It appears the terrorist organization known as Islamic State has been watching the fiasco of fiat money and reading Alan Greenspan and Ron Paul [7]. As The Daily Mail reports [8], ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins in an attempt to solidify its makeshift caliphate. Around 1500 years after the Dinar was first introduced - made from pure gold and silver - ISIS plans to implement the change within a few weeks, changing changing from regular dinars and Lira to golden dinars and silver dirhams.
As The Daily Mail reports [8],
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 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.
...
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.
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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."
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Of course this will mean more physical demand - along with Russia and China - and so more price suppression by the West.
