Excerpt from the book called 13 Bankers by Johnson and Kwak / Petikan dari buku yang dipanggil 13 Bankers oleh Johnson dan Kwak
· “The failure to regulate not only derivatives, but many other financial innovations, made possible a decade long financial frenzy that ultimately created the worst financial crisis and deepest recession the world has endured since World War II.”
This is what happens when finance is not governed by Shariah.
· “Derivatives grew to over USD680 trillion in face value and Credit Default Swaps grew to over USD50 trillion by 2008 contributing to the inflation of the housing bubble. When that bubble burst, the collapse in the value of securities based on the US housing market triggered the financial crisis. US and other governments bailed out their banking sectors with rescue packages worth hundred of trillions of dollars.”
These bail outs are by creation of fiat money out of thin air which is fraudulent and a thievery of the ordinary man’s purchasing power