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Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Ms Sans Serif
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[quote:Anonymous Coward 11713342:MV8yMDA4MDExXzMzNzM3ODUzX0RCQ0ZFNTg0] [quote:Anonymous Coward 22089462:MV8yMDA4MDExXzMzNzM3Nzk3XzdCNEIyOUFD] The debt being covered by gold is 1 thing, having the entire money supply covered by gold is another thing entirely (hence the gross external debt isn't really relevant in this particular discussion). [/quote] I guess so, but I think it might be possible to come up with a gold/oil mix backing $200 Bn? e.g.: http://en.wikipedia.org/wiki/Central_Bank_of_the_Islamic_Republic_of_Iran currency and demand deposits—an aggregate commonly known as M1—were equal to $71.7 billion. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $153.6 billion. According to the CBI, the country's liquidity amounted to some $174 billion by April 2008, $197 billion by October 2009. and over $300 billion in 2011. Estimates put the amount of capital floating in Iran's market at $254 billion in 2012. [/quote]
Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
link to www.presstv.ir
That's 3x more than the UK (Cheers, Gordon Brown).
It's value is, at todays gold price of $1780/ Oz:
1780*32.1 Oz/kilo = $57,000 per kilo
1000 kilos in a tonne.
$57,000,000 per tonne.
57m * 907 = $51.7 bn
Gross external debt in 2010 was $14.34 billion
link to en.wikipedia.org
So, why not back the currency with oil or gold?
Inflation problem solved.
Currency collapse problem solved.
First 'hard' currency in new world.
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