Text of the Letter to Prime Minister of India Seeking Elimination of Usury for Socially Inclusive and Ecologically Safe IndiaList Served to the e-group of International Simultaneous Policy Organization, London

Dear all, Please find a letter for the prime minister. I am sure this will further boost SP advocacy on monetary reform,

 Dr.M.Mukhtar Alam=================April 18, 2008

 FromDr.Muhammad Mukhtar AlamChairman, Labour League Foundation62-A, DDA Flats, Ashok Vihar-III, Delhi-110052 ToThe Prime MinisterGovernment of IndiaPMO, South Block, New Delhi-1 Sub: Interest free money and banking for the eliminating inflation, socially inclusive and ecologically safe India   Honourable Sir, Farmers committing suicides , nations not agreeing to uniform and simultaneous measures for addressing the ecological challenges, increasing privatisations, loss of ecological sustainable livelihoods, unstable currencies, social inequities calls for a rethinking of the economic and financial institutions . There are challenges to the poverty reduction strategies and there is a challenge to a government that has been formed for realising the common minimum programme. Labour League Foundation in collaboration with several organisations has decided to send this letter with the following objectives incorporating Co-operative values and principles, and aimed at preventing both 'within-corporate' and 'outside -corporate' anti-social and anti-ecologic violence, and achieving the self-identified aims and objectives. 

Informing the government about the options that can be exercises with long term win – win scenario for all

Informing the global discourse on reforming the finance sector Creating consensus among the civil society leaders and  policy makers for initiating

transformation of finance sector Discussing all the movements for reforming the finance sector for making it free from

usurious transactions Creating a climate of opinion for socially equitable and ecologically sustainable debt free

economies  Centre for Ecological Audit, Social Inclusion and Governance has been established as part of the effort of Labour League Foundation for realising the Kyoto Protocol emission targets, social inclusion and fair governance.  

We welcome UPA initiated Green India Campaign and support the local, state and national level processes. At the same time, we also wish to address the root causes of ecologically hostile development processes .Usurious finance system with banks creating money out of thin air is one of the critical contributor of the ecologically hostile consumption pattern and production patterns. Farmer's suicides, price rise, inflation, indebtedness of the poor are linked with the usurious finance system. This has been pointed out by studies and movements. It is sad that Gupta committee instituted by RBI has recommended for strengthening the moneylenders for alleviating the situation of access to rural credit. Labour League Foundation calls for rejection of the recommendations of the Gupta Committee and  Centre for Ecological Audit , Social Inclusion and Governance  in collaboration with Sufi Trust, Labour league Foundation and several other organisations  has initiated carbon neutral neighbourhood discussions for ecological safety while calling for creation of interest free money, adoption of faith based responses for transforming consumption and production patterns, transparent, accountable and responsive governance. A detailed reference for this can be seen in the attached paper on Drought and Desertification that was done as part of input for Climate Change Conference held in month of December 2007 in Bali , Indonesia. It's interesting to learn that international monitory fund seeking advise on food  security and price stability (Mail Today 14 April 2008). This can be considered an honour for the management of the agriculture, price. This need to be seen in the World Bank forecast for lower growth rate for economies. It is important to take this opportunity and provide radical solutions to IMF and World Bank as they have been the targets of people movements across. I would like to make some of the suggestions that are based on my engagements with policy advocacy through non-government organisations and networks of organisaiton. The undersigned had done a paper and after circulating that to e-connected civil society leaders, politicians and think tanks. I would like to recall some of the key points of the paper attached herewith separately along with this letter as part of the reasons. Inflation has turned out to be a serious concern. Opposition has been taking up the issues. Therefore, it is critical that some of the suggestions be taken up for realising the vision of social inclusive and ecologically safe India. I think the UPA government needs to take up some of the steps that may be recalled by the posterity. Suggestions include the following: 

1. rejecting the recommendations of the Gupta Committee report calling for strengthening the institutions of money lending for profiteering out of miseries of borrowers

