IQD is not an Internationally Tradeable Currency. Why?

[skitealwedrop]

I question why IQD is not traded on an international level. Iraq trades with USD. How long can the Iraqi's continue to use our currency to conduct their business? Clearly, we shipped too many pallets of our cash to Iraq.

At some point Iraq is going to have to save face with their buddies in the ME. Trading with the currency of the infidels is not flattering, IMO. At some point Iraq is going to have to get off the USD *** and operate with IQD. I will wait patiently.

[powerpager]

Damned Infidels !!!

[slb]

I question why IQD is not traded on an international level. Iraq trades with USD. How long can the Iraqi's continue to use our currency to conduct their business? Clearly, we shipped too many pallets of our cash to Iraq.

At some point Iraq is going to have to save face with their buddies in the ME. Trading with the currency of the infidels is not flattering, IMO. At some point Iraq is going to have to get off the USD *** and operate with IQD. I will wait patiently.

There is a whole lot of truth in this post.....

[skitealwedrop]

The Iraqi's must find a way to trade with their own internationally traded currency. Pressure should be applied. Iraq has been given a free pass for far too long.

[4aprofit]

CHECK THIS OUT!..Planeloads of U.S. Dollars Being Shipped to Iraq & Still Happening!

WE HAVE HEARD THAT THE U.S. HAS BEEN PUMPING BILLIONS OF USD INTO IRAQ REGULARLY...EVEN STILL NOW TODAY!....I DONT KNOW ABOUT THAT, BUT THIS CNBC VIDEO SHOWS WHERE APPX. 40 BILLION WAS MOVED FROM THE U.S. TO IRAQ, AND LIKE 11-12 BILLION OF THE 40 BILLION WAS SUPPOSEDLY STOLEN...BUT WHAT GET'S REALLY INTERESTING, IS AT APPX. 19 1/2 MINUTES INTO THE FILM, IT SHOWS THAT IRAQ'S DFI FUND, WHICH IS THE "DEVELOPMENT FUND FOR IRAQ", WHICH CONSISTS SUPPOSEDLY OF THE SIEZED ASSETS FROM SADAAM....IT DEPICTS NEAR THE END OF THE FILM, WHERE THE FUND HAS NOT WENT DOWN, BUT ACTUALLY GONE BACK UP TO 60 BILLION AFTER BEING DEPLETED OF THE 40 BILLION, DUE TO OIL REVENUES FROM IRAQ?...WHO IS PAYING WHO AND HOW SOME ASK?....AND IN THE FILM IT SAYS THAT THESE FUNDS ARE STILL BEING SENT OUT, BUT BY PRIVATE CARRIER INSTEAD OF U.S. MILITARY...I WONDER WHO MONITORS THAT?...IT SAYS THE LOADS ARE SMALLER NOWADAYS?...HOW WOULD WE KNOW?...HOW DO WE EVEN KNOW ACTUALLY HOW MUCH THERE EVER WAS THAT EXISTED, OR ACTUALLY HOW MUCH THAT ACTUALLY HAS BEEN STOLEN, OR HOW MUCH IS, OR WILL END UP BEING SENT TO IRAQ...AND/OR IS IT ALL JUST DFI MONIES?...ONLY ABOUT A COUPLE MONTHS AGO IT WAS ON FOX NEWS, WHERE A STATEMENT CAME ON THE NEWS AGAIN, THAT STATED TO THE EFFECT..."THAT GEORGE BUSH WAS RIGHT AND THE IRAQI WAR WONT COST AMERICA ANYTHING".....ALL OF THIS MAKES ONE SAY...WHAT?....AND WHY WOULD THE U.S. STILL BE SENDING MONEY TO IRAQ IF WE DID'NT THINK THAT WE WOULD BE RE-PAID..IF WE ARE SUPPOSEDLY BROKE OURSELVES?....AND IT'S SAID THAT THE U.S. IS SOMEWHAT PEGGED TO THE DINAR...AND THAT THE DINAR IS PEGGED TO THE DOLLAR...SO WHY, UNLESS THERE IS A PLAN?...DOES ANY DEFICIT REALLY MATTER?...IS THIS GOING TO BE THE POST WORLD WAR II MARSHALL PLAN ALL OVER BUT JUST BIGGER?....BECAUSE IF IT IS'NT, DOES IT REALLY MATTER...AS IT WILL ALL BE OVER AND EVERYTHING CRASHED WORLDWIDE ANYWAY IF NOT, AT LEAST MONETARILY!...DOES ANYONE KNOW OF ANYTHING ELSE THAT WILL BAIL OUT THE WORLD'S ECONOMY?...IF SO, NO ONE HAS STEPPED UP TO THE PLATE AND UTTERED A WORD..OR YET!.....ALL OF THIS IS TRULY INTERESTING INFO!!!....

