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FishmanTx
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Posts posted by FishmanTx
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Hey Keep
I'm still clueless, if they were to LOP, then deleting the zeros would be immediate upon implementation and your 25,000 dinar would become 25 dinar, almost immediately. Right..?
So why are they taking one whole year..?
Unless....removing 3 zeros means withdrawal of bank notes with 3 zeros.
They'll give one year for everyone to change out...Just like the Saddam dinar.
Repost....
Timeline EXAMPLE:
The GOI and CBI set the time for the activation of the process as September 1, 2012 @ 00:00:01 a.m.
Through the previous "education" and "awareness" campaigns (quote from Saleh in another thread/post Here) it was made known that the old vs. new currency exchange rates will be 1000:1 (see reference in post #1) beginning Sept 1 @ midnight; a 25k note will become equal to 25 IQD. A 1000:1 exchange of old note vs new.
At 00:00:01 on Sept 1, the program exchange rate goes from 1169:1 IQD/USD to 1:1 on the world market. At this time all Iraqi bank account values are reduced electronically by 3 zeroes (3 decimal places).
The next day, the People, with their new "education", begin to exchange notes @ 1000 old to 1 new their soon-to-be obsolete notes at an extreme pace to get rid of the old and acquire the new so they won't get stuck with it. Not just through day-to-day transactions, but lining up at the banks and money changers to get rid of the old notes (Do YOU remember how it was when the Saddam dinar exchange was started?) as fast as possible.
The old and new notes then coexist for a year until on Sept 1, 2013 they become obsolete and no longer accepted as a viable currency.
Over the next 2-3 years the exchange rate is incremented upwards to 1:2.89 IQD/USD (last appx rate before devaluation).
The GOI and CBI have now achieved their goal of bringing the Dinar back to being a prominent currency in the world market.
Read more:
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Well there is one problem with this article, they already have a 50 dinar note so why would they spend money to reprint it, And if they are only removing the 3 zero notes what about the 250 and 500 notes. You could not redenominate without drawing in all the notes and reprinting otherwise I will go out and buy the 500 note and wait till they draw in the 3 zero notes and raise the value.
250 is the smallest in circulation that I'm aware of. Still tho, if there's the 250, why a 200? Smells like it could be BS, but it makes no sense for a money trader to come off with this. After looking at the WHOLE ARTICLE, here is the WHOLE THING. There is NO money trader, but some of it still doesn't add up.
Here is every word with nothing left out....
New banknotes to be introduced in September
Views differ on financial and socioeconomic impacts
Despite fears of a negative economic impact, the Central Bank of Iraq will remove three zeros from Iraqi dinar notes and print new banknotes in 2013.
The Central Bank of Iraq has agreed with the Econnomic Committee of the Iraqi Parliament to introdduce the new banknotes in September 2012, which will be used in parallel with the current banknotes for a year. The CBI will completely withdraw the old banknotes by Septembber 2013.
Abdul-Hussein Abtan, Economic Committee Member of Parliament in Baghdad stated in a press conference that there is an initial agreement between Parliament and the central bank to start the process of removing three zeros in September, and it will take a year to complete. The new banknotes will be printed in Arabic, Engllish and Kurdish.
The CBI will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. For smaller transactions, the CBI will also issue 1-dinar and 2-dinar coins which Iraq currently does not use.
MP Abtan says “The grant agreement is to ensure that during the one year process, the old banknotes are traded in the market and replaced by the new one.”
The CBI expects this move to positively impact the country’s economy; however, some parties say the negative consequencees will be more serious.
The Security Commisssion says deleting the zerros will have a negative impact on financial trade in the stock market. Other opponents of the move arggue it would pave the way for money laundering and want the government to reconsider its decision.
Supporters of the idea believe the introduction of the new banknotes will help reduce inflattion, strengthen the Iraqi dinar in the international market, facilitate trade with international banks and other financial instittutions, as well as reduce the social gap between classes.
“The process of removiing zeros from the currenccy will contribute to dealiing better with inflation, facilitate economic coopeeration with international banks and reduce the differences in [standards of] living in society,” Abtan explained. Mahma Khalil, another Member of the Iraqi Parliament and official spokesperson of the Economic Commmittee says an agreement has been reached about the mechanisms of introdducing the new banknotes after a series of meetings and discussions with the CBI Governor Dr. Sinan Al Shibibi.
“According to the agreemments, the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market,” explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.
