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If the Iraqi Dinar was backed by current proven oil reserves of 143.1 billion Bbl's http://www.upi.com/Business_News/Energy-Resources/2013/01/30/Kurds-warn-BP-not-to-drill-for-Baghdad/UPI-36391359579542/ Selling at an average of $104.92 a Bbl http://www.bloomberg.com/news/2013-02-21/iraqi-crude-exports-rose-in-january-for-first-time-since-october.html So give or take we are talking about $15 trillion and we won't speculate about how much they haven't explored Iraq for new reserves :)

 

Now lets look at what it would mean if this oil was held as the reserve for the IQD.  Currently the Reserve Requirement Rate (RRR) is 15% (valid from 1 Sep 2010). http://www.cbi.iq/index.php?pid=MonetaryPolicy So if $15 Trillion USD was the reserve then it would cover the value of $100 Trillion USD in IQD.

 

So with all the hype about how much IQD is in circulation who really knows? You can't really say that the M1, M2, or M3 is correct for a number of reasons but mainly because Iraq is mixing foreign currencies with the IQD to show bank reserves. Also it is unlawful for the Kurdistan banks to report anything it holds... http://www.cbi.iq/documents/Reserve_Requirements_EN_f.pdf

 

So that is why I think this is a slip of the tongue  http://www.iraq-businessnews.com/2012/03/27/more-details-of-new-iraqi-dinars/ and now we are left with 30 Trillion being the actual number for IQD in circulation.

 

So do the math here $15 trillion in proven oil reserves used as 15 percent of total currency reserves = $100 trillion dollars of backing the IQD 

 

Then we have 30 trillion in IQD so that leaves each Iraqi Dinar at a value of $3.33 <--- Isn't that the old rate?

 

This is just my opinion of'course.  

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I just saw appx. 2 days ago, that now Iraq is known to have over 350 billion barrels of reserves...does someone have the article or link?

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I just saw appx. 2 days ago, that now Iraq is known to have over 350 billion barrels of reserves...does someone have the article or link?

 

 

It's listed that way in wikipedia. Is that where you saw it? 

 

http://en.wikipedia.org/wiki/Oil_reserves_in_Iraq

 

"Oil reserves in Iraq will be the largest in the world according to recent geological surveys and seismic data.[1] The Iraqi government has stated that new exploration showed Iraq has the world’s largest proven oil reserves, with more than 350 billion barrels."

Edited by ReVbo
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http://dinarvets.com/forums/index.php?/topic/141773-april-2013-oil-expo-bagdad-iraq-350-billion-barrels/   <<<< oil expo 2013 bagdad iraq



Natural resources are special economic goods because they are not
produced. As a consequence, natural resources will yield economic
profi ts—rents—if properly managed. These rents can be an important
source of development fi nance, and countries like Botswana and Malaysia
have successfully used natural resources in this way. There are no
sustainable diamond mines, but there are sustainable diamond-mining
countries. Behind this statement is an assumption that it is possible to
transform one form of wealth—diamonds in the ground—into other
forms of wealth such as buildings, machines, and human capital.

Read more: http://dinarvets.com/forums/index.php?/topic/92667-iqd-backing/page-8#ixzz2LZ3McVma

 

WHERE IS


 

THE

 

Wealth


 

of

 

NATIONS?


 

THE WORLD BANK


 

Washington, D.C.


 

Measuring Capital for the 21st Century

 

http://siteresources.worldbank.org/INTEEI/214578-1110886258964/20748034/All.pdf



Natural resources play two basic roles in development:
• The fi rst, mostly applicable to the poorest countries and poorest
communities, is the role of local natural resources as the basis of
subsistence.
• The second is as a source of development fi nance. Commercial
natural resources can be important sources of profi t and foreign
exchange. Rents on exhaustible, renewable, and potentially
sustainable resources can be used to fi nance investments in other
forms of wealth. In the case of exhaustible resources these rents
must be invested if total wealth is not to decline.

