Wealth Transfer (CM)

Rachel Ehrenfeld and Alyssa A. Lappen write:

Of the world's 86 million barrels in daily crude oil output, the Middle East produces only 25.6 percent. With escalating prices, crude oil now runs $111 per barrel, putting $2.4 billion daily in Middle East pockets.  …

Legendary investor and Vanguard Group founder John Bogle blasted the “orgy of speculation” that granted foreign investors excessive influence over the U.S. economy. “We should have never let ourselves get into this position where so many dollars are . . . held by foreign countries and bought by foreign countries that are enemies,” he stated also on March 14. “Friend or enemy, they have a lot of control over what happens here,'' he said.

Indeed, major Middle East oil producers have a different understanding than Americans of economics and ownership. The October 2006 Organization of the Islamic Conference (OIC) “Mecca Declaration” is but one, albeit pointed example of this fundamental difference. Islam views all property owned by Muslims as held “in trust for Allah.” The Qur'an decrees, “The land belongs to Allah, He gives it as a heritage to those of His devotees whom He pleases” (15:128). Therefore, Muslim property “shall be subject to the terms and conditions established by their owners.” While OPEC and the Saudis blame the Bush administration for high oil prices, by “mismanaging” the U.S. economy, in fact OPEC policies cause the escalation.

In a significant indication of brazen Saudi determination to undermine the U.S. and Western economies with petrodollars, King Abdullah rebuffed President Bush's recent appeal to boost production and lower prices.  …

Despite protracted violence against the United States, West and Israel since 1979, only the September 11 attacks forced America to recognize the Islamic holy war (jihad) waged by al Qaeda, Hamas, Islamic Jihad and Hezbollah.

What will it take for the United States to recognize the far more dangerous and important part of that jihadeconomic warfare (financial jihad, or al-jihad bi-al-mal)-which the Saudis and Gulf States now aggressively also pursue? Shari'a mandates that Muslims fund jihad: Qur'an 61:10-11, “strive for the cause of Allah with your wealth and your lives. . . .” And Qur'an 49:15, “(true) believers are only those who…strive with their wealth and their lives for the cause of Allah.” “Financial Jihad [is] … more important … than self-sacrificing,” says Saudi Islamic cleric and Muslim Brother Hamud bin Uqla al-Shuaibi.

More here.