Homeland Insecurity Part II: Financial Inevitabilities

By Sean Osborne, Associate Director

20 December 2008: On the same day as my report below another similarly themed report was published by Eamon Javers at Politico.com with the headline Four really, really bad scenarios. This report highlights the apparently top-notch financial fieldwork of Mr. James G. Rickards. Top notch in that Rickards briefs the Director of National Intelligence via the Committee on Foreign Investment in the United States (CFIUS) and does lectures sponsored by the United States Navy and the Office of the Secretary of Defense for Policy, among others. Of interest to readers of this website, and unmentioned in the Politico.com article, is this tidbit from Rickards on-line biography at the Johns Hopkins University Applied Physics Laboratory:

Mr. Rickards … is a member of the Advisory Board of Shariah Capital, a firm specializing in Islamic finance. Mr. Rickards is also a member of the International Business Practices Advisory Panel to the CFIUS Support Group of the Director of National Intelligence.

Shariah Capital is shari’a finance. It is Islam. It is as Alex Alexiev wrote in his National Review article back in April of this year, “Jihad Comes to Wall Street.”

Getting back to the Politico.Com article, in a single sentence section sub-headlined as “The Bait Effect,” Eamon Javers reported the following as one of four scenarios that contributes to James Rickards acute case of insomnia. “Terrorists and al Qaeda in particular, are fascinated with the idea of destroying the U.S. economy. Rickards worries that the economic meltdown in the United States could serve as bait of sorts for a terrorist attack, as plotters calculate that a strike now could have a “force multiplier” effect because of the already skittish U.S. stock market.

Another of Rickard’s nightmares provides us with a hint of what two thousand of years was prophetically declared in Revelation 13 would become a global financial system. This nightmare is presented as a “what if” scenario. “But what if some kind of global coalition – say a trillion-dollar sovereign wealth fund allied with several countries around the world – banded together to create a gold-backed alternative to the dollar?”

Reality check. It’s not a “what if.” It’s a “when.”