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jmw2
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Posts posted by jmw2
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Because some idiot (frank and others) are saying they are....they push the dong because it is cheap...and sounds funny
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Dontlop...maybe you need to re-read my post...I said AFTER release from chapter 7...and since they are currently a pegged currency they have to back it with liquid assets...didn't say they couldn't change it...just where they are right now...if they went to a managed float or float do you think the money supply wouldn't matter any longer?...either way being released from chapter 7 has no impact on the value of the dinar.
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How many economist does it take to screw up a post?...apparently 7
And no one in this group understands the correlation of money supply to assets for a pegged currency?
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Okie would probably announce the wrong date for his own birthday
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Very true but Vietnam & Zimbabwe are not under UN Sanctions, Iraq still is. We are comparing apples & oranges here.
Look at the Strategic Framework to Rebuild Iraq. Currency reform is in there.
Currency reform means stabilization not 100000% increase...can you also define "internationally tradable currency"?...why does it have to be worth more to be tradable?
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Since chapter 7 has nothing to do with the value of their currency, it must be after... Their currency value is based on what they support since they are pegged to the US dollar. Money supply and CBI assets.
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The Tariff Bill is the most crucial Parliamentary legislation we should be focused on.
This will force the IQD become a int'l traded currency of real value.
Iraq cannot join the WTO without a int'l currency of true value.
Look for Iraq's membership acceptance into the WTO,
I could be wrong. Treat this as a rumor. Tell me where I'm going wrong. Your opine, please.
Vietnam and Zimbabwe are both members of the WTO and have a currency that is worth less than Iraq.
http://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm
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Outside of actual articles ....90% of the "intel" / information that is posted at all dinar sites and then re-posted at the other dinar sites is at best incorrect and mostly flat out lies...yet this information is considered good and positive...yet anyone who doesn't agree with it is considered negative and should leave....it's better with balance.
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Keep, I do not know much about the Banking community or there ways, I do know they are the ones with all the money;) I did a google search and this is what I found on Fractional Banking,
Definition of 'Fractional Reserve Banking'
A banking system in which only a fraction of bank deposits are backed by actual cash-on-hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties. Most countries operate under this type of system.
Also known as "fractional deposit[/size]
lending".I also have recently watched a documentary film on the BIS, which in the video they mentioned that it uses fractional banking.
The definition is correct but as Keep stated...it only applies to commercial banks. Iraq has reduced the amount required over the years so member banks will loan more money...the CBI is the one that sets the requirement. As a pegged currency the CBI must back their money supply at 100%...all pegged currencies do.
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Money is debt and the CBI is responsible for covering that debt since it is a pegged currency...and with a M2 money supply in excess of 72 trillion they can't afford much more of a rate then it currently is....if they were to change to an open market float it could group or down depending on what other countries felt the value was...but based on their current assets and oil production I don't see how it could go up much.
Iraq doesnt pay for the dinar that we have during an RV or RI or whatever the case maybe........its a simple currency exchange...they dont pay us for exchanging dinar to us dollars....our govt takes the dinar, gives us the equivelant in US funds and then in this case since its the bigger bills we mostly have they will probly be destroyed....but they could be held in the US reserves to back up the dollar...its hard to know what iraq wants done with the bills after the exchange but anyway you slice it Iraq doesnt pay for the dinar we purchased or pay for an RV.....the rate will be somewhat based on production in the country and goods and services offered and what rate they can justify it being at with out drowning themselves with inflation.....
I'm guessing your opinion here has changed a bit since June of 2010...lol
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Well that's a first
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Did it at least RV in the movie?...now that would be funny
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A couple of thoughts have been germinating on my feeble brain now for awhile, so I am going to through them out there and see what you all think. In an earlier post comment, I mentioned following the money. To that end, consider this, and take it as my question: Think of all the money that is pouring into Iraq on a daily basis...HAS BEEN pouring in now for who knows how long...from the U.S., China, Great Britain, etc. All the money from the oil they are now producing and selling, and natural gas. The money from the auctions. Where exactly is all this money going. The thought of the money involved from just the sale of oil is staggering, but combine that with everything else and it gets a little mind boggling. Where is all the money Mr. Maliki? What is being done with it? If it is being poured into your country, why is it not being used to HELP your country as it's intended? And lastly, why is the world allowing these questions to go unanswered?
