We are all terrorists now.

[tommyrp12]

Austrian Economics Is Now Equivalent To Terrorism Thanks To Latest Islamic State "Gold Standard" Propaganda Clip

From ZH:

What better way to mute demands for a return to sound money and the gold standard, than by making them equivalent to jihadist terrorism? Why, there are none, which is why some were thoroughly amused to see that yesterday the Islamic State's so called media center, the al Hayat, released a video whose production qualities are nothing short of Hollywood (or San Fernando valley at worst), in which the latest and greatest "jihadist terrorist group" that was a byproduct of US intervention in the Middle East, announces it is preparing to take on the Fed itself with, drumroll, "the return of the gold dinar."

As Bloomberg reminds us, the Islamic State’s Shura Council last year tasked its Beit al Mal, or treasury, with minting the coins, which come in several denominations made of gold, silver and copper.

The coins may not be there, but instead ISIS released a 55-minute propaganda video with the latest in straight to YouTube special effects, in which the ISIS voiceover actor says, in perfect English, "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."

What is surprising is that despite all the talk there is actually zero such coins in circulation: "Each coin bears an inscription that reads, “The Islamic State, a caliphate based on the doctrine of prophecy.” The 1-dinar coin also shows seven stalks of wheat, which the group said is meant to represent “the blessing of spending in the path of Allah.” The five-dinar coin bears the image of a map of the world.

Residents interviewed by phone from Mosul and Ramadi, the western Iraqi city captured by Islamic State in May, said so far they hadn’t seen any coins, received details of how the currency swap would work, or been told what the prevailing exchange rate might be. They said families have been preparing for this moment for some time.

“They’ll only be used in these areas and people will only buy these coins for their daily needs and expenses,” said Baghdad-based economist Basim Jameel. “Nobody outside their control will accept the currency and I don’t know how they’ll keep up with demand, as they are losing resources day after day,” he said. “At the end of the day, this is a media propaganda tool.”

Actually no, they won't: as Bloomberg also notes, "since Islamic State is classified as a terrorist group, the coins can’t be traded legally." But the point of the propaganda video is not to promote ISIS coinage, which will never exist; the point - as the nuanced, C-grade made in Hollywood propaganda goes, is to pitch an anti-Fed, anti-fractional reserve, pro-gold standard ideology, and make it equivalent to the evil terrorist thoughts spread by the Islamic Jihadist group.

And just like that, Austrian Economics has been reduced to a terrorist ideology, and anyone harboring the same "evil" misconceptions as those spread by the "Islamic State's" media propaganda outlet have become an enemy of the US state.

Islamic State Claims to Mint Gold Coins in Effort to Drive US to Financial Ruin
From Vice:

"It's like blood diamonds," David Phillips, a former adviser at the UN, now at Columbia University's Institute for the Study of Human Rights, told the New York Times last year. "No credible financial institution is going to take this."

[acptulsa]

“They’ll only be used in these areas and people will only buy these coins for their daily needs and expenses,” said Baghdad-based economist Basim Jameel. “Nobody outside their control will accept the currency and I don’t know how they’ll keep up with demand, as they are losing resources day after day,” he said. “At the end of the day, this is a media propaganda tool.”

Actually no, they won't: as Bloomberg also notes, "since Islamic State is classified as a terrorist group, the coins can’t be traded legally." But the point of the propaganda video is not to promote ISIS coinage, which will never exist; the point - as the nuanced, C-grade made in Hollywood propaganda goes, is to pitch an anti-Fed, anti-fractional reserve, pro-gold standard ideology, and make it equivalent to the evil terrorist thoughts spread by the Islamic Jihadist group.

Obviously.

Does anyone really believe that the people in the backwaters of the Middle East would need more than a grain of gold for their daily transactions? Ever try to fit the world on a grain of gold? Ever try to find a grain of gold after you've dropped it in the sand?

[tommyrp12]

Welp, i am pretty sure they are not the purists of Austrian economics and free markets. They will probably kill a lot of people in order to bring about their monetary system. I wonder if the guy using the analogy of blood diamonds for gold actually thought about the cleanliness of the FRN's and central banks. I should of posted the whole quote form The New York Times.

“What central bank is going to accept an ISIS coin?” said David L. Phillips, a former adviser at the United Nations and the State Department, now at Columbia University’s Institute for the Study of Human Rights.

“It’s like blood diamonds,” he said. “No credible financial institution is going to take this.”

[Dianne]

Welp, i am pretty sure they are not the purists of Austrian economics and free markets. They will probably kill a lot of people in order to bring about their monetary system. I wonder if the guy using the analogy of blood diamonds for gold actually thought about the cleanliness of the FRN's and central banks. I should of posted the whole quote form The New York Times.

HSBC will.