Trimark
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Cool. I'll check it out. Thanks.
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Any chance someone could message me about this using the forum? I haven't heard back from anyone. Thanks.
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I check that every day. Nada. Thanks.
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I sent an email two days ago and never heard back. Can someone please help so I can renew? Thanks.
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I received a renewal notice via email the other day and tried to pay but after entering my credit card information and clicking submit received a technical error message. I sent an email to Support via the link on that page with the exact error I received but never heard back. Can someone please check and see if my card was charged and if not give me a link to a page where the credit card submission works? Thanks.
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That's the part I'm stuck on too. As mentioned I think it will come out at or above $1 to start but a part of me wonders if they might actually come out at $3. The reason I say that is because I think the $3+ rate is what they ultimately would like to get to. IF that is true - and that's a big if - then how realistic is it for them to go from a $1 starting point to $3+? I don't know a lot about how currency works but it seems that there aren't huge $2+ swings in the value of a country's currency over time. It seems that a lot of currencies stay within a certain range and just go up or down a bit over time not huge amounts. That makes me think that if their end result is above $3 then coming out at $3 gives them room to grow into that end result over time. Again, I have no idea. I'm just thinking out loud.
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Trinity I think you and I agree. I agree that they are going to move to a flexible regime. I also think that they are going to allow it to float (sorry I didn't state it very well earlier when I said it wouldn't float, I actually meant that I don't think it will float starting at a low rate.) Where I'm not sure we agree is at what starting point they will start that float. I just can't see how it would benefit them at all to start at the current rate of 1166. It just makes no sense to me. I could very well be wrong but for a lot of reasons it just makes more sense to me for them to come out at or above $1 in a round number that is easy for people to figure in relation to the dollar.
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It doesn't have to happen to have a float. The trillions going back in will be a result of the low value. The Kurds and the ministries will receive money very, very shortly from the budget. If the value is low at that point then trillions of dinars will be dumped back in the market. If the rate changes and starts at a high number billions, not trillions, will be distributed.
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Hi Trinity. I am as far away from being an economist as one can get. I just try to think very logically and from an everyday person perspective. I skimmed the article you provided. To me, I read it that increasing flexibility in exchange rate management works better than a float which Egypt and Iran have. To me, a float will work only if the value starts at above $1. The reason I say that is if it's a low float the trillions of dinars would be released back into the economy. Right now the demand for the dinar is very low by the Iraqi people. At a low value that demand will still be low. The Iraqi people will still want US dollars not seemingly worthless dinars. For the last 10 years the CBI has eliminated the supply of dinars from the Iraqi market. If a supply of dinars goes back out in the market without creating a demand the value will remain low so won't float up. Also, they are trying to make the dinar a reserve currency. Having it start out low and dumping a big supply of dinars back in the market is not going to increase its value and make it attractive as a reserve currency. Plus, there will be a lot of uncertainty to the average Iraqi person as to its value. I thought your post about the float was excellent. I think we both agree that Iraq needs a flexible economic regime. I think we differ on what value that will start at. It just makes more sense to me that if they are going to float they have to come out at $1 or more before the float can start in order to increase the demand for the dinar by the Iraqi people. IMO, I think they will come out at a round number such as $1, $1.50, $2, etc. so that will give them a starting point for the float that makes it easy for the man on the street to figure out the value compared to the dollar, entice the Iraqi people to start using the dinar, use the banking system, etc.
