Posted Today, 08:25 PM BY Maynard57 of Peoples Dinar
About the Internationally tradable currency requirement:
Ocrush uploaded a blurb from the WTO regs with regard to WTO, monetary policy - specifically their statements about rates of exchange for currency. I posted the same thing about a year and a half ago.
It is super important, particularly if you are aware of the GATT history of the WTO.
The point to keep your eye on is this: The WTO does NOT have a per se rule saying you can't get in without an internationally tradable currency.
What the policy statements make clear is that if your gonna join our WTO club, first thing we are gonna look at is your currency rate of exchange and whether your rate, after looking at the totality of your economic circumstances, is a rationale expression of your country's wealth.
Read More Link On Right
How much currency is in circulation? How much is in reserve? What is the value of your national assets, etc, etc.
It is the function of the WTO to promote fair trade between countries of the world.
The GATT laws deal with things like predatory dumping, where countries go into other countries with the ability to make and market goods more cheaply, undercut that countries prices and drive the domestic companies out of business.
After there is no more competition, the invading country corners the market and tightens the screws, so to speak.
Look at what China has done to the US. Go into your Local Warmart and check the country of manufacture in most everything and you will leave the store screaming your lungs out.
China has been kicking our butts from sea to shining sea for years because with their absurdly undervalued currency, they can make stuff real cheap and drive american factors of production into ruin.
Why the WTO is important is because they are gonna tell Iraq "don't even think that you are getting in to our organization, taking advantage of member status with your ARTIFICIAL PROGRAM RATE.
Can you imagine what would happen? Iraq, with its toilet paper money, limitless resource wealth, bottomless sweet crude oil - they could build a huge economic infrastructure, corner every economic production market and literally rule the world.
If the WTO has anything to say about it - that is SO not gonna happen. Wipe your feet first. GOnna be no dirty float. If you want membership, their will be a rational nexus between the rate of exchange of the IQD and economic reality.
This means RV folks. Maynard