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Where's the money going to come from???/


rockfl9
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Can't say I have visited this thread for a while, and sure don't have time for 23 pages.......but the title........."where is the money going to come from?".......somehow the US is involved pretty heavily in all of this.........what does the US do?..........they just print it.........JMO

 

We could go on and talk about the Gold Reserves Iraq holds........perhaps even a Currency Reset based on the assets/commodities within the country......and perhaps all countries for that matter.......In 71 the "World" was changed by FIAT..........where's the money going to come from.........just watch.........

 

And World Finances will change once again, as they do every so many years........history illustrates this.....CL

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"like sands in an hourglass, so are the......." This is just like a soap opera. LOPsters saying an RV can NEVER happen...but offer nothing of substance such as professional credentials to back up there  claims/opinions other than "I'm smarter than you..na na boo boo" & "I'm now a Monday morning born again foreign currencey expert (in their own minds)" . If ya don't think it will happen...GREAT....no one really cares....move on....get a life....and let those that wish to invest/speculate their hard earned money where they wish ALONE.

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1 hour ago, caz1104 said:

"like sands in an hourglass, so are the......." This is just like a soap opera. LOPsters saying an RV can NEVER happen...but offer nothing of substance such as professional credentials to back up there  claims/opinions other than "I'm smarter than you..na na boo boo" & "I'm now a Monday morning born again foreign currencey expert (in their own minds)" . If ya don't think it will happen...GREAT....no one really cares....move on....get a life....and let those that wish to invest/speculate their hard earned money where they wish ALONE.

Hooah...well said!!👍👍👍

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On 7/8/2018 at 3:50 AM, EverCurious452 said:

How would the CBI buying dollars from the UST with IQD keep the price (exchange rate) of IQD in Iraq (i.e. on the street) from "appreciating too much"?  The CBI was buying dollars from downstream Iraqi banks who were buying them from Iraqi's so as to increase the supply of IQD in circulation in Iraq,.

Being a "fixed exchange" type of currency the only way it can appreciate is for the central bank to increase the reserves  without printing more . However this extra hard currency must come from outside the country. Moving money around inside doesnt change anything .  During the years 2003 to 2007 the rate went quickly from 1500 to 1200 because the oil revenues were increasing and the CBI had more income than it needed so it was pumped into reserves...  An appreciating currency is a sign of a healthy economy. Good show! 

Selling dinar for dollars would not have stopped the appreciation as long as the correct amount was placed in the reserves.  The appreciation continued to 2010 when the rate fell to 1166! 

It was just good banking by Shabibi,!  I dont think the UST bought any IQD. It does not show up on the balance sheet today. 

When the bottom fell out of the oil price the reverse happened . The  CBI needed to put out more IQD but could not put the extra dollars in the reserves so the rate DEPRECIATED back to  1188 , now 1190.  Even that is not a true rate because the reserves should be $73 Billion to support that rate.  I dont know how they will set the next budget?

The reserves are increasing ,  but also is the amount of dinar in circulation.  To get to  the mythical 10 cents the reserves  would have to be an astronomical 8.8 Trillion USD!  80 times the current annual oil revenue.

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On 7/9/2018 at 6:45 PM, caz1104 said:

"like sands in an hourglass, so are the......." This is just like a soap opera. LOPsters saying an RV can NEVER happen...but offer nothi. ng of substance such as professional credentials to back up there  claims/opinions other than "I'm smarter than you..na na boo boo" & "I'm now a Monday morning born again foreign currencey expert (in their own minds)" . If ya don't think it will happen...GREAT....no one really cares....move on....get a life....and let those that wish to invest/speculate their hard earned money where they wish ALONE.

Ca z:   IF you were so sure that I am wrong you would not keep coming this thread. It does not take an investment expert to see the the   flaws in the anticipated RV of the dinar, it is a classical CON.  Somehow I think you know that ..  You are what i call a :GHOST PUMPER"  ... Let us just wait out this election fiasco and the next budget. Nothing is going to happen in RVland till that is over. Seeya then.

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My thoughts on the election.  Al-sadr is the champion of the poor people .  He has seen the rich get richer thru the corruption.  If he gets his way he will want to see the budget swing to increasing welfare and subsidies for the poor ... Even if oil revenues increase ,  the population increase  will use it up.  More have-nots. 

