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Dalite
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Posts posted by Dalite
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GM can you provide a Link with your statement.
Knock yourself out; Google is your friend
A search for US Treasury Iraq Budget yielded over 10 pages
Here are some of the greatest hits (hehe)
http://www.treasury.gov/press-center/press-releases/Pages/tg1060.aspx
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GM Dalite,
With the CBI being independent wouldn't the GOI need to borrow from the Bank? ( Government Bonds ) and would this money come from the reserves?
US borrows quite a bit from the FED ( A trillion dollars a year ) I'm not sure by any means, but I don't think we have reserves close to this?
So if the CBI sells these bonds to foreign countries it should not effect the reserves. Whats your take on this? Thanks
Thanks for the article YOTA!
The CBI has consistently fought to be able to fully back the exchange rate. When they announced that they had 130% of the reserves necessary to back the rate, at that time, they could strengthen the rate by 30%.
Every dollar worth of reserves that is siphoned off by the GOI, diminishes the ability of the CBI to increase the value of the dinar.
After the GOI appropriates more than 30% of the reserves, the value will start to decrease in proportion to the remaining backing.
No foreign country would even think about buying bonds from a bank that is in the process of being nationalized by that country's government, and one with a shrinking monetary value.
If they could have sold bonds to back debt, they would have started 8 years ago. All they could have done would be to sell bonds for interest that could be obtained by reinvesting the proceeds at a higher rate.
Countries that have to depend on foreign reserves have little to attract foreign bond investors.
I could be wrong in my assessment, but have you ever seen a treasury bond from Vietnam Nam circulating in the US?
This thing about fractional reserve banking isn't an option for a Central Bank, unless you are a reserve currency, otherwise Greece and the other EU countries facing bankruptcy would be competing with the US in the printing game.
Maliki taking any reserves from the CBI, even if it is termed borrowing will lessen any possibility of the dinar gaining value.
If they could pay it off, they wouldn't have had to borrow it to cover deficits in the first place.
So far, they have not shown a profit, don't have dependable electricity or water treatment, and rely on imports. You can't borrow your way into prosperity .
Seeing Shabibi taken out of the equation for a GOI appointee is not a good thing. Time will quickly prove it.
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Good thing there is 52 Mondays EVERY year
I will predict that on Monday, Nevervary the 32nd one of these freethinkers will get it right
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So, what's your thought on this Yota?
With 60+ billion USD worth of Foreign Reserves to cover he deficits, why wouldn't they approve it.
The problem is that for every 10 billion $ USD that they drain from the CBI's reserves causes a 10 billion USD reduction in what they can use to set the exchange rate for any Currency Reform.
Budgets, tanks, airplanes, a new Camel..pretty soon you're talking about real money.
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GM Butifldrm,
Which will affect foreign dealings with international banks. And this means what? Don't these foreign banks get remittances in USD?
Thanks . Enjoy your weekend!
The actions affect outside confidence, push the country more towards the dollar, and further erodes the exchange rate.
But, if they didn't have the forethought to anticipate this, they certainly won't realize the Dinar augering in until it is late in the game.
Also, the apparent moves to nationalize the CBI will dampen the spirits of the international community who were considering investing.
For the government to take over the CBI tells the rest of the world that dealing with Iraq could be a costly learning experience, with the GOI deciding which contracts/ promises to honor, based on the PM's mood swings.
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GM Yota. So you think shabs loaded malikis credit card with the amount to fund the Syrian war? Maliki gave the money to Russia, who then give the money to Syria? This is pretty deep. Or am I misunderstanding you?
Maliki now has over 60 billion USD worth of Foreign Reserves to spend.
He can now buy a Military, and a few small uprisings.
When you have no plans on backing the exchange rate, you can write checks until the currency is worth nothing, and switch entirely to dollars, or the currency of a neighboring country.
It will be interesting (but predictable) to see how the gooroos spin this as an imminent RV.
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I didn't check the line-up, but heard some similarities with the group Curved Air.
