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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 potentia

hello my friend. firstly the usd is what is termed FIAT currency. it is valued by DECREE and not by SUBSTANCE. a dollar is a dollar and has the value of a dollar because it has been decreed to have th

Hello. This is my first post. I've been lurking for quite some time, and registered as a member earlier this year and was a VIP for a short while. I have generally chosen not to post in the past gi

Australia has significant resources of gold, uranium, iron ore, coal and many other important and valuable commodities. They are in the ground, not in a central bank, but this is the nearest thing the world has to the old gold standard. That’s why the Australian currency is so strong.

The same is also true of currencies in Canada, South Africa and Russia. They are effectively backed by commodities in the ground.

Go research it :)

Very well put

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    So I take it that applying logic doesn't apply, eg. .. they (Australia) mine remove (deplete) over this past year, from the above mentioned "ground".. thereby reducing the reserves, which prop up their currency,.. so that should reduce the value of the said currency, right?

 

  Or, is it through the sale of these resources worldwide, attracting an influx of "foreign" currency that supports their exchange rates ?.

 

  Logic dictates that by this statement above, Australia's currency should have held an even value over the year, but we all know that it fluctuated like the rest, Canada, South Africa, and Russia??.. Russia since the start of the sanctions.. I don't think so, no matter how much they have "in the ground". 

 

  Just my opinion.

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The differences are that by law lands and the mineral rights can only be owned by Iraqi's who are not prepared to fully exploit them.  They are nationalized. Whereas Australla , canada  et al are capitalistic, any (almost )   entity can invest (buy/lease) the land and develop it to the best advantage. That allows future value to materialize. 

Also helps to have an educated and productive populace to provide the human capital .Abadi spent most of his developing years abroad and should know how that works, He needs to breach the tribal/sectarian politic in Iraq .

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  • 4 weeks later...
  • 4 weeks later...

In 1973 President Tricky Dicky officially pulled us off the Gold backing the American Dollar; that's why we have just been busily printing as many Dollars as we want on good Faith!!!  So, if we supposedly the strongest Country in the world, why can't Iraq just say the Dinar is worth so much exspect the world tp Believe it?

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  • 10 months later...

They have all left, either willingly or through banishment. Time marches on. Geopolitical circumstances change ie, the rise of ISIS, low oil prices. But through it all the venerable CBI has staunchly held to the 1166 peg. As long as the peg is held at 1166, we make no money off this deal. End of discussion, in my opinion.

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  • 1 year later...

What affect will this have on the dollar ? What affect will this have on othe countries currencies that in part use the dollar for cover of their own currencies?.........http://www.zerohedge.com/news/2017-04-01/moscow-and-beijing-join-forces-bypass-us-dollar-global-markets-shift-gold-standard...

Moscow And Beijing Join Forces To Bypass US Dollar In Global Markets, Shift To Gold Trade

 
 
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The Russian central bank opened its first overseas office in Beijing on March 14, marking a step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system, and to phase-in a gold-backed standard of trade. 

According to the South China Morning Post the new office was part of agreements made between the two neighbours "to seek stronger economic ties" since the West brought in sanctions against Russia over the Ukraine crisis and the oil-price slump hit the Russian economy.

According to Dmitry Skobelkin, the deputy governor of the Central Bank of Russia, the opening of a Beijing representative office by the Central Bank of Russia was a “very timely” move to aid specific cooperation, including bond issuance, anti-money laundering and anti-terrorism measures between China and Russia. 

The new central bank office was opened at a time when Russia is preparing to issue its first federal loan bonds denominated in Chinese yuan. Officials from China’s central bank and financial regulatory commissions attended the ceremony at the Russian embassy in Beijing, which was set up in October 1959 in the heyday of Sino-Soviet relations. Financial regulators from the two countries agreed last May to issue home currency-denominated bonds in each other’s markets, a move that was widely viewed as intended to eventually test the global reserve status of the US dollar.

Speaking on future ties with Russia, Chinese Premier Li Keqiang said in mid-March that Sino-Russian trade ties were affected by falling oil prices, but he added that he saw great potential in cooperation. Vladimir Shapovalov, a senior official at the Russian central bank, said the two central banks were drafting a memorandum of understanding to solve technical issues around China’s gold imports from Russia, and that details would be released soon. 

 
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If Russia - the world's fourth largest gold producer after China, Japan and the US - is indeed set to become a major supplier of gold to China, the probability of a scenario hinted by many over the years, namely that Beijing is preparing to eventually unroll a gold-backed currency, increases by orders of magnitude. 

* * *

Meanwhile, as the Russian central bank was getting closer to China, China was responding in kind with the establishment of a clearing bank in Moscow for handling transactions in Chinese yuan. The Industrial and Commercial Bank of China (ICBC) officially started operating as a Chinese renminbi clearing bank in Russia on Wednesday this past Wednesday.  

"The financial regulatory authorities of China and Russia have signed a series of major agreements, which marks a new level of financial cooperation," Dmitry Skobelkin, the abovementioned deputy head of the Russian Central Bank, said.

"The launching of renminbi clearing services in Russia will further expand local settlement business and promote financial cooperation between the two countries," he added according to.

Irina Rogova, a Russian financial analyst told the Russian magazine Expert that the clearing center could become a large financial hub for countries in the Eurasian Economic Union.

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