Walkingstick
After they stop the auction the nation of Iraq's currency has to be backed by something. It will no longer be backed by the American dollar.
But with a basket, the other currencies can back up the Iraqi dinar. But that's not the best way for it to go.
The best way is for the Iraq dinar to be backed by gold or by its assets inside of that basket giving it the most power for all the other currencies...No doubt the currency of Iraq is not just backed by oil but by endless amount of things.