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Trinity - I really respect your opinion but I'm having trouble seeing how it can float up for several reasons: 1. They need to release the money from the budget and to the Kurds as soon as possible. With a float from 1166 this will put trillions of dinars back into the economy, trillions they just spent the last 10 years removing. With trillions back in the economy the value of the dinar couldn't be a high value for years. 2. Unless it's a controlled float the value of the dinar would be very uncertain. For example, the folks on Forex could take a small amount and run with it and in the blink of an eye the amount a dinar would be worth could be much more than the CBI anticipates leading to inflation and uncertainty. Also, unless it's a controlled float, from a day to day standpoint the average Iraqi wouldn't know the value of the dinar for basic transactions. Due to the uncertainty of value Iraqis would likely want to hold onto dollars and not use dinars which is not what the CBI wants. 3. If it's a controlled float starting low then it would take a very long time for Iraq to build the dinar value up. If it's a low amount it doesn't encourage Iraqis to use the banks or to switch from the dollar to the dinar. 4. If it was going to float I can't see why they wouldn't have released the money to the Kurds and to the ministries already. 5. If it comes out low and floats up that wouldn't encourage Iraqis to use dinars. It seems they would still want to use dollars. This is Iraq and anything can happen (and probably will) but I just can't see how a float would allow Iraq to get what they want - ie., move to an electronic society, get people to use dinars instead of dollars, get people to put money in the banks, make Iraq a reserve currency throughout the rest of the world, etc.
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My thoughts are this is great news for us! The old 50 dinar notes won't work after 2 months but the new, harder to counterfeit 50 notes will. They wouldn't even care about these if they weren't going to be worth more than .05 very soon. Since the old dinar is easy to counterfeit it would be very easy for Iran or Syria to print out tons of these 50 dinar notes and exchange them among people in Iraq which could potentially bring hundreds of millions more into the Iraqi economy than the CBI has planned for which would dilute the value of each real dinar out there and basically screw things up. IF the dinar RVs at least $1 then the bigger bills won't be passed through people on the streets they will be taken to banks which most likely have De La Rue machines and where it's harder to cash in bad money. A 50 though would be exchanged for goods and services among average citizens. By only giving them 2 months to cash them in it isn't a lot of time for a big organization to get a counterfeit operation started. My guess: Saturday is our day and it will be a great one!
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I could fit an RV on Thursday into my schedule. I agree there is no way they are going to let anyone know beforehand. That's why I think they need to RV right before the money gets distributed to the ministries. If the money is all small bills then the cat will be out of the bag and it could give someone an advantage. After it's announced officially then they will have about a week to make sure everyone knows about it.
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My secret decoder ring broke years ago. I don't have any intel. I just have common sense ...sometimes. Here is what we know: the budget has been published so at some point very soon they will distribute the money to the ministries to distribute for salaries, etc. They said last week in the news that would be done early this week. This will get a lot of money back out into the economy. They can deliver this money in trillions of dinars which would put all the trillions back into the economy that the CBI just spent the last 10 years draining from the economy or they can deliver it in billions via the lower denominations which would mean the value of the dinars would have to change or they could deliver it in US funds which I personally don't think they will do. As soon as the money changes value they need to let people know. Shabibi said years ago that there would be an education campaign to inform people before whatever happens, happens. I want to say he said it while he was in Washington but I can't remember but it was him not some guru. To me, this just means putting it on TV, in the newspaper and trying to get the word out to everyone in Iraq that the money has changed. The dinar was worth less than a penny. Now it's worth X. Yeah, Iraq! It makes sense to let the people know about the change before most of them actually get dinars in their possession which will take a week or so to go from the ministries to actual distribution. Those that have dinars can cash them in at a bank and if they wish deposit the money there. What does Iraq want? They want people to use the dinars instead of dollars. They want to encourage people to use the banks. They want to move Iraq to an electronic society. And they want to do this in as easy and less disruptive way as possible. IMO, making the change as the money goes out fits the bill to help them accomplish this. To me, it's all about the money that is being distributed - if it's trillions it will be years before we see any money from our investment, I think it will be billions because doing that will help accomplish everything they want.
