The "New Seven Sisters"
- Saudi Aramco (Saudi Arabia)
- JSC Gazprom (Russia)
- CNPC (China)
- NIOC (Iran)
- PDVSA (Venezuela)
- Petrobras (Brazil)
- Petronas (Malaysia)
Iranian Presidential Advisor: Lowering Dollar Reserves Important
The Iranian government's decision to convert its dollar-denominated foreign reserves to non-dollar reserves is critical and needs to be properly publicized by the country's officials, Mujtaba Samereh-Hashemi, Iran's Senior Presidential Advisor, told reporters at the end of a cabinet meeting.
The conversion prevented a decrease in the value of Iran's foreign reserves, considering the more than 20% depreciation of the dollar against major currencies, Samereh-Hashemi added.
Since last year, Iran's oil transactions have been conducted in euro and yen, as the dollar has been completely replaced by these two major currencies.
PRESSTV, Iran, June 18, 2008
Ahmadinejad Says Glut In Oil Market, Calls For Setting Up Oil Bourse, OPEC Bank
Iranian President Mahmoud Ahmadinejad said today that there was a glut in the oil market, and called for an oil bourse and an OPEC bank to be set up in order to optimize the situation in energy market.
Ahmadinejad was speaking at the 29th meeting of the Council of Ministers of OPEC Fund for International Development, currently underway in Isfahan, in which high-ranking officials from 12 OPEC member countries are participating.
Ahmadinejad added, "I repeat my suggestion made six months ago at the OPEC summit in Riyadh, to create a basket of credible currencies which would be the basis for oil transactions.... A combination of the world's valid currencies should become a basis for oil transactions or OPEC member countries should determine a new currency for oil transactions."
He noted that the final way to solve existing problems was establish a justice-based political and economic system.
Source: IRNA, Iran, June 17, 2008
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.
Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944.
Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Bank for Reconstruction and Development (IBRD) (now one of five institutions in the World Bank Group) and the International Monetary Fund (IMF). These organizations became operational in 1946 after a sufficient number of countries had ratified the agreement.
The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments. In the face of increasing strain, the system collapsed in 1971, following the United States' suspension of convertibility from dollars to gold.Until the early 1970s, the Bretton Woods system was effective in controlling conflict and in achieving the common goals of the leading states that had created it, especially the United States
"By BURT HERMAN, Associated Press Writer
SEOUL, South Korea - What began with high school students worried about the safety of U.S. beef has swelled into a major challenge to the government of new South Korean President Lee Myung-bak — culminating in protests of 80,000 people Tuesday who failed to be placated by his entire Cabinet offering to resign.
In weeks of street rallies by angry critics of Lee, what had been seen as the former businessman's strengths have instead been blasted as weaknesses. Nicknamed "The Bulldozer" for decisively pushing through projects as a Hyundai construction CEO and Seoul mayor, Lee has instead been labeled by protesters as a "dictator" who fails to heed public opinion and panders to American interests.
His December election win ended a decade of liberal rule and was seen as bringing more professionalism to the presidency, and also healing strained ties with the United States. But a string of Cabinet appointments in which nominees were forced to resign amid allegations of real estate speculation and other irregularities even before he took office in February made for a political honeymoon that went by with blinding speed even for South Korea, a country where rushing is a way of life.
That rush to succeed was whyelected Lee in a campaign where he cruised to a landslide victory on hopes he would inject new life into the country's economy. But with the global slowdown dragging on South Korea's export-driven economy and rising food prices fueling inflation, Lee found himself quickly hedging promises that the country could soon regain its earlier dynamism.
He planned to dig a canal down the center of the peninsula in a showpiece project to boost transport and tourism, but professors and environmentalists lined up against the idea.
Given all that, disappointment was already simmering when Lee's government pushed through a last-minute agreement to resume U.S. beef imports just before he met for his first summit within April. Beef imports had been banned for most of the time since 2003, when a case of mad cow was discovered in cattle in the U.S., closing what had once been the third-largest market for American exports.
High school students were concerned that the cheaper U.S. imports would be used in their school lunches without their knowledge, despite government pledges to enforce labeling of meat for the country of its origin.
