Socialism fails once again

I think everyone will agree that we live in unusual times. There is turmoil all around the world. Wall Street has been witnessing a blood bath. There is a report that a Kiwi financier has thrown himself under a train in UK. Well, interestingly enough, this month also marks the perfect alignment of the Gregorian (the universal calendar these days) and the Islamic Calendars. For example today is 09/28/2008 by Gregorian Calendar, and is 9/28/1429 by Islamic Calendar (Hijri). The ninth month in the Islamic Calendar (i.e. The Holy month of Ramadan) started on 09/01 . The next Islamic month will start on 10/01 (i.e. Islamic Holiday of Eid will be on Oct 1). Such congruence is extremely rare. This rare alignment given the debacle on Wall Street is a reason enough to sit up and reflect.

From a perspective it appears that the 200+ years old American economy (the locomotive that drives the world) is going through the same set back that the 1400+ years old Islam has gone through. While Muslims held to the teaching of the Quran (i.e. their true beliefs), they defined science, mathematics and progress. Muslims ruled while they remained Muslims, but as soon as the self proclaimed Muslims diluted their belief system with corruption and parted from the straight path of Islam, they crashed from their lofty heights. Dilution and corruption turned the super successful Muslims into utter failures.

The American economy likewise has crashed, not because of its beliefs in freedom, justice, democracy, capitalism or conservatism, but because of socialism. President Carter started the process of shaming the bankers into lower their mortgage underwriting standards. Soon thereafter the US congress (read Democrats) in their delusional social re-engineering efforts started providing the bankers with carrots to give loans to very risky borrowers. Then President Clinton mandated the bankers into making loans that made no business sense at all. Today, using the infamous words of an infamous American “the chickens have come home to roost”. The Sub Prime Loan debacle on Wall Street is thanks to an injection of socialism in America’s puritan conservative way of life. So while America championed for freedom, democracy and capitalism around the world, while Americans selflessly spilled their guts on the shores of Normandy (Iraq & Afghanistan) to secure a bright future for Europe (Middle East & Asia), while America subsidized medicine, pharmaceutical drugs, education and technology for the whole world, an Un-American ideology, socialism, took hold in America and has shaken its foundation.

Let us recognize that China, Russia, India and the whole world is growing not because they are being more Chinese, Indian or Russian etc, but because they are trying to be more American. Countries around the world are growing by abandoning their socialist roots and embracing the American way of life. For years, America held their hands and taught them how to walk. Their success today is America’s success. It is a success of the American way of thinking and working. Unfortunately while the rest of the world has become more American, we in America have become more third world like.  Nonetheless, please allow me to tell those that are rejoicing the death of America that the rumors of our death are wildly exaggerated. The financial mess you witness today is a mere correction. We will shed the alien, third world, socialist ideology and go back to being Americans. History will mark this period, as a period of transition. Our better days are ahead of us. We will get the Credit Swap market into check. We will put a check on the practice of naked shorts. We will reduce corporate taxes and eliminate capital gains taxes. The Dow, Insha Allah, will soar once again. America will learn from the debacle of Muslims. Unlike the Muslims, who are  unwilling to shed their corruption and go back to the Quran, America will go back to being conservative. In any case America lives wherever freedom, democracy and free markets flourish, just like Islam lives & flourishes wherever the concept of truth and justice exists.