TensDinarDen: B.I.W., MarcusCurtis, JayP Chat 2-3-12

[DinarThug]

CNN. The Clown News Network. Our Guru Can Beat Up Your Guru !

February 4th, 2012 08:56 am · [b.I.W.] ok jay you tell me what statement you have read in those iraq news storys that you would be willing to bet your house on are facts???

[JayP] the question is.. why would not they NOT do that

[3-BALL] hey Marcus Curtis

[JayP] I would be willing to bet my house on it TODAY

[MarcusCurtis] hello room

[b.I.W.] on what

[MarcusCurtis] Hi 3-ball

[JayP] every redenomination has gone down that way.. regardless if we like it or not..

[b.I.W.] like it or not

[JayP] they ALL call it a deletion of zeros..

[JayP] removal of zeros..elimination of zeros.. etc..

[JayP] that is what they call it…

[b.I.W.] im not a dreamer or a pumper

[JayP] and in every case.. they redenominated

[b.I.W.] you think im giving pumper ammo …. lmao

[MarcusCurtis] k the topic is redenomination?

[*Tenmillion] 2008 ~ GOI spent over (IQD) 4 trillion (USD 3.7 billion) domestically in both May and June, and over IQD 3 trillion (2.5 billion) in July. Yet current account balances at the CBI remain high as it continues to remove IQD from the economy by appreciating the dinar against the dollar through its foreign exchange (FX) auctions. To keep inflation in check, the CBI has soaked up IQD 17.9 trillion (USD 15.1 billion) through FX auctions so far in 2008; over the same period, the GOI has transferred IQD 17.9 trillion for domestic expenditures.

[b.I.W.] really

[JayP] I know your not…

[JayP] hi Marcus!

[MarcusCurtis] Hi jayP how are you?

[*Tenmillion] hi Marcus!

[MarcusCurtis] I got my own view concerning RD

[JayP] Great! Fun topic this evening!

[b.I.W.] you guys believe what you want i will believe what i want imho those (000) ARE A TOOL THE CBI USES TO EFFECT THE MOVEMENT OF THE IRAQI DINAR

[MarcusCurtis] Hi Ten how are you

[*Tenmillion] wonderful

[JayP] and they are thinking that maybe the CBI Numbers are not true because it does not jive with the numbers of the currency outside of the banks

[*Tenmillion] lol

[b.I.W.] ok bro

[b.I.W.] i said

[b.I.W.] i think somebody’s numbers are off

[JayP] Well, we would just have to agree to disagree there that is all BIW.. I respect your opinion.. but I will just go based on historical facts..

[3-BALL] I don’t think they have 27+T outside

[MarcusCurtis] even if they only have 10 trillion they can’t raise the value to 1.00 with that muc

[b.I.W.] now iraq news storys are historical facts LMAO

[b.I.W.] Now i have heard it all

[3-BALL] Marcus how about a dime to begin ?

[*Tenmillion] MarcusCurtis What is your opinion on Iraqi NEWS ARTICLES?

[MarcusCurtis] well there is one thing that I don’t understand

[b.I.W.] HI MARCUS

[JayP] BIW… C’mon bro.. you know as well as I do.. I am talking about every nation that did the same thing

[MarcusCurtis] according to wikileaks files i have read

[MarcusCurtis] one of iraqs stated purpose id to dedollarize

[JayP] I am not just talking about Iraqi articles

[MarcusCurtis] does anyone agree with this?

[*Tenmillion] yes, I agree

[JayP] yes.. they have stated that as well Marucs..

[3-BALL] which would put them at least $1

[*Tenmillion] they would like to de-dollarize

[MarcusCurtis] It is pretty well documented

[MarcusCurtis] so if they want to dedollarize they have a problem

[MarcusCurtis] if they rd they only have at the current figure outside of banks 25 billion in dollar value

[parrish] Not at all. I think they RD and raise the rate.

[MarcusCurtis] that is not enough to dedollarize

[MarcusCurtis] so whats Iraq going to do?

