Like His Excellency Mahmoud Ahmadinejad, President of the Islamic Republic of Iran,
Custodian of the Two Holy Mosques, Saudi Arabia’s King Abdullah Bin Abdul Aziz, understands
that the shattered financial system rested on worthless paper-digits, masquerading as money, and on fractional-reserve banking allowing banks to multiply those digits at will,
and that this riba-based system cannot possibly be rebuilt,
but that riba (usury) must be replaced with something else.

“All major countries in the world have been affected by the economic meltdown amounting to trillions and therefore, they are not in need of mere billions from the Gulf,” Custodian of the Two Holy Mosques, Saudi Arabia’s King Abdullah Bin Abdul Aziz, said on Saturday. (1)

Just throwing money at the corrupt system will not solve anything.

Creating an economic system that is based on justice, rights of human beings and nations and friendship and serving masses, as wanted by President Ahmadinejad (2), means marking the Gulf oil, gas, and gold reserves to market (price). This marking to market of these reserves will display that the Gulf economy and its participants are not fraudulent.

This is what is meant by “Addressing Common Concerns Through Renewed Cooperation” (3) as wanted by the ongoing Financing for Development (FfD) Conference in Doha.

Ivo Cerckel
Siquijor, 30 November 2008

NOTES

(1)
Saudi king denies US seeking funds
By Abdul Rahman Shaheen, Correspondent
Published: November 29, 2008, 23:31
http://www.gulfnews.com/business/Economy/10263600.html

(2)
President: Iran ready to help in drawing up justice-based economic system
IRNA
29 November 2008
http://www.zawya.com/story.cfm/sidZAWYA20081130051233/President%3A%20Iran%20ready%20to%20help%20in%20drawing%20up%20justice-based%20economic%20system

President Mahmoud Ahmadinejad said on Saturday that the Islamic Republic of Iran is prepared to cooperate with all governments to devise a justice-based economic system.

“The Islamic Republic of Iran is prepared to cooperate with all governments and institutions that care for justice and welfare of nations, in draw up a fair economic system,” President Ahmadinejad said in an address to the four-day UN Conference on Financing for Development.
+
He enumerated the main causes of the current crisis as follows:
I. Nature of the capitalist economy
II. Unfair and dictated approaches
III. Development planning;
IV. Global monetary, financial and banking systems
V. Aggressions, conflicts and interventions

President Ahmadinejad proposed having an economic system in which there will be no room for lies, deception, harming others’ economy and domination.

He said all governments and thinkers should think of an economic system that is based on justice, rights of human beings and nations and friendship and serving masses.

(3)
Development opens in Doha
www.chinaview.cn 2008-11-29 18:36:25
http://news.xinhuanet.com/english/2008-11/29/content_10430775.htm
SNIP
DOHA, Nov. 28 (Xinhua) — A four-day UN-sponsored international conference on Financing for Development opened in Doha, the capital of Qatar, on Saturday as UN Secretary General Ban Ki-moon called for confronting a development emergency and accelerating climate change.
Though the world is facing the financial crisis, “We also confront a development emergency and accelerating climate change,” Ban told the meeting.
Leaders and delegates of 145 UN member states attended the conference under the scheme of “Addressing Common Concerns Through Renewed Cooperation.”

It could well be that the Islamic Republic of Iran understands the causes of the credit crisis. Iran’s efforts to solve the credit crisis without new regulation can therefore only be applauded.

According to Agence France Presse (AFP), His Excellency Mahmoud Ahmadinejad, President of the Islamic Republic of Iran, said on Saturday 29 November 2008 at the Financing for Development (FfD) Conference in Doha, Qatar, that he wants to resist the “greed” of capitalism and to prevent the rebuilding of the shattered global financial system. (1)

Yes, the shattered financial system rested on worthless paper-digits, masquerading as money, and on fractional-reserve banking allowing banks to multiply those digits at will.

President Ahmadinejad enumerated the main causes of the current crisis as follows:
I. Nature of the capitalist economy
II. Unfair and dictated approaches
III. Development planning;
IV. Global monetary, financial and banking systems
V. Aggressions, conflicts and interventions (2)

President Ahmadinejad said all governments and thinkers should think of an economic system that is based on justice, rights of human beings and nations and friendship and serving masses. (2, again)

If the two criteria of
worthless paper digits, masquerading as money,
and fractional-reserve banking allowing banks to multiply those digits at will,

can be subsumed under any of the five criteria given by His Excellency President Ahmadinejad,

then this blogger does not see why AFP put the word “greed” between invested commas

and then this blogger is prepared to work with His Excellency President Ahmadinejad to create an economic system that is based on justice, rights of human beings and nations and friendship and serving masses.

Ivo Cerckel
Siquijor, 30  November 2008

NOTES

(1)
Iran president urges resistance to ‘greedy’ capitalism
http://www.zawya.com/story.cfm/sidANA20081129T133101ZSPV35/Iran%20president%20urges%20resistance%20to%20%27greedy%27%20capitalism
SNIP
TEHRAN, Nov 29, 2008 (AFP) – Iranian President Mahmoud Ahmadinejad on Saturday urged the world to resist the “greed” of capitalism and to prevent the rebuilding of the shattered global financial system.

“Capitalism has reached the end and current efforts will not save it, just as the socialist economy came to an end,” Ahmadinejad said in a speech to a UN development conference in Doha broadcast on Iranian state television.

“We need to resist the greed of global capitalism… and try not to allow the current damaged system to rebuild itself,” he told the conference, which is seeking ways to limit the impact on developing countries of the global financial crisis.

The outspoken Iranian president, one of only a small number of national leaders at the Qatar gathering, accused Western leaders of seeking to present their own economic crisis as a global problem

(2)
President: Iran ready to help in drawing up justice-based economic system
IRNA
29 November 2008
http://www.zawya.com/story.cfm/sidZAWYA20081130051233/President%3A%20Iran%20ready%20to%20help%20in%20drawing%20up%20justice-based%20economic%20system

President Mahmoud Ahmadinejad said on Saturday that the Islamic Republic of Iran is prepared to cooperate with all governments to devise a justice-based economic system.

“The Islamic Republic of Iran is prepared to cooperate with all governments and institutions that care for justice and welfare of nations, in draw up a fair economic system,” President Ahmadinejad said in an address to the four-day UN Conference on Financing for Development.
+
He enumerated the main causes of the current crisis as follows:
I. Nature of the capitalist economy
II. Unfair and dictated approaches
III. Development planning;
IV. Global monetary, financial and banking systems
V. Aggressions, conflicts and interventions

President Ahmadinejad proposed having an economic system in which there will be no room for lies, deception, harming others’ economy and domination.

He said all governments and thinkers should think of an economic system that is based on justice, rights of human beings and nations and friendship and serving masses.