• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Malaysian Province Moves To Gold And Silver-Based Currency In "Main Islamic Event Of The Last 100 Years"

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Tue, 08/17/2010 - 23:45 | 527561 snowball777
snowball777's picture

One dirham, one dirham foot-looonngggg (at least until gold is $50k/troy and the shitty sandwich costs $208).

<hurts himself attempt to self-pat for previously predicting an islamic gold currency this year>

 

Wed, 08/18/2010 - 01:11 | 527641 greyghost
greyghost's picture

sharia this...sharia that! now i know why all the talking heads on t.v. have been using the "sharia" word non stop. it ain't about stoning someone...they don't give a rats ass about someone stoned to death. BUT bring up sharia money, no debt, no interest and lots of gold.....well i can hear them now...

anything sharia will be tainted by the media as "you will be stoned to death by gold coins". the media is becoming easy to see thru.

Wed, 08/18/2010 - 07:38 | 527798 MarketTruth
MarketTruth's picture

Maybe not stoned to death by coins, though the USA is hell bent on keeping the petro-dollar. When Saddam went off the petro-dollar, not long thereafter.... and the USA is still covering their assets on Iraq with all those (unfound) WMDs.

Iran has now also gone off the petro-dollar...

Gold and silver may be a great first step that might not draw too much attention, yet when you sell oil and decide to avoid the Federal Reserve debit note (US dollar)... wars break out due to those darn 'terrorists'.

 

 

Wed, 08/18/2010 - 08:05 | 527817 SWRichmond
SWRichmond's picture

Yes.  It's almost easy to predict that the West will, in short order, trace Al-Qaeda activity to this small province and start drone flyovers, airstrikes, and then dispatch a few hundred thousand mercs to pacify the area.

Wed, 08/18/2010 - 11:42 | 528219 still kicking
still kicking's picture

Our men and women are not mercs you fucking jackass.  They have been duped the same way the rest of the world has, they think they are fighting for something only to realize too late that they are pawns in a political game.  You owe them an apology.

Wed, 08/18/2010 - 13:25 | 528506 CrockettAlmanac.com
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But the "contractors" are mercenaries. Lots of them over there.

Wed, 08/18/2010 - 18:28 | 529213 still kicking
still kicking's picture

when he says "a few hundred thousand" I am pretty sure we aren't talking contractors.  I wouldn't deny or defend any of those Blackwater or KBR fucks.

Wed, 08/18/2010 - 22:12 | 529514 SWRichmond
SWRichmond's picture

Few seem to understand the scope of the "contractor" effort.

http://www.americanprogress.org/issues/2010/08/gates_announcement.html

Reducing the number of contractors excludes the several hundred thousand in Iraq and Afghanistan. And the Pentagon admits it is not sure how many contractors it actually has.

I want the troops brought home immediately, and the contractors to have their passports revoked, be declared "stateless persons" and left there.

Thu, 08/19/2010 - 00:46 | 529701 angela5503
angela5503's picture

 Okay pawn, please accept my fucking apology.

Thu, 08/19/2010 - 11:26 | 530477 still kicking
still kicking's picture

Don't apologize to me fuckwad, I have never served, but I have watched many friends and family go off to war, and feel I have to right to defend them.

Thu, 08/19/2010 - 08:15 | 529899 SWRichmond
SWRichmond's picture

I want to be clear, and I apologize if I wasn't: I mean the merc contractors.  In contrast, our men and women in uniform who have sworn an oath to die for us are our most precious national resource, one that must only be risked and expended when there is absolutely no other choice and when the clock has run out.  Neither of those prerequisites was met in Iraq.  We have no business there; I want them brought home and out of harm's way now, today.  Afghanistan has been dragged out into an endless occupation; I want out of there, too.

Thu, 08/19/2010 - 11:22 | 530461 still kicking
still kicking's picture

Then you have my wholehearted apology.  I overreacted, but I get so very tired of the people that blame our brothers, sisters, children, and neighbors of war mongering, as you so aptly stated those people are doing a job to defend us.  The powers that be have abused that resource to no end and it sickens me that they skate away clean while our loved ones come back in a box or maimed.

Wed, 08/18/2010 - 13:30 | 528515 midtowng
midtowng's picture

That's what I was thinking. When do we start bombing Malaysia?

Wed, 08/18/2010 - 03:15 | 527699 zevulon
zevulon's picture

gold shmold. i've seen buckets of gold melted into bars, i've been around gold my whole life. 

the defining attribute of advanced monetary societies as that they learn to incorporate metals and other non-wasting assets (land) as only a piece of the basic wealth reserve. not all of it. 

 

yes gold may go to the moon. and yes, the dollar may default , as has the currency of many countries. but guess what. you don't see too many gold backed curriencies these days, default or none. and that's because we are not zimbabwe, default or not. 

there is a value, immeasurable as it may seem, that can be attributed to our culture, our beauracracy, our (ostensibly corrupted) legal/political system that actually expresses itself beyond any possible transition towards a stable monetary base. and that value, those values, will preclude the existance of a fully prescious metal backed currency. that is to say , the golden rule no longer holds the force it once did. because whoever holds the gold, only makes some of the rules. not all of them. 

