my opinion on the currency exchange in 2003

[RVPleaseToday]

I can assure you, dontlop, that my post wasn't confrontational. When I'm confrontational, it is quite unambiguous.

[dontlop]

con·fron·ta·tion (knfrn-tshn)

n.

1. The act of confronting or the state of being confronted, especially a meeting face to face.

2.

a. A conflict involving armed forces: a nuclear confrontation.

b. Discord or a clash of opinions and ideas:

 

http://www.thefreedictionary.com/confrontation

[keepmwlknfny]

either way the swiss dinars official value was zero  as far as the cental bank of iraq and the government of iraq was concerned . . the iraqi dinar was a pegged currency and backed up by reserves at the cbi .

 

 the swiss dinar had nothing backing up its value  at the cbi . all the reserves were backing the saddam dinar ,, nothing backing the swiss dinar .it was demonetized .  so the swiss dinar had zero  official exchange rate .

 

 and by decree with no reserves  backing up the swiss dinar at the central bank of iraq   it was revalued at the central bank  on october 14 2003 . to 150 times what the currency that was backed by  the reserves  at the central bank .. the saddam dinar .

 

the link clearly states the facts ,, and i see its had hundreds of views today , so im sure  many people got to read the facts .. which is good . .,theres to many people who want to deny   anything that took place  in iraq  to further there agenda  to i guess tell people that the iraqi dinar cant revalue because it  doesnt have reserves  to  back up that much dinar   because its a pegged currency .  but reserves dont count for the swiss dinar .. it didnt have to be backed or pegged to anything . claiming it always had an official exchange rate at the cbi . and this link is just an illusion.

 

 the swiss dinar was not legal tender and had no value that was backed by one penny of reserves .

 

the central bank of iraq as vclearly stated in the cpa link i provided .. has sole authority  to issue  legal tender in iraq ..

 

 the swiss dinar  had an exchange period back in 1990 .. and after the exchange period it was demonetized by the govt and central bank of iraq ..

 

 

 

 it had no official  exchange rates for 13 years

 

zero .

 

every currency that is legal tender has an official  exchange rate ..

 

 

 

 sorry if that bothers people ..

 

i put up a link .to show that to everyone .. some want to deny that link .. and high 5 each other . thats their perogative.

 

 

 

 the fact that the swiss dinar was remonetized for a 3 month period   and given a new official value for exchange  by decree  is something they want to pretend never happened .  but the link  says they are wrong .

 

 the swiss dinar was not legal tender ,, then it was for 3 months only . then its was demonetized again ..

 

 so whats the demonetized saddam dinars   exchange rates right now .... or the swiss dinars rates .. what are they today .. now that they are demonetized  again ..?.. .   id say zero . just like the swiss dinar was from 1990 till 2003

go ahead and try to justify a revaluation for the bremmer .. and the same people who deny this willl explain how dumb you are because you have to have reserves to back up those bremmers .. .. forget the swiss dinar .. no reserves required for demonetized money .. its exchangable without them

You cant even say that though......do you know what the Kurdistan banks held??   

 

No, of course you dont.....cause not even the CBI did, and those banks still dont report to the CBI what it holds......

[dontlop]

 the central banks control and make the banking laws in iraq ..

 

  a piece of  real estate  holds its value ..  whts its exchange rates at the cbi ?

 

 only legal tener is exchanged for legal tender  in currency exchanges ..

 

its obvous why the cpa made the swiss dinar legal tender for a 3 month period ..

 

to give it an official exchange rate

 

 where did it get its official exchange rate .. 

 

 the link posted by the cpa clearly states  .. in section 5 ..

 

 when was section 5 signed by bremmer as a matter of  >>

 

prom·ul·gate (prml-gt, pr-mlgt)

tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates

 

1. To make known (a decree, for example) by public declaration; announce officially

 

 

lets go over it again . i see your having a difficult time understanding it .

 

CPA/ORD/14 October 2003/43
 

I hereby promulgate the following

 

Section 1
Definitions

“Conversion Period” means the period of time from October 15, 2003, up to and
including January 15, 2004.

1) During the conversion period, 1990 dinar banknotes, Swiss dinar banknotes and
coins, and New Iraqi dinar banknotes shall all be legal tender banknotes in Iraq
and each type of Iraqi dinar may be used as such in proportion to its Official
Conversion Rate.