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My vote is for Door Number 4 - They release the funds to the ministries in lower denomination dinars. The day the funds leave to go to the ministries the RV occurs. What amount? It has to be big enough that people will want to use dinars instead of dollars. A penny, dime or quarter won't cut it. It also has to be something easy for them to immediately figure out what the dinar is worth so an odd amount won't do it either - ex: .86. IMO the amount will be either $1, $1.50 or $2.00. Something easy to figure out and it still leaves them room to float up as their economy grows. When? My guess is any day now that the HCL kerfluffle has been dealt with. Doing it today, tomorrow or Thursday leaves them time to educate the people about the new value while the money is going out to them which Shabibi said would happen.
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Okay, whatever. I know what happened as it was discussed in detail here on DV at the time. Here is an article which talks about what China did in July of 2010 https://www.everbank.com/currencies/chinese-renminbi/insights The day before they released the news that is referenced in the article they came out and said that they were NOT going to allow the RMB to appreciate. Yet the very next day they did just the opposite. That's the point I was trying to make. They said one thing about their currency and the next day they did the exact opposite. In my opinion, that's what Iraq is doing now too. That's all I meant by the China comment, nothing else. We are going to know in the next few days what is going to happen with our investment in Iraq - either trillions or billions are going to be released into the economy which is a HUGE deal - and all you want to do is fixate on China. I don't get it but whatever. I realize now why I stopped posting.
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And ...? They also came out on a Monday or Tuesday in late July/early August a few years ago (after 2005) and said we are not changing the value and they did the next day. I don't understand why that is what you are fixated on about my post. Iraq is either going to distribute trillions of dinars back out into the economy in the next few days (according to their reports) OR if they don't want the trillions distributed there is going to have to be a revalue before the dinars get distributed. Either way, we will know very soon what the outcome is of our investment.
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I'm not saying that China did a big revalue, I'm saying that before they did make a change in their value they came out the day before and said we aren't making a change. That's the point I was trying to make. I'm too tired to do a search for it but if I remember correctly it was in late July or early August a few years ago.
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Total smoke. This article is just to throw people off similar to what China did a few years ago. In my opinion we are 6-48 hours away at most. The budget is being released tomorrow. A news report that came out last week said the money would be distributed to the ministries early this week. The budget is for 119 trillion dinars of which my belief is at least 30 trillion will go out immediately. The people need to get paid and money is needed to get all the various projects started. Given that, which is the more logical scenario? Scenario 1 - 30 trillion dinars or more are released into the Iraqi economy. Why would they do that when the CBI just spent the last 10 years getting as many dinars as they could OUT of the economy? OR Scenario 2 - they release the budget and at the same time of very shortly after increase the rate so that the economy isn't flooded with trillions of dinar again. Shabibi said years ago that there would be an 'education campaign' to let the Iraqi people know about the change of rate. It's going to take several days for the money to be released to the ministries and then another several days at least after that for the money to be released to the employees and start trickling out into the economy. It makes sense that during that time there is a huge PR campaign to let people know about the change of rate. The banks will be able to exchange dollars for dinars starting tomorrow so that way people who want to turn in their dinars won't be at the mercy of currency exchangers on the street. By being in the banks it will also encourage people to deposit money into the banks which helps with the moving of the people to an electronic society that the CBI wants. It's here folks. We're done.