Makes me go hmmmmmmm
It's a good question...I haven't looked it up in a while but I believe their oil revenue is about 110 billion per year which is right at what they need to run the country...so that is where the majority of it goes...you are also correct in wanting to follow the money...but instead of looking at what comes in look at what goes out... Specifically their m2 money supply...since that is what will determine what kind of value they can support and back up with reserves and gold.
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Just curious....if I don't believe the way you do then I'm an "old sourpuss" that likes to "wallow in pessimism"...and I'm a "sad sack"...that likes to "burst your balloon" and should leave?... But you also think people shouldn't be bashed or put down... Might be more productive if you asked questions of the ones you disagree with instead of wishing they were gone or thought the same way you do...that way we might all learn something and you wouldn't have to call someone a sourpuss for not believing everything that's posted...just a thoughtAfter reading this here this morning, I believe I have come to the conclusion it might be in my best interests to remain a lurker from now on. It has become more than tiresome...it has become irksome to read the comments of people who do not have a clue, yet believe they know all the answers. They think they can sit there and type their sarcastic remarks, smirking and shaking their heads at the idiocy of all the other members for what they believe, as if they, and they alone know the truth about this adventure. The one simple truth about this entire thing is that NO ONE really knows anything. We are all common people...salesmen, wrench turners, drivers, retired people, etc. We don't know anymore about global economics than we do brain surgery. And yet, the attitude persists that those whose ideas and beliefs are different than our own are stupid. There is an old saying about those traveling on a different road and in a different direction are not necessarily the ones lost.
This forum was reputedly one where a free exchange of ideologies and thoughts could occur without the fear of being persecuted, bashed, insulted, put down, etc. But it doesn't seem to work that way. Invariably, there are the same few sad sack folks here that enjoy popping everyone else s balloon. It's apparently enjoyable to them to wallow in pessimism, and the attempt to justify that by stating they are just being realistic and looking at "the facts".
There are a great many of us here who have been vested a long time. We believe in it. If we didn't, we wouldn't be here. And believe it or not, most of us do not go through our lives in this venture wearing rose colored glasses, or refusing to accept the obvious. What I am saying is that there seems to be an appalling lack of tolerance any more. Tolerance for other ideas, other beliefs, other ways of thinking. So, I say to those who persist in being, as my Grandma used to say, "an old sourpuss", if you are as dissatisfied as you seem to be, then leave. Leave the rest of us alone. Go about your merry way, laugh at us if you think you must, be keep your sarcastic remarks to yourself along with your negativity.
There are a few things that appear to be missing a great deal of the time...not only tolerance, but respect, courtesy, tact, decency, etc. While the lack of using those attributes may not be "illegal" as far as the rules for this forum are concerned, it is none the less extremely tacky, and low class. Rant over, and I now retire to being just a reader. Ezra
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why does skeptic show such animosity towards posts by swfg?
I'm guessing it is due to SWFG making statements as if they are facts but doesn't ever seem to be able to back them up if anyone questions them...
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Looks like they broke the pipe out again.
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Okay which is it?...if they educate their people they have to announce what they are going to do...they are educating them on a RD not a RV...and all countries that RD two prices...one for the old rate and one for the new one...the lower denoms will be the new rate so you could buy something with one of those or 1000 of the old...at least that is what they say they are going to do.They have to educate the people, and no, they would not "announce" an RV a year in advance. Dr. Shabibi stated many times that Iraq would have the strongest currency in the middle east. I actually believe he is still in control of the situation from a remote location also. jmw2, You can not have two prices for the Dinar, won't happen IMO. One price for the old, one price for the new. I believe we shall see what will happen soon.
WM13
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mit,
Think of it this way. Why would they release lower denominations? A 5 Dinar note at today's rate (1166 = 1 USD) is equal to what about 1/2 a penny? Why would you spend the funds to print a 5 Dinar note if it's worth 1/2 penny? It doesn't make sense to print anything lower than they already have unless the value increases. There lowest denomination now is a 50 Dinar note worth about .04 US - if we see lower denominations we are set. In fact I've had a person tell me that has been in Iraq (3 times), they saw the lower notes. (that was a year ago - but we shall see)
WM13
What they have said specifically is that they will drop the zeros and introduce a new currency...which is a redenomination...which is why they need the new currency...both will be used side by side for a period of time...the will be a price in old dinar and a price in new dinar with three less zeros on it....pretty sure they wouldn't announce an upcoming revaluation of 100,000% one year in advance...and I'm pretty sure the Iraqis would continue to dump dinar for dollars if that is what is going to happen...just a thought.