2. eliminating debt based money and calling for the creation of debt free money3. calling upon World Bank and IMF to delete servicing charges for the loans4. regulating the expansion of private and public sector banks through strict implementation

of monetary instruments such as CRR 5. Charging demurrage for the holding of saving and reserves so that circulation of money is

promoted for strengthening renewable resource based livelihoods6. free land from bio fuels and the utilising the best of ecologically sustainable agriculture

methods for augmenting production of food7. promoting culture of prayer 5 times a day for moderating the consumption of green house

gas emitting services and utilities8. promoting adoption of interfaith commons9. Organising interfaith meetings for addressing the challenges of global warming,

desertification10. Halting expansion of non-renewable resource based vertically oriented urban habitats

( Kapil Sibals call for ecologically sustainable horizontally spaced out habitats is welcome. We must stop expansion of sustainable urban habitats as there is no guarantee for full scale replacement of fossil  fuel based power and energy in the future)

 Evidences are mounting indicating the need to transform the finance sector radically though there is not much discussion in the civil society about the ways transformation can be effected. Even the left has no clue, as they are more content with demonizing the capitalist order. Recently, they have called for prevention of speculative futures trading on the agriculture commodities but that is not all that is needed for prevention of the downslide of the nation. Based on the learning from interaction with the e-forums and movements globally, I would like to cite the following reasons for transforming the RBI, along with World Bank, IMF and WTO. Dear Sir, it is important to dissociate from usurious loans of the World Bank and IMF as soon as possible and call for creation of interest free loans only considering the following: 

1.      Increasing demands on the state to ensure equity, inclusion and ecological sustainability- Following the demands of the movements and scientific assessments ensuring ecological sustainability and global equity of the consumption and production processes has been accepted as a key consideration and sustainable development paradigm has been accepted to be part of the development policies of the nations that have signed the millennium development goals. Realization of the millennium development goals for sustainable consumption and production cannot be achieved without decelerating the consumption of fossil fuel based services and utilities. This is needed for meeting the challenges of the climate change and addressing the Kyoto Protocol emission targets. While technology transfer, clean development mechanisms can have impact, it is important to get the required reduction in the global emission of the green house gases through transforming the consumption, production, budgetary allocation and foreign direct investment (FDI) patterns. Eliminating generation of debt-based money is an important way to minimize the flow of money in the economies of North and South. It is important to stabilize the currency values and ensure protection to the ecologically sustainable sources of livelihoods across the world. An unprecedented heating of economies is being offered as the vision for growing economies such as India and China without realizing the limits to the sustainability condition of the exhaustible resources. Dear Sir, there is guarantee for ensuring sustainability of  the GDP growth rates as there is no guarantee for the supplies of energy for fuelling the transportation systems based on fossil fuel based energy.

 2.      Increased debt service obligation due to the charging of the compound interest rates- debt service obligations of India and nations in South and North need to be eliminated for ecologically sustainable growth and for liberating resources for ensuring access to basic services. Some years ago India had to pay more than 40% of the tax receipt for servicing the debt. The money could have been used for developing infrastructure for providing basic services. This is applicable to many nations of the South that are advised to reform their economies for attracting more and more FDIs while being compelled to the repay the debts through getting more loans under various stabilizing mechanisms.  Charging of compound interest for both short tem and long term loans needs to be avoided as this is responsible for the outflow of the foreign currency and tax receipts /local resources that are vital for the socially inclusive and ecologically sustainable development needs.

 3.      Creation of fiat money/ usurious money is accelerating globalization of non-renewable resource based consumption and production patterns. Profiteering being the key agenda drives all the operations of the World Bank, IMF and other regional banks such as Asian Development Bank. Making profit from want is presented as a legitimate reason for charging of interest even for the creation of productive and ecologically sustainable capacities in the developing countries. It would be important to liberate banking and finance from usury and charging of the interests. This will have salutary effect on the movement of capital, as lots of

capital will be lost due to the deletion of usurious money from the books of the accounts. Banks will have no incentive for charging interest on the loans. Therefore, there is a need to protect only the tax payer supported public banks and cancel the licenses of private banks. It is just insane that there are more ATMs than needed and there are more banks than needed in the urban areas. This is a cause of wastage of green house gas emitting energy required for running the machines and establishments.