Wed, 08/18/2010 - 03:56 | 527712 faustian bargain
faustian bargain's picture

sez you.

We don't see too many gold backed currencies these days because they are bad for the expansionary ambitions of central governments, and they limit the profits of big banks who like to influence and control governments. Perhaps that is the immeasurable value to which you refer.

Wed, 08/18/2010 - 05:34 | 527741 Bringin It
Bringin It's picture

I'm with the monkey on this one.  End the Fed.  BoooYaaah for Kelantan!

Wed, 08/18/2010 - 06:20 | 527761 ColonelCooper
ColonelCooper's picture

+100.

I think that this move to metal coins is more importantin what they're SAYING than actually doing.

1. It's additional Sharia sabre rattling.  Unlike the poster a couple of comments above me, I'm a little more concerned about people getting stoned to death because some 4th century Mullah deemed it "judicious".  I think it's hard to blame the media for sensationalizing the issue. (for once) They bury you to the waist and fucking pelt you with rocks til you die.  Cool.  Cause some poor bitch looked sideways at a dude who wasn't one of her child molesting relatives?  Cool.

2.  They just told the ponzi to get fucked in the name of Islam.  If the rest of the islamic world did the same....That really would be cool. 

Wed, 08/18/2010 - 10:59 | 528110 Ripped Chunk
Ripped Chunk's picture

++ !!!!

No more FED!

Wed, 08/18/2010 - 06:51 | 527775 Stormdancer
Stormdancer's picture

Amazing!  Around gold all your life and still didn't learn anything? I can see why some need to believe in reincarnation :)

Wed, 08/18/2010 - 07:23 | 527786 Hephasteus
Hephasteus's picture

I met a person that claimed to be 4 billion years old and a very old soul. I told her that it was very nice of them to have such a slow growth plan for her severe retardation and that it hardly shows in all the stupid things she claimed to understand.

Wed, 08/18/2010 - 10:03 | 527985 Uncle Remus
Uncle Remus's picture

She didn't also claim to be a librarian too did she?

Wed, 08/18/2010 - 08:11 | 527827 Sean7k
Sean7k's picture

All you have to know is this: you don't have to force someone to accept good money (legal tender laws). John Adams knew it. We know it. Want to know why the FED produces paper money? The Treasury is not allowed to  by law. Coins (silver and gold), but not paper.

Values and bureaucracy have no intrinsic value- otherwise you could sell them. Government is debt and debt is a violent act against the people. An inefficient act at that.

Go Malaysia, go sharia money law. End the FED. End tyranny once and for always.

Wed, 08/18/2010 - 05:20 | 527734 knukles
knukles's picture

Gresham's Law'll put paid to this experiment rather quickly.  Note that use of the new precious metals based currency is volitional, existing along side fiat.

Everybody'll attempt to take the precious in payment and remit change in fiat, thereby hoarding the quality item.  Reality of the moment, human nature.

Now, if no fiat existed alongside the precious, then it's a different story, albeit debasement occurs.  Still, better than Ponzi Promissory (IOU's) issued at behest of the Power Elite for Basic Bread and Circus Maintenance.

Wed, 08/18/2010 - 06:48 | 527774 Mercury
Mercury's picture

The precious....we wants it!

Wed, 08/18/2010 - 10:31 | 528047 tmosley
tmosley's picture

Gresham's Law only applies when the price of the commodity in question is fixed.  That does not seem to be the case here.  This is a separate, floating currency, and is no more likely to leave circulation than Swiss Francs.

Wed, 08/18/2010 - 11:34 | 528193 Snidley Whipsnae
Snidley Whipsnae's picture

Think of the Numismats around the world that will pay a premium to add these new gold and silver coins to their collections.

This small Malaysian provence will probably be unable to keep up with orders from abroad, much less stamp enough coins for the local economy...assuming they will accept foreign orders.

Wed, 08/18/2010 - 12:26 | 528343 tmosley
tmosley's picture

If enough capital flows in, they can produce any amount, until the whole world runs out of gold.

Again, if the premiums attached to these coins get to be too large, gold will flow there in search of higher returns in terms of paper.  That's all there is to it.  This is nothing but positive.

Wed, 08/18/2010 - 13:30 | 528517 CrockettAlmanac.com
CrockettAlmanac.com's picture

Quite reasonable supposition.

Thu, 08/19/2010 - 06:03 | 529840 virgule
virgule's picture

Before you spend 20 minutes reading all the posts below, as of Wednesday evening, the kelantan government office selling coins...has run out of gold coins!

They apparently sold a miserable USD-equivalent 50K and then "faced technical difficulties....No one is using the coins for payment, buyers are keeping them as investment".

Tue, 08/17/2010 - 23:49 | 527567 tpberg7
tpberg7's picture

Gold Currency Bitchez!

