Back cover of "Casino Capitalism and Collapse of The American Economy, Leading to the Emergenece of An Islamic Empire" book --------------------------------------------------- The prosperity during 2000s was based on borrowed money. In 1990, 2000 and 2007, the average American household’s debts were 83%, 92% and 130%, respectively, of its income. Therefore, although Americans were able to […]
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Back cover of "Casino Capitalism and Collapse of The American Economy, Leading to the Emergenece of An Islamic Empire" book ---------------------------------------------------

The prosperity during 2000s was based on borrowed money. In 1990, 2000 and 2007, the average American household’s debts were 83%, 92% and 130%, respectively, of its income. Therefore, although Americans were able to immediately spend money worth 38% of its household’s income during 2000-7, they had increased their debt by the same amount.

When you squeeze the juice out of a fruit, then what remains in the fruit? That’s what the hedge funds have done with the U.S. and the global economy. Economic crisis plaguing the Europe after the 2008 Great Recession have affected only those countries having trade deficits. Taking advantage of its currency being the global currency, the US prints the dollars to fund its budget and trade deficits whenever its wants, whereas other countries can not do the same and have to “earn” dollars from exports or foreign investors to pay for their imports. Due to trade deficits, India’s currency has lost its value by 250% in last 22 years.

The global economic crisis in conjunction with the Arab Spring and the Islamic militancy is going to change the Islamic countries as the two World Wars changed the Europe. In the end the majority of Islamic nations will become secular and democratic like Turkey.

SUSMIT KUMAR obtained his Ph.D. from Pennsylvania State University. Before coming to the United States he was selected to join the prestigious India Administrative Service (IAS). This book is an extension of the chapter 6 (“The Collapse of The American Economy”) of his January 2008 book, Modernization of Islam and the Creation of A Multipolar World Order. His 2008 book was an extension of his 1995 article published in Global Times, Denmark. In this article, based on the analysis of the social, political and religion environments in the Middle East, he predicted the global rise of Islamic militancy due to the 1980s US intervention in Afghanistan, take over of Middle East and North African Islamic countries by fundamentalist Muslims and also its final outcome.

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