Delete Three Zeros Question

[dof]

I am confused about the deleting of three zeros.  When we exchange, will we receive one $25 note for a $25,000 note or one-thousand $25 notes?  I understand everything will be electronic, but theoretically, for 1 million dinars would we need to bring a money clip or a briefcase?

[Texstorm]

Get a Brinks truck , always be prepared ! I have numerous weapons and plenty of ammo, not talking any chances here !

[lost one]

dof.....that's just to funny.

 

[lost one]

A really, really big brief case.

[lost one]

But, that's the electronic world..it's just a stroke of a key now.

[Texstorm]

Brinks rules ! 

[sandfly]

We do not need them to take it off the notes, if they do then 25,000 would be $25

[jeepguy]

11 hours ago, dof said:

I am confused about the deleting of three zeros

no one is in the know about the zero`s yet !  there are 3 ways it can go so far ,   1 was your way of thinking , but the 25,ooo  note is only worth 24,oo  u.s.  dollars right now ,  so if  they just popped out and did this route , it would not help any one in the better place too live in Iraq arena !  I do not think the folks over there would notice any thing different in a 24 dollar  dinar ,  they would still be peasants , and  not be able too afford the daily life style that was promised them , after the dassh- rip rock  bunch gets killed off , { but if bagdad lets central bank roll out and declares the dinar stay some what worthless , then I suspect , the kurdis region would continue too pull away from the rest of Iraq , and  take all the oil and money they have now ...  and  probably not even turn the light off when they leave   ... < this  with zero`s off the note }    number 2`-oh  ,  the zero`s off the  value at  what the dinar is now  example is  0.00086  or there about ,   take zero`s off the value  rate  ,  which would bring it  too close , for a dinar note too be worth .86 cents per 1 dinar ... { a lot better  exchange on the dinar than your number 1  idea  ,  and I  think Iraqi folks will notice  that the government of Iraq cares about them , and all is happy even the Kurdistan region }   ... number 3 ,  now this is where it gets  a lot of  news  and articles ,  where  the central bank holds  daily auctions of the u.s. dollar , { which is coming in by the oil barrel full every day ,  they sale the dollar , and banks buy the dollar , with dinar , and with the dollar  the banks buy , goes out into the Iraqi market places , and for travelers , too go on trips across the region , and out side its boarders ,  also right now the dollar is used for every day  purchases , in the markets  of Iraq , <----- BUT  ,  this is being replaced by  the smart card purchases ,  seems the dollar is every where in Iraq ,  because it is easier too make change with the dollar than the dinar  high notes right now ,and  they have tons of the dollar   in the central bank of Iraq which sells the dollar at auction and the whole thing goes on like a roller coaster , but the smart card is getting the people of Iraq too get use too using  this form of purchasing  power too get away from the dollar ,  basically  ,  de-dollarize  the Iraqi markets get the dollar off the street ,  and this is where  the zeros  of the 3rd  idea comes into play , they are pulling in large dinars , at the auction windows of the central bank for the buying of u.s. dollar ,   NOW  we are seeing the smart card in the streets and market places instead of the dollar ,  so  lifting the large notes and using the smart card is number 3  of the  removing the zero s  scenario ... { but what we are waiting for now ,  it seems is the h-c-l .  or the budget too get published into the Iraq gazette paper ,  which  means  it is law ...  I think this  is  dang  very close as  the central bank , and bagdad has  allocated  , something in the range of  4 trillion  dollars  too all provinces ,  money in the banks all around Iraq , we know this is  true , as  the post where Kurdistan had just paid off a  huge debt , of taxes with 90 %  cash  <------  this is  a big  tip off }  sorry for the long explanation ,   but back too your  original question ,   {  a wheel barrow  right now   }

  

[lost one]

What it means is lets just the current value is .00086 to the dollar..well if you drop the zero's it would be .86 to the dollar..which means every dinar you have is worth 86 cents.

[Caye98]

I am not a believer in lopping off the 3 zeros (in either scenario). It is just a simplistic "plausible" explanation offered by dinar "pumpers" to promote sales. As pointed out above, NOBODY knows a rate or date - NOBODY!