Read more: http://dinarvets.com/forums/index.php?/topic/92667-iqd-backing/page-8#ixzz2LZ49o0aq



Energy and Mineral Resources

In this section, the methodology used in the estimation of the value
of nonrenewable resources is described. At least three reasons lie
behind the diffi culties in such calculations. First, the importance of the
inclusion of natural resources in the national accounting systems has been
recognized only in the last decades, and although efforts to broaden the
national accounts are being made, they are mostly limited to international
organizations (such as the UN or the World Bank).
Second, there are no
private markets for subsoil resource deposits to convey information on the
value of these stocks. Third, the stock size is defi ned in economic terms—
reserves are “that part of the reserve base which could be economically
extracted or produced at the time of determination”—and, therefore, it is
dependent on the prevalent economic conditions, namely technology and
prices.6

Despite all these diffi culties, dollar values were assigned to the stocks
of the main energy resources (oil, gas, and coal7) and to the stocks of
10 metals and minerals (bauxite, copper, gold, iron ore, lead, nickel,
phosphate rock, silver, tin, and zinc) for all the countries that have
production figures.

Read more: http://dinarvets.com/forums/index.php?/topic/92667-iqd-backing/page-8#ixzz2LZ4W3f1a

 

 

i like the idea

Edited by dontlop
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Now lets look at what it would mean if this oil was held as the reserve for the IQD.  Currently the Reserve Requirement Rate (RRR) is 15% (valid from 1 Sep 2010). http://www.cbi.iq/index.php?pid=MonetaryPolicy So if $15 Trillion USD was the reserve then it would cover the value of $100 Trillion USD in IQD.

 

The reserve requirement rate is for the banks under the CBI.....so its not the requirement for backing the value of the currency that the CBI does....

 

So with all the hype about how much IQD is in circulation who really knows? You can't really say that the M1, M2, or M3 is correct for a number of reasons but mainly because Iraq is mixing foreign currencies with the IQD to show bank reserves. Also it is unlawful for the Kurdistan banks to report anything it holds... http://www.cbi.iq/documents/Reserve_Requirements_EN_f.pdf

 

What makes you think they are mixing foreign currencies with the reserves of the CBI?  They state it consists of USD, Euro and I believe the Yen....what all about those numbers are we not able to trust?  It is true that Kurdistan doesnt report, but I dont think that makes any difference on the CBI's holdings.....

 

So that is why I think this is a slip of the tongue  http://www.iraq-businessnews.com/2012/03/27/more-details-of-new-iraqi-dinars/ and now we are left with 30 Trillion being the actual number for IQD in circulation.

 

More then likely....probly a bit higher by now....

 

So do the math here $15 trillion in proven oil reserves used as 15 percent of total currency reserves = $100 trillion dollars of backing the IQD 

 

Then we have 30 trillion in IQD so that leaves each Iraqi Dinar at a value of $3.33 <--- Isn't that the old rate?

 

This is just my opinion of'course.  

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Classical factor rent

Classical factor rent is primarily concerned with the fee paid for the use of fixed (e.g. natural) resources. The classical definition is expressed as any excess payment above that required to induce or provide for production.

  • "A payment for the services of an economic resource which is not necessary as an incentive for its production"[11]
  • "Any payment that does not affect the supply of the input"[12]
  • "A payment to any factor in perfectly inelastic supply"[
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Now lets look at what it would mean if this oil was held as the reserve for the IQD.  Currently the Reserve Requirement Rate (RRR) is 15% (valid from 1 Sep 2010). http://www.cbi.iq/index.php?pid=MonetaryPolicy So if $15 Trillion USD was the reserve then it would cover the value of $100 Trillion USD in IQD.

 

The reserve requirement rate is for the banks under the CBI.....so its not the requirement for backing the value of the currency that the CBI does....

 

So with all the hype about how much IQD is in circulation who really knows? You can't really say that the M1, M2, or M3 is correct for a number of reasons but mainly because Iraq is mixing foreign currencies with the IQD to show bank reserves. Also it is unlawful for the Kurdistan banks to report anything it holds... http://www.cbi.iq/documents/Reserve_Requirements_EN_f.pdf

 

What makes you think they are mixing foreign currencies with the reserves of the CBI?  They state it consists of USD, Euro and I believe the Yen....what all about those numbers are we not able to trust?  It is true that Kurdistan doesnt report, but I dont think that makes any difference on the CBI's holdings.....

 

So that is why I think this is a slip of the tongue  http://www.iraq-businessnews.com/2012/03/27/more-details-of-new-iraqi-dinars/ and now we are left with 30 Trillion being the actual number for IQD in circulation.

 

More then likely....probly a bit higher by now....

 

So do the math here $15 trillion in proven oil reserves used as 15 percent of total currency reserves = $100 trillion dollars of backing the IQD 

 

Then we have 30 trillion in IQD so that leaves each Iraqi Dinar at a value of $3.33 <--- Isn't that the old rate?

