The Two Wars: The War On Mammon And The War On Terrorism

© 2001 Macroknow Inc. All Rights Reserved.


G8 governments, multinational economic institutions (the International Monetary Fund, The World Bank Group, and the World Trade Organization), multinationals, and intelligence agencies, must adjust to a new reality: Radical religiosity.

The deeply concealed essence of this new reality is as follows:
  • In the West, usury,1 in its broadest sense, permeates all economic transactions, directly or indirectly. For most people, usury is a modus vivendi. But for many around the world, extreme usury is nothing but terrorism by economic means.
  • Jewish scriptures condemn usury against Jews, but not necessarily against Gentiles. Christian scriptures view money as the "root of all evil." Islam abhors all forms of usury.2
  • The world is thus tragically decentered: Radical Islamists are waging a war on Mammon and usury; and America and Britain are waging a war on terrorism. Ironically, all believe they are fighting the supreme Evil.

For G8 leaders, the attacks on the WTC and on the Pentagon are cruel terrorist attacks on civilization, freedom, democracy, and peace. For radical Islamists, they are attacks on "Great Satan" and his money temple. For them, the enemy is Israel and a "Jewified" Christianity3 -- a Christianity that has been corrupted by usury.


America's economic response to the attack on the WTC is to channel new "dollar liquidity," including new debt, into the economy, and to reduce taxes. The Fed's response is to cut short-term interest to reduce the cost of borrowing.4 Unfortunately, these responses do nothing to relieve worldwide debts -- and the nasty consequences of usury.

Public and private debts around the globe are currently monstrous. The public debt of the U.S. on September 28, 2001 was in excess of $5.8 trillion.5 The debt of U.S. domestic nonfinancial sectors in July 2001 was in excess of $18.7 trillion!6

G8 leaders and multinational economic institutions must be reminded of the admonition in the Tanach: "The rich rule the poor, and the borrower is a slave of the lender" (Proverbs 22:7). Monstrous debts imply ipso facto monstrous economic slavery.

Convergent predatory actions of creditors against debtors can:

  • Destabilize a large number of indebted households and corporations.7-8
  • Destabilize indebted countries.9
  • Induce mass layoffs.
  • Increase substantially bankruptcy rates. Over the last 10 years, the U.S. suffered over 11 million consumer and business bankruptcy filings!10
  • Increase poverty and misery.
  • Trigger a global recession.

President Eisenhower warned against the danger that "public policy could itself become the captive of a scientific-technological elite."11 Had he been armed with Tanachic wisdom, he would have warned instead against the danger from the policies of the "usury elite."


The terrorists "have roused a mighty giant," said President George W. Bush.12

He is right. But they have also roused the mighty Islamic giant -- more than one billion people, from Mauritania to Indonesia, and far beyond.

Should the attack on Afghanistan, be broadened to include Palestine, Lebanon, Syria, Iraq, Sudan, and other Islamic or Arab countries, the long-term consequences to civilization will be incalculable.

Dr. Edward E. Ayoub  


1 For Plato's, Aristotle's, and St. Thomas Aquinas's views on usury, see Plato, Aristotle, and St. Thomas Aquinas, in The Macroknow Book Club™, respectively. Toronto, ON: Macroknow, Inc., 2001.

2 For a knowledge base of quotations comparing the positions of Judaism, Christianity, and Islam, on theology, law/justice, and money/economics, see Religion, in The Macroknow Book Club™. Toronto, ON: Macroknow, Inc., 2001.

3 Protest against "Jewification" is neither new nor limited to radical Islamist. In the late 1920's, Martin Heidegger, the greatest philosopher of the 20th century, protested against "the growing 'Jewification' (Verjudung) of German spiritual life." See Richard Wolin, Arbeit Macht Frei: Heidegger as Philosopher of the German "Way," 2000, p. 5, http://olincenter.uchicago.edu/pdf/wolin.pdf (a chapter from the forthcoming Heidegger's Children: Philosophy, National Socialism and German-Jewish Identity (Princeton, 2001)). Original source quoted in Wolin: Ulrich Sieg, "Die 'Verjudung des deutschen Geistes: Ein unbekannter Brief Heideggers,'" Die Zeit 52, December 29, 1989, p.19.

4 See Federal Reserve Release, October 2, 2001, http://www.federalreserve.gov/boarddocs/press/general/

5 The public debt of the U.S. on September 28, 2001 was in excess of $5.8 trillion. See The Debt to the Penny, Bureau of the Public Debt Online, Washington http://www.publicdebt.treas.gov/opd/opdpenny.htm.

6 The Federal Reserve Board, Money Stock and Debt Measures, H.6 Historical Data, Table 1 M1, M2, M3 and Debt (SA and NSA), October 4, 2001, http://www.federalreserve.gov/releases/H6/hist/h6hist1.txt.

7 For evidence of a meltdown in the savings of workers, see Danny Hakim, Former Workers at Lucent See Nest Eggs Vanish, Too, The New York Times on the Web, New York, NY, August 29, 2001,  http://www.nytimes.com/2001/08/29/business/29LUCE.html.

8 For evidence of rising corporate defaults and credit problems, see Gretchen Morgenson, Companies' Big Debts Now Carry Big Risks, The New York Times on the Web, Business, New York, NY, October 7, 2001, http://www.nytimes.com/2001/10/07/business/07CASH.html.

9 For an example of a destabilized economy, see Joseph Kahn, Argentina Gets $8 Billion Aid From the I.M.F., The New York Times on the Web, New York, NY, August 22, 2001, http://www.nytimes.com/2001/08/22/international/americas/22ARGE.html.

10 See U.S. Bankruptcy Filing Statistics, The American Bankruptcy Institute, Alexandria, VA,  http://www.abiworld.org/stats/newstatsfront.html. Cited source: The Administrative Office of the U.S. Courts, Washington, DC. See also U.S. Bankruptcy Filings 1980-2000 (Business, Non-Business, and Total) http://www.abiworld.org/stats/1980annual.html.

11 See Don K. Price, The Scientific Establishment, in Scientists and National Policy-Making, Robert Gilpin and Christopher Wright (eds.). New York, NY: Columbia University Press, 1964, p. 19.

12 See Remarks by the President Upon Arrival, South Lawn, The White House, September 16, 2001, http://www.whitehouse.gov/news/releases/2001/09/20010916-2.html.

Posted October 9, 2001. Last Updated October 13, 2001.