MED chat

[moose 57]

.05 I would hold out unless I KNEW there was a time limit.

Do we really "know" anything ?

[Alex38]

Do we really "know" anything ?

exactly.

[rcrge]

Link please

[eddiemac]

.05 gives no trust in the dinar to the Iraqi people to quit using the USD...

I have to agree 100% makes no sense, They go to the big boy summit and are wearing thier Winnie the Pooh underwear? Nah I dont think so, also like you said what would make them stop using USD if that were the case?

[sportfisher]

200,000 iqd is the existing pocket carry cash limit for Iraq borders. $10,000 USD is the existing pocket carry cash limit for US borders.

any more than that requires a declaration of excees cash. And yes, if you make an exchange rate out of those numbers it would be 1 IQD = .05 USD

Lets see the "OFFICIAL GOVT DIRECTIVE"

[TimS]

I don't believe it would come out that low. I think that this is "disinformation" out of Iraq.

They must have figured it would "leak" to dinarians.

That rate, .05, just seems ridiculous, with the wealth we know that country has.

How can you make that statement???? You cannot look soley at the countries assets without looking at how much dinar is in circulation......if there is trillions out there, then the 5 cents is more than reasonable. There is not even 25 trillion dollars worth of currency floating around the entire world....you think that Iraq has enough assets to cover a $1 RV and add another 25 trillion dollars or so worth of currency into circulation overnight???? Come on....think it through. No way, never gonna happen.

What would happen if Iraq introduces a $1 Rv and then after 3 years civil war breaks out......you would have doubled the world currency in circulation value, then the bottom falls out for everybody because the Kursd hate the Shiites who hate the Sunnis. Currency value is not just assets, it's confidence in the GOI and the ability to produce those assets for the rest of the world to buy. Nobody gets anything if another war breaks out because all the refineries get bombed and the infrastructure gets bombed and oh wait....that's what we have today! That country is a time bomb run amok....anything can happen at anytime with that group of zealots....then we have Iran and China in the mix for good measure. This is simplistic, but you should get my general drift?

a 5 cent RV would be a 50 to 1 return on our investment....talk to anyone who trades currency, 5 cents would be awesome...JMHO

[sams401k]

It's something

But...I swear this is not new and I remember reading the same amounts months ago.

At least that's what I remember...

[firefighter_218546]

.05 isn't enough but I would cash in a little, than wait for it to go up to cash in the rest

[Snatcher]

Heck no, I wouldn't cash any in at that price I would hold until the rate went up. Nothing under .5 for me.

[shabbadude]

It sounds a lot like misinformation. The only problem with such a low rate is that according to the IMF agreement, they can only appreciate the IQD at 2% every 90 days.

Granted it's way faster than the appreciation rate of the last 8 years... but at that rate they'll probably sink before they ever get out of the harbor....

[MovieMaker]

Crazy news all day long! I love news... means things are happening!

[Parrish23]

If there's any information released of a rate from the government "pre-RV" ------smoke------

[Maggie123]

It sounds a lot like misinformation. The only problem with such a low rate is that according to the IMF agreement, they can only appreciate the IQD at 2% every 90 days.

Granted it's way faster than the appreciation rate of the last 8 years... but at that rate they'll probably sink before they ever get out of the harbor....

Yes That is what I understand too..

That would limit them way too much.

They need to come out at a rate they can live with for at least a Year! MHO

Fortunately or Unfortunately IMF Rules Us and Iraq.

[RRSport]

Med chat 3-12-2012 6:00 pm Eastern

TO ALL GOVT EMPLOYEES IN IRAQ THIS IS THE LINE WE MADE UP HERE IN TYS OFFICE AFTER TALKING TO ALI CARE ABOUT

MED says to (17:08:31):

• Carrying or transporting currency exceeding 10,000 USD cash or its equivalent (approximately 200,000 Iraqi Dinar) is prohibited. Movement of money exceeding this amount must be made through the banking system.

FIXED!

Edited March 13, 2012 by RRSport

[20MillionDinar]

I am amazed at how many people here do not see a $0.05 RV as being a HUGE RETURN on their speculative investment! This is currency we are talking about.

People trade currency everyday and this type of move is beyond HUGE!!!!!!!!

