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Iraq emerges from the sterling bloc to fall under the weight of the dollar
February 3rd, 2015
The rise in gross domestic product growth and continuous improvement in the mean state economies and improvement in per capita income. Although the sequence of states in accordance with the overall gross domestic product, which we have seen in the two tables (15) and (16) does not match the regular sequence of states according to per capita income, which is found below average. As the per capita income means GDP divided by the number of the souls of the state.
The table (17) The following shows us "the rate of per capita income," estimated one thousand dollars for fifteen top state, in the year 2013, according to World Bank statistics:
The sequence Germany is (17) at the rate of per capita income (43 332 thousand dollars), and the sequence of Japan (25), and Russia (44) at the rate of per capita income (24,120 dollars), and the sequence of Turkey (59), Iran (71), and Iraq (73) the rate of per capita income (15 188 thousand dollars), and the sequence of Brazil (75), China (84) at a rate of per capita income (11 904), and the sequence of India (123) at a rate of per capita income (5410 dollars). The last list and sequence (139) are Sudan, where the per capita income (US $ 3372).
It is noted that the International Monetary Fund issued other statistics include the rate of per capita income (141) state, differ in several places on the table above.
The application of economic openness
Many of the countries in this table are based on the same production and export of oil and gas oil rentier economy Gulf Arab states.
The per capita income does not represent the well-being of the individual, as it depends on the nature of the existing rule in the state. It Madallalas only, so there may be a very serious differences between the princes and the rich and the rest of the people. In addition, the well-being of the individual depends on the prevailing prices, health, education, and other services provided by the state to the individual. The more the application of economic openness without controls and restrictions to include the privatization of education, health and public services sectors, the less well-being of the individual despite the high rate of income. Therefore, the individual in China at a rate of per capita income (11 904) dollars, and the sequence (84), may be higher than the welfare of members of the large number of countries with at least sequence. As the health and education in China for free each individual stages, as though the state provides housing and services for public transportation at low prices, in addition to providing the means for many of the well-being of the individual Chinese Kalnu free domestic tourism and other cheap.
Sixth: The Iraqi dinar currency (24)
Although the Iraqi dinar nothing to do with the subject we are talking about both currencies global reserves, or the global trade currencies, but we decided to talk about it as an example of how a strong currency collapse completely collapse, not because of the global economic crisis or because of lack of sufficient reserves to support it, but because of decisions primarily political. That's when the state administration are not a measure of responsibility, and going in the rough terrain and individual leadership take reckless decisions, such as going to war with Iran, fought in 1980, on behalf of the United States and the Gulf states emerging in the knees when the victory of the Iranian revolution in 1979. year, as well as walk into the trap that I made her American imperialism, when negating the need for such leadership, entered Kuwait in 1990.
Saddam hammer and the anvil of America
After the Iran war for eight years weakened, then the United States ushered in the dark tunnel of the unjust economic blockade for two (13) years. We had talked about this year's theme in our books, "Saddam Iraq between the hammer and the anvil of the United States" (24-d), and here we will talk about the "collapse" of the Iraqi dinar. We will start at a glance historic about the history of money in Iraq, past and present.
Little (Zuhair Ali Akbar) in his article: "money in the history of Iraq" (24-a), that the Assyrian king Sennacherib, (who ruled between 704-681 years BC), is making casting shekels and half shekels of bronze molds. Thus, the birth of money in Iraq was this history, and the shekel bears an inscription to the image of the sun god, and Ishtar. This does not contradict what we had mentioned -and talk about Alzhb- the first gold coin in history had been discovered in Lydia (in present Turkey) dating back to 600 BC. As this date is consistent with the rule of modern Assyrian State (950-610 BC. M.), As though large parts of Lydia was under the rule or influence of the Assyrian, In addition, the article Mr. Zuhair was talking about bronze coins, not gold. Which means that it speaks of bronze coins low value.
Babylonian and Assyrian heritage
The shekel was originally a unit weight is used in Babylon and Assyria. What is surprising that the shekel name is no longer used for any currency (or weight) in the areas of Babylon and Assyria (Iraq) after the fall of the Neo-Assyrian state in 610 BC. M. And the fall of the Babylonian State late in the year 539 BC. M. So far, except for use in modern Israel as a unit of the Israeli criticism !!. Has kept this Babylonian and Assyrian heritage through the Babylonian exile in 586 BC. M, and before the Assyrian captivity in 721 BC. M. For the Jews. The rest is history that many of the Jewish captives in Babylon may have entered the exchange (and banks) and remittances in Babylon in that era !!.
