Politics Won't Stop Deletion of Zeros After Coming Out of Chapter 7

[Rayzur]

With all respect due Cat.... the words raise and delete do not mean the same thing in English.... Part of this connundrum is the translation aspect.

Apart from that, I dont understand how taking the zeros off the exchange rate would demand the printing of a new currency? Understood that they need lower denominations.... but why do they if the action is about the exchange rate.... Is the thinking that they will change the exchange rate, make everyone bizillionaires and then rebase their currency such that the large zero notes are in excess of the pricing base and they need new notes to buy a can of Pepsi? Not sure why a country would make the world wealthy and then rebase their currency.... Interested in the time line and mechanics of this thinking... (and NO I dont like this and Yes I am holding out for a small increase before the bebase...

 

Does anyone have any thoughts as to what this sentence might mean..... Second time I've seen it come up of very recent... and never before that:

 

He pointed out that "the seventh item that came out of him Iraq was a bigger obstacles implementation of the project, to the possibility of a claim مدخري currency abroad damages, but after the end of this obstacle has become necessary to start deleting the zeros",

[cooked]

This article isn't too comforting to me either. I just don't see them saying they will raise the zeros from the nominal rate, this would cause a run on the dinar. They won't announce anything about that until it is done. All these articles are politicians wanting their names in the news when something good does happen. It's all political jibber jabber.

[JWJW11]

This article isn't too comforting to me either. I just don't see them saying they will raise the zeros from the nominal rate, this would cause a run on the dinar. They won't announce anything about that until it is done. All these articles are politicians wanting their names in the news when something good does happen. It's all political jibber jabber.

Check out the article from the man Turki himself...

[Nelg]

Article:  "raise the value of the dinar"

Article:  "delete the three zeros."

Conclusion: take you pick!  No one knows. Maybe they will do both.

 

 

I remember Dec  2010 until June 2011 it was "get it now are you'll regret it."

After Ramadan 2012, "it's going to be in just a few days."

Then, October 2012; then just after January 2013; and then now.  

 

We debate the articles like they were the keys to life. Plus or Neg each other depending on whether we agree with their opinion. 

Everyone has the mused about the rate and date, the lop or the rv or the rd, but no one knows what the CBI will do.

 

Detractors or quick to state that all the FACTS (of which no one has) agrees with their position.  

The prophets agree, this is it!! It has to happen because God said so.  But they don't know either.

The "crystal ball" says YES, and this is just entertaining.  

Oh, yes.  The budget has the hidden rate!

 

Politicians, prophets, profiteers, and people all have their opinions.  

And me too.  I know what I would like the CBI to do, RV of course!  That's hopeful, positive, but its based on what I read positively toward the RV; I tend to ignore the Lop sections.  I like the glass "half full" not "half empty."  

Truth is, we've all need to "chill out" until they decide.  

No amount of interpreting the articles, examining the "intel," calling the banks, getting "boots on the ground," or searching the Guru's in the know gives us any more information than we already have, which may or may not be true.  

So far it has been a road that is paved with "squishy" information making it hard to travel. The legs get tired and my toes ooze with "stuff" that makes them feel good, but in the end it is just "oozy stuff."  

 

Enjoy the journey, but understand the road you've taken.

 

And now, GO RV!!

[cooked]

Article:  "raise the value of the dinar"

Article:  "delete the three zeros."

Conclusion: take you pick!  No one knows. Maybe they will do both.

 

 

I remember Dec  2010 until June 2011 it was "get it now are you'll regret it."

After Ramadan 2012, "it's going to be in just a few days."

Then, October 2012; then just after January 2013; and then now.  

 

We debate the articles like they were the keys to life. Plus or Neg each other depending on whether we agree with their opinion. 

Everyone has the mused about the rate and date, the lop or the rv or the rd, but no one knows what the CBI will do.

 

Detractors or quick to state that all the FACTS (of which no one has) agrees with their position.  

