ISIS has released a new video over the weekend which discusses the self-proclaimed “caliphate’s” long-standing plans to release their own currency, including both gold and silver coins.
The video is a combination of the usual military bellicosity of ISIS videos, a call to global Islamism, and perhaps most unusually, a fairly straightforward call for hard money and an attack on the US Federal Reserve System.
While most of the talk in the past of this “gold dinar” stemmed from religious interpretations of this as the only permissible currency under Islam, ISIS seems to also be piggybacking on the usual talking points of the flaws of a fiat money system and the credit-driven global banking system.
The gold dinar, in this sense, is being presented as a uniquely sound currency, making the Islamic State the lone state in the world with a primary currency that is backed by precious metals, by virtue of being minted out of them.
This could be a shrewd tactic for ISIS, as particularly in oil-dependent Middle Eastern countries the local currencies have been fluctuating pretty wildly of late. The prospect of a more stable currency might make ISIS money more accepted abroad, even in nations overtly hostile to ISIS themselves, than it otherwise would be.
There has been talk of ISIS coming up with these gold dinars virtually since they seized Mosul, as the capture of the city netted them a massive banking complex and a large amount of gold from which to mint currency. There is, however, still no firm date for when this money is actually going to happen, despite the mock-ups being out for so long.
Hmmm. Fast forward some years ahead. The dollar is barely worth its use as toilet paper and the gold dinar soars. The way the rulers of the world are running economies, not an impossible prospect.
IMF…! Are they involved in this creation of ISIS currency but not directly yet through Saudi Arabia-Wahhabism? If nothing is done, which I think nothing is going to be done to stop ISIS and its creation of a stone aged caliphate, a barbaric regime that the world of crazy Neo liberals are getting ready to have embassies, exchanging diplomatic ties with such regime, in the other hand, they already have such relation with Saudi Arabia and Bush family having a very good business and political relation with Wahhabis.., so what is their problem beside being crazy.
Don't worry, now they will have good relation with Iran too. Why would IMF create this gold currency? Don't you know it is an agency run by bankers. I can't understand how one would create currency through Wahabism. I thought Wahabism is a school of thought not a mint.
Screw isis and gold and
Silver currency in the name
Of allah.
ISIS has apparently never heard of Gresham's law. Bad money drives out good. Any gold or silver coins they mint will just disappear into the hands of hoarders. The only way ISIS could ever get gold and silver currency to be the dominant means of transaction within their territory is if they economically isolate their populous almost completely from the outside world. However if they did that, the lack of access to weapons, munitions, medicine, manufactured goods, etc., would quickly limit their ability to capture new territory or even hold what they already have. They'd be better off printing a fiat currency and then making it's use mandatory. That way all of their subjects would know that if they every turned their backs on ISIS and let the state collapse, or simply tried to flee, all of the subjects' cash holdings would be worthless. If they give their subjects a bunch of gold and silver, though, they'll be giving their subjects a way to either weather ISIS's collapse, or a way to flee while taking wealth with them.
That's an interesting point. Force them to use ISIS fiat currency so there are less people who want to overthrow their system so their wealth doesn't become useless.
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The CIA has probably told them to do this to give the feds another reason to demonise gold. Gold is terrorist money! If you love 'murica you'll allow your gold to be confiscated and use real paper money! Basically from this point on if you have gold you're a terrorist.
Sigh. Think of all those numismatists who'd love to have some of those dinars for their collections but don't dare for fear of an FBI raid.
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