I have used the Arabs after Islam currencies of countries that conquered names, ESCWA Arab and Islamic coins names of these currencies, after they had deliberated currencies of these countries in the first period of conquests. So we find the use of the gold dinar in the Byzantine Syria, Egypt and North Africa, and the Sasanian silver coins in Iraq. Both of the dinar and dirham known among the Arabs before the Islamic conquest, as mentioned in the Koran dinar in verse 75 of Surah Al-Imran, as mentioned DRAM in verse 20 of Surah Yusuf.
Arabization currencies began in the reign of the Umayyad caliph Abd al-Malik ibn Marwan, and placed signs of Islamic and Arabic symbols on the coins that have been minted, where arabized gold dinars Byzantine, and DH silver Sasanian, also minted gold dinars Abbasid during the reign of the first Abbasid Caliph Abu Abbas incest, and the Caliph Abu Jafar Mansour (762-775m), and his son al-Mahdi (775-785m), the son of Harun al-Rashid al-Mahdi (786-809m) where carried dirhams silver and gold dinars minted by his time in the name of "Abdullah Haroon Rasheed." Also, the caliphs Subsequent basic dinars and dirhams. The SEC Hulagu and lineage money after the occupation of Baghdad in the year (656 AH / 1258 AD), and as long as the rule of the lineage of Iraq to the year 1327 AD.
Open the Ottoman Sultan Suleiman the (legal) Bin Sulayem Baghdad in the first year (941 AH / 1532 AD). And released in time of the Ottoman Empire (30) a kind of gold coins and different names is the dinar, which Majidiyah lira and pound Rashadiyah, relative to the nominal Alsultanin Abdul Majeed and Rashad. Ottoman Empire also issued (31) sort of silver coins and different names such as lunar and sharks, and issued five types of copper coins including penny and Almtelic (24-A).
Britain occupied Iraq during the First World War and imposed the Indian rupee currency for trading in Iraq, as the British forces occupied Iraq was under British administration of UNHCR in its colonies in India. The value of the Indian rupee shillings and 4 pence (ie, 16/240 = 1/15 = 0.0667 pound sterling). In May 1920 the British governor issued an order to cancel the deal banknotes Ottoman Empire, and became the Indian rupee (notes and coins) is the official currency trading in Iraq until 1932.
Issued its first set of cash carrying the name of the Iraqi government and the image of the King (Faisal I) in March 1932. The standard of cash and the unit was worth a thousand dinars and fils, and the dinar is equivalent to a pound sterling.
Sterling bloc
Thus, Iraq adopted the sterling bloc system with respect dinar and the pound, but the British system, which was the equivalent of the pound has not been adopted (240) pence. Despite the dinar was worth 20 dirhams, and the dirham (50) fils, while the pound was worth 20 shillings, and Shilling (12) pence. It also issued on the same date coins are silver metal dirham (50) fils and 20 fils, and later riyal (200) fils. And also issued coins which Nchaelih (ten fils and four fils), and copper is money (penny and Velsan).
20.07.1947 issued in the National Bank Act (what looks like the central bank), which was competent to issue currency. Then the Iraqi Central Bank Act was passed in 01.07.1956 under the number (72) for the year 1956. On 07/08/1959 Iraqi currency bearing the emblem of the Republic issued, after the fall of the monarchy in the revolution of July 14, 1958, but at the same time, he continued dealing currency Iraqi property to 03/31/1961. The basis of his Republic of Iraq is also the Iraqi dinar, which is divided into 1,000 fils, and the difference is out of the sterling bloc.
Liberation of the Iraqi economy
We have already mentioned when speaking of the pound sterling, he was a strong currency based on the gold standard, and the pound was equivalent to (4.85) dollars, to be abolished the gold standard for mass sterling in 09/21/1931, about six months before the issuance of the first Iraqi currency, and that because of the "Great Depression". And dropped the price of the pound after that and Astqraly price in 1939 after connecting the cable to the dollar during World War II and the first period of the Bretton Woods agreements to be (4.03) dollars per pound as part of these agreements, and the mass sterling reeling bloc cash in front of the rising dollar. Forcing a devaluation of the pound against the dollar to (2.
dollars in 09/19/1949.
