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JC Collins is from Canada - not sure how or if that has any bearing on how he writes and if it influences his perspective - Some readers really get into an almost heated debate - I hope other DV members are familiar with him and will respond to the thread - Thanks in advance
Reader Comments On: Dinars, Chinese Elders, Dragon Families, Bonds, Scams By JC Collins
Daddy Warbux I agree with you. Here is another dirt bag from the Dinar world heading to prison for wire transfer fraud. https://www.youtube.com/watch?v=Lv-DscAQ78o
Rebecca So the dinar is truly a scam even if you bought it from a bank
Dottie Derewicz This is where I have the problem with the open mind concept. Before you really take serious anything that is put out there you need to investigate it thoroughly. And if you aren’t sure then ask someone you truly trust, such for myself would be JC. I think he has proved himself and would not steer you wrong.
Dottie Derewicz rebecca, I think what JC wrote in this paragraph could help you.
The reality of the situation is that the dinar market has zero actual liquidity. The Iraqi currency is not even traded and can only be purchased through the online dealers who produce and support the scam script. They sell the storyline that the dinar will revalue upward and investors will make millions from nothing but a small investment. Many even claim what the new exchange rate of the dinar will be, while playing on the greed and dreams of those who desperately seek a better life.
Carey Peters Dottie, I bought dinar from a bank as I believe rebecca was indicating the same. I know of many people who purchased their dinar from bank in the USA.
Jcollins When? Where? For how much? Can they sell it back? Details please. No banks will sell or offer dinar as it is not internationally traded. Period.
Mel Chior I’m from Canada. Many reputable currency dealers offer the IQD up here. I bought some many times at their exchange windows around my area and could sell it back tomorrow if I choose to. So far I haven’t sold any back. There is a rather large spread but it is available to us to buy and sell if we choose.
I highly respect your writings JC – always have! I’m guessing you just didn’t know this small detail about Canada.
Here’s the website of one of the dealers I’ve personally bought from at their exchange window – http://www.kantor.ca/ You can surf their site for current price quotes.
On a totally separate note – I came to the conclusion that I’d rather hold VND than IQD sort of on my own. Reading your logical explanations of what is happening in Vietnam helped me along the way. I agree with you on this.
Jcollins You are correct Mel, the Kantor site does list IQD. With a quick glance Kantor appears to have a similar set up as the money market licenses which dinar dealers get down in the US. The dinar is still considered a currency that is not internationally traded. As an example, the Ice currency exchanges in the Airports up here do not offer dinar. Nor do the banks.
I have purchased dinar from this website for the past 4+ years now. Many locations within US. Based out of Florida and I researched before my first purchase. Roughly 1,000+ USD per 1million dinar.
They will purchase it back minus a spread. Many on a dinar site called Dinar Recaps “blog” page have stated they purchased Dinar at Wells Fargo but I cannot confirm.
Many articles by JC Collins show up on this site as well. Also read a SIGIR report showing the actual value of dinar based on Iraq’s financial position was over $1+ and that was several years ago.
I have been researching since I invested many years ago. Please keep researching and let me know your thoughts … By the way I enjoy your articles! I realize it is not internationally traded but when it is, the dinar could be a great opportunity for those holding the currency. Of course this is my personal opinion.
Dane Michelle 4 years is a long time. I would ask them how they will handle IF the IQD is retired?
Will they still buy back useless money? If so for how much on the dollar?
How will they handle IF Iraq changes the denomination of their money by “removing zero’s?”
Will your $1000 investment be worth $10, $1 or nothing at all?
Just some logical questions to think about. I see you have the IF it becomes an internationally recognized currency covered already. Good luck.
One Mans opinion..... but a very strong one --
I have been reading JC Collins for about 18 months - right after he started his blog - He is a very astute writer and I would say knowledgeable about economics -- I would never be able to debate him as I am definitely not in his league - lol -- Reading does not necessarily mean that I agree with or even understand all that he supports -
I read all of his posts -- well until he and a partner went to a paid membership about a month ago -- He will on occasion write an article for the public as "free" - I check frequently for those - I am bringing his latest for all to digest and discuss -
I will post his reader comments shortly -- they are quite interesting as some really get into debate -- I am looking forward to some discussion here from the ones who are seasoned - and will take the time to read -- Thanks in advance for your thoughts - I have not posted in a while but I have been here observing and reading - UNEEK
P O M = Philosophy of Metrics
ECONOMICS, FREE POM, PREMIUM POM
WARNING ON SCAMS (FREEPOM)
MAY 26, 2015 JCOLLINS
Dinars, Chinese Elders and Dragon Families
By JC Collins
The importance of this post stands apart from the majority of the material on POM. The relevance and timing of this information corresponds with the evolution to some of my own initial assumptions and the full application of logic.