The objective behind this move is to appreciaate the value of the Iraqi dinar against the U.S. dolllar, which would in turn increase the balance of the Iraqi dinar and there would be sufficient resserves of that currency,” explained MP Khalil. “Additionally, the econoomy of Iraq would grow and oil sales would also increase.” Khalil added that Iraq has a reserve of $60 billion in the CBI.
The CBI previously stated it would consult with Parliament and reprresentatives to see whetheer there would be a need for a law to be passed for this shift. The Economic Committee announced on 19 February it was inttroducing new legislation for the purpose and would also address the inflation issue in the country.
The introduction of new banknotes and withdrawiing the current ones from the market is generally exppected to reduce and conttrol the number of dinars in circulation and would also help facilitate paymment systems and control the banking transactions in the country.
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If anybody is actually listening to these lop gurus that is like listening to okie and the boys. The lop gurus / lopsters are here to promote propaganda which is anti RV.
This sit back and enjoy the RV ride.
dvforumuser What time dose your co-worker dinarck start today I can't wait for him to spend his weekend promoting a lop like you are doing. Do you guys get paided overtime?
"Propaganda is a form of communication that is aimed at influencing the attitude of a community toward some cause.
dvforumuser what is your cause?
http://www.umflint.e...rry/Money7a.htm
LAW OF ONE PRICE (LOP): starting point for understanding ex-rates in the LR. Also called the "price equalization principle": for homogeneous, identical goods, the price of the commodity should be the same (equalize) throughout the world, especially when barriers to trade, transactions costs and transportation costs are low. Says that foreign prices (Pf ), domestic prices (Pd) and ex-rates (e) are linked through the Law of One Price which says: Pd ($) = e * Pf (£) , where e = $ / £. LOP says that similar products should sell for the same price in both countries, after converting the foreign price into dollars.
Example: Price of gold in U.S. = $260 (Pd) , Price of gold in Canada = C$400 (Pf) and e = $0.65 / C$.
LOP holds: $260 = ($.65/C$) x C$400, says that gold sells for the same price ($260/ounce) in both the U.S. and Canada, after converting the foreign price into $. The price of gold should equalize around the world and sell for about the same price everywhere: $260/ounce. What if somewhere in the world, P < $260/oz, what would happen? What if somewhere in the world, P > $260, what would happen? ARBITRAGE: Riskless profits from exploiting price discrepancies.
Example: What if gold was cheaper in Canada than in US? In U.S., P=$260 and in Canada, P = $255? [Pd ($) > e * Pf (C$)] Two effects:
1) People would _________ gold in Canada, __________ gold in U.S. Price in Canada would __________ and price in U.S. would _____________.
2) People would first buy __________ to buy Canadian gold, and would also sell _________ to buy Canadian dollars. Can $ would ________, US $ would ________,
ex-rate ($/C$) would ___________.
Law of One Price would be restored, through an adjustment in gold prices here and in Canada, and through an adjustment in the ex-rate.
Law of One Price holds most strongly for: homogeneous, traded goods like commodities such as: gold, silver, wheat, steel, copper, oil, aluminum, cotton, etc. and financial assets like Treasury securities, bank CDs, etc. In fact, most of the currency trading is for financial transactions, not commodities.
Also Law of One Price assumes frictionless trading. If we introduce frictions like tariffs, taxes, transportation costs, commissions, shipping, insurance, etc., the Law of One Price may not always hold. Also, many goods and services may be non-tradeable items like haircuts and golf lessons. Law of One Price is a starting point for ex-rates, illustrates one aspect of how international trade affects ex-rates.
Time for me to get back to getting more friends of mine to by dinars before the RV.
Not relevant. We're talking about currency, not gold prices. The IQD rate is NOT floating, it is a fixed program rate that is not governed by market trading nor any "law" other than what the CBI, who has complete authority AND control over the currency, dictates.
No other factor is relevant.
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Dang "Fish...," Ya kinda smacked that nail right on the head. Plus one for keeping it real my friend... very sensical....
GO RV...
Thx Rdy!
We all need an RV. Hell, I still have an ex-wife to pay for! But after all the info coming out and seeing the "nature" of people in the CBI and GOI by how they act and what they say, and not just toward the IQD but all their fiscal matters; their debt and other fiscal obligations to the IMF, Paris Club, and Kuwait. They've attempted to renegotiate and "crawfish" on every promise and every deal to get out of paying. I just can't see an RV anymore where they will shell out billions on exchanged currency. Ask any Troop who's dealt in the Iraqi marketplace. Their nature is all about "What's in it for me?" Maximize profit and minimize output. And we're talking about Bankers here. The point is moot.