It was natural for the Iraqi dinar to be within the sterling bloc when it is published in March 1932, Iraq was under British influence, and mass sterling strong and extended all over the floor (except the Americas), as though oil revenues were paid in sterling until the end of World War II, despite These returns were minimal does not represent a significant weight in the Iraqi economy at that time. Further, it was natural and logical that also calls for specialists in Iraq after the revolution of July 14, 1958 out of the sterling bloc in order to liberate the Iraqi economy, since the currency bloc was doomed to fall against the dollar in all circumstances. In addition, the oil revenues, which began to increase in the fifties to represent the mainstay of foreign currency needed in Iraq, was originally paid in dollars, as the pricing and sale of oil has become the currency of the dollar after the Second World War and during the de facto can not be changed. This came out of Iraq bloc and sterling peg Danarh dollar amount equal to (3,377) dollars and that in the year 1959.
Increase Oil Product
And became the dinar strong currency, enhanced strength by increasing oil product, and building a strong Iraq's economy, Khaddmaa and industrially, socially and Aroaúaa and agriculturally, and began diversifying sources of external funding, in addition to the presence of high cash reserves amounted to the year 1980, about 35 billion dollars, which is equivalent (114, 3) billion dollars at purchasing power of the dollar in May 2014, and continued until the fall practically starting from the year 1981.
I cited Dr. Abbas Nasraoui (24-E) (Table 18), which represents Iraq's per capita share of GDP (at constant prices based on 1980) prices, for the period 1950 to 1993 (the date of the preparation of his book).
See Table ephemeral real work to build a state of the fifty years of economic growth have faded after the year 1980 (the Iran-Iraq war). The Iraqi per capita GDP in 1950 rose (prices 1980), which was (654) dollars to the (4219) dollars in the year 1980, (ie approximately 6.5 times), and decreased to (485) dollars in the year 1993, They represent 74% of its stake before 43 years from that date. And also, we find that the standard of living of the Iraqi people rate (calculated per capita of gross domestic product at 1974), was in 1943, equivalent to the level in the year 1991 !!, fell more to be about 55% in 1995 to what it was in 1943, and it happened after 52 years of development, which certainly happened in Iraq in the fifties and sixties and seventies of the last century. But everything collapsed was built because of Saddam's wars, and the alliance with the United States, led by Saddam since the late seventies and "blossomed" This alliance in the eighties to be a "great scourge" in which he was Iraq.
You should note that the development and standard of living of the Iraqi individual constantly deteriorated economic blockade, as though the per capita share in the eighties of the gross domestic product is very less practical than the numbers listed, since most of the earnings were spent on armaments and military actions !!.
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February 3rd, 2015
The rise in gross domestic product growth and continuous improvement in the mean state economies and improvement in per capita income. Although the sequence of states in accordance with the overall gross domestic product, which we have seen in the two tables (15) and (16) does not match the regular sequence of states according to per capita income, which is found below average. As the per capita income means GDP divided by the number of the souls of the state.
The table (17) The following shows us "the rate of per capita income," estimated one thousand dollars for fifteen top state, in the year 2013, according to World Bank statistics:
The sequence Germany is (17) at the rate of per capita income (43 332 thousand dollars), and the sequence of Japan (25), and Russia (44) at the rate of per capita income (24,120 dollars), and the sequence of Turkey (59), Iran (71), and Iraq (73) the rate of per capita income (15 188 thousand dollars), and the sequence of Brazil (75), China (84) at a rate of per capita income (11 904), and the sequence of India (123) at a rate of per capita income (5410 dollars). The last list and sequence (139) are Sudan, where the per capita income (US $ 3372).
It is noted that the International Monetary Fund issued other statistics include the rate of per capita income (141) state, differ in several places on the table above.
The application of economic openness
Many of the countries in this table are based on the same production and export of oil and gas oil rentier economy Gulf Arab states.
The per capita income does not represent the well-being of the individual, as it depends on the nature of the existing rule in the state. It Madallalas only, so there may be a very serious differences between the princes and the rich and the rest of the people. In addition, the well-being of the individual depends on the prevailing prices, health, education, and other services provided by the state to the individual. The more the application of economic openness without controls and restrictions to include the privatization of education, health and public services sectors, the less well-being of the individual despite the high rate of income. Therefore, the individual in China at a rate of per capita income (11 904) dollars, and the sequence (84), may be higher than the welfare of members of the large number of countries with at least sequence. As the health and education in China for free each individual stages, as though the state provides housing and services for public transportation at low prices, in addition to providing the means for many of the well-being of the individual Chinese Kalnu free domestic tourism and other cheap.
