ISIS are currency cranks too
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They don't like the US Federal Reserve, denounce fractional reserve banking and want to go back to a gold-based currency.
Among their minor errors, I agree.
Well, as there Islamists (or claim to be) you'd expect them to be against making money through interest, but then of course to do it anyway under another pretext..
Just realised that this is a site you have to pay to read, so here's what it says:
Quote:Isis has waded into the economic debate amid fluctuating world markets with its own version of jihadinomics.The insurgent group has released an hour-long film attacking the "satanic" global financial system and explaining how it intends to create an "economic 9/11" by banning paper money.In the video, which features footage of Isis militants fighting in Iraq and the Twin Towers falling, the narrator claims: "One of the great forms of corruption that the Earth came to witness was the dark rise of banknotes, borne out of the satanic conception of banks, which mutated into a fraudulent system of enslavement orchestrated by the Federal Reserve in America, a private corporation and system that would, through the use of deceit and force, deprive people of their due, by imposing upon them the usage of the piece of paper, the dollar bill."Isis says that it will shortly issue its own gold, silver and copper coins, which it claims are minted in Mosul.Analysts doubt that Isis could obtain precious metals in sufficient quantities for the currency, however, and are sceptical that the militant group has the ability to mint it with the flexibility to be useful. "An Isis five gram gold dinar would be worth $139," says Tom Keat-inge, director of the centre for financial crime and security studies at the Royal United Services Institute. "Try buying a loaf of bread with it."He adds that gold prices are more volatile than dollar exchange rates and that the video offers a "compelling but rather naive" history of fractional reserve banking, by which economies operate with high levels of debt. Isis says a collapse of the global banking system will occur once the Muslim world returns to using only currency based on precious metals and stops buying US government bonds, leaving America with unsustainable debt.Isn’t the creation of an ISIS central bank issuing currency and taking control of, and managing monetary policy, an obvious further step towards fulfillment of “statehood” for ISIS. ISIS first bank called the Islamic Bank opened in Mosul.The ISIS currency will include seven coins: two gold, three silver and two copper. The group said its 21-carat one dinar coin weighs 4.25 grams, while the 21-carat five-dinar coin weighs 9.50 grams. Three denominations of silver dirhams and two of copper coins were minted for smaller transactions and according to the Nov 2014 ISIS “Treasury Department” statement:“Based on the directive of the Emir of the Believers in the Islamic State, Caliph Ibrahim, may Allah preserve him, to mint current for the Islamic State, as it is far removed from the tyrannical monetary system that was imposed on the Muslims and was a reason for their enslavement and impoverishment, and the wasting the fortunes of the Ummah, making it easy prey in the hands of the Jews and Crusaders, the Treasury Department studied the matter and presented a comprehensive project, by the grace of Allah, to mint a currency based on the inherent value of the metals gold and silver,”Certainly considering the volatility of this "caliphate state" a return to the gold standard rather than paper fiat money is also obvious choice to make. Be worse if they were stable enough to have a fiat monetary system. Ron Paul seems interested https://www.youtube.com/watch?v=I_OYn5A5zC4Can't access the ISIS video direct…and would it be a terrorist crime to watch it, anyways.The ISIS voiceover actor says, in perfect English,
Quote:"As history repeated itself, one of the great forms of corruption that the earth came to witness was the dark rise of bank notes, borne out of the satanic conception of banks, which mutated into a fraudulent system of enslavement orchestrated by the Federal Reserve in America – a private corporation and system that would, through the use of deceit and force, deprive people of their due, by imposing upon them the usage of the piece of paper that came to be known as the dollar bill.It is the Federal Reserve bank note that they alone print, and that would go on to replace gold and silver which Allah created as the standard mediums of exchange for the purchase of goods and services. Allah blessed the songs of the Khilafah and gave them the ability and foresight to break from the shackles of the Federal Reserve system and to restore the gold dinar, and the silver dirham as the ultimate measure of goods and services beginning in the birth place of the Islamic State.”I think you can watch part of the video here:http://www.jpost.com/Middle-East/ISIS-Threat/Worth-their-weight-in-gold-ISIS-reveals-new-coins-to-replace-satanic-conception-of-banks-413689The words of the song at the end are revealing:
Quote:The video concluded with a three minute lyrical music video showing ISIS warriors fighting against different backdrops. The song runs through different reasons the warriors fight and each paragraph is inter-cut the chorus which sings, "For the sake of Allah we will march through the gates of paradise where our maidens will wait. We are men that love death just as you love your life, we are soldiers that fight in the day and the night."The good news is that when they commit suicide or get killed, that is. There's nothing there. No maidens (of either sex) waiting for the bastards.
alanjjohnstone wrote:The group said its 21-carat one dinar coin weighs 4.25 grams,ISIS are bringing back the 10 bob bit! (1 British Sovereign was 7.98g, over 20 gives us 0.39g to the shilling, OK so that divides into the ISIS dinar as 10.65 but, hell!, who's counting?)
The ironic thing is that Arab Muslims are supposed to have invented the cheque:
Quote:The modern cheque comes from the Arabic saqq, a written vow to pay for goods when they were delivered, to avoid money having to be transported across dangerous terrain. In the 9th century, a Muslim businessman could cash a cheque in China drawn on his bank in Baghdad.And from wikipedia:
Quote:Muslim traders are known to have used the cheque or ṣakk system since the time of Harun al-Rashid (9th century) of the Abbasid Caliphate.Transporting a paper saqq was more secure than transporting money. In the 9th century, a merchant in country A could cash a saqq drawn on his bank in country B.Maybe they will allow cheques too even if they are paper.Because it apparently preaches "debt-free money" Islamic monetary theory has been popular with some Western currency cranks. Here a famous photo of one Occupy protestor:
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