 

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the d

On 7/8/2018 at 3:50 AM, EverCurious452 said:
On 7/9/2018 at 6:19 PM, coorslite21 said:

Can't say I have visited this thread for a while, and sure don't have time for 23 pages.......but the title........."where is the money going to come from?".......somehow the US is involved pretty heavily in all of this.........what does the US do?..........they just print it.........JMO

 

We could go on and talk about the Gold Reserves Iraq holds........perhaps even a Currency Reset based on the assets/commodities within the country......and perhaps all countries for that matter.......In 71 the "World" was changed by FIAT..........where's the money going to come from.........just watch.........

 

And World Finances will change once again, as they do every so many years........history illustrates this.....CL

CL21:  When the UST/FED creates more dollars it is to obtain something of equal value at the time ... So economically the world,s value stays in balance.  

The RV as  proposed is different .  A dinar worth less than a tenth of a cent is expected to arbitrarily increase many times in value without adding anything to the world value. 

That is the problem.  If , as the story goes , the CBI were to officially raise the exchange rate of the dinar to one dollar , the CBI must be willing to surrender a dollar to buy one. If it wont do that no one else will.  I dont think the CBI is willing to buy back any dinar outside of the country.   

 

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16 hours ago, rockfl9 said:

the d

 

 

Rock,


I commend you for standing up for your beliefs, and will add that from the conventional/traditional/fundamental line of financial thought.....you make many compelling points.


The education we all received in the US teaches us how this is all suppose to work.

 
You state....."If , as the story goes , the CBI were to officially raise the exchange rate of the dinar to one dollar , the CBI must be willing to surrender a dollar to buy one. "
That truly is conventional thought....  it makes perfect sense in the book learning world I grew up in....


Problem is, .... how we are told it should be, or how it is,  ... is vastly different from the reality of what it is.......IMO anyhow....


Just take the advent of FIAT currency.........print as much paper as you want.....backed by nothing.........where is the conventional wisdom in that?......where has it led the World.......(and it is what the whole world is doing.......).....


$270+ Trillion of Debt........my "book learning" didn't indicate that could happen, or would be a good thing.......


How about Fractional Reserve Banking?....Conventional...?.....talk about just creating money out of thin air........


But, that's the system being used.......and who does it benefit?......of course the PTB that are pulling the strings......


for those not familiar.....        

 

 

 

We could also discuss how Brasil created the phoney REAL out of thin air to save the country from economic ruin........Just created the fix out of thin air.....and the people believed it....

https://www.npr.org/sections/money/2010/10/04/130329523/how-fake-money-saved-brazil

 


Then of late......crypto currencies........in many cases........value created with nothing to support that value........and before the nay-sayers chime in........Blockchain will change our world.......but there are already 1000 cryptos that are dead because they were backed by nothing....


So the world is not as it seems to be.......at least in my mind.......

.
Conventional thinking isn't always the best way to view all of this.........you and I are not in control........the traditional lines of thought are often wrong.....and the PTB will do what ever they damn well please in regards to the Worlds Finances.....and that will include what ever they deem best to do with the IQD......and of course how that might best benefit them.....


Just some thoughts on a beautiful Summer day......Hope you enjoy the day....!


and thanks for posting your thoughts.....it is always good to see things from all sides.......that makes us well rounded......at least that's what my Grandma used to say.......CL

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On ‎12‎/‎16‎/‎2016 at 7:22 PM, Rockymtnhi said:

Printing more currency and altering the exchange rate are two entirely different things. 

That is a entirely different discussion. The question was where's the money going to come from? thus the answers in this thread

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I like money................... But I like gold more.  A lot more.  Something about the weight of AU compared to  fiat paper. 

Too bad i could never sell any of  it. Worked to hard digging it out of the ground to ever get rid of it.

 

Anyway like a few have said in this thread.  This topic is kind of boring... Yawn 

 

 

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On 7/15/2018 at 8:12 AM, coorslite21 said:

 



Just some thoughts on a beautiful Summer day......Hope you enjoy the day....!


and thanks for posting your thoughts.....it is always good to see things from all sides.......that makes us well rounded......at least that's what my Grandma used to say.......CL

CL21:  Thanks.  You have some good points...

