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Sunday, Nov 8, 2009
Elie Elhadj
Published Letters: 6 Editor's Choice: 1
Why not promote some good old sane lending practices?
In December 1863, H. McCulloch, U.S. Comptroller of the Currency and later Secretary of the Treasury, wrote to all national banks. Here are some of the paragraphs.
“Let no loans be made that are not secured beyond a reasonable contingency. Do nothing to encourage speculation. Give facilities only to legitimate and prudent transactions.
“Distribute your loans rather than concentrate them in a few hands. Large loans to a single individual or firm, although sometimes proper and necessary, are generally injudicious, and frequently unsafe. Large borrowers are apt to control the bank.
“If you doubt the propriety of discounting an offering, give the bank the benefit of the doubt and decline it. If you have reasons to distrust the integrity of a customer, close his account. Never deal with a rascal under the impression that you can prevent him from cheating you. “Pay your officers such salaries as will enable them to live comfortably and respectably without stealing; and require of them their entire services. If an officer lives beyond his income, dismiss him; even if his excess of expenditures can be explained consistently with his integrity, still dismiss him. Extravagance, if not a crime, very naturally leads to crime.
“The capital of a bank should be reality, not a fiction; and it should be owned by those who have money to lend, and not by borrowers.
“Pursue a straightforward, upright, legitimate banking business. ‘Splendid financing’ is not legitimate banking, and ‘splendid financiers’ in banking are generally either humbugs or rascals.”
Gamblers must not manage society’s saving. Central banks ought to institute qualifying psychological testing to bar bank leaders with gambling propensity from wheeling and dealing in customers’ deposits and shareholders equity.
Elie Elhadj; author: Experiments in Achieving Water and Food Self-Sufficiency in the Middle East
http://www.dissertation.com/book.php?method=ISBN&book=1581122985
Also:
http://journals.aol.com/eeh100/daring-opinion/
Even without nuclear weapons, Iran has become the hegemonic power over the world’s richest oil region, thanks to the Bush administration’s elimination of the Sunni Wahhabi Talibans in Afghanistan and Saddam’s Sunni regime in Iraq.
On April 9, 2003, the U.S. won the battle against a tattered Iraq. But Iran, without firing a shot won the war for Iraq; a triumph for the Khomeini revolution, one of Shiism’s greatest moments since Saladin removed the Shii Fatimids in Cairo in 1171. The occupation of Iraq transferred control in Mesopotamia to Iraq’s 60% Shii majority, a cataclysmic event that turned Iran into an unstoppable regional powerhouse. The British think tank, Chatham House concluded in August 2006: “The greatest problem facing the U.S. is that Iran has superseded it as the most influential power in Iraq.”
To Sunnis, Shiis are heretics. In extremist Wahhabi Saudi Arabia, Shiis are discriminated against. The founder of the kingdom imposed on Shiis the tax he imposed on non-Muslims. Shii towns and villages today are pathetically poor despite being located at the heart of Saudi Arabia’s oil region. In Bahrain, the Sunni ruling minority discriminates against the Shii majority. In Iraq, until the U.S. occupation, the Shii majority was deprived. In Kuwait, Shiis, almost one-third of Kuwaitis, are second-class citizens. In Lebanon, Shiis, a third of the population, are underprivileged. In Syria, until seizing power in 1970, the Alawites, a Shii sect, lived in abject poverty under Sunni rule. In Yemen, the Zaydis, a Shii sect, are a third of Yemen’s twenty million people. Zaidis accuse the Sunni government of genocide.
The Arab Shiis look to Iran for deliverance; leverage in Tehran’s arsenal in dealing with Arab oil Sheikhdoms. Egyptian President Mubarak declared recently that Shiis in Arab states were more loyal to Iran than to their own countries.
As a minority of about 15% of Muslims today, Shiism draws Shiis together. In Southern Iraq, Najaf and Karbala, the burial places of Imams Ali and Hussein, are the holiest of holy Shii cities. Kazimayn, nearby, has the tombs of the Seventh and the Ninth Imams. Samarra has the tombs of the Tenth and the Eleventh Imams plus the revered Mosque of the Occultation, from where the Twelfth Imam allegedly disappeared (this mosque was blown up in the civil war on February 22, 2006 and again on June 13, 2007). In the cemeteries of these holy cities, many illustrious religious personalities from the world of Shiism are buried. In Iran, the Eighth Imam is buried in Mashhad, and in Qumm his sister is buried. Outside Damascus in Syria, Zainab, the Granddaughter of the Prophet and the sister of Hasan and Hussein, is buried. In commemorating the suffering of the Imams, pilgrimages pull millions of Shiis together. In the grand seminaries of Najaf, Karbala, Mashhad, and Qumm the best-known clerics teach. The prominent families of Najaf and Karbala trace their roots to long lines of marriages with the great families of Burjurid, Isfahan, Kirmanshah, Mashhad, and Qumm. Ayatollahs have cross-country followings. From Najaf and Karbala, Iranian clerics often led the Shii world. The so-called “historical ethnic enmity” between Arabs and Persians is an exaggeration. The conflict has always been between the rulers, not the Shii masses.
Washington needs today to deal with Iran as the major power in the world’s biggest oil region. GCC rulers in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE are too feeble to challenge Iran. These men are non-representative dictators pre-occupied in outdoing each other on who owns the more ostentatious palace and who flies the bigger private Airbus or Boeing airplane.
Elie Elhadj; author: The Islamic Shield
http://www.universal-publishers.com/book.php?method=ISBN&book=1599424118
Also:
http://journals.aol.com/eeh100/daring-opinion/
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219 Democrats and one Republican join in favor of the legislation, which passed by a narrow margin
The survivor and author is upset about comparisons some on the right are making to genocide
Salon headlines in your mailbox