 

and its signed at the bottom  by paul bremmer .. are you saying that that link is incorrect  ,, he did write that and sign it one day before the currency exchange took place . we know the swiss dinar was not legal tender up to that point .it was demonetized for 13 years prior .. it isnt the kurds money .. it was saddams  demonetized money .. the swiss dinar had zero reserves backing it while it was demonetized right ? now its been exchanged into bremmers and is backed by reserves  right ?  so whats the official exchange rate for those demonetized  swiss dinars right now today ?.. wouldnt you agree they have the same official exchange rate  as they did  during the 90s  while they were demonetized ? zero. or do you think you can go to the cbi with swiss dinars and saddam dinars right now and exchange them in ?

 

 and we know the cbi  is the sole authority within iraq that can issue legal tender ... so did its official exchange rates at the cbi change form zero  to around 5 cents by decreee .. as stated in section 5 of the document  in october of 2003 ?

 

again the link is on the first page with the topic i posted

[keepmwlknfny]

 the swiss dinar had nothing backing up its value  at the cbi . all the reserves were backing the saddam dinar ,, nothing backing the swiss dinar .it was demonetized .  so the swiss dinar had zero  official exchange rate .

 

 and by decree with no reserves  backing up the swiss dinar at the central bank of iraq   it was revalued at the central bank  on october 14 2003 . to 150 times what the currency that was backed by  the reserves  at the central bank .. the saddam dinar .

 

 

This is what I was talking about.....you cannot say what you did above.....

 

The kurds were the only still using the swiss after saddam declared it no good......the kurdish region banks stopped reporting to the CBI and they stilll dont today.....

 

So you cant say there was nothing backing the swiss dinar because no one knows what the kurdistan banks held.....

 

And as you stated, the CPA were the ones that stepped in and allowed them to exchange the swiss dinar for the ones we hold now.....but the swiss dinars already had value in that region, and the CPA used that value to determine the exchange ratio for the new dinar.....

 

Let it go......it has NOTHING to do with our current situation anyway......

[dontlop]

i really dont get it ..

 

 are you saying that the central bank of iraq had two different official IQD exchange rates listed on their website 

 

one for the saddam notes and a different official exchange rate for the swiss dinar that was demonetized ?

 

 because one would think if a currency was demonetized .. meaning it was no longer recognized as legal tender and no longer backed by the cbi .. that it would not be listed   with an official exchange rate ..

 

 there should be two more listimngs right now when we open the cbi web site .. one for the bremmer .. one for te saddam notes .. and one for the swiss dinars ..

that is  if demonetized currencys still carry a official  exchange rate after they are demonetized

 

 see that to me personally does not make any sense ..

ill stand by my statement that the cbi  revalued the swiss dinar  in october 2003 .. link provided on topic article

[dontlop]

 the swiss dinar had nothing backing up its value  at the cbi . all the reserves were backing the saddam dinar ,, nothing backing the swiss dinar .it was demonetized .  so the swiss dinar had zero  official exchange rate .

 

 and by decree with no reserves  backing up the swiss dinar at the central bank of iraq   it was revalued at the central bank  on october 14 2003 . to 150 times what the currency that was backed by  the reserves  at the central bank .. the saddam dinar .

 

 

This is what I was talking about.....you cannot say what you did above.....

oh but i did

 

The kurds were the only still using the swiss after saddam declared it no good....

 

 

try using the word demonetized .. it helps out in the tecnicalities

..the kurdish region banks stopped reporting to the CBI and they stilll dont today.....

 

So you cant say there was nothing backing the swiss dinar because no one knows what the kurdistan banks held.....

 

 

are you saying theres records of the kurds  turning over their reserves    to the cbi ..  so that the bremmers they recieved in exchange would be backed by the reserves in the cbi ..or are you saying they kept their own reserves and took the bremmers for nothing but a bunch of demonetized  swiss dinars ? maybe you can provide some kind of link so we can all   read up on that.

And as you stated, the CPA were the ones that stepped in and allowed them to exchange the swiss dinar for the ones we hold now.....but the swiss dinars already had value in that region, and the CPA used that value to determine the exchange ratio for the new dinar.....