 4.      Globalization of the discontent due to the impacts of climate change- more and more people are suffering from the impact of climate change that has been induced by the emission of inequitable consumption of the fossil fuel based services and utilities across the cities that are experiencing various sorts of globalization. Differential responsibility for addressing the climate is a hurdle that needs to be addressed. Exclusion of China and India has been resented as the countries with higher emission levels are called for meeting the targets while the developing economies are provided time. Deletion of the usurious money from the system will have a significant impact on the development financing and analytic and advisory outputs will be geared for ensuring social equity and ecological sustainability while catalyzing civil society and political action for simultaneous adoption of consumption patterns that are ecological friendly and social equitable with focus on the ecologically sustainable livelihoods. John Bunzl www.simpol.org has been advocating the principle of simultaneity for meeting the global challenges and this is need for sharing of the interest free loans at interpersonal, national and global levels.

 5.      Interest based debt financing with freedom for deregulated banking creating inequitable prosperity and unsustainable accumulation of wealth. Usurious finance system is responsible for over accumulation of wealth in some countries that are benefiting some of the corporations. Instances of distributive injustices galore and they fuel the call for ensuring the divide for the consumption pattern within and between the regions and populations groups. Debt relief has been accepted for some countries that are highly indebted. Uganda is an example where sustained growth has be projected with the freedom from debt service obligations. Accumulation becomes unsustainable as there are growing economic divide within the countries that protect usurious institutions. Also accumulation of nonrenewable resource based wealth is transitory.

 6.      Dispossession of the poor due to non-payment of interest based loans within and between the nations- many among the poor and Dalits have lost their small landholding for paying the usurious loans collected from the moneylenders in the rural areas. Situation in the urban area may be slightly different where access to public health services is relatively better. Shaheed, my cousin and a construction worker got a serious injury in the head and he succumbed to death as medical attention was not provided in time. Sajnu got his leg dismembered due to lack of medicine in right time for small wound in the leg. Bhikhana baba, the father of Sajnu in a village called Kishandaspur (Bihar,India) in Bhagalpur district and had to sell his land for meeting the medical costs for his son. There are many poor and dalits who are suffering and losing their smallholdings for meeting the medical costs in the various states of India. Arif a young boy is suffering from ulcer and his parents had to take a usurious loan of Rs.18,000,- for meeting the medical costs. Arif is suffering from peptic ulcer and his father has taken a usurious loan for meeting the medical cost. Aseer , the father of Aseer and Darudni his mother are working hard as sharecroppers for meeting the cost of his son and they are using the hard earned food grains to pay off the usurious loans .His parent may not be able to pay all the amount and his hard earned livelihood as a sharecropper will be needed to pay for the loan he incurred for meeting the medical costs .There are millions of such cases where poor and dalits are feeling the burnt of the privatization of the medical

assistance services and lack of access to affordable medicine and public health delivery services. It is likely that millennium development goals for health may not be achieved if access to quality health care is not ensured and poor are not freed from pawning their meager resources. Farmers have committed suicides in the several states of India, as they have not been able to pay the usurious loans. Formation of the union of wives of such farmers named All India Widow and Destitute Women's Movement is a testimony of the peoples suffering. They demonstrated in Delhi and met Sharad Pawar, the Union minister for Agriculture, Government of India.  Indebtedness of the nations similarly dispossesses and deprives the nations of the vital resources and tax receipts that could be used for providing basic services.

 7.      Ecologically hostile development paradigm is getting accelerated application eliminating renewable resource based livelihoods- Usurious finance system is responsible for the generation of fictitious money that is being pumped in the ecologically sustainable economies for projects that are ecologically not sustainable. This is being done through arguing for more foreign direct investment and then creating a better regulatory environment for investments. This has been part of most of the Poverty Reduction Strategy Papers that have been done for obviating the critique for the structural adjustment programmes that were launched in early 90s after collapse of Soviet Union.

