IQD backing

[Shick]

Iraq has a backing this country's boss refuses to let us get. You know the rest. GO RV GO!

[wildthing]

well if this goes threw mon the 20th and cash out the 21 st it looks kinda like the year 2012 lol ha ha

[mungo]

Your labour, property, bank interest, ability to earn $, the potential oil & mineral reserves etc etc of your country back your respective country's currency. Paper currency is monopoly money and each printed note is worth less than 5c. It is only an instrument of debt. Gold and silver were removed from currency backing about 79 years ago. People or 'citizens' became the surety for their country's debt. It is your ability to earn and pay tax through your national debt collecting agency (tax office) that forms part of the surety for national debt. Your tax only pays back the debt..nothing else. Your property and chattels and anything that you own also form surety for Gov't debt. Children are registered through the birth certificate and become property (wards) of the state under the care of the parents (guardians). The government use your estate via the birth certificate to profit whilst all you receive from them are some small benefits which you pay for anyway. eg drivers licence, public health benefits, land tax, council rates, income tax, emergency services, public transport, etc. No one ever claims ownership of their estate because they are not aware that it exists. What you own should be put in trust. Own nothing. Transfer everything you own to a trust. Just become the beneficiary of the estate and enjoy the use and benefits from your estate. What is left of your estate Will it onto your heirs.

If you find all of this a bit over your head, then I suggest you do some research. Ask questions. Politicians lie, but governments cannot. But getting to the truth, don't expect an easy ride.

Goodnight.

Edited February 20, 2012 by mungo

[Karen0108]

The dollar has always been backed by the gold reserves that are kept at Ft. Knox. Otherwise it would be worhtless unless we had something else to back it, like oil. The Dinar is backed by the potential of all the oil in the ground. The UST keeps the dinars that are cashed in and will trade for oil or a lower oil price. There is no mystery to any of this. Anything else that is said is just convoluted logic!

Excuse me, but Fort Knox does not have any gold and has not for years. The USD is paper money... FIAT currency and backed by nothing. Sorry to burst your bubble, but that's the skinny of it.

[Luigi1]

This is a great question! Can anybody here prove what backs dinar? Mineral wealth or belief.....

A nation's currency is backed by the nation's total worth.

This is based on it's economy, natural resources, industry, education, patents/inovation, employment, military, cultural influence.

Any new currencies up for RV will be based on this formula by IMF.

[go1013]

I am amazed at the amount of people out there that are still clueless about how our banking system works and believe the "federal reserve " is a govt agency...people need to WAKE THE HECK UP!!!!!!

instead of reading the new label on the side of your favorite beer can, they need to be reading imporatnt things.

and yes im refering to people like you joseroque.and then have the nads to post....

>>>>>Anything else that is said is just convoluted logic!<<<<

you really need to spend a weekend at you computer and do alot of reading

Well I,m glad to see some people here know how our banking system works, just wish the other 300m would get itl

[Tripphood]

Alot of the gold in Fort Knox does not even belong to us anymore because we sold so much to others, we just hold it for them.

There are a lot of people who say that there is NO gold at Fort Knox. They supposedly keep up the appearance that they are protecting the gold but I've heard it is just an act and that there is no gold there. Who knows, I don't trust our government. I could easily believe that there is no gold in Fort Knox.

The dollar has always been backed by the gold reserves that are kept at Ft. Knox. Otherwise it would be worhtless unless we had something else to back it, like oil. The Dinar is backed by the potential of all the oil in the ground. The UST keeps the dinars that are cashed in and will trade for oil or a lower oil price. There is no mystery to any of this. Anything else that is said is just convoluted logic!

The dollar IS worthless. It is Fiat currency backed by debt that other countries , who own our debt, are trying to dump. I would say that the dollar is well on its way to being WORTHLESS!

[GinaG]

The reason Iraq is so wealthy is because Iraq has no debt, like us here in America.

[TrinityeXchange]

had to revisit this thread. lots of good information here from the community. thanks all.

[doctor robbins]

I just read through this entire thread and was surprised that only one person actually answered the question correctly. The dinar is backed by Iraq's foreign currency reserves, not oil or gold or any other reseources. As long as they are backing the dinar with their reserves they won't be able to support a revaluation of anything along the lines of what most dinar investors are hoping for. Keepmwlknfny is the only one who seems to be able to grasp that fact.

