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Networth
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Posts posted by Networth
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Is that what you think? That the US gov't would actually forbid it's citizens from buying currencies of other countries? The US gov't does not (and cannot) stop anyone from buying the currency of another country! There has never been a law against it. Currency is nothing more than paper with ink on it! They could care less which currencies you own. There may be risks associated with owning it or you may have difficulty acquiring it or the issuing country may have restrictions on buying it, but the US doesn't care one whit whether you own another currency. They never have. If you can find them, you can buy and legally own the currency of Myanmar or Turkmenistan right now. Bush's executive order didn't effect your ability to buy IQD at all. It was done primarily to resolve private property disputes between US citizens and companies in Iraq in US courts. It was no secret conspiracy to make sure gov't officials could load up on IQD. Whether Bush issued the executive order or not, you would still be free to buy all the IQD you wanted. Stop with all the conspiracy theories! It was not some secret signal to citizens that the IQD was going to be a wildly valuable currency some day.
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I'm not trying to rain on your parade but I don't believe you (or anybody on this board, for that matter) have any idea how many notes have been "taken in". If you have some information rather than your own wishful thinking, I'd like to see it.
Your theory regarding removal of the zeros has been around for a long time. It is certainly not definitive. It is purely conjecture that a lot of people simply WANT to be true. However, nobody in the GOI or CBI has ever suggested that is the intention. It is purely hopeful and speculative on the part of many posters here. To the contrary, the CBI has actually said they intend to increase the value of the dinar by removing the 3 zero and issuing new, lower denomination notes with the same value as the current higher denomination notes. You may not believe them but I tend to place more credibility on what they have actually said than a recycled theory that they have never acknowledged or suggested. Don't let your emotion get the best of you in this investment.
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The arrogance on this board is stifling sometimes. Some of us seem to think that the RV is all about us. The dinar is not about us! The people that influence the value of the dinar don't care about us one whit (and they shouldn't). When (and if) the dinar ever RVs it will be at a time and place that makes the most sense to Iraq. And considering Iraq is a predominantly muslim nation, somehow I don't think the observance of a christian holiday is going to influence the RV at all. Just a hunch.
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Fool me once, shame on you! Fool me twice, shame on me!
You must continue to keep listening to them or believing them if you're that upset about it. If someone is a proven liar, why do continue to pay attention to what they say? That's seems foolish to me.
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The below explanation was copied from another site - just posting it for an F/Y/I. If it has been posted before please forgive my redundancy.
Lift the 3 zeros from the exchange rate!! Not the bills themselves..... Iraq IS REMOVING notes with the 3 ZEROS.... but... do NOT get it confused with the articles that mean DIFFERENT!
TODAY ~ $1 USD = .00086 IQD.....
Remove 3 zeros from that.... you get
AFTER ~ $1 USD = .86 IQD.....
IFFF.... that were ALL..... Making the Dinar worth 1,000 times more.....
But.... there is MORE!!
Once you bring Iraq back to the value it was PRE war... (Remove the 3 zeros) then you have REMOVED THE 3 ZEROS FROM THE EXCHANGE RATE....
A N D..... also made it instead of ONLY $0.86 per dinar..... you make it $3.22...... which is what Shibibi said he want's to do.... (Just like we did with Kuwait)
Hope this helps...
If you want the exact link send me a private post.
Look, I know everyone WANTS "lifting the 3 zeroes" to mean lifting them in the exchange rate. But it doesn't. The CBI has NEVER said that. Others have simply inferred, implied or interpreted that action. Despite what other people have said, that is not what the CBI said. They have specifically said they intend to re-denominate the currency by issuing new, smaller denomination bills. Those bills will have the same purchasing power as the the higher bill with the 3 zeros on it. For example, the new 25 dinar note will have the same value as the current 25,000 dinar note. You can choose not to believe them. They are not particularly trustworthy. But you cannot deny what they have said. And unless we read information from them (not editorializing from a third party) that states otherwise, the appropriate assumption to make is that their intentions have not changed.
