wusObie
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He is a guy who posts really great info and has links to back it up. He is EXTREMELY well versed on the Dinar. He has provided more information than anyone else on this site. That's all that matters to me. This site allows all of us anonymity. So, I am not one who wants to delve into his personal life or any other member's private life for that matter. If you want to know more about him, then just ask him about himself the next time he's in chat.
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Possum, is this source one of the numerous voices in your head??? It's been a while since you shared the "intel" from those special voices you hear.
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I know Pam. That was my point. It shows that this rumor is old. Period. What is also says is that "removing zeroes" is not a lop. It's giving Dinar parity with Dollar.
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It seems this article about removing zeroes has been viral on the web for the past 3 years. Below is a copy of Reuters India circa 2007 where the cbi addresses removing zeroes issue. Note that alot of the wording is very similar to the articles being posted today about removing zeroes. Iraq central bank denies dinar revaluation plan Thu Dec 13, 2007 5:22pm IST Email | Print | Share | Single Page [-] Text [+] BAGHDAD, Dec 13 (Reuters) - Iraq's central bank denied on Thursday a plan to quickly revalue the dinar, saying a rumour had been spread by speculators. The Iraqi dinar has been gaining value slowly for months after the government announced a plan to gradually raise the exchange rate, now officially 1,210 to the U.S. dollar. But the past week has seen the rate on Iraq's streets climb suddenly as high as 1,080. Rumours spread through Baghdad that the government was planning to suddenly move the official rate to 1,000 and perhaps remove three zeros to achieve 1:1 parity with the dollar. "An authorised source at the Central Bank of Iraq denies rumours that claimed the bank wished to value the dollar at 1,000 Dinars, or less or more, or change the currency denominations, or remove the zeros from the present currency," the central bank said in a statement. "The Central Bank is following the phenomenon of less demand for the dollar closely," it said. "Information or widespread rumours like this are designed to allow very quick trading benefits for some at the expense of the people." (Baghdad newsroom; writing by Peter Graff) http://in.reuters.com/article/asiaCompanyAndMarkets/idINL1330207420071213
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Phoenix always has seemed to be extremely well versed on the subject of the IQD. I am happy that he has taken the time to shed some light on the history of our investment as well as what the future may hold.
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Pretty funny!!!
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It appears in this statement that Iraq is trying to distinguish itself from Turkey. Here is what Turkey did (source is Wikipedia): Because of the chronic inflation experienced in Turkey from the 1970s through to the 1990s, the lira experienced severe depreciation in value. Turkey has had high inflation rates compared to developed countries but has never suffered hyperinflation. From an average of 9 lira per U.S. dollar in the late 1960s, the currency came to trade at approximately 1.65 million lira per U.S. dollar in late 2001. This represented an average inflation of about 38% per year. 1966
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Has anyone had a dealer or bank ask for your ss or tax id
wusObie replied to valu's topic in Buying and Selling Dinar
Yes, I had a dealer ask for my social security number when I ordered Dinar about 5 months. They claimed that if you order a certain amount of Middle Eastern currency, then they need your ss# due to the Patriot Act. The odd thing was that although they advised that they needed my ss# when I placed the order, they forgot to get the ss# when I picked it up. But, they did look at by Driver's License. -
Plan to increase the value of the dinar against the dollar
wusObie replied to earlygaudy's topic in Iraq & Dinar Related News
Excellent find. I found the following statement of interest: "He said in a press statement that the bank has been following with great interest the phenomenon of low demand for the dollar in the local exchange markets, stressing that such information or rumors surrounding the aim of achieving commercial gain emergency for some users at the expense of the public. " It seems to me that Iraq is laying foundation to be compared to Euro's value instead of USD. Plus, the demand for dollar is down bc recent laws requiring Dinars (not dollars) be used locally! -
One of yesterday's articles stated the following: The Iraqi Central Bank is working on a strategy to delete the zeroes of the Iraqi currency in and out of their face value while maintaining the values of cash and purchasing power. This tells you that each note will keep it's independent value. 25,000 will still be 25,0000 even while a 50 note is circulating.
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You bring up a very interesting point. I think we all have been focused on how this will impact our investment. But, your post contemplates how this will impact the big time investors in Iraq. One more reason this can't be a lop is because Iraq would be short changing all those contractors that it has paid in Dinars (as US dollars have been phased out.) I might add that Medic has always stated that the RV will occur once the lower denominations are in circulation.
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Kent, Ali is not giving preference to past customers. He is treating each Dinar holder on a first come first serve basis.
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That's how Chase bank does business. They always have some system down. Nothing to read into (unfortunately)