Common Sense Regulation To Cut Terror Funding

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With increasing terror attacks, it is time to take a careful look at just how terrorism is funded. With a clear link between the December 19th Berlin attack and gold – the European Commission has sensibly proposed better regulation on the transfer of cash and precious metals from outside of the EU. This new regulation is expected to cut off one of the avenues of terrorist funding in Europe.

Terrorists and their financial backers use large denomination bills, crypto-currencies, and precious metals to fund their nefarious activities – they usually stay away from legitimate banking as this is easy to track and any anomalies are readily detected. Each of these three forms of funding has its own set of advantages for the terrorist.

  • Cryptocurrencies are easy to use to transfer large sums across boarders anonymously without having to cross boarders physically. It is clear that bitcoin and other cryptocurrencies are being used to move terrorist funds all over the world.
  • Large denomination bank notes, especially the $US100 and €500, are the most popular form of payment among terrorists as they are readily accepted worldwide (usually without question) and large sums can be carried easily. One million dollars in $100 bills weighs only 10 kg and fits into a briefcase. €500 notes are even easier to conceal, but sensibly the ECB is phasing them out.
  • Gold weighs more than large denomination notes with one million dollars in gold weighing approximately 30kg – although heavier the dimensions are smaller than $100 notes. Gold is popular with terrorists as it is easy to smuggle large sums internally and it is less likely to be detected by currency sniffing dogs. Gold, like large denomination bills, is also accepted world wide (especially by greedy gold bug terrorist types).

As an experiment, we took a one ounce gold bar and $1000 in $100 bills to see just how easy it would be to rent a truck and fill it with flammable materials. Renting the truck was easy once we agreed to leave the gold as a safety deposit – no questions asked. It was also equally easy to buy 44 gallon drums of diesel with the $100 notes – again no questions asked, they even offered to help us load them in the truck. If we had to use electronic payment the authorities would have been able to track just where the funding came from and it would even be possible for the bank to have detected possible terrorist activities the minute we rented a truck and purchased excess fuel.

The potential outcome of a rental truck, full of fuel, driven by lone wolf terrorists, funded by gold and large denomination bills is catastrophic. Clearly authorities need to cut terrorist funding by banning precious metals ownership, phasing out high denomination bills, and transferring cryptocurrency management and oversight to the relevant central bank authorities – before another disastrous terror attack is perpetrated. As legitimate digital banking services are now available world wide – these sensible measures against terrorist funding would only hurt criminals and terrorists, they would not disadvantage law abiding citizens at all.

Black Lives Matter
Black Lives Matter

Gold is also a problem because you can’t eat it.

Maurice Miner
Maurice Miner

BLM – exactly! It (Gold) is nothing more than a tulip bulb, or by more recent analogy, a Pet Rock.

A meaningless fixation for intemperate apes. At least when you own several houses, you have a choice of rooves over your head, and a never-ending capital accretion!

#racist

Black Lives Matter
Black Lives Matter

Gold had exceptional intrinsic value thousands of years ago because it was easily moldable, reasonably strong, and very pure (because of its low reactivity). Its purity also meant that it looked good too, so it worked well for people who wanted to put shiny objects on themselves — a form of “peacocking” for purposes of amplifying social status. In an age of primitive metallurgy, it had great value.

Today, it has almost no intrinsic value. Other metals are just as easily moldable, stronger, and equally pure — and they can even be modified to shine just like gold and to match its color. Best of all, these metals cost almost nothing — you can buy them inexpensively by the ton. The obsession with gold is stupidity inherited from a primitive past.

MillionDollarBonus

Plus today’s peacocking involves cool gadgets like the apple watch, and virtue signaling about compassion for refugees. It’s a totally different ball game.

trav777

but people of color like gold. I know white supremacy is to blame, but we cannot totally condemn the metal or else we are being racist.

ExpatLogger
ExpatLogger

So true that gold is difficult to eat BLM, but 100$ bills are even worse (from a dietery pespective).

MillionDollarBonus

That’s why both need to be banned.

Sugarlock
Sugarlock

What a brave and clever experiment you all made to prove how dangerous gold and large denominations of currency are! After reading your article, I feel lucky to be alive today.

