MrOptimistic

As a result of military occupation and civil unrest, the official statistics have not been revised since 2001 and are largely based on 2-D seismic data from three decades ago. International geologists and consultants have estimated that unexplored territory may contain vastly larger reserves.

dinarify me?

I do have a question tho, hoping you have an answer. What is backing the Euro? I'm not sure of that one

Yes you are right that every fiat currency has failed in history, but that is probably the reason the US used a false flag to invade iraq (to prop up the fiat dollar a bit longer)

She'll really love you when you tell her she can BUY THE WHOLE FREAKIN' STORE!! lLOL

Yeah! where is our friendly neighborhood Rasheed Bank!?! lol

LOL don't tell your wife! She might become jealous of the IQD!

It is illegal to own gold in the United States. and the U.S. dollar is used by smaller economies to purchase oil, there is a lot of demand for oil, more demand for oil compared to gold. Gold is usually used as a safe haven for when global recessions like 2008 occur. The USD will be strong and stable as long as oil is being traded in high demand

I think he is saying that this new Rasheed (Iraqi government owned) bank will service Iraqi's and other citizens in the United Arab Emirates.

they could value their currency off their oil reserves, which the 143 billion in reserves is an old estimate of about 30 years and a new reserve number is being calculated right now. 266 billion is saudi arabia's reserve number, Iraq may be passing soon.

yeah that could be. Propaganda and foreign tensions fluctuate the price of oil quite a bit. I think the manipulation in Gold that you are referring to is b/c china is manipulating their currency exchange rate. China’s Yuan Set To Become Global Reserve Currency With Gold Backing? Read more at http://www.maxkeiser.com/2013/07/chinas-yuan-set-to-become-global-reserve-currency-with-gold-backing/#8feW43bj4DiVByjD.99 CHINA'S CURRENCY MOVES 11 YEAR HISTORY 2002 – The Chinese government launches theQualified Foreign Institutional Investor (QFII) program[14]January 2004 – Retail depositors in Hong Kong are allowed for the first time to convert some of their savings into the renminbi[15]July 2005 – China drops the U.S. dollar peg by fixing the renminbi’s exchange rate to a trade-weighted currency basket[16]July 2007 – China issues its first batch of RMB-denominated bonds outside mainland territory[17] On November 24, 2010, Vladimir Putinannounces that Russia's bilateral trade with China will be settled in ruble and yuan, instead of U.S. dollars[18] December 15, 2010 – The renminbi begins to trade against the ruble on the Moscow Interbank Currency Exchange[19]December 2011 – China and Japan unveil plans to exchange each others' currencies directly[20]June 2012 – The renminbi begins to trade against the Japanese yen in Tokyo and Shanghai[21]April 10, 2013 – The renminbi begins to trade against the Australian dollar on the Australian foreign exchange market[22] June 2013 – The Bank of England signs a currency swap agreement with the PBOC for ¥200 billion[23] On October 15, 2013, the British Chancellor of the Exchequer George Osborneannounces that the pound sterling and the renminbi will be traded directly in London andShanghai[24] August 2013 – The renminbi becomes the world's 8th most widely traded currency[6]October 2013 – The European Central Bank signs a currency swap agreement with the PBOC for ¥350 billion[25] http://www.maxkeiser.com/2013/07/chinas-yuan-set-to-become-global-reserve-currency-with-gold-backing/ https://en.wikipedia.org/wiki/Renminbi

gold is shiny and malleable but the reason gold has been the #1 store of wealth is mostly b/c you can't print an infinite amount of gold. gold comes from stars and there is a limited amount on the earth. This keeps gold more stable compared to all other assets/commodities. But in Iraq's case... They need to look at how much Gold they have compared to oil. I can guarantee you that have way more oil compared to gold!!! haha And when Iraq enters the global economy with a large supply of oil the prices will have to adjust causing oil prices to plummet unless more oil sanctions are placed on Iran by western countries to keep the price in check.

I do remember CBI members going to a gold minting conference in Europe about a year or so ago... They may be releasing gold coins and may use gold to back the Dinar b/c oil prices fluctuate quite dramatically with foreign tensions. Gold is very stable compared to Oil.

Emerging economies purchase our US debt (money printed from thin air) so that they can purchase oil on the market because oil is price in petro-dollars. That is what keeps our US inflation in check. So the US and Iraq have a very tight relationship as Iraq is becoming the biggest producer of quality oil and will be passing Saudi Arabia in reserves in the near future. Iraq's current reserve estimates are actually quite old which is probably why CBI and delegates are in China meeting with INTOSAI to audit the CBI and probably determine a new value for the IQD. That is my speculation at least.