CNBC VIDEO: DATED: 01/10/2012 http://www.another site.com/1/post/2012/02/cnbc-video-the-baghdad-job-iraqs-missing-billions.html

[4aprofit]

CHECK THIS OUT AS WELL................

Funds for SIGIR, agency charged with oversight of Iraq reconstruction, set to expire in March

http://www.washingtonpost.com/world/national-security/funding-for-sigir-ageny-charged-with-oversight-of-iraq-reconstruction-set-to-expire-in-march/2013/01/19/5b6e2c02-600f-11e2-9940-6fc488f3fecd_story.html

Another thing...these are figures a friend sent me regarding some monetary findings on Iraq more presently...Very Interesting.....

280 billion in fed reserve in NY for DFI

60 billion in CBI

We buy billions every month in oil so our dollars go there

I knew there was a lot of money changing hands and/or moving around in regards to Iraq...but it is truly amazing...I just wonder what all we dont know about, that is going on right now in Iraq?...The general populance here in America have no clue as to the wealth that country is sitting on...biblically speaking...just another morsel to chew on here though

Edited January 20, 2013 by 4aprofit

[jeepguy]

this is most likely why maliki has gone --> missing in action ,, there has been a lot of cash disappering from the c.b.i. banking sites, { smaller banks from other area`s iraq } , was thought to have been the kurds, or another tribe insider deal, but ---> where is maliki now and how much cash did or has he made off with ? { not really saying he stole the loot, but the information and maliki missing are very - fishy} ....with the article yota brought over---> the budget waiting on parliment to pass, if they do get the budget passed could this be the ----> START OF THE ENDING, WE HAVE BEEN LOOKING FOR ???

[RodandStaff]

Agreed.... It's about time to wean em off the bottle if you ask me Ski!!!

[Darin]

I question why IQD is not traded on an international level. Iraq trades with USD. How long can the Iraqi's continue to use our currency to conduct their business? Clearly, we shipped too many pallets of our cash to Iraq.

At some point Iraq is going to have to save face with their buddies in the ME. Trading with the currency of the infidels is not flattering, IMO. At some point Iraq is going to have to get off the USD *** and operate with IQD. I will wait patiently.

For all we know, it could be awhile before the IQD goes to an international level. Demand within Iraq for IQD is likely not very high as many citizens prefer the use of the dollar over the dinar.

There can be numerous reasons why the dollar is a preferred choice of currency over the dinar. Instability within the country, little faith in the national government, lack of convertibility, lack of trust, so on & so forth. I find it rather humorous to believe that since a currency has a few extra zeros over another that it does not hold any strength or is considered of little value.

Factors that help determine value generally for currency include economic factors & political factors. Within Iraq, we know that the political sector is rather a mess and unstable leading to that not helping the cause. The economic sector has a promising future, but economic policies are rather strict and is not very welcoming of foreign investments. Baghdad needs to step back and look at Kurdistan and mimic their activities as they seem to be doing things not only with more flexibility but at a much faster pace (turn around).

Trust and faith probably factor into citizens and their preference of dollars over dinars because of what history has shown them. The inflation of the previous regime dinar shows that over time the currency can lose value and become less desirable. One of the main reason(s) I believe that the currency should slowly go up in value to help regain confidence & demand.

I would argue that once dinar becomes heavily preferred over dollars, we will be on the right track to see it become internationally traded. Contracts will be paid to those within Iraq in dinar instead of dollars. This means employees paid in dinars, officials paid in dinars, and businesses paid in dinars. What seems to be lacking at the moment is a market drive for large foreign banks, foreign governments, foreign central banks, and other financial institutions to deal with the dinar. But, could this be a chicken & egg scenario? Could it simply be that since it is not available it is not used? Well, those that are much smarter than us regarding that would not recommend the change unless it was for their own advantage.