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Not if they give you 1000 ten dinar notes for your 10,000 dinar note in exchange.
The CBI has repeatedly said they intend to denominate the currency by issuing new, lower denomination notes. An existing 10,000 dinar note will be exchangable for the new 10 dinar note. Both notes will be acceptable currency with the SAME purchasing power. You can wish it away all you want but it won't make it so. There are going to be a lot of disappointed people if they continue to try to defy logic and simply deny the information they've actually been told.
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Seems to me that it is confirmation of a lop! If a new 10 dinar note is about to be issued and it has the same value as the current 10,000 dinar note, no matter how you slice it, THAT IS A LOP! They may revalue the currency at the same time but if the new notes (without the zeros) are worth the same as the old notes (with the zeros), that is a lop. If this article is true, there will clearly be a lop. I agree with you that it should put the lop issue to rest.
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The purpose of this forum is to educate and prepare people invested in the dinar. Part of that preparation is to help people develop realistic expectations. Despite our hopes and prayers otherwise, it is not realistic for people to expect to be overnight millionaires. It is realistic for people to expect a small return on their investment, eventually. I think people instinctively know this. People that don't promote unrealistic expectations are not trying to pop a bubble. We are trying to do our best to keep this from becoming an emotional investment for people. Emotional investors make poor decisions, like invest money they don't have or spend money they haven't yet earned or fail to diversify. If you disagree with the of opinions or conclusions of people that aren't convinced this will result in sudden overnight wealth for many people then I suggest you present information or evidence to the contrary. I'm an open minded person that understands reasonable and logical arguments. So far, based on all the information I've read, the 2 most logical scenarios we will encounter are either a lop of the 3 zeros followed immediately by an RV or a managed float that gradually increases the value of dinar. Neither one of those scenarios will result in sudden overnight riches for dinar holders. Obviously, I could be wrong. But those 2 scenarios make sense to me based on my understanding of the purpose of money and foreign currency exchange. That doesn't make it a bad investment. But it certainly is a reason to stay grounded about this investment which is the most helpful thing we can do for each other here. If you have information that suggests it will be different I'm certainly willing to listen to it. But simply believing that it will be different because we WANT it to be different will not pass the logic test for most people.
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I appreciate your dose of realism. It may not be what many want to hear but it is correct. No matter how many negatives you receive, it simply will not increase the likelihood of an RV. It's important for people to sober up about this investment. Thanks for presenting a clear case against an RV.
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Ok don't get too excited it is the Assyrian New Year celebration. Celebrities from all over are in town or back "home." Nothing to do with $, RV or Security Minister. Sorry
Doesn't this just drive you nuts? "I just saw pictures of Iraqis on TV smiling. It must mean the RV occurred!" Give me a break. Unlike too many people on this board, the GOI and Iraqis do not eat, breathe and sleep the RV. Every piece of news out of Iraqi (whether it's true or not) is not related to the RV. In fact, I would venture to guess that NO news out of Iraq is relevant or related to the RV, despite what all the gurus and geniuses try to lead us to believe. I have genuine sympathy for people here that desperately need the RV to occur. But they need to take a step back. It is not healthy or helpful to let this thing dominate their life.
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If a Federal budget is not passed resulting in the government shutdown you can BANK on the following: No Social Security checks, No Medicare or Medicaid, VA and Veterans pensions will stop and finally the military will not get PAID either. I went through the last shutdown in 1995 I think it was. Essentially the US gov turns the lights out and goes home until a budget is in place. It is NOT pretty folks, we as a country are HURTING BADLY. So in this all, government operations and employees get no check until the crisis is solved. Peace.