Since all successful economies use conventional banking , it is hard to ignore . Fiat currencies are here to stay as well as fractional banking.  Just think what your life would be IF you had to pay cash for that next new car???  That is what fractional banking provides. NEXT if all currencys HAD to be backed by some precious metal the expansion of a nations economy would be restricted to its ability to mine or obtain that metal.. Of course there are  incidents where both practices have been abused.  The IMF and BIS rules have been tightened to prevent those.  If Iraq wants to become a full  card-paying member of the international community it will have to abide by those rules. Of interest here is that IF it intends to offer up dinar it will have to compensate dinar holders at the same rate it does internally. That is in the IMF rules.  THIS may be the reason that the CBI has restricted access to the IQD. i.e. not buying back the dinar out of country.  THAT is the most important requirement to the RV story that has been ignored. The CBI could RV the IQD any time but I dont know why it would. But it is MOF policy , if not law that will prevent any IQD to dollar exchange outside of Iraq.

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2 hours ago, rockfl9 said:

CL21:  Thanks.  You have some good points...

Since all successful economies use conventional banking , it is hard to ignore . Fiat currencies are here to stay as well as fractional banking.  Just think what your life would be IF you had to pay cash for that next new car???  That is what fractional banking provides. NEXT if all currencys HAD to be backed by some precious metal the expansion of a nations economy would be restricted to its ability to mine or obtain that metal.. Of course there are  incidents where both practices have been abused.  The IMF and BIS rules have been tightened to prevent those.  If Iraq wants to become a full  card-paying member of the international community it will have to abide by those rules. Of interest here is that IF it intends to offer up dinar it will have to compensate dinar holders at the same rate it does internally. That is in the IMF rules.  THIS may be the reason that the CBI has restricted access to the IQD. i.e. not buying back the dinar out of country.  THAT is the most important requirement to the RV story that has been ignored. The CBI could RV the IQD any time but I dont know why it would. But it is MOF policy , if not law that will prevent any IQD to dollar exchange outside of Iraq.

 

Rock,

 

Thanks for the thoughtful response....I would guess i am a bit older than you........which gives me no advantage......

 

I recall however sitting with my Grandmother watching TV.......3 channels, rabbit ear adjustment required for each channel..........(oh and by the way......she would have been 135 this year).........and in breaks a breaking report....live from Nixon.......a 5 minute video is below.......please watch, and listen........

 

History does seem to repeat itself.........there are so many like issues that Nixon covered in his 5 minute talk..... items Trump is talking about today........

 

Nixon, like Trump, had many doubters/haters.........in some circles it is believed he only was elected/put into office to effectively make this change in the way the world conducted business.......in the 70's the rest of the world was trying to grapple that control away from the West.....much like they are today.....BRICS, AIIB PetroYuan.....etc....

 

Shortly after this the petroDollar was created.......helping assure US dominance for the next 40 years......

 

Before Trump was even in office we were hearing "Impeach"...........

 

All just a coincidence to these parallels????     Perhaps

 

Some circles also believe Trump is where he is to effect another change........a change that will help the West regain control of the worlds finances once again....

 

So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+

 

Totally unsustainable......something has to give/change.........and IMO it will soon......

 

I doubt what lies ahead in this change will be seen as 'conventional" thinking......CL

 

 

 

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16 hours ago, coorslite21 said:

 

Rock,

 

Thanks for the thoughtful response....I would guess i am a bit older than you........which gives me no advantage......

 

I recall however sitting with my Grandmother watching TV.......3 channels, rabbit ear adjustment required for each channel..........(oh and by the way......she would have been 135 this year).........and in breaks a breaking report....live from Nixon.......a 5 minute video is below.......please watch, and listen........

 

History does seem to repeat itself.........there are so many like issues that Nixon covered in his 5 minute talk..... items Trump is talking about today........

 

Nixon, like Trump, had many doubters/haters.........in some circles it is believed he only was elected/put into office to effectively make this change in the way the world conducted business.......in the 70's the rest of the world was trying to grapple that control away from the West.....much like they are today.....BRICS, AIIB PetroYuan.....etc....

 

Shortly after this the petroDollar was created.......helping assure US dominance for the next 40 years......

 

Before Trump was even in office we were hearing "Impeach"...........

 

All just a coincidence to these parallels????     Perhaps

 

Some circles also believe Trump is where he is to effect another change........a change that will help the West regain control of the worlds finances once again....

 

So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+

 

Totally unsustainable......something has to give/change.........and IMO it will soon......

 

I doubt what lies ahead in this change will be seen as 'conventional" thinking......CL

 

 

 

 

"So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+"

 

Are you thinking Cryptocurrency will be the new type of currency used in the world, instead of Fiat?