 

 

ya they had a value in the region so its legal tender ?  ill bet a pair of shoes had a value in the region too .. is that legal tender too?

Let it go......it has NOTHING to do with our current situation anyway......

you come to my topic . and try to discredit what i posted .. and tell me to let it go ?  if it has nothing to do with the dinar why are you  continously posting   .. maybe you should let it go .. or post a link to back up the things you say /

 

 i dont know what to do with you ..  you are only here to discredit my topic of discussion .. and want me to stop the discussion because you have been telling people  about  the reserves  in the cbi so long . and  now you have to say the reserves dont matter in a currencys  official exchange rate to defend your position on the swiss dinar .. it must be embarressing for ya ..  so im not mad at you ... please show me a link  where you got your information .. i will concider it  along side of my link i posted  .

[dontlop]

all im saying is

 

if

 

the swiss dinar had a zero  official exchange rate at the cbi because of demonetization

 

and it had one all the sudden by decree  that the link shows ..

 

that the official exchange rate of the swiss dinar  increased by  thousands of percent .

 

 

 

for example

 

 if the swiss dinar was .00000000000000000000000000000000000000000000000000000000000000000000000000000000000000001  dollars per dinar  before it recieved its  revalued exchange rate .. that number is still higher than zero .

 

 

so if the new official exchange rate given by decree  was .05 dollars per dinar .. 5 cents

 

 what percentage increase is that ?.. a crokzillion percent ?.

 

way over the 100,000%  increase talked about by the gurus .

 

 

 im still not caling out any rates .. just wanted to end the talk about  the impossibility of an 100,000% rate increase.

 

ive heard that they dont exist .. well it looks like they do ... as recent as 2003 in iraq without a lop and overnight with out any reserves to back it up .

 

 i know its just a technicle thing that doesnt matter .. i just wanted to make that point . good luck to everyone on the dinar

;'

Edited April 8, 2013 by dontlop

[umbertino]

Quote

the modrator told these guys in the lop section . today .. that they could eliminate all this  back and fourth by backing up what they say are facts ,, with links

 

 yet the refuse to do that ..

End Quote

 Dontlop, with all the due respect.....When asked a back up link ( just the  way Markinsa asked folks  to do) 4profit wrote a tirade about the fact he doesn't need to give links etc. etc. etc. while writing the things he writes.  Just for sake of clarity.

I know you're not your bro's keeper... Just   telling stuff the way I see it.

Edited April 8, 2013 by umbertino

[dontlop]

for example :

 

26 Sites That Pay You to Blog

 

Unlike some other services, we pay our Partners up to 70% for each LinkPost written. Access to thousands of advertisers hungry for reviews. A variety of payment options. Receive payouts monthly by check, PayPal, direct deposit, or Wire. Automated advertising management. An easy way to sell paid blog posts.

http://www.hongkiat.com/blog/sites-that-pays-you-to-blog/

they must be making a killing

makes ya wonder why people would be here all day every day  when they dont believe in a revaluation

[RVPleaseToday]

Do you think anyone stands to make a lot of money convincing people not to buy dinar? Who would pay people to do such a thing?

[dontlop]

this makes ya wonder

 

 

The New Iraqi Dinar (NID) - a free floating currency - was introduced in January 2004 together with a new monetary control system. There are no restrictions or taxes on the purchase or sale of currency; the CBI carries out a regular currency auction in order to stabilize the exchange rate, which now stands around 1300 NID to the US $. The NID is fully convertible and there are no restrictions on capital flows.

 

http://www.iraqitic....ironment_ar.php

 

[dontlop]

as demonstrated with kuwaiti dinar .. if the official rates dont change who cares what the international markets  were doing .

 

Bjt TERRIL JONES , Associated Press

Sep. 24, 1990 4:42 PM ET

NICOSIA, CYPRUS NICOSIA, Cyprus (AP) _ Iraq, underscoring its control over Kuwait, has declared Kuwait's currency invalid and set a deadline for all who hold it to exchange it for Iraqi money, the government said Monday.

 

Iraq will reimburse those who possess Kuwaiti dinars with Iraqi dinars on a 1-for-1 basis, the government said. Those who hold Kuwaiti dinars have until Oct. 6 to exchange it for Iraqi currency, said the announcement, carried by state Iraqi News Agency.

