conversation today with former IMF/World bank employee

[mauser]

Went to help the wife pick up a bed that was on Craig's list here in SW FL.  The gentleman's wife had pass on and was moving up to Longboat Key.   He mentioned he had been married twice and both wives had passed and that he had worked for the IMF for 20yrs and the World Bank for 10 before retiring and now working part time as a consultant for different companies.  I asked if the IMF and/or World Bank dictates or governs a countries currency rate  (I asked this since soooo many well informed people on numerous sites have people in high places in numerous 3 letter organizations and have inside scoop).  He stated the IMF only give loans to countries and the only organization that has control over a counties currency, increase or decrease in value, is the Central Bank of that country.  No one else.  He went on to give an example, China, that their currency is way under valued.  This is due to all the exports and very little imports.  This is where they get their money and they can and do, keep the value low.  I brought up Iraq and Iran.  Too much unrest, corrupt politicians, and uncertainty in the region.  The more a country holds US $'s the more their currency will be worth, the less they have the less it's worth.  He stated that Iraq does not need to increase the value of their currency due to all the oil they have.  They don't need to increase the value of their money, they get their money from the oil. Not exports.  He also stated if the Iraqis done away with the Prime Minister that the value would go down drastically due the civil war it would create in country. He stated it would be a very, very high risk venture with Iraqi currency.  I then stated I was invested in the dinar.  He then said he probably shouldn't have said what he did. I told him I appreciated the information and I have not lost money so far and could sell it and make a small profit.  He then stopped discussing currency and the wife and I left.  The information he stated above was before I asked about the dinar.  I sure hope it is not true but makes one wonder.  I have been in this since Oct 2007 and thought it was coming to an end but he sure has me a little concerned. 

 

["Fred"]

I wouldn't loose any sleep over it.

[skrappyone]

Sounds believable to me.  Kind of how I have been seeing it.  Thanks for the post.

[roger-write]

Whether or not his information was accurate, one observation is that he probably stopped talking about it when he found out you were invested because he didn't want to be giving financial/investment advice.

[FlintNPebbles]

Thanks for the information.

He stated that China keeps the value of their money low due to the amount of exports and very little imports. That Iraq could do the same due to the oil. However, that is pretty much all they export and they do import quite a lot until they get their infrastructure back up to support the citizens. Not that the oil export couldn't keep the value of their currency low, the have lots of exports.

 

That being said....Iraq has stated they want to have a strong currency in the region.

[Drjga]

It makes sense; although it is not something I want to believe.

[umbertino]

It makes sense; although it is not something I want to believe.

Drjga...Welcome to DV.

[sandfly]

I DONT KNOW

[NWGUY]

Thank you for the information Mauser.  I feel that the guy was very truthfull, and like everything else involved in this, should be at least considered.  I know Iraq would like to use their own currency, and honesty feel they will someday, but the real question is when will they do it.  Could be tomorrow, or it could be years away, but the one thing I honesty believe is it is going to happen, and I am willing to wait it out!

 

Again, thanks Mauser!

 

Go RV or RI Soon!!!

[King Bean]

I DONT KNOW

 

 

More true words were never spoken, McFly.

[millionaire in training]

We need to keep in mind that Iraq wants to be a super power and that their money was once worth a lot.  They are very proud people. They can't be #1 with their currency being so low.

[Goeers]

I'm out here on the ledge now ready to jump. There went all my hopes and dreams. What a sucker I have been.  This is it.  Oh wait a minute I live in an underground house. WTF!!!!!

[SgtFuryUSCZ]

***///

 

We want to believe the RV could happen and in such a way as to make us Dinarians very happy.

 

But we read every day how they are having their auctions, rolling in USD all over the place,

maintaining the status quo and feel more and more like this could just go on indefinitely. 

 

And we begin to lose hope.

 

And in that regard, this conversation with Mr. Ancient WorldBank guy seems to confirm that.

 

But then we think, hey, there's always hope.... 

 

if a guy who's supposed to be so smart and savvy about global money goings-on is so

destitute as to have to sell some guy a USED BED,

maybe he's NOT that smart and his opinion may hold NO validity after all.

 

So, we'll continue to live in hope, lest we die in despair...

[PrettyKitty]

Go RV.....I can't hear you...Go RV

[divemaster5734]

***///

 

We want to believe the RV could happen and in such a way as to make us Dinarians very happy.

 

But we read every day how they are having their auctions, rolling in USD all over the place,

maintaining the status quo and feel more and more like this could just go on indefinitely. 

 

And we begin to lose hope.

 

And in that regard, this conversation with Mr. Ancient WorldBank guy seems to confirm that.

 

But then we think, hey, there's always hope.... 

 

if a guy who's supposed to be so smart and savvy about global money goings-on is so

destitute as to have to sell some guy a USED BED,

maybe he's NOT that smart and his opinion may hold NO validity after all.

 

So, we'll continue to live in hope, lest we die in despair...

True.

But then, as you are already well aware of, from your own ranks.. there's a reason for the term "eccentric".

