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As long as oil is bought and sold in dollars, Iraq will have an endless supply of dollars.

With an endless supply of dollars, why would they need to RV their currency?

this is alot more compllex than me and you can understand. Iguarantee you that also they need to revaue thier currency at some point for international trade and what their economy can produce which is phenomenal as of now and gonna get better over time.

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So I guess they will just continue to pay Iraqi citizens in under valued currency. Just because oil is traded in USD doesn't mean there is no need for a reval. The citizens will get a reval. There is a lot more to it than the logic you are using. Don't feel bad though you are not the first to make this silly assumption.

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well even if they are selling 2.5 mbd it is not enough to run that country or fund all those projects that need to be completed so the only thing they got is the revalue of the currency.with thinking like that, it is probably why the are getting ready to riot over their as well.

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The dollar also may not be king one day, hell i think it our lifetime we will see the dollar decline. It's happening even now, the only question is how quickly. Also if my logic is correct if they have a stronger currency they can import with less dinars. There dinars should also have more purchasing power so they can buy more with there dinars.

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So I guess they will just continue to pay Iraqi citizens in under valued currency. Just because oil is traded in USD doesn't mean there is no need for a reval. The citizens will get a reval. There is a lot more to it than the logic you are using. Don't feel bad though you are not the first to make this silly assumption.

I take offense to your "silly assumption" comment....

Let me enlighten you as to why the IMF and the coportocracy doesn't give a rats arse about Iraqi citizens and our Dinar holdings....

Please read the following... (the bold text should be of some interest here)

Confessions of Empire

How the Richest of the Rich Steal from the Poorest of the Poor

BY DAVID C. KORTEN

John Perkins was for 10 years a player in a high-stakes game of global empire. CONFESSIONS OF AN ECONOMIC HIT MAN is his very personal account of the events that forced him to choose between conscience and a glamorous life of power, luxury and beautiful women. It is also an adventure thriller worthy of Graham Green or John Le Carré that connects the dots between corporate globalization, American Empire, and the dynasty of the House of Bush.

During my own 30 years as a development worker in Africa, Latin America and Asia, I came to realize that the institutions of the aid system and the global economy persistently serve the interests of the rich at the expense of the poor. I sometimes wondered whether the outcome might have been orchestrated by some secret inner circle of power brokers who knew exactly what they were doing.

By Perkins’ account, he was recruited and trained by just such a circle. He served their cause until he defected in a fit of conscience and, later, decided to spill the beans. Confessions tells stories of deals Perkins helped to broker with key oil exporting countries such as Indonesia, Saudi Arabia, Iran, Iraq, Venezuela, Ecuador and Colombia. Naming names, he explains in riveting detail exactly how the system works—and illuminates the reality behind the hostility of those the United States now condemns as terrorists.

Perkins’ job as chief economist for Chas. T. Main, a secretive consulting firm with close ties to the U.S. intelligence and corporate communities, was much like that of an Enron accountant. He cooked the books in a gigantic international con game. More specifically, he produced and defended grossly inflated projections of economic growth that were then used to justify super-sized infrastructure projects financed with debts to foreign banks that could never be repaid.

Intentionally making unpayable loans to foreign governments may seem the work of fools, but the money flowed directly into the bottom lines of well-connected U.S. construction and energy companies like Bechtel and Halliburton, and the perpetual debts gave the U.S. government a stranglehold over the economic and political resources of the indebted nations. The ruling classes of the debtor nations who benefited rarely objected; the people the projects displaced had no voice. Selling bogus projections was specialized work that required the social skills of a con man and the ethics of a hired killer. By Perkins’ account, recruiters from the National Security Agency (NSA), one of the U.S. intelligence services, decided he fit the bill.

Of particular interest is Perkins’ story of his role in the deal that tied Saudi Arabia to U.S. interests, created a financial and political alliance between the House of Saud and the House of Bush, and led to a partnership that channeled billions of dollars to Osama bin Laden. Under this agreement, the Saudis hold their oil earnings in U.S. Treasury bonds. The Treasury Department pays the interest on these bonds directly to favored U.S. corporations, with which it contracts to modernize Saudi Arabia’s physical infrastructure. In return the U.S. government uses its political and military clout to keep the Saudi royal family in power.

According to Perkins, the Saudi agreement was to be a model for Iraq, but Saddam Hussein refused to play—which explains why George W. Bush was so intent on invading Iraq to remove him from office. The war was simply a different means to the same outcome. Effective control of Iraqi oil reserves was transferred to U.S. hands. Bechtel, Halliburton and other corporate Bush cronies received billions in new contracts.

Perhaps, as implied by Perkins’ experience, the assault on the world’s poor was orchestrated out of some super-secret NSA project office charged with recruiting and training economic hit men. Or perhaps it was the unintentional consequence of playing out elite interests. In the end it makes little difference. The power brokers and their minions win, and hundreds of millions of losers are left to choose between death and slavery. Either way, it’s important to address the deeper cultural and institutional causes of what is a spreading global disaster. It’s here that Perkins misses a key point.