The post itself will be made available free to all readers in the hope that the information will get to those who need to hear it the most.
Every day tens of thousands of people around the world fall victim to financial and investment scams. These schemes are complex and use official sounding words and documents to provide a sense of legitimacy.
Daily conference calls, website forums and groups, and creative writing pitches, are used to create an environment of false future prosperity. The storylines constantly change and shift about in order to avoid any end result or conclusion where riches are awarded.
The financial losses which take place because of these scams are difficult to determine, but they likely measure in the millions of dollars per day.
Many who are taken in by these scams become embarrassed and have a challenging time accepting that they were fooled by the well-designed schemes.
Like most scams, the structure of each is based on some variation of truth and possibility which surrounds real world processes.
Considering the content which is provided on POM consists of analysis and trends surrounding some of these real processes, it would be prudent to attempt to separate fact from fiction and ensure readers are able to discern which is real and which is fake.
For the most part, this is a post which I have avoided writing since starting POM. Many past articles have danced around the issue, and much of the fact based referenced material provided here has forced some of the scammers to change the storyline of their scams. Which was somewhat the intention.
The framework of these scams all center around the revaluation of the Iraqi dinar, new world economics, and the redemption of vast amounts of historical bonds. The storyline of each scheme uses the names of major banks (such as Wells Fargo in the dinar scams), government agencies, special status, and secret sources.
As stated, some of the scams even produce official looking documents with actual seals and signatures to provide a false sense of reliability and status. Buzzwords and phrases are used to invoke a sense of emotional want and familiarity, such as:
Private Placement Programs
Secret Trading Platform
Transactions associated with the Federal Reserve, UN, EU, IMF, World Bank, etc..
Scams involve transactions in the following methods:
Letters of Credit
Other keywords used in the scripts of each scam may be as follows:
Humanitarian Project Funding
High Yield Trading Platforms
Prime Bank Instruments
Top Level Players
This is just a short list of keywords and phrases which are used to promote and support these frauds. Each scam has a small army of reps, advisors, brokers, and colorful characters who produce a constant stream of propaganda and pitches.
At times the connections between sites and personalities may not be as obvious.
When you begin to trend the storylines and made-up facts, it quickly becomes apparent that most scams are attempting to capitalize on the public’s lack of understanding about real world events, such as IMF reform and the adjustments which are required for the global monetary framework to function under a balanced multilateral mandate.
The fact based and documented analysis which has been provided here on POM regarding the SDR and China’s desire to have the yuan added to the basket composition, has forced some of these scripts to change.
Early in 2014 these scams were based on the BRICS countries, and China in particular, overthrowing the western bankers, which would involve the complete collapse of the American dollar.
It was stated repeatedly in the propaganda material created by these scammers that China would never have anything to do with the IMF and the SDR.
Since that time, based partially on the fact based and referenced material provided here on POM, the script has changed and the scammers are now producing daily and weekly material stating that China and the BRICS countries are only pretending they support the IMF and multilateral framework.
Apparently their real intentions are to overthrow the existing international institutions from within.
Changing storylines are the one dead giveaway to scams. Contrast this against the consistent facts which are presented here.
The POM script never changes and the real world application of the transition can be measured, such as the conclusion made here that China would seek to have the RMB added to the SDR basket, which was later confirmed by announcements from both China and the IMF.
The complexity of this transition makes for fertile ground for misunderstandings, which allow for the growth of complex scams which aren’t easy to recognize.
Even intelligent and high level professionals in the fields of finance and banking have fallen victim to these scams. In some cases, these people unknowingly continue to promote the scam because they believe in the validity of the script.
It’s only after endless disappointment and the continuous passing of deadline after deadline that they begin to awaken to the horrific nature of the scam.
Consider the dinar scam. Every week on conference calls and web forums it is stated by crafty designed characters that this week is the week. High placed sources tell them that the banks are ready and this weekend the blocked funds will be released. Every week passes with no such conclusion.
