BondLady - The Time Has Come To Start This Project !

[DinarThug]

CNN. Broadcasting While Ducking The Mic !

Post From BondLadys Corner By Tlm74

[therealbubbie] Mahma Khalil: the deletion of zeros from the currency has become necessary to support the country's economic identity Baghdad - and babysit - the parliamentary economic committee indicated that the deletion of zeros from the currency and restructuring is the need to support the country's economic identity, especially after the end of Chapter VII.

He said Committee member Mahma Khalil "after the withdrawal of Iraq from Chapter VII, there are great advantages stations and many promising in the country's economy to support economic and identity of the Iraqi dinar, and this case is purely economic aim of maintaining the Iraqi currency."

...

Asked Khalil, "the Iraqi Central Bank to begin a project to delete the zeros from the Iraqi currency and restructuring, explaining that this project is as old as the central bank has asked the government to wait it out that it's an appropriate time and today we see that the time has come to start this project" ... p / http://alrayy.com/86858.htm

[EdwardK] today we see that the time has come to start this project"

[miraklocura] amazing news

[bondLady] yes, you kind of have to remember its Iraq also when reading it, like I said I was dropping hints all yesterday and today about reading my past chats . What its saying in plain good ole american english/redneck is that since we came out of chapter 7 it has and will change everything for us.

Many never knew what it was like prior to being in chapter 7 many thought they would never see it after all it is the middle east right ? they are saying eveything is differant now, we can actually dream now

[bondLady] and it stands a chance of coming true now for the economy being in chapter 7 was like being on a "desert" island out in the middle of a huge ocean cut off from the real world in every way for 10 years .

Iraqi's had to put their pride in another country's currency and spend and use and hold another country's wealth but they couldn't touch their own. Now they have a clear picture of the awesome things to come !

[bondLady] almost 3 years ago Shabibi told them what they needed to do economically and in the private sector yet they didnt do what he said so delays came and went.

Shabibi was replaced with Turki and the GOI and parliament gave their blesssing to Turki to do what he needed to do to make the dinar strong again and they would work on the laws and chapter 7 and when it came time to release the lower denominations the GOI and parl freaked

[bondLady] Asked Khalil, "the Iraqi Central Bank to begin a project to delete the zeros from the Iraqi currency and restructuring, explaining that this project is as old as the central bank has asked the government to wait it out that it's an appropriate time and today we see that the time has come to start this project the government asked the CBI to wait and the CBI waited.

So now the GOI says hey CBI we think now that we came out of chapter 7 we think we can pull it off now,we think we're ready for the new money and a new rate

[bondLady] "the central bank has asked the government to wait it out that it's an appropriate time and today we see that the time has come to start this project"

[bondLady] the CBI asked the GOI to wait it out, thats past tense ! "that it's an appropriate time and today we see that the time has come to start this project" its a appropriate time now and today we can see that and the time has come to start the project !

[bondLady] good enuff for yas ? throws the mic

[calkid11]

Thank you Thug always enjoy Bondladys chats and post...   GO RV

[aliciadogz]

Thanks Thug your one the best newshound in town.  

[stealthwarrior]

So bondlady is saying it will lop then issue new currency,with the new currency will be the RV?

[docneedles]

way to tell it bond lady

[sxsess]

Thanks Thug your one the best newshound in town.  

The cutest too

[bigwave]

"the Iraqi Central Bank to begin a project to delete the zeros from the Iraqi currency and restructuring, explaining that this project is as old as the central bank has asked the government to wait it out that it's an appropriate time and today we see that the time has come to start this project" 

I am pretty sure it can be debated one way or another... We will see what happens.

 

Come on RV

[Amos9:13]

When are these people going to understand that deleting 0's is BAD.  Here is what Turkey did.  They had two currencies, the old one at the rate with so many quadrillion notes and the new one with the rate without the quadrillion supply.  They had two ISO.  WE do not want this to happen, we want them to revalue (maybe add a smaller denom once the value on the IQD goes up).  The good news is that these idiots from parliament have been mouthing off LOP articles...not Turki.  From his stance, like he said "getting thru the bottleneck" sounds like to me the economy and money for reserves getting to where it needs to be then put the currency on a float.  Also you will notice that LOPs aren't guaranteed to work...where revaluing is.  When you revalue your currency, you are letting the invisible hand do its work.  RD'ing notes doesn't improve the value of a currency (given the economic situations).  It makes more notes less but doesn't let the currency increase on its own.  Also note Turkey was  A LOT different from Iraq.  They don't have near the currency out or the problems Turkey did...so therefore...they don't have to RD.  They can revalue

 

 

See Below...

 

 

 

Turks prepare for million-to-one currency change

 

Shanghai Star. 2005-01-06

ONE Turkish coffee, medium-sweet? That'll be 2 million lira, please.