Both Seoul and Washington insist U.S. beef is safe, citing the Paris-based World Organization for Animal Health.
"I certainly feel comfortable in assuring the consumers in the United States, as well as abroad, that this product is as safe as safe can be," U.S. Agriculture Secretary Ed Schafer said Tuesday.
The thousands of uniformed high schoolers carrying candles in calm vigils quickly grew into daily rallies — sometimes violent — as more groups latched on to the anti-Lee cause, raising issues about a range of policies including reforms for health care and the educational system.
Protests are a way of life in Korea and riot police are a common sight in the city center.
Still, Tuesday's protest — the largest-yet over the beef issue with 80,000 people — was on a scale not recently seen here. Police used shipping containers to block the capital's central thoroughfares to prevent crowds from marching to the nearby presidential Blue House.
Rallies continued until early Wednesday and police said they arrested about 20 protesters on charges of occupying major Seoul streets and causing traffic congestion. Candlelight vigils were planned for Wednesday night, according to police and protest organizers.
Tuesday's protest came on the anniversary of pro-democracy struggles that intensified in the late 1980s and eventually caused the downfall of's military-backed regime.
Earlier in the day, thousands of conservative, pro-government activists demonstrated near the site of the anti-U.S. beef rally.
The entire Cabinet offered to resign earlier Tuesday, but Lee did not say whether he would accept their departures. The president is accorded a healthy amount of power in the constitution, and the government reshuffle was not expected to affect Lee's ability to serve out his single, five-year term.
But even before he really got going, "The Bulldozer" is stuck in neutral and what he will be able to accomplish in office has been thrown into doubt.
Burt Herman is chief of bureau in Korea for The Associated Press."
Another unfair policy. Are we going to feed these Mad Cows?
A Gold Dinar is a gold coin first issued in 77 AH (696-7 CE) by Caliph Abd al-Malik ibn Marwan. The name “dinar” is derived from denarius, a Roman currency. The weight of the dinar is 1 mithqal (4.25 grams).
The first dated coins that can be assigned to the Muslims are copies of silver Dirhams of the Sasanian Yezdigird III, struck during the Caliphate of 'Uthman, radiallahu anhu. These coins differ from the original ones in that an Arabic inscription is found in the obverse margins, normally reading "In the Name of Allah". The subsequent series was issued using types based on drachmas of Khusru II, whose coins probably represented a significant proportion of the currency in circulation. In parallel with the later Khusru-type Arab-Sasanian coins first issued under the Well-Guided Caliphs of Islam, a more extensive series was struck with Khusru's name replaced by that of the local Arab governor or, in two cases, that of the Caliph. Historical evidence makes it clear that most of these coins bear Hijra dates. The earliest Muslim copper coins are anonymous and undated but a series exists which may have been issued during the Caliphates of 'Uthman or 'Ali, radiallahu anhum. These are crude copies of Byzantine 12-nummi pieces of Heraclius from Alexandria.
By the year 75 AH/ 695 CE Abd al-Malik had decided on changes to the coinage. A scattering of patterned pieces in silver exist from this date, based on Sasanian prototypes but with distinctive Arabic reverses. This experiment, which maintained the Sasanian weight standard of 3.5-4.0 grams was not proceeded with and in 79 AH/698 CE a completely new type of silver coin was struck at 14 mints to a new nominal weight of 2.97 grams. Unlike the contemporary gold coinage, this figure does not seem to have been achieved in practice. The average weight of sixty undamaged specimens of 79-84 AH is only 2.71 grams, a figure very close to that for a unique coin of 79 AH struck with no mint name (as was the standard procedure for the gold Dinars produced in Damascus). These new coins which bore the name of 'Dirham', established the style of the Arab-Sasanian predecessors at 25 to 28 mm. in diameter. Their design is composed of Arabic inscriptions surrounded by circles and annulets. On each side there is a three or four line legend with a single circular inscription. Outside this are three line circles with, at first, five annulets surrounding them. The side normally taken as the obverse has as its central legend the Kalima or shahada: "There is no god except Allah alone, there is no partner with Him'. Around it is the mint/ date formula reading "In the Name of Allah: this Dirham was struck in [mint name e.g. Damascus] in the year [e.g. 79 AH]". The reverse has a four line central inscription taken from the Surah 112 of the Quran; "Allahu Ahad, Ahallu-Samad, Lam yalid wa lam yulad wa lam yakul-lahu kufu-an ahad"'. The marginal legend states: "Muhammad is the Messenger of Allah, he was sent with guidance and the religion of truth to make it prevail over every other religion, averse though the idolaters may be" (Quran 9:33)
The gold coins were first struck to the contemporary standard of 4.4 grams and with one or more Arabic Standing figures on the obverse and an Arabic legend on the reverse. Dated coins exist from 74 AH and are named as 'Dinars'. These experimental issues were replaced in 77 AH, except in North Africa and Spain, by completely epigraphical designs very similar to the designs adopted for the silver pieces but with a shorter reverse legend and no annulets or inner circles. This type was used without appreciable change for the whole of Umayyad period, the coins being struck to a new and carefully controlled standard of 4.25 grams. This weight was reputed to be based on the average of the current Byzantine solidi, was called a mithqal, a term used earlier for 1/72 of a ratl. Evidence of the importance attached to the close control of the new Dinars is provided by the existence of glass weights, mainly from Egypt. They usually show the governor's name, sometimes the date but all marked with coin denomination.