Dropping off 3 zeros is waaay too simplistic. Sure, it makes simple, easy conversation, but little merit.

If you are going to fantasize about cash-in values, go with the RI (reinstatement to previous value) approach  - 1 IQD = $3.25+/- USD. Why not turn $1000 USD into $3M+ USD? If you can figure out how that can happen, get the Iraqi's to do it! 

[Drunk_Viking64]

7 hours ago, Caye98 said:

I am not a believer in lopping off the 3 zeros (in either scenario). It is just a simplistic "plausible" explanation offered by dinar "pumpers" to promote sales. As pointed out above, NOBODY knows a rate or date - NOBODY!

Dropping off 3 zeros is waaay too simplistic. Sure, it makes simple, easy conversation, but little merit.

If you are going to fantasize about cash-in values, go with the RI (reinstatement to previous value) approach  - 1 IQD = $3.25+/- USD. Why not turn $1000 USD into $3M+ USD? If you can figure out how that can happen, get the Iraqi's to do it! 

Caye98 How do you see this playing out??

[Caye98]

1 hour ago, Drunk_Viking64 said:

Caye98 How do you see this playing out??

In the BLACK!

Stock market arguably returns 12% annually (over time), $0.012:1 IQD now, so even a shift to $0.01 (that's right, 1 cent) is an 800% return ~= 25+/- years in the stock market.

This year is the best yet. 

I am an optimist, pragmatist (probably a few other ist's) and I am comfortable with my position.

[Caye98]

40 minutes ago, Botzwana said:

Yes Caye...it sounds like you do not believe in the RV at all.  I don´t get it.

Oh contraire, I am a very pro RI/RV, AND I don't believe in the 000 silliness. The Billions (if not Trillions) of DOLLARS that may potentially be generated by RI/RV are out there, AND making all of this work requires dozens of Shabibis, the will of the government, and in many ways support and acceptance of the world.

I believe that is all in place, and when the CBI is confident they can sustain it, then it will happen.

No Guru, goat, Adam or anyone else can assure you otherwise. (to his credit, Adam is right up front that he won't even try). And just like with Lotto, you have to be in to win.

It seems most of the boxes have been checked. The US political season is on hiatus for a few months (we hope) and as an optimist, pragmatist fiscal conservative I believe the US is about to come roaring back and the entire world is going to experience positive change. As the ancient Arabic saying goes "People will always follow the strong horse".

"If you don't have a dream, how you gonna have a dream come true?" as the song goes... 

I am certainly pro RI/RV and comfortable with my position (have been for several years) and no plans to alter it. I do lean towards the "Float" theory, though I would not at this time take a position on it opening high initially, then drop and float up, or open marginally then once initial speculators flood the market cashing in, a much stronger value emerges (better for Iraq). 

All of this is discussed in my book... 

And in the words of Dennis Miller, "that's just my opinion, I could be wrong".   

   

[Caye98]

13 hours ago, Botzwana said:

Oh good.  Wasn´t sure there.  Do you think it´ll ever reach $3 like the article the other day?

I am not sure which article you are referring to, but a plausible argument could be made for that. Then again, what would $3 be worth? 

There are those who believe the USD will be worth 1/2 of what it is currently (in the near future).

If you follow the RI approach you might keep in mind that IQD was a fiat currency who's value was set artificially high by the dictator at the time.

I think there are many who believe the IQD will exceed $3, however the question remains, will that happen in our lifetime?

A person could do quite well on a $0.10:1 RV (8000% return). Obviously $1 is 10X better. A strategy commonly held is hold 10% back for a long shot (<$1), sell 1/2 - a majority at $0.10, and the balance at $1.

Of course there are unlimited variables, and knowledge and timing have an enormous impact. Things WILL change instantly!

There will be no "tiers" or "groups", and don't give IQD to anyone to handle on your behalf.

I am no prophet, just holding on for a profit. Don't get too caught up in this. Dreams are fine, but keep living your life.

