What if the IQD was backed by oil...

[keepmwlknfny]

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

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..

Well you quoted me.directly so.what was i.supposed to think?

[dontlop]

Well you quoted me.directly so.what was i.supposed to think?

lol sorry again ..i just hope they can think past there nose ,, out of the box .. its their country and their currency which is nothing  more  than their own private payment system .. they can make the dinar worth 5 cents or fifty bucks   but its all based off of one monetary unit .. the dollar.. all currencys are based off the dollar ..

 

 i personally like the idea of iraq backing their currency through  finance   and using their oil to service that financing ,

 

 an example is our social security system .. our govt borrowed all the money from social security ..  now as part of our nations debt  2.4 trillion dollars is owed to social security . they borrrowed the money from ss .. and borrowed money from themselves on top of that as well as other countrys ..whats backing that ? lol .us tax payers .. thats it . those dollars are only redeemable  for goods and services .. they can scream and yell they want our gold , and we simply say ..its not for sale ..  but they can buy all kinds of goods and services  .. and hand them a list ... if they buy those goods and services , our economy grows ... if they just sit on it . we devalue it because we have to print up more currency for us  here at home ..  then their  returns go down even further ... . i hope they hold 50 trillion dollars .

 

now they can turn around and buy chinese yaun on the forex  but who would those dollars go to if they bought yaun .. to themselves ..then they would have to hold those dollars in their central bank to back those yaun ..but again those dollars will lose value because we would print more dollars and those foriegn reserves would lose value ..sure our dollar loses value too so we just give ourselves a pay increase to compensate . .. then their would be so many yaun  and they  would lose value ... china would be flooded with yaun .. and the value will go down with the dollar if those dollars are sitting in their reserves backing those yaun.. the best move for china and the world economy right now is for china to just spend those dollars .. buy  a bunch of cars ships  trucks jets .. passenger  planes .. cargo planes . . construction equipment .. building supplies . yep .. buy it right here in america ..they could get there moneys worth . and our economy would grow and our dollar would strengthen..  but china thinks they are smart and they somehow are going to take down america ..lol.. japan tried it during the 80s ..  the europeans are trying it with the euro . but .. we dont care .. we will just print up more dollars as they accumulate them .. our fiat system is genius . and its only redeemable for goods and services . thats the smart thing about it .. they can only come and spend those dollars on our goods and services .. which feeds our economy again .its an ever lasting circle the united states won .. theres going to one global currency soon and it will be the dollar . the more they take and hoard . the stronger we get .and the weaker they get .  unless they play nice and spend them like there supposed to . right here in america .. then again .. it just makes us stronger when they do ..lol .

Edited February 22, 2013 by dontlop

[RVPleaseToday]

dontlop, what leads you to believe that the Iraqi government and CBI are made up of the most creative and imaginative people on earth? I've seen no evidence that the Iraqi's are "anything we can conceive we can achieve" kind of folks. You seem to spend a lot of time on fantastical imaginanings.

[dontlop]

dontlop, what leads you to believe that the Iraqi government and CBI are made up of the most creative and imaginative people on earth? I've seen no evidence that the Iraqi's are "anything we can conceive we can achieve" kind of folks. You seem to spend a lot of time on fantastical imaginanings.

never said they were .. your imagining i said they were , you seem to spend a lot of time looking for other peoples  posts so you can critisize them .. why dont you ever come up with something on your own to post ..other than degrading other people ..

 

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 .

Read more: http://dinarvets.com/forums/index.php?/topic/141946-what-if-the-iqd-was-backed-by-oil/#ixzz2LcgGWrR1

[RVPleaseToday]

dontlop, what happens, though, if someday Iran nukes Iraq, or another country takes it over, and Iraq and/or the Dinar simply cease to exist? Or if another kind of energy completely replaces oil? My point is that you can't base a currency on a future value of a resource. That future value, like the rest of the future, doesn't exist.

Edited February 22, 2013 by RVPleaseToday

[sandstorm]

setting an exchange rate off of oil isnt even rational...i.e.thats why noone does it.

every year you have less than you had before.....so value goes down. so to grow the economy.....they need to pump megatime to ever grow into a countrywith a high gdp. so virtually..in the oil backing theory........the more iraq exports......the more the valuedeclines. because they have less oil.

iraq cannot give oil credits away...to the tune of trillions........and still sell enough to run the budget. they just dont produce enough to fund an emergingeconomy....as well as accept trillions in oil credits

We as dinarians are told to disregard the stats and financials.........you cant i cant and nobody should.

come up with whatever theory sounds good......but economics 101 will never change. ohms law is still ohms law

[dontlop]

Noting

 

 

the statement of 12 April 2003 by the Ministers of Finance and Central

 

Bank Governors of the Group of Seven Industrialized Nations in which the members

 

recognized the need for a multilateral effort to help rebuild and develop Iraq and for

 

the need for assistance from the International Monetary Fund and the World Bank in

 

these efforts,  http://daccess-dds-ny.un.org/doc/UNDOC/GEN/N03/368/53/PDF/N0336853.pdf?OpenElement

[dontlop]

The United States has important national interests in the greater Middle East. These include the unity and security of Iraq as well as continued development of its democratic institutions and its reintegration into the region. U.S. national interests related to Iraq are: regional nonproliferation; counterterrorism cooperation; access to energy; and integration of the region into global markets. TESTIMONY OF AMBASSADOR JAMES F. JEFFREY AND GENERAL LLOYD AUSTIN BEFORE THE COMMITTEE ON ARMED SERVICES UNITED STATES SENATE FEBRUARY 3, 2011

 

Via the dossiers, we try to highlight the priorities of the US Government with regard to specific foreign policy policy issues.

http://www.uspolicy.be/dossier/iraq-united-states-policy-toward-iraq-dossier