The issues in gold from North Africa began as copies of the coins of Heraclius and his son (but with an abbreviated Kalima in Latin), the reverse 'cross on steps' losing in most cases its cross piece. Dinars, halves and thirds were struck, all to the new weight standard. Later coins are dated by the Indiction Number Method, from Indiction II (85/4) changing to the Hijra date in Roman numerals in 94 AH with Arabic phrases appearing in the field from 97 AH. In the year 100, North Africa came into line with the eastern issues although the mint is named as Ifriquiyah. The legends are shorter and the reverse has a new central inscription: "In the Name of Allah, the Merciful, the Compassionate". This was used also on the coins from Al-Andalus, and on the half and third Dinars, most of which show no mint but may well have been struck in Al-Andalus.
|Face Value||Purity||Weight||Weight Toz*||Diameter|
|1 Dinar||91.7% Gold||4.25 grams||0.1367 Toz||23 mm|
|2 Dinars||91.7% Gold||8.50 grams||0.2733 Toz||26 mm|
|8 Dinars||91.7% Gold||34.00 grams||1.0932 Toz||32 mm|
|1 Dirham||99.9% Silver||3.00 grams||0.0965 Toz||25 mm|
|5 Dirhams||99.9% Silver||15.00 grams||0.4823 Toz||27 mm|
|10 Dirhams||99.9% Silver||30.00 grams||0.9646 Toz||41 mm|
|* The exact weight of the coins is defined in grams; conversion to approximate troy ounces is given for informational purposes.|
What are the Dinar & Dirham
The Islamic Dinar is a specific weight
of 22k gold equivalent to 4.25 grammes.
The Islamic Dirham is a specific weight
of pure silver equivalent to 3.0 grammes.
According to Islamic Law...
The Islamic Dinar is a specific weight of 22k gold (917.) equivalent to 4.25 grams.
The Islamic Dirham is a specific weight of pure silver equivalent to 3.0 grams.
Umar Ibn al-Khattab established the known standard relationship between them based on their weights: "7 dinars must be equivalent to 10 dirhams."
"The Revelation undertook to mention them and attached many judgements to them, for example zakat, marriage, and hudud, etc., therefore within the Revelation they have to have a reality and specific measure for assessment [of zakat, etc.] upon which its judgements may be based rather than on the non-shari'i [other coins].
Know that there is consensus [ijma] since the beginning of Islam and the age of the Companions and the Followers that the dirham of the shari'ah is that of which ten weigh seven mithqals [weight of the dinar] of gold. . . The weight of a mithqal of gold is seventy-two grains of barley, so that the dirham which is seven-tenths of it is fifty and two-fifths grains. All these measurements are firmly established by consensus." Ibn Khaldun, Al-Muqaddimah
How are the Islamic dinar used?
1.- The Islamic Dinar can be used to save because they are wealth in themselves.
2.- They are used to pay zakat and dowry as they are requisite within Islamic Law.
3.- They are used to buy and sell since they are a legitimate medium of exchange.