The prophets agree, this is it!! It has to happen because God said so.  But they don't know either.

The "crystal ball" says YES, and this is just entertaining.  

Oh, yes.  The budget has the hidden rate!

 

Politicians, prophets, profiteers, and people all have their opinions.  

And me too.  I know what I would like the CBI to do, RV of course!  That's hopeful, positive, but its based on what I read positively toward the RV; I tend to ignore the Lop sections.  I like the glass "half full" not "half empty."  

Truth is, we've all need to "chill out" until they decide.  

No amount of interpreting the articles, examining the "intel," calling the banks, getting "boots on the ground," or searching the Guru's in the know gives us any more information than we already have, which may or may not be true.  

So far it has been a road that is paved with "squishy" information making it hard to travel. The legs get tired and my toes ooze with "stuff" that makes them feel good, but in the end it is just "oozy stuff."  

 

Enjoy the journey, but understand the road you've taken.

 

And now, GO RV!!

One of the best posts I've read. Wonderful outlook and even keel. I'd give you more pluses if I could. Thanks.

[Nelg]

Thanks Cooked.  It's just venting my feelings on all this going on right now.  But thanks again.  

[zigmeister]

I understand what you last 3 guys are saying.... you'll note I didn't put a big ole yipppeeeeeee next to it.... 

I've personally never been all that keen on the delete a zero before valuing it at 10 cents kind of  program... (and yeah I would take a penny at this point)...  

What I found interesting about this article is it is the first quoted person I've noted talking about the zero program since Chapt 7... therein giving us some idea of what the thinking is for those who may have wanted to or thought they could be connected.... 

 

I also find this sentence interesting:

 

He pointed out that "the seventh item that came out of him Iraq was a bigger obstacles implementation of the project, to the possibility of a claim مدخري currency abroad damages, but after the end of this obstacle has become necessary to start deleting the zeros", 

Leaving me with questions and like the chat with RoadRunner.... that tiny little ole Arabic word gives total context to this sentence and could change dramatically the meaning of the sentence.... Ohhhhhh Road Runner..... where is your interpreter buddy please

I'm also wondering if whatever this obstacle and damage potential is... has it been mitigated, or are we in for a whole other set of factors and variables discussed in numerous articles about currency abroad. I've noticed its become topic... interested to see if we will begin to hear more... 

 

And agree with you Zigmeister..... the timing is is clearly impacted by several factors, the two strongest being economic need and politics... (political climate, perception of the people etc).... Read an interesting research paper suggesting that the second variable is indeed almost as strong as the first... if not stronger in some cultures/countries.... 

Well Rayzor I think the sentence you wonder about might have to do with those of us who invested in the dinar.  Apparently there is a concern as how to deal with it.  My take, could be wrong.

[Sweet baby dinar]

I like Turkis article

[Amos9:13]

I did too....Turki is leaning towards a float not a RD and the CBI is who's in control

[Alex38]

Doesn't it seem funny that these articles seem to be the SAME people saying the SAME things (or close to it) for years?!?!?! Now that they're out of chapter 7 they are adding that to the articles. But it seem to be all the same. Crazy. Or am I going crazy? Either way... it's crazy.... IMO.

[Nelg]

I think we all are going crazy.  Same questions, same reviews, same predictions . . . I guess you could say we're going "insame."  

[zigmeister]

Doesn't it seem funny that these articles seem to be the SAME people saying the SAME things (or close to it) for years?!?!?! Now that they're out of chapter 7 they are adding that to the articles. But it seem to be all the same. Crazy. Or am I going crazy? Either way... it's crazy.... IMO.

The question I have is why the flurry of deleting zero's articles.  Well at least CBI isn't chiming in....as of yet.