 8.      Instituting interest free transactions across the world for ensuring environment sustainability and ecological safety – For those who have been convinced of the need to remove usury from the transaction of value at various levels, it is important to transform the institutions that are involved in shaping the investment patterns across the regions and continents. There is a need to communicate on the eliminating permission for private money lending through charging of usury. There is need to communicate that all men and women believing in God and the Day of Judgment must stop charging interest on the money that has been lent. There is need to educate the future generations through including this in the curricula at all levels. There is a need to eliminate usury and interest from the loans. This could be one of the major demands to the World Bank as it is easier to convince for interest free loans then debt cancellation by all the nations that are highly indebted. Returning the principal amount is easier and more dignified. Even so, forgiving debt is itself a virtuous act. UPA government by forgiving the loans of farmers to the tune of 60000 thousand crores has done a virtuous act but then it is critical to find a sustainable mechanism for eliminating usurious debts.

 Actions at the Global Level

1.      Global Justice Movement www.globaljusticemovement.net argues that usury is not necessary. They have based their conclusions on the need to generate interest free loans for productive capacities. Rodney Shakespeare and Robert Ashford base their conclusions on the work on binary economics. Dr. Muhammad Mukhtar Alam has argued for the need to adopt monotheistic framework for resolving the disputes and creating a global consensus for transforming banking and money where charging interests is considered a non-negotiable foundation. Norman Kurland through advocacy of the Third Way is calling for the elimination if usurious finance.

 2.      American Monetary Institute www.monetary.org is seeking reform in USA . Stephen Zarlenga concluding a recent conference in Washington called for the need for wider acceptance of the need to reform the monetary system. Details can be seen at www.monetary.org 3.      Local exchange trading system LETS promoting barter followed by hundreds of groups across Europe www.letslink.org . There is recognition of the need to promote exchange of

commodities and services in real terms rather than through using paper currency. People are already exchanging services and commodities in LETS network. More than 250 networks have been formed across Europe recognizing the evils of the paper currency and eliminating usury.4.      JAK bank (Sweden) calls itself first interest free bank. They are running the bank based on the principle of cooperation without charging interest. All those participating in the bank are stakeholders and they are running the bank through recognizing the peoples need for transaction of value rather than for being part of the enterprise where peoples need are exploited for generating usurious profit for some of the stakeholders.5.      Islamic banking (banks following the commands against the usury) is based on sharing of the losses and sharing of the profits and Muslims globally are interested in freedom from the usurious finance system. Allah commands all to forgive debts if possible and stop charging usury. There are several verses in Qur'an to this effect. There are commands in the Bible and Sanskrit texts as well. Muslims feel that Christians and Jews should follow the commands of God in Bible and they should join their forces for liberating banking from usury. Hindus, Buddhists, Sikhs , Jains following the commands need to oppose partaking of the food obtained through usurious money. Thus all of us with various religious identities need to say No to usury. Saying No to usury thus is not only pleasing for God but also for establishing fair deals for fellow human beings in need. Globalisation of the usurious finance system is responsible for the ecologically hostile and socially inequitable distribution, consumption and production patterns. Thus abolition of the ususry from the loans is part of the negations that are ecological imperative. In Dubai, Islamic Mint www.islamicmint.com produces e-dinars and it is selling its e-gold products following the Islamic standards. The e-dinars are produced for fulfilling the religious obligation of paying zakat better.

 6.      In London, a campaign called Campaign for Interest free money has been launched www.interestfreemoney.org  for making money and banking interest free. This indicates the fact that more and more people are joining the crusade against exploitative usurious finance system. There are more and more reasons to attend to the call of the movements and call for the need to transform the institutions and transform the individual mindsets that are supportive of the usurious finance system. 7.      Bernard Laietier conceived EURO and defined the exchange mechanisms. He has called for the rethinking money in an article that was published in the Ecologist. He has proposed "terra" to be the global stable currency.8.      David Korten , the author of "When Corporations Rule the World" changed his thesis for pointing out that it is the finance system that is responsible for the over accumulation of wealth, unstable security environment and accelerating ecological degradation. In his powerful article once posted at http://intraforum.com/money, he has called for interest free money. David Korten has led the anti-globalization movements.9.      http://www.seek2know.net/money.html contains an article produced by Susmita Barua ‘ Transforming Money: From Debt to Empowerment: Restoring Civilization, Life of People and Planet . She has built on the writings of Buckminster Fuller and argues for interest free banking and money. She writes from a Buddhist perspective.10. Brettonwoods project http://www.brettonwoodsproject.org/ is keeping a watch on World Bank, IMF and WTO and their projects and programmes. There are several movements that are weary of the machinations of the Bank and Fund though they are not exactly proposing what the Fund and Bank should. This paper contains the ideas for seeking a change in the operational principles of banking and finance.

