Financial disaster struck the country the superpower United States. Several world-class giant banks that have mastered to various parts of the world fall. Starting from the bankruptcy of Lehman Brothers, the giant banks and giant financial company Bear Stearns. Moments earlier, the U.S. government was forced to take over the largest mortgage companies in America; Freddie Mac and Fannie Mae while Merrill Lynch had not much different conditions to be acquired by Bank of America. Finally the largest insurance company AIG (American International Group) shows the same critical phenomenon.

To overcome the crisis of the great storm and save the giant banks that collapsed, the United States government was forced to bailout $ 700 billion dollars to 1 trillion U.S. dollars. America's intervention in the domestic financial sector Uncle Sam is contrary to policy schools of free market (capitalism) that followed the United States. In fact a similar injection of funds to BLBI anyway, no significant exposure to stem the crisis storm so great. This bailout policy, not just the American government, but also central banks of Europe and Asia step in to inject funds to boost liquidity of the economy, which is expected to prevent the domino effect of the collapse of investment banks are world class.

A few moments after Lehman Brothers bankruptcy information, the world's financial markets experienced a free fall in the lowest level. Several major banks collapse and the collapse of other investment banks in the United States immediately triggered a wave of panic in various financial centers around the world.

Capital markets in the United States, Europe and Asia soon experience that resulted in panic selling of stock index falling to each market. Stock markets everywhere into a free fall into the abyss. London stock market recorded the worst fall in a day that reached 8% decrease. While Germany and France each slapped with a fall of the capital market by 7% and 9%. Capital markets emerging markets such as Russia, Argentina and Brazil also experienced a very bad slump of 15%, 11% and 15%.

Since the beginning of 2008, China's stock market plunged 57%, India 52%, Indonesia 41% (before the activity is suspended), and the European zone of 37%. While bond markets slumped, the developing country's currency weakened and commodity prices fell, especially after the oil commodity speculators judged that the economic recession will reduce energy consumption of the world.

In the U.S., Wall Street continued to sag. Dow Jones as the epicenter of world capital markets fell. Dow Jones index numbers indicate worst rates in the last four years under the number 10,000.

In order, anticipate that the financial crisis, seven central banks (including the U.S. Federal Reserve, European Central Bank, Bank of England and Bank of Canada) cut interest rates 0.5%. This is the first time the policy interest rate the central bank carried out simultaneously in a large scale.

Based on the facts and reliata is happening right now, it was obvious that the drama of the financial crisis entered a very level in the fall, dank arena that can be said that the U.S. financial crisis at the moment, far worse than the Asian crisis in 1997-1998 years ago. The impact of the current crisis was so pathetic global finance. After all, when the Asian financial crisis, at least there is 'safe heaven' or 'safe heaven' for global investors, namely in the United States, Europe and Japan, but now, all capital markets fall. All investors panic.

Therefore, the whole world economic observers agree that the economic shock from the financial storm that hit the United States is the most severe shock after the Great Depresion in 1930. Even the IMF's financial sector shocks judge this time was the worst since the era of the 1930s. It is expected to undermine world economic growth slowed to 3% in the year 2009, or 0.9% points lower than the projection of the World Economic Outlook in July 2009.

From exposure to the above, look to the real, that the capitalist economic system embracing laize faire and riba-based re-defendant. Schools of neo-liberalism can not be maintained. Thought of Ibn Taymiyya and Ibn Khaldun is a correct ijtihad and fair to realize the economic benefit of society.

So very wrong with what Fukuyama to declare the victory of liberal capitalism as a representation of the end of time "The end of history" (National Interest Magazine, 1989). Fukuyama's thesis is outdated and nasakh (not applicable), because the economic system of capitalism has failed to create a just economic order and stability.

In fact, since the early 1940s, Western economists have been aware of such failure indications. Is Joseph Schumpeter with his book Capitalism, Socialism and Democracy, stated that modern economic theory has entered a period of crisis. The same view was also expressed by economists generation of the 1950s and 60s, such as Daniel Bell and Irving Kristol in the book The Crisis in Economic Theory. Similarly, Gunnar Myrdal in the book Institutional Economics, Journal of Economic Issues, also Hla Mynt, the book Economic Theory and the Underdeveloped Countries and Mahbubul Haq, in his book The Poverty Curtain: Choices for the Third World.