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Shabibi given 7 year prison sentence
Trimark replied to italiancat's topic in Iraq & Dinar Related News
My take on this: by having Shabibi sentenced Maliki protects himself. Shabibi knows what Maliki did and how he mis-managed certain funds. The conviction tarnishes Shabibi's image and Maliki can say "Don't believe what he says about me. He's corrupt." Shabibi scares the heck out of Maliki and can bring him down. -
You could be right, Keep, and it's something I've thought of often but when I play it out this is what I come up with in that scenario: If they do what you are suggesting then the 30 trillion dinar that they supposedly have outstanding (personally I think they have much less than that) but if we go with that number then those 30 trillion dinar would become 30 billion dinar which at a 1:1 ratio would make their currency valued at $30 billion. They have said that they have almost $90 billion in reserves. This would make their currency 100% backed and worth approximately $3. They could do this but it doesn't give them anywhere to go with their currency. It doesn't take into account that most countries in the world only back a percentage of their money supply and it doesn't take into account any other assets which are immense that they have to back it up. Also, to me it doesn't make sense why they would 'encourage' people in Iraq to use the dollar if they were going to just do a 1000:1, 1:1 conversion. Why would they spend so much time and energy reducing the dinars in Iraq and making Iraqis think they weren't as good to hold as dollars (assuming of course they have done so a big IF I know but one I feel comfortable with)? In most cases where there is money to be made it seems that the little people usually lose. I see this as a situation with two sets of little people - us and the Iraqi people - and when it comes to whatever is going to happen with the currency we are on two separate sides. If Iraq lops, we lose and the people of Iraq win in the sense that their money is worth 3 times what it was the day before. IMO, though, the country of Iraq loses under this option as they would be locked into a currency range that doesn't take into account any of their natural assets or give their currency room to grow. They may not want a really low currency rate but it can be just as problematic to have a currency rate that is too high. By coming out at $3 after a lop which is what they have said they can support now it doesn't give their country the ability to grow over time like they will need. For example, if you assume that they only back 50% of their currency with hard assets that gives them approximately $4.50 currency value which is one of the if not the highest exchange in the world. That doesn't even include their oil supply. Okay that's one. They other way is if it RVs in some fashion (ex: .10, $1+, etc.) We would win but the little people in Iraq (ie., the average Iraqi) would lose initially because they have been 'encouraged' to get rid of dinars that they think are worthless and exchange them for dollars when in fact the dinars they eagerly got rid of turned out to be valuable. In this scenario even though the people in Iraq lose their country actually wins because it makes their currency more valuable, the Iraqis feel great about that part and it gives the currency room to grow as their economy grows. I have no idea what will happen but that's just the way I'm thinking about this small piece of the RV puzzle.
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Recent Bond Lady Chat [bondLady] i have an announcement [bondLady] all i can think of right now is how do i explain what all i've been told [bondLady] i've been taking calls [bondLady] trying to get the information for you all [bondLady] different time zones you know [bondLady] i've talked directly to people in iraq also [bondLady] and i've also talked to some man i can't even repeat his name [bondLady] couldn't understand it to start with [bondLady] i've also talked to two brokers [bondLady] and a bank in iraq [bondLady] also a bank in dubai [bondLady] i don't jack with tellers so no it was higher up [bondLady] i hate to even say any of this stuff i'm about to [bondLady] because it makes me feel like some of those gurus out there that spout crap out all the time i talked to bankers bla bla bla [bondLady] but i'm not going to lie [bondLady] so if i tell you this stuff [bondLady] i won't say names even if i could pronounce them [bondLady] also i've talked to ali (dinar trade) [bondLady] i'm pretty shocked to say the least [bondLady] and we have to always remind ourselves also [bondLady] that everyone is innocent until proven guilty [bondLady] and if whats said is true [bondLady] no matter