 Transforming Money/Finance in India   

1.      Bharat Jan Andolan has launched national Movement for the eradication of usury under the overall guidance of BD Sharma. BD Sharma has extensively worked on the state of farmers and agricultural credit details the history of dilution of laws preventing usury in Bihar and other states. He has spoken in the various forums and has called for national mobilization for liberating the debtors from compound interest.2.      South Asian People Summit against Poverty called for transformation of the "unholy" trinity of World Bank, IMF and WTO – Peoples Summit Against Poverty was organized on 3-4 September 2005 and there was a special session on globalizations. Prof. Babu Mathew had drafted the concept paper with the input from the people's movements. Recommendations included scrutiny of the foreign capital, transformation of the policies of World Bank, WTO and IMF. 3.      Arundhati Roy has been writing extensively on the need to transform institutions through exposing the working of World Bank. Her writings and participation in the movements of the oppressed and displaced are part of the expressions of the strong opposition to the globalisation of the ecologically unsustainable development policies across the world.

4. Labour League Foundation, Centre for Ecological Audit, Social Inclusion and Governance has been communicating for the reform of financial sector with a call for the adoption of interfaith common for prohibition of usury.

 Advocacy Strategies for National and International Organizations and Action Plan 

1.      Build solidarities of action and communication for transforming the finance sector – Considering the criticality of the millennium development goals, it is important to free the resources for investment is sustainable social development projects that help men and women in preserving ecologically sustainable livelihoods across the nations and regions. Governments, networks, civil society organisations, movements, citizen groups and clubs all need to call for action against usurious transaction. A Global March/Movement for Transforming Finance Sector is proposed for discussing suitable actions all over the world.

 2.      Call for transforming functioning and principles of banking and money- It is important to call for transforming World Bank, IMF and WTO and make them ecological friendly and socially responsive. Considering the call for elimination of usury from the transactions across the religions, it can be seen that responses are for the pleasure of God as well and thus in the best interests of all.

 3.      Seek consensus for the unified proposal for World Bank, IMF and other key banker of bankers-Islamic movements, liberals, democrats, Muslims, Greens, Left, faith leaders and all need to unite for generating the mass movement for a unified proposal for transforming institutions. As per the established procedures, first and foremost is to generate acceptance for the proposals that are ecologically sound and that serve the best interests of future generations. The consensus can be generated for liberating debts from simple and compound interest. God fearing men and women leading the governments and organization will have not difficulty in accepting the proposal. Those who do not believe in the merit of abolishing usury can be persuaded for abolishing usury considering the ecological limits to globalization of non-renewable resource based consumption, production and urban planning patterns.

 4.      Include the demand for transforming money and banking in all the communications related to poverty reduction- Millennium Development Campaign has been focusing on

the goals 1-7 and call to the funding consortiums have been made for increasing aid for the nations as part of goal number 8. It is extremely unlikely that goal number 7 for ensuring environment sustainability will be met unless there is a global adoption of interest free banks and debts.

 5.      Combine the learning of secular and faith based perspectives for making money and banking interest free-The work of Rodney Shakespeare and Robert Ashford on binary economic analysis has proved the need to get rid of usury www.globaljusticemovement.net . Global Justice Movement recognizes the importance of Islam-submitting to the commands of Allah. Binary economic analysis is a secular analysis and it has been concluded that interest is not necessary. Muslims will be the happiest if they have to deal with usury free local/regional/national/international transaction neighborhood. It is only men and women who have not faith in the commands of Allah who will resist the communication based on the need to seek best here and in hereafter through eliminating usury from the transactions. Pious Jews, Christians, Hindus, Sikhs, Zoroastrians, Buddhists and Jain are equally cognizant of the commands against charging interest for loans in the related Sanskrit texts. Following the dictum of not loving things that one does not like for oneself, ones own relatives and dears one, it is likely that all of us following various religions will stand up against the usury and call for abolition from our own transactions and from the transaction of institutions.

