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War on Qaddafi based on fear of gold standard

August 11, 2011

Umm… okay… right…

Well, the theory that Europe and the United States have gone on the offensive against Muamar Qaddafi makes “sense” only if you have the same world view as one of the sources for this theory, Louis Farrakhan.

The weird leader of the Nation of Islam recently had this exchange on a program called “Spectrum Today”:

‘How’s America’s wealth today? How is she doing financially? What is the deficit? Some say it’s about US$56 trillion counting Social Security and Medicare.

‘That’s a big number. She’s printing money, but there’s nothing backing it,’ said Farrakhan.

In the book, ‘The Fall of America,’ Elijah Muhammad wrote, ‘The English pound and the American dollar have been the power and beckoning light of these two great powers.

‘But when the world went off the gold and silver standard, the financial doom of England and America was sealed.’

Muhammad added: ‘The fall of America is now visible and understandable. Long has Allah been gradually removing the power of the great and mighty America while few have noticed it. This has been done by degrees, and they do not perceive it.’

This article from the Southern Times lays out the theory that Qaddafi possesses a lot of gold, and intended to create a Muslim and pan-African currency backed by gold that would change the global balance of financial power.  The fear of that possibility is what has prompted the U.S. and Europe to declare that “Qaddafi must go.”  The West would be shaking in its boots, the author argues, if oil-exporting countries began selling their oil for gold dinars rather than U.S. dollars.

The only reason this bizarre fantasy deserves any ink on this blog is because it highlights the fixation that Muslim authorities have for re-imposing the gold standard on an unwilling world.  Their belief is based, not on a solid understanding of economics or trade, but upon the idea that the Profiteer Muhammad used only coins of gold and silver in the Seventh Century, and so should we.  They also despise paper currency that is backed only by the faith and credit of an infidel government.

The gold bugs are getting buggier.

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