I can't imagine anyone being more anti-lop than me..... and I nonetheless have this complusive need to continue research in figuing out, to the degree possible,..... what is being said by the Iraqi Officials with regard to their currency......
So I'm talking on the fly here without much filtering of what I have concluded, (as I don't want to turn this into a weekend dissertation project)....
Please don't bash the conclusion and instead engage intellectual thought processes of logic in meaningfully debating the merits of the conclusion and why I am absolutely wrong in coming to this...... I want the thinking behind this conclusion to be wrongly directed, and it won't help to simply state its incorrect absent thought as to why.....
so here goes:
1. Shabib has been quoted in numerous articles throughout the past few years as saying he was going to re-base the dinar/currency..... He has not been quoted using the words, revalue, redemoninate or reindexin any direct quote I have found or was cited (that I recall)...... He has in actuality used the word Re-Base (rebase)..... Here are but a few articles quoting this:
http://www.gulf-time...48&parent_id=28
http://articlesofint...sale-would.html
http://articlesofint...e-briefing.html
xHere is an actual article (for those not wanting to follow links) to a Dow Jones artical published in 2007:
UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 – Fin Min
Thu, Nov 29 2007, 15:19 GMT
http://www.djnewswires.com/eu
UPDATE: Iraq Plans To Rebase Its Dinar Early 2008 – Fin Min
By Hassan Hafidh
Of DOW JONES NEWSWIRES
AMMAN (Dow Jones)-The Central Bank of Iraq is contemplating rebasing the Iraqi dinar and issuing new banknotes early next year, the country’s Finance Minister said Thursday.
“The Central Bank will take a decision in three months time from now, taking off three zeros from the current Iraqi dinar value,” Bayan Jabor said in an exclusive interview with Dow Jones Newswires in Amman.
On Thursday, the dinar traded 1,230 dinars against the dollar, according to a trader in Baghdad. If the rebase decision is taken, it means that a dollar will equal only 1.23 dinars at current prices, the minister said.
Currency rebasings usually are monetarily neutral and are introduced to make commercial calculations easier. Turkey knocked six zeroes off its lira currency on Jan 1 2005, for example.
Before the U.S.-led invasion of 2003, the dinar was trading at 2,500 against the dollar. During early 1980s an Iraqi dinar was traded by Iraqi state-run banks at 3 dollars.
The Central Bank of Iraq has been working to improve the value of the dinar against the dollar through holding a daily auction to sell dollars to private and government banks. The bank sells between $35 and $50 million in each auction it holds, bank officials said.
The Iraqi minister said, however, printing new bank notes and fully replacing old notes would take two years.
In July 2004, the now dissolved U.S. civilian authority in Iraq decided to print the current Iraqi bank notes replacing those used to bear the picture of the former Iraqi leader Saddam Hussein. Iraqis then had three months to swap their old dinars with the new ones.
According to Central Bank officials some 10,000 tons of old dinars were then collected and burned.
The current banknotes were printed by Britain’s De La Rue Plc (DLAR.L), the world’s biggest commercial printer of bank notes. Jabor didn’t say which company would print the new banknotes.
Jabor said that the government was able to bring down inflation from a record figure of 60% last year to a current 16%. He said Iraq’s economy is growing at a rate of 6% this year and that the government wants to increase that figure with more crude oil exports, tourism and agriculture in 2008. Iraq sits on the third largest oil reserves in the world and depends on oil sales for almost all of its foreign currency earnings. Jabor announced earlier this month that the country’s budget for 2008 would be $48.4 billion up from $42 billion in 2007. Some 88% percent of that budget would be financed from oil revenues which are expected to reach $36 billion, according to Iraqi officials.
He said that his ministry has allocated $15.5 billion for investment in various industrial, oil, agricultural, housing and service projects in 2008. He said some $5 billion that the government was not able to spend in 2007 would be moved to 2008 investment plan.
While in Amman, Jabor met with Jordanian businessmen to encourage them to start investment in Iraq’s ambitious reconstruction plan for 2008. He did the same thing with Syrian and Kuwaiti businessmen last week. – By Hassan Hafidh; Dow Jones Newswires; + 962 777 612 111; hassan.hafidh@dowjones.com
(END) Dow Jones Newswires
November 29, 2007 10:19 ET (15:19 GMT)
2. We've been saying RV, RD and RI, when the Iraqis have been saying RB for years....
We also point out countries like Russia and Turkey to make comparative assumptions......More correctly I think when it comes to an RB, we would want to look at Zambia....
When you read the articles it looks like the script the Iraqi Financial officials including Shabibi, have been reading from, word for word, in most of their pivitol articles about the dinar and what they propose to do with the zeros and why.....
Here is what is going on right now in Zambia:
http://www.boz.zm/BO...MENT_BY_BOZ.pdf
http://www.statehous...earchphrase=all
http://www.ukzambian...an-to-the-poor/
It looks exactingly similar to many Iraqi statement made recently with the lifting of the zeros on the dinar.... Even the conceptualization is the same in portrayal....
Note the chart of note conversion in the first link in the Zambia section from the BOZ (Bank of Zambia).....
This in turn seems to fit well with Shabibi's statements on decimalization when you consider it in theory, he is talking about moving the decimal point..... :
Read more: http://dinarvets.com.../#ixzz1xv2rO3Me
I'm not going to post links with regard to a defination of the word Rebase (RB)..... in hopes someone can find something that does not involve the hearing oriface of a baby bunny rabbit.....
And from this brief synopsis.... it seems that the conclusion would be that the bunny thing would be implemented first, with an increase in value following..... Of course many know this is a long term investment, and perhaps this conclusion is nothing more than a timeline indicator as to what is meant by long-term.....
And I understand the thinking that old and new notes will float at the same time and its my hope that they will continue to carry the actual face value as it is for a period fo time after RV... however the Zambia plan did not include that scenario.... as it didnt fit into this genre of economic algorithum....
Okay guys, please debate with me in why I have drawn an inaccurate conclusion from the above.....and that I am wrong in this possible assumption..... A bottle of aged Brandy to the one with the most compelling knock down.....
Thanks.... (and please, no negs)....... Tthe collective power of intelligence here at DV is such a gift and there are so many to be respected in their meaningful dialogue and debate...... bringing us all closer to what we must next do to make this work in our lives....
Thanks guys!
PS my computer keys are sticking .....hot hell weather here...and so any and all mis-spelled words are soley the fault of the computer..... (this time)
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