Incline to the view that capitalism grew louder in the 1990s era in which many Western economists generation of this decade and experts of Islamic economics in the same generation as expressly stated that economic theory is dead, among the most prominent is Paul Ormerod. He wrote a book (1994) entitled The Death of Economics (Death of Economics). In this book he states that the world currently affected by an anxiety that all-powerful with the operation of less economic system has resilience to cope with any economic or monetary shocks. Indications that may be mentioned here is in the late 19th century the world experienced a crisis with the amount of the unemployment rate is not only happening in other parts diunia developing countries but also plagued the developed countries.

Next Omerrod insisted that economists are stuck in a mechanistic ideology of capitalism that did not have the power to help and overcome the economic recession that hit the world. Market mechanism is a form of capitalist systems tend to be applied to the concentration of wealth in certain groups of people.

Because of that, now comes a wave of consciousness to find and use the economic system of "new" that have implications for justice, equality, prosperity and the achievement of comprehensive goals of efficiency. The new economic concept is considered very urgent to be realized. Economic construction is done with an objective analysis of the overall format of the contemporary economy with a clear vision and a fresh approach and comprehensive.

Under the domination of capitalism, the economic damage happening everywhere. In recent years, the world economy was entering a phase that is very unstable and the future entirely uncertain. After experiencing a difficult time because of high inflation, returning the world economy experienced a deep recession, severe unemployment, plus the high real interest rates and exchange rate fluctuations that are not healthy.

The impact was the destruction of the joints economies of developing countries, huge projects have forced the rescheduling, hundreds of entrepreneurs out of business, the prices of goods and services including goods of basic needs increased uncontrollably.

The crisis is even more alarming because of the extreme poverty in many countries, various forms of socio-economic inequities, large balance of payments deficits, and the inability of some developing countries to repay their debts. Henry Kissinger said, most economists agree with the view that "None of economic theories or concepts that appear before this could explain the global economic crisis" (News Week, "Saving the World Economy").

Seeing these phenomena is tragic, it is not surprising that a number of leading economists, criticize and worry about the economic ability of capitalism in the economic prosperity on this earth. In fact quite a lot of claims stating that capitalism has failed as a system and economic model.

The presence of these new economic concept, not the ordinary ideas, but has the support of the world's leading economists who received the Nobel prize in 1999, the Joseph E. Stiglitz. He and Bruce Greenwald wrote the book "Toward a New Paradigm in Monetary Economics". They offer a new paradigm in monetary economics. In the book they criticize the capitalist economic theory (conventional) with the new monetary approach suggests that either consciously or unconsciously, is the point of view of Islamic economics in the field of monetary, such as the role of money, interest, and bank loans (terms of real and monetary sectors).

An Islamic Economic Reconstruction Requirement
Because capitalism has failed to deliver prosperity with justice, it becomes a necessity for mankind today to deconstruct and reconstruct the economy of capitalism and economic justice berketuhanan called Islamic economy. Means breaking down the paradigm of deconstruction, construction systems and materialism of capitalism, and replace it with a system and paradigm of Shari'ah. Positive achievements in the field of science and technology exist that we can use, means that the collapse debris is there that can be used, such as tools and econometric analysis matamatis,. Etc.. Whereas negative values, concepts and theoretical paradigms that destrutktif, materalisme philosophy, moral indifference, and many more concepts of capitalism in the field of monetary and economic development must be deconstructed. Because without the efforts of deconstruction, the crisis after crisis would continue to occur, the economic injustice in the world will be more rampant, more and gaping economic disparities, injustice through a system of usury and paper currency more and more hegemonic.

Now depends on the academics and practitioners to serve economic construction Shariah Islamic economics that really fair, maslahah, and can realize the welfare of mankind, without any financial crisis, (economic stability), how oppression, injustice and exploitation, both among individuals and companies, the state of the company, as well as rich countries against poor countries.

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