[b.I.W.] and for the record i never said they were not going to redenomate. I said the (ooo) storys were tools the cbi used. I feel that they will have to issue new currency but in order to do that they will have to add value to the new currency or they will be in the same boat they are sailing now… too much paper

[MarcusCurtis] They need to expand the currency supply in order to fill the gap for the dollar

[MarcusCurtis] now…

[MarcusCurtis] consider that the budget is some 90 trillion in dinar

[b.I.W.] i agree marcus

[b.I.W.] lmao

[MarcusCurtis] they don’t have that much in circulation

[MarcusCurtis] that is dollars converted to dinar

JayP] What is the US Budget

[MarcusCurtis] they need around a 500 billion dollar value for their currency to replace the dollar

[MarcusCurtis] at the lowest a trillion at the highest

[MarcusCurtis] so this means if they RD they need to expand the currency supply 50 times to cover what the dollar does

[MarcusCurtis] point to one RD where this was done

[MarcusCurtis] even in a hybrid

[JayP] Marcus.. do you know what the money supply was when they had a rate of 3+?

[MarcusCurtis] A hybrid would be a two for one ratio

[MarcusCurtis] just as an example

[MarcusCurtis] kind of like france did

[MarcusCurtis] and a few others

[b.I.W.] thats easy it was less than what they exchanged in 2003-04

[MarcusCurtis] If Iraq does an RD they are stuck with the dollar for a long while to come

[MarcusCurtis] thats if they RD straight accross

[MarcusCurtis] not sure the exact number

[MarcusCurtis] of the money supply

[MarcusCurtis] I am not saying it will be 3.00

[MarcusCurtis] or even a 1.00

[MarcusCurtis] my only point is an RD is not always something that provides stability

[3-BALL] their budget is 120T dinar

[3-BALL] and with 30T dinar out

[MarcusCurtis] thats just the budget

[JayP] that is true.. and many times.. after a Rd.. many countries had to do it again after that..

[3-BALL] doesn’t seem feasible to me

[JayP] but that does not stop them from doing it though..

[MarcusCurtis] what about money for circulation and for the people to use

[MarcusCurtis] I am not saying that will stop it

[MarcusCurtis] I am saying there may be a sliding scale combined with an RD [MarcusCurtis] to take the currency down to where they need it [3-BALL] I don’t see them rd until after rv

[b.I.W.] stop with the cover the budget in dinar

[b.I.W.] no

[JayP] well, that I can agree with which would be possible.. a possibility I can live with,..

[b.I.W.] they have dollars

[MarcusCurtis] And now with dollars getting scarce they can’t afford to make a lot of mistakes

[b.I.W.] the budget is in dollars

[JayP] because we would more likely come out ahead that way

[MarcusCurtis] the budget is in dollars but the convert and give a dinar value

[b.I.W.] their budget is dollars

[MarcusCurtis] well most of it

[b.I.W.] heres kool email we found

[b.I.W.] Sept. 5, 2008 ~ The CBI, which had injected IQD 8 trillion (USD 6.7 million) worth of new dinar notes earlier in 2008, informed us that it expects a cash shipment of IQD 800 billion (USD 670 million) to arrive shortly. This shipment will consist of 32 million IQD 25,000 (USD 21) denomination notes and be sufficient to meet roughly one week of cash demand. The CBI has ordered a total of approximately IQD 3 trillion (USD 2.5 billion). (Note: TREASATT advocacy and efforts with the CBI led to the GOI being willing to accept currency printed at DeLaRue’s Nairobi, Kenya facility, which has spare line capacity. This should allow regular cash shipments to begin.

[b.I.W.] same email as the others

[b.I.W.] so imho they are facts

[b.I.W.] those (000) stroys are just that

[JayP] facts or not.. it does not take from what why currently have out there..

[JayP] the 000 stories are not stories.. they are quotes..

[JayP] quotes that Shabs or Saleh have never come out and stated are lies

[JayP] nor are lies by them..

[MarcusCurtis] heres the thing

[*Tenmillion] but Jay….in 2008…did the CBI numbers reflect that post up there?

[JayP] and I do not think that the CBI would just put out fake CBI numbers in their financial indicators..

[MarcusCurtis] point to one RV that was over 50 percent during the entire history of money

[b.I.W.] 2008 ~ How the CBI handles growing demand for the dinar will be critical, in particular on expectations management and injecting dinar liquidity into the market. The TF-BSO consultant notes the CBI is taking this situation very seriously, and when she was at the CBI this morning all the key managers were going to a meeting on the issue. She also said she had never seen such a long line of armored trucks snaking around the block waiting to get dinars in her entire three years consulting with the CBI. The CBI also issued an immediate press release today to dispel the rumors of sudden appreciation to 1,000 dinar per dollar or lobbing off any zeros to the exchange rate. The CBI’s foreign currency auction’s daily volume has fluctuated, but not substantially diminished.

[b.I.W.] The CBI also issued an immediate press release today to dispel the rumors of sudden appreciation to 1,000 dinar per dollar or lobbing off any zeros to the exchange rate.

