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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
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Poster Handle
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Anonymous Coward |
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Post Content
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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).
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