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Published in the 1-15 Feb 2004 print edition of MG; send me the print edition

REJOINDER
India should design a New World Order 

My approach to Non-Interest Banking as a keystone to New World Order is a bit different from the bulk of studies and practices that has engaged Muslim community so far. It is my firm belief that the current exploitative economic system and the rule of law based on this unjust economic system, has to be abolished to usher in justice and fair play in human relationships, as Islam advocates. 

The fount of all wealth in the West is the system by which self-appointed authorities initiate and manage and monopolise the created money pool that is loaned to the world on exploitative terms. All theoretical costs of capital are for the academicians. The real cost to these monopoly owners of 'created money pool' is nothing. They thrive on the gullibility of the world and the TINA factor.
By choosing India, which is on the threshold of a new economic boom, I propose first to save India from becoming another cog in the wheel of international injustice and secondly to save the people of India from a fate of indefinite exploitation.

India, now opening up to Pakistan and Bangladesh through SAARC cooperation could be a very viable block of some weightage in world economy, to try an alternative to international banking and credit system.

At the outset, it can start with its own state needs for infrastructure finance — at least that part that it has to raise internally — to carry zero interest. The time is ripe when India is entering a new phase of immense capital investments.

It can expand into other areas of its economy step by step. The immediate benefit to the people of India is the relief from the burden of interest cost — a cost that doubles the original amount within 5/6 years.

Zero-interest at lower middle class self-employment level, in the manner of Grameen Bank, but without any notion of interest, much less compound interest, will usher in a new economics, without the 'international' taxation that the gnomes of IMF and World Bank impose, being institutionalised in the liberated sectors of our economy.

A similar module within ASEAN, through the ideas and efforts of Mahathir Mohamed, could form another island of interest-free and exploitation-free zone in the current international economic system.

I have deliberately left out the Arab world, as it is too dependent on the West to ever think of any independent course of thought or action. It is still a colonised area. 

We can thus start reducing the area that the Jewish bankers will be operating to perpetuate their fraudulent economic institutions sucking the blood of poor countries and their people.

The system has to go in the name of Islam and Islamic welfare parameters, to distinguish the attempt as distinct and in competition with the ‘Jewish system’. Since the system aims to alleviate poverty and usher in a fair economic order, Islam has to make no excuses or apologies to lead the world. It should boldly take credit for taking up the challenge.

If the Jews can come out with a New World Order, around the armed might of the USA, we can organise a New World Order targeting the very bloodline that keeps the whole Jewish capitalist system in place. 

Ghulam Muhammed, Mumbai 
ghulam_muhammed2@yahoo.co.in

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