Cuius regio, eius pecunia
“In order to remain anonymous, ISIL may most likely be settling transactions for smuggled oil in U.S. dollars or the local currency of a cash-intensive economy,”
[From Islamic State to Mint Gold Coins - MoneyBeat - WSJ]
Lorem ipsum dolor facet.
The “Treasury Department” of the jihadist group that is now occupying large portions of Syria and Iraq announced Thursday that it plans to mint its own currency out of gold, silver and copper.
The goal: To break away from the “satanic usury-based global economic system” and instead use a currency that’s “based on the inherent value of the metals,” the group said in a statement that was distributed on Twitter,
[From Islamic State to Mint Gold Coins - MoneyBeat - WSJ]
Lorem imsum.
The “Treasury Department” of the jihadist group that is now occupying large portions of Syria and Iraq announced Thursday that it plans to mint its own currency out of gold, silver and copper.
The goal: To break away from the “satanic usury-based global economic system” and instead use a currency that’s “based on the inherent value of the metals,” the group said in a statement that was distributed on Twitter,
[From Islamic State to Mint Gold Coins - MoneyBeat - WSJ]
Why on Earth are regulators chasing their tails on Bitcoin when it is US Federal Reserve banknotes that wreak havoc wherever they go? I noted in an article about corruption in Afghanistan that
Washington made the problem worse by inundating Afghanistan with more cash than it could absorb in legitimate channels to undertake needed reforms;
[From Joint Chiefs report admits U.S. military made Afghanistan’s corruption worse: Graft, not the Taliban, defeated the U.S. campaign.]
In a newspaper story like this, "cash" is usually a simple word inserted to mean money of a variety of forms (bank-created credit, central bank-issued currency and so on). But in this particular case, when they say "cash" they mean it absolutely literally. I wrote about this four years ago.
Interestingly, when he says “bags of cash” he isn’t speaking metaphorically: they actually do give him bags of cash
[From Cash means a lot of baggage - Tomorrow's Transactions]
All of which leaves me wondering why the US choose to work in cash. M-PAISA went live in Afghanistan years ago, and the US could (I'm pretty sure) have simply insisted that all contractors were paid by mobile money to a rudimentary audit trail in place.
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