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Showing posts from December 5, 2012

How To Make Money – Ibn Khaldun and Taxes | Lost Islamic History #islam #islamichistory #taxation #money
#islam #islamichistory #taxation #money [tags islam,islamichistory,taxation,money]

How To Make Money – Ibn Khaldun and TaxesThe 40th president of the United States, Ronald Reagan famously stated in a piece in the New York Times in 1993,"May I offer you the advice of the 14th century Arab historian Ibn Khaldun, who said: "At the beginning of the empire, the tax rates were low and the revenues were high. At the end of the empire, the tax rates were high and the revenues were low."And, no, I did not personally know Ibn Khaldun, although we may have had some friends in common!"1Although one may agree or disagree with the conservative economic policies of Ronald Reagan, there is no denying the genius of the man he is quoting – Ibn Khaldun. He was centuries ahead of his time. His monumental work, the Muqaddimah, published in 1377, is hard to categorize. All at once it is a resource on history, Islam, science, sociology, econo…

» Financial Cancer: Our Financial System Is Intrinsically Fraudulent and Unstable #recession #financialsystem

[tags recession,financialsystem]

Financial Cancer: Our Financial System Is Intrinsically Fraudulent and UnstableCharles Hugh Smith
Zero Hedge
November 7, 2011Our financial system is like a fast-mutating cancer that evades any control and is still perfecting its ability to game and loot.Two frequent contributors provided fresh insights into why the current global financial system will implode: it is intrinsically fraudulent and acts as a financial cancer, evading the "immune system" of regulation and perfecting its ability to exploit and loot the last remaining pockets of low-risk capital.We start with David P.'s excellent exploration of systemic fraud:Your essay The Collapse of Our Corrupt, Predatory, Pathological Financial System Is Necessary and Positive was entirely correct about risk. But let me come at this from a different angle – namely fraud.Finance skims a percentage off the real economy. Some part of the skim is legitimate reward for capital allocation – a nece…

» World Bank warns against future economic hardship #recession #worldbank

[tags recession,meltdown,worldbank]

World Bank warns against future economic hardshipPress TV
August 13, 2011Amid the ongoing financial crisis in the United States and Europe, World Bank (WB) President Robert Zoellick has warned that more dangerous times will be ahead for the global economy."In the past couple of weeks, the world has moved from a troubled multi-speed recovery to a new and more dangerous phase," Zoellick told the Weekend Australia newspaper on Saturday.He also said the eurozone's sovereign debt issues were more troubling than the medium and long-term problems that led to the downgrading of the US's rating by the credit ratings agency, Standard & Poor's last week."We are in the early moments of a new and different storm, it's not the same as [the] 2008 [financial crisis]," he added.The head of the World Bank urged the European leaders to approach their debt problems with a greater sense of urgency."The lesson of 2008 is that …

» Behind the Panic: Financial Warfare over Future of Global Bank Power #recession #banks

[tags recession,meltdown,banks]

Behind the Panic: Financial Warfare over Future of Global Bank PowerF. William Engdahl
October 9, 2008What is clear from the behavior of European financial markets over the past two weeks is that the dramatic stories of financial meltdown and panic are deliberately being used by certain influential factions in and outside the EU to shape the future face of global banking in the wake of the US sub-prime and Asset-Backed Security (ABS) debacle. The most interesting development in recent days has been the unified and strong position of the German Chancellor, Finance Minister, Bundesbank and coalition Government, all opposing an American-style EU Superfund bank bailout. Stock market falls of 7 to 10% a day make for dramatic news headlines and serve to foster a broad sense of unease bordering on panic among ordinary citizens. The events of the last two weeks among EU banks since the dramatic state rescues of Hypo Real Estate, Dexia and…

» Financial Crisis Only Squandering Our Future ((tag: recession ))

#recession [tags recession,meltdown]

Financial Crisis Only Squandering Our FutureBob Chapman
The International Forecaster
December 6, 2008Big rise in monetary base, trillions in loans all over the world that will never be repaid, many nations very exposed in monetization crisis, all currencies to fall against gold, writers running naked, larger corporate failures to come, American condition to worsen, resentment already smoldering around the world, taxpayer money still being squandered on bankrupt Wall Street…
The monetary base has again risen dramatically over the past few weeks up 38% yoy, the largest increase since 1939. You can expect all the major central banks to do the same thing, as this was a large part of what G-20 was all about. Those of you, as we mentioned over the past several weeks, who don't believe loans are loosening up are wrong, they are. Consumer and bank lending has grown by an annualized rate of close to 50% in the last six months. As this unfolds…

“Future Generations Have To Deal With The Financial Carnage” ((tag:recession,meltdown))

[tags recession,meltdown,depression]

"Future Generations Have To Deal With The Financial Carnage"During the off-hours on Sunday, when few people were willing to ruin whatever remained of their weekend and when even astute observers weren't supposed to pay attention, the National Association of Insurance Commissioners approved new rules that would allow life insurance companies to lower their reserves for future claims.Executives claimed that they could put that capital to "more productive uses," such as blowing it on stock buybacks and acquisitions or plowing it into subprime-based CDOs or Greek sovereign debt, or whatever, to goose their paper returns—having already forgotten all about the financial crisis."The insurance industry weathered the financial crisis well precisely because of the careful reserving state regulators have historically required," said Benjamin Lawsky, superintendent of the New York Department of Financial Services. &qu…

Islamic Banking assets have touched $1.1 trillion

Islamic Finance and Banking paradigms