Islamic State Employs Hollywood Style To Bring Back Gold Standard – OpEd
By Paul Woodward - War in Context
It’s easy enough to mock the grandiosity of ISIS propaganda, but it should be just as easy to see how its slick video productions appeal to its targeted audience.
In its latest release, ISIS introduces its newly minted currency: the gold dinar (and explains why coins with a fixed value are useful because it’s impractical to pay for a house with dates). And, as though to signify its successful penetration across America’s borders, the message is delivered in an American accent.
At the same time as it appeals to dreams of a caliphate — dreams that increasingly take tangible forms — ISIS also taps into currents of dissent which resonate in many quarters across the globe, such as anti-imperialism and anti-capitalism, laced with anti-Semitism.
As much as ISIS is commonly condemned for its medieval barbarism, what receives less attention than it deserves is the degree to which the group in its propaganda is engaged in forms of populism that have social and political traction in the West far outside jihadist circles.
Within a few hours, the video had been removed from YouTube, but it can still be viewed here.
Bloomberg reports: Islamic State first announced its intention to issue its own money in November, five months after it seized the northern Iraqi city of Mosul and its leader Abu Bakr al-Baghdadi announced a caliphate. The move was seen by analysts as part of the group’s efforts to build the institutions of a functioning state.
The jihadists have amassed a war chest of millions of dollars, partly through collecting taxes, and by seizing oil refineries. Bank and jewelry store robberies, extortion, smuggling and kidnapping for ransom are other important sources of revenue for the group, which metes out brutal punishment to anyone who opposes its rule, including beheadings and crucifixions.
Baghdad-based economist Basim Jameel said the announcement is an attempt to boost the morale of Islamic State fighters, who have suffered battlefield setbacks in recent months, including the loss of Tikrit in March.
Minting the coins is relatively easy, Jameel said, as goldsmiths in Mosul imported machines from Italy in recent years, each one able to produce about 5,000 coins a day. The metals probably come from banks the group seized, ransoms, the homes of Christians and other minorities who fled, he said. [Continue reading…]
