You Can't Fix Stupid: The Iraqi Dinar Scam Lives

[dontlop]

saddams dinars were not demonetized until after the exchange .. the swiss dinar was demonetized .

 

i dont care who had a swiss dinar .. the cbi did not  because they were demonetized . and it was the cbi who did the exchange .. not a person in north iraq .. the cbi made the exhange . the cbi remonetized the swiss dinar or they could not of legally  exchanged it .. thats like exchanging a pair of shoes  at the cbi for dinar

 

the swiss dinar was revalued ..by the cbi  . in 2003

[4aprofit]

Hmmm???...Read #3 at bottom of page/document

 

http://www.mop.gov.iq/mop/index.jsp?sid=1&id=308&pid=295&lng=en

[dontlop]

The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:

 

• The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.

[4aprofit]

The link I provided has copyright 2012 at the very bottom center of the page, it sometimes has events scrolling across the top that show events for 2013 also, so we know this is relevant info..and that this is currently a proposal that either is, or could still be being considered...or IMO..they would have changed it by now..we will see....

 

 

Again, Read #3 at bottom of page/document

ttp://www.mop.gov.i...&pid=295&lng=en

[makecents]

saddams dinars were not demonetized until after the exchange .. the swiss dinar was demonetized .

 

i dont care who had a swiss dinar .. the cbi did not  because they were demonetized . and it was the cbi who did the exchange .. not a person in north iraq .. the cbi made the exhange . the cbi remonetized the swiss dinar or they could not of legally  exchanged it .. thats like exchanging a pair of shoes  at the cbi for dinar

 

the swiss dinar was revalued ..by the cbi  . in 2003

The Swiss dinar never stopped being used, despite Saddam's pronouncements (that is the similarity to his proclamation about the Saddam dinar relative to reality).  That is clear from the Bremer exchange announcement.  If they were revalued (as people use that term here) then the folks that held them would have made huge fortunes, but there is no evidence of that.   You're not going to accept that, which is your choice of course.  But I see no reason to keep going back and forth on it.

The link I provided has copyright 2012 at the very bottom center of the page, it sometimes has events scrolling across the top that show events for 2013 also, so we know this is relevant info..and that this is currently a proposal that either is, or could still be being considered...or IMO..they would have changed it by now..we will see....

 

 

Again, Read #3 at bottom of page/document

ttp://www.mop.gov.i...&pid=295&lng=en

So for planning purposes over the next 3 years the MOP is suggesting using a rate that is 3% higher than the current rate.  Ok, that ( rising 1% per year) is certainly doable.  Not sure what they base it on, but very slow increases like that are certainly possible.

[4aprofit]

(1.134) dollar per dinar

(1.134) dollar per dinar beats all the other B.S. we are told...even though many of us think it will be much, much higher....

[dontlop]

In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them.

[makecents]

(1.134) dollar per dinar[/size]

Ah, right you are.  My mistake.  But notice point 2

 

Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the  economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports... etc.

 

Since the exchange rate has not been $3.2 dollars per dinar since 2003/2004 (or even before that), this must be a very old document.

Edited March 22, 2013 by makecents

[4aprofit]

Copyright is 2012, center of bottom of page...sometimes there are things scrolling across the top that depict events in 2013...so, what year are some in?

 

Some folks have to have the same thing pointed out to them numerous times as they only see and hear what they want!...Wow!...

[makecents]

Copyright is 2012, center of bottom of page...sometimes there are things scrolling across the top that depict events in 2013...so, what year are some in?

 

Some folks have to have the same thing pointed out to them numerous times as they only see and hear what they want!...Wow!..

Perhaps you are not aware of the way web sites work. That copyright is NOT contained in the document but shows on every MOP page. Clearly as I pointed out, this doc is talking about the fact that it makes no sense to plan for the future based on Saddam's fictitious exchange rate of $3+. This puts it way in the past.

[dontlop]

(1.134) dollar per dinar

(1.134) dollar per dinar beats all the other B.S. we are told...even though many of us think it will be much, much higher....

 it is interesting . i saw something simular  last year but this one is different .. the one i saw last year had things on it that would date it long ago .. but im not seeing that here .. as if it is an updated  document  on the mof 

[4aprofit]

Expert: Iraqi dinar is immune and will not vibrate and when global economic crises

Posted: September 20, 2012 in Iraqi Dinar/Politics 

Tags: Baghdad, Central bank, Currency, economy, International finance, Iraq, Iraqi dinar,News agency

 

Date: 2012-09-20 12: 42: 22 Thursday

 

Baghdad (News) … Financial expert ruled out as beautiful, a global economic crisis might damage the national economy and the local currency because they are supported by large oil wealth and cash reserves of hard currency.

A beautifully (News Agency news): increased production and export of Iraqi crude oil and rising oil prices in global markets will support the national economy and make it strong and not affected by the global economic crisis.