What the country of Iraq still seems to be lacking in is their private sector. As their private sector will likely continue to grow, it will push the economy forward. This will increase the frequency and volume of trades of goods & services. As the frequency and volume goes up, the demand to be internationally traded will go up as well. But as the dollar still seems to be dominant within the region, the dinar will continue to struggle.

Edited January 20, 2013 by Darin

[keepmwlknfny]

I question why IQD is not traded on an international level. Iraq trades with USD. How long can the Iraqi's continue to use our currency to conduct their business? Clearly, we shipped too many pallets of our cash to Iraq.

At some point Iraq is going to have to save face with their buddies in the ME. Trading with the currency of the infidels is not flattering, IMO. At some point Iraq is going to have to get off the USD *** and operate with IQD. I will wait patiently.

Well seeing as how 95% of their revenue is from oil, and thats bought and sold in USD, it appears that until they can diversify with their other sectors, that the USD will always be in abundance.......

There really is no use for the dinar outside its borders so that doesnt help either.....

[Darin]

Well seeing as how 95% of their revenue is from oil, and thats bought and sold in USD, it appears that until they can diversify with their other sectors, that the USD will always be in abundance.......

There really is no use for the dinar outside its borders so that doesnt help either.....

Exactly, their trade balance whether it be pushing for a surplus or already there doesn't really define whether or not their domestic currency needs to be internationally traded because the money received is in USD for the majority of it and the money that goes out is mostly USD.

Other sectors need to grow to drive the demand of dinar in the private sector and push for foreign investments and such to desire to exchange their funds into dinar....

So, more foreign corporations paying employees within Iraq, more purchases of exported goods, more payments for services, so on and so forth. That is what would drive up the demand of dinar... But with continued growth, we will see the demand slowly rise, but it really won't take off until the private sector grows rapidly.

[4aprofit]

All dinar held outside the borders can be used by countries, (even notes you and I would redeem), as per a country's reserve holding, no different than holding physical cash, gold or oil....due to what the dinar is backed by...no different than why the US Dollar used to dominate all others, due to the gold standard alone, "that we once had"..lol...But, Iraq is now doing what the US did initially, (backing themselves with oil, gold and other assets)...and this depicts a strong dinar, whenever they are ready to go live to the world with it, who knows, but as per driving their economy for the future, we know that the people will want something as strong or stronger than the dollar before they will wish to quit using it..The MOP/Ministry of Planning in Iraq, and I believe it was the IMF, have had documented articles quoting rates that would be sustainable from .86 cents to 1.13...per dinar...some other studies have concluded above the dollar and below the euro..like 1.17 to 1.24 I believe...The now "unclassified" document called the: U.S. State Dept.'s "Iraqi Project", as I believe it is called, which I think is a 120 page document, whereby on page 14, it talks about the currency of Iraq, and whereby they want to return it to it's previous value from what it was in the 70's at over 3.00...so, anyway, we know we are looking at a currency that has been predominently from 2.00+ to 4.86 for the past 80+ years or so except for the time during the wars...but all monetary entities have said in one way or another, that it will come back, but what we dont know is WHEN?...Hopefully soon, but all of this is why people take the risk of holding dinars!...And why did the U.S. Govt., U.S. Treasury, U.S. Federal Reserve, U.S. Banks & Iraq's Central Bank, even allow anyone outside the U.S. to hold dinars, unless it were to boost foreign countries reserves by holding something of a VALUE?...PERIOD!...

Edited January 20, 2013 by 4aprofit

[hame55]