[respectron]

[DinarDana]

 

Does anyone have any thoughts as to what this sentence might mean..... Second time I've seen it come up of very recent... and never before that:

 

He pointed out that "the seventh item that came out of him Iraq was a bigger obstacles implementation of the project, to the possibility of a claim مدخري currency abroad damages, but after the end of this obstacle has become necessary to start deleting the zeros",

The obstacle could be the cost of paying for the currency abroad which would be considered damages. However, after the end of this obstacle, it will be necessary to start deleting the zeros. So is this suggesting they are planning to raise the value (and pay damages abroad) and then delete the zeros? Well I hope this is what this means.

 

Thanks for reading this article meticulously and pointing this out.

[zigmeister]

The obstacle could be the cost of paying for the currency abroad which would be considered damages. However, after the end of this obstacle, it will be necessary to start deleting the zeros. So is this suggesting they are planning to raise the value (and pay damages abroad) and then delete the zeros? Well I hope this is what this means.

 

Thanks for reading this article meticulously and pointing this out.

Hey great observation Dana!  I have to agree with you on this possibility, I also agree with Rayzur, the articles recently reference out of country dinar holders.  NOW does anyone remember in the deletion of zero's article has it been brought up before now?  Having said that, Turki said they could cover out of country dinar......I am holding onto that.  We don't have to worry our dinar will be worth nothing.   They can cover it 2.5 times.....at 1164 right now.  So this is a good thing.

[DinarDana]

Zig,

 

It's about time they refer to out-of-country currency holders, even if they refer to us as damages. My feeling is this is like investing in penny stock, we have contributed to the CBI reserves. And the CBI will still make more money when they go international with a foreign exchange rate above .00086. This is their investment in their future. Out-of-country currency holders make a profit and a good percentage of these folks will then in turn invest in the IRAQI stock exchange.  Then the big fish will catch on and billions of $$ will change hands and each time an exchange is made Iraq will profit. It really is a win-win situation.

[Rayzur]

I'm with Zig..... great observation Dana and thanks you guys for the input. I wanted to bounce this off the analytical thoughts of others as I didnt want to get entirely sucked into the hope of my own kool-aid logic... :lol:  Sentence construction isn't all that reliable for sure, but I did take solace in noting that an Iraqi official said they were going to deal with foreign investors BEFORE they deleted the zeros....

I get so annoyed with many of the goo roos,.... wanted to make sure that my logic was not getting infected with some of the same fatal flaws as many of them.... Thanks for your thoughts......

 

 

PS the flurry of articles is consistent with everything Iraq said they would do... meaning they learned from the Euro and are publishing information repeatedly for a two time period before engaging the action, such that their people won't riot in the streets angry with the belief they lost money, and/or will understand what is happening so they can follow along as they go through this... I  read an increased number of articles and information pieces saying the same thing over and over and over again as an indicator of the home stretch in this game....

[txdinargirl]

Well Rayzor I think the sentence you wonder about might have to do with those of us who invested in the dinar.  Apparently there is a concern as how to deal with it.  My take, could be wrong.

 

I understand what you last 3 guys are saying.... you'll note I didn't put a big ole yipppeeeeeee next to it.... 

I've personally never been all that keen on the delete a zero before valuing it at 10 cents kind of  program... (and yeah I would take a penny at this point)...  

What I found interesting about this article is it is the first quoted person I've noted talking about the zero program since Chapt 7... therein giving us some idea of what the thinking is for those who may have wanted to or thought they could be connected.... 

 

I also find this sentence interesting:

 

He pointed out that "the seventh item that came out of him Iraq was a bigger obstacles implementation of the project, to the possibility of a claim مدخري currency abroad damages, but after the end of this obstacle has become necessary to start deleting the zeros", 

Leaving me with questions and like the chat with RoadRunner.... that tiny little ole Arabic word gives total context to this sentence and could change dramatically the meaning of the sentence.... Ohhhhhh Road Runner..... where is your interpreter buddy please

I'm also wondering if whatever this obstacle and damage potential is... has it been mitigated, or are we in for a whole other set of factors and variables discussed in numerous articles about currency abroad. I've noticed its become topic... interested to see if we will begin to hear more... 

