When ISIS took over Iraq’s second-largest city in 2014, it stole nearly $450 million from Mosul’s central bank. That theft included an unknown amount of gold bullion, according to the International Business Times.
The terrorist organization believes paper money is a disaster, and it is calling for a return to the gold currency standard in a video called, “Dark Rise of Banknotes and The Return of the Gold Dinar.”
In the video, they condemn the rise of bank notes like the U.S. dollar, which started as “a mere claim to gold” and are now “a worthless piece of paper.”
Economists say a gold bullion standard would never work these days because people would simply hoard their gold, rather than using it as currency.
In the video the group points to medieval times when the Islamic empire stretched across the Middle East and Africa used gold and silver, “the rest of Europe… lay witness to the dark rise of banknotes, born out of the satanic conception of banks, which mutated into a fraudulent… financial system of enslavement orchestrated by the Federal Reserve in America.”
The video also shows this still image which blames America’s federal reserve for destroying the world’s currency system.
There is, of course, another reason ISIS would want gold to return. Most of its leaders have been identified and blocked from using international banking systems. Gold can operate outside of that system with ease, allowing the agency to conduct its acts of terrorism with an assist from gold bullion.
At the same time, ISIS is minting its own gold coins with recognizable logos, although that gold could be melted down, making it unrecognizable once again.
Even if ISIS managed to move an entire region over to a gold currency, they would find it very frustrating to carry around hundreds of points worth of gold coins while spending millions of dollars on weapons, food, and other supplies.