 Strengthening Movements Safeguarding Futures Highlighting Linkage of Environment Sustainability with Elimination of Usurious and Speculative Finance  

1.      Environmental sustainability is linked with the development model –globalization of fossil fuel based consumption and production pattern is proving deadly for ecological safety. There are many evidences for the same. Increased intensity of the cyclones is linked with global warming that is directly related with increased emission of green house gases. Globalization of ecologically hostile development paradigm supported through usurious finance system has to be halted, as it is responsible for creating socially inequity in the consumption and production patterns at the global scale. Delhi is an example of a city that is experiencing the same. Metro project has consumed lot of space that had trees while there is no guarantee for the supplies of energy in the future. India has been forced to vote for an immoral position on Iran for securing nuclear energy with the assistance of the US and other countries controlling the supplies of Uranium. One the one hand, tribal and forest dwellers are being relocated for industrial development and defense related projects, on the other hand they are being relocated for the protecting the wild species. Such policy moves are depriving millions from access to ecologically sustainable livelihoods that had been available for millions of years. Apparently globalization of non-renewable resource based consumption and production is being sought without recognizing the fact that the fossil fuels and such other treasures gifted by God is exhaustible. Dean Steele supporting the globalization of hydrogen fuelled vehicles calls for preservation of the hydrocarbons for essential need and not for leisure and pleasure.

 2.      Movements and institutions need to understand the linkage and call for transforming the finance sector and transforming consumption pattern as a global imperative- There is need to understand this linkage and disseminate across the movements and CSOs. Making loans wipes out the fictitious money. Transforming consumption pattern through adopting alternative measures for leisure helps in the deceleration of the consumption of the fossil fuel based energy intensive utilities. Civil

Society Organisations, government agencies and others    must not promote energy intensive   concerts and other energy intensive events   as that is an ecologically hostile activity. Several organisations and movements boycotted a concert in New Delhi on 4 September 2005 at Dilli Haat Pritampura. Such events are hurdles in realizing the MDGs for environment sustainability and they are part of the copycat atheistic neo-liberal globalisation of leisure use patterns that include use of energy intensive modes of people's assemblies for communication and entertainment.

 3.      Global call to action against poverty should consider this as part of consistent communication strategy- GCAP and Millennium Development Campaign ought to consider the need to free resources for social development across the regions through abolishing interest based loans and minimizing budgetary allocation for defense. The Global Compact for realizing the millennium development goals needs to consider the need to transform financing for developing through calling for interest free money and debt both for ecological justice and social justice. Large sums of money for serving the debt must stop for ensuring ecologically sustainable development across the world. Money freed can be used for realizing the MDGs 1-7 while ensuring global partnership and meeting the MDG 8 for a just and ecologically sustainable world.

 4.      Creating synergy through making this a cross cutting concern- There is a need to have a united recognition of the need to transforming operational principles of banking for meeting and there is need to create global mobilization of people for the same. We can see that interest free loans are good for all. We will not have to reckon with the violent armed struggles that are responsible for the loss of lives, We will have ecologically sane development across the world .We may have an utopia realized here in now that is responsive to the concerns of collective human security, ecological safety, social justice, global compact for MDGs. We would be ready to meet the interspecies justice and secure an ecologically sustainable, social just future for future generations and ourselves.

 Hurdles UN system has been advised to identify hurdles in realizing the MDG. It can be seen that usurious finance system is single most important hurdle along with exhibitionist consumption patterns that is propelled by the globalization of atheistic neo-liberal political and cultural ideology.   