Sixth: The Iraqi dinar currency (24)
Although the Iraqi dinar nothing to do with the subject we are talking about both currencies global reserves, or the global trade currencies, but we decided to talk about it as an example of how a strong currency collapse completely collapse, not because of the global economic crisis or because of lack of sufficient reserves to support it, but because of decisions primarily political. That's when the state administration are not a measure of responsibility, and going in the rough terrain and individual leadership take reckless decisions, such as going to war with Iran, fought in 1980, on behalf of the United States and the Gulf states emerging in the knees when the victory of the Iranian revolution in 1979. year, as well as walk into the trap that I made her American imperialism, when negating the need for such leadership, entered Kuwait in 1990.
Saddam hammer and the anvil of America
After the Iran war for eight years weakened, then the United States ushered in the dark tunnel of the unjust economic blockade for two (13) years. We had talked about this year's theme in our books, "Saddam Iraq between the hammer and the anvil of the United States" (24-d), and here we will talk about the "collapse" of the Iraqi dinar. We will start at a glance historic about the history of money in Iraq, past and present.
Little (Zuhair Ali Akbar) in his article: "money in the history of Iraq" (24-a), that the Assyrian king Sennacherib, (who ruled between 704-681 years BC), is making casting shekels and half shekels of bronze molds. Thus, the birth of money in Iraq was this history, and the shekel bears an inscription to the image of the sun god, and Ishtar. This does not contradict what we had mentioned -and talk about Alzhb- the first gold coin in history had been discovered in Lydia (in present Turkey) dating back to 600 BC. As this date is consistent with the rule of modern Assyrian State (950-610 BC. M.), As though large parts of Lydia was under the rule or influence of the Assyrian, In addition, the article Mr. Zuhair was talking about bronze coins, not gold. Which means that it speaks of bronze coins low value.
Babylonian and Assyrian heritage
The shekel was originally a unit weight is used in Babylon and Assyria. What is surprising that the shekel name is no longer used for any currency (or weight) in the areas of Babylon and Assyria (Iraq) after the fall of the Neo-Assyrian state in 610 BC. M. And the fall of the Babylonian State late in the year 539 BC. M. So far, except for use in modern Israel as a unit of the Israeli criticism !!. Has kept this Babylonian and Assyrian heritage through the Babylonian exile in 586 BC. M, and before the Assyrian captivity in 721 BC. M. For the Jews. The rest is history that many of the Jewish captives in Babylon may have entered the exchange (and banks) and remittances in Babylon in that era !!.
I have used the Arabs after Islam currencies of countries that conquered names, ESCWA Arab and Islamic coins names of these currencies, after they had deliberated currencies of these countries in the first period of conquests. So we find the use of the gold dinar in the Byzantine Syria, Egypt and North Africa, and the Sasanian silver coins in Iraq. Both of the dinar and dirham known among the Arabs before the Islamic conquest, as mentioned in the Koran dinar in verse 75 of Surah Al-Imran, as mentioned DRAM in verse 20 of Surah Yusuf.
Arabization currencies began in the reign of the Umayyad caliph Abd al-Malik ibn Marwan, and placed signs of Islamic and Arabic symbols on the coins that have been minted, where arabized gold dinars Byzantine, and DH silver Sasanian, also minted gold dinars Abbasid during the reign of the first Abbasid Caliph Abu Abbas incest, and the Caliph Abu Jafar Mansour (762-775m), and his son al-Mahdi (775-785m), the son of Harun al-Rashid al-Mahdi (786-809m) where carried dirhams silver and gold dinars minted by his time in the name of "Abdullah Haroon Rasheed." Also, the caliphs Subsequent basic dinars and dirhams. The SEC Hulagu and lineage money after the occupation of Baghdad in the year (656 AH / 1258 AD), and as long as the rule of the lineage of Iraq to the year 1327 AD.
Open the Ottoman Sultan Suleiman the (legal) Bin Sulayem Baghdad in the first year (941 AH / 1532 AD). And released in time of the Ottoman Empire (30) a kind of gold coins and different names is the dinar, which Majidiyah lira and pound Rashadiyah, relative to the nominal Alsultanin Abdul Majeed and Rashad. Ottoman Empire also issued (31) sort of silver coins and different names such as lunar and sharks, and issued five types of copper coins including penny and Almtelic (24-A).
Britain occupied Iraq during the First World War and imposed the Indian rupee currency for trading in Iraq, as the British forces occupied Iraq was under British administration of UNHCR in its colonies in India. The value of the Indian rupee shillings and 4 pence (ie, 16/240 = 1/15 = 0.0667 pound sterling). In May 1920 the British governor issued an order to cancel the deal banknotes Ottoman Empire, and became the Indian rupee (notes and coins) is the official currency trading in Iraq until 1932.