 

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6 hours ago, Floridian said:

 

"So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+"

 

Are you thinking Cryptocurrency will be the new type of currency used in the world, instead of Fiat?

 

 

Honestly it is still too early to make that call........The world is headed towards an all digital financial world....and that's what cryptocurrency is......but I believe it is too early for a complete migration to a crypto based financial system....

 

I do believe that there will have to be an adjustment first back to some form of currency that has some hard source backing......this could be many things.......metals, oil, industry, natural resources.........of course a countries debt and trade would need to be a part of the equation.....

 

In 2008-9 the US and the World should have Bankrupted.......the debt was unsustainable then.......and of course worse now......Bitcoin was born because of that event.....

 

I don't believe there was an acceptable alternative to the FIAT fiasco in 2008-09..........but it is my understanding that the PTB have completed a pretty complex plan that they are ready to load, and fire, when they see the time they will benefit the most.....

 

China and Russia...........along with others like Iraq have been loading up on Gold..........China has launched the Gold backed PetroYuan which will displace the PetroDollar unless the US makes a like move...

 

So much in the works right now..........exciting times..........

 

The Blockchain is a game changer........keep an ear to the ground on this one......JMO

 

CL

 

 

 

 

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30 minutes ago, coorslite21 said:

 

Honestly it is still too early to make that call........The world is headed towards an all digital financial world....and that's what cryptocurrency is......but I believe it is too early for a complete migration to a crypto based financial system....

 

I do believe that there will have to be an adjustment first back to some form of currency that has some hard source backing......this could be many things.......metals, oil, industry, natural resources.........of course a countries debt and trade would need to be a part of the equation.....

 

In 2008-9 the US and the World should have Bankrupted.......the debt was unsustainable then.......and of course worse now......Bitcoin was born because of that event.....

 

I don't believe there was an acceptable alternative to the FIAT fiasco in 2008-09..........but it is my understanding that the PTB have completed a pretty complex plan that they are ready to load, and fire, when they see the time they will benefit the most.....

 

China and Russia...........along with others like Iraq have been loading up on Gold..........China has launched the Gold backed PetroYuan which will displace the PetroDollar unless the US makes a like move...

 

So much in the works right now..........exciting times..........

 

The Blockchain is a game changer........keep an ear to the ground on this one......JMO

 

CL

 

 

 

 

 

Thanks, very much, CL21.  I appreciate your thoughtful answer.  😊

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On 7/18/2018 at 6:36 PM, coorslite21 said:

 

Rock,

 

Thanks for the thoughtful response....I would guess i am a bit older than you........which gives me no advantage......

 

I recall however sitting with my Grandmother watching TV.......3 channels, rabbit ear adjustment required for each channel..........(oh and by the way......she would have been 135 this year).........and in breaks a breaking report....live from Nixon.......a 5 minute video is below.......please watch, and listen........

 

History does seem to repeat itself.........there are so many like issues that Nixon covered in his 5 minute talk..... items Trump is talking about today........

 

Nixon, like Trump, had many doubters/haters.........in some circles it is believed he only was elected/put into office to effectively make this change in the way the world conducted business.......in the 70's the rest of the world was trying to grapple that control away from the West.....much like they are today.....BRICS, AIIB PetroYuan.....etc....

 

Shortly after this the petroDollar was created.......helping assure US dominance for the next 40 years......

 

Before Trump was even in office we were hearing "Impeach"...........

 

All just a coincidence to these parallels????     Perhaps

 

Some circles also believe Trump is where he is to effect another change........a change that will help the West regain control of the worlds finances once again....

 

So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+

 

Totally unsustainable......something has to give/change.........and IMO it will soon......

 

I doubt what lies ahead in this change will be seen as 'conventional" thinking......CL

 

 

On 7/18/2018 at 6:36 PM, coorslite21 said:

 

Rock,

 

Thanks for the thoughtful response....I would guess i am a bit older than you........which gives me no advantage......

 

I recall however sitting with my Grandmother watching TV.......3 channels, rabbit ear adjustment required for each channel..........(oh and by the way......she would have been 135 this year).........and in breaks a breaking report....live from Nixon.......a 5 minute video is below.......please watch, and listen........

 

History does seem to repeat itself.........there are so many like issues that Nixon covered in his 5 minute talk..... items Trump is talking about today........

