Friday, August 9, 2013

Economics for Occupiers Part 8 - Keynesian Economics

In Part 2 we looked at the basic concept of money. To examine the convoluted theories posed by John Maynard Keynes, we have to have a better understanding of money and the banking system. There are three forms of money: intrinsic, promissory and accounting. Intrinsic money, as we have seen, is money that has value by its very nature, like coins made of rare metals. Promissory money is basically a coupon which can (theoretically) be redeemed for something of real value by the issuing authority – i.e. a bank. Accounting money is money you have on deposit at a financial institution. It basically doesn't exist except as a mark on a ledger or a blip in a computer, but it represents a demand that you can make on that financial institution at any time – or in some cases, subject to specific rules you agreed to at the time of deposit, like a retirement account or certificate of deposit.

Wealth is anything of intrinsic value: food, property, manufactured goods, livestock, etc. Promissory and accounting money represents wealth. It’s a demand on the wealth of someone else, and can be exchanged for wealth with anyone else who agrees to the value of the promissory note. Even accounting money can be so exchanged – anyone using a credit card is not exchanging tangible money for products, they are ordering an accounting transfer from one account to another.

At issue is how to balance the amount of money in an economy with the wealth that it represents.

Read more about this in chapter 11 of Economic for Occupiers, now available on

Revelations or Seizures?

Excellent short article by Guest Blogger Alba D'Veritas:

Muhammad was asked what it's like to receive revelation.  His description is very interesting:

Sahih Bukhari

Volume 1, Book 1, Number 2:
Narrated 'Aisha:
(the mother of the faithful believers) Al-Harith bin Hisham asked Allah's Apostle "O Allah's Apostle! How is the Divine Inspiration revealed to you?" Allah's Apostle replied, "Sometimes it is (revealed) like the ringing of a bell, this form of Inspiration is the hardest of all and then this state passes ' off after I have grasped what is inspired. Sometimes the Angel comes in the form of a man and talks to me and I grasp whatever he says." 'Aisha added: Verily I saw the Prophet being inspired Divinely on a very cold day and noticed the Sweat dropping from his forehead (as the Inspiration was over).
Ringing, voices and sweating?  Look at these symptoms from about Simple Partial Seizures:

"Simple partial seizures in these areas can produce odd sensations such as a sense of a breeze on the skin; unusual hissing, buzzing or ringing sounds; voices that are not really there;"

"Episodes of sudden sweating, flushing, becoming pale or having the sensation of goosebumps are also possible."

More strange reactions by Muhammad:

Sahih Bukhari
Volume 5, Book 58, Number 170:
Narrated Jabir bin 'Abdullah:
When the Ka'ba was rebuilt, the Prophet and 'Abbas went to carry stones. 'Abbas said to the Prophet "(Take off and) put your waist sheet over your neck so that the stones may not hurt you." (But as soon as he took off his waist sheet) he fell unconscious on the ground with both his eyes towards the sky. When he came to his senses, he said, "My waist sheet! My waist sheet!" Then he tied his waist sheet (round his waist).
Another 'revelation'?

Sahih Muslim
Book 026, Number 5395:
A'isha reported that Sauda (Allah he pleated with her) went out (in the fields) in order to answer the call of nature even after the time when veil had been prescribed for women. She had been a bulky lady, significant in height amongst the women, and she could not conceal herself from him who had known her. 'Umar b. Khattab saw her and said: Sauda, by Allah, you cannot conceal from us. Therefore, be careful when you go out. She ('A'isha) said: She turned back. Allah's Messenger (may peace be upon him) was at that time in my house having his evening meal and there was a bone in his hand. She (Sauda) cline and said: Allah's Messenger. I went out and 'Umar said to me so and so. She ('A'isha) reported: There came the revelation to him and then it was over; the bone was then in his hand and he had not thrown it and he said:" Permission has been granted to you that you may go out for your needs."

Another description shows that Muhammad had was in distress with these 'divine' experiences:

Volume 1, Book 1, Number 4:
Narrated Said bin Jubair:
Ibn 'Abbas in the explanation of the Statement of Allah. 'Move not your tongue concerning (the Quran) to make haste therewith." (75.16) Said "Allah's Apostle used to bear the revelation with great trouble and used to move his lips (quickly) with the Inspiration." Ibn 'Abbas moved his lips saying, "I am moving my lips in front of you as Allah's Apostle used to move his."...

There are other ahadith and Islamic writings on this subject.  Muhammad's biography tells of him having suicidal thoughts - he was going to throw himself off a mountain.  Clearly he had problems - very well documented problems. Epilepsy may have been one of them.  It's not funny, but it's also not prophetic.

People of the Book

Excellent short article by Guest Blogger Alba D'Veritas:

The People of the Book is an Islamic phrase used for Jews and Christians.  Islam teaches that Moses and Jesus were given books by allah, the Torah (Tawraat) and Gospel (Injeel).

Muslims will try to use the phrase as if it is a good thing, a compliment even.  Well - IT'S NOT!

Quran (9:29) - "Fight those who believe not in Allah nor the Last Day, nor hold that forbidden which hath been forbidden by Allah and His Messenger, nor acknowledge the religion of Truth, (even if they are) of the People of the Book, until they pay the Jizya with willing submission, and feel themselves subdued." 

The people of the book get to pay jizya to stay alive and keep their faith.  They don't have to convert or die, as the idolaters, polytheists, atheists, agnostics and all other non-Muslims have to do.  Sounds ok, right?  WRONG!  Jews and Christians have to pay "protection money" in order to keep their faith, but who do we pay to?  Muslims.  And who do we need protection from?  Muslims!  Well, that's a pretty good racket, isn't it?  Wouldn't it be better for the "people of the book" if Muslims just left us alone?!  No, they can't do that.  They have to fight until all religion is for allah.  By being subjugated, the people of the book are now less than Muslims and admit that Islam is best.  It's submission - what Islam is truly all about.  People of the book can live as long as they become dhimmis, a lesser class of people in Islam.  Discrimination, hatred and intolerance are built into Islam.

According to Tafsir Ibn Kathir, on Quran 9:29:

Paying Jizyah is a Sign of Kufr and Disgrace

Allah said,
﴿حَتَّى يُعْطُواْ الْجِزْيَةَ﴾
(until they pay the Jizyah), if they do not choose to embrace Islam,
﴿عَن يَدٍ﴾
(with willing submission), in defeat and subservience,
﴿وَهُمْ صَـغِرُونَ﴾
(and feel themselves subdued.), disgraced, humiliated and belittled. Therefore, Muslims are not allowed to honor the people of Dhimmah or elevate them above Muslims, for they are miserable, disgraced and humiliated. Muslim recorded from Abu Hurayrah that the Prophet said,
«لَا تَبْدَءُوا الْيَهُودَ وَالنَّصَارَى بِالسَّلَامِ، وَإِذَا لَقِيتُمْ أَحَدَهُمْ فِي طَرِيقٍ فَاضْطَرُّوهُ إِلَى أَضْيَقِه»
(Do not initiate the Salam to the Jews and Christians, and if you meet any of them in a road, force them to its narrowest alley.)

Don't be fooled by Muslims.  The "People of the Book" are not friends with Muslims, not equal to Muslims and will be killed or converted if they don't pay the jizya, protection money.

Qur'an (5:51) - "O you who believe! do not take the Jews and the Christians for friends; they are friends of each other; and whoever amongst you takes them for a friend, then surely he is one of them; surely Allah does not guide the unjust people."