Global crisis of the atheistic finance system- monotheistic

solutions

Dr.Muhammad Mukhtar AlamChairman, Labour League Foundation, Executive Director (Hon) ,Centre for

Ecological Audit, Social Inclusion and Governance26 October 2008

Meeting for Launching the Movement for Usury Free ecologically safe India

Description

• Share markets are no longer attractive • More companies are losing their value as their

share prices are going down-not many buyers• Sensitive indexes globally are losing value-

Sensex, Han Seng, Dow Jones, Nikkie, Nifty ..• Liquidity is no longer desirable as anti-poor

inflationary monster threatens the governments• MNCs are shedding staff and companies are

seeking bailout measures

What is the crisis about?

• Banks have lost credibility• They have lost debts • Bankruptcies and insolvencies are getting

global• Creation of money out of thin air has gone

beyond the viable limits• Growth estimates have been revised.

Double digit growth is not considered possible

Whose crisis?

• It is a crisis for the speculators as they do not get multiplied gains for their speculative deals / investments

• It is crisis for investors in new housing projects as there are not buyers for their projects

• Crisis for the government as it fails in beating the inflation created by speculative petro-modern usurious and ecologically hostile economy

• It is crisis for the workers in the unorganised sector who do not get a raise for supporting living costs

Whose crisis ?..contd.

• Crisis of the banks who have lent lots of money created through thin year without assessing the capacity to repay

• Crisis for the builders who have invested money without getting buyers

• Crisis for the share-brokers- news of suicides continue to be reported

• Crisis of the investors in fossil fuel based stocks

Whose Crisis (3)

• Crisis for youths who have got hefty loans hoping for better returns in sectors that are facing the crunch

• Unemployed youths whose employment opportunities are shrinking as companies lay off more than they recruit in the so called sunshine sectors such as IT, BPO and private banks.. PM fear is the 1 lakh job cut ( Mail Today Nov 6,2008)

• It is crisis of dreams spawned by a century of petro-modern development propaganda

What is being done?

• Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) reduced

• Repo rate change for controlling money supply• Interest rate increased for tackling the inflation• Assurance on the strength of fundamentals of

the economy that has been shaken• FICCI demands more than the monetary

measures

What is not being done?

• No discussion on comprehensive sustainable solutions

• No faulting of the speculative usurious finance system

• Assurances not followed with measures for eradication of instability and crisis

• No discussion on limits to the sustainability of non-renewable resource based consumption, production, transport and leisure

Ecostrategic demands

• Controlling creation of money for ecological sustainability of habitats

• Controlling expansion of ecologically hostile consumption and production

• Generating interest free money so that there is no additional demand

• Controlling/minimising demand for ecologically hostile products and services

Differences between ecologically hostile usurious money and Green money

• Ecologically hostile money is usurious

• Usury is considered foundation for growth in demands

• Anti-Islamic finance system is considered normal

• Immediate inequitable gains for some

• Green money is interest free

• Ecologically sustainable demand is considered more critical

• Islamic finance system is desirable

• Long term equitable gains for all

Steps for regulators

• Create inflation free public money free from usury

• Public policy to integrate ecologically sustainable consumption and production

• No more loan competitions by the private banks for the ecologically hostile habitats

• Preserving and creating value for ecologically sustainable livelihoods and habitats in the villages/rural areas

Role of academia, authors, media organisations and Business leaders• In creating value for ecologically sustainable

livelihoods, habitats, transport ,leisure etc• Beating the so called world class / American

dream appropriating ecologically hostile usurious finance system

• In communicating the importance of abidance to the interfaith common monotheistic commands against usury

• In disseminating the linkage between ecological sustainability and usury free transactions and seeking elimination of usurious speculative finance system

Creating domino effect

• For taking up ecological sustainable policy measures and safeguarding ecologically sustainable livelihoods and habitats on a large scale

• For denouncing the ecologically hostile usurious finance system ( Barak please consider this quickly)

• Campaigning for saying No to usury• Creating interfaith compact for addressing the resistance

to change for usury/interest free economy• Individual, national, Intergovernmental and UN action for

change • Preparing for the end of petro-modern production and

consumption

Impacts: after correction (Urban areas)

• Economic impacts- recession, manageable inflation for petro-modern products

• Psychological impacts- perception of insecurities, anxiety ,depression and others suffering from the real and perceived losses in the urban areas for families who don't own ecologically sustainable assets

• Impact on livelihoods in the finance sectors and other livelihoods associated with expansion of petro-modern habitats in

• Academic impacts –supportive analytical and advisory outputs

• Political impact- possible invocation of identity for politics of appropriation

Impacts after Ecostrategic correction (rural areas)

• Halting of the sale of farm lands by farmers

• Promotion of agriculture as time tested ecologically sustainable livelihood

• Halting of migration to ecologically hostile petro-modern urban centres

• Distributive justice for land and other renewable resource based livelihood

Psychological impacts

• Losing money and investments create strong sense of insecurity

• Handling uncertainties related to future income could result in some serious psychological fallouts

• Loss of interest based income creates severe shortages specially for senior citizens living on pensions, women headed household

• Challenge for creation of new ecologically safe standards across the villages

Faith based measures for mitigating the economics fallouts

• Abiding to the commands against ostentatious consumption, extravagance

• Adoption of culture of prayer and meditation for managing the crisis

• Promoting donation of surplus agricultural and other income

• Promotion of monotheistic framework of social and global unity through seeking resolution of post-modern confusion

public policy/secular instruments

• Communication of interfaith commons • Harmonising financing for maintaining ecological

sustainability and social equity• Discussing global governance frameworks• Involving academia for shaping the public policy

measures and supporting the management of insecurities

• Involving religious leaders for eradicating inequity and preventing usurious transactions

Recession- not so bad ecologically

• Recession is good ecologically

• It should have started much earlier

• It is good for beating climate change

• Expansion of ecologically hostile must be halted with the best policy measures

• Managing distribution of renewable resource based livelihoods as always is a challenge

Welcome the end of petro-modern era for a monotheistic Green future• we must prepare for the end of petro-

modern times• We must initiate processes for

depopulating urban centres and prepare plans accordingly

• Let us give away the urban development plans and seek Eco-restoration plans

• Let us halt all acquisition plans for private sector

Geostrategics measures

• Implement comprehensive test ban treaty (CTBT), Fissile Material Control Treaty (FMCT)

• prevention of arms race in outer space (PAROS)

• Abandon plans for Terraforming Mars

• Abandon Moon missions

• Abandon militaristic frontier mentality

Ecostrategic measures

• Getting industries to zero emission level

• Recognising the interests of children of 40th century

• Getting ecological sustainability measures implemented across the business and institutions

• Mandatory ecological audit of the policy measures

Beating recession- faith based perspective

• Promote culture of prayer and donation

• Prayer for making use of the time and transforming the ecologically hostile leisure

• Donation for helping people deal with hunger and deprivation

• Promote belief in the oneness of humanity and God