 

Nixon, like Trump, had many doubters/haters.........in some circles it is believed he only was elected/put into office to effectively make this change in the way the world conducted business.......in the 70's the rest of the world was trying to grapple that control away from the West.....much like they are today.....BRICS, AIIB PetroYuan.....etc....

 

Shortly after this the petroDollar was created.......helping assure US dominance for the next 40 years......

 

Before Trump was even in office we were hearing "Impeach"...........

 

All just a coincidence to these parallels????     Perhaps

 

Some circles also believe Trump is where he is to effect another change........a change that will help the West regain control of the worlds finances once again....

 

So will there be a new type of Currency Reform under Trump??    My best guess is yes.........The World debt is north of $275 Trillion........a Billion is a thousand Million......and a Trillion is a thousand Billion.......times 275+

 

Totally unsustainable......something has to give/change.........and IMO it will soon......

 

I doubt what lies ahead in this change will be seen as 'conventional" thinking......CL

 

 

 

 

CL 21:    I remember ONE  channel on only 4-11 PM.  midnight on Sat.   I am 81+

Debt is not always a bad thing ...Used correctly it accelerates progress. It is normal for world debt to grow larger,  More people and more countries joining the ranks of developing status.

TV and internet  have removed many old barriers.  The problem may be that some peoples are not adequately prepared for a credit based economy.

Currency reform???  Like what ???  Under the BIS/IMF we pretty much already have  world banking system.  Not perfect but getting there.  There will never be a fully backed national currency.  It is political.  We may see more consolidation like the Euro showing up in other regions. 

 

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5 hours ago, rockfl9 said:

CL 21:    I remember ONE  channel on only 4-11 PM.  midnight on Sat.   I am 81+

Debt is not always a bad thing ...Used correctly it accelerates progress. It is normal for world debt to grow larger,  More people and more countries joining the ranks of developing status.

TV and internet  have removed many old barriers.  The problem may be that some peoples are not adequately prepared for a credit based economy.

Currency reform???  Like what ???  Under the BIS/IMF we pretty much already have  world banking system.  Not perfect but getting there.  There will never be a fully backed national currency.  It is political.  We may see more consolidation like the Euro showing up in other regions. 

 

 

Rock,

 

Glad to hear a little of your story.........Those were the days.........back before we had a Federal Register with 75,000 pages of rules and regs for us all to live by.......4 household party phone lines.......seat belts hadn't been invented yet.....well.....anyhow.....those stories do make the Grand Kids laugh.........

 

I have made some money using debt to my favor........I imagine you have as well.......I totally agree debt has it's benefits.....

 

I believe the "World debt" has become unsustainable.......it can never be paid back........Of course the whole system was created by the BIS, World Bank, IMF and the Central banking system with the main purpose being to profit the few sitting in the Golden Castle on the top of the hill....

 

The East is challenging the established Western Banking model as we converse here......and you are right we will never be able to sustain a 100% backed national currency.......

 

The Yuan being added to the SDR basket was telling in my mind........it indicates a move on the west's part to reduce the challenge coming from China and the East........

 

Just as in 71.........there is going to be a change...........and as you state, because of  the internet and better communications we now have......this time it will be a "world thing"......

 

As to the EU and Euro experiment.........IMM colasial Kluster.........it was to be the precursor to a one world currency.........it is/has failed and the model will be removed from the table......

 

Hope you enjoy your weekend.....CL

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One additional item for any interested to read...........got to looking thru some past notes and this is the 1st....... of 6 or 7......that I can post a link to.........they are sequential, and build off of this first one from 2014......

 

It is rather intriguing that what was discussed in this in 2014 has come to bear/bare........hope you will all share your thoughts if you take the time to read it......CL

 

www.zurnalai.vu.lt/ekonomika/article/download/3887/2699

 

 

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On 7/7/2018 at 3:55 PM, Floridian said:

 

How did the Central Bank pay for the billions of US dollars they bought?  With Iraqi Dinars, no?

We didn't purchase IQD.  Iraq purchased dollars and we got IQD for the dollars they purchased.

For the 3rd time, here it is: 

 

Because the new Iraqi dinar was so popular, the central bank bought billions of United States dollars to keep it from appreciating too much.

 

This statement does not make sense! First why would they prevent the dinar from appreciating ,  that would be BAD. Next if the CBI somehow got dollars AND put it into the reserves by definition that makes the dinar stronger. However IF they actually needed the extra reserves Because they needed to print more dinar (which I think was the case) to meet the demands of the economy ( i.e. the dinars increased POPULARITY).  That would be just normal economic growth. In this case the CBI didnt BUY the dollars from the US they bought it from the MOF!

