ISIS Goes on Gold Standard?

[mick silver]

The Islamic State (Isis) militants have released a new video showing the terror group minting and distributing gold dinars, which it claims will be the new currency to save Muslims from the enslavement of 'satanic' US banks.
The hour-long video, which is available in several languages, is mainly addressed to its Muslim supporters and claims that it is an attempt to take the land back to the "golden" times of "Prophet Mohammad".
The high-quality video features a man speaking in English, narrating how the "US satanic banks" promote "the capitalist financial system of enslavement, underpinned by a piece of paper called the Federal Reserve dollar note."
The video also contains clippings from the Vietnam war and shows a graph on how US gold reserve depleted during the Vietnam war.
The group claims in the video that it will now trade oil only for gold. – International Business Times (http://www.ibtimes.co.in/isis-currency-new-video-shows-islamic-state-minting-gold-coins-save-muslims-satanic-us-banks-644766), Aug. 30, 2015
Islamic State militants may be crazed killers, but at least some of them are taking an interest in the evil that underlies modern banking. They claim the group will soon issue gold coins as its medium of exchange.
In compliance with sharia (http://www.thedailybell.com/definitions/params/id/1819/), the new dinars will have no human or animal images. A video promoting the coins shows a terrorist walking through an Arab street, using the new coins to shop and showing them to smiling children.
The narration claims that gold coins are the only form of money consistent with the Prophet Mohammed's teachings. It also explains the flaws of paper money (http://www.thedailybell.com/definitions/params/id/803/) and banks, calling the latter "satanic."
Are banks, in fact, satanic? This is unknowable, but they are certainly not angelic. Modern banks are simply sophisticated forms of theft. They accept deposits, promise payment on demand and then lend the depositor's money to someone else. The scheme works because only a small fraction of depositors demands their money back on any given day.
On the other hand, some reports suggest the ISIS gold coins may just be a different kind of scheme. German journalists say the ISIS coins are only gold-plated (http://thelibertarianrepublic.com/isis-new-gold-coins-arent-even-real/), not solid gold, calling the move an act of desperation.
If that is the case, then ISIS is just as guilty of fraud as the satanic bankers its video criticizes. ISIS is arguably worse than the satanic bankers, who at least prey mainly on wealthy Westerners. ISIS is defrauding impoverished villagers who already endure great suffering.
So which is worse: Western bankers or ISIS militants? When it comes to issuing money, they seem to think just alike.
- See more at: http://www.thedailybell.com/news-analysis/36521/ISIS-Goes-on-Gold-Standard/#sthash.DMhBTFx2.dpuf

[monty]

Banks do not loan depositor's money.

http://ellenbrown.com/2014/10/26/why-do-banks-want-our-deposits-hint-its-not-to-make-loans/

[Serpo]

If chopping peoples heads off over a mindless belief isnt satanic , I dont know what is.............


Gold.........................WMD



ISIS advertises its new gold coins but still pays its gunmen in U.S. dollars



http://www.gata.org/node/15687

[cheka.]

more details

http://www.bloomberg.com/news/articles/2015-08-29/islamic-state-finds-gold-coins-are-a-steal-as-throwback-currency

Islamic State Flips Gold Coins to Break Fed `Enslavement'

The currency is meant to break the shackles of “the capitalist financial system of enslavement, underpinned by a piece of paper called the Federal Reserve dollar note,” the group said in the video. It didn’t explain where the coins were being minted, nor how they’ll be distributed or replace currencies circulating in the territory the group occupies in parts of Iraq and Syria.

Islamic State first announced its intention to issue its own money in November, five months after it seized the northern Iraqi city of Mosul and its leader Abu Bakr al-Baghdadi announced a caliphate. The move was seen by analysts as part of the group’s efforts to build the institutions of a functioning state.

The jihadists have amassed a war chest of millions of dollars, partly through collecting taxes, and by seizing oil refineries. Bank and jewelry store robberies, extortion, smuggling and kidnapping for ransom are other important sources of revenue for the group, which metes out brutal punishment to anyone who opposes its rule, including beheadings and crucifixions.
Morale Booster

Baghdad-based economist Basim Jameel said the announcement is an attempt to boost the morale of Islamic State fighters, who have suffered battlefield setbacks in recent months, including the loss of Tikrit in March.

Minting the coins is relatively easy, Jameel said, as goldsmiths in Mosul imported machines from Italy in recent years, each one able to produce about 5,000 coins a day. The metals probably come from banks the group seized, ransoms, the homes of Christians and other minorities who fled, he said.

In the video, Islamic State refers to Caliph Abd al Malik ibn Marwan, who introduced the first Arabic-script coinage of the Islamic empire, free of figural representation, in around 696 AD.

The group said its 21-carat 1-dinar coin weighs 4.25 grams, while the 21-carat five-dinar coin weighs double that. Three dominations of silver dirhams and two of copper coins were minted for smaller transactions, it said.
Exchange Rate?

Each coin bears an inscription that reads, “The Islamic State, a caliphate based on the doctrine of prophecy.” The 1-dinar coin also shows seven stalks of wheat, which the group said is meant to represent “the blessing of spending in the path of Allah.” The five-dinar coin bears the image of a map of the world.

Oil, the group said in the video, will now only be sold for gold.

The Pentagon said in February that illicit oil sales are no longer the main source of funding for the group. A U.S.-led bombing campaign that began last summer reduced the number of fields under its control and several neighbors, including Turkey and Kurdistan, have cracked down on smuggling routes.

Residents interviewed by phone from Mosul and Ramadi, the western Iraqi city captured by Islamic State in May, said so far they hadn’t seen any coins, received details of how the currency swap would work, or been told what the prevailing exchange rate might be. They said families have been preparing for this moment for some time.

One Mosul resident, who asked not to be identified out of concern for his safety, said his family and others will exchange a certain amount of old money into the new Islamic State currency to pay household expenses. Some will keep back a portion of the old currency to exchange into dollars in areas that remain under government control, he said.

Because Islamic State is classified as a terrorist group, the coins can’t be traded legally.

“They’ll only be used in these areas and people will only buy these coins for their daily needs and expenses,” said the economist Jameel.

“Nobody outside their control will accept the currency and I don’t know how they’ll keep up with demand, as they are losing resources day after day,” he said. “At the end of the day, this is a media propaganda tool.”