who they are [bondLady] then they must and should have their day in court [bondLady] it appears [bondLady] there may be some truth [bondLady] to shabibi being involved [bondLady] i'm shocked as you all will be by the time i'm through [bondLady] but theres a pretty big possibility of it [bondLady] there was an auction [bondLady] that went through the cbi [bondLady] that registered something like 4,000,000 or something to that affect [bondLady] but there was only like 4,000 that could be accounted for [bondLady] might even been more than 4 million [bondLady] this was what a jordanian banker tried to explain to me, but it was very difficult to understand, language barrier, so the amounts of any of this weren't correct, but...........the song remained the same...if this is indeed so then there was corruption going on unless you can explain why in the wall street journal they named like 27 billion on imports paid out but only 4 billon recorded....the banker was trying to tell me but i couldn't get the numbers right [bondLady] this is one incident out of several [bondLady] about money that was supossedly paid for imports through the cbi [bondLady] imports never received [bondLady] money never found [bondLady] the bottom line but not the end of this chat [bondLady] is shabibi is the central bank govoner [bondLady] the buck stops there [bondLady] after talking to many people today [bondLady] they believe that shabibi was set to rd the currency [bondLady] he had as much said that [bondLady] and from the articles we've seen [bondLady] we saw that coming but to release the coins would have had to have a rate and not 1166 [bondLady] its being said [bondLady] that for 3 yrs [bondLady] shabibi has purposly kept the dinar market rate lower than it should have been [bondLady] making literally millons and millons on what we might call a spread but different [bondLady] for example [bondLady] only an example [bondLady] say 3 yrs ago [bondLady] the market price for 1 million dinar [bondLady] approx $800 something [bondLady] when in reality its was under $700 [bondLady] understand? [bondLady] that many people think [bondLady] he purposly kept it under valued [bondLady] and took the differance [bondLady] many politicians [bondLady] in iraq [bondLady] did not want a rd or a lop [bondLady] if this would have happened [bondLady] then he supossedly would have been able to export the currency a lot more for less and sell high [bondLady] i've told you all many times this one thing [bondLady] the corruption in iraq is horrid [bondLady] and sadly enough [bondLady] we had that going for us in this investment [bondLady] the corrupt would never want a lop [bondLady] they would want an rv [bondLady] hence helping us [bondLady] and them too no doubt [bondLady] it's being said [bondLady] shabibi did want to rd basically lop [bondLady] and they sat out to prove he was corrupt [bondLady] but because the cbi is independant [bondLady] no one could see whats going on behind the cbi walls [bondLady] it now appears [bondLady] shabibi has indeed been replaced [bondLady] several are telling me [bondLady] that this guy who replaced him [bondLady] is for an rv [bondLady] he is 1 of 100's that want an rv that are involved in this [bondLady] arrest warrant thing [bondLady] the man taking over [bondLady] im going to be showing u several things bear with me [bondLady] The Iraqi government abruptly announced the appointment of a new central bank chief to replace Sinan al-Shabibi, a respected and politically independent technocrat who has held the position for more than nine years. Mr. Shabibi, who is currently out of the country, and more than a dozen other officials at the institution are being investigated for alleged improprieties involving capital requirements for local banks and foreign-currency auctions overseen by the central bank, said a government spokesman and a member of the parliamentary committee probing the charges. [bondLady] Iraq Dinar News: Iraq Names New Central Bank Chief (WALL STREET JOURNAL) 10/16/2012 0 Comments Posted on October 16, 2012 [bondLady] The government spokesman Ali al-Mussawi said the council of ministers on Tuesday named Abdul-Baset Turki, the head of the Supreme Audit Board, as an interim central bank governor after a court ruling ordered the removal of Mr. Shabibi from his post to face the charges. A spokesman for Iraq’s judiciary couldn’t be reached for comment and several attempts to contact Mr. Shabibi by telephone were unsuccessful. The manner of Mr. Shabibi’s dismissal was viewed by many as another move by Prime Minister Nouri al-Maliki to consolidate his powers. Mr. Maliki, who already controls the country’s military and security forces, has been consistently accused by his political opponents of laying the foundations