Issued its first set of cash carrying the name of the Iraqi government and the image of the King (Faisal I) in March 1932. The standard of cash and the unit was worth a thousand dinars and fils, and the dinar is equivalent to a pound sterling.
Sterling bloc
Thus, Iraq adopted the sterling bloc system with respect dinar and the pound, but the British system, which was the equivalent of the pound has not been adopted (240) pence. Despite the dinar was worth 20 dirhams, and the dirham (50) fils, while the pound was worth 20 shillings, and Shilling (12) pence. It also issued on the same date coins are silver metal dirham (50) fils and 20 fils, and later riyal (200) fils. And also issued coins which Nchaelih (ten fils and four fils), and copper is money (penny and Velsan).
20.07.1947 issued in the National Bank Act (what looks like the central bank), which was competent to issue currency. Then the Iraqi Central Bank Act was passed in 01.07.1956 under the number (72) for the year 1956. On 07/08/1959 Iraqi currency bearing the emblem of the Republic issued, after the fall of the monarchy in the revolution of July 14, 1958, but at the same time, he continued dealing currency Iraqi property to 03/31/1961. The basis of his Republic of Iraq is also the Iraqi dinar, which is divided into 1,000 fils, and the difference is out of the sterling bloc.
Liberation of the Iraqi economy
We have already mentioned when speaking of the pound sterling, he was a strong currency based on the gold standard, and the pound was equivalent to (4.85) dollars, to be abolished the gold standard for mass sterling in 09/21/1931, about six months before the issuance of the first Iraqi currency, and that because of the "Great Depression". And dropped the price of the pound after that and Astqraly price in 1939 after connecting the cable to the dollar during World War II and the first period of the Bretton Woods agreements to be (4.03) dollars per pound as part of these agreements, and the mass sterling reeling bloc cash in front of the rising dollar. Forcing a devaluation of the pound against the dollar to (2.
dollars in 09/19/1949.It was natural for the Iraqi dinar to be within the sterling bloc when it is published in March 1932, Iraq was under British influence, and mass sterling strong and extended all over the floor (except the Americas), as though oil revenues were paid in sterling until the end of World War II, despite These returns were minimal does not represent a significant weight in the Iraqi economy at that time. Further, it was natural and logical that also calls for specialists in Iraq after the revolution of July 14, 1958 out of the sterling bloc in order to liberate the Iraqi economy, since the currency bloc was doomed to fall against the dollar in all circumstances. In addition, the oil revenues, which began to increase in the fifties to represent the mainstay of foreign currency needed in Iraq, was originally paid in dollars, as the pricing and sale of oil has become the currency of the dollar after the Second World War and during the de facto can not be changed. This came out of Iraq bloc and sterling peg Danarh dollar amount equal to (3,377) dollars and that in the year 1959.
Increase Oil Product
And became the dinar strong currency, enhanced strength by increasing oil product, and building a strong Iraq's economy, Khaddmaa and industrially, socially and Aroaúaa and agriculturally, and began diversifying sources of external funding, in addition to the presence of high cash reserves amounted to the year 1980, about 35 billion dollars, which is equivalent (114, 3) billion dollars at purchasing power of the dollar in May 2014, and continued until the fall practically starting from the year 1981.
I cited Dr. Abbas Nasraoui (24-E) (Table 18), which represents Iraq's per capita share of GDP (at constant prices based on 1980) prices, for the period 1950 to 1993 (the date of the preparation of his book).
See Table ephemeral real work to build a state of the fifty years of economic growth have faded after the year 1980 (the Iran-Iraq war). The Iraqi per capita GDP in 1950 rose (prices 1980), which was (654) dollars to the (4219) dollars in the year 1980, (ie approximately 6.5 times), and decreased to (485) dollars in the year 1993, They represent 74% of its stake before 43 years from that date. And also, we find that the standard of living of the Iraqi people rate (calculated per capita of gross domestic product at 1974), was in 1943, equivalent to the level in the year 1991 !!, fell more to be about 55% in 1995 to what it was in 1943, and it happened after 52 years of development, which certainly happened in Iraq in the fifties and sixties and seventies of the last century. But everything collapsed was built because of Saddam's wars, and the alliance with the United States, led by Saddam since the late seventies and "blossomed" This alliance in the eighties to be a "great scourge" in which he was Iraq.
You should note that the development and standard of living of the Iraqi individual constantly deteriorated economic blockade, as though the per capita share in the eighties of the gross domestic product is very less practical than the numbers listed, since most of the earnings were spent on armaments and military actions !!.
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