Unfortunately greedy people in many major financial corporations in America have caused a huge global economic downfall and now countries and corporations worldwide are facing tremendous losses. Literally, thousands of jobs have been lost by major corporations and more are expected to be announced this week. We as Muslims are directly effected by this. The Muslim world has a large percentage of the worse economies of the world. This was during the time when America was thriving. Now that our economy has declined, what do you think happens to the economies of those third-world nations (including many Muslim countries)? It’s a domino effect. Whatever happens in America happens throughout the world. This is due to globalization and corporations having interests in multiple regions of the world.
The only good thing about all of this is the cheap gas prices!
I pray to Allah (swt) to guide our business transactions and the global economy to use moral and just ways in their financial practices.