Communism dead, capitalism dead. Long live Islam.

[lem34]

The scam has been going on for about 30 years. Salomon bros bank started securitizing mortgages and creating more and more complicated financial instruments. Over the years a lot of people have made a lot of money in banking out of this etc. In recent years in America there have been mortgages taken out on property in massively inflated prices. These mortgages have been given to all and sundry even people who cannot afford them. Initially the US banks traded these instruments with each other. However soon the European banks started to buy these instruments. Each time there is a sale or purchase they make a small amount percentage wise. Few even on the biggest banks boards understood the real risk exposure on these. I thought it was classic when under questioning by American lawmakers the former chief of Lehman bros stated it was wrong that he had made $500 million in the last 4 years it was $350 million or some ridiculous statement like that. He didn’t seem to grasp the reality that he didn’t make this vulgar amount of money in a fair way. Basically these bankers were gambling when their gambles came off they earned the money so they deserved the bonus and when they lost money it was the banks loss not theirs. These bankers have over 30 years taken out billions out of the system. Clearly the system is a failure if it allows this. The western governments and politicos have taken this systemic failure and realized that they can’t crow anymore about their capitalist system being better than for example communism so they have let the boat out and given moneys that they don’t have to keep the banks from going bankrupt. (in reality true capitalism should have allowed some banks to go bankrupt but west could not afford even this). They then have to find some money for this from somewhere. So they start tightening their fiscal policies and taxing the people. Allow a certain amount of inflation so Joe averages savings get eroded. They are and will also have to make cuts in their defense budgets. Which is all very good because they have had an unfair stranglehold on the worlds resourses. Yes now the public are coming onto the streets in the UK in turmoil. I am sure there are some opportunist thieves and what not there but the fuse is that capitalism is a failure just as much as communism. I am no fanatic but anyone now any code or religion that is a way of life that may replace the communist or capitalism systems? Islam I would suggest. I am no expert on Islam but I do know that we are supposed to pay zakat i.e. a welfare system. Maybe someone out there can tell us why Islam would be a good replacement for these systems in detail. I also realize that Pakistan is far from an Islamic republic and the British welfare system in years gone by been nearer to the Islamic model

 

[Guest01]

sssssshhhhhh..... Bhai. Do you want to upset bhai mulk China?

On a serious note, why not first try the Islamic banking in a model when revenue is not a given and then work out the funding with 0 cost of capital. Ever seen a system where you have to pay interest on bank borrowing while you get no earnings on your savings deposit. I lived in Dubai and banked with this exact style of Islamic banking. Also, i have been looking to ask this. How does one treat depreciation in Islamic banking? As a cash profit or as an internal borrowing?

From what I have seen of the international ecomony, my friend, when incomes are concentrated in one economy and spending in another then this situation will arise. This is deeper than banking flaws. The problem is that after the moving of manufacturing and services away from US and other problematic economies they have been all trading debt and nothing else. That is why I say, earn your money and spend it. Do not think that someone else can do the manufacturing for you. Do not be overly export reliant and never be a high import economy.

Then you can bank any style and it will not matter.

 

[fd24]

Well thought out

 

[PteX]

It is very disturbing that both of you seem to be living in Britain.

 

[fd24]

It is very disturbing that both of you seem to be living in Britain.

Yes thats right and i love it. Id rather live in a land that belongs to the nation i live in unlike yours.

 

[lem34]

What I come on hear to discuss. What is the matter with indians and I presume Zionists we muslims are not allowed to discuss. Freedom of speech only extends to you lot. Where have I suggested violence or any revolutions. I am asking people from my own background ie pakistani muslim roots what they think. Have I been critical of judaism, have I been critical of hinduism? What is it that irks you that I believe that islam may be the answer?

 

[lem34]

sssssshhhhhh..... Bhai. Do you want to upset bhai mulk China?

On a serious note, why not first try the Islamic banking in a model when revenue is not a given and then work out the funding with 0 cost of capital. Ever seen a system where you have to pay interest on bank borrowing while you get no earnings on your savings deposit. I lived in Dubai and banked with this exact style of Islamic banking. Also, i have been looking to ask this. How does one treat depreciation in Islamic banking? As a cash profit or as an internal borrowing?

From what I have seen of the international ecomony, my friend, when incomes are concentrated in one economy and spending in another then this situation will arise. This is deeper than banking flaws. The problem is that after the moving of manufacturing and services away from US and other problematic economies they have been all trading debt and nothing else. That is why I say, earn your money and spend it. Do not think that someone else can do the manufacturing for you. Do not be overly export reliant and never be a high import economy.

Then you can bank any style and it will not matter.

Why are banks like HSBC offering sharia compliant banking if it doesnt work or feasible.

 

[Guest01]

What I come on hear to discuss. What is the matter with indians and I presume Zionists we muslims are not allowed to discuss. Freedom of speech only extends to you lot. Where have I suggested violence or any revolutions. I am aking people from my own background ie pakistani muslim roots what they think. Have I been critical of judaism, have I been critical of hinduism? What is it that irks you that I believe that islam may be the answer?

Bro, my comments were well meaning and was not trying to hurt your sentiments there. But then since you are specifically talking about Pakistan, how do you plan to collect zakat when less than 10% pay taxes!

 

[Battle Axe]

The dawn of Islam is promised and in it lies the only salavation. Here, we muslims have drifted away from our pride to fall prey to smears of the world. The day we return to real Islam, the dawn will dawn.

It is no more a myth that Interest is what puts the economies at mercy of dangerous fluctuations. And there are many right points made above, we owe those to our prosperity.

 

[lem34]

Bro, my comments were well meaning and was not trying to hurt your sentiments there. But then since you are specifically talking about Pakistan, how do you plan to collect zakat when less than 10% pay taxes!

I am the first one to state that Islamic republic of Pakistan does not apply the islamic model. In fact we are ruled by a load of corrupt politicos bribed by america and co who have no interest in the welfare of the common man in pakistan

 

[Guest01]

Why are banks like HSBC offering sharia compliant banking if it doesnt work or feasible.

because my friend with this system they are laughing all the way to the bank! Wait a minute......Oh hell, they are the bank.

 

[Battle Axe]

Bro, my comments were well meaning and was not trying to hurt your sentiments there. But then since you are specifically talking about Pakistan, how do you plan to collect zakat when less than 10% pay taxes!

Sir, the people here pay Zakat, regularly and in private. Hardly any people trust government with it. As soon as government can free itself of corruption, nepotism and other unethical practises, the people will volunteer to pay taxes, zakat and alms. It all comes down to a malfunctioning bureaucracy, the nation is vibrant, passionate and forthcoming...