 

This is just my opinion of'course.  

IT CAN BE DONE YA JUST GOT TO BE ABLE TO THINK PAST YOUR NOSE

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Now lets look at what it would mean if this oil was held as the reserve for the IQD.  Currently the Reserve Requirement Rate (RRR) is 15% (valid from 1 Sep 2010). http://www.cbi.iq/index.php?pid=MonetaryPolicy So if $15 Trillion USD was the reserve then it would cover the value of $100 Trillion USD in IQD.

 

The reserve requirement rate is for the banks under the CBI.....so its not the requirement for backing the value of the currency that the CBI does....

 

So with all the hype about how much IQD is in circulation who really knows? You can't really say that the M1, M2, or M3 is correct for a number of reasons but mainly because Iraq is mixing foreign currencies with the IQD to show bank reserves. Also it is unlawful for the Kurdistan banks to report anything it holds... http://www.cbi.iq/documents/Reserve_Requirements_EN_f.pdf

 

What makes you think they are mixing foreign currencies with the reserves of the CBI?  They state it consists of USD, Euro and I believe the Yen....what all about those numbers are we not able to trust?  It is true that Kurdistan doesnt report, but I dont think that makes any difference on the CBI's holdings.....

 

So that is why I think this is a slip of the tongue  http://www.iraq-businessnews.com/2012/03/27/more-details-of-new-iraqi-dinars/ and now we are left with 30 Trillion being the actual number for IQD in circulation.

 

More then likely....probly a bit higher by now....

 

So do the math here $15 trillion in proven oil reserves used as 15 percent of total currency reserves = $100 trillion dollars of backing the IQD 

 

Then we have 30 trillion in IQD so that leaves each Iraqi Dinar at a value of $3.33 <--- Isn't that the old rate?

 

This is just my opinion of'course.  

Hello Mr. Keep  :wave:  I knew you would have questions for me  :confused:​  First let me say that these assumptions are made lightly so I will do some further research as I try and answer these for you... Q1: The reserve requirement rate is for the banks under the CBI.....so its not the requirement for backing the value of the currency that the CBI does.... So you may be right on that one but more importantly is that fractional banking allows for leveraging up to 10 times your deposits. Q2: What makes you think they are mixing foreign currencies with the reserves of the CBI?  They state it consists of USD, Euro and I believe the Yen....what all about those numbers are we not able to trust? Money Supply is the aggregate amount of monetary assets available in a country at a specific time. According to the Financial Times, Money Supply M0 and M1, also known as narrow money, includes coins and notes in circulation and other assets that are easily convertible into cash. Money Supply M2 includes M1 plus short-term time deposits in banks. Money Supply M3 includes M2 plus longer-term time deposits. Money Supply includes M3 plus other deposits. And the term broad money is used to describe Money Supply M2, M3 or M4. That's all I got for you. Thanks for the questions. And as Adam would say "NEXT!"  :lmao: 

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WHAT I WONDER IS .. EVERY COUNTRY ON THE PLANET HAS MADE MISTAKES ..  they have a chance here to help a nation start over from the ground up ..could iraq be the model of the future ..could all nations be advising  as how to avoid the mistakes they all have  aquired with their systems ..can iraq end up an experiment .. a new standard  for everyone to watch ..they have a brand new canvas to work with ..debts are forgiven ..plenty of assets ..a great prospect for a new  economic system ..i like the idea . of using natural resources to back up currency .. especially proven reserves of those resources .. its not like they can pull it out of the ground and put it in containers  so they can measure  it .. it just needs pumped .. whether its pumped from its natural storage facility or pumped into a man made facility  first then measured .. the world bank article i posted above got me thinking about the possibilities .. and this is a possibility to pre determin a value on a set number of oil credits  already stored in its natural storage facility . .. it doesnt mean they have to count every barrel .. if its estimated at 100 dollars a barrel .. and estimated at 300 billion barrels .. they can use a portion of that resource  for currency backing .. like maybe 50 dollars a barrel  and  150 billion barrels .. im sure they can formulate an exchange of data that works . and the extra  value to go to iraq as profits over their  currency valuation for use as reserves .. or for investments in iraq .. or what ever they decide is best ..

