M.A. Khan argues that the effective elimination of interest on loans for an extended period in the world's third largest economy (i.e. Japan, which lowered prime rates to 0.01% from about 2001 to 2006 in an attempt to stimulate its economy) failed to bring that country economic stability or prosperity; that a secondary market for financial instruments (which "unties" finance from real assets) "is a real, live need" of finance, even if it may pose a risk of speculation. The "alternative instruments of finance such as sukuk and other Islamic bonds would also require a secondary market." And in fact there have been "efforts to create" these markets for Islamic financial instruments, but the need to follow the ideology of contemporary Islamic finance means that the markets "have ended up in a host of ruses, compromises and stratagems". While Khan admits that a banking system based on the two modes of (1) current account deposits backed by 100% reserve and (2) profit and loss sharing accounts, would doubtless be more stable than conventional banking, this "has limited practical application" — limited to that small niche of Islamic banking that actually uses profit and loss sharing. In reply to Chapra's citing of Western economist Milton Friedman, M.O. Farooq notes that the monetarist economists such as Friedman blame interventionist monetary policy in general rather than interest charges for the instability, and when asked specifically about any economic danger from interest charges Friedman himself stated that the work Chapra quoted did "not provide any support whatsoever for the zero interest doctrine" and that he (Friedman) did "not believe there is any merit to the argument that an interest-free economy might contribute toward greater economic stability. I believe indeed it would have the opposite effect." Accumulation of third world debt Usmani and other orthodoxists believe that the burden of foreign debt incurred by developing countries (including many Muslim countries) from loans by developed countries and institutions like the IMF, is an illustration of the curse of interest. Usmani quotes a number of non-Muslim sources, stating that this debt service exceeds "resource flows to developing countries", and is still growing, has brought "structural adjustment" and "austerity programs", leading to "massive unemployment, falling real incomes, pernicious inflation, increased imports, ... denial of basic needs, severe hardship and deindustrialization", etc., and can be compared to indentured labor where the worker is "permanently indentured through his debt to