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Thesun 2009-06-17 Page12 Do Not Leave National Unity To Chance
Thesun 2009-06-17 Page12 Do Not Leave National Unity To Chance
t h e s u n s a y s
letters
Did Obama really say anything? letters@thesundaily.com
comment by
Sulaiman Dufford
ten minutes up a little hill, he
could have just as easily taken
off his shoes and joined the
would have been a substantial
indication that Obama at least
knew some little thing about
selves, even though Muslim
powers have made it very clear
that they expect a full return of
Allow banks to set
IF YOU examine Barack
Obama’s much touted speech
from Cairo, you will not find
Muslims at prayer in the Al
Aqsa mosque. One news photo
of Obama in full prostration
the history of monotheism in
human society, and using the
Jewish veneration of Prophet
the pre-1967 lands to Palestinian
hands.
So on the one hand, Obama
interest rates
much. In particular, you will before the Qibla in Mecca Sulaiman (a.s.) to do so. mentioned the equal rights of I WAS glad to read “Furious Australia warns banks on rates”
not find much that the Zionists could have changed history. That would have been Muslims, Christians, and Jews (June 15). Finally, a bank that dares to challenge the status quo
would object to. In fact, his Except that he probably would substance. It would have to Jerusalem, and on the other and move in the right direction.
thinking is very much in their not have been elected, had he constituted evidence of his hand, he did nothing substantial A bank is a business, and like all other businesses it should
style – “Let’s all sit down, hold done so. So perhaps, like our intention to be even-handed toward re-establishing those be free to set the price of what it sells, and that is money. An
hands, and respect each other’s Prophet’s treaties with the in his negotiations on the rights. This is sound without experienced bank will know what is the highest, the lowest,
values.” Quraish, he secured his place Middle East. Yet it seems clear substance. It is also typically and the optimum rate of interest it can charge to lend money
“Wrist slapping” is an idiom in that history by means of cer- he could not risk his Jewish American. profitability and satisfactorily.
expressing a type of criticism. tain compromises at present. support and votership by The Americans have mas- Low interest rates stifle the economy because they reduce
For example, Obama appeared But could he not at the doing such an easy and wise tered the art of public entertain- the amount of cash in circulation, while market-driven inter-
to admit former excesses of very least have stood outside thing. Or else, dare we say it, ment and image-making. They est rates boost the economy and make it progress. If banks
colonial powers, and yet he did the front of the Golden Dome, his advisers were too stupid to have mastered it so well that can charge the interest rate they deem fit for their business
not in any sense apologise as and mentioned the Prophet recognise the positive potential they have come to believe in model, they will make more profit. This profit will then be
one of those himself. American Muhammad’s ascension from of such a move, and how easy all these images themselves. invested and the result will be that the banks can pay higher
neo-colonialism is a powerful that site, as one of history’s it would have been to make it, Most of them still believe in interest rates on depositor accounts too.
element in today’s world, and major “turning points”, no less as anyone who has been to the their “American dream”, and This will create healthy competition in the financial market
yet you would never know it pivotal than Prophet Ibrahim’s Temple Mount would know. yet what good is a salary (such with the banks having to work constantly to attract customers
from his “wrist slapping” of the smashing his father’s idols? Or take Israel’s refusal to as that of my son) in Los An- – borrowers that will pay interest on loans and investors that
former colonists. Or he could have mentioned stop building on land captured geles of US$5,000 (RM17,650) a will get the best rate for their investment.
There was a lot of sound in all three shrines – the Wailing in the 1967 war. Obama could month, when the rent for a flat is When a bank is allowed to fix the price of money, the inter-
his speech, yet not much sub- Wall, the Golden Dome, and have conditioned further US$2,000 (RM7,060) there? And est rate will be higher both for the person who spends and
stance, if you think about it. In the Aqsa Mosque – as humani- American support (especially when tax payments to the federal the one who saves. Savers are not necessarily better than
Jerusalem before his election, ty’s combined legacies from the financial) on an immediate government may be from 30% to spenders, and a balanced economy needs both.
he donned the Jewish skull site of the Prophet Solomon’s cessation of such illegal build- 40% of one’s monthly income? However, spenders are hardly concerned with price be-
cap and joined them at their famous temple which formerly ing. But no. Instead, he gave No doubt, the Americans felt cause their focus is on getting the goods. The savers, on the
“Wailing Wall” for prayers. occupied this “Temple Mount” us vague words about “both triumphant that their president other hand, allow the capital to be accumulated and, as we
This is substance. By walking (as it is still called today). This sides” having to behave them- was able to speak in Cairo with all know, no industry can be conceived without some amount
the sponsorship of Al Azhar of capital.
University, among others. They The interesting thing is that, most individuals are both
seem to feel that orchestrating spenders and savers. They spend on the things that are im-
this event was in itself some sort portant to them and save on those they consider unnecessary.
of proof of his power as a “force This is probably the main reason why allowing banks to set
for peace”. their own rate of interest is the right way to go.
Well, congratulations. I hope Malaysian bankers will follow the example of the
Commonwealth Bank of Australia and thus free the economy
The writer lectures anthropol- and the individual.
ogy at International Islamic
University Malaysia. Comments: Marisa Demori
letters@thesundaily.com Ipoh