Madinat al-Muslimeen Islamic Message Board
|07/25/01 at 04:39:14|
What happened to the economy of the world's most powerful nation ?
I understand that this economic slowdown has been trigerred by the IT industry...dot-com's to be precise. And this affected the stock markets, bringing it to a new low.
Is the slowdown only in technology sector, or it has affected the old-economy(manufacturing, retail, etc ) also ? How much of this economic recession affected the normal people ? Will this lead to a global economic slowdown ? Indian IT industry is already affected by it. How about Europe ? Britishers....views needed.
Now the real question...what would be Islam's solution to this ?
|Re: US Economy|
|07/25/01 at 06:05:43|
|Asalaamu Alaikum ;-)|
[quote]Now the real question...what would be Islam's solution to this ? [/quote]
Sheesh I see we're dealing with the easy questions today huh! ;-)
Here's my two euros worth on the UK economy.
In my view there's a two speed economy over here at the moment. Telecommunications and associated industries are in obvious recession (fallout from the ridiculous bubble in the sector) whereas traditional manufacturing is relatively flat.
The US economy is so huge that any slowdown in the States will undeniably affect the rest of the world. There is still truth in the saying "when America sneezes, the rest of the world catches a cold"
I personally believe that there will be a slowdown in the UK but as for a recession I'm undecided. Monetary policy is now in safe hands with the Bank of England and their inflation targets should ensure that if there is a recession it won't be as severe or last as long as the recessions in the early 80's or 90's.
But anyway what does the above mean for Islam?
One of the speeches I heard at the conference at the weekend touched on the issue of the boom and bust of the e commerce and internet industry. The point that was made was that all these new internet ventures and the analysts and backers thereof forgot about the fundamentals of business when the boom started because of the dollar signs that were floating in front of their eyes. Valuations soared to incredulous levels and it was only a matter of time before they came crashing down because they weren't fixed on firm and fundamental foundations.
I mean really, how can a company be worth billions when it has never ever posted a profit?
Likewise our Iman is such that unless we retain our fundamentals of faith, we are potential prey to the booms and busts which occur during our lifetime.
As for the US economy I've always maintained that the most important man in the US is not Bush but Greenspan.
This guy has the power to send the world into recession via his control of US interest rates.
All this talk of the economy however sometimes hoodwinks the fact that as an individual its not the state of the economy that ultimately determines whether you have a job, how well paid you are or how well your investments are doing etc etc.
All these things come from Allah [swt]
I hear stories of Muslims who have lost fortunes in the dot.com collapse and the fact that they blame a whole variety of people.
Whenever misfortune strikes me, I think of the following verse:
[color=Blue]Whatever good, (O man!) happens to thee, is from Allah; but whatever evil happens to thee, is from thy (own) soul. and We have sent thee as a messenger to (instruct) mankind. And enough is Allah for a witness [4:79][/color]
Okay I think I've wandered a bit away from the subject at hand! ;-)
As ever Allah [swt] knows best
www.Br Khalid.com ;-)
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