Visitors to Turkey are often perplexed by the plethora of zeros that confronts them at every financial turn. Even Turks themselves get a little tired of being nominal millionaires.

A new pair of shoes? 100 million. A new washing machine? 1.53 billion.

Wait till you buy a car - or a house.

But from January 1 all that will change when Turkey's central bank lops six zeros off the currency, creating the New Turkish Lira at the rate of one to a million of the current units.

"It'll be much easier," said currency trader Emre Keles, sitting in the cramped back room of his foreign exchange bureau on the edge of Istanbul's historic Grand Bazaar.

"Lots of zeros, lots of calculations. Fewer zeros, fewer calculations. It's good for us, good for business."

Turkey boasts the world's highest denomination current banknote, for 20 million lira - worth about US$14. The smallest coin in routine use is 50,000 lira, or just over US$0.3.

Three decades of rampant inflation have eaten away the currency's value, leaving Turks juggling with transactions in millions, billions and even trillions of lira. National economic indicators run into "quadrillions" of 16 digits or more.

Even quite routine sums need a wider than average calculator screen. Bank cash machines have an extra key for three zeros, saving customers the trouble of multiple prodding.

To make matters more confusing, menus sometimes simply drop the last three zeros, while badly punctuated price labels often force buyers to count backwards in threes from the end of the number to make sense of the blizzard of digits.

One British holidaymaker loaded up on champagne in a smart bar at one of Turkey's up-market yachting resorts, delighted to find it cost the equivalent of only US$43 a bottle. When the bill came she found she was wrong. It was US$430 a bottle.

"It's too many zeros, even for cheap things," said Erhan Ozler, who runs a textile store in the Grand Bazaar. "I tell the tourists something costs 15 million and they say I must be joking. Or I say it's 20 million and they give me 200 million."

A matter of pride

Practicality is just one reason for the change. It's also a question of national pride.

Dogged by years of economic and political instability, since 2001 Turkey has dragged itself out of deep recession with the help of a US$19 billion International Monetary Fund loan deal.

Economic growth this year is close to 10 per cent and inflation, running at an annual 70 per cent in early 2002, is around single digits for the first time in a generation.

With a recent new IMF deal and the prospect next year of European Union entry talks, Turkey wants to make sure investors get the message that its economy is finally on an even keel.

"The transition to the New Turkish Lira is a historic turning point in restoring the prestige of our currency and our country in the international arena," central bank chief Sureyya Serdengecti told reporters last year.

"The European lira" boasted the Sabah daily when images of the new notes and coins were first released. "Finally the Turkish currency will be as respected as Western currencies."

It is far from the first time a country has dispensed with excess noughts - some 50 countries have done so since Germany in 1923. The exercise has not always gone well, with some currencies tumbling again almost as soon as the zeros came off.

But analysts say Turkey's decision to redenominate when the economy has already steadied, rather than using it as a crisis measure, gives it a good chance of success.

The kurus rides again

The new lira, or Yeni Turk Lirasi (YTL) in Turkish, will be divided into 100 kurus, a unit that has been defunct since the 1970s. Two extra banknotes will appear, for 50 and 100 new lira.

The other new notes will look just the same as their existing equivalents, minus six zeros. Both old and new lira will be legal tender throughout 2005 and prices will have to be displayed in both, as many businesses are already doing.

The change is simple compared to shifts such as Britain's adoption of decimal currency in 1971 or the euro's street debut in 2002, as there is no complex conversion to be done.

Already in colloquial speech Turks often drop the word "million", saying "one and a half" rather than "1,500,000 lira".

"It's effectively what we do already," said one senior Turkish accountant. "It's mostly psychological. It's a simple thing but any change can be difficult for people, especially the old."

Many consumers worry that vendors will round prices upwards in the new lira. But analysts say this rounding effect, which caused bitter complaints in some euro zone countries, should be minimal as prices will not be recalculated, just truncated. Others are nervous about fumbling for the new cash.

"What if you're in a dolmus (minibus) and you pay in new lira and get the change in the old money?" said a Turkish journalist. "Will you know if it's right?"

(Agencies via Xinhua)

[old timer]

I dont give a hoot what turkey did, but i do give a hoot what turki does. lol

 

 

 

 

old timer

[RodandStaff]

CNN. Broadcasting While Ducking The Mic !

 At first I thought you meant "ducking for the mic" Thug...my bad!!!   

 

He said Committee member Mahma Khalil "after the withdrawal of Iraq from Chapter VII, there are great advantages stations and many promising in the country's economy to support economic and identity of the Iraqi dinar, and this case is purely economic aim of maintaining the Iraqi currency."

 

This has been to me... imo... the crux of the matter... Iraq needs to restore their identity, and pride... how can they do that when every time they go to the store they pull out US greenbacks to pay the bill???   The only way they are going to regain their identity and position in the M.E. is to put some worth into their worthless currency.  They have plenty of resources now that Ch. 7 is a done deal to do that... now all that's left is for them boyz to "Git-r-dun"!!!   

