Iraq’s currency in circulation runs to roughly 113 trillion dinar, most of it outside the banks. People…look at the size of the imagined payout, and conclude the math cannot work. That objection assumes one treasury funds both lines. It does not. At home [in Iraq], the swap is housekeeping, funded locally, at equivalence, no premium involved…Abroad, the redemption settles off Iraqi soil…against collateral positioned for exactly that purpose…Baghdad’s oil account, its gold, and its reserves stay where they are…Iraq’s balance sheet is not the ceiling on your redemption, because the redemption never comes off Iraq’s balance sheet. : Reset Intelligence