The reality of the situation is that the dinar market has zero actual liquidity. The Iraqi currency is not even traded and can only be purchased through the online dealers who produce and support the scam script.
They sell the storyline that the dinar will revalue upward and investors will make millions from nothing but a small investment. Many even claim what the new exchange rate of the dinar will be, while playing on the greed and dreams of those who desperately seek a better life.
What they don’t tell you is that the only place you can redeem the dinar is in Iraq, and for only a fraction of the price they were purchased for from the “dinar dealer”.
Most extremely low currencies will eventually end up being redenominated as opposed to revalued. Especially from countries which are in political and economic turmoil.
Iraq has none of the economic fundamentals and metrics which would support a revaluation of the dinar. Make no mistake, this currency will be redenominated at some point when political stability returns to the country.
Contrast this against the economic growth and viability of Vietnam. Here on POM we have covered the metrics surrounding Vietnam’s growth and the potential for a revaluation of the dong currency, based on information and statements made by the State bank of Vietnam in regards to ending the peg to the USD and pegging to their largest trading partner China.
The dong is traded all over the world and has market liquidity. No one can say if it will in fact revalue, or by how much. But if any extremely low valued currency has a chance at revaluation as opposed to redenomination, it is the Vietnamese dong. Time will tell.
Another widely spread scam involves historical bonds from around the world. Like the contrast between the dinar and dong, there is always some truth which can be found, but little substantiated information to support those truths.
Whether its gold-backed Chinese bonds from 1913, or Mexican bonds, German bonds, Farmers bonds, Brazilian bonds, or US Railroad bonds, thousands of people every day are being scammed by scripts which keep promising a payout which never comes.
These bonds have been defaulted on decades ago and there is no market liquidity associated with them.
There may in fact be some historical bonds which could be considered for redemption as a part of a macro monetary transition to the multilateral framework.
Some historical Chinese bonds were redeemed with the transfer of Hong Kong from British control back to Chinese control, so such a process could take place in the future.
Previously I have been provided information on historical bonds, but I am now extremely reluctant to provide this information or support it in any way whatsoever. This field is so full of false narratives and scammers that it would be wise not to promote or spread potential disinformation.
When considering these scams, why would any international or governing authority place the power of such wealth, which is described in these scams, in the hands of internet clowns, assorted characters of dubious origins, and web forums and conference calls which reek of greed and attitudes of exclusivity?
Since 1993 regulatory and law enforcement agencies from around the world have issued warnings on these specific scams. Alerts have come from the following:
Comptroller of Currency
Securities and Exchange Commission (SEC)
US Secret Service
Department of Treasury
UK’s Financial Services Authority
Canadian and German Governments
Australian Securities and Investments Commission
International Monetary Fund
And the World Bank
Many will continue to ignore these warning by claiming that these regulatory and law enforcement agencies are not telling the truth.
Many scams demand complete secrecy from those who have “invested” in the exclusivity of the opportunity or platform, which apparently supports the lack of knowledge from official regulators.
Just because these governing bodies may not always have the public’s best interest at heart does not mean the warnings they issue in regards to scams are not valid.
People fall victim to these scams for a number of different reasons. Most have to do with desperate acts of greed, human psychology, feelings of self-importance (such as exclusivity), appearance, hope, and in the case of dinar and historical bonds, escalating commitment, as those getting scammed keep investing more and more in the hopes that one day soon it will all payoff and make them rich beyond their wildest dreams.
Any scripts which present information from secret sources, white hats, dragon family members, Chinese elders, so-called whistleblowers, and other variations of internet storytellers, which contain propaganda surrounding the overthrow of western bankers (bankers are bankers), or some new economic system which excludes the United States, should be avoided and dumped in the virtual trash bin.
POM and I have continued to be attacked for providing the factual alternative to these scam scripts, and it will likely continue after this post. Since POM is now providing a paid service, I will continue to research and present accurate information for those who deem it valuable.
It is my hope that all will prosper and retain wealth through the multilateral transition which is taking place. The full transition itself could take years, which means the scams reviewed here will continue to morph and adapt to the changing realities.
Any comments which attempt to promote these scams or support the narrative will not be posted. Since POM is now a service, it is my responsibility to filter such nonsense and ensure that subscribers are getting only accurate and factual information on which they can base their own financial decisions. And don’t complain about free speech. I’m not the government and this is my house.
Wealth growth and retention are only realized through hard work and financial discipline. Get rich quick schemes are meant to transfer your wealth to someone else. They will never make you rich or financially secure.
