3-12-2012 SWFloridaGuru: Iraq is attempting to figure out how to run a country with 3 major factions, 3 different religious backgrounds, 3 major cultural differences, 3 different power bases and then share oil revenues without having a civil war blow it all apart. Under one central government that all 3 agree to follow. Not an easy task, especially after having to completely rebuild their infrastructure and banking sector.
Finally though, we believe we have reached our destination. Iraq is competing to become the world's biggest swing producer while running into market pressures and watching inflation continue to rise. Today the finance committee promised to raise the value of the dinar against the dollar in the next coming days.
As we suspected, the CBI announced the procedures have been developed but not applied 100%. Lets hope they will get this accomplished in the next few days as they claim. Part of the contracts they are negotiating to change is, how they are to compensate the big oil companies like Exxon Mobile etc. They need to have a tradeable currency.