Iraq's new money

Discussion in 'Politics, Religion, Social Issues' started by kuyu, Feb 9, 2004.

  1. kuyu macrumors 6502a

    kuyu

    Joined:
    Sep 16, 2003
    Location:
    Louisville
    #1
    The new Iraqi dinars are going to be backed by US dollars. This is funny, as our dollars are fiat money. This means that Iraq uses a monopolistic, commodity system backed by foriegn fiat money!

    I guess their economy is now officially tied to ours. This may be a smart move though, as there is a negative incentive for retribution by Iraqi bathist radicals on American soil. Also, this may spur investment in the fledgling nation, as investors will feel more confident knowing their dinars are backed one for one with dollars.

    Any thoughts....
     
  2. zimv20 macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #2
    Re: Iraq's new money

    yeah -- this pretty much seals the deal that future oil sales won't be done in euros, eh?
     
  3. diamond geezer macrumors regular

    Joined:
    Jan 26, 2004
    #3
    Re: Re: Iraq's new money

    BINGO
     
  4. zimv20 macrumors 601

    zimv20

    Joined:
    Jul 18, 2002
    Location:
    toronto
    #4
    Re: Re: Re: Iraq's new money

    yeah, probably bingo, too

    ;-)
     

Share This Page