WRONG! Social security, medicare and medicaid and essential gov't services will not be affected by a shutdown. Recipients of these programs and members of the military will continue to get paid. Only discretionary spending and non-essential services are effected by a shut down. The gov't does not turn out the lights. Social security and medicare is compulsory spending. That is, it is required spending. Congress does not affect it. The military is considered part of essential services (just like TSA, air traffic controllers, secret service, Congress, etc.) and spending on these services is automatically continued at their current level in the event of a shut down. A budget can only change the level of spending on these services but they do not shut down if a budget is not passed. I appreciate your service to our country but please don't speak of things of which you don't know. It unnecessarily misleads people.
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One more ridiculous and unhelpful prediction to add to the stack.
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Oh please! Another one of these "hidden puppet master" conspiracies. I call BS! Fist is was the IMF, then the UN, then the World Bank, then the EU, then China. Now it's the US. As much as you might not like it, Iraq IS a sovereign, independent nation. They owe us nothing financially. No outside influence is pulling the strings on this RV. They don't need to. If they thought the exchange rate did not properly reflect the value of the currency, they would simply adjust the value of their own currency relative to the other currency. This is what China has done with it's currency. The whole notion that Iraq doesn't actually control it's own currency is preposterous. If they are going to RV, they will do it in a time and manner that suits them. Everything is not a conspiracy. It's just makes it easier to explain it away as a conspiracy when we don't understand it.
.0008547 is the IQD/USD exchange rate. THAT IS YOUR RV! If you are an American IQD holder, you are going to see that rate favorably adjust (intermittently and incrementally) as Iraqi GDP and oil production increase. If you are patient, I think you will make money on this investment. But, keep in mind, the Iraqi gov't is as corrupt, and inept as any other gov't. They are perfectly capable of screwing up their country and their currency. I don't think they will (at least for awhile) but you never can know. It may happen sooner than we think. In which case, your likelihood of making money on this investment diminishes. But don't chalk it up as a big macroeconomic conspiracy. You might start getting calls from producers for the Alex Jones show.
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Iraq has a currency in place right now. They can use it to buy and sell whatever they want. It will convert to the dollar or the euro or any other currency.
There is nothing unreasonable about your post. Wealth is not created by revaluing a currency. A revalue is much like a stock split. The shareholder has more shares but each share is worth less. The total value of the shareholder investment hasn't changed. If wealth could be created through a revaluation, every sovereign nation would revalue their currency in order to provide wealth to it's citizens. Instinctively, I think people know this. But until the lottery official calls out the last number (which never matches their ticket) they believe they own the winning ticket.
You are exactly right. Iraq has a currency. It is a tradable currency. It can be bought and sold relatively easily in the world market. The specific exchange rate is not significant because it is only relative to other currencies. It may take several more units of one currency to buy one unit of another currency but there are several more units available to buy that currency with. The South Korean won has an exchange rate with the USD very similar to the dinar. Yet the won is not considered an undervalued or "toilet paper" currency. Currency is nothing but a medium of exchange intended to allow people to trade their ideas, skills, ability and labor for items that they want and need in their life. People with sufficiently valuable ideas, skills, ability and labor are able to store their excessive value in the local currency for future use. It is really insiginificant how the currency is designated or valued as long as one's ideas, skills, ability and labor are valued consistently between jurisdicitions. If a ten foot ditch dug in Iraq is worth a dozen apples, the same length ditch in India should also be worth a dozen apples. If one guy digs the ditch in a hour, then an hour of his labor is worth 12 apples. If another guy can dig the ditch in 30 minutes, then his labor is worth 24 apples an hour. As long as the labor is being intrinsically valued the same, the value of the currency he is paid in is insignificant when compared to other currencies. It only matters that the number of units of currency he receives for the labor used to dig the ten foot ditch is sufficient to buy 12 apples. He may receive different units of currency depending upon the currency he is paid in but as long as that currency is sufficient is acquire 12 apples, it really doesn't matter how many units he received. The currency is only the medium of exchange between his labor and the apples.
People shouldn't get caught up in the current dinar exchange rate with the USD and think that is reason that a revaluation is necessary. It isn't. It is irrelevant.
