…prior to 1990 they [Iraq] were a rentier oil economy and pumped only 1/3 of the oil… They also did not have the agricultural lands developed and certainly did not have the gold reserves or the high CBI reserves. They also did not have an offer for to join the “silk road” from China and become a major player in the world’s international economy, serving the entire middle east too. However the Iraqi dinar had a rate of around US $3 on FOREX back then… [post 1 of 2….stay tuned]