1.      Economists and corporations who are interested in preserving the status quo- Economists associated with the Washington Consensus process are known to be forwarding the idea that has been captured by some as market fundamentalism. Some Greens also think that privatization of all the services will permit incorporation of the ecological costs as corporations can not run without the support of the consumers who respond to prices for their consumption patterns. Even so, we can consider the amount of ecological rucksacks and footprints that will have to be mitigated if there is no conscious global action for transforming the World Bank and other bankers. Application of atheistic social Darwinism for access to the nonrenewable resource based consumption patterns and status markers will be extremely dangerous in a world where politics of identity is being played at the global level through subjugating the class and religion based discourses for local and global governance.

 

2.      Men and women who wish to continue the enterprise of discontent without finding solutions through organizing ecologically hostile conferences –This is being said considering some patterns across the conferences that are organized for meeting the global challenges and for solving the global problems. The work on AIDS can be seen as an example where a faith based communications is prohibited recognizing the need to protect a privileged position for the adulterers. Meetings of the financing for development have been organized while recognizing the fact that some issues are not practical. It is likely that the propositions contained in this paper are described utopian. That is why, it is important to expand the knowledge base and seek radical solutions. Organisations such as Action Aid promoting radical solutions are expected to take the proposal for transforming the fundamental principle of banking and money for ensuring global stability and ecological safety. It is expected that GCAP will seize the historic opportunity for advocating and changing the financing for development through making it interest free. We may have a better scenario for poverty in the year 2015, if we could ensure that financing for MDGs is debt free.

 3.      Political parties that are not aware of the long-term needs – Green Parties across the world though with a following of the minority are cognizant of the need to address the ecological challenges. Left do not appear to be arguing specifically for meeting the ecological challenges as they still appear not to be distinguishing between the call for distributive justice for nonrenewable and renewable resource based livelihoods. Even so, outcome of their resistance for halting the march of atheistic neo-liberal capitalism are eco friendly. They need recognize the contribution of the faith based political parties such as Christian democrats, PAS , Hamas and others across who recognize the importance of seeking eternal well-being for all through promoting the use of faith based measures. Use of violence by some groups can be seen in the specific social, political and cultural context. Maoists in Nepal seek establishing of constitutional democracy (The Hindu, Feb 9-10 2006) with or without the monarchy. They have been calling for an end to the monarchy for promoting competitive democracy and seek the change though violent actions if required. There is need for all the political parties to understand the collective challenges .It would be useful for colleagues in GCAP and MDG campaign if the conferences were organized for educating the political leaders across the world. It is possible to generate agreement on the commons for transforming the finance sector as the call is being made utilizing both secular and faith based arguments. Government and corporate sector could also organize meetings and discussion for establishing the argument for transforming the finance sector and consumption patterns. Governments are responding to the same and the pace can be accelerated with the formulation of key propositions that are addressing for eliminating the crosscutting hurdles.

 4.      Lack of education on the faith-based alternatives- there is significant absence of education on faith-based alternatives for addressing the issue of poverty, indebtedness, and development and there are strong resistances globally for the faith-based alternatives. Author has grown to believe that adoption of the commands of God noted in the texts of various religious traditions is needed for facilitating decisions against usurious finance system. There are call for resisting and opposing the globalisation of the economic system but then there does not exist articulation and discussion on the faith based alternatives as that is associated with Samuel Huntington's thesis on clash of civilizations. There are assessments of the "postmodern" condition without any prescription for an alternative form of economic, political, cultural and global governance.

 Solutions

 1.      Institutionalization of the discourse on transforming the finance sector –This is being proposed considering the need to educate for global action, as we may not get the results quickly. The ICT enabled communication; capacity building and dissemination packages will be able to quickly transmit the key arguments with local actions across the world. Inclusion of the interest free banking as a theory and practice is an urgent academic innovation that needs inclusion in the teaching of economics across the world. As of now, there are not many arguments for interest free banking derived from the faith based communications as they have been ignored by the atheistic rationalists. Already there are associations of ecological economists who have been arguing for rethinking progress. Richard B Norgaard has called for the same through exposing the myths around the definition of progress. Pavel Kasyanov , the president of Ecological Economists Association in Russia had been part of alternative draft of WSSD in 2002 along with the author of this letter and Michael Ellis.