[JayP] Marcus.. never.. I have never seen an instant RV that high

[b.I.W.] seems like when they want to say something they do

[b.I.W.] all im saying

[MarcusCurtis] exactly JayP

[MarcusCurtis] There has never been one

[JayP] BIW… your own thing you posted proved my own point..

[JayP] they said it right there…

[JayP] The CBI also issued an immediate press release today to dispel the rumors of sudden appreciation to 1,000 dinar per dollar or lobbing off any zeros to the exchange rate.

[b.I.W.] correct and that was an offical statement

[MarcusCurtis] So if you believe the RV will happen overnight and everyone will have a windfall then you got to believe in something that has never happened

[b.I.W.] not some micky mouse web site

[JayP] they are saying right there.. that they are denying the rumors..

[JayP] right…

[JayP] and it goes with exactrly what they articles are saying!!!

[b.I.W.] i think that was in their web site bro im looking now

[JayP] no 1000x increase.. no lobbing zeros off rate.. meaning.. that if they delete zeros.. it is not just off the rate..

[JayP] it is a redenom..

[b.I.W.] like i wish just 1 of those (000) storys would be then i would shut up

[JayP] BIW… you just posted that..

[JayP] that isn exactly what they articles are and have been saying..

[*Tenmillion] the issue is …..ARE the 3 zero news articles credible?

[JayP] that they would delete the zeros (which is a redenomination)

[3-BALL] NO

[*Tenmillion] can we believe them?

[3-BALL] NO

[JayP] NOT a 1000x increase

[JayP] which would only involve lobbing zeros off the rate

[b.I.W.] jay i never said they would not delete the zeros… where did you get that from?

[MarcusCurtis] I can’t get over the amount of different information about this in news articles

[MarcusCurtis] its like watching fox and msnbc at the same time

Raffi] MarcusCurtis

[b.I.W.] i just said since the normal tools a cbi governor has at its disposal doesnt work in iraq

[*Tenmillion] right…so can we believe everything we read???

[b.I.W.] ok lets look at what they can do

[JayP] well, I have been watching those articles closely.. and they have all stated the same thing about the deletion of the zeros.. and they have also been clear… 25K would be 25.. 50K would be 50.. etc

[b.I.W.] they can lower intrest rate

[b.I.W.] wont work they dont loan money

[MarcusCurtis] we can’t believe everything we read or hear in the media

[b.I.W.] you can sell bonds

[MarcusCurtis] I do think the CBI has to be transparent

[b.I.W.] only sell to banks wont work

[b.I.W.] ok what other tools does a cbi governor have to use

[JayP] well, true Marcus.. but if we banked on that with Nigeria, Romania, Turkey, Zimbabwe, etc.. we would have lost a lot of money..

[JayP] and I think that we are making a grave mistake if we discredit the same stories Iraq media is putting out

[MarcusCurtis] true Jay

[*Tenmillion] they can use the auctions to draw in dinar

[*Tenmillion] no?

[MarcusCurtis] but even with a RD it leaves the issue of how are they getting rid of the dollar

[parrish] So JayP what is the end result?

[MarcusCurtis] and how are they going to expand the currency supply

[JayP] well, let me ask about the auctions for a moment.. because Ten brings something up that I think is another important topic..

[MarcusCurtis] because they will need to expand the base by a great deal

[MarcusCurtis] ok

[3-BALL] so a simple rd won’t get it done

[JayP] well, that is true Marcus.. but that is why i am curious about what the supply was when they did have a 3+ rate…

[JayP] but about the auctions..

[MarcusCurtis] I am not sure I think it was around 40 trillion

[MarcusCurtis] but don’t quote me

[JayP] I do not think that it was that high..

[JayP] I actually think that it was in the billions..

[MarcusCurtis] but the economy is different you can’t go by that

[MarcusCurtis] I meant 40 billion sorry

[JayP] it was one of the 4 times I blew the HD

[parrish] 27 billion

[b.I.W.] but they are selling dollars at the auctionand getting payed in dinar

[JayP] yes… I think that is about where it was Parrish.. somewhere between 30 and 40B

[JayP] so logically..

[MarcusCurtis] thats back when oil was 15 to 20 dollars a barrel too

[JayP] if they RD…

[JayP] they can have a $2 rate..

[JayP] so logically..

