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ISIS Unveils Its New Gold-Backed Currency To Remove Itself From "The Oppressors' Money System"
Zerohedge ^ | 11/13/2014 | Tyler Durden

Posted on 11/13/2014 8:32:33 AM PST by Rusty0604

.

It appears the rumors are true. Islamic State is set to become the only 'state' to back its currency with gold (silver and copper) as it unveils the new coins that will be used in an attempt to solidify its makeshift caliphate. ISIS says the new currency will take the group out of "the oppressors' money system."

As Zaid Benjamin notes, ISIS releases details of its new currancy with golden 1 & 5 dinar, silver 1, 5, 10 dirham and copper 10 & 20 fils

It seems Alan Greenspan may have been on to something after all...

"Remember what we're looking at. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it."

Of course this will mean more physical demand - along with Russia and China - and so more price suppression by the West.


TOPICS: Miscellaneous
KEYWORDS: albaghdadi; baghdadi; caliphate; china; coinage; coins; copper; currency; dinar; gold; goldbugs; iran; iraq; isis; kurdistan; lebanon; russia; silver; syria; turkey; tylerdurden; tylerdurdenmyass; zerohedge
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To: Rusty0604

“Islamic State is set to become the only ‘state’ to back its currency with gold (silver and copper)”

Now there is a group to emulate. sarc.

Any goldbugs want to move to Iraq? It is only a few thousand dollars for the flight.


21 posted on 11/13/2014 9:06:04 AM PST by Prophet2520
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To: Carpe Cerevisi
GB is sittin' in Scrooge McDuck's vault and he's been trying to get us to do the same.

Not a Beck fan ... I just know what he advertises

22 posted on 11/13/2014 9:06:34 AM PST by knarf (I say things that are true .. I have no proof .. but they're true.)
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To: MHGinTN
Yeah?

Well maybe YOU can answer ...

What's a meta for, anyway ?

(thanx)

23 posted on 11/13/2014 9:07:52 AM PST by knarf (I say things that are true .. I have no proof .. but they're true.)
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To: Rusty0604

So unlike our republicans, they’re socially AND fiscally conservative?


24 posted on 11/13/2014 9:09:54 AM PST by Phinneous
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To: C19fan

My coin collecting nowadays is limited to state quarters. (Still missing a few “D” coins.)


25 posted on 11/13/2014 9:14:48 AM PST by MUDDOG
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To: Rusty0604

Where is ISIS going to get gold and silver? After melting down all ancient and medieval artifacts, I mean.


26 posted on 11/13/2014 9:30:25 AM PST by sphinx
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Donate And Keep The Lights On


27 posted on 11/13/2014 9:31:19 AM PST by DJ MacWoW (The Fed Gov is not one ring to rule them all)
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To: Rusty0604

With an economy the size of Oblong, Illinois’, it should work out fine.

Except that ISIS’ll screw it up.


28 posted on 11/13/2014 9:34:22 AM PST by <1/1,000,000th%
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To: I want the USA back

As evidenced by recent proclamation “they will attack assad first”rather than go in to Iraq.............and save innocent.


29 posted on 11/13/2014 9:48:12 AM PST by therapsida (t)
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To: Rusty0604

So if they take control of any oil wells, will they refuse to sell oil to anyone who cannot pay in gold?

If they seize any banks, will they not accept mortgage payments that are paid electronically?


30 posted on 11/13/2014 10:00:35 AM PST by angry elephant (Endangered species in Seattle)
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To: Rusty0604
Gold ̣not "gold backed" dirhams circulate in Indonesia and in Central Asia, not a lot, but it is happening. The lure is that one can buy the same amount of rice or RPG with agold dirham now or in a year no matter what happens to the government money. It won't catch on generally because there is that Economic axiom that "bad money drives out good." Some Moslem traders use dirhams with each other because it is "Moslem" money but also because it is trustworthy.
31 posted on 11/13/2014 10:25:10 AM PST by arthurus
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To: Genoa

Lets hope Al Baghdadi is dead—if he’s just hurt—he may want a little payback on the USA. The Gold Coins is really a smart move on his part. If he plays his cards right he might re-establish his state—BUT he will need to take Baghdad first and I don’t think the US will let him.


32 posted on 11/13/2014 10:27:41 AM PST by Forward the Light Brigade (Into the Jaws of H*ll Onward! Ride to the sound of the guns!)
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To: knarf
If there is an Antichrist then it is Mohammed and his offspring, Islam. The New Testament uses the term to refer anyone who claims to be part of the Church yet preaches non Christ derived things.
33 posted on 11/13/2014 10:29:15 AM PST by arthurus
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To: Forward the Light Brigade
Is Baghdadi the Assyrian of prophecy? He might decide to make Mosul (Nineveh) his capital. He can wait out the US.
34 posted on 11/13/2014 10:32:34 AM PST by Genoa (Starve the beast.)
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To: PUGACHEV

It doesn’t have to be physical gold. 100 years ago when most of the world was on the gold standard, paper money was exchangable for gold. Right the way up until 1914, you could go to the Bank of England, hand in a £1 note and get a 22 carat gold sovereign in return. It was a system that worked for over a century before it was usurped in favour of fiat currency which is based on nothing more than what the bankers and financiers say it is worth.


35 posted on 11/13/2014 10:34:41 AM PST by sinsofsolarempirefan
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To: sphinx
Where is ISIS going to get gold and silver?

Looting banks from Mosul to Aleppo.

Robbing individuals, lots of private holdings in that part of the world.

Stealing jewelry, see above.

Selling oil for gold, silver and copper.

36 posted on 11/13/2014 10:35:10 AM PST by Former Proud Canadian
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To: sinsofsolarempirefan

The problem IMHO is that except in very small local systems, even a economy based on gold coins is not beyond government manipulation, and hence not “honest” in the sense we mean here. A certificate backed by gold held in reserve is only “honest” if the number of certificates issued is limited by the amount of gold being held (obviously). I suspect that if everyone 100 years ago went to the bank on the same day to exchange their certificates for gold, the truth is that there would not be enough gold to go around even then. Had that actually happened, or even come close to happening, the government would have no choice but step in.


37 posted on 11/13/2014 11:15:56 AM PST by PUGACHEV
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To: knarf

You are correct. Greed can be the root of a lot of evil.


38 posted on 11/13/2014 11:56:19 AM PST by Rusty0604
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To: sphinx

They are selling oil at a discount, may ask for payment in gold.


39 posted on 11/13/2014 11:59:28 AM PST by Rusty0604
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To: sinsofsolarempirefan

But would you trust ISIS paper anywhere outside of Beheadistan? For that matter, would you take ISIS paper IN Beheadistan without an executioner standing there to close the deal?


40 posted on 11/13/2014 12:14:40 PM PST by sphinx
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