 2.      Mass mobilization for abolishing usury from interpersonal and institution transactions –Mass mobilization is needed for creating a global consensus for calling World Bank and other banks for eliminating usury and interest from the transactions. God fearing men and women will be most forthcoming is supporting the move as they would not be able to say Yes to usury fearing the destiny on the Day on Judgment. There are clear commands. More awareness and communication on the issue will be required for social groups where even faith-based communication against usury is low. For atheistic rationalists, it would not be possible to deny the ecological impact of the globalization of non-renewable resource based consumption pattern. Greens all over the world cannot deny. Atheistic communists cannot fail in recognizing usury to be the important of part of capitalism. Buddhists and Jains would not be able to deny considering the injunctions and exhortations for choosing the right livelihood. Hindus would not refuse the precepts of dhammapada. (Please refere the article on The History of Interest at www.monetary.org that has cited commands in the sacred texts across the religions). It can be seen that with such an understanding, it would not be possible to refuse the arguments. I think, this ought to be key proposition for the action plan of government. We could demand all the financing for development to be interest free. Make developing financing interest free for MDGs and poverty reduction globally and locally.

 3.      Review of the monotheistic perspective for united endeavor at all levels-This is being suggested considering the appropriateness of the monotheistic framework for generating united power for transforming financing for development and then for transforming consumption patterns. Induction of the standards of piety all in the civil society movements with adoption of prayer and meditation 5 times is a powerful tool for transforming behavior, decision and consumption patterns across the world. Promotion of interest free loans saves lots of poor in India who are approaching the moneylenders for meeting medical assistance, buying inputs for agriculture and other. Freedom from debt service obligations provides a lot of resources that can be used for providing vital medical assistance to the poor who are being left at the mercy of the market forces. A church movement called Sojourners in US  www.sojourners.com is calling for application of the communications of Jesus Christ (Peace be upon him) for transforming foreign policy and social security establishment in US.

 4.      Discussions with the World Bank, IMF and other institutions- there is need to initiate discussions with the World Bank while seeking global application of UNDP promoted Sustainability Index for investments in general and FDIs in particular. There is

a need to point out the need for the adoption of internal coherence in pursuing the development policies. Use of environment impact assessments needs to be informed more stringently considering the frequency of natural disasters that are more man made. Ecological Audits [1] are be made compulsory each year for the institutions and governments.

 5.      International meets on the solutions- It is possible for the government to decide for regional conferences for discussing the solutions. UN may be requested to consider an international meet for transforming the finance sector and consumption pattern for social justice and collective ecological safety. Governments may be requested to consider the need to present memorandums to the World Banks for transforming the finance sector.

 6.      Inclusion in the MDGs- This note has been developed considering the inclusion of debt relief in the millennium development goals while recognizing that the relief is a temporary measure. There is need to call for debt free financing and interest free debts for the realization of millennium development as inequities can not be addressed without addressing the underlying reason for equity. There is a need to eradicate the reason for indebtedness within and between the nations and eliminate the morally abominable, socially inequitable and ecologically hostile practice charging interest on the loans. Recognizing the criticality of MDGs, there is need to suggest transforming finance sector and financing for MDGs at least by 7-7-2007 when globally we will be mobilizing for assessing the achievement of MDGs.

  I would like to seek an appointment with your good self in the presence of key officials of the departments of public finance for submitting proposals in this regard through a memorandum of by a group of civil society organisation deeply concerned on the issue. Looking forward to the contribution of UPA government in building ecologically safe and social inclusive India Sincerely  Dr.Muhammad Mukhtar Alam, Executive Director, Centre for Ecological Audit, Social Inclusion and Governance (CEASIG) , Chairman, Labour League Foundation, Trustee , Sufi Trust, Member, Amnesty International. Founding Publicity Secretary and Acting President, International Youth for Humanity RSVP. Dr.Muhammad Mukhtar Alam 9968345380/9210490942 

[1] The proposal for conducting Ecological Audit had been proposed by the author in the meeting of Wada Na Todo Abhiyan in January 2006 and the author of this note is in the process of developing the operational procedures for conducting the same.