Frank Gaffney: Farewell Britain

The DANGERS of Sharia Finance in USA

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Globaloney
DEFENDING AMERICA FOR KNOWLEDGE AND ACTION (DAFKA): There is something surreal about the spectacle of President Bush touring the Persian Gulf. It calls to mind the signature line of Mad Magazine's mascot, Alfred E. Neuman: "What, me worry?"

Mr. Bush's trip is, after all, premised on the notion that the Arab leaders he is courting there are reliable allies. Such a proposition should be subjected to the closest of critical scrutiny by Congress, the press and the American electorate since a number of highly debatable, and increasingly portentous, policies are predicated on this assumption. These include:

--Saudi Arabia and the other, smaller desert principalities are "moderates" who are as opposed as we to the totalitarian political agenda of fanatical ideologues such as Osama bin Laden.

--The Gulfies share our concern about the rising power of Iran and therefore can be counted upon to join us in countering that region's would-be Islamofascist superpower. It follows not only that we can safely provide these autocracies with an array of advanced weapons, but we must do so.

--The Arab regimes in the Persian Gulf will help broker a peace between Palestinians and Israelis — if only the United States pressures the Jewish State to make territorial and other concessions that may imperil the latter.

--And the willingness of the Gulf's potentates to recycle the immense wealth they have accumulated in recent years — primarily through oil sales at exorbitantly inflated prices — to purchase big stakes in U.S. companies and capital markets is a welcome development. Such investment is to be encouraged, and those who say otherwise should be condemned as "Chicken Little xenophobes" in the words of former General Electric Chairman Jack Welch and his wife, Suzy.

In fact, the Welch tag-team used a Jan. 21 Business Week column to admonish a letter-writer worried about Arab and other sovereign wealth funds buying up American corporations: "In trying times, U.S. companies always attract opportunistic, activist shareholders. Sometimes they look like Carl Icahn or Nelson Peltz. Sometimes they look like shiny-faced hedge fund managers just out of Wharton or Harvard Business School. And sometimes — like now — they look Chinese or Saudi or whatever. It doesn't matter. They're all after the same thing: the opportunities in America's capitalistic market."

Unfortunately, this confidence in the inexorable forces of "globalization" is as misplaced in the case of the so-called "pro-Western" Arab states as are the other assumptions driving American policy towards the region at the moment. Globaloney >>> By Frank Gaffney (from The Washington Times)

Mark Alexander (Paperback)
Mark Alexander (Hardback)

Frank Gaffney Jr: Shariah’s Trojan Horse
TOWNHALL.COM: Suddenly, a new national debate is beginning about the national security, economic and other implications of Persian Gulf potentates using their petrodollars to buy up strategic American assets. Most recently, the Emir of Dubai’s purchase at fire-sale prices of 4.9 percent of the largest U.S. bank, Citigroup, has caused a level of unease not seen since he tried to buy his way into a large number of this country’s port facilities.

Almost completely unremarked thus far has been a parallel – and in many ways far more insidious – effort to penetrate, influence and dominate America’s capital markets: so-called “Shariah finance.” Some estimates suggest that there are approaching $1 trillion now being invested around the world under this rubric. If present trends continue, all other things being equal, such funds may grow to many times that amount within a few years.

Shariah is, of course, the term used by adherents to the totalitarian ideology practiced by the Saudi Wahhabis, the Iranian mullahs and the Taliban to describe the all-encompassing theocratic code they use to justify repressive rule at home and to extend their dominance elsewhere. While it is often depicted by its promoters as Koranic in character, in fact, it is largely man-made, the product of dictates and rulings by caliphs and scholars over many centuries.

For non-Muslims, Shariah is best known for its sanction for the brutalization of women, homosexuals and Jews. Beheadings, amputations, flagellation and stoning are among the prescribed punishments for those who transgress this barbaric code, punishments plucked from primitive tribal practices in the Arabian deserts dating back to medieval times. Shariah’s Trojan Horse >>> By Frank J. Gaffney Jr.

Frank Gaffney Jr. is the founder and president of the Center for Security Policy and author of War Footing: 10 Steps America Must Take to Prevail in the War for the Free World (Hardcover)

Mark Alexander (Hardback)
Mark Alexander (Paperback)