[JayP] still be covered by the Fx reserves 100%

[JayP] and have ample supply

[b.I.W.] but they are selling dollars at the auction and getting payed in dinar

[JayP] yes… I think that is about where it was Parrish.. somewhere between 30 and 40B

[MarcusCurtis] thats back when oil was 15 to 20 dollars a barrel too

[MarcusCurtis] the problem is the economy is structured differently today

[MarcusCurtis] you’ve got to account for inflation

[b.I.W.] since when does a country have to cover its money 100 percent

[parrish] Actually 3+

[JayP] BIW…

[MarcusCurtis] and you got to account for rebuilding

[JayP] you know as well as I do..

[JayP] the CBI has stated that

[JayP] this is what they want..

[b.I.W.] you think the imf is holding gold for the usa to cover all it’s paper

[JayP] and they have stated they have, and desire to have the strongest currency in the region.. and that is what they are referring to

[b.I.W.] why does iraq have to cover all it paper?

[MarcusCurtis] I don’t know

[JayP] not the USA we are talking about BIW..

[MarcusCurtis] I do know the IMF is the third largest holder of gold

[JayP] Iraq.. it is what they have stated

[b.I.W.] well you want to throw other countrys into things

[b.I.W.] just saying

[JayP] BIW.. we do not back our dollar 100% by Fx reserves

[JayP] but Iraq does…

[JayP] and has stated their desire to do so

[JayP] that is the difference

[JayP] but a redenomination is a redenomination.. no matter what country you talk about..

[b.I.W.] Where the IMF Gets its Money

[b.I.W.] The quota system Each member of the IMF is assigned a quota, based broadly on its relative size in the world economy, which determines its maximum contribution to the IMF’s financial resources. Upon joining the IMF, a country normally pays up to one-quarter of its quota in the form of widely accepted foreign currencies (such as the U.S. dollar, euro, yen, or pound sterling) or Special Drawing Rights (SDRs). The remaining three-quarters are paid in the country’s own currency

[JayP] I know, but a redenom.. it does not affect the money they hold..

[*Tenmillion] So Jay….how would they solve the problem of a limited money supply after an RD?

[MarcusCurtis] according to lyndsey williams the IMF gets money from oil sales too

[b.I.W.] so they pay a percentage of what they are going to print ??

[JayP] in this scenario… that point is not relevant since it would be a revenue neutral for them

[b.I.W.] http://www.imf.org/external/np/exr/facts/finfac.htm

[JayP] the IMF is not holding Dinar as a speculator that it would gain in value

[b.I.W.] im asking how much iraq has to give the imf to print 30 trillon dinar

[JayP] well, Ten.. they would need to print.. but I am not sure they would be too limited imo..

[*Tenmillion] I think they would like for it to gain in value at this point to help Greece, etc. LOL

[MarcusCurtis] BIW

[JayP] I wish that were true Ten..

[b.I.W.] ok im asking a real question here

[3-BALL] Greece and etc.

[b.I.W.] how much you think iraq had to give the imf to print 30 trillon dinar?

[MarcusCurtis] Don’t know the answer

[b.I.W.] 10 percent

[onemillion] well lets some facts straight…. for one thing i never said it was not going to redenominate

[kwekubruni] i am his cousin brother by a different mother

[JayP] well, to his point.. the CBI has stated that it would cost about 153B to create the new notes.. which they stated would be 30B

[onemillion] i have alway said they would come out with a 25 a 10 a 5 a 1 a 1/2 and maybe a 1/4 note

[onemillion] this is a what i said long time ago

[onemillion] as for the (ooo)storys

[onemillion] i never said they were fake

[onemillion] i said they were a tool used by the cbi

[MarcusCurtis] In a Redenomination scenareo how can they dedollarize and expand the dinar currency to the amount they need if they RD straight accross?

[JayP] ok..

[*Tenmillion] my question too

[JayP] well, here is my response to that..

[MarcusCurtis] k

[JayP] for one.. I am not entirely convinced that a total M2 money supply of nearly 69B if they were to redenom today would be insufficient..

[MarcusCurtis] even so that is not enough

[JayP] so I would need to get more info to say that it would be..

[JayP] If it weren’t then there is no reason they could not print if they can.. which I see no reason that they could not.. but either way… [*Tenmillion] so we are assuming no RV….just a straight Redenomination?

[JayP] yes.. straight Rd… but.. that is the other thing ten.. they technically could Rv with it as well though..

[*Tenmillion] right….but the question….I think….was just a redenomination

[DDF] JayP why do you think a rd?