[dontlop]

i think the government of iraq pays its salarys and contractors .. school teachers .. highway workers .police . military ect. with dinars .... and the govt .takes in dollars from oil sales .. they sell the dinars daily through auctions to the banks in iraq ... .. all those people who get paid in dinars like to use the dollar ... so they go to these banks that bought those dollars at auction ... and they convert the dinars they earned into dollars .. at this point after the last 10 years they have accumulated billions of dollars in the private sector through these auctions ..and those dollars circulate in the local economy .. i personally think there are 2 to 4 hundred billion dollars in circulation and in personal savings in the matteress so to speak.... eventually when the new dinar is released ... the new dinar will get international recognitionand registration as a fixed currency.. and regulations will be placed on iraqi society .. where the new dinar will be used as a local currency and they will de dollarize their streets ... the dollars will be called in .. they will be replaced with a much stronger dinar .."the new dinar".. and that 2 to 4 hundred billion dollars that are on the streets will end up in the cbi as foriegn reserves that back the new dinar .. at that point they should have between 3 and 5 hundred billion dollars in foriegn reserves at the cbi .. this is supposed to take place soon .. like within the next 4 to 5 months ....

as far as what gives the dollar its value .. it sure is not giving it away for free through welefare .. ..the dollar is backed by work and assets of the united states citizen ...and govt assets .. our govt assets are around 41 trillion dollars .. as far as roads bridges ,, highways ,, dams ,.. air craft carriers ... ports .. schools realestate ect. ..private sector exceeds that by far in industry .. real estate business inventorys ...ect .

our society has an educational process that educates us to get up in the morning and go to work .... this is what we do .. and the rest of the world knows it and has confidence that tommarro morning 100 million american workers will get up and go to work .... this is what backs our dollar ...

our dollar is a promisary note ... our monetary system is only an agreement between the banking sector and the private sector .. you go to a bank .. take out a loan ... and agree to pay that loan back ... they charge interest ,,, where does that interest money come from .. it comes from you working more than the required time it takes to pay back that loan ... if it takes 10 year to pay back the money you borrowed ,, you agree to work 11 years to pay it back giving that bank its profit of 10% on that loan ..

all the loans given out by the banks are added up and turned into the federal reserve each day ,,,week ,, month .... quarter .. the interest you agree to pay back is new money that will be introduced to society ,, .. the fed adds up all the interest sends that figure to the treasury dept .. they print it up and the fed loans it back to the bank at low interest rates ... the bank now has more money to loan out ...it never stops .. otherwise we would still have the same amount of money we had 100 years ago .. money supply grows from interest rates .. but the quantive easing that been going on ,,just printing money .. does nothing but devalue the dollar .. money must be earned to hold its value ..

giving away money for free devalues the dollar

defaulting on your loans .. your agreement with the bank also devalues the dollar

in the end .. money gets its value from work .. thats it .. nothing else

Edited August 26, 2012 by dontlop

[Dalite]

The reason Iraq is so wealthy is because Iraq has no debt, like us here in America.

Other than IMF loans, and Paris Club debt, that statement has merit.

Much of Iraq's debt was forgiven.

Most of Iraq's reserves have been protected from other creditor's claims, for the present.

[rockfl9]

Dontlop:::By the books Iraq is a POOR country...GDP per capita is $3900.. #162 in the world.. 25% of the population exist below the ME poverty level of $2.20 per day and another 25% wil fall into poverty if the goverment is not able to index payments to match inflation. Unemployment is 15% with another 10% underemployed...This from the CIA World factbook! There are no piles of dollars or dinar being stashed anywhere. It is ALL used up! Recycled.

Its oil and mineral reserves have value only when pumped/mined AND delivered...What is in the ground is an intangeable asset by accounting standards.

[dontlop]

Dontlop:::By the books Iraq is a POOR country...GDP per capita is $3900.. #162 in the world.. 25% of the population exist below the ME poverty level of $2.20 per day and another 25% wil fall into poverty if the goverment is not able to index payments to match inflation. Unemployment is 15% with another 10% underemployed...This from the CIA World factbook! There are no piles of dollars or dinar being stashed anywhere. It is ALL used up! Recycled.

Its oil and mineral reserves have value only when pumped/mined AND delivered...What is in the ground is an intangeable asset by accounting standards.

the cia is NOT going around iraq counting how much money each citizen has in their pockets .. .. the majority of iraqis dont use bank accounts ... the cia estimates .. are not accurate

[rockfl9]

Dontlop :::::: Please relate WHERE you get your numbers? I dont think the CIAs numbers are collected intelligence. WE have an embasy there with staff that are trained to compile the data ... It ia accurate give or take a %.

[dontlop]

the embassy ...

are they allowed out yet

average 50 billion dollars a year over the last 10 years in oil sales thats 500 billion dollars just in oil sales .. who knows how much in illegal trafficing in arms drugs and other illegal things .. lots of things come through that part of the world from the far east .. russia chinas india pakistan .. what do ya think all the terrorism is about .. it sure isnt about religion .. they claim it is .. but its all illegal activity . and around 5% of the islamic world are extrremists.. that means over 50 million of them .. who help in its activities .. such as illegal arms trading and drug smuggling .. those arms are not cheap .... one drug dealer in columbia was worth 20 billion dollars .. im sure that wasnt complied on the books by the embassy in columbia .. the embassy recieves the numbers that they are given .. thats it .. they dont know where the 9 billion that is missing went .. a few years back .. the billions of dinars that were stolen .. ect. /

i believe there is billion and billions out their including all the cash each person has mostly in dollars there are no real numbers anywhere in any country

Edited August 26, 2012 by dontlop

[dontlop]

U.S. Planning to Slash Iraq Embassy Staff by as Much as Half

http://www.nytimes.com/2012/02/08/world/middleeast/united-states-planning-to-slash-iraq-embassy-staff-by-half.html?pagewanted=all

But the Americans have been frustrated by what they see as Iraqi obstructionism and are now largely confined to the embassy because of security concerns, unable to interact enough with ordinary Iraqis to justify the $6 billion annual price tag.