One last thing, considering the high level of some professionals which I have encountered who believe and support these scam scripts, it can be determined that whatever the origins of the scam, they have now taken on a life of their own as those caught in the web refuse to believe the ruse and continue to promote the script in acts of ignorance in order to deny themselves the reality of their own human character flaws. It is unlikely that there is a coordinated effort in the promotion of these scams. – JC
OMG!!! This woman is so long winded -- it just amazes me how she can go on & on -- I hope she is wrong about it maybe being another month !!!!
UU1012 – “Re-positioning Iraq for Wealth” by Mnt Goat
Today’s news letter is a long one. Sorry but there is so much confusion now and people are anxious and wondering where is the RV. So I have to take some time now to explain to you what is going on.
I hope everyone also read my last news letter dated 01/28 and 01/30 since this is a continuation of this ongoing saga and this news letter will then make more sense to you.
Today is Monday Feb 2nd and still no RV. Very, very interesting articles coming out of Iraq now in the aftermath of last week’s historical passing of the 2015 Budget Law.
One article in particular I thought I would share with you and should be explained in detail since it is telling so much on when they intend to open and spend parts of their budget.
We all should know by now that when they do begin to spend the 2015 budget they will need to fund it somehow. They will have to have an international currency to meet their international obligations. There is no way around it.
If they open this budget and do not have the funding to meet it (liquidity) they will be insolvent. This will not go over too well with the international community since there are international obligations within the budget they needed to fulfill. They will lose credibility.
In the face of what they are confronting with the money needed to fight ISIS and all the bad publicity about the corruption of Maliki, (the 800+ billion of missing funds) and how they are trying to create a safe haven for investors and tourists to come into Iraq, I sincerely do not believe they will want to be looked at as an insolvent country. I do not believe this will happen.
In fact in my mind I fully believe this funding must come very soon. I believe they have already provided for some of these funds, as I described in my last couple news letters. I will not explain this again and I rely on you to go read them.
We see yet more articles too on this topic coming out such as the needed international tie-in for the Mastercard. Did you read this one? I sensed a frustration in that one.
There is also the ATM machines where they can not use the 3 zero notes. These machines have been purchased as a great cost to modernize Iraq years ago however they can only be used when the lower denominations are issued (such as when the purchasing power of their currency increases significantly).
Kuwait too has decided to postpone future war reparation payments as they make backdoor deals to get this owed money on other terms.
Can they ratify the budget and then just sit on it?
Yes they certainly can do this. They have done this with countless other laws already. This has been a huge problem all along for anyone trying to figure out this process. It is the not as straight forward as we would like it to be. But remember also we are not in the Maliki administration anymore.
Things are now different and moving along. There is a whole “package” of laws they are sitting on.
They are all related and interconnected with the implementation of the budget law and so we can expect them all to be released about the same timeframe. Something for all of us to watch for in the Iraqi news. Could it be other laws still need a fine-tuning?
Does placing the budget in the Gazette (their law library) automatically cause it to be implemented?
Technically the answer to this question is – YES. This is how it is supposed to work. However they have already taken many laws in the past and posted them in the Gazette only to implement them months later.
So there is no guarantee they will not now do this with the 2015 budget law if they get stalled in implementing the revaluing process of their currency. I am not saying they are going to do this but I am saying it is a possibility.
If we do not see some re-pricing of the dinar very soon – like this week sometime we know the CBI is having issues with establishing the value they need for the currency and they will not revalue until the economy of Iraq is re-positioned to do so.
I explain all this in much more detail under the topic of “future value of the IQD” section of this news letter. What explain what I mean by “re-positioned” or “re-positioning”.
But first let’s look at the current news about the 2015 budget saga because this event is driven by the target timeline (or deadline) of this re-positioning to be completed as you will see.
Current News Article
It was announced by the parliamentary Finance Committee member Ola Nashi that the 2015 budget was sent to the presidency on Sunday for ratification as required. The president of Iraq now has 30 days to approve the bill or voice his objections to parliament.
Nashi also added in a statement to the press that the process of sending the law to the presidency and ratified take one month only. So he confirmed the process for us.
Nashi also commented that it would be announced in the Official Gazette and rendering it to online sites for the citizens to view.