The write up mentioned the use of a melotron; and that dates them somewhat, as the Melotron had a short lifetime before becoming the Chamberlin ( if my memory serves me correctly).
If you can find anything from the Phantasmagoria album by Curved Air, it may be worth a listen.
I got that album after seeing them open for Deep Purple somewhere in the 70s.
Another band that used electric violins.
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Yep, he's gone. Last time he was here he got tarred, feathered, and flamed - it was brutal. I've tried to get in touch with him but have received no response.
In my opinion, he's the only one who has really known all along what is happening with this speculative investment. Would love to hear his thoughts to see where he thinks we're headed.
Dr. J., if you're reading this, then know that there is a group of people on this forum who would very much appreciate hearing from you.
He joined the ranks of many others that just gave up trying after the general population drove them off the site for being negative.
Never mind that they were honest, caring and thoughtful in their posts, which were backed by sound logic.
If they didn't sign their post Go RV and promise rainbows and fairy dust, they were quickly voted off the island; along with any true "intel" that was ever brought into conversation.
I don't expect the trend stopped with him, or many others.
Look at the slaughter that Marcus Curtis faced when he revealed the results of his research.
Look at how Sonny1 was treated when the US pulled out and he made a stark post that was "negative"
The "Jewels of Denial" win, every time
I hope they find there efforts were worthwhile, when it is all said and done.
They will have to live with the echos of their words; if they have a single ounce of humanity.
Some folks walked away with their dignity and integrity....
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Or is it a set up by Maliki, he wants to take over that possition too.
You win the prize..
If there is any truth, or follow through on these accusations, the CBI would face take over by the brother-in-law guild of the "financial experts" in parliament.
The western world has a term for this chain of events; it is known as " Nationalization ".
Maliki gets the opportunity to pilfer $67 billion USD worth of Foreign Reserves, and reprint the currency with his picture on the front.
BTW, for those who wonder, this will not trigger a RV.
If this happens, the exchange rate we see today, would be a high point.
Maliki can "declare" the value to be higher, but the only ones ignorant enough to believe that are members of the Ministry of Finance in Parliament.
The rest of the world won't be buying that steaming, hot, pile...
We can all hope that this attempt will be the straw that breaks Maliki's Political Back.
Hopefully, someone there, who realizes the outcome of this ploy, will "convince" Maliki that this is a bad approach..
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This may be like the shipment of vegetable oil that was allowed to spoil because there was not a large enough bribe being offered for it"s release to the citizens.
It is possible that some of these foodstuffs spoiled due to corruption, and there being no "highest bidder".
There is little to no concern for the welfare of the citizens, when there is a buck of graft to be extorted first.
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that makes no sense if they plan to Rd in 2014 how will that dedollarize the country they would have to be at least at par with the USD by the time they bring out the new currency and delete the 3 zeroes. 3 years i highly doubt that.
The RD is the way the Dinar will be on par with the dollar, and only if the exchange rate changes the ratio to 1000:1 first.
They will not increase the value of the dinar to a dollar as long as the circulation is in the trillions.
The only way it will ever happen, and dedollarization to occur is to drop 3 zeros from the existing currency to reduce the liability of trillions to billions.
To the Iraqis, it is value neutral. To the speculators, it will also be value neutral, after you strip the dealer's spread and the Pumper's commissions.
It would be very nice if it would increase in value to offset the premium price that was paid by speculators, prior to redenomination, and let everyone start off even.
When they release hundreds of press releases saying it will be a value-neutral event, it is a very likely possibility it will be just that.
The longer they put off a RD, the better chance there is that some of the spreads and commissions will partially offset.
It is what it is.
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From the "Flying the Flag" album...
Many other great songs on the same album that didn't get AirPlay.
Shoud be in everyone's collection..
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I think that album had vocals by both Patty Santos as well as Linda and David LaFlame.
"Girl With No Eyes", also from the same self-titled album was haunting and also showcased their electric violin work.
If you can find a copy of the Marrying Maiden album, give it a listen.
Also Anytime/Choice Quality Stuff was another exceptional effort
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Actually, I should have said all early albums started with an H...
