In recent days, we have all witnessed one of the more horrendous crimes against humanity by the Israeli defense forces against the civilian population of Gaza strip. While many Muslims are expressing their outrage at the perpetrators and financiers of these crimes by boycotting American products, very few realize that the people who financed the war on Gaza may be much closer to home.
The campaign to boycott all American products is fueled by the fact that the United States of America is the primary financier of Israeli atrocities against the Palestinian people. An analysis of statistics shows that the feelings of Muslims towards America and American products are rightly justified. According to an Israeli news source, Israel's military budget for the year 2007 was USD 7.7 billion (http://www.ynetnews.com/articles/0,7340,L-3321675,00.html). In the same year i.e. 2007, Israeli Prime Minister Ehud Olmert publicly announced that the United States has agreed to pay Israel a total of USD 30 billion in military aid over the next ten years (http://www.forbes.com/business/feeds/afx/2007/07/29/afx3963706.html). This amounts to USD 3 billion military aid per year. It is to be kept in mind that this is the figure which is revealed to the public. The amount of aid which actually flows from America to Israel is feared to be much greater.
Hence even if we were to believe the official figures, it is evident that a huge portion of Israel's military budget is financed by the United States of America. But given the recent economic crisis in the United States, one cannot help but wonder that even when the Americans themselves are short of cash, how do they manage to give so much money to Israel? How do they manage to finance the Israeli killing machine?
Before we move on, let's take a look at how a cash-strapped country like the United States of America manages to generate funds to finance the Israeli killing machine. Currently, the United States constitutes the deficit unit of the global economy. Deficit unit refers to those countries whose expenditures are greater than their incomes. In other words, countries which constitute the deficit unit are those which are short of money. When a country like America is in need of money, it issues government bonds. Bonds are essentially a debt, in which the issuer is obliged to pay periodic interest payments and return the principal amount at a future date. In other words, when the American government is short of cash, it borrows money in the form of bonds from those who have surplus funds. In this way, a steady supply of money is ensured to the American government which enables it to finance its own economy as well as the Israeli killing machine.
A look at the figures of investment in the American economy by Muslim nations in shocking. According to Raymond Seitz, vice chairman of Lehman Brothers in London and a former U.S. ambassador to Britain, Saudi Arabia alone has investments amounting to between USD 500 billion and USD 700 billion in the American economy (http://www.library.cornell.edu/colldev/mideast/enormss.htm). In late 2007 the Abu Dhabi Investment Authority poured USD 7.5 billion in a single shot into the collapsing Citibank of America (http://www.cbsnews.com/stories/2007/11/27/business/main3545847.shtml?source=RSSattr=Business_3545847). In July 2008, A UAE based investment firm announced to start a joint venture with American company General Electric with an initial investment of USD 8 billion(http://www.reuters.com/article/rbssComputerHardware/idUSDXB00028420080722). These are just a few examples which show the extent of investment of Muslim nations in the American economy.
An analysis of the major foreign holders of American government bonds reveals a similar tale. According to the American department of the Treasury, "Oil Exporters" are the fifth largest foreign investors in American treasury bonds. Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria (http://www.treas.gov/tic/mfh.txt). Twelve out of those fifteen countries are Muslim. These countries hold American government bonds amounting to USD 200 billion (ibid). Investment by these countries in American government bonds increased by 44 % in just one year from November 2007 to November 2008. If this trend continues, investment by these Muslim countries in American government bonds is likely to cross the USD 300 billion mark by the end of this year. This shows that Muslim nations are increasingly willing to purchase American government bonds, hence providing the much needed money to the American government.
The bottom line is that the Muslims have played a significant role in keeping the American economy alive and have provided the cash-strapped American government the money it needs to finance the Israeli atrocities against the Palestinian people. Life for Israel will be very difficult without American financial support, and although America might still survive without Muslim money, it would have to think a dozen times before spending its limited cash. In such a situation, it is very likely that financial aid to Israel will be an overwhelming burden on the American economy and will most likely be discontinued.
I salute the efforts of those Muslims who are boycotting American products, but I have to say with great regret that until we have people in our Ummah who are willing to earn money at the expense of the blood of their brothers, there is not much we as individuals can do to stop the Israeli crimes. We all know the obvious enemy, it's important we know the enemy within us. May Allah grant Hidayah to all Muslims.
by Aqil Abdul Razzaq Khan
Kavkaz Center
Comment: Keep on boycotting the US & Israel products. Our money to kill others - no way.
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