Best Bank Story EVER!

[Bank Guy]

As logic says...this will never suddenly "POP" at $3.44...or over that or even at a penny! It cracks me up how you on this site poke fun at the "GURUS" who every day claim it is going tomorrow...Their secret contacts have a rate of $20.58...the cards in Iraq are loaded and they are having a feild day spending...yet ignore how the real world works and still think it is going to happen! If the value did ever increase to make any profit...you still would need to fly to Iraq to "Cash in". There is no bank in the US that will buy back the IQD even at it's current rate! You can only "trade" it back for less than you paid to the only guys making money on this whole thing...the scammers that sold you this worthless paper in the first place!!

 

I bought a couple million just for fun 6 years ago...but after doing tons of intelligent research have realized I will only give it to my grandkids to play with.

 

The past "RV" situations should be a lesson to you...do some research!!

Even when the Mexican Peso "RV'ed" no money was made and you could only exchange IN MEXICO!!

[easy]

bankguy, blah blah blah blah blah blah blah

[Bank Guy]

bankguy, blah blah blah blah blah blah blah

From your impressive vocabulary...I can see why you "invested" in the IQD! Thank you for proving my point!

[chess]

OK, I have to say/write this:

"Your" Is NOT the same as "You are."

This is YOUR English lesson for the day. I hope YOU"RE paying attention.

No disrespect to anyone. Just sayin'

 

...........yer very write!

[okane]

pompous, blah blah blaaah.   Really, what is your point?  If you're still holding IQD then even you don't believe your own garbage.  If there was a way to know that you would never buy back into this, I'd be willing to buy you out at more than you paid.  And you never come back.  But as it is now, your condescending remarks and the fact that you are full of crap.  Dude, get off the fence!  Crap or get off the pot.   Sell or shut up.

[in4thelonghaul]

OK, I have to say/write this:

"Your" Is NOT the same as "You are."

This is YOUR English lesson for the day. I hope YOU"RE paying attention.

No disrespect to anyone. Just sayin'

That would be you're...Not you"re.  just a little typing lesson!  

[truepatriot]

In early 2010, the Iraqi government announced plans to redenominate the dinar, giving rise to one of the most globally anticipated “get-rich-quick” speculations in recent times.

Three and a half years later, investors are still waiting, still hoping, and still buying more dinars. Their hope is that since Iraq has the second largest oil reserves in the world with the prospect of doubling its oil revenues over the next 10 years, any currency redenomination will be accompanied by a revaluation, resulting in a huge increase in the dinar’s value.

In this, there is not one but three misconceptions that may unfortunately shatter the expectations people are placing on the dinar. These misconceptions center on a) the redenomination process, debt forgiveness, and c) the central bank policy.

Misconception A: Redenomination Process

In most cases, a country will redenominate its currency when inflation erodes its value to such an extent that it becomes increasingly difficult to process transactions – when there are just too many darned zeros on every bill.

To simplify matters, nations will often chop a few zeros from their currency. For example, Bolivia in 1987 and Peru in 1991 dropped 6 zeros from their currencies, a redenomination of 1 million old money to 1 new money. To avoid confusion, the currencies were renamed. In Bolivia, 1 million pesos became 1 boliviano, while in Peru, 1 million intis became 1 sol.

But no one became a millionaire. In either country, you still had the same value in USD after the conversion as you had before. When you went to a Peruvian bank to exchange 1 million intis for 1 sol, you walked in with 1 USD worth of money and you walked out with 1 USD worth of money. It was a flat exchange.

The same will be the case with the Iraqi dinar, as indicated by XE.com:

Misconception B: Debt Forgiveness

“In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged.”

But what about foreign debt forgiveness – as much as 80% in Iraq’s case? Won’t the erasing of so much debt make the new Iraqi currency so much more powerful?