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Two "H" songs.
All America commercial albums started with the letter "H"
Two virtually unknown albums; Silent Letter and Alibi show some of the more creative side of the pair. (Bunnell and Beckly)
Sadly, Dan Peek, passed away in June of 2011.
He was a driving force in the group from around 1970 to 1977.
The group had some excellent producers...
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BUMP
Drduck,
You may want to consider barter for the full delivered price of dinar purchased today, requesting an equivalent in the current spot price of silver, gold or a combo of the two.
That way, you can recover what it would take for someone to order today, including spread and shipping.
The metals may drop, but more likely will rise.
Folks here may be willing to give up metals for dinar that they couldn't purchase otherwise.
Just a thought, and good luck with whatever you decide.
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There isn't enough incentive in this galaxy to get these lazy ba$tards off their butts and get going!
When it comes to failed civilizations, Iraq has more experience than any other country that history is aware of.
If future oil proceeds are going to fuel a RV, let's just hope that it doesn't revalue to a lower value; one based on it's ability to attract those with the ways and means of getting these vast riches to market.
Make today the official "Tell your favorite Guru to stop lying day".
If they are going to pump something, make sure the hose they try to use has some pressure behind it. If not, they are merely x-spurts; Drips that never made it.
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At this point in time there is no new code for Iraq.
Zambia will redenominate on 1 st Jan and code was published on 31st August
I completely agree on the currency code.
It has been known for a long time that a new code would be created to allow both currencies to coexist .
I don't anticipate them introducing a new currency code until after July 2013, if they manage to avoid civil war, dictatorship, or future occupation.
In the meantime, if Maliki nationalizes the CBI, all bets are off.
Also, for those who are thinking about getting rich on Iran's currency "RV", Iran was planning on ReDenominating it's currency, before it fell into the abyss. If you think it was overprinted when that was announced, just try to project how much more has been printed since.
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"noting that" the process of deletion of zeros does not mean an improvement in the value of the currency, as the change the unit of measurement has nothing to do at all improved value of the currency, and the latter is linked to factors real express efficient economic performance. "
he added Aboudi's (range): "that based on the work of the Central Bank does not seek to process the deletion of zeros only, but to restructure the currency and the associated issue currency denominations large to facilitate large transactions and other categories of small to facilitate small transactions,"
He talks about redenomination and restructuring in the same breath. You cannot do both. Why talk about small notes in the restructure when they would come with the redenomination.
A redenomination requires a new currency code, so they have 2 exchange rates, a restructure just changes the existing currency.
If you were planning a revaluation that was similar to a redenomination you could not talk about it. Easy way out is to talk about an RD and just not commit to a plan.
Not sure, but I think the introduction of 100 and 200 dinar, as well as coin to the mix would be considered as a reconstruction.
Although, the new coin/currency options being introduced would carry the new currency code, it could be a matter of concurrent operations.
Also, the CBI has often referred to deleting the zeros, then introducing the new currency.
Nothing conclusive yet; only what they say they are going to do.
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You cannot "restore" confidence with a neutral event. Why "absorb" the excess cash when eliminating zeros, whats the purpose of that when it's a neutral event anyway? the neutral theory does not make sense...IMO
This is why they have referenced the concept of changing the responsibility of trillions of Dinar into responsibility to back billions.
Trillions into Billions. The reference has been made in hundreds of articles since 2006, with the biggest concentration since June of 2011, when the plan was submitted tp Parliament.
This is why the neutral theory is the goal of every redenomination.
The other 50 some odd countries who have redenominated did so for the same reason.
Their currency became so valueless due to overprinting that the number of units per note had to be increased 1000 times (3 zeros) in order to give it enough buying power per note to do everyday business.
A 25000 Dinar note, while worth around $21.50 would have to be honored at any future exchange rate amount as their economy increased.
That point is rapidly approaching, but they cannot afford to let the value increase with the responsibility to back trillions.
So, they decided to divide the value of every piece of curremcy by 1000, but, at the same time, make it 1000 times more valuable.
