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 Iraq and oil being paid in USD!

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fatboy
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PostSubject: Iraq and oil being paid in USD!   Mon Aug 29, 2011 3:51 pm

a question for anyone who knows, not guessing but knows....If Iraq is sovereign now, as reported, they get paid for their oil directly in USD, why do they need the rv to take place right away if they will be getting the same amount of USD for their oil as they are getting now?
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Diamondbacksteve
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 9:32 pm

You are correct in your questioning Fatboy.
Inflation internally in the country's currency has nothing to do with the currency that Iraq actually deals in which is US dollars.

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me4RV
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 10:07 pm

Iraq will use its Oil and other Natural Resources wealth to legitimize and revalue its currency. Then the revalued Iraqi Dinar's power can be used to increase the value of all of Iraq's commodities and products for export. Right now they sell oil in dollars and thus only oil is worth something. If they can start selling oil in Dinars, then everything else they sell and buy can be done in their own currency thus giving them their own economic strength.
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fatboy
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 10:15 pm

thanks for your reply........My understanding (and I may be wrong) is they will not be selling oil for Dinars....Oil world wide is bought and sold with USD....I have never heard that this will change....I have heard there have been countries trying to change that...such as Libya wanting to change to a gold standard for oil...but we see how that is turning out.....
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 10:26 pm

fatboy wrote:
thanks for your reply........My understanding (and I may be wrong) is they will not be selling oil for Dinars....Oil world wide is bought and sold with USD....I have never heard that this will change....I have heard there have been countries trying to change that...such as Libya wanting to change to a gold standard for oil...but we see how that is turning out.....


Yes your right, I was wrong. Here is what I meant. The price of oil is pegged to the dollar. Transactions on the international market are in dollars (for now). Right now they sell oil in dollars because oil is worth something. If the value of the Dinar is higher or close to the value of the dollar, then everything else they sell and buy can be done in their own currency thus giving them their own economic strength. They will revalue backed by oil power and then grow their economy on a strong currency
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fatboy
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 10:30 pm

thank you
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Diamondbacksteve
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PostSubject: Re: Iraq and oil being paid in USD!   Mon Aug 29, 2011 10:46 pm

me4RV wrote:
fatboy wrote:
thanks for your reply........My understanding (and I may be wrong) is they will not be selling oil for Dinars....Oil world wide is bought and sold with USD....I have never heard that this will change....I have heard there have been countries trying to change that...such as Libya wanting to change to a gold standard for oil...but we see how that is turning out.....


Yes your right, I was wrong. Here is what I meant. The price of oil is pegged to the dollar. Transactions on the international market are in dollars (for now). Right now they sell oil in dollars because oil is worth something. If the value of the Dinar is higher or close to the value of the dollar, then everything else they sell and buy can be done in their own currency thus giving them their own economic strength. They will revalue backed by oil power and then grow their economy on a strong currency

Exactly! If and when the Dinar revalues and is acknowledged by countries that count then the US dollar will not be necessary. Until then the Dinar will not be worth the paper is it is printed on.

Iraq has a strong national pride, and it will come down to them wanting their own currency as a strong currency. The revlaue has to happen!
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me4RV
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PostSubject: Re: Iraq and oil being paid in USD!   Tue Aug 30, 2011 6:54 pm

Yes, Iraq and Arabs in general have ample pride and strength which they get from their strong culture, religion, and history. They still remember when Baghdad was the center of the world. GO RV!
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ClermontThinker
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PostSubject: Re: Iraq and oil being paid in USD!   Tue Aug 30, 2011 7:04 pm

At this point in time, and the foreseeable future, the dollar is the more stable currency. HOWEVER... That is the very point we should focus on. As oil and gas production increases the Iraqi government will want to utilize their own currency. This, we all hope and pray, will be the impetus for the RV.
Rock on RV !!! crazyspin
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txchick
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PostSubject: all oil deals are paid in the dollar.   Tue Aug 30, 2011 7:06 pm

nothing new there and it doesn't impact the rv.
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robralf
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PostSubject: Re: Iraq and oil being paid in USD!   Tue Aug 30, 2011 7:33 pm

Weren't there recent posts that contractors were now being paid in IQD...I think it was all supposed to happen as from Friday last?
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fatboy
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PostSubject: Re: Iraq and oil being paid in USD!   Tue Aug 30, 2011 7:56 pm

Robralf....I have a friend with business partners (contractors) over there and as of this morning they are still being paid in USD.
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robralf
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PostSubject: Re: Iraq and oil being paid in USD!   Tue Aug 30, 2011 8:13 pm

Thanks,guess it was just another urban legend Rolling Eyes
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