[JayP] I mean.. I guess they could if you look at what they money outside of the bank would be today if they were to

[MarcusCurtis] If they need 500 to 1 trillion in dinar for their economy after an RV and they wind up with 25 billion after RD thats a lot to print

[MarcusCurtis] or even expand the base by that much

[MarcusCurtis] they need a healthy base but it will take time to expand it

[JayP] DDF.. in all fairness.. not that I think they will RD so much as that I am just saying that is definitely what they CBI wants to do.. and that the articles are correct in what they were quoting the CBI as saying..

[MarcusCurtis] they need at least 90 billion just for the budget

[JayP] that is what started the whole discussion..

[MarcusCurtis] not counting what they need for circulation

[MarcusCurtis] and money for people to save

[MarcusCurtis] and money for rebuilding

[MarcusCurtis] so the question is why redenominate straight across

[Chuckles] and then what is the real loss in the scenario?

[MarcusCurtis] to shrink it down to here they need the supply they would just do a hybrid RD

[MarcusCurtis] The object is to remove the dollar

[DDF] MarcusCurtis what is a hybid

[MarcusCurtis] which currently fills 75 percent of the gap

[JayP] Now that is something that I can consider as a possibility.. I mean they point to nations like Romania and Turkey that did not do any sort of hybrid, however, that does not mean that they would not do that…

[MarcusCurtis] hybrid is a redenomination process where they don’t RD staight across

[JayP] so, I can buy into the hybrid scenario..

[MarcusCurtis] for example they may give a ratio of 2 for 1 and adjust the currency higher in value

[MarcusCurtis] to have the supply they need

[MarcusCurtis] the problem here is Iraq stated they want to remove the dollar because they are heavily dollarized

[MarcusCurtis] but the dollar accounts for 80 percent of their budget

[Chuckles] this is what happened with the Euro because so manycountries did it at once some had a (hybrid/mix) of exchanges LINK

[MarcusCurtis] and it is in circulation around Iraq

[MarcusCurtis] thats why it’s a big deal if there is a dollar shortage

[3-BALL] the dollars are leaving the country and now shabs has tostop that

[MarcusCurtis] yes he does

[MarcusCurtis] and how does he do that

[MarcusCurtis] dollars flow in

[MarcusCurtis] because oil is sold in dollars

[MarcusCurtis] so over time the dollars gone will be replaced

[Chuckles] as Marcus has stated with reserves each country allows to set what foreign reserves they will accept so when a nation decides to switch currency ISO/GSS whatever you have to take into account all these aspects

[Chuckles] we see this with Iraq not wanting the Iran currency

[MarcusCurtis] right chuckles

[DDF] so that means I should just sell my dinars if it is going to be a rd?

[DDF] on ebay

[Chuckles] they don’t want to pay dollars for Riyal

Chuckles] hence we see a restriction

[MarcusCurtis] no that means the that there is still the possibility to make money off the dinar even in the event of an RD

[MarcusCurtis] but…

[MarcusCurtis] I doubt it will be a majic windfall that makes everyone millionares overnight

[MarcusCurtis] you could still make some serious money from it

[MarcusCurtis] but not the amount a lot of people think

[JayP] I think that long term, no matter what, even in a straight RD..

[MarcusCurtis] because in a hybrid lop there is a sliding scale

[JayP] providing that we can find a trader to exchange for us.. that with the new notes, there is no doubt going to be money made..

[MarcusCurtis] durring the trade you don’t trade straight accross

[cls] do i have to be heavily invested to make ,, some big bucks ???

[MarcusCurtis] kind of what france did

[MarcusCurtis] even Turkey’s redenomination was not straight accross

[JayP] it also depends on what you consider big bucks though cls..

[DDF] so if rd what will a 25,000 note be worth

[JayP] well, according to the CBI quotes.. a 25K note worth 21.5 USD

[MarcusCurtis] I do know that in order to remove the dollar and use the dinar exclusively in Iraq you would need to greatly expand the dinar from what it is now during an RD

[JayP] well, according to the CBI quotes.. a 25K note worth 21.5 USD

[MarcusCurtis] In a basic rd A 25,000 note would be 25

[kwekubruni] jayp…that means it would 860k usd per million iqd/

[JayP] realistically though Marcus.. in a hybrid a 25K can be worth 215.00 though..

[kwekubruni] ?

[MarcusCurtis] but the value compared to the USD could be 2 dollars to one dinar

[JayP] would you agree with that possibly Marcus?

