Posted on 11/13/2014 8:32:33 AM PST by 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.
Not a Beck fan ... I just know what he advertises
Well maybe YOU can answer ...
What's a meta for, anyway ?
(thanx)
So unlike our republicans, they’re socially AND fiscally conservative?
My coin collecting nowadays is limited to state quarters. (Still missing a few “D” coins.)
Where is ISIS going to get gold and silver? After melting down all ancient and medieval artifacts, I mean.
With an economy the size of Oblong, Illinois’, it should work out fine.
Except that ISIS’ll screw it up.
As evidenced by recent proclamation “they will attack assad first”rather than go in to Iraq.............and save innocent.
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?
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.
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.
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.
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.
You are correct. Greed can be the root of a lot of evil.
They are selling oil at a discount, may ask for payment in gold.
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?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.