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Tradable currency imo means officially and internationally recognized currency, the type that you walk into your bank and say you want to buy/sell IQD just the same as you do with all the other classic tradable currencies ie.USD, CAD,CHF,EUR,JPY,GBP..........That's what I mean by tradable..And yes, NO Middle East currency is currently tradable, not even Saudi Arabia or Kuwait money........Heck, not even the China Yuan is tradable so far...........
Good point. I think it just confirms my contention that there is nothing significant about making the dinar "tradeable". We should remove it from out list of reasons why the dinar must RV.
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When I ask why people think the dinar must RV, one of the common answers I hear is "Iraq must have a tradeable currency". I don't know if people know what they mean when they say that. Or maybe I don't understand what they are saying but, in my opinon, the dinar is already a tradeable currency. I own dinar. To acquire those dinar, I had to trade dollars. Presumably, nearly everyone in this forum owns dinar. In some cases, people in this forum have disposed of their dinar. Obviously, in a basic sense, the dinar is a tradeable currency because we have already traded with it! We had very little trouble acquiring or disposing of our dinar. We found very eager sellers and very willing buyers. So I don't know what people mean when they say the dinar is not currently tradeable. Obviously, grocery stores and malls won't accept our dinar as payment for items we may want to buy from them. But they wouldn't accept euro or yen either. I wouldn't expect the currency of another country, any country, to be tradeable for goods and services in the US. If we traveled to Iraq, I'm sure we would have no trouble exchanging our dinar for goods and services offered there.
Perhaps they are talking about contracts and international transactions in Iraq not being denominated in dinar. That may be true but I don't believe that means a currency is not tradeable. Most international transactions are denominated in US dollars because the dollar is considered the world's reserve currency. If India buys wheat from Argentina, the transaction is denominated in US dollars. Yet the rupee is considered a "tradeable currency". So if a contract in Iraq is denominated in US dollars, I don't understand why that means the dinar is not tradeable. The vast majority of international contracts are priced in dollars already.
If anyone knows what is meant when someone refers to the Iraqi dinar is not being "tradeable" I would appreciate an explanation. I, for one, happen to believe it is NOT a reason for the dinar to revalue. If the dinar is to revalue, as many believe, it will have nothing to do with making the dinar a tradeable currency. In my opinion, the dinar is perfectly acceptable and tradeable as it is. You should strike it from your list of reasons why the dinar must revalue.
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I was fired and I am looking for advice. since dinar is not a tradable currency then I didn't have privileged information. I did nothing wrong and hope to prove that to them also.
If you say so.
If I got fired I know my first response would be to ask a bunch of perfect strangers on a message board for advice.
Good luck.
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BS. Your story is not the least bit credible.
1) If you were fired, you were not fired for buying dinar or funding terrorism (unless you were actually funding terrorism which you've conviently related to your purchase of dinar). You were more likely fired for abusing your position as a currency trader to gain access to privileged and non-public information related to an exotic currency.
2) No one would turn to the sages here at dinarvets for advice on what to do after they get fired from their job.
Good laugh though!
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It's always nice to hear good news regarding the dinar, but what station, what program, what city, state....? This is very vague. In addition, what credibility do these people have that were conducting the talk show. Seems like just a lot of smoke.
Correct. I don't know why people are voting you down for this. It seems preposterous that anybody would give this sort of "rumor" any credibility. It should strike anybody as ridiculous that rate information related to the rate or RV of the dinar would be broadcast on a radio station. I'm not blaming the messenger for posting it but, rather, the people that vote you down for your logical questions and conclusion.
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Sorry to rain on your parade but that is preposterous. It costs 2.5 cents to produce a penny. Is the penny about to be revalued as a result? A nickel is worth nearly 7.5 cents when you consider the spot price of the contents of the base metals used to make it. It's silly to put 7.5 cents worth of metal into a coin and only give it a face value of 5 cents. Therefore, should we expect the nickel to be revalued? The production costs of paper currency is proof of nothing other than the universal ability of gov'ts around the world to be as inefficient as possible.