He noted: that the Iraqi dinar is covered with large reserves of hard currency and there is data indicate the increased demand for buying Iraqi dinar in the global banking markets, this indicates that the dinar started to recover and regain its international and regional currencies.

He added: that Iraq has a large investment opportunities which can attract international companies to invest in the Interior of the country, what gives support to local currency by increasing demand for buying Iraqi dinars in the finance markets.

 

http://wp.me/pZC7o-eKr

[dontlop]

  If they were revalued (as people use that term here) then the folks that held them would have made huge fortunes, but there is no evidence of that.  

 

.

.. that revalued from zero to  $20,000.00 per million swiss dinars .. people didnt have  millions of swiss dinars .. a person may of had a thousand .. or 90  dollars worth of swiss dinars .. a well off kurd may of had 10,000 swiss dinars worth 900 dollars

 

then business owners if they had chose not to exchange them in  during the exchange period .. or to except them after they were demonetized   may of had a couple hundred thousand accumulated ..  worth about 10 to twenty grand ..  but they wouldnt of got rich .. . they werent revalued to equal 150 dollars each .. it was more in the 9 cent range

 

if thats what they used  as a guage for the cbi to revalue them  as legal tender .. they were saying their swiss dinars were worth about 9 cents each because their were so few of them ..,,  according to the exchange rate they got

[makecents]

They were not REvalued at all.  The CBI (or the CPA more accurately I think) just acknowledged their actual value in the market place. That is why no one made money off of them.  They were exchanged for their current value, not "a gazzillion percent RV" as you have claimed.

[Brazen]

it is interesting . i saw something simular  last year but this one is different .. the one i saw last year had things on it that would date it long ago .. but im not seeing that here .. as if it is an updated  document  on the mof

A 1.13 rate seems a little low. Iraq has a lot of oil. Also they are a proud people. I don't think it will come out any lower than Kuwait. George Bush said the war would pay for itself so they need to RV high. If Iraq wants to help its people then anything under 3 would be an insult since the Iraqi people have suffered.

[dontlop]

by your own words .... if a currency is demonetized .. it has zero value ....

if it was demonetized by the cbi . that means it had zero value  in the cbi books .

 

 if it had zero value at the cbi .. that means its less than  >>> .00000000000000000000000000000000000000000000000000000000000001 swiss dinar  to the dollar  in exchange at the cbi .

 

so what are you talking about

 

after it was revalued by the cbi .. the cbi  gave it a rate of approximatly 9 cents  per swiss dinar ..

 

thatis a revaluation  of the swiss dinar by the cbi

a rv  way more than okie was calling for and it was an over night rv . that didnt cause any riots

Edited March 22, 2013 by dontlop

[makecents]

by your own words .... if a currency is demonetized .. it has zero value ....

if it was demonetized by the cbi . that means it had zero value  in the cbi books .

 

 if it had zero value at the cbi .. that means its less than  >>> .00000000000000000000000000000000000000000000000000000000000001 swiss dinar  to the dollar  in exchange at the cbi .

 

so what are you talking about

Where have I said that?  What I said was that according to the Saddam's CBI it had "no" value, not 0 nor .00000000000000000001 or anything.  The CBI did not have it as zero on its books as it was no longer in the CB'is books.  The CBI during this period (1990 to 2003) did not exchange at some tiny rate, they did not recognize the Swiss dinar at all (once the original exchange period was over and the CBI no longer recognized it).

 

Yet it was in use as physical cash, and in banks and used in contracts all in the north.  How could that be if its value was equal to 0 or your .0000....001 ?  During the bremer exchange its value was recognized to match the value on the street.  The value on the street of the Swiss dinar did not change during this process.

Edited March 22, 2013 by makecents

[dontlop]

  During the bremer exchange its value was recognized to match the value on the street.  

exactly ... during the exchange  its value was recognized it was remonetized for exchange.. but was not recognized by the cbi before that for 13 years ..

 

 its the cbi who sets monetary policy and determins legal tender and its monetary exchange rate ...  . .. not you or a kurd . the cbi.

 

you do know what legal tender is  so dont pretend you dont .. food has a market value .. isthat legal tender too  for exchange  at the cbi .. or does the cbi determin what legal tender is ?

[Reelemfast]

I wish someone would get rid of this post. Dinarians are not stupid,were currancy hounds.

Put it in the trash can........, then push the button, i'm tired a waitin. Pump-it 3 times (for $3.00),

before ya push it though. Your stupid if ya don't.

[4aprofit]

AND IF IRAQ IS SUCH A RISK, AS SOME ON HERE PORTRAY IT TO BE...WHY WAS TEMPLETON INVESTED LIKE YOU WILL SEE BELOW, EVEN BACK IN 2009?...WHERE IS OUR TYPICAL MAINSTREAM MEDIA ON THIS?