 

 but i wonder why this has taken so long ,. they seem to be doing something big .. i could be wrong .. they could be a bunch of bozos ,, but i dont think the world community is going to let such a huge asset to the world  just turn into a flop again ..i dont think they will ever let a dictator control all these assets ..the oil is necessary for  everyone in the world ..and they want iraqis compensated for it .. its not like they want to steal it .. they just want access to it .. its almost as if its become a global commodity ..not just a iraqi commodity  or a saudi commodity .. opec was  formed .. for a reason .

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I saw another video about a week ago or so, with some asian guy at the U.N., speaking, whereby it showed that there were like 3.6 quadrillion US Dollars out there..that's 3600 trillion...I do remember that there were many amounts that were 138 trillion US Dollars each, that had been put out...then the video was pulled, as I went back to check it again and it was gone...I do remember the guy who had posted it said that he had been threatened for showing it!...huh?...

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some times certain needs arise out of different situations .. someone comes up with an idea.. but all that person was capable of was coming up with the idea ..then come the nay sayers.. you cant do this that and the other thing ..

 

all that person did was come up with an idea .. why condem the idea or the person

 

so the idea is transfered to designers  .. thats the next step in creation .. design ..

 

 its then handed over to engineers .. they blue print it .. its handed over to manufacturing ..

 

 the machinists hit a wall .. we cant do that .. the tools arent even avaliable to do such a thing ..

 

so the tools are  created  through the same process ,, design ,, engineering . manufacturing ..

 

 then back to  the original idea and on they continue on  ..anything is possible .  ..with in the realm of phisics... if ya dont give up

 

economical data calculations are created .. for any situation that arises .

 

its necessary to keep the guy  around who had the original idea . it was a vision in his head ,, he may not of been able to completely  put it into  words .. so as progress is made . the idea guy can monitor progress and say . no .. thats not what imeant .. this needs to be changed for it to work .. or yes thats what i was talking about .. every one is important in the process of developement ..especially the inventor of the idea .

 

its not over till the fat lady sings .. and i have heard her sing many times

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There is a major differnece between discovering oil and actually exporting it. oil is to volatile to be considered a currency backer. How could you acurately determine the price of oil in ten years....when youve just discovered it now?

What if a new form of energy becomes cheaper and oil becomes obsolete or regulated to small levels due to hydrocarbon laws

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There is a major differnece between discovering oil and actually exporting it. oil is to volatile to be considered a currency backer. How could you acurately determine the price of oil in ten years....when youve just discovered it now?

ya dont ..  i think they should only use a portion of  the value of the oil to back the currency .ya dont shoot for 100% .. then anything over and above that value is profits to add to the reserves  or to invest in infrastructure .. colleges .. universities ,, hospitols .. roads ,, business ,, first responders ,, security ,,  finance .. what ever

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all im saying is if theres a will theres a way ..you go after it and every problem that you encounter you  create the tools necessary to complete your task   and cross over that bump in the road .. and continue on .. nothing is perfect .. its made perfect .. we stride for perfection .. it doesnt start out perfect .. but the idea of perfecting  things is the challenge .. and people love challenges .. every time a  bump in the road is over come .. a sense of pride  overcomes any challenges that may arise in the future

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I like the way the numbers work. I say, lets make it happen. Oh yeah, THEY have to make it happen. O.K.      PLEASE make it happen. I can live with those numbers. I would be living happily ever after in Key West. Wasting away in Margaritaville.

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ya dont ..  i think they should only use a portion of  the value of the oil to back the currency .ya dont shoot for 100% .. then anything over and above that value is profits to add to the reserves  or to invest in infrastructure .. colleges .. universities ,, hospitols .. roads ,, business ,, first responders ,, security ,,  finance .. what ever

Oil is 90% of gdp......imo they are not ready for commody backing until their exporting and gdp skyrockets

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Oil is 90% of gdp......imo they are not ready for commody backing until their exporting and gdp skyrockets

well imo .. thats the exact reason why they should use their rsources  that are stored in their natural  storage caverns in the ground . to finance a pile of currency  , so they can have an economy that sky rockets ... its the same as if i were to start a business ,, it could take me 20 years to get where i wanted to be on the first day , if i just  start out small  and add a little each year ..