Indeed, Iraq’s debt cancellation is substantial, as a 2006 CRS report for the U.S. Congress explains:

However, the report shows that this forgiveness of debt has already taken place – first by the U.S. in December 2004 and then by the remaining Paris Club member countries in December 2005.

“When fully implemented, the Paris Club’s treatment of Iraq’s debt will reduce the total debt owed to Paris Club countries from $38.9 billion to $7.8 billion. This remainder (20% of the original total), will be rescheduled over a period of 23 years with an initial six-year grace period of repayments.”

The remainder of Iraq’s debt forgiveness has largely been completed as well, as the Central Bank of Iraq notes, “Negotiations with non-Paris Club creditors are ongoing (mainly with Gulf countries), and resolution of the commercial debt is largely complete ... This portion of the external debt has been reduced to $45 billion in 2010.”

The CBI further states that while Iraq’s debt for 2010 was estimated at $92.3 billion, its GDP for that year was $82.2 billion. While the debt is high at 112% of GDP, it is not uncommonly high, and it is manageable. It is highly doubtful that any remaining debt forgiveness will be substantial, nor that it will ever impact the currency all that much.

Misconception C: Central Bank Policy

Another major misconception is that the Iraqi government wants a stronger currency that better reflects the wealth of its substantial oil reserves, which are currently the second largest in the world.

As the following graph of the dinar versus the USD shows, the IQD has remained largely flatlined and stable since the beginning of 2009.

In other words the Iraqi gooberment says this,therefore it will surely be so.

Yeah..thats worked wonderfully for our own gooberment  hasn't it?

 

When guys like you or Keep start discussing how an RV couldn't possibly happen due to lack of oil,gold,etc to back it up I can't help but laugh.Debt is the same deal.

You're living under a delusion that fiat currency is actually backed by appropriate resources,and simply not worth whatever the international bankers decide to type into their mainframe computers.

Please tell me you're not gullible enough to think that we could ever pay back a 17 trillion dollar debt with our gold and oil.If they wanted it to come out at 3.50 dollars it would.Granted it might crash the global economy,but hey thats going to happen  anyways

Edited September 3, 2013 by truepatriot

[AJC]

Disney is very protective of their name and would never sell at Home Depot..... maybe Lowe's !!!!!

[truepatriot]

As logic says...this will never suddenly "POP" at $3.44...or over that or even at a penny! It cracks me up how you on this site poke fun at the "GURUS" who every day claim it is going tomorrow...Their secret contacts have a rate of $20.58...the cards in Iraq are loaded and they are having a feild day spending...yet ignore how the real world works and still think it is going to happen! If the value did ever increase to make any profit...you still would need to fly to Iraq to "Cash in". There is no bank in the US that will buy back the IQD even at it's current rate! You can only "trade" it back for less than you paid to the only guys making money on this whole thing...the scammers that sold you this worthless paper in the first place!!

 

I bought a couple million just for fun 6 years ago...but after doing tons of intelligent research have realized I will only give it to my grandkids to play with.

 

The past "RV" situations should be a lesson to you...do some research!!

Even when the Mexican Peso "RV'ed" no money was made and you could only exchange IN MEXICO!!

 

Hey! don't waste currency like that.

If it's truly worthless in your eyes,then simply send it to me.I don't care if it's a little torn or has stains as long as still intact.

And tell you what..send me your address and post RV I'll even send you a lone 5000 dinar bill.That way you can at least pay a few bills and still afford plenty of tissue paper to wipe away those bitter tears when you miss out on the party

lololololol

I wonder how many 'bank guys' go off and play the lotto.  A person stands a better chance of getting hit by lightening 15 times before winning one of those.

 

Or in the case of smoking/drinking.

I wonder how much more they've spent on both in recent years,when they could have bought 5 million dinar with what they have spent on the habit.

[rockfl9]

Bank Guy:: I wonder if you can provide some insight as to why US and other counties' banks have stopped selling dinar? The stoppage was so universal that just be a few nusiance investors bothering their staffs! OR might there be a problem .