All dinar held outside the borders can be used by countries, (even notes you and I would redeem), as per a country's reserve holding, no different than holding physical cash, gold or oil....due to what the dinar is backed by...no different than why the US Dollar used to dominate all others, due to the gold standard alone, "that we once had"..lol...But, Iraq is now doing what the US did initially, (backing themselves with oil, gold and other assets)...and this depicts a strong dinar, whenever they are ready to go live to the world with it, who knows, but as per driving their economy for the future, we know that the people will want something as strong or stronger than the dollar before they will wish to quit using it..The MOP/Ministry of Planning in Iraq, and I believe it was the IMF, have had documented articles quoting rates that would be sustainable from .86 cents to 1.13...per dinar...some other studies have concluded above the dollar and below the euro..like 1.17 to 1.24 I believe...The now "unclassified" document called the: U.S. State Dept.'s "Iraqi Project", as I believe it is called, which I think is a 120 page document, whereby on page 14, it talks about the currency of Iraq, and whereby they want to return it to it's previous value from what it was in the 70's at over 3.00...so, anyway, we know we are looking at a currency that has been predominently from 2.00+ to 4.86 for the past 80+ years or so except for the time during the wars...but all monetary entities have said in one way or another, that it will come back, but what we dont know is WHEN?...Hopefully soon, but all of this is why people take the risk of holding dinars!...And why did the U.S. Govt., U.S. Treasury, U.S. Federal Reserve, U.S. Banks & Iraq's Central Bank, even allow anyone outside the U.S. to hold dinars, unless it were to boost foreign countries reserves by holding something of a VALUE?...PERIOD!...

Your posts always make sense and are insightful and well written. I appreciate your thoughts. I have seen some of these reports, but not others. Thanks for bringing them. I agree if our gov't allows us to hold dinars, and the UST has not stopped dinar traders (they have nabbed a few bad apples but that is different) then there must be a reason. Otherwise they would have declared the entire process a scam and closed down dinar sales. If the IMF says .86 to 1.13 that's good enough for me. I know something of geopolitics and the World Bank and IMF run things on the global economic front, and they are still controlled by the US. And we have a stake in the IQD, as well as close to a trillion invested in Iraq, all told. So those connections make sense.

I am not interested in all the articles and banter about hyperinflation and zero deletion. They must say this as a cover. It doesn't make sense that the exchange of old Saddam dinars to new Bremer dinars continued the hyperinflation of the eighties and nineties and the Iran war when they made the change to a new currency - why go to all that trouble and have the new IQD be hyperinflated like the old ones into the trillions, forcing a later RD and a re-printing of a new entire currency and forcing the scamming of millions of investors who paid into the war to get rid of Saddam and rebuild the country, not to mention the US government itself being repaid? This does not compute.

Edited January 20, 2013 by hame55

[4aprofit]

There is much that does not compute or make sense, like:

Why did we go into Iraq originally?...Is the oil actually a better grade than all others and at typically shallower depths?...Why are countries and their companies moving into Iraq for oil, when many of them have their own oil, and some of these moving into Iraq for the oil dont even have environmnetal restrictions in some of their countries?...Is this the main prize, or is it all the other minerals and resources that they are now finding in abundance?

What was really spent by the U.S. in war efforts?...Some state that it is closer to 3 trillion now?..Who really knows?

Why did China & Russia end up with the largest Oil Contracts, as per what we have understood from the news and oil contracts..or is this true either, and why?...Was'nt it the U.S. that lost appx. 4500 soldiers there, and not China & Russia?

Is the U.S. really holding trillions of the Iraqi currency, and if not, why would'nt they be?...And if true, why is the U.S. Dollar somewhat pegged or even connected to the Iraqi Dinar & vice versa?...And why would the U.S. associate with a currency that many call a scam, and allow banks to even deal in it, not to mention dealers of currencies dealing in it?...Is this like the tell-dont-tell game?..No one in any oficail capacity has ever stepped up to the plate and called this a scam, (even though some people have done illegal exploits whereby the dinar was involved), but it goes on and on as per the currency being allowed to be bought, so why?

Why was the U.S. Embassy that was put in iraq, the largest of any country's..that has ever been built, appx. 10 times larger than the UN Complex, if so, then why?..Are we leaving there soon with all that has been invested and billions still being sent regularly, at least as per the news reports, wealth follows wealth and not poverty, and wherever there is smoke there is usally fire, or is this all just all a facade?

Does the U.S. actually OWN Iraq, at least as per what some Oil Experts and other Financial people have mentioned, and why would we be vested in the country of Iraq, if we were not going to recieve something back in return, why is money still flowing that way from U.S. coffers...while we are supposed to be broke?...Is there really a deficit, even anywhere, or is this whole entire scheme of things, nothing but another cycle that the economy or economies of the world will go through to emerge at the last minute, as some experts say, as per the "Global-Resets" of currencies occurring, like all the Internationl Moneatry Entites for the most part, have been mentioning now for appx. 3 years...and if so, what are these resets for and why?