 

TEMPLETON EMERGING MARKETS INCOME FUND
AS OF MAY 31, 2009
TOTAL NET ASSETS: $604,618,620
NET ASSET VALUE PER SHARE: $12.77


PERCENT OF
TOTAL NET
ASSET ALLOCATION ASSETS PORTFOLIO CHARACTERISTICS
---------------- ---------- ---------------------------- ----------
CASH & OTHER 7.4% WEIGHTED AVG. CREDIT QUALITY BBB-
FIXED INCOME 92.6% WEIGHTED AVG. MATURITY 9.12 yrs.
---------- WEIGHTED AVG. DURATION 5.420 yrs.
100.0% WEIGHTED AVG. COUPON 7.380%


PERCENT OF PERCENT OF
TOTAL NET TOTAL NET
NET CURRENCY DISTRIBUTION ASSETS COUNTRY DISTRIBUTION ASSETS
------------------------- --------- ---------------------- ---------
ASIA 14.0% ASIA 22.9%
INDO RUPIAH 12.2% FIJI 1.6%
MALAYSI RINGGIT 0.8% INDIA 1.6%
SOUTH KOREAN WON 1.0% INDONESIA 12.8%
EUROPE 0.5% PAKISTAN 1.5%
EURO MON UNIT -0.4% PHILIPPINES 3.9%
POLAND ZLOTY 0.8% SOUTH KOREA 1.0%
LATIN AMERICA 14.9% VIETNAM 0.6%
BRAZILIAN REAL 12.7% EUROPE 23.2%
CHILEAN PESO 0.6% BOSNIA AND HERZEGOVINA 0.9%
MEXICAN PESO 1.3% GEORGIA 0.9%
PERU NUEVO SOL 0.3% HUNGARY 0.5%
MID-EAST/AFRICA 1.3% KAZAKHSTAN 5.6%
EGYPTIAN POUND 1.3% NETHERLANDS 1.9%
NORTH AMERICA 69.4% POLAND 0.8%
US DOLLAR 69.4% RUSSIA 6.3%
TOTAL 100.0% UKRAINE 5.8%
UNITED KINGDOM 0.5%
LATIN AMERICA 33.4%
ARGENTINA 7.5%
BRAZIL 14.3%
COLOMBIA 1.5%
EL SALVADOR 0.4%
MEXICO 3.5%
PANAMA 1.1%
PERU 4.7%
VENEZUELA 0.3%
MID-EAST/AFRICA 10.2%
EGYPT 1.3%
GHANA 0.7%
IRAQ 5.2%
SOUTH AFRICA 2.0%
UNITED ARAB EMIRATES 1.0%
OTHER 8.4%
SUPRANATIONAL 4.5%
CASH 3.2%
DERIVATIVES 0.8%
NORTH AMERICA 2.0%
UNITED STATES 2.0%
TOTAL 100.0%

[makecents]

exactly ... during the exchange  its value was recognized it was remonetized for exchange.. but was not recognized by the cbi before that for 13 years ..

If its value was "recognized" as you appear to agree, then it had to have a value.  I have never said that the Saddam's CBI accepted that value after they declared it invalid, only that this declaration was not followed by the kurds who kept using it even at banks in the north, and its valued slightly improved over the 13 years while the Saddam dinar tanked.  The existing value of the Swiss dinar in teh north was then accepted for purposes of the bremer exchange.  There was no point at which you could buy up Swiss dinars for next to nothing, then sell them the next day have this claimed huge RV.  Prior to the bremer exchange the price for a Swiss dinar (if available) was the same as it was priced during the bremer exchange.

[dontlop]

If its value was "recognized" as you appear to agree, then it had to have a value.  I have never said that the Saddam's CBI accepted that value after they declared it invalid, only that this declaration was not followed by the kurds who kept using it even at banks in the north, and its valued slightly improved over the 13 years while the Saddam dinar tanked.  The existing value of the Swiss dinar in teh north was then accepted for purposes of the bremer exchange.  There was no point at which you could buy up Swiss dinars for next to nothing, then sell them the next day have this claimed huge RV.  Prior to the bremer exchange the price for a Swiss dinar (if available) was the same as it was priced during the bremer exchange.

i get it .. you say the market value is all that maters as far as  currency  goes even if it is demonetized ..so that must mean you believe the kuwaiti dinar did revalue since we know the market value was less than ten cents till the iraqi troops were removed then they had a  revaluation overnight ..and market rates shot up to over 3 dollars  ..

 

 ya cant say market values are good for the swiss dinar and they dont count in the kuwaiti dinar ....

