of dollar collapse as Saudis take fright – Telegraph UK – 20 Sep.07
For Saudi Arabia, the dollar peg has clearly become a liability. Inflation has risen to 4pc and the M3 broad money supply is surging at 22pc.
The pressures are even worse in other parts of the Gulf. The United Arab Emirates now faces inflation of 9.3pc, a 20-year high. In Qatar it has reached 13pc.
Kuwait became the first of the oil sheikhdoms to break its dollar peg in May, a move that has begun to rein in rampant money supply growth.
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Posted in Economics
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Is the American Empire on the Brink of Collapse? By Mark Karlin
“I believe that we’re close to a tipping point right now. What happened to the Soviet Union between 1989 and 1991 could easily be happening to us for essentially the same reasons. Imperial overreach, inability to reform, rigid economic ideology. … The world’s balance of power didn’t change one iota on September 11, 2001. The only way we could lose the power and influence we had at that time was through our own actions, and that’s what we did.”
— Chalmers Johnson, author of Nemesis: The Last Days of the American Republic Continue reading
Posted in Disclosure, Economics
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New Oil Law Means Victory in Iraq for Bush
…the law will give Exxon Mobil, BP, Shell and other carbon cronies of the White House unprecedented sweetheart deals, allowing them to pump gargantuan profits from Iraq’s nominally state-owned oilfields for decades to come. This law has been in the works since the very beginning of the invasion – indeed, since months before the invasion, when the Bush administration brought in Phillip Carroll, former CEO of both Shell and Fluor, the politically-wired oil servicing firm, to devise “contingency plans” for divvying up Iraq’s oil after the attack…
U.S. Set to Control Iraq’s Oil for the Next 30 Years! Continue reading
Posted in Disclosure, Economics
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Dollar dropped in Iran asset move
Iran is to shift its foreign currency reserves from dollars to euros and use the euro for oil deals in response to US-led pressure on its economy.
In a widely expected move, Tehran said it would use the euro for all future commercial transactions overseas. Continue reading
Posted in Disclosure, Economics, Iran
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Kuwait’s biggest field starts to run out of oil
It was an incredible revelation last week that the second largest oil field in the world is exhausted and past its peak output. Yet that is what the Kuwait Oil Company revealed about its Burgan field. More
Posted in Economics
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Uncle Sam’s rich uncles overseas – David R. Francis
It’s an odd situation. Foreigners have in effect been financing 43 percent of the cost of the Iraq war, a war many of them oppose. Now they will help to finance the federal government’s cost of Katrina, a disaster their … Continue reading
Posted in Disclosure, Economics
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