Dr. Jack Wheeler
September 8, 2004
Sir Thomas Gresham, who lived from 1519 to 1579, was Queen Elizabeth’s financial advisor. He was so good at it that he paid off all of England’s European debts by playing the Antwerp stock market in Belgium and made himself the richest man in Britain. But his greatest contribution was reviving the debased English shilling by convincing Elizabeth of the truth of what history calls Gresham’s Law: that bad money, if allowed to exist, will wipe out the value of good money.
The ghastly series of events in the past weeks -- two commercial airliners blown out of the sky in Russia on August 24, two buses blown up by suicide bombers in Israel on August 31, the threat to behead two French hostages unless France rescinds its school ban on Moslem head scarves, the threat to behead two Italian women unless Italy retreats from Iraq, the genocide in Sudan, the hideous butchery of hundreds of Russian children in Beslan last week, the car bombing of the Australian Embassy in Jakarta today - make it quite clear that Gresham’s Law now needs to be applied to Islam.
If Sir Thomas were alive today, he would explain that his law pertains to the validity not just of monetary institutions, but political, social, cultural, and economic institutions as well. All issue their own “currencies” - the measure of their moral worth and practical value. The moral worth and practical value of the currency of Islam has become so debased that it may be unredeemable.
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