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completely different circumstances than iraq and the iraqi dinar ..
i honestly figured the dinar would of been reinstated long ago .. but the process of a new govt being seated and a new constitution .. a whole new set of laws regulations and banking laws .. has this thing stringing along for quite some time now .... we still may have a couple more years here before we see anything .. if we see anything at all /
Very much agree
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Lots of good news...keep in mind that in the 70's when the dinar was worth much more...their money supply was much less...in the billions not trillions.
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it could be .. they said they were planning around 110 billion dollars in the reserves by jan 2014 ..
the imf says they should stick to their plans of backing the dinar with the dollar and backing the oil with the dfi fund ..
i did like the one article that says at least one recomendation was to use oil in the ground to back their dinar instead of gold and the dollar ..
thats what id like to see .. some kind of monetization of the oil in the ground . at least a portion of it .. ..to back the dinar ..like maybe 30% of the oil and gas revenues .. to service external debts of the dinar ...internal dinar debt only needs backed by goods and services like the rest of the fiat currencys ..
they need to completely re do ..their exhange regime and monetary policy if anything isgoing to happen as far as a rv .. i dont see a hundred trillion dinars getting rvd .. most everyone thinks the same .. i dont think anyone thinks a hundred trillion dinars would amount to anything besides a 1000 to one pegged exchange rate
one penny maybe .. at a value of one trillion dollars ..up to maybe 2.5 cents or 2.5 trillion dollars .. dollars for dinar at 100 trillion .. lol
The DFI fund has basically all been spent...and, in simple terms they are backing the dinar with oil...it's where they get the dollars to back it...they just can't back it with what's in the ground.
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That was almost exactly the same rate as on Aug. 1, 1990, the day before Iraqi tanks rolled into Kuwait and the seven-month ocupation began. The Iraqis susequently put the Kuwaiti dinar on a par with the Iraqi dinar, reducing the value of Kuwait's currency by more than 90 percent, and then outlawed the currency.
Read more: http://dinarvets.com/forums/index.php?/topic/150084-rvs-throughout-history/#ixzz2UxwnV0Gr
It says the Iraqis changed the value....he official rate didn't change
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Where did you find the numbers on the Romanian Leu?...it was a disaster in the 80's and redenominated in 2005
The New Romanian LeuOn July 1, 2005, Romania introduced its new redenominated currency, the new leu (code: RON), which is valued at 10,000 old lei (code: ROL). The process, which is known as redenomination, started in March 2005 when Romania started dual-currency display and all prices had to be displayed in both the old leu and the new leu. Starting from 1 July 2005, the first notes and coins of the new leu became legal tender, and the new leu became the official currency of Romania.
in the 80's if was fixed by the communist government:
Between 1970 and 1989, the official exchange rate was fixed by the government through law. This exchange rate was used by the government to calculate the value of foreign trade, but foreign currency was not available to be bought and sold by private individuals. Owning or attempting to buy or sell foreign currency was a criminal offence, punishable with a prison sentence that could go up to 10 years (depending on the amount of foreign currency found under one's possession). International trade was therefore considered as part of another economic circuit than domestic trade, and given greater priority. This inflexibility and the existence of surplus money due to constant economic decline in the 1980s, mixed with the need for more foreign currency and the refusal of the Ceauşescu regime to accept inflation as a phenomenon in order to attain convertibility, led to one of the greatest supply side crises in Romanian history, culminating with the introduction of partial food rationing in 1980 and full rationing for all basic foods in 1986/87. This was a major factor in growing discontent with Ceauşescu, and contributed in part to the fall of the Communist regime in 1989.
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Topic for discussion......Dinar
in RV & Dinar Questions
Posted
With their current money supply of around 73 trillion IQD a revalue of 1 to 1 would make it worth more than all the money in the world COMBINED...which won't happen...all the reasons you listed for why it should or why it should was a great list of what the so called gurus have used over the years to get or keep people excited about it...but none of them have any thing to do with the value.