6-25-2012 Proteus: The intention of Iraqi currency is not for export purposes, it was designed for internal usage, and it is not an international instrument: like a promissory Notes, Bills of Exchange, or any other type of commercial document under the applicable commercial law. Unlike our USD's that say this note is legal tender for ALL DEBTS public and private, the Dinar does not say this on it!. This is what I said on the Conference Call. The CBI shall determine through REGULATION the denominations, weights, content, and Designs of the Currency we have heard this from the CBI, SHABIBI and SALEH, so why would I doubt what they say if they are following the CBI laws to the exactness of the law. We have heard from the CBI, that they will adsorb the 150 million that it will cost for the printing of the new currency, again I must believe them as it is in the CBI LAW. The CBI will exchange notes upon request for EQUIVALENT AMOUNTS, not Identical denominations, but for EQUIVALENT VALUE, which is what we have heard from the CBI, SHABIBI, and SALEH,that we will not lose value in the exchange of our notes. Again the statement of the CBI reflect exactly what the CBI LAW states. The CBI has stated that they will exchange our notes for the NEW Notes (Monetary Change), they have stated the locations(at the banks, not vendors), and that the time frame would be beginning in 2013 for a period of a year or so (again from CBI's statements exactly like the CBI LAW is written), So, why would I believe anything other than what the law states in black and white? In new articles of recent origin, the CBI has released detail about the denominations, the designs, the values(a 25k note will be equivalent in value to a 25 dinar note, and so on through the removal of the ZEROS PROJECT) and the reasoning behind the new denominations that will be released in the beginning of next year. So, being in the OFFICIAL PUBLICATION that was released I must believe this. Also, they are so consistent with the CBI LAW that is in writing, this is not conjecture, not fable, it is very consistent with the published CBI LAW. In any situation that the courts of Iraq, the legislature if deemed INEQUITABLE, will select a method of conversion that is EQUITABLE. So, if in your interpretation of the CBI LAWS feel that our receiving 1000 times the value of the Iraqi Dinar that we invested in is correct, then I hope that you are correct, but if you feel that 1000 times profit on a simple note of currency of a little over stated, then I could feel that the expectations of us making 1000 times our investment is INEQUITABLE and the Iraqi Courts could easily select a more EQUITABLE method of exchange. SHABIBI has said over and over again, that the primary purpose of the Monetary change in not to add value to the dinar(that could be a side effect of the process, but the process was designed to make transactions in Iraq easier to complete, by making notes easier to calculate), and also for the purpose of maintaining the currency notes, as it costs Iraq 8% of their GDP to maintain their currency supply (where other countries only expend 4% of their GDP on preservation of the Monetary supply, so Iraq could instantly gain 4% GDP simply by a redenomination of the notes). ALSO, notes wear out, it requires counting machines, their are mistakes made by tellers, merchants, and it is very cumbersome to deal with the daily things that citizens have to do, and it requires huge amounts of notes to perform the daily needs of the citizens and this is why the project of removing the ZEROS (000's) was designed. I firmly believe that when the economy grows the value of the Iraqi Currency will grow also but not from the exchange project. These are separate issues. I am as invested as everyone else. I have not sold out, I am here for the long-run, but I am not afraid to look at both sides of the situation and I surely am not afraid to consider what the VERBATIM FACTS of the CBI LAW States.
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