In-der-Blog-sein

The Exotic Melon has a lecture by Abu Bakr Rieger that explains the Muslim response to technological thinking.

We therefore arrive, finally, at one of the fundamental, philosophical questions of modern Europe, one which the German philosopher Martin Heidegger formulated thus: does technology have man in its hand, or does man have technology in his hand? Can we reform unbridled capitalism at all?

Martin Heidegger is pessimistic about whether man, under his own aegis so to speak, can change the course of things: “No human calculation or action can of its own accord or by its own means bring about a turnaround in the current state of the world – even if only because the machinations of human power are themselves shaped by this world situation and have succumbed to it. So how can they become its master?” (Martin Heidegger, Correspondence with Kästner)

I am convinced: herein lies the actual intellectual appeal of Europe’s encounter with Islam and its Revelation. Every age has its message, and in our age the core of any message that hopes to be relevant must be of an economic nature. The Qur’an in fact contains a key ayat on our human situation but also on the economic situation: “Allah has permitted trade but forbidden usury.” (Surat al-Baqara, 275) On reflection the opposite reality is true of today’s Europe: Europe has monopolised trade and professionalised the taking of interest.

That has a certain ring of correctness to it--just no one tell Asians or Americans that trade is a European monopoly.

If we eliminate credit for interest, civilization would probably regress to the point where technologal machinations would no longer be a concern. And why stop there? Paper currency arguably depends on usury (Ar-Rum 30:39 indicates that money should only be given in charity and not lent), so eliminate paper and return to the gold standard, or eliminate currency altogether, just to be safe (Al-Nisa 4:161), and stick to barter.

In the meantime, just in case this revelation catches on, I'd sell Euro bonds and move into East Asian emerging market funds.  ¶ 8:33 AM