Now here is the interesting part of her news blast. She also explained that money to allocated to the ministries of justice, agriculture, trade, and for Intelligence and National Security will begin as of the first of the next month of March. The allocations for the Ministry of Education will begin starting from September of this year.
What does this mean to us. This tells us where they are in the process of finalizing the budget. Technically president Masoum could take till the end of February to ratify it and they could be in a holding pattern for any re-pricing of their currency until this timeframe.
Nashi does say in fact that the allocations for certain ministries would not begin until March.
This tells that even if Masoum does speedily ratify the budget they are not in a position to open it and begin spending it for these ministries until this time.
I believe she is making this news conference to satisfy the citizens and to let them know when the funding is to be applied. sort of settling the crowds since they have been promised these reforms for so long.
But what about all the other ministries like the interior ministry? There are huge sums allocated for items related to this ministry. Here we see is where all the reconstruction projects are and the money for the National Guard efforts. We know these security forces have been without pay now for over a month.
They are now threatening to walk off the job if not paid. Can they wait until March? Nashi is not saying they would since she does not talk about when the allocations for this ministry would be spent.
$$$ Future Value of the IQD $$$
This is one of the most misunderstood issues in these dinar intel forums. I see how these so called dinar “gurus” have messed with your minds and totally confused many on this topic. Many of these gurus have no business preaching news about this currency revaluation since they really know very little.
So let me explain and clarify this topic for you. I hope this will help you. However it is a long read and my explanation takes time to understand but it is well worth the long read. So please settle back and relax. Get a cup of coffee and your reading glasses. Maybe even print it out and take it to the toilet with you….lol…..
Remember the CBI can not just arbitrarily just say their currency is worth a new value. THEY MUST CREATE THE VALUE FIRST !
So what does it mean to CREATE VALUE to a currency? For the sake of argument let’s say Iraq did arbitrarily come out with a $3.58 rate. Can they sustain this rate long term?
Many of you are now saying – Of course they can! Do you say this just because you heard about all the oil reserves they have? Really? Think not! Let me explain.
You probably answered this question only from what these “gurus” have been telling you and not from the facts of where the re-pricing process currently is. Re-pricing process?
Yes - there is a plan and this is why everyone keeps saying there is so much for the CBI to do to set up for the revaluation. However it is really not so much the CBI as it is the GOI doing all the ground work.
We see this everyday with the new laws and the unification process. This is all related the positioning of Iraq for a new phase in its history.
Abadi and his team along with the parliament and the workforce here. The CBI is just the brains of this re-positioning effort.
So how to find the value of this $3.58 rate I would first ask this question - What did they “peg” it to? There must be a standard currency used to gauge the new value. The US dollar index is the most widely used and it is widely used in pricing for trade between nations.
You see this international trade is very important. They will need to peg it to something since any rate is arbitrary until substantiated. Trade revenue is what brings in wealth from other nations.
The game is simple- you (meaning other international countries) have wealth and we (Iraq) would like to have it. If we are successful in our trade policies we can provide goods and services to you and you provide us with a stream of revenue. If Iraq manages these new revenues appropriately (prevent corruption) they can become a very wealthy nation.
Contrary to many who believe that Iraq is already wealthy let me say this.
Wealth is real money in the bank or a legally substantiated potential for wealth. Iraq will not be “wealthy” until they can figure out how to milk their trading partners and do it so their trade balance is normalized with higher net revenues (cost of net exports exceeds cost of net imports).
I am no economist but this was all clearly explained to me as to how the CBI plans to create value to their new currency. This value must be realized prior to any revaluation.
So listen carefully to these next paragraphs as to how they intend to do this. All these laws you have been reading about are not for nothing.
They all move this country in a direction towards increased “future” wealth. It is more than just reinstating the IQD such as what they did in Kuwait and I think this is leading many to confusion. The effort in Iraq is monumental in what they are doing in comparison.
We should all be glad too since Iraq will then be able to sustain long term growth. I can’t wait for the huge spike in value too once the investors home in.
Personally I am taking 10% of my IQD and putting it aside to exchange later on this spike in value. I am going to be patient and wait. This is my plan not any advisement. Back to the news….lol…
Next I would look as a host of variables that substantiate the increased value, i.e. how much oil, gold and other minerals. There have been many articles in this area so we know they have the wealth in the ground as with their great oil reserves. But also I would look at the exports.
What exports does Iraq currently have? Yes oil is an export but it does no good if kept in the ground. It is not an export if in the ground. Wealth is measured at realized revenue stream or a legalized potential for wealth. This is in part what brings up the value of your currency.