I know an individual that has  bank accounts with  balances larger than some small countries GDP's, that drive around in a dented, beat up 30 year old Datsun pick up that's even missing the gas cap.. but he owns huge factories he leases out to large corps, and several municipal buildings leased by cities and states.

I've seen him pay cash for a 20M business complex, then dump another several million into improvements.

One of my best friends buys 1m+ properties for cash, rehabs, then sells, does 3 or 4 a year, and does the basics himself, painting, sheet rock, etc.

Not all wealthy are splurge, just as not all "educated" are agnostic.

Besides, the idea that a person with wealth must display their wealth by consuming is an illusion created by marketing.

And even though some universities would try to convince you any degreed individual has to be "too smart" for Christianity, most would argue they have obviously confused religion with spirituality. 

 

It is only the simple minded or arrogant that are compelled to obey the commercial.... 

 

DM

[dinarmite]

"They don't need to increase the value of their money, they get their money from the oil. Not exports"

Read more: http://dinarvets.com/forums/index.php?/topic/159869-conversation-today-with-former-imfworld-bank-employee/#ixzz2dtAe00w7

 

 

 

I only have one question, isn't oil an export?

Edited September 4, 2013 by dinarmite

[Laid Back]

He stated that Iraq does not need to increase the value of their currency due to all the oil they have.

Thanks for the post.!!

[Texas1]

I DONT KNOW

Hello McFly........is anyone home o

[Rayzur]

True.

But then, as you are already well aware of, from your own ranks.. there's a reason for the term "eccentric".

I know an individual that has  bank accounts with  balances larger than some small countries GDP's, that drive around in a dented, beat up 30 year old Datsun pick up that's even missing the gas cap.. but he owns huge factories he leases out to large corps, and several municipal buildings leased by cities and states.

I've seen him pay cash for a 20M business complex, then dump another several million into improvements.

One of my best friends buys 1m+ properties for cash, rehabs, then sells, does 3 or 4 a year, and does the basics himself, painting, sheet rock, etc.

Not all wealthy are splurge, just as not all "educated" are agnostic.

Besides, the idea that a person with wealth must display their wealth by consuming is an illusion created by marketing.

And even though some universities would try to convince you any degreed individual has to be "too smart" for Christianity, most would argue they have obviously confused religion with spirituality. 

 

It is only the simple minded or arrogant that are compelled to obey the commercial.... 

 

DM

 

Excellant points DM!!! And agreed, I know some of the same kind of people with the same kind of attributes. Especially so among those with boo koo bucks. 

 

In other news,

yeah I thought oil was an export for Iraq as well.... 

[billio0]

"They don't need to increase the value of their money, they get their money from the oil. Not exports"

 

 

I only have one question, isn't oil an export?

 

Hello dinarmite,

 

Thanks for such an astute observation, which I noticed right away, but chose instead not to comment since I also appreciated mauser's post anyway..

 

Most here at D-Vets are among the sharpest pencils around, and even if this so-called IMF/World Bank retired expert believes we're in a pipe dream with our IQD investment, he hasn't dashed my confidence in it one iota.

 

Billio0

[Skybear]

Thank you for the information Mauser.  I feel that the guy was very truthfull, and like everything else involved in this, should be at least considered.  I know Iraq would like to use their own currency, and honesty feel they will someday, but the real question is when will they do it.  Could be tomorrow, or it could be years away, but the one thing I honesty believe is it is going to happen, and I am willing to wait it out!

 

Again, thanks Mauser!

 

Go RV or RI Soon!!!

You could not have said it any better, NWGUY!

[4aprofit]

Apparently...as some seem to believe...Iraq never needed their currency at the $3-4.00+ rate...as it has been in the past, when nothing was going on over there in comparison to now!...So, I assume Kuwait, who is dumping billions into Iraq..(Ask yourself why?...Is'nt this the same oil and more of it?)...and with Kuwait's currency at $3.00+...does Kuwait not need their high rate either?...So, I assume that Kuwait is just keeping theirs up there at that rate just for giggles?...Just think about this...it will sink in eventually for some...and make ALL theories of the never ever rising again Iraqi Dinar...look retarded!...IMO!...LOL....

[sxsess]

Apparently...as some seem to believe...Iraq never needed their currency at the $3-4.00+ rate...as it has been in the past, when nothing was going on over there in comparison to now!...So, I assume Kuwait, who is dumping billions into Iraq..(Ask yourself why?...Is'nt this the same oil and more of it?)...and with Kuwait's currency at $3.00+...does Kuwait not need their high rate either?...So, I assume that Kuwait is just keeping theirs up there at that rate just for giggles?...Just think about this...it will sink in eventually for some...and make ALL theories of the never ever rising again Iraqi Dinar...look retarded!...IMO!...LOL....

Good post brother +1

[a-j516]

I feel our dollar is our own worst enemy because they the iraqis use the dollar to buy and sell oil and the citizens of Iraq use the dollar to buy their necessities. Then who cares if the dinar is valued so low. Someone let me know if the Iraqi people really use the dinar. It seems unfeasable to carry a bushel basket of dinar to buy a weeks groceries.

[Texas1]

I wouldn't loose any sleep over it.

Fred was Alabamas spelling bee champion in 1978.