 

After that date, Kuwaiti dinars will be considered worthless, the Baghdad government said.

 

Iraq has methodically dismantled Kuwaiti institutions following its Aug. 2 invasion and annexation of Kuwait. Iraqi authorities have officially disbanded Kuwait's government, military and national airline, and call Kuwait Iraq's 19th province.

 

The currency measure was taken ''to facilitate transactions throughout Iraq and ending duality in the monetary dealing,'' the government said.

 

Before Iraqi President Saddam Hussein ordered his army into Kuwait, one Iraqi dinar was worth $3.22 and one Kuwaiti dinar traded at $3.45 at official rates.

 

But the Kuwaiti currency was convertible on international markets while the Iraq dinar was not. The Iraqi currency remains inconvertible.

 

The decision was also expected to eliminate the black market for the Kuwaiti dinar. Although the Iraqi dinar's official value remains the same, its value to buy goods or foreign currency on the black market was about one-tenth the official rate. Iraq punishes currency smugglers with death.

 

In the first days of the invasion, the Kuwaiti dinar fell from $3.45 to about one-fifth its value before international currency exchanges suspended trading of the Kuwaiti currency.  << (about 75 cents )

 

''No banks will accept to quote or trade either Iraqi or Kuwaiti dinars,'' a Banque Francaise du Commerce Exterieur official said Monday. That would be forbidden under the freeze on Kuwaiti and Iraqi assets adopted by France and the other European Community countries, the Paris-based official said in an interview.

 

He said even if there were no economic embargo, no one would trade the Kuwaiti dinar because there is no longer any central bank to guarantee its value. Anyone with Kuwaiti dinars outside the country would effectively be holding useless paper, the banker said.

 

There are exceptions in extremely limited circumstances. Kuwaitis stranded in London can go to the National Bank of Kuwait or United Bank of Kuwait and get British pounds for their dinars if they have dinar accounts there and can prove that they are in desperate need of funds, according to a financial source in Bahrain.

 

The Banque Misr, or Bank of Egypt, in Cairo has not been instructed to stop accepting the Kuwaiti dinar, an official of the bank's foreign exchange department said. The currency was quoted in Monday's fixtures as usual, though at $2.86.

 

When the crisis erupted, the Egyptian-Saudi Finance Bank allowed Kuwaitis to exchange 500 dinars at the old rate for two days. Any other funds had to be exchanged at the reduced rate.

 

The practice appeared part of the exile aid program run by the Kuwaiti government, itself in exile in Saudi Arabia, the financial source in Bahrain said.

 

Certain local banks may have been given a guarantee by Kuwaiti embassies allowing them to exchange dinars to needy Kuwaiti citizens, the source said.

 

But it would be impossible for the Kuwaiti government-in-exile to honor all dinars, because Iraq could then try to convert the huge stocks of Kuwaiti cash its soldiers plundered during the invasion, the source noted.

 

The fall of Kuwait made instant paupers out of tens of thousands of people with assets in Kuwait or Kuwaiti currency.

 

H. Zahreddin, a wealthy Lebanese businessman doing business in Kuwait, flew home to Lebanon the day before Iraq overran Kuwait to throw a lavish wedding party for his daughter at a plush Beirut hotel.

 

''I went to bed a millionaire and woke up in debt,'' Zahreddin said later. ''The hotel refused to accept my Kuwaiti dinar check to settle the bill.''

 

 

but if the  "official exchange rates" do change .. "its official "; they changed .. devalue ... revalue .. what ever how ever .. its official

 

heres my link for that >> http://www.apnewsarchive.com/1990/Kuwait-s-Currency-Declared-Invalid-by-Iraq-With-AM-Gulf-Rdp-Bjt/id-978b923d961916791ee3c34fce20be34

[dontlop]

so since the "official rates of the swiss dinar did change .. to zero .... how can ya say  that the swiss dinars official exchange rates  did not revalue for the conversion period after the invasion ,, when its official exchange rate was 5 cents for only that 3 month period after  13 years of being demonetized .. ?

Edited April 9, 2013 by dontlop

[keepmwlknfny]

http://www.cbi.iq/documents/financial_statement2011_f.pdf

 

Start there.....page two....last paragraph.....