The Dinar is Fiat. The CBI is the authoritative power that determines the value of the Dinar. That is why it doesn't actually move up or down in value. What we are waiting for is the CBI to allow a commodity to back the dinar (ie:Oil). This will allow the market to determine the exchange rate of the Dinar. Look at oil prices for the last 60 years. There is a lot of demand currently for oil to keep it highly valued for years to come and Iraq has the largest quantity of cheap extractable oil that will soon be all over the market. Once the Dinar moves from fiat to commodity backed we will see the true value of the Dinar. If you were the CBI and you looked at this chart. Would you back your dinar by oil?

His online handle is umbertino but most people know him by his real name, Dickk Cheney.

It is the Stuart Devlin and yes those are the correct metal distributions. I was only using it to crack a joke. No laughs, must mean it was a bad joke. lol It's not a very crazy abstract idea to base value off of what is explored in the ground. The USD is backed by our debt and faith in the dollar which seems even crazier compared to what Canada and Australia are basing their values off of. At least theirs is somewhat tangible lol.

Friday, October 25, 2013 Iraq Banking: Agreement with the UAE Central Bank to open a branch of Rasheed Bank in Dubai. 25/10/2013 Agreement with the UAE Central Bank to open a branch of Rasheed Bank in Dubai. Baghdad - Minister of Finance by interim , Ali Yousef Shukri announce the approval of UAE Central Bank to open a branch of al-Rasheed Iraqi Bank in Dubai. Shukri said in a statement to NINA : "It was agreed with the UAE central bank governor on the opening of the first branch of al-Rasheed Bank in an Arab country. He added: "The bank will provide all banking and financial facilities to Iraqi citizens and others." source http://goingglobaleastmeetswest.blogspot.com/2013/10/iraq-banking-agreement-with-uae-central.html

the aussie gold dollar! maybe Iraq can mint an Iraqi gold dollar with a camel carrying barrels of oil? lol

Expert: the scarcity of small-class currency due to the unwillingness of banks to deal with them 24-10-2013 10:30 AM Baghdad (news) .. Financial expert attributed Ahmed ابريهي, the cause of the scarcity of small-class currency in the Iraqi market, to the unwillingness of banks to deal and do not receive from the central bank. He said ابريهي (of the Agency news): that most banks do not receive a paper currency with a small class (250, 500 and 1000) dinars, the central bank and to go ahead deal out, Maady to scarcity in the Iraqi market. Called ابريهي: Iraqi banks that receive large numbers of small-class currency from the central bank and posed in the market to satisfy needs, noting that the move will allow the bank to find out from the currency market's needs and increase reprinted. He added: The scarcity of this category resulting in ماموجود damage to trade, noting that the citizen can replace damaged currency has new ones through banks an easy and legal treatment. The Finance Committee confirmed that the reasons for the scarcity of the currency with small groups to speed damaged, prompt the central bank to print new ones and pull the damaged them to create a balance amount in the Iraqi market categories. / End / 5.. / http://translate.googleusercontent.com/translate_c?depth=2&hl=en&rurl=translate.google.com&tl=en&u=http://www.ikhnews.com/index.php%3Fpage%3Darticle%26id%3D105392&usg=ALkJrhi8Gqqyt3Ce_ST1hK5ERJFW6f9Pow#sthash.3QRzgiXT.dpuf

I think he is suggesting if they depegged from the petro-dollar, Maliki's head would end up in a box next to Saddam's and Gadaffi's. (U.S.)

They have been doing A LOT of reconstruction. IMO the auctioning of bonds allows liquidity for the contraction of IQD.

It doesn't go directly into reserves, but it helps with the auctions.

7/8/2004 BAGHDAD — Iraq's first bond market will open this month, a move designed to ensure that the Iraqi government won't repeat Saddam Hussein's ruinous economic policies. The beginning of Iraq's currency auctions: At the first bond auction, scheduled for July 18, Iraqi banks can bid for about 150 billion dinars (a little more than $100 million) worth of government debt, the finance ministry announced Wednesday. The Ministry of Finance is authorized under the "Public Debt Law" to issue obligations guaranteed by the government of Iraq. The Central Bank of Iraq, as fiscal agent of the Ministry of Finance is authorized to conduct auctions for government debt securities on behalf of the Ministry of Finance. The Ministry of Finance issues government debt securities to finance the government of Iraq, subject to the limits of the "Annual Budget Law". So is the reduction of Iraq's debt(hyper inflation) not a big government project?

ICR reports that a consortium of ASEC Cement and Iraq’s Qemmet El-Iraq has won a contract to rehabilitate and manage the Muthanna Cement plant for 14 years. Attending a signing ceremony in Baghdad with Southern Cement, the state holding company that controls Muthanna Cement, ASEC Cement Chairman and CEO Giorgio Bodo said: “We are delighted to be entering this new market with a high-profile project that is economically vital to Iraq … Iraq has embarked on a robust plan to rebuild and modernise its infrastructure and has launched major housing, industrial, and community projects. The rehabilitation of Muthanna is an important part of Iraq’s investment in bridging the supply gap, particularly in the south.“ http://www.iraq-businessnews.com/tag/muthana/