Iran is the #3 country in oil reserves… and Iran has been discussing lopping zeros from their currency. Venezuela, which is #7 lopped 3 zeros in 2008. Russia, which is #8 has already lopped zeros. Nigeria which is #9 is talking about lopping zeros.
Oil in the ground will have nothing to do with a lop. A lop is simply to reverse the effects of inflation. It's an absolute fact that Iraq suffered from massive inflation during the late 80's and 90's. That is what destroyed the value of the currency. There is no amount of oil in the ground that can undo that.
Lets put Iraq’s oil into perspective. Iraq is struggling to get oil production up over 3 or so million barrels a day as of now. They are hoping to get to 6 or 7 million in the next 6 to 7 years. Let’s use the highest estimates… lets say they get to 10 million barrels a day. They’re a long ways from that. (Do you realize America produces about 7 million barrels a day now.) Back to Iraq… 10 million barrels a day X 365 days = 3.65 Billion barrels a year. We’ll even up the rate per barrel to $100 a barrel. That’s $365 Billion a year. That is wonderful for Iraq. But here’s the perspective. The United States GDP is about $13 Trillion a year. That is 35 times more than the potential Iraq may reach. If Iraq can get to 10 million barrels a day, and sell it for $100 a barrel, it would still take them 35 years just to equal one year of Americas GDP. That and they have 20 times more currency in circulation and about 3 times more M2 than America…. Well… do the math.
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