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INCEIF
the Global University in Islamic Finance,Kuala Lumpur, Malaysia
  MIF Program
Term Paper
The current Global Economic Meltdown Causes and impacts
By: Mughees ShaukatStudent ID # 0801014
 
 
 
THE GRAND DESIGN
HOW ECONOMIC MELT DOWNS ARE FABRCATEDINTRODUCTION
Crisis that affects the entire financial system and beyond is said to appear whenever theexpectations of continuously higher returns to financial assets fail to materialize (Eichengreenand Mitchener, 2003).there is now a consensus that the global financial crisis began in themortgage finance sector of the financial system of U.S. and spread so rapidly to the globalfinancial system. Because the U.S financial system is the epicenter of the crisis. But thesituation is not as straight forward as it ogres here. There are always two sides of the pictureand to me it is that other side of the picture that is actually its only side and which we willexplore in this paper.To begin our quest of this expedition which is a pragma and not a dogma of the philosophicaland the very analytical conclusions profounded, it is imperative for us to first understand whatthis so called SUB PRIME crisis is and then extend our voyage to the real depths of fabricateddespair to satisfy greed and the never ending lust for power and hence the abuse of it as theepitome.This paper will argue and hence will try to prove that how the global financial crisis has beenmanufactured. It’s even been planned, in advance. And make no mistake about it - it’s hardlystarted yet. It's not a cyclical downturn or a 'recession’. Furthermore it will also reveal its trunkfrom the invasions of Iraq and Afghanistan and finally will conclude at the predictable effectsand some more questions left unanswered.The National Debt Clock in Times Square had to be taken down in September. The clock,which has been informing the public about the United States' soaring debt for nearly twodecades, needed to be reconfigured to add space for new numbers. According to the Treasury,the national debt has grown more than $500 billion each fiscal year since 2003. And then,
 
 
beginning on September 30, 2008, it grew another $500 billion in a single month. Never beforein U.S. history has the national debt increased so rapidly. The $700 billion government bailoutrecently passed by congress could send the total debt to more than $11trillion and the currentglobal cost of the financial crisis is $2.8 Trillion and counting. As the nation speeds toward whatcould be the next great depression we are left to wonder, “what happened?” To find theanswer, it helps to understand Wall Street jargon—mortgage backed securities, collateralizeddebt obligations, credit default swaps. It also requires us to revisit former economic sage AlanGreenspan, deregulation, and the role of U.S. homebuyers. The answer to the question,however, can be summed up two words Greed, and Power. The financial sector is one of thecommanding heights of a modern economy, a key node in the flow of power.
BACK GROUND
THE GRAND DESIGN AND THE JEWISH-CHRISTIAN ALLIANCE
There is a grand design that links international politics, international monetary economics andreligion with today’s fraudulent monetary system Let us explain. We live in precisely such aworld in which a Judeo-Christian alliance has emerged for the very first time in history. It is thatalliance which has created modern western civilization, and which now rules the world throughthe United Nations Organization, etc. It has created a monetary and economic system throughwhich it has already succeeded in unjustly enriching itself at the expense of the rest of theworld. It is that Jewish-Christian alliance which established the International Monetary Fund.A rich elite now rules over the poor masses of mankind, and the rich nations now rule over therest of the world. In addition, the wealthy ruling elite around the world now constitute oneJama’ah, and the stage is now set for a shift of power. The reader can easily recognize thevery heart of the process of legalized theft in the international monetary system that the Judeo-Christian alliance has created by focusing attention on an event that occurred in April 1933.The US Government enacted legislation at that time prohibiting American residents fromkeeping gold coins, bullion or gold certificates in their possession. Gold coins weredemonetized, and were no longer permitted as legal tender. They could not be used as money.If anyone was caught with such gold after a certain date, he could be fined $10,000 and/or beimprisoned for six months. In exchange for the gold coins and bullion, the Federal Reserve
of 00

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