This is the third in a series of four articles from the Washington Examiner which they have posted to help all of us understand who we are fighting in the war on terror. It is written by David Yerushalmi and can be found at the Washington Examiner today.
Mr. Yerushalmi begins the article citing the meltdown of Dubai World -- a quasi-sovereign global concern that owns 77 percent of the international port manager DP World and the single largest real estate developer in Dubai.
He points out:
"What makes this story more than simply one of a massive real estate investment company gone bad is the double-edged sword so prevalent in the chase for oil-based Middle East wealth: Sovereign wealth funds and Shariah-compliant finance."
Beginning in the 1970's with the oil embargo and the continually rising prices of oil, Persian Gulf countries have had major amounts of money to spend. Since 9/11 the Muslim Brotherhood has been aggressively promoting the doctrine of Shariah-compliant Finance. The goal in doing this was to impose Shariah law as the supreme law of the world (this is another reason we need to develop our own energy sources).
The article points out:
"Dubai World, a company wholly owned by the Dubai sovereign has funded itself through debt to the tune of $60 billion. The Dubai debt now in default just happens to be SCF bonds, or "sukuk."
"These bonds pay interest just like their forbidden cousins in the Western markets, but the interest is put into a black box of Shariah-created fictions and "special purpose vehicles" to keep the forbidden interest off the books."
Right now we have a combination of greed and extreme self-interest in the international financial world and a blindness of western governments to the threat financial sharia represents.
The article concludes:
"The result has been the perfect convergence: Western financial markets in dire need of liquidity; the liquidity available in the sovereign wealth funds of the Persian Gulf Shariah faithful; and the willful blindness by Western governments to understand the threat Shariah poses as an existential and institutional reality within a financial system already on the precipice of wholesale failure."
Again, I would like to point out the words of Mark Tapscott who explained in his introduction to these four articles that our first and most important defense against the enemy we are facing in the war on terror is to know the enemy.
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