Why Do U.S. Media Keep Refering To Islamic State As ISIS?

In Nigeria, the group called Boko Haram pledged allegiance to the group that calls itself the Islamic State. In the Sinai region of Egypt, the Egyptian military fights Islamic State insurgents. In Libya, the Islamic State has seized a lot of territory and became infamous when they beheaded 21 Coptic Christian Egyptians simply for being non-Muslims and then posted a video of it. And now the Islamic State has carried out attacks against shiite Mosques in Yemen, killing more than 140 people.

ISIS is an acronym for “Islamic State in Iraq and Syria” which was what the group previously called themselves. But when they decided that they weren’t going to settle for just Iraq and Syria, they wanted all Muslim countries (and by that by the way they don’t mean just all currently Muslim countries, they also mean countries that were previously Muslim, including for example Spain, Portugal and Israel) they changed their name to simply “Islamic State”.

The fact that the group is now active in at least 4 other countries apart from Iraq and Syria illustrates that it is misleading to use their former name. Yet for some strange reason, U.S. media persists in using it.

The Interest Rate Paradox

The U.S. dollar has increased in value dramatically the latest year against almost all currencies, most spectacularily against the Ukrainian hryvnia and the Russian rouble, but most importantly very dramatically against the world’s second most important currency, the euro, which has dropped from about $1.4 a year ago to just $1.06 now, the lowest level in 12 years,

This reflects in part the fact that the ECB has successfully tried to lower the euro through QE, in part the fact that the Fed has ended its QE as the U.S. economy has become stronger and is expected by some to in fact start raising short term interest rates later this year. Ironically however, the dollar rally that this expectation has helped fuel might just prevent it from happening as it has a deflationary effect on the U.S. economy, thus perhaps convincing the Fed that such rate hikes aren’t necessary.