 

Thanks Thug, always love us some Bond Lady... haven't heard from her in a while, but it's always a pleasure.  Oh, btw... how long can you hold your breath when your ducking???    

[eastcreek]

So bondlady is saying it will lop then issue new currency,with the new currency will be the RV?

Nope, you're wrong. She did not say that. She has,to my knowledge, NEVER advocated a lop, and Turki has, to my knowledge, NEVER advocated a lop. So, stop with the inflammatory rhetoric, please.

 

I've been on this ride for over 4 years. I've read many posts by Adam, BL,Thug, 98, et.al. So, I've gained just a little sense of what's going on (I hope).  When I see intelligent, authoritative Iraqis (Turki,et.al.) speak, and use the term, "delete the zeroes," it means to remove from circulation those bills with three zeroes. namely, the 1000,10,000, & 25000 dinar bills; just as they are in the U.S. Do you see those denominations of U.S. currency out in the public ? No, and the reason why is that our USD has some reasonable value. All of us on this ride want the IQD to have some reasonable value. When it has that, the 1000,10000, and 25000 dinar bills won't be out on the street for use. They'll be in the banks just as are those denominations of the USD.

 

So, please ! Stop with the flaming, and add some rational thought. Thank you.

[Amos9:13]

I still believe they've captured quite a few dinar (I'd say half).  If they had major debts and an unbalanced budget I'd be concerned, but they don't.  So if these dinar aren't in the streets...wth are they?  If they aren't mutilating the currency that means they don't have a mutilated fund which most countries do, sounds to me they are destroying currency as often as they can of course we aren't going to hear that.

[Sweet baby dinar]

I love this stuff, she needs to always end her chatz this way!

[srdedeaux]

I Love when Bond-Lady Throe's the Mike!

[cooked]

So bondlady is saying it will lop then issue new currency,with the new currency will be the RV?

That's what I get out of it. Doesn't sound great to me. Better than just a straight lop but not great, for sure.

[Shinnidan]

*ducks as Mic fly overhead*

 

dear lord, when do she start "throwing" the mic....

[BJinMontreal]

CNN. Broadcasting While Ducking The Mic !

...

[bondLady] good enuff for yas ? throws the mic

 

Hey !!!  * hic * Shmarten up Clowwwwwnnn * hic *

 

Quit tryin' to frow me arowwwnd ....

 

[momom]

I always enjoy bonladys chats, she shows alot of intelligence, grace and dignity and I respect that. Sure didn't sound like LOP talk to me.

[sandfly]

THANKS

[RodandStaff]

*ducks as Mic fly overhead*

 

dear lord, when do she start "throwing" the mic....

Maybe she's just gettin' a wee bit excited Shin... let's hope this happens right quick or Thug's liable to get his noggin conked!!!    

[Freed]

 

Nope, you're wrong. She did not say that. She has,to my knowledge, NEVER advocated a lop, and Turki has, to my knowledge, NEVER advocated a lop. So, stop with the inflammatory rhetoric, please.

 

I've been on this ride for over 4 years. I've read many posts by Adam, BL,Thug, 98, et.al. So, I've gained just a little sense of what's going on (I hope).  When I see intelligent, authoritative Iraqis (Turki,et.al.) speak, and use the term, "delete the zeroes," it means to remove from circulation those bills with three zeroes. namely, the 1000,10,000, & 25000 dinar bills; just as they are in the U.S. Do you see those denominations of U.S. currency out in the public ? No, and the reason why is that our USD has some reasonable value. All of us on this ride want the IQD to have some reasonable value. When it has that, the 1000,10000, and 25000 dinar bills won't be out on the street for use. They'll be in the banks just as are those denominations of the USD.

 

So, please ! Stop with the flaming, and add some rational thought. Thank you.

 Eastcreek

Way to tell it like it is ! , Thanks Thug - Love that Bond Lady !

[ronscarpa]

Thanks for posting D.T. 

[nackers]

Great info bondlady.

[blaineage]

 

This has been to me... imo... the crux of the matter... Iraq needs to restore their identity, and pride... how can they do that when every time they go to the store they pull out US greenbacks to pay the bill???   The only way they are going to regain their identity and position in the M.E. is to put some worth into their worthless currency.  They have plenty of resources now that Ch. 7 is a done deal to do that... now all that's left is for them boyz to "Git-r-dun"!!!   

 

Thanks Thug, always love us some Bond Lady... haven't heard from her in a while, but it's always a pleasure.  Oh, btw... how long can you hold your breath when your ducking???    

 Couldn't agree more. They want to go back to hating us as much as all of their neighbors, and how can they do that when they have to whip out paper with Ben Franklin and George washington on it to buy groceries.