Sugarlock
Sugarlock

My wife and I are very trusting people. So we have accepted gold bars and large denomination bills at garage sales and flea markets many times over the years. After reading this article, we have decided to hold off on garage sales and flea markets entirely till the USA goes cashless. That shouldn’t be a very long wait since the new digital economy is working so well in India.

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

How do we know that you are trustworthy? That is what you claim. Please call the homeland security to ensure that you are trustworthy as you say you are. If you are trustworthy you should not worry, besides the government knows you better than your own mom. Just saying.

TrueDat
TrueDat

Ok folks, send me that troublesome gold and eill make sure no terrorist gets it.

Osama Bin Laden got his money and funding from saudi arabia, from the oil revenue. The U.S. has got to become energy independent so we are not funding terrorism.

Right now, every one of you that uses energy (electricity, car,rail, air, etc) or any products or things is funding terrorism (indirectly).

I hope all progressives place all their money (if there is any) in banks, just like the greeks did, like the argentenians, the indians, and venezuelans. Its really great to see the government ferret out wll that corruption. Yeah many many of the little guys get hurt and lose money but the important thing is that the government is taking action against corruption.

Of course I just acum and plan on keeping my wealth out of the grasps of banlers and government so I can enjoy the fruits of my labor, but that doent mean that tou have to.

#russian-propaganda

Maurice Miner
Maurice Miner

Exactly,TrueDat! All you need to do is buy housing on credit (on wonderfully cheap 15 yr fixed interest rates), and sit back and enjoy the accumulation of wealth.

It is truly gratifying to see these “gold bugs” being slaughtered day after day, losing money hand over fist – this is indeed the engine of our vibrant economy where the fools are led to utter ruin, and we smart folk can accumulate wealth simply by buying houses on credit as fast as we can – a simple exchange of “fool’s wealth” for real wealth in housing!

The concept is simple – buy houses, and you don’t support terrorism, you are instead building our economy.

Buying gold on the other hand, and you are directly or indirectly supporting terrorism by (a) fostering a market for the barbarous relic, and (b) aiding and abetting the non-traceability of these transactions.

The sooner cash and the barbarous relic are banned, the better it will be for everyone.

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

Oops, you said f00l that is body shaming. What is wrong with you? Can’t you be a good progressive and more political correct.

caotama
caotama

In 2012, accredited bank HSBC was fined $2 billion for their terrorist money-laundering activities (from the go-to accredited news resource, the BBC). Let’s hope they paid the fine in small denominations!

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

That is Russian propaganda and fake news. You should be labeled as such

jfb
jfb

Sorry richandrenee but I had to report you to the homeland security, I know that your experiene (renting a truck and buying diesel) was for a good cause but you acidentally demonstrated how it was easy and this could push some readers here to do it.

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

I have been reported a few times to the homeland security from this Website. A week ago they came to my house took me to one of the military base and showed a copy of my comments made here and questioned me for 3 straight days and they let me go.

Sugarlock
Sugarlock

It was probably kind of scary, but I know you must feel good about the experience deep inside, since the whole Homeland-Security thing is making us Stronger Together. Mr. le-tard, I have never been reported yet to HS, as far as I know. But I have been chewed out and flagged on this web site a lot of times. I have to admit that if I had not been thinking thought crimes, the incidents would have never happened.

Troy Ounce
Troy Ounce

We should also throw the kitchen sink at terrorists!

And there should be signs on every market, church and school. That will teach them! Most terrorists can read, so this will stop them right in their tracks.

Long live Governments!

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gdpbull
gdpbull

Bitcoin is a particularly barbarous evil. It was constructed for one purpose. To circumvent government control of economies. Bitcoin is the reason the Venezuela socialist economy has been undermined.

http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

You should stop spreading fake news.

le-tard (French) = The-Late (English)
le-tard (French) = The-Late (English)

In order to defund terrorism is to disband USA and its constitution.

Gathering of all right wing and other anti progressives to rehabilitation.

Have the UN be our government and take down everything that represents USA and its hate. Start new history.

Insha Allah, have one world religion. A religion of peace, truth, and tolerance. Islam.

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