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New Take on Islamic Finance:
"Islamic finance is a system based in shariah law...Napoleoni said these principals are actually quite similar to the principles of classical economics."
http://www.unm.edu/~market/cgi-bin/archives/003402.html
Complete Lecture:
http://www4.unm.edu/unmlive/?p=153
As the dust settles from the 2008 elections, pressing questions remain about the state of the world economy. “This is the major crisis that Western capitalism is facing since 1929,” said economist Loretta Napoleoni during a lecture sponsored by UNM’s International Studies Institute. Napoleoni’s talk on “The Global Financial Crisis” was the keynote of ISI’s lecture series, “Global Instability: Causes, Consequences and Cures.”
She also attributed some of the severity of the crisis to the war on terror. “The war on terror… turned out to be a total financial folly. And part of the problem of what we’re facing today – not that it created the credit crunch, absolutely not, but it weakened the defenses of the American economy to deal with a crisis like that.”
She said that financial regulations in the Patriot Act led international investors to get out of the dollar and invest in other currencies. “What’s happened after 9/11 is that the tough regulations imposed by the monetary authority, coupled with the suspicious attitude that the U.S. had toward Muslim investors, convinced many investors from oil countries to repatriate their funds.”
Napoleoni is the author of “Rogue Economics: Capitalism’s New Reality,” “Terror Incorporated” and “Insurgent Iraq.” She is an expert on financing of terrorism and advises several governments on counter-terrorism. She is senior partner of G Risk, a London-based risk agency.
To view the complete lecture, visit The Global Financial Crisis.