for a new dictatorship in Iraq. He has sparred on several occasions in the past with Mr. Shabibi over the limits and scope of the central bank’s independence. Under the current Iraqi constitution the central bank is one of four “financially and administratively independent institutions” regulated by law. [bondLady] “This is another sign that things are not going in the right direction and that politics is affecting everything,” said Mahmoud Othman, a senior parliament member from the Kurdish bloc. Bassem Antoine, an Iraqi economist, said the ouster of Mr. Shabibi was motivated by Mr. Maliki’s desire to exercise more control over the bank’s reserves, estimated to reach $63 billion this year. “This is bad for Iraq’s reputation,” Mr. Antoine said. But Haitham al-Jubouri, a lawmaker from Mr. Maliki’s coalition and member of the committee that has been investigating the central bank’s activities for months, defended the move. [bondLady] Mr. Jubouri said his committee was troubled by the central bank’s contradictory and inconsistent rulings regarding capital requirements for local financial institutions. The committee also uncovered alleged fraud and money laundering in the central bank’s auctions to sell foreign currency to Iraqi importers, according to Mr. Jubouri. He said in the first eight months of 2012 the bank sold nearly $27 billion in hard currency for import purposes, but only $4.5 billion in products actually came into the country during the same period. The Iraqi dinar, which currently trades at around 1,200 to the dollar, fell as low as 1,280 earlier this year amid allegations that neighboring Iran and Syria, both subject to international sanctions that restrict their access to hard currency, were using local fronts to participate in the Iraqi central bank’s auctions. [bondLady] In an interview with The Wall Street Journal at the end of May, Mr. Shabibi said he was facing difficulties launching a redenomination of the Iraqi dinar due to government objections. “There were some reservations by some colleagues and the council of ministers said that we should hold off,” said at the time the soft-spoken Mr. Shabibi, who hails from a prominent Baghdadi Shiite merchant family. He became central bank chief shortly after the U.S.-led invasion of Iraq in 2003. Previously he worked for 21 years as senior economist with the United Nations Conference on Trade and Development http://online.wsj.co...2607619044.html [bondLady] this is from the wall street journal [bondLady] issued today [bondLady] heres the next thing [bondLady] Cabinet to vote on assigning Abdul to manage CBI rather than Shabibi 10/16/2012 0 Comments Haider Ali Jawad - 10/16/2012 - 4:37 pm | Hits: 111Said Ali al-Moussawi, media adviser to Prime Minister cabinet vote on assigning Abdul Basit Turki of Directors of the Central Bank until further notice.Moussawi said in a statement to the prime minister and received news agency Buratha a copy of it on Tuesday that "the Council of Ministers today voted to assign Abdul Basit Turki to manage the central bank to further notice, the successor to the Shabibi." The Integrity Commission has the Integrity Commission ordered the arrest of Central Bank Governor Sinan al-Shabibi and 16 other officials, including the deputy governor of the Central Bank the appearance of Mohammed Saleh. http://translate.goo...athanews.com%2F [bondLady] heavy [bondLady] i had these but [bondLady] being iraq [bondLady] had to try to confirm some or as much as i could [bondLady] kindof hard to do from oklahoma [bondLady] but i found out as much as i could per the legitimacy of these articles [bondLady] they do indeed appear to be true [bondLady] but as i said [bondLady] everyone should be considered to be innocent until proven guilty [bondLady] and if their guilty then no matter who you are you should face justice [bondLady] so now let me bring in something else [bondLady] at the the beginning of this chat [bondLady] i got off the phone with ali from dinar trade [bondLady] as of about 15 min ago [bondLady] released this statement after he contacted some very high up people in iraq an some countries surrounding iraq including im sure a higher up person than i ever got to talk to in dubai [bondLady] here is what was posted on facebook: www.facebook.com/dinartrade Its appears that Shabibi is the one causing all of the delays with the currency by pushing for the redenomination for the last three years. In my opinion, maybe he was trying to hide the fact of his corruption. The article below will explain: Iraq Dinar News: Iraq Names New Central Bank Chief https://www.dinartra...ral-bank-chief/ [bondLady] ok [bondLady] so now you all basically know what i've been working on all day [bondLady] pleading with you all to let this play out and