ABSTRACT The financial crisis was in large part caused, prolonged, and worsened by a series of government actions and interventions. The housing boom and bust that precipitated the crisis were enabled by extraordinarily loose monetary policy. After the housing boom came to an end, the Federal Reserve misdiagnosed financial markets' uncertainty about the location and value of risky subprime mortgage‐backed securities as being, instead, a liquidity problem, and it took inappropriate compensatory actions that had side effects that included raising the (...) price of oil. Finally, in mid‐September 2008, the government's ad‐hoc bailouts, and the unpredictable terms of the proposed tarp legislation, appear to have caused a sharp spike in uncertainty in the financial markets. (shrink)

To a student audience seduced by the claims of a ‘secular Christianity’, Professor Gordon Rupp once urged the combined loyalties of ‘worldmanship’ and ‘other-worldmanship’. The Muslim world shows little friendship to secularist ideologies which explicitly reject the eschatological dimension, but Muslims are increasingly involved in secularising processes; many of these are ‘Islamised’, if they are compatible with Islamic social or political ideals, and the stigma of bid‘ah , innovation, is thereby avoided. A Lebanese author, Muhammad Darwazah, in his Dustūr al-Qur’ (...) ānī , Cairo 1956, advocated a ‘Qur'ānic Constitution’ for the modern world since the Qur'ān’s world-view is both in-worldly and other-worldly: ‘Islam is a religion of the world , of government, society, morals and order, to the same extent as it is a religion of faith and belief and the next world .’. (shrink)