In The Name Of Allah, the Beneficent, the Merciful
DEFICIT FINANCING – Where it leads?
[Shamim A Siddiqi.
The economy and the fiscal
policies of the USA, the way it is running, reminds us about an Urdu poet who compares
the life with a person who is riding on a horse but he is neither holding its
reins nor has his foot in the saddle while the horse [the life] is running
fast. In such a state where the horse will tumbled him down, it is every body’s
guess. Just only the last week the debt
ceiling, the limit of loan acquiring power of the
The gap between the Revenues and the Expenditures of the governments is increasing beyond an unmanageable proportion. The deficit for the current year is reaching 440.
This is not a one time story. The
Republicans as a tradition claim vociferously to cut the taxes when they go to
power. Then to meet the deficit they resort to cut the facilities to the poor,
needy and have-nots of the country and resort to deficit financing at large. I have been watching the gradual decay of
Then one day while I was studying Surah Taha from the Qur'an, the Verse # 124 struck me with extraordinary curiosity. It says: "And one who turns away from My Guidance [Zikri], he will have only tight economy or a narrow life and I shall bring him blind to the assembly on the Day of Resurrection."
It is applicable equally both to individuals and nations. They all
are heading towards the same fate.
The economy of the
Will the financial wizards of the global economy ever think
for a moment that the world and what it contains does not belong to
them or to the Superpower but to the Creator and Sustainer of this
cosmos? The economic system that they, including the
However, it must be clear to all of us that the betterment of
humans and their societies now lies only in total surrender to their
Creator and Sustainer and following the way of life that He has ordained
through His appointed Messenger, Muhammad (peace be upon him). The
rest does not hold good at all. So for the
Shamim A Siddiqi
November 28, 2004