There are hundreds if not thousands of news articles, blogs, videos and commentaries, as well as expert factual information...that all is seemingly covered up, at least as per the typical Joe understanding this, and you say why?..Could it be that if everyone was in something it simply would'nt work?...Would or could it stand to reason, that this is a well ordained and orchestrated event, controlled and contrived by those that wish for monies to actually set things in the right direction after mopping up what they want while things crashed?

The economy must return or in some capacity for those that caused the fall, to actually have a return on what they have acquired...let's put it this way...If I bought 100,000 new automobiles that were valued at $40,000.00 each, but paid only $5000.00 each, would I not need an economy that could support buying what I have acquired, or what good would any of these autos or any other assets acquired, be to anyone?...

Is it all just a shell game, is money just predominently electronics anyway..there is'nt enough gold in the world for probably one major country to use, as per the daily needs of all of it's people as per trading for all commerce that takes place, I have seen where all of the gold that exists in the entire world, will fit under the appx. 60x60 square footings of the Eifel Tower, maybe several pallets high, also, silver is used up in industry before reaching the general populance in most instances, but if all were to try to buy up all of the gold and silver today, it would be wiped out almost immeadiately, no different than if everyone wanted dinars overnight...it goes on and on and on..but maybe some can catch the drift here...

If any or all of this is wrong, so be it, but I have'nt had anyone give an alternative yet, as per what else there could be coming, that will save the U.S. economy, or even the World Economy, unless it is something to the magnitude of a scenario like the Post World War II Marshall Plan, if there is an alternative plan, please, someone, mention it!...For what it's worth...

[snooz]

Is it writen somewhere that oil would always be sold in USD ?? Why not in IQD...??? Just a thought.......... :rolleyes: Maybe one day ?? :blink:

SnooZ

[sxsess]

Is it writen somewhere that oil would always be sold in USD ?? Why not in IQD...??? Just a thought.......... :rolleyes:/> :rolleyes:/> Maybe one day ?? :blink:/> :blink:/>

SnooZ

That's what Saddam attempted to do and look what happened to him.

[snooz]

That's what Saddam attempted to do and look what happened to him.

Pretending Malarki as mass destruction weapon would not work either to start a new war in Iraq !!! Just saying...!!

[RVPleaseToday]

"Internationally traded" doesn't mean what a lot of people seem to think it means. There are many internationally traded currencies, but you can't spend them in the U.S. You can only spend dollars. Unless you are a currency trader, why would anyone want Dinar after an RV?

[keepmwlknfny]

All dinar held outside the borders can be used by countries, (even notes you and I would redeem), as per a country's reserve holding, no different than holding physical cash, gold or oil....due to what the dinar is backed by...no different than why the US Dollar used to dominate all others, due to the gold standard alone, "that we once had"..lol...But, Iraq is now doing what the US did initially, (backing themselves with oil, gold and other assets)...and this depicts a strong dinar, whenever they are ready to go live to the world with it, who knows, but as per driving their economy for the future, we know that the people will want something as strong or stronger than the dollar before they will wish to quit using it..The MOP/Ministry of Planning in Iraq, and I believe it was the IMF, have had documented articles quoting rates that would be sustainable from .86 cents to 1.13...per dinar...some other studies have concluded above the dollar and below the euro..like 1.17 to 1.24 I believe...The now "unclassified" document called the: U.S. State Dept.'s "Iraqi Project", as I believe it is called, which I think is a 120 page document, whereby on page 14, it talks about the currency of Iraq, and whereby they want to return it to it's previous value from what it was in the 70's at over 3.00...so, anyway, we know we are looking at a currency that has been predominently from 2.00+ to 4.86 for the past 80+ years or so except for the time during the wars...but all monetary entities have said in one way or another, that it will come back, but what we dont know is WHEN?...Hopefully soon, but all of this is why people take the risk of holding dinars!...And why did the U.S. Govt., U.S. Treasury, U.S. Federal Reserve, U.S. Banks & Iraq's Central Bank, even allow anyone outside the U.S. to hold dinars, unless it were to boost foreign countries reserves by holding something of a VALUE?...PERIOD!...

Yea the dinar we hold could go into a countries reserves, but outside of us speculators, where is the demand for anyone else to hold it to even make it to countries reserves?