 

or i could go to a bank and borrow money ,, and build that huge manufacturing facility right off the bat and  start generating huge skyrocketing wealth right away ,, why wait twenty years to do what you want when you have your own mechanism at your fingertips .. your own currency .. your own   wealth sitting in the ground . your own  central bank .. and finance system to figure out a balance using a digital  banking formula .. .. its  not like they loan themselves the money based on their own reserves and they got to pay it back the next day .. they set up a pay off  over 100 years .. or 200 years ..  its a country not a person .. the country wont die of old age .. they just make a payment back by investing in their own  infrastructure  .. they never have to pay it back .. to themselves .. but any of their currency that leaves their country will be redeemable for goods and services in iraq .. if some want to hold it as a reserve currency thats up to them .

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google this ...cobra dane...<<< i worked on this island for boeing  aerospace,, . it was once just an idea . and every single  component involved  was  just an idea ... from the boots on our feet . to the most sophisticated piece of technology

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the first thing you do is weed out the nay sayers .. ya just  talk .. and all the "you cant people" are out ..then at that point your left with the innovative  optimistic  people who forged america .. the rest .. they can be trained to do a specific job .. hopfully .. but thats their limit .. you ask them any thing and they come up with every reason  under the sun as to why you cant do that ...

Edited by dontlop
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WHAT I WONDER IS .. EVERY COUNTRY ON THE PLANET HAS MADE MISTAKES ..  they have a chance here to help a nation start over from the ground up ..could iraq be the model of the future ..could all nations be advising  as how to avoid the mistakes they all have  aquired with their systems ..can iraq end up an experiment .. a new standard  for everyone to watch ..they have a brand new canvas to work with ..debts are forgiven ..plenty of assets ..a great prospect for a new  economic system ..i like the idea . of using natural resources to back up currency .. especially proven reserves of those resources .. its not like they can pull it out of the ground and put it in containers  so they can measure  it .. it just needs pumped .. whether its pumped from its natural storage facility or pumped into a man made facility  first then measured .. the world bank article i posted above got me thinking about the possibilities .. and this is a possibility to pre determin a value on a set number of oil credits  already stored in its natural storage facility . .. it doesnt mean they have to count every barrel .. if its estimated at 100 dollars a barrel .. and estimated at 300 billion barrels .. they can use a portion of that resource  for currency backing .. like maybe 50 dollars a barrel  and  150 billion barrels .. im sure they can formulate an exchange of data that works . and the extra  value to go to iraq as profits over their  currency valuation for use as reserves .. or for investments in iraq .. or what ever they decide is best ..

 

 but i wonder why this has taken so long ,. they seem to be doing something big .. i could be wrong .. they could be a bunch of bozos ,, but i dont think the world community is going to let such a huge asset to the world  just turn into a flop again ..i dont think they will ever let a dictator control all these assets ..the oil is necessary for  everyone in the world ..and they want iraqis compensated for it .. its not like they want to steal it .. they just want access to it .. its almost as if its become a global commodity ..not just a iraqi commodity  or a saudi commodity .. opec was  formed .. for a reason .

 

 

I wonder if this fantasy land has trees made of lollipops and waterfalls and rivers made of chocolate. Champagne flows from the faucets too!  Oh and nobody will have to work and everybody will be filthy rich. I can see it now...  :cigar:

This has to happen because it sounds so good! Let's all think happy thoughts.  Thanks DontLop for creating this new world for us!  Can't wait...   Just wake me up once it's ready!  Thanks! :twothumbs:

Only in Disney land.......say hey to mickey for me......

 

 

LOL.  That's what his posts reminded me of!  Feels good to think positive and unrealistic...

Edited by 20Mil
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Only in Disney land.......say hey to mickey for me......

keep that wasnt directed at you personally .. but i see it must of hit a nerve .. sorry

I wonder if this fantasy land has trees made of lollipops and waterfalls and rivers made of chocolate. Champagne flows from the faucets too!  Oh and nobody will have to work and everybody will be filthy rich. I can see it now...  :cigar:

This has to happen because it sounds so good! Let's all think happy thoughts.  Thanks DontLop for creating this new world for us!  Can't wait...   Just wake me up once it's ready!  Thanks! :twothumbs:

 

 

LOL.  That's what his posts reminded me of!  Feels good to think positive and unrealistic...

as usual tottally off topic and adding nothing to the conversation .. i wonder what the mods are going to think about your post .  .. when i report it i think ill reccommend the lopster tank .. thats where you belong..

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So do the math here $15 trillion in proven oil reserves used as 15 percent of total currency reserves = $100 trillion dollars of backing the IQD 

 

:huh: ...maybe I'm missing something here, but the math isn't making sense to me.

 

 

Disclaimer; I have been drinking  :P  <hiccup>

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