It’s not like we need a lot of reasons to not support or care for the International Monetary Fund (IMF). No, this isn’t the same as the IMF and Mission: Impossible, as some folks might mistake — kinda like folks who thought Operation Fast and Furious was a movie. We already have an issue with our own U.S. Federal Reserve and manipulations of monetary policy as a political tool. Ya know, wonder what Janet Yellin will do with interest rates — a continued maintaining of the artificially low rates means our economy is not strong.
Back to the IMF… its managing director, Christine Lagarde, just made an astonishing statement, as reported by Jihad Watch:
The fast growing, Sharia-compliant Islamic finance industry has the potential to promote financial stability because of its risk-sharing and asset-backed features, International Monetary Fund managing director Christine Lagarde said Wednesday.
“Islamic finance has, in principle, the potential to promote financial stability because its risk-sharing feature reduces leverage and its financing is asset-backed and thus fully collateralized,” Lagarde told an Islamic finance conference in Kuwait.
Islamic banks also offer profit-sharing and loss-bearing accounts that can help mitigate losses and contagion in the event of banking sector distress, she said.
“This leads… to higher total loss-absorbing capital, one of the key objectives of the new global regulatory reform,” Lagarde told the one-day event organised by the IMF and Central Bank of Kuwait.
But she said that for the industry to unlock its full potential, it must expand its customer base, harmonise standards and improve regulatory frameworks.
Lagarde later told a press conference the IMF will increase its involvement in the Islamic finance industry by providing more bilateral surveillance and analytical help.
The Islamic finance industry, which bans speculation and interest, still lacks effective regulatory and supervisory frameworks catering to its unique risks.
It also bans dealing in products with excessive uncertainty, gambling, short sales and financing prohibited activities considered harmful to society.
Hmm, I kinda consider beheadings, crucifixions, rape of young girls and selling women into slavery as harmful to society. I don’t know about y’all, but I’ve just about had it with these Islamapologist idiots who’ll embrace something as antithetical to Western principles and values as Sharia compliance. Does Ms. Lagarde even understand what that means?
Also, consider that the European Union (EU) is about to institute labeling on certain products emanating out of Israel — spare me the West Bank occupation blather. So here we are in the Western world supporting boycotts, divestment and sanctions (BDS) against Israel — while the IMF is advocating support for Sharia-compliant Islamic finance. Yes indeed, we’re truly falling right in line with dhimmitude — that’s the Islamic term for subservient status of non-muslims.
No thanks, I’ll stick with Chase Bank, and if I find out they’re playing in this arena — I’ll be shifting accounts. Then again, something tells me if Chase Bank were to go Sharia-compliant, Serena Williams couldn’t be spokesperson unless she was wearing a burkha.
And if Sharia-compliant finance is so great, then why are hundreds of thousands of Muslims fleeing the Middle East? Where are the job opportunities being created via Sharia-compliant finance for Muslim small business owners? Heck, why do you have all these Muslims living in refugee camps if Sharia-compliant finance is such a well-run means of capital formation? And let me be very clear: Ms. Lagarde was speaking in Kuwait City — that place would be nothing, save not for the service and sacrifice of the U.S. military during Operation Desert Shield/Storm. Where are the great universities financed by Sharia compliance that promote the education of women across the Islamic world and the development of new technological innovations?
Ms. Lagarde represents this growing Western sense of appeasement to the Islamic world. Instead of strengthening our own financial systems and monetary policies, they’d rather acquiesce to a system anathema to everything we hold dear: individual freedoms and liberties. And I for one don’t like the rhetoric emanating from Ms. Lagarde of “key objectives of the new global regulatory reform”; this goes along with the growing influence of the Organization of Islamic Cooperation (OIC) within the United Nations. Ms. Lagarde seems to embrace a belief that we should sacrifice the sovereignty of our financial systems and join in with a system based in a religious belief.
So where are the separation of church and state champions? Where is the Freedom from Religion Foundation (FFRF)? Silence, yes, because if this were a Christian initiative and financial system, they’d be going apoplectic at any hint of adopting such a practice. We all know that the FFRF has filed a suit with the IRS to force Christian pastors to submit their sermons. Just as we reported of the atheist professor who admitted Islam gets a pass because he’s afraid — so it seems here. Instead of looking the Central Bank of Kuwait in the face and challenging them, Ms. Lagarde embraced them.
We can fix our banking systems by first restoring the Glass-Steagall Act, once again separating commercial and investment banking. We can ensure nefarious financial practices are not rewarded with government largesse. We can get back to sound monetary policy and not allowing an agency such as the Federal Reserve to usurp more of the enumerated powers that should be within our Congress, our legislative branch.
We don’t need to tell the people who finance Islamic terrorism and the suppression of their own people their financial system is a model to be followed. Ladies and Gents, make sure that your financial institution and investments do not have any collusion with Sharia-compliant finance.