as i found time to try and figure out all this mess [bondLady] and this is all i've got for now [bondLady] but i will still be all over it [bondLady] and will keep you advised [bondLady] we don't know what is going happen [bondLady] we have no control [bondLady] but knowledge in itself is powerful [bondLady] and i strive for truth and knowledge [DogzNova] The first art dated 10/16 said... Mr. Shabibi, who is currently out of the country [shredd] BondLady tyvm....what a shift in thinking [shredd] 180 degrees [bondLady] ino dn [bondLady] but the other 1 named the new gov [bondLady] and i did get that confirmation [bondLady] he has been replaced [bondLady] its true [bondLady] and he does have a warrant [cowboy1] so it is true then..... amazing [bondLady] yes [bondLady] 100% [bondLady] but like i said [bondLady] let it play out [bondLady] from what i understand [bondLady] the new gov [bondLady] is all about a rv and not an rd [shredd] Iraq's Cabinet voted Tuesday to temporarily replace al-Shabibi with Abdul-Basit Turki, the head of the Board of Supreme Audit, until the investigation is complete, according to Ali al-Moussawi, a spokesman for the prime minister. [bondLady] and making the currency worth more [bondLady] and not holding down the rate [bondLady] things will come to light soon enough [bondLady] don't worry about dates and rates right now please [bondLady] let this play out [bondLady] hold on to your dinars [bondLady] we're imo about to see them gain wealth [bondLady] but again [bondLady] no one knows [bondLady] iraq is so corrupt [bondLady] its a way of life and culture to them [bondLady] the new gov can do whatever he wants to while he fills that temporary position [bondLady] it will still be binding [bondLady] he is the cbi gov [shredd] turki [bondLady] if he rv's [bondLady] its binding [bondLady] no take backs [bondLady] he is the cbi gov, Abdul Basit Turki [bondLady] like i told you all many times [bondLady] with so many corrupt there [bondLady] they would never want a lop [bondLady] and is i guess why they were fighting shabibi so hard in doing it [bondLady] they wanted it to ri back to what it was [bondLady] i doubt that will happen [bondLady] but its possible BondLady] they would want it on the plus though, i'm almost sure of it [bondLady] but to say how much nobody would know [bondLady] except the cbi gov [bondLady] this is way way bigger than any of us or anything we've ever seen in this investment BAGHDAD / obelisk: Iraq's Council of Ministers approved, on Tuesday, the recommendations of the Commission study the fluctuation of the exchange rate of the Iraqi dinar, which provides coordination, consultation and exchange of information in conjunction with the dismissal of the governor of the central bank. He said Iraqi government spokesman Ali al-Dabbagh and got "obelisk", a copy of which, "The Council of Ministers held its 45-normal Prime Minister Nuri al-Maliki and the presence of all ministers, approved the recommendations of the study fluctuation Iraqi dinar exchange rate of coordination, consultation and exchange of information between the Central Bank of Iraq and the Council Ministers on fiscal and monetary policies and in accordance with the Constitution. " Dabbagh said, "The Council decided to give banks a greater role for banks to organize the exchange rate of the Iraqi dinar, through a mechanism to prevent the use of funds for purposes other than the declared, along with building the full administration of the Office of money laundering and combating the financing of terrorism." The Iraqi government spokesman said the Cabinet stressed "taking proposals bank into consideration on the formation of the money laundering and the formation of a committee headed by the BSA and the membership of the ministries of interior, finance, trade and Iraqi Central Bank and the General Secretariat of the Council of Ministers shall audit and review processes sell the currency for the purpose of locating bugs" . According to Skinner committed the Council of Ministers "Central Bank to provide a quarterly report on its supervision on the banking companies authorized external switch, with an emphasis on the oversight role of the Supreme Audit scrutiny currency sale transactions to customers and goods entering the result." The Cabinet decided today, Tuesday, dismissing Iraqi Central Bank Governor Sinan al-Shabibi and the prime BSA Abdul Basit Turki proxy instead of him, said media adviser to Prime Minister Ali al-Moussawi that the decision is valid until further notice. The regulatory source revealed to the obelisk for the issuance of an arrest warrant against al-Shabibi, Haitham al-Jubouri said a member of the Knesset Finance Committee that investigated suspicions of corruption in the operations of the Central