Fish
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Well under one scenario, it could mean a LOP - they drop the zeros (neutral event) to equal USD then raise the value (small RV) 3X or 4X to equal Kuwaiti dinar.
This is what I'm worried about. Then you have a purely AMBIGUOUS situation that explains ALL of the articles and explains why it seems they are going back and forth on this LOP thing....could be LOP, could be RV - because they are planning to do both. Unfortunately, if this is the case, they are planning a much smaller increase, not a pure RV. A kind of hybrid.
Joe, tell me it ain't so....just sayin'.
I've been saying that for 2 years! LOL! No matter what process they chose, an RV (REVALUE: aka: a change in the exchange rate) is required. Whether a straight RV or LOP/RD, an adjustment in the rate (RV) is required. People keep wanting to pick and chose how they want to apply the term, but it has a specific meaning. Whether they like it or not.
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Keep, your probably right....
Can they screw us that easily? Yes.
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Timeline EXAMPLE:
The GOI and CBI set the time for the activation of the process as September 1, 2012 @ 00:00:01 a.m.
Through the previous "education" and "awareness" campaigns (quote from Saleh in another thread/post Here) it was made known that the old vs. new currency exchange rates will be 1000:1 (see reference in post #1) beginning Sept 1 @ midnight; a 25k note will become equal to 25 IQD. A 1000:1 exchange of old note vs new.
At 00:00:01 on Sept 1, the program exchange rate goes from 1169:1 IQD/USD to 1:1 on the world market. At this time all Iraqi bank account values are reduced electronically by 3 zeroes.
The next day, the People, with their new "education", begin to exchange notes @ 1000 old to 1 new their soon-to-be obsolete notes at an extreme pace to get rid of the old and acquire the new so they won't get stuck with it. Not just through day-to-day transactions, but lining up at the banks and money changers to get rid of the old notes (Do YOU remember how it was when the Saddam dinar exchange was started?) as fast as possible.
The old and new notes then coexist for a year until on Sept 1, 2013 they become obsolete and no longer accepted as a viable currency.
Over the next 2-3 years the exchange rate is incremented upwards to 1:2.89 IQD/USD (last appx rate before devaluation).
The GOI and CBI have now achieved their goal of bringing the Dinar back to being a prominent currency in the world market.
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Yes, it's that easy to screw everyone over.......
Again, I'm not a Lopster and God knows I need the RV, but I'm not blind or stupid, nor do I have my head in the sand either and everything I've seen of what they are doing over the last 7 years points to "bad news". I wouldn't trust them to do anything but what benefits themselves (the CBI) in the long run.
If they were going to straight RV @ 1:1 then release the new denoms and remove the old notes, then no one would need an "education". It would be very straight forward; 25=25 and 25k=25k. It would be like adding the $2 bill back into circulation. No impact. Who cares. An "education" would only be needed if you were going to coexist 2 currencies of different nominal (face) value but the same cash value and buying power (referenced by Saleh in the statement link above) so the people don't get confused or freak out when they're handed 1 dinar for every thousand.
If they did a straight RV, every goat herder in the country would own a house and a Beemer and what happens to costs of living in rich countries? Prices out roof; aka inflation. Why would the CBI allow it? They won't. Their not that ignorant.
People, not everything can be "smoke". Where there's smoke, there's fire. And Bankers are notorious CHEAPSKATES. It's in there nature.
For what it's worth...
JMHO
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Delete the zeros start end of the year
BAGHDAD - Ahmed Saleh Khyoun
CBI begins the end of the year and gradually replace the currency now in circulation a new currency which zeroes deleted within the strategy to reform the monetary system started in 2005.
Bank consultant and announced the appearance of Mohammed Saleh told (time) on that (the bank has completed 50 percent of a strategy switch in and out, delete the zeros of the nominal value of the new currency while retaining the cash value and purchasing power), said that (the replacement process will be gradually and spontaneously high and without fanfare, as will be There are two currencies to trade at the same time go hand in hand), but (that the purchasing power of the new currency will remain fixed).
Saleh said (there are multiple advantages of this strategy, including ease of trading between the citizens and facilitate the work of banks, counting, sorting, and stand on the counterfeit currency and to facilitate transactions of the citizens with the banks on the deposits and withdrawals in addition to facilitating the process of monetary reform after hitting a currency issued in circulation now 25 trillion dinars, while in 1990 was about 25 billion dinars and this in itself calls for the deletion of zeros).
