Islamic 5th Column: Sharia-Compliant Finance coming to America

This is from one of my favorite blogs. From the Dissident Frogman.. excellent site.. he doesn't write often, but when he does he says it like it is (sometimes using rough language). He is one of American's best French friends, defending the US and calling the EU out, reporting on its dangerous and ignorant leaders.

Islamic 5th Column: Sharia-Compliant Finance coming to America

Think the subprime crisis was bad? Wait til you've seen financial Jihad.

Our Iwo Gina Early Warning System sounds the alarm: Wall Street, what's next?. Bits and pieces just to arouse and aggravate you enough to go there and read it all:

Tragically, in the process of leaping out of the scalding subprime frying pan, Wall Street is heading directly into a fire that promises, if anything, to be more devastating than the present disaster. Incredibly, it bears all the hallmarks of subprime with respect to a lack of transparency, a systematic failure to disclose and an utter absence of due diligence, good governance and accountability. The next "what" is called Shariah-Compliant Finance (SCF). Like subprime, it is a black box, in which management and investors alike are told to trust in the experts. In this case, the experts are Shariah authorities who are accorded exclusive responsibility for determining whether investments are "pure" (halal) and therefore acceptable, or "impure" (haram) and not.

David Yerushalmi, a litigator specializing in securities law and an expert on Shariah, produced a riveting legal memorandum (...) examining the civil and criminal exposure inherent in Shariah-Compliant Finance [Acrobat PDF — DF]. His conclusion: banks and investment houses offering SCF products may be enabling or engaging in the following: racketeering, antitrust activity, securities fraud, consumer fraud and/or material support for terror.

Read it all and start thinking about options and measures to take.