ISIS and Gold Backed Currency
This is another story that is probably more style than substance, but ISIS is talking about introducing a gold-backed currency into a consolidated Islamic State. They’ve released some images and plans for the different denominations so it’s a little more tangible at this point than just an off-hand comment.
I know turmoil in the Middle East is par for the course, but I don’t think the world quite anticipated a group like ISIS. Middle Eastern governments are on thin ice, ISIS is gaining power, Turkey isn’t sure how to handle this (issues with the Kurds – long story short, they’re holding their own and it’s increasing chances of Kurdish secession), the West doesn’t know what to do, ISIS has a shit load of oil at it’s disposal. There are a lot of wild card factors in this story and I don’t think anyone knows for sure how it’ll play out.
A gold backed currency would fit in with their plans of removing themselves from the world’s current financial system and still have a means to trade for the one thing they have, oil (oh, and concrete, dates and carpets. Ha ha. ). However, I think worrying about minting coins is a few steps ahead of where they are…or would it fast track them to some legitimacy? We’ll see…