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Gold Standard Marks Its Unlikeliest Return With Islamic State

Posted on 31 August 2015

The terrorist group known as ‘Islamic State’ claims to have launched a precious metals-based ‘currency’ and oil-for-gold trading practices in order to undermine the dollar’s dominance in international trade. Kristian Rouz — In yet another attempt to behave as if they were the government of a nation, the notorious terrorist group Islamic State has just reintroduced a warped version of the gold standard the way it existed a century ago.
With the announced ‘return of the gold dinar’, Islamic State seemingly hopes to provide substantial support to their black-market oil-based economy. Whilst the new ‘currency’ will hardy gain international convertibility, the move might have significant consequences for the global economy, one of them being larger and less predictable fluctuations in gold prices, as the scale of black market operations with precious metals is inevitably poised to grow………………………………………..Full Article: Source


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