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BlueJeanBaby
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Posts posted by BlueJeanBaby
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Iraq going to RD (LOP) and the rich get richer while we the peon gets a little scrap from the table.
If it's a straight RD, then no one gets any richer, because the VALUE of the currency DOES NOT CHANGE.
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At this point, I would be ecstatic if it lopped.. I'm to afraid to sell my dinar in case it actually rv's, but I am thoroughly sick of wondering if it's gonna hit.. Plus it would be nice to have my 12 g's back!
I would not be ecstatic if they redenominated their currency. You do realize that, if all they do is remove the big bills from circulation and replace them with smaller bills of the same value as the big bills (aka re-denomination) ... that the VALUE of the bill doesn't change, right? I'm only asking because I wouldn't be ecstatic if they did the redenom, unless it was accompanied with the RV ... which I think is what will happen. I think they'll do both.
No other scenario makes any sense when you factor in what we've been seeing in the past few weeks/months. If ALL they do is redenom, their currency will still be worthless, the WTO won't give them full membership, and ZERO progress will be made towards Iraq rebuilding their infrastructure or getting foreign investors to help with that rebuilding effort.
I can understand why the writer feels the way they do, but after reading everything about the huge strides the GOI has been taking towards Iraq becoming a sovereign nation in charge of their own destiny and future ... I really don't think it's wishful thinking that the RV has to happen.
I've been through many dark times, and as poetic as this sounds, I find it to be true that it's always darkest before the dawn. When you want to give up ... THAT is when you have to gather your strength around you, and remain steadfast. I know that this is something I have no control over what so ever, other than my own thoughts and feelings about it, which will remain positive until it's a done deal.
GO RV !!
P.S. If you were to sell your dinar today, you probably wouldn't get all of your 12 gs' back. The buy back is always less than what you sold it for, minus their fee/spread, so you'd probably end up with most of it back.
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So your saying it can still go down today or tomorrow even though they released the rate changes?
I talked with another investor and their understanding was that the RV can happen whenever on any date and that it would show up on the UN list on the next date that they release changes. So for example it could still go down today but would not be listed until they put out their new rate changes on the 15 or whatever date it is.
Just wanted to see if anyone had any first hand knowledge of how that all worked.
Thanks!
Go RV!!
Yes, that was the questions. I got the answer now. The rate sheet the UN puts out has no bearing on when the IQD will RV. So it can still go down today even though they have already released their rate changes.
Go RV!!!
I couldn't resist. The food's GREAT, though, and if you're ever in LA, have the carnitas.
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Thank you so much.. That means so much to me.. I do believe in this country and I pray this investment pays off so I can support some of my buddies that dont have the money to. Thank you again and God bless
Anytime!!
Why are you still here!?! Aren't you supposed to be relaxing and taking your mind off this place?
*pointing towards couch* GO !!!
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I'm sorry for posting what I did.. I sincerely respect everyone on this site.. Maybe it's time for me to go.. God bless and GO RV!!
Aww sweetie ... you don't need to go anywhere, except to the couch to put up your foot, rest your leg, have something soothing (pain killer? Beer? Tea?) and put in your favorite movie.
Take your mind off this place for a while, and let it all fall away.
THANK YOU for your sacrifice, and for your service. Hope to see you back.
(if hugs from strangers are allowed)GO RV!!!
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T H A N K
Y O U!!!!!!!!
*thumpcrash* <~~~~ me falling out of my chair at the kind words and high praise from pureau. I really tried to be concise and clear in what I said, and to shed some light on a VERY complicated, twisted and convoluted situation that has numerous possible outcomes.
to you and for your generosity, pureau, and give thanks.So, can I buy you a beer?
GO RV !!!!
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BJB you have been the one resounding and nearly lone voice of reason on this entire thread, thank you for your common sense and great attention to clarity. Whew!
T H A N K
Y O U!!!!!!!!
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OK, I'll entertain your RD/LOP/Demonitisation for just a moment here.
and, if they do an "In Country" Redenomination, where exactly do you think you will exchange in this scenario?, are you going to try to get into Iraq to exchange?