In the answer to a question by (time) whether the Central Bank has set a deadline for the replacement of the currency said (we did not define this ceiling until now that the matter is still under study and the reality of work at that time will decide how long the replacement process).
Responding to another question about the Iraqi currency held abroad and how to replace it "(The right of a citizen is to remove the $ 200 thousand dinars and he could replace it like any ordinary citizen here in Iraq, either from abroad, the banks in the States would be responsible to us of the assets of our currency, too), He pointed out that (a media campaign will precede and guide the process in order to raise public awareness of the importance of this and that our banks and our will all be ready to provide all facilities to the citizens and emphasize once again that the process does not affect absolute quiet in the market also ...
(note that many countries replaced their currency and benefit from their experiences in this area, including Turkey, Russia, Brazil and others).
Link My link
Note ~ NOT A LOP ~
The following statements mentioned in the following articles are indirectly saying that all Iraqi Dinars with 3 0's will be Removed from Circulation. That would mean that the 25,000, 10,000, 5,000 and 1,000 dinar notes will, over time (gradually), be taken out of circulation. This is Not a lop. Time will be given to trade in the higher notes for smaller notes and eventually the higher notes will no longer be used and will be Phased out Completly.Also Iraq is in its own category apart from Turkey, Russia, Brazil and others who have actually lopped.
Note ~ NOT A LOP ~
Don't hold your breath on that! Nothing about these articles and what's been said before tell me anything of when (pre-change/post change) and how the rate will be dealt with. That's the most critical item.
He pointed out that (a media campaign will precede and guide the process in order to raise public awareness
Here is where we will know.
I'm not a Lopster and God knows I need the RV, but I'm not blind or stupid either and everything I've seen over the last 7 years points to "bad news". I wouldn't trust them to do anything but what benefits themselves in the long run. If they were going to RV 1:1 then release the new denoms and swap out (RD), then no one would need an "education". It would be very straight forward; 25=25 and 25k=25k. An "education would only be needed if you were going to coexist 2 currencies of different nominal (face) value but the same cash value so the people don't get confused or freak out when they're handed 1 dinar for every thousand.
And THAT'S a lop!
JMHO
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it's all BS. Articles have CBI claimed "no more auctions" yet we still have auctions. Makes you wonder that the whole stream of articles here is BS. I may believe something that has an Arabic article that's translated, but even that is severely suspect, considering how much crap actually rolls out of the mouths of Shabibi and Saleh. They can't seriously believe we're that stupid.
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I want to know what holy **** equals lol
guess I'll be the negative nelly and say sounds more like bull****.
"Holy ****" wouldn't have been left hangin' in the breeze otherwise. Guys, we need hard facts here, not BS.
Please??
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Please post with a Link that CBI is under the Rothschilds.
Actually, it's proported to be one of, I think, only 3 that are not under Rothschild influence. Least that's what I heard.
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Oh right I get it,. Drilling their oil was a good justifiable excuse to cross the border and kill folks. I'm sure that makes the innocent dead and their families feel much better. And speakin of short memories, wasn't most of this compensation for those families of the dead and the owners of destroyed personal property? (oil companies be damned...)
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****///
It's just mind-boggling that a country as wealthy as Kuwait, with as few people - would keep bleeding poor Iraq whilst they're trying to get on their feet! All the money sent over there could've made bajillionaires out of each & every human there already! I think it needs to stop.
You've got to be kidding, right? Saddams Iraqi army tear-asses through Kuwait tearing up the joint and killing it's people. Kuwait deserves the compensation. Iraq needs to step up and take care of it. The trouble with this world is people don't want to accept responsibility for their actions.
Grow up. Step up. Do the right thing, BECAUSE it is right, not because your forced to.
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Yes it was. Don't know why I didn't see it before. And look at what happened years later with these same ferries and Capt Sully! Awesome guys!
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Here's the link for the DV post....
but the link on the post is incorrect and doesn't work. I found it again tho......
Look towards the bottom......
DOH!!! Somebody's full o' shiite!!!! Ain't mentionin' no names Shabbi.......
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According to the IMF reports, the Dinar SHOULD be at 292:1 as a real value"
I've heard that but not seen it. Do you have a link?
Somewhere...
It's a pdf Report on Iraq from the IMF website. I got the link from here actually....
I'll see what I can do.