Edited August 26, 2012 by dontlop

[rockfl9]

Dontlop:::: I forgot to add. Iraq HAS DEBT(not forgiven) equal to more than 4 times current GDP. AND it must borrow more to balance the 2012 budget..It would be OK to produce income but it has to borrow just to keep its people alive. If the dinar were to revalue to a dollar and be used as "reserve currency" you can be sure any government using it would have to be assured that it is worth a dollar , not sometime in 10 years or 5 BUT at THAT time.. Else its not a store of value it is a speculation.

[tenmillion]

Dontlop:::: I forgot to add. Iraq HAS DEBT(not forgiven) equal to more than 4 times current GDP. AND it must borrow more to balance the 2012 budget..It would be OK to produce income but it has to borrow just to keep its people alive. If the dinar were to revalue to a dollar and be used as "reserve currency" you can be sure any government using it would have to be assured that it is worth a dollar , not sometime in 10 years or 5 BUT at THAT time.. Else its not a store of value it is a speculation.

Would you mind giving your source on the debt:

" Iraq HAS DEBT(not forgiven) equal to more than 4 times current GDP" ???

[rockfl9]

Ten":::: Go to cbi.iq.. Home page . center column. Click on Government Debt... Debt, bonds notes ! Add them up.

[dontlop]

Ten":::: Go to cbi.iq.. Home page . center column. Click on Government Debt... Debt, bonds notes ! Add them up.

every country sells bonds .. its how countrys wealth grows .. they sell bonds at low interest rates .. and invest them in infrastructure thats has a return greater than that interest that they pay .. like building a port .. it will pay off way more than the interest they pay on the bonds bonds they sell to build it ...

bonds are the safest place to keep your money if your rich .. banks dont guarentee very much of your fortune .. if i hit the lottery for 100 million id buy bonds at low rates .. in different localities .. municiple bonds are great if you dont put all your money into one municipality your quite safe ..

the returns for govt are net plus which gives their currency more value

[Dalite]

the returns for govt are net plus which gives their currency more value

That is true; if those returns end up in the Foreign Reserves.

Currently, that is all the CBI has to back the exchange rate.

Things may change; nothing is impossible, but at this point in time the only increase in exchange rate that the CBI can make is what they have Foreign Reserves to back.

[dontlop]

That is true; if those returns end up in the Foreign Reserves.

Currently, that is all the CBI has to back the exchange rate.

Things may change; nothing is impossible, but at this point in time the only increase in exchange rate that the CBI can make is what they have Foreign Reserves to back.

yes all bonds are long term

the federal govt sells 10 ;;;20 ... 30 year bonds ... and it is concidered debt as rock says

[Dalite]

yes all bonds are long term

the federal govt sells 10 ;;;20 ... 30 year bonds ... and it is concidered debt as rock says

The US sells bonds, both long term and short term. They back the debt. The fed prints money, treasury sells bonds to back it, and the money is lent into the economy.

As the worlds reserve currency, there appears to be a great appetite for both the currency and the bonds.

In Iraq, the Dinar isn't even the preferred currency within their boundaries, and they are not even 1/25 the size of the US.

Are you telling us you want the CBI to continue overprinting the Dinar, and further erode it's value?

Keep grasping, but be careful what you ask for; you may just have to swim in your own prop wash.

Here is a hint: The USA does not have to back it's currency with Foreign Reserves.

I have a Football; I am not a Quarterback.

Edited August 27, 2012 by Dalite

[dontlop]

and the monetary system is different .. if you just ask what backs up the dollar ...

we only have 146 billion in foriegn reserves in the us

we have around a trillion in actual phisical currency ..

we dont know whats going to happen till the imf does what ever it does with this new currency redenomination and its exchange rates with the currenct dinar ,,,if its simple division .. then thats what it is

they started out with what 28 trillion dinars .. about 28 billion dollars worth of wealth .. in currency .. id say just bagdad alone is worth more than that .. not to mention its ports air and sea....and its highway system throughout the country and all its other cities .... the realestate .. artifacts and natral resources ..

but i agree we dont know the finality of the big picture and iraqs true wealth .. the census reports will unveil it all soon ..

Edited August 27, 2012 by dontlop