I might add, RD is worst case scenariofor this IQD speculation.
As a non-resident of Iraq ... if they do a redenomination, whether it's in country or out of it is a non issue. If you don't live there, WHY would you need to exchange it? You can't spend Iraqi dinar anyplace else but Iraq, so exchanging it would be pointless. Not only that, but it's not worth much right now, so, again ... why bother exchanging it?
Yes RD without RV is worst case.
GO RV !!
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Does anyone on DV know where a Legal Letter to gift some Dinars can be found or if there is a format for it somewhere.
You mean for tax purposes? Like, you want to give someone some dinar, and you're concerned that they may have trouble cashing it in without proof for where they got it?
P.S. Ohh, groovy Fed111. I was gonna google search it, but you rock!!!
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Understood but how do they keep saying our 25k notes will be now a 25 dinar note do they meen this literally or what. So if they rv and rd all at the same time the sinario I pointed out earlier would hold true correct?
I just don't understand how if they lop or rd and I hold 225,000 dinar they can tell me that now I only have 25 dinar the math just doesn't add up what happen to my other 200,000 dinar there just gone? Lol. Go RV cause I can't see it any other way!!!!!!!!!!
You are justifiably confused about the difference between a redenomination, and a revalue.
A ) If all they do is remove the big bills from circulation, and replace them with smaller denominations (also called lop, when the correct term is re-denominate. I like using the correct terminology so that there's less confusion and more clarity. I'm real big on clarity) ... if they just take away the big bills, the VALUE of the money is the same. A 25,000 dinar note is still only worth a nickel (or whatever it's worth right now. Let's use a nickel for argument's sake.) However, if they take the big bills from circulation and replace them with smaller bills, it makes life for your average Iraqi citizen much easier because they don't have to carry around this ridiculous pile of cash in order to buy some milk ... you know what I mean? So, that's what happens when they do a redomination.
APPEARANCE of the bill changes - VALUE of said bill does not change.
If they change the VALUE of the bill and make it worth more, that's a revaluation and it's what we all want.
If all Iraq does is redenominate, the value of their money is still worth very little. It will be more convenient, yes, but it doesn't improve things in a concrete, major way that changes things for the better. IMHO, I can't see a redenomination without a revaluation, because right now what Iraq needs most is investors, who will come to Iraq and help them rebuild their country - housing, schools, buildings, roads, water and gas pipelines, power plants ... all of these things cost money, and if they revalue their currency to the potential that the country has, they would be taken seriously as a major player for trade and other economic gains.
B ) If I have Iraqi dinar in a bank account in Iraq before a redenomination, the VALUE of the tender in that account WILL NOT CHANGE just because they redenominate.
I deposited 500K of bills into the account, and that 500k will STILL BE WORTH 500k ... it's just that when I go there to get some cash (let's say that I want 100 dinar for argument's sake), they'll give me a 4 25 dinar notes instead of 4 25,000 dinar notes, because the VALUE of the bills hasn't changed,
The ONLY thing that changes with a redenom is the APPEARANCE of the bill - NOT how much it's worth.
C) If you were a citizen of Iraq, then yes, you would turn in your large denomination and they would replace it with smaller bills OF THE SAME VALUE. The 25000 note would STILL be worth 25 dinar (or whatever it's worth right now.) What you would end up with is either 5 dinar to equal the 25, or a two 10's and a 5, or a 20 and a 5 ... what a redomination does is make it easier to carry your cash around. The appearance of the bill changes, but not what you can buy with the bill.
HOWEVER, as with all other foreign currency, it is not meant to be spent as legal money outside of the country of origin. If you have Swiss francs and you want to buy some milk in the US, you have to change your francs in for dollars. If you have a British pound and you're at the gas station in Bali, Indonesia, you need some Rupias in order to get gas there. So it is with the Iraqi dinar - you can't spend it outside of Iraq, which is why foreign exchange places exist. They take one currency and exchange it for another, based on the current rate of exchange (minus a small fee, or spread, paid to the exchange place.)
