Breitling

Obviously, there’s a lot of drama going on in the Gulf of Amman. People are concerned…How is this going to affect our investment…?  The timing of the Iraqi dinar?  The economy in general? If the Price Per Barrel goes up then Iraq is not going to be as motivated to add value to their currency.  But the price keeps going down because of the United States. They [Iraq] are going to be forced to [add value to the currency]. Let’s say the value of oil goes up…Iraq knows it’s not going to be able to do that forever.  So no matter what they are going to change the value of their currency. They have to…If you look at the value of their currency it doesn’t match with the oil markets.

It doesn’t match the production. So you have the production going up but the value of their currency going down? The value of oil is based on the U.S. dollar…so obviously it’s manipulated.  If 90% of your country’s money that’s coming in from trade is from oil and everyone is killing it in the energy markets then that is a manipulation…if you’re attaching the value of the price per barrel to the dollar and supposedly the Iraqi dinar is pegged by the US dollar this tells you it’s manipulated.

The worst case scenario…we attack Iran and it spills a little bit over into Iraq.  Iraq is the proxy between Iran and Saudi Arabia…The Iraqi dinar has been so manipulated and it’s so far down that they could still add value to it.  They could add 10 cents to it…20 cents to it and no one would blink.  It would be a hugely positive thing for the economy.  It would be no threat at all…I don’t see an apocalyptic threat to the Iraqi dinar in this situation.