STAFF NEWS & ANALYSIS
ISIS Goes on Gold Standard?
By Philippe Gastonne - September 08, 2015

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, 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, 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 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, 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.

Posted in STAFF NEWS & ANALYSIS
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