When the RV takes place, you'll end up with US dollars - not just more smaller dinar. You have no need of smaller dinar notes because you don't live in Iraq, so just hold onto what you have for now, and when they revalue it, turn them in for US
Again, this is just my opinion. My best advice is to read and take in as much information as you can before you have a major brain cramp - and then see what makes the most sense to you, and base your opinion on that. Based on what I've read, this is what I think will happen. As it happens, it's also what I HOPE happens.
GO RV !!!
[NOTE: In an effort at transparency, I posted this information in another thread and copied/pasted it in here.]
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So Easyrider,
I have a harder time understanding complex issues such as this because of a health issue. So let me get this, I turn in my 25K note to you and in turn you give me back small denomminated notes to equal 25K or will I just get one 25 banknote ? I don't see much said about the 1K, 5K, & 10K , so will be handled the same way as the 25K notes?
Sorry about any repitition that this may cause , I need a clearer explination about this issue in advance. Thanks
If I may offer this ...
Seabee, if you were a citizen of Iraq, then yes, you would turn in your large denomination and they would replace it with smaller bills OF THE SAME VALUE. The 25000 note would STILL be worth 25 dinar (or whatever it's worth right now.) What you would end up with is either 5 dinar to equal the 25, or a two 10's and a 5, or a 20 and a 5 ... what a redomination does is make it easier to carry your cash around. The appearance of the bill changes, but not what you can buy with the bill.
HOWEVER, as with all other foreign currency, it is not meant to be spent as legal money outside of the country of origin. If you have Swiss francs and you want to buy some milk in the US, you have to change your francs in for dollars. If you have a British pound and you're at the gas station in Bali, Indonesia, you need some Rupias in order to get gas there. So it is with the Iraqi dinar - you can't spend it outside of Iraq, which is why foreign exchange places exist. They take one currency and exchange it for another, based on the current rate of exchange (minus a small fee, or spread, paid to the exchange place.)
When the RV takes place, you'll end up with US dollars - not just more smaller dinar. You have no need of smaller dinar notes because you don't live in Iraq, so just hold onto what you have for now, and when they revalue it, turn them in for USD.
GO RV !!!!!
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sorry if i sound stupid but all this is a brain twister... sounds like no lop but not sure yet until all is done...
You're not stupid, hon. This is unchartered territory for a lot of us, and everyone has to start at the beginning when they learn something new.
The issue at hand for a lot of us is whether the VALUE of the dinar will change, or not.
If all they do is remove the big bills from circulation, and replace them with smaller denominations (also called lop, when the correct term is re-denominate. I like using the correct terminology so that there's less confusion and more clarity. I'm real big on clarity) ... if they just take away the big bills, the VALUE of the money is the same. A 25,000 dinar note is still only worth a nickel (or whatever it's worth right now. Let's use a nickel for argument's sake.) However, if they take the big bills from circulation and replace them with smaller bills, it makes life for your average Iraqi citizen much easier because they don't have to carry around this ridiculous pile of cash in order to buy some milk ... you know what I mean? So, that's what happens when they do a redomination.
APPEARANCE of the bill changes - VALUE of said bill does not change.
If they change the VALUE of the bill and make it worth more, that's a revaluation and it's what we all want.
If all Iraq does is redenominate, the value of their money is still worth very little. It will be more convenient, yes, but it doesn't improve things in a concrete, major way that changes things for the better. IMHO, I can't see a redenomination without a revaluation, because right now what Iraq needs most is investors, who will come to Iraq and help them rebuild their country - housing, schools, buildings, roads, water and gas pipelines, power plants ... all of these things cost money, and if they revalue their currency to the potential that the country has, they would be taken seriously as a major player for trade and other economic gains.
Again, this is just my opinion. My best advice is to read and take in as much information as you can before you have a major brain cramp - and then see what makes the most sense to you, and base your opinion on that. Based on what I've read, this is what I think will happen. As it happens, it's also what I HOPE happens.
GO RV !!!
