Stryker: Randall, I went over this on my webcast yesterday when talking about the dollarization of Iraq, if you get a chance watch it but I'll touch on it here as well. In my studies over the years it shows that Iraq is heavily dollarized and as much as 80% of what Iraqis use every day to buy things are in USD, so that means that the dinar is only used on 20% of the time when they buy goods and services. With that in mind, since their economy is calculated (inflation and such) by the use of the dollar as well as the dinar it only sure makes sense that this money supply (USD) is part of that 72 trillion dinar figure that the CBI shows on their financial statements.
In other words, each US dollar in their market place should be accounted for on their financials at 1166 dinars, take away one dollar and you would be taking away 1166 dinars once they de-dollarize Iraq. A country only accounts for their money supply by its domestic currency and not by another countries currency that is being used but since their statistics are based on what takes place in their market place it only makes sense that they do this.
I could be completely wrong but that's my take on it.
Even if I'm wrong and the 72 trillion number is true and it is only dinar on their books Iraq still has enough assets in frozen funds, natural proven resources that can be added to their already vast reserves to increase the value of the dinar significantly anyway.
On my webcast yesterday I also talked about how Iraq lost their wealth in the 80's and acquired billions of debt because of Saddam's actions and how it only makes sense that it would be regained the same way.
I hope this helps!