“The fault lies not in the institutions themselves, but in our perceptions of the manner in which they function and interact with one another, and of the role their managers play in that process…,” he writes. “Imagine if the Nike swoosh, McDonald’s arches and Coca-Cola logo became symbols of companies whose primary goals were to clothe and feed the world’s poor in environmentally beneficial ways.”

Yes, the perceptions are important, but so are the institutions. Perkins should by now be aware of two historic truths: 1) Between the demands of financial markets and legal interpretations of the fiduciary responsibility of corporate officers, global for-profit corporations face strong pressures to maximize returns to their shareholders without regard to social or environmental consequences; and 2) Any unaccountable concentration of institutional power is an invitation to the very corruption he so skillfully documents.

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I take offense to your "silly assumption" comment....

Let me enlighten you as to why the IMF and the coportocracy doesn't give a rats arse about Iraqi citizens and our Dinar holdings....

Please read the following... (the bold text should be of some interest here)

Confessions of Empire

How the Richest of the Rich Steal from the Poorest of the Poor

BY DAVID C. KORTEN

John Perkins was for 10 years a player in a high-stakes game of global empire. CONFESSIONS OF AN ECONOMIC HIT MAN is his very personal account of the events that forced him to choose between conscience and a glamorous life of power, luxury and beautiful women. It is also an adventure thriller worthy of Graham Green or John Le Carré that connects the dots between corporate globalization, American Empire, and the dynasty of the House of Bush.

During my own 30 years as a development worker in Africa, Latin America and Asia, I came to realize that the institutions of the aid system and the global economy persistently serve the interests of the rich at the expense of the poor. I sometimes wondered whether the outcome might have been orchestrated by some secret inner circle of power brokers who knew exactly what they were doing.

By Perkins’ account, he was recruited and trained by just such a circle. He served their cause until he defected in a fit of conscience and, later, decided to spill the beans. Confessions tells stories of deals Perkins helped to broker with key oil exporting countries such as Indonesia, Saudi Arabia, Iran, Iraq, Venezuela, Ecuador and Colombia. Naming names, he explains in riveting detail exactly how the system works—and illuminates the reality behind the hostility of those the United States now condemns as terrorists.

Perkins’ job as chief economist for Chas. T. Main, a secretive consulting firm with close ties to the U.S. intelligence and corporate communities, was much like that of an Enron accountant. He cooked the books in a gigantic international con game. More specifically, he produced and defended grossly inflated projections of economic growth that were then used to justify super-sized infrastructure projects financed with debts to foreign banks that could never be repaid.

Intentionally making unpayable loans to foreign governments may seem the work of fools, but the money flowed directly into the bottom lines of well-connected U.S. construction and energy companies like Bechtel and Halliburton, and the perpetual debts gave the U.S. government a stranglehold over the economic and political resources of the indebted nations. The ruling classes of the debtor nations who benefited rarely objected; the people the projects displaced had no voice. Selling bogus projections was specialized work that required the social skills of a con man and the ethics of a hired killer. By Perkins’ account, recruiters from the National Security Agency (NSA), one of the U.S. intelligence services, decided he fit the bill.

Of particular interest is Perkins’ story of his role in the deal that tied Saudi Arabia to U.S. interests, created a financial and political alliance between the House of Saud and the House of Bush, and led to a partnership that channeled billions of dollars to Osama bin Laden. Under this agreement, the Saudis hold their oil earnings in U.S. Treasury bonds. The Treasury Department pays the interest on these bonds directly to favored U.S. corporations, with which it contracts to modernize Saudi Arabia’s physical infrastructure. In return the U.S. government uses its political and military clout to keep the Saudi royal family in power.

According to Perkins, the Saudi agreement was to be a model for Iraq, but Saddam Hussein refused to play—which explains why George W. Bush was so intent on invading Iraq to remove him from office. The war was simply a different means to the same outcome. Effective control of Iraqi oil reserves was transferred to U.S. hands. Bechtel, Halliburton and other corporate Bush cronies received billions in new contracts.

Perhaps, as implied by Perkins’ experience, the assault on the world’s poor was orchestrated out of some super-secret NSA project office charged with recruiting and training economic hit men. Or perhaps it was the unintentional consequence of playing out elite interests. In the end it makes little difference. The power brokers and their minions win, and hundreds of millions of losers are left to choose between death and slavery. Either way, it’s important to address the deeper cultural and institutional causes of what is a spreading global disaster. It’s here that Perkins misses a key point.

“The fault lies not in the institutions themselves, but in our perceptions of the manner in which they function and interact with one another, and of the role their managers play in that process…,” he writes. “Imagine if the Nike swoosh, McDonald’s arches and Coca-Cola logo became symbols of companies whose primary goals were to clothe and feed the world’s poor in environmentally beneficial ways.”