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so mr rider say i have 25k note and it rvs at 3.62 american dollars whats my value.?
Getting out my calculator ... 2 5 0 0 0 times 3 . 6 2 ... equals $90,500.
That's what the 25k note will be worth at $3.62 USD.
Of course, depending on how long you've had the note, you'll have to pay capital gains taxes on it, plus whatever the spread charged by your currency exchange place/bank or wherever you go to cash it in and exchange it for USD.
Not a bad trade, eh? (and I'm not even Canadian.
)GO RV!!!
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Here are some things to ponder!!!!! If the zeros are "dropped" from the currency,with NO change in value---then a 50 dinar is worth $.04,a 25 dinar-$.02,a 10 note-.09,a 5 note-.045,a 1 dinar-.0225-----------------------------------------------------do you "Get my DRIFT????????????A'INT GONNA HAPPEN---BOGUS-----BS----------------------------FORGET ABOUT IT11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111
wHY WOULD YOU EVEN NEED SMALL DENOMS????????????????????????????????????????YOU WOULDN'T -----PROBLEM SOLVED !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!NO LOP,NO LOP,NO LOP GET IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
But Eagle ... why should an Iraqi citizen be forced to carry around 50 pieces of paper in order to have 5.00 worth of currency? THAT is why they are redenominating, and why they need small denoms.
That reason, and because they're getting ready to revalue. What other scenario makes any sense? Granted, this IS the middle east we're dealing with, but this country is taking H U G E strides towards becoming a major player on the world market for trade, investments and other infrastructure development, and that will not happen unless they RV. Forcing a person to carry around that many bills is ridiculous, and I think they're finally coming around to that fact.
So, I think it'll be yes redenomination, and yes revaluation. If they want to be taken seriously by the rest of the world and to get in the game to their fullest potential, they have to do both.
GO RV !!!!
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Slade...they keep stating local in all thier news articles. I believe you are correct...for inside Iraq. Those of us outside Iraq are in a different category because we hold legal tender from Iraq.
You are misinformed about the value being one amount in Iraq, and another value for everyplace outside of Iraq.
If this currency changes in value and makes it to the FOREX, the FOREX amount is the value worldwide. FOREX doesn't stipulate one value for one country and a different value everywhere else - THAT FIGURE IS what it's worth, no matter where you live.
GO RV !!!
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What you have just explained is exactly what a "lop" is....
Example your 25,000 Note is worth $25 Dollars today........they take your 25,000 Note and give you a new 25 Dinar Note that is still worth $25 Dollars.... they HAVE LOPPED THE 3 ZEROS OFF........ They have also, at this point, pulled a "slight of hand trick" whereby they can "claim" that their "new dinar" is "worth a dollar".......pretty smart on their part....
It is not going to matter if a person has a 25,000 note or a 25 note...the CBI / Govt is going to "declare" that they are of the same value. Of which they have every right to do...and is what they have been telling us for years that they were GOING TO DO......it is what it is...
That is why they are saying they can be in circulation at the same time...they are WORTH the same...this is NOT the RV we had hoped for regardless of how the gurus try to spin it....sadly enough.....
Slade ... why can't they do both?
Why is that not an option?
If they only redenominate without changing the value of the new bills, what does that get the Iraqi people? NOTHING. Their day to day lives change not one bit, their economy doesn't move in a more positive direction, they're still in the same hole, and no investor worth their millions will go there because why should they, when their currency is worthless on the open market?
I think that both will happen because it's the only scenario that makes sense, when you consider the big picture.
Shabs has been talking for months now about a dramatic restructuring of their currency. Isn't there the possibility that this is what they're doing, and that it's taking so flipping long to accomplish because it's a pretty convoluted and complicated process that they've never done before, and they want to make sure they get it right (FOR ONCE?)
whoa you actually spun it differently i nevr stated the value would change. Also i have read many articles and ive always seen LOCAL as an indicator. That doesnt mean we get screwed this will be in country. Take a 1k bill to the bank what do you get 10 100.00 bills.
... and I wonder where you got that analogy. That's ok ... as long as the idea gets out, I don't care who gets the credit.
