Islamic State wants to re-introduce gold and silver currency

[-:Undertaker:-]

http://www.dailymail.co.uk/news/arti...i-mosques.html

Now ISIS wants to introduce its own currency: Plans to bring back solid gold and silver dinar coins announced in Iraqi mosques

- ISIS said to be planning to introduce its own currency to areas it controls
- Militants allegedly want to bring back the dinar - an ancient Islamic currency
- The original dinar currency consisted of purely gold and silver round coins

ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged.

The Middle East terror group apparently wants to introduce its own Islamic currency as part of its attempts to solidify its makeshift caliphate.

Militants are said to want to bring back the original dinar, which is an ancient currency from early Islam, and religious figures in Mosul and Iraq’s Nineveh province have apparently announced its return in mosques.

The terror group, led by Abu Bakr al-Baghdadi (pictured addressing Muslim worshippers at a mosque in the militant-held northern Iraqi city of Mosul), is apparently keen to introduce its own currency to areas it controls

The currency known as the dinar, which once consisted purely of gold and silver coins, is today used by a variety of countries, but the coins are created from different materials to the originals.

However, the jihadi group is understood to be planning to return to the original gold and silver coins, which were first introduced during the Caliphate of Uthman in 634 CE.

The original Islamic dinar was a gold coin which was the weight of gold equivalent to 4.3 grams. Its silver counterpart, known as the Islamic dirham, was a silver coin equal in weight to 3 grams of silver.

Both were round in shape and one side of the coin was typically stamped with an Islamic message, while the other side featured the date of minting and the country’s ruler.

While ISIS has yet to confirm the introduction of its currency, social media is awash with claims that leading religious figures announced the plans during recent prayers in Mosul and Nineveh province.

It is believed the terror outfit wants to use the independent currency in areas it controls as part of its war on the West.

The currency, which could be introduced within the next few weeks, will involve changing from regular dinars and Lira to golden dinars and silver dirhams.

Last month, it emerged that ISIS, which also goes by the name Islamic State, is raking in money at a remarkable rate - earning about $1million a day from black market oil sales alone.

The group extracts oil from territory captured across Syria and Iraq, and sells it to smugglers.

David Cohen, who leads the Treasury Department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks.

In addition, he said the group has taken in at least $20million in ransom payments this year from kidnappings.

Mr Cohen said ISIS, which is led by Iraqi Abu Bakr al-Baghdadi,obtains the vast majority of its revenues through local criminal and terrorist activities.

Wow. Didn't think the day would come where I would agree with Islamic State but it just did.

Thoughts?

[FlyingJesus]

Good plan when your entire economy is based on theft and extortion rather than an actual market since the coinage itself has a value so you can do a runner with it when things go end up, would be totally pointless for anything other than a waste of metal in most established countries though

[-:Undertaker:-]

Good plan when your entire economy is based on theft and extortion rather than an actual market since the coinage itself has a value so you can do a runner with it when things go end up, would be totally pointless for anything other than a waste of metal in most established countries though

It would stop the gap between rich and poor growing so hugely as well as constant market crashes every decade or so because of central banks printing money and creating artificial credit bubbles.

Good point on why Isis would bring it in though regarding civil unrest, didn't think of that.

[FlyingJesus]

How does it stop class gaps? Other than by severely limiting the upper levels of wealth and forcing prices of everything to be flattened so that enough coinage to buy anything can exist, which seems a bit commy

[-:Undertaker:-]

How does it stop class gaps? Other than by severely limiting the upper levels of wealth and forcing prices of everything to be flattened so that enough coinage to buy anything can exist, which seems a bit commy

Because it is those at the top who profit most from central banks printing money like crazy and also those at the top who have early knowledge/warnings of central bank money printing. It's an insanely corrupt system.

There's a reason the Founding Fathers made it law that American currency should be actual money & not paper.

[FlyingJesus]

But if all monetary wealth only exists as physical currency that's open to massive corruption too as well as having no safety measures - if someone decides to horde a load of gold then they can control the value of the entire economy

[-:Undertaker:-]

But if all monetary wealth only exists as physical currency that's open to massive corruption too as well as having no safety measures - if someone decides to horde a load of gold then they can control the value of the entire economy

That's why you would have the central bank have huge gold reserves: you wouldn't even need gold + silver currency, just for it to be backed by gold and silver as it used to be. That said, retaining paper currency would still be open to corruption just as the present system is.



The reason I put £1,000+ of my own money into silver after discovering Ron Paul and Austrian Economics.

Interesting and under-discussed subject though.

[AgnesIO]

Because it is those at the top who profit most from central banks printing money like crazy and also those at the top who have early knowledge/warnings of central bank money printing. It's an insanely corrupt system.

There's a reason the Founding Fathers made it law that American currency should be actual money & not paper.

Islamic State don't exactly have a reputation for sharing with those not at the top...