Thereis no record of the UST   holding a stash of dinar  . Actually if they did it would be BAD for dinar holders . because it could flood the exchange market.   

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1 hour ago, rockfl9 said:

This statement does not make sense! First why would they prevent the dinar from appreciating ,  that would be BAD. Next if the CBI somehow got dollars AND put it into the reserves by definition that makes the dinar stronger. However IF they actually needed the extra reserves Because they needed to print more dinar (which I think was the case) to meet the demands of the economy ( i.e. the dinars increased POPULARITY).  That would be just normal economic growth. In this case the CBI didnt BUY the dollars from the US they bought it from the MOF!

Thereis no record of the UST   holding a stash of dinar  . Actually if they did it would be BAD for dinar holders . because it could flood the exchange market.   

 

The UST has a stash of Dinar knowing it would one day be "hard currency", held as they hold the currency of other countries.  Aren't you holding Dinar knowing that one day it will appreciate and be a hard currency?  I think we are all holding Dinar so that we can profit from the appreciation in currency.  The UST is doing the same thing.  I know you don't believe any of it.  

 

How about this?  Let's just wait and see what happens.  They ought to do something in January, 2019, if not sooner.

 

Also, the statement that doesn't make sense to you was written by John B. Taylor, under secretary of the Treasury from 2001 to 2005.

Edited by Floridian
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On 7/25/2018 at 5:46 PM, Floridian said:

 

The UST has a stash of Dinar knowing it would one day be "hard currency", held as they hold the currency of other countries.  Aren't you holding Dinar knowing that one day it will appreciate and be a hard currency?  I think we are all holding Dinar so that we can profit from the appreciation in currency.  The UST is doing the same thing.  I know you don't believe any of it.  

 

How about this?  Let's just wait and see what happens.  They ought to do something in January, 2019, if not sooner.

 

Also, the statement that doesn't make sense to you was written by John B. Taylor, under secretary of the Treasury from 2001 to 2005.

 

Most major world Govt's hold other currencies........but mostly the majors.......The US has an interesting history of holding currency of countries they have helped destroy........and then built back up......Japan and Germany would be two of them........The US also prospered when Iraq pillaged Kuwait........After the fires were out.......Billy Bob Clinton practically balanced the Budget and became known as the economic brainchild who fixed the economy when the Kuwaiti Dinar value was restored...........Next will be VietNam and Iraq.............two countries that the US suppressed.......that will rise again........frankly with Nam being ranking 6th in industrial production in the world it is had to believe their currency is far below toilet paper value.....although they have learned from the best on currency manipulation.........China....

 

and of course Bush talked about how every dime spent in Iraq would be restored.......so yes.....the US has a plan to prosper from all of this.......as they have a history of doing.......

 

JMO as always..........but do some research......you just might find there is some substance to what I just posted.....CL

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43 minutes ago, coorslite21 said:

 

Most major world Govt's hold other currencies........but mostly the majors.......The US has an interesting history of holding currency of countries they have helped destroy........and then built back up......Japan and Germany would be two of them........The US also prospered when Iraq pillaged Kuwait........After the fires were out.......Billy Bob Clinton practically balanced the Budget and became known as the economic brainchild who fixed the economy when the Kuwaiti Dinar value was restored...........Next will be VietNam and Iraq.............two countries that the US suppressed.......that will rise again........frankly with Nam being ranking 6th in industrial production in the world it is had to believe their currency is far below toilet paper value.....although they have learned from the best on currency manipulation.........China....

 

and of course Bush talked about how every dime spent in Iraq would be restored.......so yes.....the US has a plan to prosper from all of this.......as they have a history of doing.......

 

JMO as always..........but do some research......you just might find there is some substance to what I just posted.....CL

 

Thank you, CL21.  Another great post!  :bravo:

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4 hours ago, coorslite21 said:

 

Most major world Govt's hold other currencies........but mostly the majors.......The US has an interesting history of holding currency of countries they have helped destroy........and then built back up......Japan and Germany would be two of them........The US also prospered when Iraq pillaged Kuwait........After the fires were out.......Billy Bob Clinton practically balanced the Budget and became known as the economic brainchild who fixed the economy when the Kuwaiti Dinar value was restored...........Next will be VietNam and Iraq.............two countries that the US suppressed.......that will rise again........frankly with Nam being ranking 6th in industrial production in the world it is had to believe their currency is far below toilet paper value.....although they have learned from the best on currency manipulation.........China....