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Wouldn't surprise me if that's a stunt probably to boost Iraqi confidence by saying, "Look how much our money is worth in dollars!"
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I thought I'd heard every 9/11 story out there. Then I came across this about the largest "sea" evacuation in history...
http://www.youtube.com/embed/MDOrzF7B2Kg
Dang thing is p** me off... cant get it to embed sorry.......
Lets try again....
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Good post, for give me on my lack of math on a very grueling Friday but can someone calculate what 3.4% would be please?
1169 raised 3.4% = appx 1129. Not much but a step in the right direction. According to the IMF reports, the Dinar SHOULD be at 292:1 as a real value.
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It may be too late. Al Qaida is back. The deadly bombing in Iraq this week have all the earmarks of Al Qaida.
Al Sadr has got his marching orders from Iran. He is in question on several bombing of his own people. His goal is to kill his own, blame Maliki, then anger his people into an uprising. We can't assasinate Al Sadr. He is the 2nd highest Cleric in all Islam. That would be seen as a Crusade by the Islamic world.
US intel...Iranians are crossing the border into Iraq at over 200 a day & there is nothing can be done about it. Many are seen toting backpacks with explosives.
The UN will tire & also leave Iraq. The insurgents plan to whittle them down as well. Time is on their side. Time is on Iran's side. Iran now owns Iraq.
This may also be a power grab by China & Russia, Both are backing & approving of iran's actions.
Not surprising, Luigi.
Did the GOI think that Iran would just sit on their thumbs, now that Sadaam and the US troops are gone? The Iran/Iraq jihad never really ended and they' were just biding their time. I guess the GOI wanted the Kurds to un-ass the oil, but leave them twisting in the wind on everything else.
They're getting what they asked for:
No Troops = No Protection.
Fish
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This is a request for bids for a contracted shipping company to move UN materiel into Iraq. Not unusual. Of course, the UN contingent would have security and weapons for their people. The UN will have a presence in Iraq just as the US embassy and other embassies. This was expected as the UN has said it will create and maintain an office in Iraq. Hopefully, their presence will help get things going in the country and talk some sense into the GOI.
Don't jump the gun and make something into this that may not be there. Keep a level head and keep the faith.
Go RV!
Fish
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To: Mr. Achma-whoz-a-whatitz
The Avon lady may ring your chime,
but the U.S. Navy Seals
just knock
one time!!
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Well, come on all of you, big strong men,
Uncle Sam needs your help again.
He's got himself in a terrible jam
Way down yonder in Iraqi land
So put down your books and pick up a gun,
We're gonna have a whole lotta fun.
AGAIN
and it's 1...2...3 what are we fightin' for?
Don't ask me I don't give a damn
Let's stop this new Sadaam.
and it's 5...6...7 ain't Iraq just great?
Well ain't no time to relax at home
Whoopee! It's a new Jihad!
Yeah I know, it sux...
LOL!!-
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FishmanTx my friend, have you forgotten that Irans Big Brothers are Red China and Russia both of whom have ideas about Iraqs Oila and Resources?
This international chess game is getting more intriguing by the hou, so far the pawns are just getting their moves together.
Just imagine what could be if the two of them got controll of the worlds Oil, China could shut us down over night already by refusing to send us all the goods (Like 95%) that our in our stores!
Nope I haven't. Mainly I was being facetious and wishful thinking, BUT with a few well placed special Ops folks and a fabricated blurb on Al Jazeera quoting a fictitious new "faction" claiming "justice to the people of Iran!" , many things are possible!
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Sounds like the making of the US invasion of Iran! 1st links between the Big A' To Iran and terror. 2nd the large amount of intel that Iran is trying for a nuke. 3rd invasion of Iran.
Actually, my personal opinion is that if the leadership were taken out, the Iranian people would fix the rest on their own. Considering what's gone on in the past several years and the desires of the young people of Iran, they should be able to take control if we can get their leadership and military out of the way. Similar to Libya in a lot of ways. A few well placed Harpoons and Tomahawks on Ackma-who's -a-whatzitz and the Ayatolla (ass-a-hola). And let's not forget the navy; a couple of candy-striped Harpoons for Xmas! (don't be alarmed, it's just a flying candy cane!) LOL!!
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The process of removing the zeros from the currency Press Conference
in Iraq & Dinar Related News
Posted · Edited by FishmanTx
Why don't you post those links here. Would be nice to have "ears on" as much as possible! Hell, I can listen dang near all day....