_The World Economy is Saved!!! By Dene McGriff
[campdav] When the second Gulf conflict began, Bush and Cheney assured us all that the war would pay for itself. Bush set a plan in motion. When the first Gulf war began, the Iraqi Dinar was at $3.22 to one dollar. It dropped to a fraction of a cent and stayed there for the past two decades.
The Iraqi Dinar is still absolutely worthless. It is currently at about 1280 dinars to the dollar. There are many other currencies that are worth much more than their current value, the most notable is China’s, the Yuan Renmimbi; which is worth about 6.8 to the dollar.
China has a competitive advantage because it is keeps their currency at a low value. Another example is the Vietnamese Dong which is worth about one hundred dollars per million Dong. Many believe the value is more like 20 Dong to the dollar. That is quite a difference, i.e., 0.0001 vs. .20 – an astonishing differential.
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[campdav] Now, let’s shift gears back to the world monetary system for a moment before we come back to Iraq. The International Monetary Fund (IMF) realizes that the system of fiat currency (worthless paper money) isn’t working because it is based on the “good faith” of the individual government printing the currency and governments have proved down through the ages they can’t be trusted.
There is too great a temptation to deflate the value. Meanwhile, there is a hue and cry to return to the gold standard because it at least bases value on something tangible and keeps government honest.
The problem with the gold standard is that there isn’t enough gold to base a world economy on it. So, what to do?
[campdav] Over the past few years the IMF has been working on complex formulas which would determine the value of a country’s currency based on their resources and productive capacity.
This could mean agricultural, mineral or other natural resources or manufacturing output, intellectual resources (e.g. those who create technology) and so forth.
The idea is to come up with objective, quantifiable criteria. They are currently in the process of revaluing 133 national currencies. Some could go up and some could go down.
If this were done on a fair basis, every country would get credit for whatever they produced and their currency would reflect that value. Now let me ask you: What would happen if all of the sudden a currency worth next to nothing gained a tremendous amount in value? What if the Chinese currency suddenly went up by thirty percent?
That would mean there is a lot more money in circulation. We see references in the news about how the IMF and the central banks are trying to come up with a scheme to inject needed cash into the system before the Euro-zone implodes.
They have a plan but you will never know how they did it! BABYLON ON THE TIGRIS-EUPHRATES RIVERS TO THE RESCUE
[campdav] Now let’s go back to little Iraq. Iraq is one of the best kept secrets. Could it be that had something to do with two Gulf wars?
Little Iraq is number three in the world in oil reserves. Only about one quarter of Iraq has been explored. Now they are up to about 40 percent and the amount of reserves continues to grow.
The strange thing is that Saudi Arabia’s oil reserves never seem to go down even though they have been pumping oil like crazy for the past 100 years.
When drilling for oil in Iraq, you are more likely to hit oil than water and it is sweet crude, the best in the world. Some think it will end up being number one in the world. It is already the first in natural gas.
Iraq is also rich in minerals and has historically been the bread basket of the Middle East. It is the site of the original Garden of Eden with the Tigris and Euphrates rivers flowing through it year round. After decades of being ravaged by war, it can once again become a major agricultural producer.