Wed, 08/18/2010 - 04:47 | 527724 Cognitive Dissonance
Cognitive Dissonance's picture

Gold and other hard assets would act like the regulator looking over their shoulder. They'd have a destabilizing effect upon the outright theft of our countries wealth.

Regarding the headline of this article.

Malaysian Province Moves To Gold And Silver-Based Currency In "Main Islamic Event Of The Last 100 Years"

$20 says that the USA will be threatening this Malaysian Province with military and economic consequences within 12 months. Who wants a piece?

Wed, 08/18/2010 - 05:42 | 527744 Bringin It
Bringin It's picture

I can not take your money.  I agree. 

The issues over the border are ripe for exploitation, unfortunately.

On the other hand, maybe NetanYahoo will bomb Iran by Monday and this will be all moot.

Wed, 08/18/2010 - 05:54 | 527747 Cognitive Dissonance
Cognitive Dissonance's picture

I can not take your money.  I agree. 

Thanks because I wouldn't know how to actually "settle" the bet on an completely anonymous blog while still keeping my ID hidden. You saved my ass. :>)

Wed, 08/18/2010 - 08:06 | 527821 cossack55
cossack55's picture

Can I get my winnings in Dinars?

Wed, 08/18/2010 - 09:05 | 527887 Cognitive Dissonance
Cognitive Dissonance's picture

Sure, just as long as we wait until the dollar has been so completely debased that it's worth much less than it is now. Then we shall see how many Dinars the Wiemar dollar buys.

Wed, 08/18/2010 - 12:01 | 528270 Rotwang
Rotwang's picture

Check into something called the "Loom" payment systems.

Actual implementations might exist.

Wed, 08/18/2010 - 05:53 | 527748 Dismal Scientist
Dismal Scientist's picture

I was last in Malaysia some 20 years ago. I seem to remember it was basically the Chinese ethnic minority who did most of the work, and currently represent some 25% or so of the total population. Wonder what Beijing would think of a direct threat...

Wed, 08/18/2010 - 11:37 | 528205 Snidley Whipsnae
Snidley Whipsnae's picture

Perhaps this small experimental move to a gold currency was instigated by Bejing? Sun Tsu would approve.

 

Wed, 08/18/2010 - 08:16 | 527833 Max Hunter
Max Hunter's picture

'$20 says that the USA will be threatening this Malaysian Province with military and economic consequences within 12 months. Who wants a piece?'

I was thinking the same thing.. This is bad for business..

I'm curious as to how they will incrementally demonize them until they are full blown savages that can only be saved by our bombs.. LOL

Wed, 08/18/2010 - 12:01 | 528268 Oh regional Indian
Oh regional Indian's picture

Lament Out Loud

The new LOL.

ORI

http://aadivaahan.wordpress.com

Tue, 08/17/2010 - 23:52 | 527569 flacon
flacon's picture

HONEST MONEY FOR HUMANITY! If the United Nations cares about mankind this ought to be their slogan. But of course we all know that the U.N. is all about CONTROL and OPPRESSION of mankind. 

Wed, 08/18/2010 - 00:04 | 527582 Hephasteus
Hephasteus's picture

Ya but they are doing it from the moral high ground of the biggest lying stealing, opressing, cheating bastards on the planet so of course it will work.

They are way better tranformation symbols than lady gaga. Which is why it's so fucking odd you can't hear nothing but stupid crap about her on MSM. They need to roll out mother teresa but I guess the xanadu treatement didn't stick.

Wed, 08/18/2010 - 00:03 | 527585 NoVolumeMeltup
NoVolumeMeltup's picture

Where did you see Britain being referenced in the article?

Tue, 08/17/2010 - 23:54 | 527573 ZeroPower
ZeroPower's picture

Non-event. Barely a country state, and the wiki entry for it didnt even look one bit interesting.

Wed, 08/18/2010 - 09:01 | 527880 snowball777
snowball777's picture

A child, however, who had no important job and could only see things as his eyes showed them to him, went up to the carriage.

"The Emperor is naked," he said.

Tue, 08/17/2010 - 23:57 | 527579 Hephasteus
Hephasteus's picture

Oops. Everybody done and went and put all their manufacturing plants in the wrong place.

Wed, 08/18/2010 - 00:03 | 527580 Fish Gone Bad
Fish Gone Bad's picture

Perhaps a new money game is afoot?  Now to really fuck things up, someone has to introduce some wild cards, like drugs and weapons.  Hmmmmm who has those all around the place (hint: http://www.marinecorpstimes.com/xml/news/2008/05/ap_marines_opium_050608... )?

Wed, 08/18/2010 - 00:04 | 527587 FEDbuster
FEDbuster's picture

What started as a pinhole leak in the giant dam ......

Wed, 08/18/2010 - 00:06 | 527590 digalert
digalert's picture

I know I read in that article "feral" government.

Wed, 08/18/2010 - 03:10 | 527697 Hephasteus
Hephasteus's picture

They mostly come out at night. Mostly.

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