Muslims Push for a Caliphate: Its Currency
CALIPHATE ONLINE: The Caliphate’s currency is based on the gold and silver standards where the coins and notes in circulation are 100% backed by gold and silver. Islam did not leave any question unanswered, especially questions concerning the complexities of economic life. The Shari’ah has therefore defined the Islamic currency as gold dinars and silver dirhams along with their corresponding weights in gold or silver. The Shari’ah rules related to money such as zakat, blood money (diyah) and hoarding all specify values in gold and silver.

Unlike the paper standard operating in the world today, the Bait ul-Mal (State Treasury) is not allowed to print any money unless it has the corresponding amounts of gold and silver in its reserves. This means the persistent inflation found in the world today would not exist in the Caliphate as the currency always keeps its value. Currency of the Caliphate >>> | July 17, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>

43 Nations, 800,000 Million Inhabitants Form “Historic” Mediterranean Union

INTERNATIONAL HERALD TRIBUNE:
Will Sarkozy’s Mediterranean Union Be More Than a Big Photo-op? >>> By Katrin Bennhold | July 14, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>

Round-up of the State of the European Markets
THE INDEPENDENT:
FTSE Slides Into Bear Market >>> | July 8, 2008

MAILONLINE:
Black Tuesday as FTSE Plummets >>> By Becky Barrow, Niall Firth and Nicola Boden | July 8, 2008

FT.COM:
FTSE on Brink of Bear Market >>> By Michael Hunter | July 8, 2008

NZZ Online:
AKTIEN SCHWEIZ/Verlauf: Über Tagestief markant schwächer – Banken unter Druck >>> | 8. Juli 2008

NZZ Online:
AKTIEN FRANKFURT/Sehr schwach – Sorgen über Ausweitung der Finanzkrise >>> | 8. Juli 2008

LE FIGARO:
Le CAC 40 a effacé trois ans de gains >>> Par Perrine Créquy | 8. 7. 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>

Crisis Exposes Brown Boomers
THE TELEGRAPH: Executives who cut their teeth during the ''Brown boom" confess they are ill-prepared to lead their firms in a bear market, says a research study.

The so-called ''Brown boom generation" admit they lack the experience to handle a downturn after benefiting from a buoyant economy when the Prime Minister was Chancellor.

Half the 120 business leaders canvassed by consultants Hay Group say their shortcomings in managing a downturn is a serious threat.

A similar proportion also acknowledge that they lack the vision needed to lead their business through a period of economic turbulence. Crisis Exposes Brown Boomers >>> By Roland Gribben | July 8, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>

Britain Is Close to Recession, Warns British Chamber of Commerce
THE TELEGRAPH: Britain is on the brink of a recession and unemployment is set to rise 300,000 by the end of next year, according to the British Chambers of Commerce.


In a dire warning it said the economic outlook for the business sector was "grim and ominous" and the downturn could be "longer and nastier" than previously expected. The report followed a survey of 5,000 large and small businesses across the country and led to calls for an early cut in interest rates amid concerns that the economy is showing parallels with the start of the recession in the early 1990s.

However, the Bank of England's Monetary Policy Committee is likely to ignore the pleas when it meets on Thursday as it battles inflation currently running above 3 per cent.

The pessimistic forecast came as one of the City’s leading banks warned that it could take 20 years for the British housing market to recover. In a note to clients Mark Hake, an analyst at Merrill Lynch said: "[Compared] with the 1990 correction... it looks significantly worse, with house prices falling faster and further and very little recovery in real terms expected over 20 years."

He added: "House prices are expected to be below their August 2007 peak in a further 10 years' time." Britain Is Close to Recession, British Chambers of Commerce Warns >>> By Nick Allen | July 8, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>

Equities Tumble as Bad News Hits Home
THE TELEGRAPH: Shares in London have suffered their biggest slide since the collapse of Bear Stearns in March, amid a barrage of bad news on the domestic and international economy.

Markets were shaken by a double dose of bad news for housing and manufacturing, followed by rumours that some of Europe's biggest banks are about to see their profits plunge even further.

As the second half of the year started, the FTSE 100 index of leading UK shares was 146 points or 2.6pc down to 5479.9 - the lowest close, and biggest fall, since March.

It came as:

• Economists warned that the manufacturing sector is now in recession territory after activity unexpectedly collapsed in June.

• Nationwide said house prices are now falling at the fastest rate in 16 years, with the average property having lost £14,000 of its value since prices peaked in October last year.

• Oil prices touched a new record high, with crude touching $143 a barrel.

• A YouGov/Citigroup survey showed that households' expectations for the rate of inflation leapt to a record high of 4.6pc in June, putting more pressure on the Bank of England to consider raising interest rates. Equities Tumble as Bad News Hits Home >>> By Edmund Conway, Economics Editor | July 2, 2008

THE TELEGRAPH:
House Prices Decline at Sharpest Rate Since 1992 >>> By Harry Wallop, Consumer Affairs Correspondent | July 2, 2008

THE TELEGRAPH:
The Financial Crisis in Full: The credit crunch that began in America’s sub-prime mortgage market has erupted into a financial crisis.

Bear Stearns has collapsed and the Federal Reserve has cut interest rates as it fights to return confidence to financial markets. The US economy faces recession, credit markets are in distress and the rest of the world may enter a downturn >>>

DAILY EXPRESS:
M&S the Latest Victim as UK Economy Shudders to a Halt >>> By Geoff Marsh | July 2, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>