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Message Subject Iran: 907 tons of gold; why don't they just say fuck it, and back the Rial with gold/oil?
Poster Handle Anonymous Coward
Post Content
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]
 
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