 

And agree with you Zigmeister..... the timing is is clearly impacted by several factors, the two strongest being economic need and politics... (political climate, perception of the people etc).... Read an interesting research paper suggesting that the second variable is indeed almost as strong as the first... if not stronger in some cultures/countries.... 

 

After reading Zig's post, and thinking about his idea that the currency abroad damages phrase represents us, I went back and re-read this post. Reading it with that interpretation in mind, my eye then went to "after the end of this obstacle has become necessary to start deleting the zeros." To me that very well could mean that they're going to RV to take care of the foreign investers and THEN remove the zeroes.  I'm going to take it as a positive until evidence proves differently.

 

Thanks for the interpretation Zig. It gave me something to think about. I always love reading your thoughts on this journey.

[Laid Back]

Take care of us first and then delete the zero's

Go RV

Thanks

[Rayzur]

Zig I guess that's why I posted this article and keep hammering on it..... Its the 2nd time I've seen foreign investors mentioned, and the first time I've noticed a timeline that suggests they revalue their currency before removing zeros.... That to me makes this very significant.... so much so, I'm glad you guys are weighing in as its really the first time I've seen quoted the possibility that foreign folks will be dealt with before re-basing..... First time spelled out what seems to be concrete.... (where is that darn Road Runner and his interpreter when ya really need em.... what the heck is the Arabic word that did not translate into English?)

[jsilveira66]

February 06, 2010

 

BAGHDAD -- The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL's Radio Free Iraq (RFI) reports. 

 

Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

 

Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

 

Both will be legal tender in Iraq until the old notes are completely withdrawn.

 

Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan. 

 

Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq's money supply is cash in circulation.

 

Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

 

Economic analyst Hilal al-Tahhan told RFI that the bank's move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

 

The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.

 

 

 

 

Dunno itf it was covered in a bit beter English, but here we go with the best translated version, and even it is a few years old.

 

 

LINK-

 

http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html

[Rayzur]

I'm on the hunt to find references about foreign holders of Iraqi currency and the progression of thinking as this information unfolds. I'll post in here as the repository..

.... Seems that reference to foreign holders is on the radar now and is being dealt with...

 

Found this in 7/3/13 report:

[Context of statement  The Iraqi Central Bank, said on Wednesday that Iraq "controlling funds and Treasury of gold" in the world and is one of the banks Act, denying the existence of frozen funds "outside the control of the Iraqi administration, while Bank reserves were revealed (76) billion dollars in May last year, counting out of Chapter VII" will allow Iraq more freedom to act on the investment side."]

 

Hadithi stressed that "talking about frozen funds to Iraq outside the control of the Iraqi administration is not accurate," Noting that "all Iraqi funds abroad being diverted down the resolution to the international deposit account of the Central Bank of Iraq and is acting."

[zigmeister]

I'm on the hunt to find references about foreign holders of Iraqi currency and the progression of thinking as this information unfolds. I'll post in here as the repository..

.... Seems that reference to foreign holders is on the radar now and is being dealt with...

 

Found this in 7/3/13 report:

[Context of statement  The Iraqi Central Bank, said on Wednesday that Iraq "controlling funds and Treasury of gold" in the world and is one of the banks Act, denying the existence of frozen funds "outside the control of the Iraqi administration, while Bank reserves were revealed (76) billion dollars in May last year, counting out of Chapter VII" will allow Iraq more freedom to act on the investment side."]

 

Hadithi stressed that "talking about frozen funds to Iraq outside the control of the Iraqi administration is not accurate," Noting that "all Iraqi funds abroad being diverted down the resolution to the international deposit account of the Central Bank of Iraq and is acting."

And is acting......wow!

[magawatt]

We've been warned that prior to a major currency event that there would be so much contradictory information flying about that it would be impossible to discern just what they are really up to. If we aren't there yet, we must be very close!

[zigmeister]

I wonder what Rayzur may have found.