The Islamic State has announced that they will start producing their own currency in areas under its control, in an effort to “emancipate itself from the satanic global economic system”.
Isil which is thought to be the wealthiest terror group in the world – announced on Thursday its plans to reinstate an ancient Islamic dinar currency using gold and silver coins in a move “purely dedicated to God”
The self-declared state’s Treasury said it would soon be issuing another statement to explain the new currency’s exchange rate and where to find it.
The currency, based on the original dinar coins used during the Caliphate of Uthman in 634 CE, will include seven minted coins: two gold, three silver and two copper.
The reason? Because using bullion as currency isn’t going to isolate them from that satanic global economy, it’s going to tie them in to it. Prices will now bounce around according to the bullion prices. And that might just about work if everyone was using the same system: a global (ie, satanic) gold standard. But as everyone else isn’t using it then as the bullion price rises then the coins will leak out and be smelted down. And given that their mint is unlikely to be all that sophisticated it wouldn’t surprise to see fakes being made when the bullion price falls.
They’ll end up with exactly the opposite of what they think they will. A wildly swinging money supply, wildly swinging real prices. It’ll be a disaster.
What fun, eh? Shattering the dreams of all those gold bugs out there.