Here we are with news coming out that Iraq may be ready for ascension into the WTO. And all the same people are saying that Iraq HAS to reinstate the value of the dinar to join…
Wrong. Iraq doesn’t have to have any more value to ascend into the WTO. Vietnam has a crappy currency and they’re in it. What Iraq needs is a currency with NO limitations or restrictions. Some have stated that and it’s correct. If you look at the membership of the WTO, having a valuable currency is not a requirement or necessity. Having a currency that is free from restrictions IS key to joining. Is Iran in the WTO? No, they have observer status. They have been consistently blocked by the United States in their bid to join. It’s sad really, there are only 14 countries that are not members of the WTO. Aruba, Eritrea, Kiribati, Kosovo, Marshall Islands, Micronesia, Monaco, Nauru, North Korea, Palau, the Palestinian Territories, San Marino, Sint Maarten, and Tuvalu. All other countries have at least observer status, like Iraq currently, with hopes of ascending into full membership. Iraq has been making all the right moves, but until the United Nations and United States release them from constraints on their currency, they are not ascending. Is it close? It sure appears as such.
So where are we currently? As I wrote earlier, my feelings are still that if we don’t see by the end of April, go ahead and put the toilet paper away til at least the last quarter of the year. Do I have some super secret contact or bank manager telling me this? Nope, just what I feel from the current state of affairs. I have hope before that time, but if not, then put it away and live life. Let’s see what happens, but if you’re counting on some bank memo to tell you when this is happening, or the illustrious “on call” message, think again.