2014-11-15 Also ISIL rebels against the US Dollar/banking system
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ISIL (Daa'sh) is not alone. The BRICS group are the leaders of the rebellion against the US Dollar and the US dominated banking system. They too are reducing their US Dollar reserves and increasing their reliance on physical gold. And even the Swiss will vote in less than a couple of weeks on a referendum to force their central bank to double its gold reserves. Germany unsuccessfully tried a couple of years ago to get back from the US huge gold reserves, which were transferred to the custody of the US in the wake of WWII...
Economists estimate the average lifespan of a fiat currency at 25 years. Therefore, the US Dollar is a notable exception, but how long that will last is unclear at this point...
With it, one must remember that basic problem in any economy, which is based on fundamental Islam - the prohibition against charging interest among Muslims.
The problem is common to all three Abrahamic religions.
In Judaism - it was realized and addressed about 2,000 years ago through a rabbinic acrobatics, which circumvented the biblical edict.
In Christianity - the Catholic church left banking to the Jews for hundreds of years. But during the Renaissance, started forming charitable banks - Monte d'Pieta'. And today, the Catholic church has of course no authority over the issue (except for the Vatican Bank, which appears unconcerned about the issue... and many others... )
However, Islam never addressed the issue, and some historians claim that it is the downfall of any political entity based on fundamental Islam.
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ISIL (Daa'sh) is not alone. The BRICS group are the leaders of the rebellion against the US Dollar and the US dominated banking system. They too are reducing their US Dollar reserves and increasing their reliance on physical gold. And even the Swiss will vote in less than a couple of weeks on a referendum to force their central bank to double its gold reserves. Germany unsuccessfully tried a couple of years ago to get back from the US huge gold reserves, which were transferred to the custody of the US in the wake of WWII...
Economists estimate the average lifespan of a fiat currency at 25 years. Therefore, the US Dollar is a notable exception, but how long that will last is unclear at this point...
With it, one must remember that basic problem in any economy, which is based on fundamental Islam - the prohibition against charging interest among Muslims.
The problem is common to all three Abrahamic religions.
In Judaism - it was realized and addressed about 2,000 years ago through a rabbinic acrobatics, which circumvented the biblical edict.
In Christianity - the Catholic church left banking to the Jews for hundreds of years. But during the Renaissance, started forming charitable banks - Monte d'Pieta'. And today, the Catholic church has of course no authority over the issue (except for the Vatican Bank, which appears unconcerned about the issue... and many others... )
However, Islam never addressed the issue, and some historians claim that it is the downfall of any political entity based on fundamental Islam.
Islamist group announces plans to create its own currency, in what one researcher describes as a pitch to achieve statehood.
HAARETZ.COM
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