Islamic State attempts to replace the U.S. dollar with gold coins

Released 55-minute video claiming future oil sales will only sell in exchange for gold

The Islamic State has announced it will be producing gold currency with the goal of weakening the dollar.

LOS ANGELES, CA (Catholic Online) - A video posted Saturday, August 29th by the Islamic State warns that replacing the dollar will be "the second blow to America's capitalist financial system of enslavement... casting into ruins their fraudulent dollar note."

The video, produced by the Islamic State's Al Hayat Media, claims the first blow was the attack on the World Trade Center September 11, 2001.

The video was recorded in English and included footage from U.S. news stations reporting on the dwindling strength of the dollar.

The extremist Sunni group will be minting caliphate gold, silver and bronze coins named after historical Islamic caliphate coins such as the gold dinar, silver dirham and bronze fals, the plural form being "fulus."

The video is 55-minutes long and includes an American-accented narrator who accuses the United States of "heading a capitalist financial system of enslavement underpinned by a piece of paper called the Federal Reserve dollar note which they alone printed and imposed on the rest of the world."

There was also a montage of exploding buildings and militants firing automatic weapons to compare the Islamic military tactics to financial warfare against America's "satanic financial system."

The gold dinar coin is describd as being blessed by Allah, as a "prophesy of prophet now unfolding" and as an effort to "purify the earth of corruption."

Paper bills are called "fraudulent" and the group claimed it would only sell oil in exchange for gold.

The narrator describes the dollar as "one of the great forms of corruption that the world came to witness... borne out of the satanic conception of banks which mutated into a fraudulent... financial system of enslavement orchestrated by the Federal Reserve in America... through the use of deceit and force."

"It is the Federal Reserve banknote that they alone print and would go on to replace gold and silver which Allah created as the standard mediums of exchange for the purchase of goods and services," he continued.

Anti-Semitic commentary, pros for using gold and boasts of the Islamic State's honesty permeated the video as well as the statement: "The dollar has in fact lost almost all of its value since the Federal Reserve came into existence," followed by a clip of 2007's U.S. Congressman Ron Paul who described how the devaluation of the dollar was robbing people of their savings.

Photos of the jihadist group's freshly minted coins were posted online in June. One side of the coin showed a map of the world, meant to represent the goal of spreading caliphate globally.

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