I hope this isn't going to spread beyond this post, I have no interest in posting my  on a regular basis.

At the risk of sounding like an advertisement or endorsement, if you are serious about wealth retention and not already in Adam's VIP section, you are probably not. 

 

[Seabee]

Just to be safe gang, I think I will either bring two brinks trucks or two paper clips, just to be safe and all. LOL

[In this since 2004]

So if the exchange rate changes, what's stopping the average Iraqi citizen from trying to get US dollars from their local bank instead of Dinars?

[SocalDinar]

3 hours ago, Botzwana said:

Because in this.....dollars will be done away with in Iraq.  No more MCP.  Take a look at Mexico where I live.  Only a very few major restaurants can one get dollars.  Or banks.  Everyone else doesn´t deal with them.  You cannot use the dollar in buying a pair of shoes down here.

Thats strange Botzwana,

Just got back from Cancun and the dollar was used everywhere we went. From Chetumal to Playa del Carmen they took our Dollars no problem.  Maybe because its a tourist trap, 

 

. But you do remember back in 93 when Mexico deleted three zeroes off its currency.  I'm with Sandfly on this one. We do not want them to delete the zeroes. We want them to raise the value !!

 

Just my opinion which means very little I know... Here is an article from back then explaining how it went down. Now I know Iraq and Mexico are completely different but this is how most countries do this.

 

New Pesos Introduced in Mexico : Currency: Starting today, an old 1,000-peso bill is worth 1 new peso, but both are still valued at about 33 cents.

January 01, 1993|

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MEXICO CITY — Americans headed to the border this New Year's weekend are in for a surprise: The money has changed.

A new peso--representing the government's decision to drop three zeros from the currency--debuts today. What was once 1,000 pesos (worth about 33 cents) is now a single peso (still about 33 cents).

Dropping the zeros is supposed to be the coup de grace for the hyperinflation of the 1980s that drove the peso's value from 12 per dollar down to 3,000 per dollar. After a decade-long struggle, Mexico has reduced inflation to about 12% a year from a peak of 159%, and the new peso is to symbolize the nation's return to a solid currency.

The new currency will also make bookkeeping simpler.

Appearing today are new bills, such as a 100-peso note to replace the 100,000-peso bill, and new coins in denominations from 1 to 5 pesos, as well as a 50-centavo piece (half a peso), which has been out of circulation for years.

The bills look much like the old currency--with three fewer zeros--but the new coins bear designs of the Aztec calendar, instead of the faces of national heroes on the old coins.

Central bank officials have distributed 500 billion pesos of the new currency--about $167 billion--to banks in recent weeks. However, the old money will still be accepted for an indefinite period while the new currency is put into circulation.

Mexico has been preparing for the change for months. Since September, supermarkets, restaurants and other businesses have quoted prices in both old and new pesos to get people used to the idea. Credit card slips have also required totals in both currencies.

However, this week some Mexicans still expressed skepticism and confusion about the change.

"People are going to be afraid and they won't spend money," predicted 35-year-old restaurant kitchen helper Eustoria Hernandez as she shopped at the downtown San Juan Market. "The prices are the same, but that will not be the perception."

Indeed, 72-year-old housewife Mercedes Rosales said, "A person really does not know how to adapt to these changes. The fast-talkers are going to end up with all our grocery money."

Both women were shopping for fruit at Humberto Alvarez's stall. In business barely a month, the 23-year-old greengrocer had all his prices clearly marked in both old and new pesos to reassure customers.

"It's going to be easy once people get used to it," the young entrepreneur said.

Antonia Valdez, 58, who has worked at her family's vegetable stall at the Cuauhtemoc Market for 50 years, is not reassured.

"People are going to come back from the holidays and they will have to deal with this new currency," she said. "There will be a lot of confusion."

Since the value of the currency has not changed, "from an economic point of view, the change is completely neutral," said Alberto Gomez Alcala, an analyst at the Banacci financial group.

http://articles.latimes.com/1993-01-01/business/fi-2969_1_100-peso-note