THE REVALUATION CASCADE: Since 2003, Iraq’s currency rate has been artificially repressed. Under the program rate, the dinar was purposefully set at a low 1,470 to the dollar. Iraq’s currency was weak, not because the country is impoverished. Iraq has proven oil reserves of 145 billion barrels, or 9% of the world’s total. Include the northern provinces’ natural gas, phosphate, sulfur, and gold reserves. Iraqi economic reports: The asset base is not reflected in the currency. [First of two posts]
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