Last night, I watched (as I often do) the BBC World News which is rebroadcast on many PBS-TV affiliates in the USA. It had a report that the Islamic State/ISIL is about to launch its own currency and that this currency will consist of gold and silver Dinars. ISIL intends to release into circulation two gold coins with different denominations, three silver coins with different denominations and a copper coin. This is an interesting development with at least two very important ramifications.

The first link affirms that the Islamic State’s plan to issue gold and silver Dinars was known last November, 2014, so this is hardly a shock to the global financial community although it was “news” to me when I heard about it last night on the BBC. The first link also reports that ISIL has been buying up all the gold and silver in its Mideast region to create the stocks necessary to launch its own gold and silver coinage. More details about the new gold and silver Dinar are available in the second link and third link, including the information about what its tentative value might be on the world markets. The initial report is that one Islamic State gold dinar coin will be worth $139 US dollars, making the Islamic State coin far more valuable than US currency. Obviously, with the price of gold currently just under $1200/ounce, the Islamic State coins have much less gold in them than one ounce of gold. They are already being minted, as photos of them are available in these links as well as details about the meanings of their designs. The Islamic State, in its coin designs, is attempting to present itself as a resurrection of a former Islamic Caliphate.

However brutal and cruel the Islamic State/ISIL is, one major ramification of this development is that the issuing of its own currency gives it the gravitas as a nation-state. The world’s nations may come to regret that they dilly-dallied so long in taking the Islamic State seriously. A second ramification is that a gold- and silver-based currency, regardless of the malignant nature of its issuing government, is a direct threat to all fiat currencies. Fiat currencies have no intrinsic value at all, but derive their “value” from the fact that people are willing to accept them as mediums of exchange in financial transactions. Any gold- and silver-backed currency instantly becomes more valuable than any fiat currency that has no intrinsic worth or value.

There have been reports on the internet for years that Libya’s Khaddafy was attacked and driven from power by the Western nations because he had plans to issue a gold-backed Dinar of his own, and the West’s fiat currency issuers couldn’t take the risk of a Libyan Dinar exposing the inherent weaknesses of all fiat-backed currencies. I’ve included the fourth link as a sample of the numerous web links that not only assert Khaddafy was overthrown to protect the West’s banking system based on its fiat currencies, but that Saddam Hussein was overthrown by the USA because Saddam was going to sever the sale of Iraqi oil from the US dollar. If these reports are true (and I will leave it to readers to assess the information in the fourth link), then the Iraqi war to dethrone Saddam Hussein and the very odd and sudden war to overthrow Khaddafy were actually examples of US and NATO military power being deployed to preserve the global banking and fiat currency systems. This would actually be entirely consistent with the prophecy of Revelation 17-18 that the political and corporate leaders of the latter-days’ global financial system would be in cahoots with each other to exploit the world for their own benefit and aggrandizement (Revelation 18:2-3). It would be ironic, indeed, if the neglect shown to the threat of ISIL by Obama and other world leaders results in the implementation of a real gold- and silver-backed Dinar in the Islamic world. The American public is so exhausted by endless wars in Afghanistan, Iraq and other locations in the Islamic world under Presidents George Bush and Barrack Obama that the American public is not willing to support any more US involvement with on-going wars in the Mideast. It has long been reported that ISIL was getting much revenue from the sale of oil being sent to global markets from oil fields within the ISIL borders. The last link very briefly notes that some long-overdue, major air attacks are now finally being made against ISIL’s oil facilities. Maybe the western nations are realizing that it is the oil revenues that have led to ISIL being able to issue gold and silver currency, and they now want to cut off that source of revenue to stop the issuance of more precious metals currency by ISIL.

It will be interesting to see if the issuance of a gold- and silver-backed currency on world markets (no matter how distasteful the nature of its issuer) eventually leads to more gold-and silver-backed currencies being issued. There have been rumors for years of impending precious metals-backed new currencies in China, Russia, India, the central Euro region and other locations. If such currencies do get issued, it will almost surely be the death knell for the age of the fiat currency US dollar being the global reserve currency. We need to watch this development closely. Revelation 17-18 foretell the global financial/monetary system of the world will collapse in the latter days and be replaced by a new “beast” system. The emergence of gold- and silver-backed currencies is one more possible factor that could cause the collapse of the world’s fiat currencies and the banking system, as we have known it. When this prophesied collapse comes, Revelation 17-18 reveal it will not be an accident. It will be the result of a cryptic alliance called the “seven heads and ten horns” taking intentional and coordinated actions on the global markets to overthrow the current system, called “Babylon the Great” in the prophecy of Revelation 17-18. For readers who have not yet done so, I urge you to examine my articles, The Babylonian Origin of the Modern Banking System, and Is Babylon the Great about to Fall…Ushering in a Global Beast System? Those articles will reveal why the Bible logically calls the modern financial system of global banks and fiat currencies “Babylon the Great,” and why we may now be approaching the global fiscal crisis that Revelation 17-18 warn about and which global financial leaders told us almost happened in 2008.