Tuesday, March 15, 2011

Another State in Malaysia Introduces Gold & Silver Money

As we noted in January was going to happen, another Malaysian state (Perak) has now introduced its own Gold Dinar and Silver Dirham coins. Kelantan was first, in August of 2010.

Today, the Perak (state in Malaysia) government, introduced Gold dinars and silver dirhams. Menteri Besar of Perak, Datuk Seri Dr Zambry Abdul Kadir launch the world's first financial instrument ever made of gold and silver with a purity of 99.9 per cent or 24 karats at the Perak state secretary building in Jalan Panglima Bukit Gantang Wahab, Ipoh. For a start, 1,000 pieces of gold dinars and silver dirhams had been manufactured and would be marketed through Yayasan Pembangunan Ekonomi Islam (Yapeim) and Nusantara Bullion Exchange (Nubex Sdn Bhd)...

Datuk Seri Dr Zambry said Perak Dinar also had higher level of quality as compared to the dinars and dirhams first produced by Islamic scholar Khalifa Abdul Malik ibn Marwan about 1,357 years ago.

"Gold dinars and silver dirhams produced then contained 97 per cent of gold and silver purity, but what we launched today are of higher quality because they are equivalent to 24 karats."
As we also noted earlier, the Malaysian constitution (in ninth schedule, list I sub 7.a) does not allow its states to issue coins (much like the U.S. Constitution in Article I, Section 10); however, these coins are being privately minted by the "World Islamic Mint" under the authority of the Perak government (the Koran, like the Bible, forbids the use of fiat money and fractional reserve banking). The Perak gold dinars and silver dirhams are being produced by Goldnet International, a joint-venture company with the Perak State Development Corporation, in collaboration with KFH (Malaysia) Sdn Bhd.

Seriously, the time to start moving away from devaluating fiat paper and back to sound gold & silver money is NOW. We can see it as the mainstream media is reporting the growing number of U.S. States introducing legislation to do just that. But as we know, vested State banking interests and national banking cartels don't like competition, as we've seen from the Federal Reserve in the U.S. We can expect that the Feds and the bank industry lobbyists will fight hard to stop the States from returning to the Constitutional mandate that they use only gold and silver coins in their financial transactions.

Well, they will until their whole Ponzi scheme comes crashing down.

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