👛 ~ Bullion beats sanctions: Muslim states may switch to gold & barter trade ~ | Blogger: And so it begins... Gold was once used to back up fiat currencies. As early as the Byzantine Empire, gold was used to support fiat currencies – that is, those considered legal tender in their nation of origin. Gold was also used as the world reserve currency up through most of the 20th century; the United States used the gold standard until 1971 when President Nixon discontinued it... A barter system is an old method of exchange. The is system has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return... |

FILE PHOTO: Early Islamic gold coin © Getty Images / Victoria Jones

Souce (RT.com) 

Iran, Malaysia, Turkey and Qatar are looking into using gold and barter for trade to shield themselves from any future punitive economic measures, Malaysian Prime Minister Mahathir Mohamad has announced.

The idea was voiced as the leaders of many Islamic nations gathered for a four-day Islamic summit in Kuala Lumpur, which was boycotted by Saudi Arabia. In his address, the Malaysian prime minister said that while some of the states present at the meeting, such as Iran and Qatar, are facing economic restrictions due to “unilateral decisions” of some nations, others should remember that they can face the same fate.

“I have suggested that we revisit the idea of trading using the gold dinar and barter trade among us,” Reuters cited Mahathir as saying, referring to the gold coin of early Islam.(READ MORE)