At 22/09/01 18:29 -0700, you wrote: >[this is one of the more intriguing rumors........] As I argued on Wednesday 12th >One hunch I have is that with such a well planned and funded operation as >yesterday, the backers must have expert knowledge of financial movements. >The temptation to have made a killing on the world exchanges may have been >too much for them and they may have failed to cover their tracks >completely. If they succeed, such guerrilla attacks on stocks and shares >will be self financing. The ultimate hedge fund operation. Perhaps this >will finally convince the Empire of the need for public accountability for >the movements of finance capital. (probably not) I agree with Ian that the report he has clipped looks highly significant. It is also significant politically. The peace movement ought to demand great caution in military attacks and much more vigour in chasing the money. This is where the real economic power behind this terrorist movement will be found, and contained. >Terror chiefs plunder stock market >John Hooper in Berlin >Sunday September 23, 2001 >The Observer > >The terrorist overlords who plotted the attacks on New York and >Washington appear to have made a massive financial profit out of the >resulting turmoil on international markets, one of the world's top >bankers said yesterday. > >Ernst Welteke, president of the Bundesbank, said a study by the German >central bank pointed strongly to 'terrorism insider trading' in the >days leading up to this month's carnage in the US. >The emerging profiles of those accused of carrying out this month's >attack show that most were highly educated men who had lived for long >periods in the West and were used to dealing with state-of-the-art >technology. It is by no means improbable that they had accomplices who >were just as much at home on global financial and commodity markets. >.The investment consequences of a catastrophic event like that on 11 >September would not have been difficult to predict. Indeed everyone has been so much reacting to the terroristic shock to ingore the fact that all the aspects of it, including the short and long term consequences will have been carefully considered. >The idea of exploiting for profit the death of thousands of people >might seem as bizarre as it is repulsive. But it would be all of a >piece with the stated aim of the prime suspect, Osama bin Laden. In >February 1998, he was instrumental in forging a new alliance of >ultra-radical Islamist groups, the World Front for Jihad against Jews >and Crusaders. A statement issued by the Front ordered all Muslims to >obey >'God's order to kill the Americans and plunder their money'. I would like to see this last phrase verified with a reference. However it is quite possible. We are very ignorant on an email list like this about islamic economic thinking. Few people whose primary motivation is that of radical islam probably subscribe to this list. However there is considerable work. The radical islamic party in Turkey has an extensive network of banks and credit facilities because of the injunction against usury. How this works I do not know, but it exists and it works. Presumably there are conventions and theory about how this is possible without committing usury. Risk is presumably shared in some way. It probably is not the equivalent of cooperative banks in the west, but it is highly likely that the financial structures are underpinned by a social and religious code. The net of effect of this is very likely to put social values as paramount, and challenges the capitalist notion of the private ownership of the means of production. The implications of this, are that there is highly likely to be an experienced international network of dedicated and sincere radical islamic people who know how to live along side the present capitalist system and hate it. Some of them could no doubt be persuaded to aid terrorism. But also, and this is where dialectics and genuine democratic internationalism is essential, there is a progressive aspect to the desire to have a different financial system to that of late monopoly finance capitalism. Of course if it is just a matter of criminal terroristic raids on the financial system that is not revolutionary at all. But without the terroristic connection, there could be an internationalist degree of cooperation possible with islamic economists. It may be important for any sort of Marshall Aid plan for the west bank etc. Does anyone have more information on islam and economics? At present the line up is one of economic warfare. Can we find ways of cooperating with progressive islamic elements to overcome the divisive and destructive effects of global capitalism? Chris Burford London
