The IQD is not set to the GNP/GDP, it is at an artificially extremely low value. Further, there are way too many unknowns required to glean the M0.
This M2 is a simple and artificial summary of (In House) values to help control inflation during the critical time of rebuilding.
IOWs, Iraq's last year earnings from Oil exceeded Kuwait's GDP being $80 Billion USD.
Your Iraq calculations are seriously out of wack when in fact Iraq has a 2009 Budget Surplus. Remember, the $1.5 Billion Buy Back of Dinars on the Open Market and U.S. influx plays little with the In House M2. Until Iraq is tied to the Word Bank, GNP, Gdp and still under Tight Monetary Policy by GOI, CBI, & MFI....the Dinar is way undervalued according to real world terms.
"Based on the Government Accountability Office report, by the end of 2008 Iraq may amass a budget surplus between $67 and $79 BILLION as a result of windfall oil sale revenues. This “windfall” roughly equals the same amount U.S. consumers have paid to purchase Iraqi oil since the war began. Data provided by the Energy Information Administration indicates the United States is the single largest purchaser of Iraqi oil. By the end of 2008, the EIA projects U.S. consumers will have spent between $70 and $74 BILLION to purchase Iraq oil. This means U.S. consumers have been paying record gas prices at the pump to build up Iraq's massive budget surplus. This money is in ADDITION to the more than $48 billion U.S. taxpayers have paid to fund the Iraqi reconstruction efforts. So far this year, U.S. taxpayers have paid approximately $122 BILLION dollars to Iraq." http://www.ourfuture.org/blog-entry/2008083312/gao-reports-billion-dollar-iraq-budget-surplus
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