 

 so there is such a thing as a huge overnight revaluationof currency that does not cause hyper inflation

[dontlop]

thanks .. now i get it

[4aprofit]

NOTE: AT LEAST THEY ARE TELLING US THEY HAVE THE WEALTH TO BACK UP THE CURRENCY, AND A WHILE BACK THEY EVEN HAD AN ARTICLE...STATING THAT THE CURRENCY WOULD BE BACKED BY TONS OF GOLD AS WELL...RECENTLY WE HAVE SEEN ARTICLES DEPICTING WHERE THEY WERE #1 IN NATURAL GAS AND SULFUR, THEN WE SAW ARTICLES WHERE ONE AREA WAS RICH IN GOLD, DIAMONDS AND PLATINUM, THEN THERE WERE ALL TYPES OF SALTS, ALSO INGREDIENTS USED FOR FERTILIZE, THE LIST GOES ON AND ON..."IT IS A RICH COUNTRY"...WHY SHOULD I BE SCARED OF HOLDING THIS CURRENCY?....I GUESS WE WILL SEE?

 

Bassem Jamil Anton: Iraqi currency backed by oil wealth

22/09/2012 11:26:00

The independent Iraqi news agency / Baghdad / n. G ...

Chief Economist Bassem Jamil Anton Iraqi currency backed by oil wealth can not be permeated the currency market fluctuations, indicated that the central bank has large reserves of hard currency reached $ 67 billion.

Anton said in a press statement transferred reporter (and independent Iraqi news agency) Iraqi currency backed by oil and owned by the country of the great oil wealth can not be permeated currency due to fluctuations in the local market, as the central bank has large reserves of foreign currency up to $ 67 billion. "

He Jamil Anton "the dinar began recovering and regaining placed between the international and regional currencies, and there is data indicating the increased demand for buying the Iraqi dinar in the international banking market."

Iraq has become attractive countries for investment and popular with foreign companies, which found Iraq muck and good to invest in. After what the security situation has improved in relative terms.

http://translate.google.com/translat...d%2F29254.html

 

http://www.ina-iraq.net/news/ektesad/29254.html

[4aprofit]

Iraq Economic News: Iraq has world’s largest sulfur reserves

Posted on September 17, 2012

Iraq has the world’s largest sulfur reserves estimated at 600 million tons, a statement by the Mishraq State Sulfur Mine said.

Iraqi sulfur riches were extensively developed in the decades before the U.N. imposed sanctions on the country in the aftermath of the 1990 invasion of Kuwait.

Exports of sulfur to international markets were booming and Iraq was self-sufficient in sulfur-related products.

But shortly after the 2003-U.S. invasion the site of Mishraq, about 45 kilometers south of the northern city of Mosul, was vandalized and the processed sulfur estimated at 21,000 tons set on fire, creating what was then believed to be the largest human-made release of sulfur dioxide.

The government has only recently turned its attention to revive the project.

Mishraq, the mining firm, is working to revive and develop the deposits.

The company has a deal with the U.S. Devco for a turn-key installation of a complete sulfur purification facility at a cost of $78.6 million.

The statement said the U.S. firm has dug five sulfur wells so far and the facility, once completed, will meet domestic needs for sulfur products with surplus for export to neighboring countries.

Source: Azzaman

http://www.azzaman.com/english/?p=344

NOTE: A GOLD BACKING IS WHAT MADE THE U.S. DOLLAR STRONG ORIGINALLY...I WISH WE COULD DO IT AGAIN!...IT LOOKS LIKE IRAQ IS DOING IT!..Here is the part i like of the below article: gold is the most stable component of official reserves. It will result in the stability and possibly the improvement of dinar exchange rates.

 

  Gold is first shelter for countries like Iraq

 

 

Iraq is probably the country that is most in need of a great deal of gold reserves given its succession of political and economic crises.

 

BAGHDAD(BullionStreet): War torn Iraq considering gold as one of the first shelter in times of crisis, according to a parliament committee led by country's prime minister Nouri al-Maliki.

The Dawlat al-Kanoun parliamentary bloc said gold is the most stable component of official reserves. It will result in the stability and possibly the improvement of dinar exchange rates.

The Iraqi dinar exchange rate is based on the amount of cash reserves, which include not only money but gold as well.

Iraq’s gold holdings quadrupled to 31 tons, the first time something like this has happened in years.

The value of gold as a strategic reserve has grown over the past few years due to the continued instability of the dollar exchange rate.

International banks perceive gold as having long-lasting value that is not affected by rapid economic development.

Gold can be used to compensate for insufficient cash reserves in the wake of political or economic crisis.

In that context, Iraq is probably the country that is most in need of a great deal of gold reserves given its succession of political and economic crises.

Since 2003, Iraq has had an insignificant cash reserve. Some sources state that those who were in charge of the Iraqi economy during the first months following Saddam Hussein's toppling converted a ton of gold, which was the only reserve held by the central bank, into cash.

 

http://www.bullionstreet.com/news/gold-is-first-shelter-for-countries-like-iraq/3768