 

And BTW.....Im not here to discredit everything you say. Its fun debating some of these topics you bring up......and you inadvertently discredit some of your own statements.

[Raleighwood]

So you are trying to say that the Swiss dinar revalued by unprecedented amounts, but yet no one made a profit from it, and the Kurds using the currency got pretty much the same value as it had been in their region??

 

Hmmmm. Now Im no economics expert, but that sounds quite far from a revaluation. But its whatever floats your boat I guess. 

[dontlop]

So you are trying to say that the Swiss dinar revalued by unprecedented amounts, but yet no one made a profit from it, and the Kurds using the currency got pretty much the same value as it had been in their region??

 

Hmmmm. Now Im no economics expert, but that sounds quite far from a revaluation. But its whatever floats your boat I guess. 

no, is the answer to your question . but if you say  5 cents is an unprecedented amount  i see why you say your no  economics  expert ,, and what im saying is the central banks  official  exchange rate was  revalued . .

 

do you know what an official exchange rate  revaluation in currency is .. ?

 

 if you have an official exchange  rate .. you change it ..  .. its revalued .

 

i did however give an example  of how  the percentage  of change in value  could be measured  to show a huge percentage  revaluation . over night with no lop.  ... if you go back a few posts you can read it .

 

 i stand with my opinion .. and im sure you stand with yours ..  but if you have any links that refute the links that i used to substatiate my opinion . .. please by all means. post them .. we can compare them  with  the cpa link i provided .

 

thanks .

[Raleighwood]

no, is the answer to your question . but if you say  5 cents is an unprecedented amount  i see why you say your no  economics  expert ,, and what im saying is the central banks  official  exchange rate was  revalued . .

 

do you know what an official exchange rate  revaluation in currency is .. ?

 

 if you have an official exchange  rate .. you change it ..  .. its revalued .

 

i did however give an example  of how  the percentage  of change in value  could be measured  to show a huge percentage  revaluation . over night with no lop.  ... if you go back a few posts you can read it .

 

 i stand with my opinion .. and im sure you stand with yours ..  but if you have any links that refute the links that i used to substatiate my opinion . .. please by all means. post them .. we can compare them  with  the cpa link i provided .

 

thanks .

Im curious, did the swiss dinar that was already in the hands of the citizens, suddenly buy them a substantially larger amount of goods? Equivalent to the appreciation you are claiming??  Did the swiss dinar suddenly make all those citizens a million times richer? Or did they get similar value to what it was used for already?

 

And just FYI, as far as the amount appreciated, you were saying that it basically went from zero or non existant, to being 150 times more valuable then the saddam dinars. At least thats what I recall from one of the other threads.

It was a CPA order that allowed the Swiss dinar to be exchanged. Not the CBI. The CPA was above the CBI, the CBI was practically non-existent at this point. So how could an official exchange rate from a central bank be revalued? The exchange process was handled through banks under the CBI, but this was not an order of the CBI. It was the CPA, and this is all coming from information you and others have provided.

Edited April 10, 2013 by Raleighwood

[dontlop]

Im curious, did the swiss dinar that was already in the hands of the citizens, suddenly buy them a substantially larger amount of goods? Equivalent to the appreciation you are claiming??  Did the swiss dinar suddenly make all those citizens a million times richer? Or did they get similar value to what it was used for already?

 

And just FYI, as far as the amount appreciated, you were saying that it basically went from zero or non existant, to being 150 times more valuable then the saddam dinars. At least thats what I recall from one of the other threads.

It was a CPA order that allowed the Swiss dinar to be exchanged. Not the CBI. The CPA was above the CBI, the CBI was practically non-existent at this point. So how could an official exchange rate from a central bank be revalued? The exchange process was handled through banks under the CBI, but this was not an order of the CBI. It was the CPA, and this is all coming from information you and others have provided.

 

 no one could refute that the swiss dinar was demonetized and had zero backing by any reserves on 0ctober 13th 2003 and had a zero exhange rate at the cbi

 

and on october 15th 2003  .. the swiss dinar was not demonetized any longer  by decree. it bacame legal tender . and was  now exchangeable at the cbi for a new official revalued rate of around 5 cents per swiss dinar.

once it is legal tender in iraq .. it has to be backed by the central bank of iraq ... and i guess its backed by the foriegn reserves at the cbi .. no foriegn reserves backed the swiss dinar since it was demonetized in 1990 at the cbi ...it had  zero exchange rate at the cbi before that

 

 please by all means if you could bring  some documentation for us all to read .. that would be great ..links  that support what i said was untrue would be of great importance here

good luck with your thesis

Edited April 10, 2013 by dontlop

[dontlop]

 So how could an official exchange rate from a central bank be revalued?

