They have begun the journey a few centuries backwards…
??? ?? ??? ??? ?? ??? ??? ??? ?? ??? - World](داعش کا سونے چاندی کی کرنسی متعارف کرانے کا فیصلہ - World - Dawn News Urdu)
Re: ISIS to introduce Gold/silver coins as currency
If there was any 0.nn% doubt that they have any sanity, its removed now as well. Are they using electricity? But they are using cars atleast. They shouldnt use any technology which was not in that era. They are nuts. Next they’ll be announcing to use horses.
Their end is near, very near.
Re: ISIS to introduce Gold/silver coins as currency
How many gold/silver coins for a candy?
Also does it mean goodbye to online shopping?
Re: ISIS to introduce Gold/silver coins as currency
I do not think it is bad idea. Problem is that, they have to do things more intelligently than using gold and silver coins. What they have to do is, go for gold and silver standard, by guaranteeing a fix amount of gold and silver payment for the currency in circulation (or its equivalent in any world recognized currency).
For that, they have to be good managers and accountants. If they succeed than inflation as well as interest would get curtailed (could hover around zero percent), and fast growing vibrant economy would follow.
Re: ISIS to introduce Gold/silver coins as currency
They are going to have to make them very small ... gold and silver are quite expensive these days ...
Re: ISIS to introduce Gold/silver coins as currency
Gold and silver coins are a correct step in my opinion. Purchasing power do not change in long run. Just saw a thesis of some one who did the research for pakistani market and proved that purchasing power have not changed.
There is thing called faloos in sharia that can be used for petty purchases.
For extended reading
Gold Dinar & Silver Dirham | Sunnah Money
Fiat Currencies vs Silver & Gold - 2000 to 2013 Q3 - GoldSilver.com
Re: ISIS to introduce Gold/silver coins as currency
Who cares if it's a right step or wrong. ISIS is wrong and should be wiped out.
Re: ISIS to introduce Gold/silver coins as currency
it is better to test a good thing by some one who should be wiped out. No risks attached. We will see how it actualy works and inshalalh will get implemented in other areas.
Qadam barhao :D
Re: ISIS to introduce Gold/silver coins as currency
it is better to test a good thing by some one who should be wiped out. No risks attached. We will see how it actualy works and inshalalh will get implemented in other areas.
Qadam barhao :D
Well, ISIS is a Shaitanic cult and nothing to do with Islam neither anyone would like to justify them or could say that use of Gold and Silver as currency is their invention, neither making Gold and Silver as standard in currency is dependent on them.
On the other hand, using Gold and Silver coin is not a good idea, rather a stupid idea in present economic environment, as that would restrict, rather could even stagnate or regress economic progress and growth, because huge economic activities a country can have cannot be measured in limited Gold and Silver a country could hold.
Anyhow, it is possible to issue paper currency that has Gold and Silver standard (not necessarily a currency that can be exchanged with real Gold and Silver ... but when asked for exchange, country can back it with international currency). But for that, a country has to be rich with huge export and foreign exchange reserves.
Re: ISIS to introduce Gold/silver coins as currency
Also does it mean goodbye to online shopping?
Of course not. You can order gold coins online
Re: ISIS to introduce Gold/silver coins as currency
This idea is already manifest on the minds of many ...
Just browse the many hundreds of youtube videos on the subject of the Gold Dinar as an alternative standard.
From Imran Hosein, to the Murabitun World Movement ... From Colonel Ghadafi to Malaysian financiers ... you will see it pasted all over the place ... (Other than bitcoins, gold bullion and gems are the currency of the criminal underworld).
Lots of people are advocating it ... ISIS are no special group trying for this ... ISIS should not be praised or credited for using this method and this method should not be ridiculed or shunned because ISIS have chosen it ...
Re: ISIS to introduce Gold/silver coins as currency
Gold-backed currency is not such a bad idea. See what is happening in US with Quantitative Easing. It does not mean the currency needs to be of precious metal, just that you only print currency proportionate to your gold reserves.
Re: ISIS to introduce Gold/silver coins as currency
keep the gold and silver. the only currency ISIS deserves is 10 grams of lead right between their shifty eyes.
Yaar, koi inn ko thandi lassi pilaao please
Re: ISIS to introduce Gold/silver coins as currency
Yaar, koi inn ko thandi lassi pilaao please
If you would not read full post than no doubt you will get confused. :)
In my first post 'I do not think it is bad idea' ... was about using Gold and Silver as currency standard (not as coins). As in the post I wrote that having Gold and Silver as Coin needs to be modified, as, economy of today is so big, this idea need some modification (Gold and Silver as coin), and I explained that too, by writing that country can have currency that has Gold and Silver not in form of coins but as currency standard.
[Note: Most western countries had Gold and Silver as Standard for their currency value, that they left slowly in 1900s. Some reasons were lack of gold and Silver holdings, melting of coins by people to increase the value of their coin holdings, and booming economy]
So, one can easily see that in my first post I was not talking about Gold and Silver coins, but was talking about Gold and Silver as currency Standard.
In my next post ... 'Gold and Silver coin is not a good idea' ... here I am not talking about currency having Gold and Silver Standard, but about issuing Gold and Silver coins. ... I only wrote that it is not a good idea, but I did not mentioned all the pitfalls ... so, here are some disadvantages of having Gold and Silver as coins (not currency standard but actual coins):
1: For an economy to progress and have high growth, there has to be unlimited supply of currency ... as economies are measured in currency. ... Currency with Gold and Silver standard would suffice the need, but not Gold and Silver coins ... and that is the reason I also wrote that, country can back the currency exchange with Gold, Silver, or any strong international currency.
2: Coins in circulation deteriorates (lose weight with time), get lost, melted for its value, and can be smuggled out of country ... so, if country issues Gold and Silver coin, country would lose out.
Example: Smuggling of coins happened a lot in Europe between European countries, when they were of Gold and Silver. Whenever there was disparity between value of Gold and silver in different Countries, people started smuggling coins for its precious metal value. Occasionally, currency loses its value compared to other currency and even compared to Gold and Silver, then people start melting coins.
3: In old days, people used to grind coins to take away precious grains (of Gold and Silver) from coins, and then circulate the coins at face value, with grains as profit ... and if they do that with 1000s of coins, they can take away a lot of gold and silver from the coin, without even loosing anything.
And so on ... there are many other problem with Gold and Silver as coins, but no or little problem if currency has Gold and Silver standard (rather, could be beneficial), but for that, country has to have some strong economy.