Muslim Gold
Muslim Gold.
According to Liz Lee of Reuters, several Muslim nations are considering returning to a gold standard using the dinar.[1]
On Saturday, the 21st of December 2019, Malaysia ended a summit on several issues affecting Muslims, including discussing returning to a gold standard with Iran, Qatar, and Turkey. Saudi Arabia declined their invitation.
The Federal Reserve seems to be aware of the movement away from the dollar (Federal Reserve Note). On July 11th, Fed Chair Jerome Powell testified before the US Senate. He stated,
“Bitcoin is a store of value. It is a speculative store of value like gold… You could see return to an era in the United States when we had many different currencies.”[2]
J.P. Morgan testified before the US House of Representatives in 1912- the year before the Federal Reserve was created. He was questioned by attorney Samuel Untermyer.
“Q. But the basis of banking is credit, is it not?
A. Not always. That is an evidence of banking, but it is not the money itself. Money is gold and nothing else.”[3]
Perhaps the Malaysian government is on to something.
End note: The dinar was originally a gold coin used in the middle ages by Muslim merchants. Its name is derived from the silver Republican Roman Denarius which was the name used by the Eastern Roman Empire for some of their gold and silver coins at the time that the Umayyad Caliphate conquered much of the empire.
[2] https://www.cnbc.com/2019/07/11/watch-day-two-of-fed-chairman-jerome-powells-testimony-to-congress.html Minute mark 1:45:10-1:46
[3] https://www.scribd.com/document/247741026/JPMorgan-Testmony-1912 Testimony of JP Morgan before the Banks and Currency Committee of the House of Representatives appointed for the purpose of investigating an alleged money trust in “Wall Street.” Pg. 48