Replies to post #17034 on Iraqi Dinar Discussion Board (IQD)

[Rasica]

LOL, so in effect you are saying the U.S. gave the Iraqis $5B to deposit into a private firm (The Federal Reserve) so Iraq can harvest $100M in inteest each year.

If you have any authority or site that can support your position this would be appreciated.

As far as the M2 is concerned...you are simply making things up as we go here. Any one can see by going to the CBI site as I have posted earlier and see that the value has been going up due to the CBI buying back the Iraqi Dinar to the tune of $1B-$1.5Billion USD.

Now the very fact that Iraq is using their $70Billion Oil Revenues for 2008 to buy back Iraqi Dinars on the Open Market Place is an impossible componenet to fit into your suggestion that the Federal Reserve has not received 7.5Trillion in Dinars for the exchange of $5B to be deposited and to aquire $100M in interest each year.

Remember also, this exchange for 7.5T Iraqi Dinars for its equivalent of $5B...is an immense confidence builder in the Iraqi DInar.

Not onlydoes Iraq make enough Oil revenue now to buy back all the MO or circulated physical Dinars in one year by 10Xs over...the Iraq Dinar Inventory is also backed by its equivalent of USD deposited and exchanged into U.S. Treasury Bills.

This has all been talked about before and authority has already been provided contrary to anything you posted.

Also how did you like the article in the New York Times I provided this board which shows the CBI is buying Back the Iraqi Dinar which is contrary to your interpretation of the Iraqi M2? :O)

Article 37 Freedom of currency Parties to a contract or any other voluntary undertaking or transaction, including a bill, note or instrument or security for money, may denominate a payment obligation in any currency
agreed upon. Payment in discharge of any debt or liability arising from a contract or any other voluntary undertaking or transaction, including on a bill, note, instrument or security for money, may be made in any currency agreed upon as the currency of payment. An
agreement under this Article may be express or implied from surrounding circumstances including course of dealing, usage of trade, or course of performance.

Article 38 Enforcement of foreign currency obligations A foreign currency obligation may be enforced according to its terms. When a person obtains an order to enforce an obligation in a foreign currency, the order shall require payment of an amount in the currency of Iraq sufficient to purchase the amount of the obligation in the foreign currency at a bank in Iraq at the close of business on the first day on which the bank quotes a dinar rate for purchase of the foreign currency before the day payment of the obligation is due to be received by the creditor, provided, however, that if thecourt determines that such method would, under the circumstances, be inequitable, it shall
select a method of conversion that is equitable. Do your homework.