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Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?

 
Anonymous Coward
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United Kingdom
10/04/2012 05:33 AM
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Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
source: [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
Source: [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.

??????
thoughts
???????
Anonymous Coward
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10/04/2012 05:34 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Because "official" numbers usually are made up or full of tungsten.
Anonymous Coward (OP)
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10/04/2012 05:36 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
It might make life a bit better for the poor sods in Iran.
Anonymous Coward
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10/04/2012 05:37 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
That is exactly what Gaddafi was about to do with the dinar - and look what happened to him.
Anonymous Coward (OP)
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10/04/2012 05:41 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
That is exactly what Gaddafi was about to do with the dinar - and look what happened to him.
 Quoting: Anonymous Coward 24811310


Good point, but they hadn't cut Libya out of the SWIFT system, had they? -- so it kindof makes more sense to Ahmedinijad than Gadaffi, IMO.
Anonymous Coward
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Netherlands
10/04/2012 05:41 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Fresh water l..l
Anonymous Coward (OP)
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10/04/2012 05:43 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Fresh water l..l
 Quoting: Anonymous Coward 24938980


They can use oil or solar stills to desalinate, surely?

I think we will find that they messed up and can't refine oil into lighter fractions and so are dependent on foreign refineries. That's the weak point??
Anonymous Coward
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10/04/2012 06:15 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
source: [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
Source: [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.

??????
thoughts
???????
 Quoting: Anonymous Coward 11713342


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).
Anonymous Coward (OP)
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10/04/2012 06:25 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
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).
 Quoting: Anonymous Coward 22089462


I guess so, but I think it might be possible to come up with a gold/oil mix backing $200 Bn?

e.g.:

[link to en.wikipedia.org]

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,[47]
$197 billion by October 2009.[48]
and over $300 billion in 2011.[49]
Estimates put the amount of capital floating in Iran's market at $254 billion in 2012.[50]
Anonymous Coward (OP)
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10/04/2012 08:56 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
bump for the NY "white shoe boys" ...
Anonymous Coward
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10/04/2012 09:05 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Iran "officially" (read: they'd be insane to declare everything they have!!) has 907 tonnes of gold.
source: [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
Source: [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.

??????
thoughts
???????
 Quoting: Anonymous Coward 11713342


Since Gaddafi's gold was not enough to fund the bankster elitiists excesses, this is precisely why they want to get a hand on not just Iran's oil but also it's GOLD
Anonymous Coward
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10/04/2012 09:13 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Isn't the "what if" where gold is concerned the worry that some might come along and say, ok, I'll have the gold (or oil) instead?

During WW1 we (as in Britain) enacted laws to prevent people from changing in their paper money for gold, I would assume given how crappy the world is right now people would rather take the gold/oil than continue to use paper.

Just my thoughts, and if I am honest, I really don't fully understand the inner workings of these things..
Anonymous Coward
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10/04/2012 09:37 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
This happened just before the currency crisis.

Report: Iran transfers $10 billion to Syria

[link to www.ynetnews.com]

And the Iranian leader was in NYC just days before.

Why dont they take measures to prevent the crisis? Because they are world players. The game is to move Islam into the west by causing regional destabilization.
Anonymous Coward
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10/04/2012 10:04 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Any gold backed currency or someone switching how we pay for oil from USD to something else would be that 'red line' we're all so curious about. Just ask Libya and their Dinar.
Anonymous Coward
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Israel
10/04/2012 10:05 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?


^^THIS
Anonymous Coward
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10/04/2012 10:09 AM
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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Iran is asking gold for its oil. They switched when the US froze their intl US$ trade accounts.
MARTIAL_LAW

User ID: 23706139
United States
10/04/2012 10:16 AM

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Re: Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
That is exactly what Gaddafi was about to do with the dinar - and look what happened to him.
 Quoting: Anonymous Coward 24811310


this...it's one of the main reasons for the war in Iraq. No one single-handedly messes with the petrodollar...but now it's becoming a full out attack...dollars days are numbered.
Thanks to whomever upgraded my account!
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