Czar Paulson Appeals for GlowBall Unity while Sharia Capitalizes on Chaos

Lulu ~ The Man Who Sold the World

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Czar Paulson: Protectionism Won't Solve Credit Crisis

Appealing for global unity in a time of crisis, Treasury Secretary Henry Paulson said Sunday that isolationism and protectionism do not offer a way to contain the spreading damage. "Although we in the United States are taking many extraordinary measures to ease the crisis, we are not pursuing policies that would limit the flow of goods, services or capital, as such measures would only intensify the risks of a prolonged crisis," he said at a meeting of the World Bank's policy-setting committee.

The bank and the International Monetary Fund, holding their annual meetings this weekend, have a vital role to play in working with governments to develop appropriate responses "and discourage inward looking policies," he said.

As a result of the downturn, developed countries are not expected to help 28 countries facing twin shocks of rising food and fuel prices, said the bank's president, Robert Zoellick. "For the poor, the costs of the crisis could be lifelong," he said.

President Bush says his administration is doing everything possible to halt the biggest market disruption since the Great Depression.

Accompanied by Paulson and Federal Reserve Chairman Ben Bernanke, Bush participated for about 25 minutes in a discussion late Saturday with the Group of 20 nations, which includes wealthy countries as well as major developing countries such as China, Brazil and India.

Bush acknowledged that problem began in the United States, but told participants that "we're all in this together," according to a White House spokesman, Tony Fratto.

"We take this seriously and we want to work with you," Bush assured the ministers, according to Fratto.

In a statement, the G-20 finance officials pledged to work together "to overcome the financial turmoil, and to deepen cooperation to improve the regulation, supervision and the overall functioning of the world's financial markets."

Other speakers at a policy meeting of the IMF echoed Bush in emphasizing the need for countries to work together to address the crisis, avoiding the go-it-alone protectionist trade strategies that worsened conditions during the Great Depression of the 1930s.

"There is a resolve in the international community that this crisis will be resolved, that no tools will be spared to address its ramifications," said Youssef Boutros Ghali, Egypt's finance minister and the new chairman of the policy panel.

At a meeting Sunday of European leaders, French President Nicolas Sarkozy said he expected an ambitious and coordinated plan to tackle the financial crisis.

Stuck Mojo ~ Open Season

Replace capitalism with Islamic financial system: cleric

Muslims should take advantage of the global financial crisis to build an economic system compatible with Islamic principles, influential Sunni cleric Sheikh Yusuf al-Qaradawi said on Sunday.

"The collapse of the capitalist system based on usury and paper and not on goods traded on the market is proof that it is in crisis and shows that Islamic economic philosophy is holding up," said the Egyptian-born, Qatar-based cleric.

"The Western system has collapsed and we have a complete economic philosophy as well as spiritual strength," he said at Sunday's opening of a conference on Jerusalem.

"All riches are ours... the Islamic nation has all or nearly all the oil and we have an economic philosophy that no one else has," Qaradawi said.

He urged Muslims to "profit from the crisis to bring about the triumph of the (Islamic) nation, which holds the spiritual and material resources for victory."

The sixth conference on Jerusalem is being attended by around 300 people representing political parties as well as Muslim and Christian NGOs, from various countries.

It is staged by Al-Quds (Jerusalem) International Institution, which is dedicated to the conservation of the holy city and its sacred places.

Participants include Khaled Meshaal, exiled head of the Palestinian Islamist movement Hamas, and Ali Akbar Velayati, a top adviser to Iranian spiritual leader Ali Khamenei.

The three-day conference will look at ways of protecting Jerusalem and its holy sites, which participants believe are threatened by Israel.