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Sharia goon blames corn futures for recession

November 11, 2011

Grain futures contracts were traded as early as the 1840s in the United States.  Were the commodities futures a monstrous invention of godless financial speculators that doomed America to nearly two centuries of economic ruin?  Far from it.  One source explains:

Before the North American futures market originated some 150 years ago, farmers would grow their crops and then bring them to market in the hope of selling their commodity of inventory. But without any indication of demand, supply often exceeded what was needed, and unpurchased crops were left to rot in the streets. Conversely, when a given commodity such as soybeans were out of season, the goods made from it became very expensive because the crop was no longer available, lack of supply.

In the mid-19th century, grain markets were established and a central marketplace was created for farmers to bring their commodities and sell them either for immediate delivery (spot trading) or for forward delivery. The latter contracts, forwards contracts, were the fore-runners to today’s futures contracts. In fact, this concept saved many farmers from the loss of crops and helped stabilize supply and prices in the off-season.

Commodities markets and their predictions of future supply and demand have, generally speaking, helped bring relative stability to food markets and avoid famine.  But what does Islamic law have to say about Western commodities markets that have helped stabilize food prices and avoid starvation?  Just watch this clip from known jihadist Taqi “Ugly” Usmani, one of the world’s foremost sharia finance scholars and Islamic jurists, denigrate the system during a speech in August:

Keep in mind, malnutrition plagues countries across the Islamic world today.  Few, if any, societies have ever made so much food available to the world at such an affordable price as has the United States of America.  Yet sharia law declares the financing behind this unique historical accomplishment to be a haram (filthy) sin.

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