Cleitus: Thanks Backdoc for your post. Always interesting and enlightening
Bac doc, really good information but the question I have is in dumping the old dollar backed by the federal reserve to the new asset back new digital dollar currency. Why would we want to dump our dollar when (which I believe Frank said many times) it will be pegged to the IQD?
BACKDOC: I NEED TO AVOID DISCUSSING THESE THINGS DUE TO THE SENSITIVE NATURE. REMEMBER NON CONVERTIBLE AND THAT THEY WILL BE REPLACED. IMO. DOC
Wshfthnkn: DEFINITION of ‘Nonconvertible Currency‘ Any currency that is used primarily for domestic transactions and is not openly traded on a forex market. This usually is a result of government restrictions, which prevent it from being exchanged for foreign currencies.
BACKDOC: IN THE IMF STUDY THEY STATE DIGITAL EXCHANGE WILL ONLY OCCUR FROM DIGITAL TO DIGITAL! NOT DIGITAL TO NON DIGITAL! DOC IMO
Samson: Iraq Closes Border Over Internal Financial Dispute
Saturday, January 07, 2017
Iraq decided to close the Al-Shib border crossing with Iran for 10 days and form an investigation committee after disagreements erupted over the crossing’s revenues.
The decision was made by the city council of the southern Iraqi province of Maysan, Middle East Monitor reported.
Mohamed Shoei, a member of Maysan City Council, told Anadolu Agency, “The city council held an official meeting, attended by the governor, to address the crisis over the revenues of Al-Shib border crossing.”
He added that a majority of members voted in favor of closing the border crossing to trade-related transit for 10 days.
“The province does not receive any of the border crossing’s revenues despite the big damage made to roads inside the province due to the traveling of trucks loaded with goods,” he said.
“Tribal entities in the province receive part of the revenues; the rest goes to the federal Iraqi government.”
Today’s decision serves as a warning to the federal government, the border crossing’s management and the tribes for a mid-course correction for allocating the crossing’s revenues to the province in line with the law.
Shoei pointed out that an investigative committee was formed to find out more details about operations at the crossings.
In addition to Al-Shib, Iraq and Iran are linked via several other border crossings, including Al-Salama and Zurbatiyah in the province of Wasit, and Al-Munthereya in the province of Diyala, located to the northeast of the capital Baghdad.
Walkingstick: Iraq among the 10 countries in the world’s richest in natural resources
Several Arab countries are based economy depends on natural resources, especially in the Gulf states, which is considered the backbone of the oil in their economies.
In other Arab countries such as Morocco and Mauritania non-oil natural resources, it occupies an important place in the national economy.
But the list prepared by the site “www.worldknowing.com” shows that the only two Arab countries among the list of top 10 most wealthy nations in natural resources.
1 – Russia (more than $ 75 trillion)
2 – United States (more than $ 45 trillion)
3 – Saudi Arabia (more than $ 34 trillion)
4 – Canada (more than $ 33 trillion)
5 – Iran (more than $ 28 trillion)
6 – China (more than $ 23 trillion)
7 – Brazil (more than US $ 21 trillion)
8 – Australia (more than $ 75 trillion)
9 – Iraq (more than $ 14 trillion)
10 – Venezuela (more than $ 14 trillion).
Iraq ranked ninth in the world’s richest in natural resources