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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: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...

And as gold continues to slide, paranoid nonsense like “more price suppression by the West” when allegedly higher physical demand should result in a higher price will continue to appear in ZeroHedge. In a way I’m glad it hasn’t been banned as a source on FR, because it is self-lampooning.


41 posted on 11/13/2014 12:14:45 PM PST by SunkenCiv (https://secure.freerepublic.com/donate/_______________________Celebrate the Polls, Ignore the Trolls)
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To: PUGACHEV; knarf

Would you be happier if he melted them down and sold the gold as new bars without the ISIS stamp?


42 posted on 11/13/2014 3:31:10 PM PST by B4Ranch ( Refuse to live in fear of life or death.)
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To: PUGACHEV

I think most people understood that there wasn’t enough gold to cover every single note in the country. It did give governments a hell of an incentive to stay honest, fiscally responsible and prudent in order to avoid a run on the bank. Under the gold standard, the value of money could not be manipulated for short term gain, and inflation could only happen within fixed parameters. A pound in 1914 was worth more or less the same as it was in 1814. Nowadays, inflation is constant, and we talk of the inflation RATE like its the most normal thing in the world to have a rate where the only variable is how fast money is being inflated, rather than whether it is at all.


43 posted on 11/13/2014 4:11:10 PM PST by sinsofsolarempirefan
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To: B4Ranch
heh heh ... gold is gold ... I'm neither happy nor sad ... probably sad

Back in the '70's, a friend tried to get me to invest in gold at 200 something an ounce ...

too much, I said back then.

44 posted on 11/13/2014 6:47:24 PM PST by knarf
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To: wally_bert
It took 9 posts....But we have a winner!!!

“MONEY” by definition must be produced.....Hell!... a blank ream of paper....a cigarette or crack cocaine has more value then fancy inked paper....unless you're buying it for the artistic value...lol

45 posted on 11/13/2014 7:14:31 PM PST by M-cubed
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To: Rusty0604

Darn.

The most evil bastards on the planet and they have real money.

And we don’t.


46 posted on 11/14/2014 4:31:49 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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