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Online usersPollWhat should the government do about ailing financial institutions? Nothing, except to back off and get out—as any Objectivist knows, intervention is treating the disease with the disease 84% Intervene judiciously—enough to avert a catastrophe that is otherwise imminent 3% Intervene massively—as it's doing 3% Nationalize the whole economy and be done with it. Bring on the USSA! 1% Something else (specify) 9% Total votes: 76
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The Arch Bishop Was Right !Submitted by Sandi on Mon, 2008-02-18 04:46.
It seems that the Arch Bishop of Canterbury was quite correct when he said “sharia law was now "unavoidable" in Britain”? Not only are Muslims demanding mainstream separatism including their own law, the UK Government is set to publicly ENDORSE and IMPLEMENT Sharia within Britain. According to the Telegraph “The row over sharia law was reignited on Sunday with the emergence of plans for the Chancellor to approve "Islamic bonds" which would raise money for public spending from the Middle East. Britain would be the first Western nation to issue the bonds, which meet Islamic rules by avoiding interest payments, classed as "sinful. The move could lead to wealthy Middle Eastern businessmen and banks taking ownership of Government buildings and other British assets. A Treasury spokesman said: "We want the City of London to be one of the gateways globally for Islamic financial products." The senior Conservative MP Edward Leigh, chairman of the Commons public accounts committee, said: "I am concerned about the signal this would send - it could be the thin end of the wedge. "British common law must be supreme and should apply to everyone." Unlike a conventional bond which is debt-based, a sukuk is asset-based. Instead of receiving interest, bond holders receive "rent" on the asset, complying with sharia. It is believed that Government assets such as "buildings or a piece of infrastructure" would be switched to a "special-purpose vehicle" set up to administer the bond. This would be carried out by a contract known as an "ijara." The asset would then be leased back by the Government, generating rental payments for the Islamic bond holders. When the sukuk matured, the Government would guarantee to buy back the asset, allowing the bond-holders to get redemption payments."
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