Skip to comments.Irish Attorney: “Financial shock would never have happened under shariah”
Posted on 05/21/2012 7:55:28 AM PDT by LSUfan
Every once in a while we come across a story that is really outrageous. Some or outrageous because they are inaccurate. Others are outrageous because they are simply offensive.
Today we bring to you an article from John King, an attorney with one of Irelands most prominent law firms, in which he makes the case that the financial crisis that occurred in the West, the US housing market in particular, would never have happened if the US markets were Shariah-compliant.
(Excerpt) Read more at shariahfinancewatch.org ...
Gosh, if only we could have Sharia here...
Electricity wouldn’t have happened under Sharia.
Take this attorney and send him to the middle east, where he can bask in camel dung and live with people who think like the Obamadork.
He is absolutely correct. The grinding poverty in “Shariah nations” is perpetual. Therefore, there can be no great loss of wealth; no end to prosperity.
Not clicking on your blog, but to have a “crash” there has to be something worth crashing.
Here is the original link, btw.
Well, sure. The crisis also never would have happened if Stalin were in charge. At the first signs of trouble, he simply would have shot everyone involved.
Right then, let’s just ban finance altogether and revert to an economy based on bribery and extortion. Then we wouldn’t have these problems.
I hate t0 take the muslim side on anything... but.
He is right. Usury is not allowed under strict muslim law... of course it isn't allowed under strict christian law either.
Thus he is correct, because if no one owed money to anyone ... this wouldn't have happened.
Sales of Night Shirts and prayer rugs would be booming ,sales alcohol( OMG all the taxes ) would stop ,bars would close ,home brew would be up ,etc etc . They would not stop with Shariah in finances .
Of course, if every single person in the world were exterminated, we also would never have had the crash.
We would never experience any financial difficulties at all if we had remained hunter-gatherers.
Rumor is that the Marxists are working on that feature.
Ref: Russia, China, N. Korea. etc.
No Alcohol, better think twice Ireland!
He’s right, it wouldnt have happened. Mostly because there wouldnt be an economy under sharia. Wouldnt be a lot of things.
He’s just getting antsy because he hasn’t had a good beheading case in a while.
Ah, the Irish - 700+ years of breathtakingly bad decisions. Why stop now?
And yes, I can talk, with a name like Dorrity.
I wonder if this fellow's law firm represents any Irish brewers or distillers? I think I'll try to find a client list, just for the fun of it.
Even the spectre of financial collapse should not stir ANYBODY to adopt shar’ia law, as along with the strictures on financial mismanagement, there are a number of features of that legal code that are absolutely inimical to the ideals of liberty and freedom.
Apparently the application of shar’ia law has also abolished the right to fail. That alone may make the appeal to some folks overwhelming, because failure is no longer their personal fault.
We can all see the damage that the Zero Interest Rate Policy (ZIRP) is doing to our economy. In truth, and economy CANNOT be sustainable unless the price of money is as free for the market to negotiate as the price of wheat or the price of labor.
We are starting to see some of the disruptions from ZIRP. For example, most retirees who planned on living the remainder of their lives off their interest income are now forced to invest in risky instruments or else are consuming their life savings at a far faster rate than they planned.
Long term consequences of ZIRP is how it distort the perceived costs and returns on long-term projects. In fact, it induces people to purchase assets they normally would think is not sustainable. In fact, when interest rates return to normal those projects are in fact not sustainable and bankruptcy is the result.
Sharia-compliance finance prohibits charging or paying interest. However, in truth, there are ways found to compensate the lender in ways that have the effect of paying interest. These are the fees for the loan.
In a free market, few people would put their money at risk if they could not get compensated for it. No lending = no borrowing = greatly reduced business investment = no jobs = no growth.
This should have FINOs nodding in agreement. Thanks LSUfan.
Do you want us to go back in there, kick the s*it out of them, and take everything back over?.
No need - they're doing a splendid job of kicking the s*it out of themselves. In any case, you'd only be giving them grudge material for the next 700 years. Like they don't have enough already.
On second thought - leave Guinness and the single malt distilleries out of it and you’ve got a deal.
And while you’re at it, take Sinnead O’Connor. Please.
Aren’t the “single malt distilleries” all in Scotland?