Thread: took a walk on the dark side

just got back from another site to see what had been posted.

Not sure if this has been posted here as i am been licking my wounds as of late and a bit off task, anyway if i read this right and IF it is correct information. seems things may just be in our favor in the end of this mess.

If i as the iraqi goverment bought USD one would assume they bought it with dinar not with their good looks and charming personality. It states clearly that they ( iraq has billions of dollars in our vaults ) I would think that we would have trillions of there dinar if this were true, unless we sold out USD for fractions of pennies.

Billions Over Baghdad - New York Times

Best part of the article

Later, American forces used the found cash to build schools and hospitals, and to repair roads and bridges. Gen. David Petraeus has described these projects as more successful than the broader reconstruction effort.

But that wasn’t the only source of dollars. Because the new Iraqi dinar was so popular, the central bank bought billions of United States dollars to keep it from appreciating too much. As a result, billions in cash accumulated in the vaults of the central bank. Later, with American help, the Iraqi central bank deposited these billions at the New York Federal Reserve Bank, where they could earn interest.

Finally, when Iraq started to earn dollars selling oil, the United States transferred the cash revenue to the Finance Ministry, where it was used to finance government operations, including salaries and reconstruction. Many of these transfers occurred in 2004, long after the financial stabilization operation had concluded. Iraqi Finance Ministry officials had already demonstrated that they were serious about keeping the controls they had in place. The 360 tons mentioned by Henry Waxman includes these transfers as well as the 237.3 tons shipped in 2003 in the stabilization.

One of the most successful and carefully planned operations of the war has been held up in this hearing for criticism and even ridicule. As these facts show, praise rather than ridicule is appropriate: praise for the brave experts in the United States Treasury who went to Iraq in April 2003 and established a working Finance Ministry and central bank, praise for the Iraqis in the Finance Ministry who carefully preserved payment records in the face of looting, praise for the American soldiers in the 336th Finance Command who safely kept found money, and yes, even praise for planning and follow-through back in the United States.

yeah-i read that on dinar trade website-news. it seems both interesting and encouraging.