RVPleaseToday

When I saw the article from Iraq stating that they were o.k. because they had enough oil to sell it for centuries, I had to laugh at how far from reality they are. Do they really think we'll still be around in a century, or that fossil fuel will still be the source for energy in 100 years if we are. Even the U.S. government's obsession with removing all environment controls so big oil can keep making billions isn't going to stall oil's demise as fuel. They also don't seem to be aware that the world is awash with oil now. The U.S. is hell bent on pumping every drop of all in the U.S. It can only drive the price of oil down, not up.

Yep. As Dave Mason sang: "So let's leave it alone 'cause we can't see eye to eye. There ain't no good guy, there ain't no bad guy, There's only you and me and we just disagree."

"By the way, "...faith is the assurance of things hoped for, the conviction of things not seen." For one to have "faith in God" one must have a reason, and reason is based on evidence or facts." You do realize that you just contradicted yourself.

"Thankfully, the contested translations are few and have are know to be difficult and are inconsequential to the major message of Scripture." ​That's just not true. I've studied in college both new testament greek and old testament hebrew, and the translation problems are huge. Old Testament Hebrew lacked vowels and punctuation. When combined with cultural meanings we have no hope of understanding, any kind of accurate translation is always a challenge. We use textual criticism to attempt to sort this stuff out; but, in the end, it is often a guess. The biggest problem, though, is that we simply have no way of knowing who actually wrote most of the books of the Bible, what their agendas were, and how the original manuscripts were altered over time to support various views that changed constantly. Belief in God is a matter of faith, not of fact.

Animal names in biblical Hebrew are notoriously difficult to translate. The word often translated "unicorn" is inconsistently used in the Hebrew itself, sometimes referring to a one horned animal, sometimes a two horned animal. We really have no way to know what was being referred to millennia ago. We lack context.

"Personally, I know that it could go either way and I want to prepare for both events. To be unprepared would be foolish on my part. I am more incline toward the possibility of an rv." How do you "know" it can go either way? Based on what? Despite various "forum facts," the Iraqi's have never said they have any plans for a massive RV of their currency. The Iraqis are struggling economically, and yet they do nothing, except try to stiff each other out of constitutionally mandated funding. Iraq's only hope is that one region will stop trying to screw other regions out of a few billion dollars, and get along long enough to build a viable market economy. But that will never happen, because the GOI will never really give up control to the private sector. If they were on the verge of making themselves trillionaires many times over, why are they dangerously close to splitting the country over a few billion in oil money? Considering what they have to gain from this massive RV you are anticipating, why are they engaged in petty squabbling over distribution of a little oil money?

Article 32 1. The CBI shall have the exclusive right to issue banknotes and coins intended for circulation in Iraq. Banknotes issued under this Article shall be a first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of banknotes and coins required for circulation in Iraq. Banknotes and coins issued by the CBI and intended for circulation in Iraq are not promissory notes, bills of exchange, or any other type of commercial document under the applicable commercial law, and the cbi is obligated to honor them only as provided by this law 2. Only bank notes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq. 3. The CBI may, by regulation, limit the amounts of banknotes and coins that must be accepted as legal tender in payment for an obligation and restrict the denominations of such banknotes and coins in which payment may be made to specified amounts or a range of amounts.

Death is a fact. Resurrection a 2000 year old story that there is no way to confirm. Until, at least, you are dead. And I don't put much faith in folks who say they talk to dead ancestors. As for massive, overnight RV's, because one has never happened, they are as apocryphal as unicorns grazing in fields of flowers.

Someday, someone might find a herd of magical unicorns frolicking in a field of daisies. But that is no reason to believe that unicorns exist. Someday, a dolphin may swim up to you, speak with a British accent, and say "So long, and thanks for the fish," and rise into the heavens on the way back to its home planet. But that is no reason to believe that dolphins are really space aliens. Someday, Iraq may do a sudden, massive, overnight RV of it's currency and declare its currency worth more than all the money in the world combined. But that is no reason to believe that a small middle eastern country with little more than a bunch of oil underground and mounting debt, will magically change near worthless Dinar into trillions of USD. Magical thinking is little more than hope on a rope.

