Islamic State Plotting ‘Second Blow’ to U.S. Financial System in Bid to ‘Purify the Earth of Corruption’

Posted 2015-08-31 16:38 by Grunt Report

The Islamic State group revealed over the weekend that at the centerpiece of its goal to bring down America is a concerted effort to weaken the U.S. dollar and replace it with gold currency.

A video posted Saturday warned of the “dawning of a new age” in which replacing the dollar with gold would deliver “the second blow to America’s capitalist financial system of enslavement … casting into ruins their fraudulent dollar note.”

The first blow, it said, was the September 11 attack on the World Trade Center.

The English-language video included archival footage from U.S. news channels, including a 2007 clip of Ron Paul sounding the alarm over the vulnerability of the dollar.

Produced by the Islamic State’s Al Hayat Media, the extremist Sunni group positioned itself as leading the fight against fiat currency by minting caliphate gold, silver and bronze coins. It named them after historical Islamic caliphate coins: the gold dinar, the silver dirham and the bronze fals (or the plural fulus).

Its dedication to gold – and opposition to paper notes – was grounded in the Quran, excerpts of which appeared onscreen in the video.

The 55-minute video, posted on forums used by the jihadist group’s supporters, reviewed international monetary policy since World War I to make its case against the dollar.

The American-accented narrator accused the U.S. of “heading a capitalist financial system of enslavement underpinned by a piece of paper called the Federal Reserve dollar note which they alone printed and imposed on the rest of the world.”

The Islamist group likened its military efforts, shown in a montage of exploding buildings and militants firing their automatic weapons, to financial warfare against America’s “satanic financial system.”

It described the introduction of its gold dinar coin as “blessed” by Allah, as the “prophesy of prophet now unfolding” and as an effort to “purify the earth of corruption.”

The group vowed that in the future, it would sell oil only in exchange for gold, not “fraudulent” paper bills.

The video railed against the modern financial system, including the unbridled printing of banknotes, “abhorrent” interest, fractional-reserve banking, deficit spending, and the petro-dollar system.