GO RV !!!!
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Okay, I get what you are saying...where I have a hard time understanding is what about bank accounts? Pretend I am a businessm in Iraq and I put all my truck loads of dinar in an bank account. How are they going to LOP my money from said account? If someone can explain that to me, I'll drink the LOP Kool-Aid.............
If I have Iraqi dinar in a bank account in Iraq before a redenomination, the VALUE of the tender in that account WILL NOT CHANGE just because they redenominate.
I deposited 500K of bills into the account, and that 500k will STILL BE WORTH 500k ... it's just that when I go there to get some cash (let's say that I want 100 dinar for argument's sake), they'll give me a 4 25 dinar notes instead of 4 25,000 dinar notes, because the VALUE of the bills hasn't changed,
The ONLY thing that changes with a redenom is the APPEARANCE of the bill - NOT how much it's worth.
This isn't Kool Aid. It's common sense.
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II can't see how it could lop without the people being hurt if I have imassed a fortune of 25k notes and you have the same amount of money as I do but in smaller denominations why should you be able to wait it out and not me? So if I have 1million in 25k notes and you have the same in 100 dinar notes yourrich and I'm not?
You're missing one really important point: The VALUE of the dinar does not change, unless they do the RV. Your dinar will be WORTH the same as the person with the bigger bills. Redenomination DOES NOT CHANGE HOW MUCH THE BILL IS WORTH.
They can't revalue it only in country. If they revalue it in country, then it's the same worldwide.
That's the way it works.
GO RV !!!!!
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lol why are u here then?? hahaha torture perhaps?
We can call them the Anti-Pumper. Better yet, how about ... The Deflator?
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If all they do is take the big bills from circulation and replace them with more reasonable, and more portable smaller bills (aka redenomination) ... but without also revaluing their currency, that will only make it easier for an Iraqi citizen to buy milk, because they won't have to carry around this big wad of bills anymore. Doing ONLY the redom will do nothing in the way of moving the Iraqi economy forward. Their currency will still be worthless on the world market, and any designs they have for attracting investors will not come to fruition.
I think they have to do both, and seeing as how the WTO deadline is up on the 30th, AND the DFI will be released on the 30th, AND numerous UN sanctions will be removed on the 30th ... well gosh darn, I guess it'll happen S O O N. If not on the 30th, then soon thereafter.
Yes, I know ... the 30th is their weekend, so that's why I say if not the 30th then soon thereafter.
GO RV !!!!
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The reason I say this is I went and bought a $100 worth of dinar at my local coin and currency shop and they told me they were selling the 25k notes for $25 a piece, I bought 4 notes for $100 no tax. But what was interesting to me was I got one ripped bill and I asked for a replacement and he said " sure, I guess these things are collectible"!... I asked him what my return would be if I was to want to sell them back he said $60 for the bundle. $40 loss just for driving them off the lot. In other words it seems the 25k notes have no monetary value at all only collectibility value. Isn't this what we keep hearing is gonna happen?
If the guy behind the counter had told you it would cost you $25,000 USD for your 25k note, THAT would have been a (smacked upside the head) clear sign of the RV having taken place.
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u have no life!!!!!!!!
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If you look at the comments section of the article, they're all dated from Aug and Sep of last year. This is old people.
Also, if the writer is a real journalist, he/she has really bad grammer!!
... it's 'grammar.'
Couldn't resist
GO RV !!!!
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That doesn't sound like opinion. It sounds like fact.
Kinda scary if it's all true ...
Here you go Keepm-In my Efforts to keep Balanced
in Opinions, Perspectives, and Your Two Cents on the Iraqi Dinar
Posted
They can't do a revalue solely in country. If they revalue the dinar in any significant way other than the pennies in either direction we've observed on CBI's site, then it changes everywhere. It can't be worth X inside of Iraq, but worth Z everywhere else - not if the IQD makes it to FOREX as a viable currency for trade, and if they want to be a full member of the WTO.
If they RV, it won't be just in country.
GO RV !!!