Bank of Iraq and the auction, the issuance of the note right Shabibi and two of his advisers and employees rank of director general. http://translate.goo...8A.html&act=url [shredd] well, as quickly as they named an interim [shredd] they may resolve this quickly [bondLady] and yes shredd its all about the auctions mainly [shredd] well, stopping the auctions [shredd] not that they will [shredd] will stop income to the cbi [shredd] so they'd need to move quickly [bondLady] one thing [bondLady] the cbi gov [bondLady] could quickly go in and see the real rate [bondLady] and take it off program rate [bondLady] and we see whats up from that [bondLady] nobody knows now any more than i showed you all [shredd] BondLady what are your thoughts around the global perspective on Iraq? does this damage confidence or give a black eye to their rep? [bondLady] a few days should tell us more [shredd] agreed [bondLady] it doesn't help [shredd] yeah [bondLady] the world already thinks/knows there corrupt [bondLady] think 10th in the world or something like that [bondLady] bad bad stats [bondLady] this maybe a big turning point for us [bondLady] thank you all
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Keep thanks for starting this thread. I have no idea how this will turn out but like everyone else am trying to make sense of all of the confusing information that's out there. The CBI articles seem pretty clear about wanting to reduce the money supply and remove the 3 zeroes. The big question of course is how will this 'deletion' play out. I am not naive enough to think that a LOP can't or won't happen. Anything can happen with this investment and, since it's Iraq, it will usually take 100 times as long as it should to have that 'anything' happen. I am having trouble wrapping my head around how the numbers can work if they do indeed do a straight LOP like they are saying they will. Here are my thoughts on it: News reports say that they will reduce the money supply from $30 trillion to $30 billion. The CBI has said that they have $58 billion in cash reserves. Assuming both of these statements are true, then if they do a straight LOP the value of each dinar should be approximately 2 dollars per dinar just from cash reserves alone. However, they don't just have cash reserves. Iraq also has oil and natural gas. Iraq has said that they wish to increase production to 12 million barrels per day but right now they are in the 2-3 million range. If we assume that Iraq makes at least $30 from each barrel of oil they produce and they pump 3 million barrels per day that gives them $90 million/day or approximately $3 trillion/year. This asset must be taken into account when valuing their currency. Not to mention natural gas which has a value as well. IF just the oil assets of $3 trillion are taken into account just for one year and they reduce the money supply from $30T to $30B (true lop), the value of their currency would need to be $2 (for their cash reserves) plus at least $10 (1 year of oil assets.) That would make the dinar the largest valued currency in the world by about 4 times which I just don't see happening. So, to me, if they do a straight LOP they would either come in too low for their assets and have to readjust their currency again shortly thereafter or they would need to properly value their assets in which case they would come in at a value that is way too high compared to the rest of the world. The better choice of course is to properly value their assets from the start but .... how can that be accomplished with a straight LOP? Okay, so IF all of this is true how does it fit in with all of the 25,000 dinar = 25 dinar articles? When Iraq does whatever they are going to do with their currency it's going to affect a lot more than just the currency. For example, loans, contracts, rental agreements, store prices, cost of goods, etc. What if the articles are to educate the people that the change in currency won't affect these items? It is telling them 'hey, don't worry and don't freak out when they change comes' everything that you previously paid 25,000 dinar for which was a 25 dinar value you will still be paying 25 dinar for. I have no idea if this is correct or not and again I understand that a LOP is definitely possible. I just don't see how the numbers work with a true LOP much less how it benefits them in any way other than they 'feel good' about carrying around a 25 dinar note instead of a 25,000 note and it makes accounting easier. Like everyone else, I'm just trying to figure out what these confusing 'delete the zeroes' articles are saying but I just don't see how the numbers work if the delete the zeroes means a straight LOP.
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What fun! My guess is $177 million.