 

 

im going to back the things i say with a link . you can look at the link yourself and determin what s what with the swiss dinar >>openiing statement in my opinion

 

this is why i attached a link to my opinion . .. so everyone and use their own minds to determin whats what ..

 

.. write a thesis .. back it up with a link or two .. a reputable one .. and explain it to us .. please .. you sound as if your already advised on the conversion period and the swiss dinar.. teach us ..

 

from what i read from paul bremmer it was done by decree to answer your question

Edited April 10, 2013 by dontlop

[Raleighwood]

How come you didnt address any of my questions I posed to you? Its like you completely ignored them. Would love for you to answer those before we move forward and continue with our discussion.

[dontlop]

im not going around in circles  .. like i said .. please feel free to post any documentation that   shows what i said is false .. write a thesis .. substantiated  with links .. ill address that .

[Raleighwood]

im not going around in circles  .. like i said .. please feel free to post any documentation that   shows what i said is false .. write a thesis .. substantiated  with links .. ill address that .

How is addressing a few legimate and reasonable questions of thought going around in circles? I didnt think that the questions I asked you to think about were difficult ones. If they were, I can try to make them a little easier to understand. This is how a discussion takes place, Questions and answers back and forth between two parties.

[dontlop]

How is addressing a few legimate and reasonable questions of thought going around in circles? I didnt think that the questions I asked you to think about were difficult ones. If they were, I can try to make them a little easier to understand. This is how a discussion takes place, Questions and answers back and forth between two parties.

 

im tired of swatting at flies .. . and playing whack a mole .. .. your acting like a child .  your questions lead to  more questions , which lead to more questions from you,,  which lead to more questions from you .. no more questions from you !. you say you do not agree with my opinion .. great .. have a good day . i certainly have learned nothing from you .. i told you to show me something  of substance .. a document a  link to anything  to back up your thoughts .. and all you do is ask questions .. the truth is you and your buddyd cannot produce anything to the contrary of what i wrote .. end of story .... there .. i whacked ya down the hole for the last time .

 

 i dont owe you anything .. your not my friend .. my friends are down at the bar ,, like that short fat guy ... or that lady who yells at everybody but me .. now go sit in the corner and cry about it .. or take off your diaper ....put on sme pants and act like a man .. do some rasearch .. put up something of substance .. write down your thesiis ..  and ill concider  what you have ,, and decide whether or not you have convinced me that im wrong ..

 

but unti then .. you can cry and whine all you want ,ill be here toying around with you making fun of you . as if you were some brat laying on the floor  crying and kicking his feet because he doesnt  get what he wants ..

..

Edited April 10, 2013 by dontlop

[dontlop]

my next thesis will be more intense  comparing the kuwaiti dinar exchange in 1991 and the swiss dinar exchange in 2003 ,,and the differance between official exchange rate changes and market rate exchanges .... and how if revaluations are standardized ,, then one of the two was a revaluation  and the other couldnt of been ..it cannot be both ways ..  since they have opposit  beginnings and endings of their new  rates of exchange ... if they are not standardized .. then iraq cannot be compared to any other  revaluations either .

 

 

kuwait official exchange rates , supossedly never changed .. yet they changed in the market  value on the international exchanges so abrupty  the kuwaiti dinar had to be shut down ..

 

the swiss dinars official exchange rates did change .to zero ...yet a market value is what is claimned the reason its official exchange rates were not changed

 

either market  rates determin the official rates .. or they dont .

 

this new thesis will explain what legal tender is ..what really  backs  these currencys if it is  foriegn reserves  .. or if it is nothing at all .

 and what the definition of an official exchange rate is .. and why they have such a thing as an official exchange rate ..and  who sets the official exchange rate .. and how its set   by decree ..

 and everything in my new thesis will be substantiated with links  ..

Edited April 11, 2013 by dontlop