 

and of course Bush talked about how every dime spent in Iraq would be restored.......so yes.....the US has a plan to prosper from all of this.......as they have a history of doing.......

 

JMO as always..........but do some research......you just might find there is some substance to what I just posted.....CL

 

No, Bill Clinton Didn’t Balance the Budget

Stephen Moore is director of fiscal policy studies at the Cato Institute.

October 8, 1998

Let us establish one point definitively: Bill Clinton didn’t balance the budget. Yes, he was there when it happened. But the record shows that was about the extent of his contribution.

Many in the media have flubbed this story. The New York Times on October 1st said, “Clinton balances the budget.” Others have praised George Bush. Political analyst Bill Schneider declared on CNN that Bush is one of “the real heroes” for his willingness to raise taxes — and never mind read my lips. (Once upon a time, lying was something that was considered wrong in Washington, but under the last two presidents our standards have dropped.) In any case, crediting George Bush for the end of the deficit requires some nifty logical somersaults, since the deficit hit its Mount Everest peak of $290 billion in St. George’s last year in office.

And 1993 — the year of the giant Clinton tax hike — was not the turning point in the deficit wars, either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.

 


We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion.


Skeptics said it could not be done in seven years. The GOP did it in four.

Now let us contrast this with the Clinton fiscal record. Recall that it was the Clinton White House that fought Republicans every inch of the way in balancing the budget in 1995. When Republicans proposed their own balanced-budget plan, the White House waged a shameless Mediscare campaign to torpedo the plan — a campaign that the Washington Post slammed as “pure demagoguery.” It was Bill Clinton who, during the big budget fight in 1995, had to submit not one, not two, but five budgets until he begrudgingly matched the GOP’s balanced-budget plan. In fact, during the height of the budget wars in the summer of 1995, the Clinton administration admitted that “balancing the budget is not one of our top priorities.”

And lest we forget, it was Bill Clinton and his wife who tried to engineer a federal takeover of the health care system — a plan that would have sent the government’s finances into the stratosphere. Tom Delay was right: for Clinton to take credit for the balanced budget is like Chicago Cubs pitcher Steve Trachsel taking credit for delivering the pitch to Mark McGuire that he hit out of the park for his 62nd home run.

The figure shows that the actual cumulative budget deficit from 1994 to 1998 was almost $600 billion below the Clintonomics baseline. Part of the explanation for the balanced budget is that Republicans in Congress had the common sense to reject the most reckless features of Clintonomics. Just this year, Bill Clinton’s budget proposed more than $100 billion in new social spending — proposals that were mostly tossed overboard. It’s funny, but back in January the White House didn’t seem too concerned about saving the surplus for “shoring up Social Security.”

Now for the bad news for GOP partisans. The federal budget has not been balanced by any Republican spending reductions. Uncle Sam now spends $150 billion more than in 1995. Over the past 10 years, the defense budget, adjusted for inflation, has been cut $100 billion, but domestic spending has risen by $300 billion.

We have a balanced budget today that is mostly a result of 1) an exceptionally strong economy that is creating gobs of new tax revenues and 2) a shrinking military budget. Social spending is still soaring and now costs more than $1 trillion. Is this the kind of balanced budget that fiscal conservatives want? A budget with no deficit, but that funds the biggest government ever?

So the budget is balanced, but now comes the harder part: cutting the budget. Bill Clinton has laid down a marker in the political debate with his “save Social Security first,” gambit. That theme should be turned against him and his government expansionist agenda. Congress should respond: No new government programs until we have fixed Social Security. This means no IMF bailouts. No new day care subsidies. No extending Medicare coverage to 55-year-olds. (Honestly, if Clinton has his way, it won’t be long till teenagers are eligible for Medicare.)

The budget surpluses over the next five years could easily exceed $500 billion. Leaving all of that extra money lying around within the grasp of vote-buying politicians is an invitation to financial mischief. If Congress and the president use the surpluses to fund a new spending spree, we may find that surpluses are more a curse than a blessing.

Who Really Balanced the Budget
Federal Deficits (Billions $)
  Clinton Baseline* Actual
1994 $203 $203
1995 175 164
1996 205 107
1997 210 22
1998 210 +60
* Congressional Budget Office forecast, April 1995.
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