On June 29, just one day after the 100th anniversary of the assassination of the Arch-Duke Franz Ferdinand, the extremist group known as the Islamic State of Iraq and the Levant (ISIS), declared the establishment of a new Caliphate, or fully Islamic state in the territories of Syria and Iraq that they control. The significance of the date this was declared upon, as well as the intended purpose, ties it intrinsically to 100 years ago when the last true Islamic empire and Caliphate ruled the Middle East under the Ottoman Turks.
When the Arch-Duke Franz Ferdinand was assassinated by Serbian terrorists, it activated a series of alliances and treaties that pitted one side of Europe and the Middle East against another. And from what would become the Axis Powers during the war, Germany called upon the aid of the Ottoman Empire, or Ottoman Caliphate to fight against Britain and their empire, which stretched across the world from Egypt, to India, and even to Hong Kong.
The al-Qaida breakaway group that has seized much of northern Syria and huge tracks of neighboring Iraq formally declared the creation of an Islamic state on Sunday in the territory under its control.
The spokesman for the Islamic State of Iraq and the Levant, Abu Mohammed al-Adnani, made the announcement in an audio statement posted online. Islamic extremists have long dreamed of recreating the Islamic state, or caliphate, that ruled over the Middle East for hundreds of years. - Yahoo News
The significance of this declaration means that nations which were born out of the Versailles Treaty in 1919, and ripped away from the defeated Ottoman Empire after the war, could hear the clarion call from the new Caliphate and call upon Muslims everywhere, including those residing currently in sovereign nations, to give their allegiance to ISIS and join the battle against Western and secular rule in the Middle East.
For the United States, an Islamic Caliphate is a severe threat to the dollar and to national security, as ISIS could abolish the Petro-dollar agreement America has with OPEC and the Saudi government, and in addition, could potentially cause a new oil crisis as ISIS already controls several oil fields within the state of Iraq.
While it only took Germany 25-30 years to begin seizing territory it lost to the Allied countries after WWI, for the survivors and descendants of the Ottoman Empire, declaring a return of the ancient Caliphate on the 100th anniversary of its own demise and breakup will create significant and meaningful repercussions to the entire world, especially now that the global financial system is so inter-locked, and reliant on the free flow of oil trade.