25000 x .00086 equals the same as 25 x .86. TRILLIONS TO BILLIONS - VALUE NEUTRAL.
That reduces their responsibility to only back Billions of Dinar with the same value, while making the exchange rate more realistic for future ( hopefully rapid ) growth.
This is what their citizens are being taught in the original article, and is becoming much more obvious in the various translations.
If they do ReDenominate by dropping 3 zeros, that is precisely how it will play out - take that to the bank - history proves the concept.
The only remaining variable is the exchange rate. Does it move up to 1000:1 prior to ReDenominate, or to 1:1 concurrent with the redenomination?
Either way, still a value neutral event.
Why would any country want to give the same value to trillions of items, when they could reduce the responsibility to billions?
One thing they will not do, is to drop the exchange rate to .86 to 1 without dropping 3 zeros ( dividing by 1000) first.
They will be crossways with history by doing so, and have nothing to back the change in value.
I personally don't look forward to this happening, but it isn't my choice; it is theirs.
Iraq will do what is best for Iraq, not what is best for people speculating that iraq will do what is best for them.
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This Salih stressed that "the process reset currency are not limited to raising three zeros from the currency, but also delete three places of accounts but the same value, and this is very important for a country like Iraq handles trillions that are accounting process which is very complex," he said "The process of removing zeros contribute to raising the efficiency of the system of cash payments in the country, he handles paper large category of little value, and the goal of the project is to create a monetary system has a small class worth big cash, and this facilitates the payments system and is the economy dollarization."
Yes this does describe a neutral event, but... They will not be able to de-dollarize or affect the buying power of the dinar with a neutral event. It would take saddle bags or brief cases full of money to buy a loaf of bread. I'm not buying it.
With a neutral event, the number of Bills on the street would have to become a thousand time more than they have now. I'm not buying it. What does one note before and one note after have to do with wheelbarrows?
If it takes a 1000 before and 1 after, what part of one note is all that is used are you having the most trouble understanding?
The "wheelbarrow tattoo" just tells everyone here that you have officially been Pumper Punked.
There is no, nada, zero, zilch, Amount of truth in a pumper lie loss of purchasing power or increase of the amount of notes needed.
What is being described in this article is a garden variety RD.
I'm amazed the amount of crap the Pumpers can get some folks eat.
A simple increase from 1176 to 1000:1 prior to this will put the Dinar on parity (have the same value as) the USD.
That is all that would have to be done to dedollarize currency. The rest is dedollarizing the mind of the spender.
I don't like it, but I don't ignore it, or try it mislead others into believing it is a RV
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Said member Parliamentary Finance Committee that indicators that conclusions of the documents supporting the existence of billions of dinars capital registered with the Central Bank, but investing outside Iraq.
Imagine that.
Who would have thunk it that currency speculators waiting on the CBI to give value to their dinar are the reason parliament won't cooperate with the CBI?
Let's hope these bozos are at least as dumb as they act, and not find the correlation.
Looks like they already think the CBI records show it in circulation, but what they apparently haven't found out is that it is in shoeboxes and sock drawers around the world.
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I have been unable to load site since last thursday on my home computer. I was getting a 324 error message and now just get a blank white screen. I use google chrome. Any help would be appreciated.
Try closing your browser, deleting the cache, then delete any short cut to DV.
when you bring the browser back up, delete any bookmark to DV, then close and reopen your browser.
Do a google search for Dinar vets, and click in the link in the search results.
If it opens the site, save it to your favorites..
No promises, just a hunch..
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A legend in his own mind; TerryK needs protection from TerryK
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Does the CBI Need IMF Permission to Call an RV that is Accepted by World Banks?
in LOPster tank
Posted
I think everyone is over-complicating things...
As long as the Paris Club is managing repayment for unforgiven debt, it is unlikely that Iraq would be allowed to inflate the debt away by arbitrarily increasing the value of funds used to repay the debt.
Otherwise, Iraq could print a single note, declare it to be valued the balance of Paris Club debt and inflate the debt to zero. Same for the Kuwait repayment debt.