ISIS just stole $425 million, Iraqi governor says, and became the ‘world’s richest terrorist group’

The Washington Post ^ | June 12, 2014 | Terrence McCoy

[Mark17]

Wonder how long it will be before Iraqi dinars are worthless.

That is what I was wondering. Can the government simply cancel the currency, or would that cause a bunch of other problems?

[no-to-illegals]

Will they be able to sell it without control of the right pipelines and transport?

Don't know Gleeaikin. My best guess is they are setting charges on the rigs and pipelines for scorched earth if made to retreat but I am maybe all wet on this guess. Someone may have another better guess than mine.

[lonevoice]

Nuke them

It's probably the only way, but it won't happen...except maybe to us.

[LeoWindhorse]

we need genuine military leadership , led by military .

enough of these utterly clueless and feckless civilians

[Jonty30]

It would certainly cause some short-term problems, but I think it be better off in the long run.

I remember reading about these German bank robbers who made off with about $10 million Germen dollars, or whatever the German currency is called. They refused to disclose where they hid it because they knew once they got out they’d be relatively well-off men for the rest of their days. So they pled guilty and accepted their sentences.

While they were serving their sentence, the German government changed its currency and gave the population about a year to take their money to the bank for the new currency, after which time the old currency would become worthless pieces of paper.

The robbers, for their trouble ended up with nothing in the end.

[Greysard]

Can the government simply cancel the currency, or would that cause a bunch of other problems?

• It is very expensive to replace all the money in the country.
• The authorities in Baghdad who could possibly do this are all busy buying airplane tickets. As the USA started evacuations, the writing is on the wall.
• The same authorities are also losing control over country's finances, even if they stay and work.
• ISIS does not appear to be staffed with idiots. This means that the money is going to be quickly invested into other valuables, or simply exchanged for a foreign currency. Perhaps such a large trade may be hard to perform without affecting the market, but there is no reason to hurry. Nobody can replace a country's currency overnight. It's a project for several months, if not for a year. To begin with, the new currency has to be physically printed somewhere... and usually 3rd world orders their paper money printed in the 1st world due to complexity of modern security features.
• Even if ISIS loses and the government orders the exchange, ISIS will simply throw this money from helicopters over their cities. If one million people pick up the money, it will be only $425 per person - an easily exchangeable sum that is absolutely untraceable. This money will buy a lot of loyalty; and you can be sure that plenty of it will come back to islamists as donations in the new currency. This "change the currency" trick is useless if you have hundreds of thousands of proxies.

[Old Yeller]

Not to mention that Jarrett and Hussein are funding terrorists with our tax dollars.

[newnhdad]

I have a bad feeling about this...

[Pearls Before Swine]

If its any consolation, those Iraqi dinars are about to become worthless.

[grania]

...cash on hand....

It sure is something that all of that money was there, not adequately guarded, and the ISIS folks knew where to find it. Inside job?

[Chgogal]

Obviously Isis did not get Obama’s Video Memo from Wednesday:

“The world is less violent than it has ever been.......
http://www.realclearpolitics.com/video/2014/06/11/obama_the_world_is_less_violent_than_it_has_ever_been.html

Also, congrats to Obama for releasing Abu Bakr al-Baghdadi from Camp Bucca in 2009.

http://www.thegatewaypundit.com/2014/06/isis-terror-leader-abu-bakr-al-baghdadi-was-released-by-obama-from-camp-bucca-in-2009/

Congrats to America for reelecting this EPIC FAILURE!

[Ex-Pat in Mex]

Blah, blah, blah. Pure misleading US media lies. Obama gave Al Qaeda more than that in free weapons.

$425M is about two tankers full of crude and the Saudis fund terrorists at a much higher rate than that!

[Marine_Uncle]

RE: "Will they be able to sell it without control of the right pipelines and transport?"

You make a very good point. To which I do not have a firm answer to. This whole gambit may yet backfire on the ISIS (ISIL).

[MaxMax]

I think many Americans will wait until the blade is cutting their heads off before
they realize that it's to late. I'm Not metaphorically speaking either.