Think about this:

When gold goes from $1700 an ounce to $1,800 an ounce a trader would make $10,000 trading one standard contract!

Let's look at currency now:

If you bought the USD/JPY (meaning you are hoping for the USD to go UP against the JPY) at 76 and it went up to 82. Trading one standard contract you would have just made at least $6,000! Most of you folks have no idea how incredible a $0.05 RV of the IQD really is...

**Like TimS said, it doesn't matter how high the rate is it has to be in line with how much currency is in circulation, current GDP, etc... I don't know who started the "low rate doesn't show Pride, Power, or anything else..." type of arguments but that really doesn't hold much water in regards to values of currency. In fact, that is complete non-sense! If it did then the most prideful people would be the richest, is this really the case folks?

Right now we would be lucky to see a $0.05 straight up RV from where we are at today.

Edited March 13, 2012 by 20MillionDinar

[DENGOPHER]

Good find thanks

[FreckledFuzz]

200,000 iqd is the existing pocket carry cash limit for Iraq borders. $10,000 USD is the existing pocket carry cash limit for US borders.

any more than that requires a declaration of excees cash. And yes, if you make an exchange rate out of those numbers it would be 1 IQD = .05 USD

Lets see the "OFFICIAL GOVT DIRECTIVE"

http://travel.state.gov/travel/cis_pa_tw/cis/cis_1144.html

SPECIAL CIRCUMSTANCES: Iraqi law prohibits adult Iraqis and foreigners from holding and transporting more than 10,000 United States dollars (USD) in cash out of Iraq. However, adult Iraqi and resident foreigners may hold and transport no more than 200,000 Iraqi dinars to cover travel expenses. Iraqi law also prohibits taking more than 100 grams of gold out of the country. Iraqi customs personnel are taking action to enforce these laws and may pose related questions to travelers during immigration and customs exit procedures. (Civil customs personnel also will verify passport annotations related to any items such as foreign currency, gold jewelry, or merchandise that were declared by passengers upon entry into Iraq on Form-8.) For additional details, please consult the website for the General Commission for Customs (available in English).

As for the $10,000 part- if a US citizen, you must fill out a declarations card each and every time you leave and come back. [been there, done that]

http://www.ehow.com/about_5419214_much-can-bring-united-states.html

No Restriction

• There is actually no restriction on the amount of currency anyone can bring into the United States. However, if the currency is valued at or over $10,000 USD (U.S. dollars), the traveler must submit a completed form FinCEN 105 (formerly CF 4790) declaring the amount and other details about the currency. The traveler must declare the amount of currency and submit this form to customs officials upon entering the country. This rule applies to people traveling together; for example, two people traveling together with $11,000 cannot split the money between themselves to avoid declaring it. Customs officials can provide the form, or travelers can download it from the CBP website.

[rsskelton]

I agree that 5 cents is indeed a lot more than I paid. Unfortunately, at that rate I didn't buy enough so unless there is a time limit to cash in, they won't get mine for that. .....Now, 25 cents and we'll talk, lol.

[Reelemfast]

10 cents is the lowest it can be.

[umbertino]

10 cents is the lowest it can be.

Which translates in ( roughly) 100 times our Investment... I'd say still good......

Would be the very first ( and probably last) time for me to make that kind of profit... Don't know about you guys......

Edited March 14, 2012 by umbertino

[Captjohn]

Seems like that is akin to the requirement in the U.S. to declare money you are carrying when greater in value than 10,000 USD. However, the equivalence to 200,000 IQD is an interesting statement, if true.

[pokerplayer]

I am sorry to all that follow Med, but in my mind he is nothing more then a Lying dork.

Ok, I know its coming, let the bashing begin.

pp

[mrref]

I am sorry to all that follow Med, but in my mind he is nothing more then a Lying dork.

Ok, I know its coming, let the bashing begin.

pp

Ok I'm not about to bash anyone but, how do know that he is a lying dork?

[pbrman71]

Maybe because his lips are moving...lol

[pokerplayer]

LOL, he posts numerous items stating we are close to done. challenge him and you are punted, lied about his service, and did in fact admit it.

call the man out and see what happens, yes he is a liar.

As they say, Nuff said.

pp