Yes, the perceptions are important, but so are the institutions. Perkins should by now be aware of two historic truths: 1) Between the demands of financial markets and legal interpretations of the fiduciary responsibility of corporate officers, global for-profit corporations face strong pressures to maximize returns to their shareholders without regard to social or environmental consequences; and 2) Any unaccountable concentration of institutional power is an invitation to the very corruption he so skillfully documents.

Then sell buddy seems to me you have no faith in the dinar even revaluing ever. Give it a shot and sell. Good day.

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wtf is your purpose here then? gtfo

My purpose here is the same as yours... an attempt to live the dream.

Should I really be slighted for keeping my feet on the ground and my head out of the clouds?

Since you told me to GTFO

I will reciprocate with a STFU. :D

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Then sell buddy seems to me you have no faith in the dinar even revaluing ever. Give it a shot and sell. Good day.

Just the mere hint of injecting a shot of realism into this investment and everyone screams SELL!!!!!

When did providing pertinent information become playing the devil's advocate?

Everyone here bashes rumors as fantasy.

Everyone here bashes verifiable facts as rubbish.

I bought into this investment a long time ago.

Instead of depending on rumors and hearsay, I opened a few books and delved into to how the world works.

John Perkins is a good place to start.

Am I a little more skeptical than I once was concerning this investment?

Yes.

Do I still believe a revaluation can happen?

Yes.

I'm a rare breed of realist.

I always hope for the best but I always expect the worst.

I'm not selling.

Get over it.

Edited by Lonzworth
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Lonz,

These guys only want to hear pumped RV news from the land of OZ.

Someday the great and wonderful wizard Okie, will come out from behind the curtain, or in his case the mobile home in Big Springs Texas, and reveal his true identity.....Until then any reality based news will only get you bashed as you are now experiencing.

Edited by wingsofhope
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cause the dollars about to become worthless.........

It may become worthless, but the Saudis will still have to sell us their oil in dollars.

If they breach their end of the contract, adios protection.

A petrodollar is a dollar earned by a country through the sale of oil. In 1972-74 the US government concluded a series of agreements with Saudi Arabia, known as the U.S.-Saudi Arabian Joint Economic Commission, to provide technical support and military assistance to the power of the House of Saud in exchange for accepting only US dollars for its oil. This understanding, much of it never publicised and little understood by public, provided Saudi ruling family the security it craved in a dangerous neighbourhood while assuring the US a reliable and very important ally in OPEC. Saudi Arabia has been the largest oil producer and the leader of OPEC. It is also the only member of the cartel that does not have an allotted production quota. It is the 'swing producer', meaning that it can increase or decrease oil production to bring oil draught or glut in the world market. As a result of this situation, Saudi Arabia practically determines oil prices. Soon after the agreement with Saudi government, an OPEC agreement accepted this, and since then all oil has been traded in US dollars. Hence the oil standard became the dollar standard.

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As long as oil is bought and sold in dollars, Iraq will have an endless supply of dollars.

With an endless supply of dollars, why would they need to RV their currency?

BECAUSE THE DOLLARS WON'T BE WORTH ANYTHING!!!! ohmy.gif

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My purpose here is the same as yours... an attempt to live the dream.

Should I really be slighted for keeping my feet on the ground and my head out of the clouds?

Since you told me to GTFO

I will reciprocate with a STFU. :D

Lonzworth,

You are wasting your breath, Bud. The majority of the people on this board aren't interested in how the US 'drained' the world for its best interests, positioned itself and strong-armed the world for decades in order to reap the rewards (regardless the costs -- see recent Ecuador decision). The perspective of the vast majority of the people on this board simply doesn't see this reality (history). Or isn't willing to acknowledge it.

I read Confessions ... and I loved it. What an eye opener.

Basically, we are all here for the same reason. I try to stay out of the flaming back and forth that can occur here. Let's hope for the best. And soon.

TS

I believe in the RV; I don't believe in the cult.

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Lonzworth,

You are wasting your breath, Bud. The majority of the people on this board aren't interested in how the US 'drained' the world for its best interests, positioned itself and strong-armed the world for decades in order to reap the rewards (regardless the costs -- see recent Ecuador decision). The perspective of the vast majority of the people on this board simply doesn't see this reality (history). Or isn't willing to acknowledge it.

I read Confessions ... and I loved it. What an eye opener.

Basically, we are all here for the same reason. I try to stay out of the flaming back and forth that can occur here. Let's hope for the best. And soon.

TS

I believe in the RV; I don't believe in the cult.

Thanks buddy.

I'm in awe that there's a fellow realist on this site.

Let's just wait and see if Texaco/Chevron is going to pony up the cash.

Lonz,

These guys only want to hear pumped RV news from the land of OZ.

Someday the great and wonderful wizard Okie, will come out from behind the curtain, or in his case the mobile home in Big Springs Texas, and reveal his true identity.....Until then any reality based news will only get you bashed as you are now experiencing.

Thanks for the support, Wings.

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