Nelg, the fact is that a sudden, massive, overnight RV like everyone is anticipating has never happened. The fact is that to believe that Iraq can produce such a sudden, massive, overnight RV requires you to believe that all financial information being publicly released by the GOI/CBI is bogus...which is what most Go Rv'ers claim. And requires that you make tortured interpretations of poorly translated documents written in a language you have no hope of understanding produced by people whose culture you do not understand. The fact is that there have come and gone hundreds of benchmarks that people here argued with great sincerely would be the benchmark that released the massive, overnight RV. The fact is that Iraq has never claimed it had any intent or ability to do a massive, overnight RV. In fact, they seem to be struggling financially, having to borrow money that still doesn't meet their basic needs. I know it is popular to use "no one knows what Iraq will do" as a way to keep the sudden, massive, overnight RV dream alive. But, honestly, there is simply no reason to believe that Iraq can pull off a singular event in history, a sudden, massive RV without desending deeply into conspiracy theory and baseless speculation. I believe Iraq has a future, and that they will grow economically as stability increases and they diversify their economic base. But that is years away. They can't say one day, "we are now starting a market economy" and the next day have folks parking their camels at one of hundreds of Wal-Mart big box stores around Iraq. The economic, security and physical infrastructure simply isn't there to support it. A lot of people, it seems, are engaged in magical thinking.

Do not be troubled by all his trouble! Guru Backdoc confirms that Iraq dropped the zeros today just as they promised.

I dunno. It's hard enough to get an investment to pay off, even when you understand the language and the culture. Time will tell.

And what happens to those whose only recourse is hope if Iraq should lop or not allow exchanges of large amounts of Dinar outside the country? Despite the constant glib assurances that everyone knows it's speculation and a gamble, that isn't the vibe that prevails here. Is their only recourse if things should go bad to jump off of rooftops? Or do they shrug and move on to the next dream? If all your hopes and dreams are vested in a box of pretty colored paper, what do you do if one day you find that paper is worthless? That's a pretty heavy load to put on someone's shoulders.

I have watched for several years here unbridled enthusiasm over a huge RV at any moment result in the same outcome as the opinions of the most downer lopster. No RV. Interpretation after interpretation of badly translated news articles, benchmark after benchmark that "must" trigger an Rv, and even prayer and supplication have flowed under the bridge by the most ardent supporters of the RV...and it still has not RV'ed. I understand the social club aspect of a shared dream. But to create a place to banish those with other opinions to help keep the dream alive is more cult like than social club. It's like I walked into your tavern and told you your roof was on fire. "Dude, your roof is on fire!" "Oh, man, you are just trying to bring everybody down. Sit down and have a shot of Jack Daniels. In a little while, you will feel much better."

It's simple. Folks who suggest everything is not sunshine and roses are bad for the bottom line.

The only way it makes sense is if they are going to maintain the current exchange rate. But, then, nobody wants to hear that.

I've never been convinced that the CBI had enough consensus in the GOI to lop; but, they could certainly ultimately switch one note of each denomination, for a newly designed one, every couple of months, demonetizing the old design, until there are no more of the old design left. This would be a nightmare scenerio for people outside of Iraq holding Dinar. It's very unlikely dealers in the U.S. would be willing to make that switch here. So, Iraq, gradually, over the year, solves their problem with currency outside the country, doesn't have to RV until few outside Iraq have any of the new currency, and saves themselves a fortune.

Despite all the pixels that have been wasted trying to spin the impact of the demonetization of the 50 Dinar note, the fact remains that in a couple of months it will be worth nothing. I'm wondering how many of the ones saying it's all just smoke will still be hanging onto their 50's in two months? Playing chicken with the CBI seems like risky business to me.

I think the CBI has just called the GOI's bluff. "You want us to stop the auctions...o.k., we stopped the auctions. Good luck with that." The Iraqis seem to have the economic IQ of a lizard.

The more oil you pump, the less valuable it becomes. I can't see how Iraq flooding the world with oil is going to help them economically. And when they RV, it becomes massively more expensive for foreign interests to invest in the country.

$91,724,000 sold at auction 7/02. So much for the $74 million cap. Apparently, the cap referred to something else.

Central banks don't do fractional banking, only commercial banks.

Yeah. I know they are trying to stop all the fraud that has been going on; but, it seems to me limiting the auctions would only drive the value of the Dinar down, not up. The auctions have been one of the very few things that have worked for the GOI over the last several years. They have succeeded in keeping the Dinar relatively stable.

I think the prevailing theory among Go Rv'ers is that the Dinar is NOT a liability, but a huge asset, because the US Treasury, not Iraq, will buy all of those RV'ed Dinar from the people, and use it to buy billions of barrels of oil from Iraq over the next 50 years. Although, I'm not sure what the U.S. Government would do with oil, since it has no refineries.

"Yes they do, since they are stating the value of the assets in Dinar. If the value of the Dinar changes, the value of the assets will be restated using the new exchange rate." The stuff in their reserves are US Dollars. I'm not sure how a dollar's value would decrease just because Iraq revalued the Dinar. If they have $70 billion in reserves now, they will have $70 billion afterwards...well, until they cash in all of the U.S. Dinar holders, then they will be trillions of dollars in debt.