As Congress and President Obama failed yet again to break their stalemate over the debt limit, Wall Street and Washington turned their attention to a critical question: How long will investors give them?
“We may have a few stressful days coming up — stressful for the markets of the world and the American people,” William M. Daley, the chief of staff for Mr. Obama, said on CBS’s “Face the Nation” Sunday morning. Read more
Categories: Economics, United States
In 1982, during the first visit to Europa as Khalifa, Hazrat Mirza Tahir Ahmad, Khalifatul Masih IV’s, was invited to a dinner by the Managing Director of Habib Bank AG, Zurich. Other guests included ‘big name bankers’ from Zurich and Lichtenstein. Together they controlled billions and billions of Dollars and Swiss Francs of Investments. Conversation came to Islamic Banking. Hazoor stated that ‘the present economic system will collapse, it is only a question of time’ and he explained why. He said you cannot give interest bearing loans to countries that you know cannot repay. You give them another loan to pay for the interest etc.etc.etc. – My own thought was that these big bankers will re-assure Hazoor ‘do not worry, we have it all under control’, instead after a few questions and answers of details they all agreed with Hazoor! And now we are closer to what Hazoor stated 30 years ago.