Bahraini Writer Discusses "Noosphere" Economics Versus Monetarism

Bahraini writer Abdul-Jalil Al-Nuaimi discusses in his column in Bahrain daily Al-Waqt the difference between "Physical Economy" or "natural economy" as totally different than the dominating oligarchical monetarist system. He argues that the current financial crisis can never be resolved without resolving the conflict between these two systems. He references Vladimir Vernadsky as the man behind the "Noosphere theory" without giving a clear description of what it is. He also references Franklin D. Roosevelt and Alexander Hamilton as successful proponents of economy. Al-Nuaimi attacks Winston Churchill and Harry Truman "who returned to the monetarists' system, immediately after Roosevelt's death, in order to save the interests of the British financial oligarchy."

He criticizes the policies of the Bahraini government which stopped industrializing the country in the 1970s and resorted to reliance on raw material exports such as aluminum, and recently on financial and real estate bubbles.

He concludes with citing Lyndon LaRouche: "I believe that this way will not lead to any positive exits from the crisis. What is needed is making structural turn towards physical economy. Otherwise there is nothing to awaiting the current model other than depletion of all its capabilities in time, even if huge amounts of liquidity are pumped to 'friendly institutions' of financial nature.

"What represents a real exit from the crisis is to change the current financial-monetary system. This system as described by the prominent American economist and statesman Lyndon LaRouche is 'the black death of our time', and in order to get rid of it, this monetarist system should be put under the control of sovereign states power."