The dinar is definately considered a strong currency even in its state right now, simply because of what they are backing it with BUT its mostly their foreign reserves holding it up. The oil they have in the ground doesn't back it unfortunately.....they could possibly switch to a "commodity backed" but even then, it wouldnt be whats in the ground, simply what they are producing and also the demand for it. The problem there is that Iraq is not diversified enough and the dinar would be subject to a lot of fluctuation and instability.....all these other oil producing countries are pumping more and more and the end result is gonna be a market flooded with too much oil and not enough demand, driving the price down.

We did all buy dinar taking the risk on the speculation that Iraq will raise the value of the dinar WITHOUT redenominating, but Im pretty sure it wasn't the US that allowed dinar to leave Iraq....thats up to them and the CBI. But if you were the CBI, and you saw a slight demand for your currency (even if it is speculators) and you knew you could sell them by the truckload almost for profit, why wouldnt you??

You can get many currencies outside a countries borders, so I dont think you can really deduct that its available to boost countries reserves.....

[4aprofit]

The currency that I have actually been worrying about is the US Dollar, and not the Iraqi Dinar, as many that hold dinar, and/or that have had them for even just a few short years, have seen the same value retained or kept for the most part, while infaltion in the U.S. has already ate up, even recently in the last couple years or so, like appx. 30% of their US Dollar holdings...not physically but through inflation...but until it is all over, said and done...why fret it?...When or if Iraq goes live with a rate, which is why everyone holds it...then we will know....so one can hold only U.S. Dollars, that some anaylists have said in reality is only worth 3 cents per dollar, or a dinar at a 12th of a penny appx....Bottom Line: Which one has the potential of going up first or being the most promising I cannot tell you, but to hedge against a falling dollar with another currency is seemingly a good thing, as at least all your eggs are not in one basket...and the dinar just may bring back a strong resurgent dollar, if the dinar has a signifigant increase...and that's great too...all we can do is wait and see...

[skitealwedrop]

Thanks for your thoughts Darin and Keep. I'm always interested in the perspective of others. Currency speculation is an interesting venue for me. We will see how our investment shakes out. Peace all!

[RodandStaff]

Is it writen somewhere that oil would always be sold in USD ?? Why not in IQD...??? Just a thought.......... Maybe one day ??

SnooZ

If I'm not mistaken... China broke ranks and is buying oil with their currency. If true, I guess they finally crossed that line in the sand to challenge the rules of the game. What can the U.S. really do about it really??? ... all China would have to do is call in their debt and we would be done.

[RVPleaseToday]

If China called in their debt from the U.S., they would also be done. The debt is primarily because of the trade deficit.

[makecents]

. all China would have to do is call in their debt and we would be done.

There is no debt to "call in" so to speak like there might be for a loan that had a clause where the lender could force full payment all at once. China owns Treasure Bonds (the same ones anyone can buy). They hold about $1.2T dollars worth (8% of our debt, i.e. the total of our outstanding bonds). Treasuries are negotiable instruments, things that have a market and can be sold. But if you do so you lose money since they sell at a discount to the amount you would get if you hold to maturity. So this would be very bad for China as well as the US, so neither side wants it to happen and thus it will not. Edited January 21, 2013 by makecents

[makecents]

All dinar held outside the borders can be used by countries, (even notes you and I would redeem), as per a country's reserve holding, no different than holding physical cash, gold or oil....due to what the dinar is backed by...

The dinar is backed by and pegged to dollars, so it would make no sense for a country to hold dinars as part of their reserves instead of dollars. Currencies used for reserves must float.

no different than why the US Dollar used to dominate all others, due to the gold standard alone,

About 60% of global currency reserves are still in dollars, 25% in Euros (link)

"that we once had"..lol...But, Iraq is now doing what the US did initially, (backing themselves with oil, gold and other assets)...and this depicts a strong dinar, whenever they are ready to go live to the world with it, who knows,

I'm not sure what folks mean by statements like this (e.g. "go live to the world with it", or "go international" etc). There will only be a demand for dinars and hence a global market in them when you can buy a significant amount of something in dinars. That may happen eventually, but it will be due to significant economic growth of exports other than oil, not due to some declaration from the GOI or CBI or IMF etc.