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I disagree with you on both counts. I don't think it will RV this week but I also don't believe it will never RV. The dinar will revalue because Iraq will need a currency that can be internationally accepted and exchanged. However, I believe the RV is going to take shape differently than what many believe. Many have been led to believe the RV will be a sudden, overnight revaluation increasing by several times the value of the dinar relative to the US dollar. That will not happen. At some point, many oil and construction contracts will be priced in dinar. The dinar will simply start trading internationally. There will be no fanfare, no press conferences, no big announcements. There will be no significant change in value or the exchange rate when that happens. The dinar will then gradually gain or lose value based on it's GDP growth, political stability and inflation rate.
There is simply too much risk for Iraq (or any international gov't) to arbitrarily set an exchange rate based on "future" expectations. Nobody can accurately know the future productivity of the country. Just as nobody can know our future. We each can make a prediction based on our own biases and what we think and that's exactly what foreign exchange markets are for. But if the rate is set based by anyone rather than the market as a whole, it is guaranteed to be too high or too low. And both those scenarios present unecessary risks to Iraqis and to their gov't. The people that participate in the currency exchange markets, including gov't central banks, are very intelligent. They will not tolerate an arbitrarily manipulated currency. And they will not allow a currency to be artificially valued.
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US would never allow it's people to purchase dinars, and then let it fail.
It will happen, in their time. Sounds close.
Stay positive,
Imagine you didnt know or hear about this oppertunity.
Count your blessings.
What? What kind of nonsense is this? People make investments all the time that fail. The US "allowing" it has absolutely nothing to do with it. The US "allowed" people to invest with Bernie Madoff. The US "allowed" people to invest in Enron. Yet they both failed spetatcularly. I don't want to rain on your parade but that's a pretty silly reason to use for investing in the dinar. The US should allow people to invest in anything they want, regardless of the prospects of success or failure. It's called freedom. The US "allowing" it will have no bearing on whether it succeeds or fails. If the dinar does not RV as everyone expects, it will not be the fault of the US because they "allowed" it.
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It really doesn't matter. Donald Trump is a smart man but he is also capable of making foolish investments. He has made billions, lost billions, and made billions again. If he is investing, he is speculating like the rest of us. He has no inside information on the prospects of an RV. I can assure you that the Iraqi dinar is no more or no less likely to RV if Donald Trump is an investor.
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I am not trying to be pessimistic here just being REAL. This RV can not wait anymore. It's go time folks. If it does not happen soon like the next couple of days. I don't know if it's going to go down. Here are my thoughts
1. Iran is next door to Iraq. DUUHHHHH. How much longer do you think the Iraqi people are going to sit on their hands after seeing what's going on in Iran and Egypt?
2. If the people of Iraq stand up and over throw Maliki, do you REALLYthink that allawi is going to be promoted over night and form gov't in 48 hours and an RV when it has taken a year to form gov't. REALLY????
3. If all these rumors of bleachers and "big announcements" are true why aren't we seeing it on the news?
Just words of thought. I am just worried that if people take to the streets, we are done!!!!
Uncs
What makes you think people are going to take to the streets in Iraq? Unlike Egypt, Yemen, Bahrain and Tunisia, Iraq has a semblance of a democracy. There is considerable popular support for Maliki and the GOI, even if it is not majority support. The people of Iraq already have a constitutional process available to change their gov't if they are unhappy. None of those other countries do. If people were protesting their gov't in Iraq in large measure, we would hear about it. The RV can, and will, in my opinion, wait longer. It could be much longer. You are letting your personal feelings about an RV overwhelm logic.
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Negativity
in Opinions, Perspectives, and Your Two Cents on the Iraqi Dinar
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Kind of a negative post, don't you think?