Tuesday, November 11, 2014

Ron Paul finds a new friend in the Islamic Caliphate

This is cute:

The Daily Fail - Islamic Caliphate plans to bring back gold and silver coins as currency. Wow. Yeah, Zerohedge and Business Insider already reprinted the story so you know it's got a stink to it, but even still:

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.

Last month, it emerged that ISIS, which also goes by the name Islamic State, is raking in money at a remarkable rate - earning about $1million a day from black market oil sales alone.

The group extracts oil from territory captured across Syria and Iraq, and sells it to smugglers.

David Cohen, who leads the Treasury Department's effort to undermine the Islamic State's finances, said the extremists also get several million dollars a month from wealthy donors, extortion rackets and other criminal activities, such as robbing banks.

Technically, selling currency to buy gold and silver is a type of physical demand. So I guess, technically, we just witnessed the birth of a new several-million-dollar-per-day buyer of gold and silver.

Well, now Ron Paul is stuck in the unenvious position of supporting a bunch of lunatic murderers in their quest to establish a metals-backed currency.

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