Judy Shelton’s [economist]…core argument is exactly what Iraq is quietly doing. Backing your money with something real. Iraq is sitting on over 170 tons of gold reserves… The performance-based budget is Iraq’s way of saying the same thing in fiscal language our spending is backed by returns, our currency is backed by gold, and both are auditable…The connection between Shelton’s gold standard push and Iraq’s revaluation strategy is that they’re both moving toward the same destination from different directions: a currency that’s anchored to reality instead of floating on political promises… Iraq is doing it through conditional spending, gold accumulation, and a single exchange rate that forces the dinar to trade at its true value. :Ariel