[MarcusCurtis] which means that that note would be worth 50 us dollars and 25 dinars

[MarcusCurtis] yes JP that is realistic

[MarcusCurtis] even a little conservative

[MarcusCurtis] but the new notes will be worth more compared to the usd

[MarcusCurtis] thats how you make the money

[Chuckles] though in every redenom the actually value historically goes down, correct? Initially

[*Tenmillion] oh thanks Chuckles lol

[MarcusCurtis] you can go anywhere from braeking even to gaining 10,000 to 50,000 per million in this senario

[Chuckles] just reminding folks of precedence

[JayP] whew.. finally.. I am not the one with something less than promising…. lol

[MarcusCurtis] that is equvilant to a rate of 1 cent to 5 cents

[MarcusCurtis] in the fictional RV

[MarcusCurtis] but that is still not a bad deal

[MarcusCurtis] there is the possibility you could lose everything too

[MarcusCurtis] nothing is set in stone

[Chuckles] yeah 250 would be a sweet spot

[JayP] Chuckles !

[Chuckles] to 1

[MarcusCurtis] yes it would

[Chuckles] like the swiss dinar, wait that was 150..crap

[Chuckles] oops, don’t blame blame the crown

[Chuckles] rofl

[MarcusCurtis] Ok I will blame the umm crown royal no more drinking for you

[*Tenmillion] crown royal???

[*Tenmillion] LOL!

[Chuckles] LOL!

[MarcusCurtis] are you driving home tonight

[Chuckles] 12 hour days rot your brain

[MarcusCurtis] give me your keys

[Chuckles] no Im home now, thank dog

[Chuckles] nobody knows but it’s sure a good education for sure

[Stryker365]

[MarcusCurtis] that is dollars converted to dinar............bingo this is what I've been saying for the longest time. Thanks Carrello for sending this to my attention. Just sent you an email, let me know what you think.

[Patriotic_mess]

[b.I.W.] The CBI also issued an immediate press release today to dispel the rumors of sudden appreciation to 1,000 dinar per dollar or lobbing off any zeros to the exchange rate.

I would like to see this article.

[srdedeaux]

Very Interesting, but it would take 3 economist to figure it out, Oh yea that would be you guy's! OK let's do it NOW..................................! GO RV RD RI......

[keepmwlknfny]

I dont think that only having 25 billion or so dinar in circulation would be the problem after a RD.....They talk about the budgets and how much more they are then the amount in circulation but the budgets are funded practically completely from oil sales.....

Im surprised no one touched on that subject....They would still have a fairly large money supply for being a smaller country....it would all grow as their economy grows...would take some time but none the less it would happen...

[jeepguy]

also the oil deal-----with the iran crap in the mix,,,the iraq oil is going too be 150.ooand up easy---- the budget i think is set on 86.00 barrel?? ----but i also have long thought this would be a double deal,, if we can start in the 1 million worth in the area { 86,ooo u s dollars } this is the first of many steps ahead,, still a good sweet spot and with this number a lot of re buys into the dinar system ,,,{thinking the rate at the above number would be in the .05 too .20 area} this would bring a land slide of speculators and investors { pending on chapter 7 release on investments} all just my thinking ,,,,,,thanks for all in formation too folks involved in above chatter ------- they did forget one thing ----------when WHEN hehehehehe

[abutchbaker]

Oh great do we have an RV yet................

[katie45]

I think it is very important the point Marcus makes about money supply, yet these other participants did not want to hear it. Seems to me, they are obsessed with re-denomination.

[MarcusCurtis] so if they want to dedollarize they have a problem

[MarcusCurtis] if they rd they only have at the current figure outside of banks 25 billion in dollar value

[MarcusCurtis] that is not enough to dedollarize

[MarcusCurtis] so whats Iraq going to do?

Not to mention they owe the USA close to 1 trillion in war debt.

GO RV!

Edited February 5, 2012 by katie45

[keepmwlknfny]

I think it is very important the point Marcus makes about money supply, yet these other participants did not want to hear it. Seems to me, they are obsessed with re-denomination.

[MarcusCurtis] so if they want to dedollarize they have a problem

[MarcusCurtis] if they rd they only have at the current figure outside of banks 25 billion in dollar value

[MarcusCurtis] that is not enough to dedollarize

[MarcusCurtis] so whats Iraq going to do?

Not to mention they owe the USA close to 1 trillion in war debt.

GO RV!

Yes, it would leave a lil over 25 billion outside the banks but thats no different from what it is now.....if the dinar had more purchasing power within Iraq, I dont think its unlikely that you would see the use of USD start to dwindle.....