So oil reserves discovered in the ground is great but alone is not true wealth. Having a legalized plan (pumping so many barrels per year to market) is a projected export.
But still how do you guarantee this extraction and the bringing of it to market s you can include this value into your currency valuation equation? (especially when you know the tribes do not get along in Iraq. The Kurds own all the oil and the Sheites and Sunnis need it).
They must establish legal pumping requirements to let investors know what they intend to take out of the ground on a scheduled basis. If this becomes law then they can substantiate this future wealth.
Get how it works? Thus you can now see the need for the HCL law and why it was so important? Why they needed this law to establish any real future and present value from this oil commodity?
We have read many articles from the WTO and the IMF too already stating that Iraq must diversify its exports such as in agriculture and other products for trade. What did they mean by this? Let me give you a few examples.
We also know they have not one but two of the largest gold mines. What will they do with all this gold?
They will make it into products of course such marketable items as necklaces, watchbands, rings, etc..and then export them or sell them to tourists. Gold is also used in electronics and many other industrial processes.
Iraq also has the largest bauxite ore mine in the world. Did you know this? Do you know what bauxite is used for? It is to be exported as a raw mineral in the making of aircraft parts. It is used in the manufacturing of light weight, high strength aluminum skins and parts for aircraft.
So these are just some of their higher end exports. But again how do they get the bauxite ore to the barges to ship as an export? Again this is where the funding of the 2015 budget comes into play.
There is funding for infrastructure of roads and rail lines from the mines upto the ports for transportation. Are you now getting it?
So if they can substantiate and show how they can bring this bauxite ore to market then it becomes a REAL part of the value equation (of any revaluation formula) and not just ore sitting in the ground.
Many politicians are simple politicians and do not understand this. Dr, Shabibi knows it well and is coaching them well on this topic.
But what about the potential for a booming tourism trade? Don’t under rate the revenues from tourism. They can be substantial. But they will need security and a safe place to have fun and see the sites of the cradle of civilization and museums.
Thus the National Guard and other infrastructure funding is important such as the need for constant electricity, hospitals, good airports, transportation, shopping malls, hotels, roads, clean cities, etc,,.
This is in the budget too. Thus this effort to decentralize has a duel purpose.
Are you beginning now to see how it is all interconnected? The 2015 budget is to provide the funding for these efforts. You now see how it all pieces together nicely to begin to CREATE value to the Iraq dinar by legally obligating them to complete these projects by providing the funding.
See how Iraq is positioning itself to provide for this REAL future value in their currency. See how they must implement some of these simple laws we overlook as trivial but are important to any RV.
So to make a long story short we will never figure out just how they are re-pricing their currency and what formulas they are using since it is a kept secret. I can go on forever on this topic.
So please put this to rest. Stop guessing on what rate will come out. Take your time instead to study more of how they could increase the value by what they are doing in all these projects they have slated.
Study the new laws, the future infrastructure projects, exporting practices, tariffs and the timing to rolling them out. This is time better spent !
This will give you more of an indication of the RV timing than anything else. Please stop listening to these “guru” who are telling you everyday its going to RV just because their “contacts” tell them it will. They may be well intended but not factual.
How many of you readers work in the insurance industry? Would you give away your underwriting secrets and actuarial formulas to competitors? Of course not. This is your bread and butter.
If you were to know this information you could drastically alter and influence the marketable rates of your competitors. So it is the same with a countries currency rates.
You could theoretically influence an entire economy of a country and cause currency manipulations if you knew these secrets. You could make billions in currency trading and you could create havoc.
So my advice is just stop trying to figure out what the new rate of the dinar will be. It is way too complicated for us. We know the rate will be fair and that Dr Shabibi (now heading the CBI once again) wants it as high as needed to jump start their economy. But first there must be these re-valuing items like I mentioned about put into place so he can substantiate the value prior to rolling it out.
He is relying on the GOI and parliament to do this for him. He is not in control of this area. He has had many meetings already with the GOI and head of parliament to establish is expectations in this area.
So we must look at what we know to be facts. This is all we can go by. The only facts we have is what they tell us in the articles, the news media and any contacts we might have in Iraq feeding us day-to-day information.
We can’t forget what was told to us in the past. We must remember and tie it in with what they now are doing. Everything has a purpose. Everything is for a reason.
The CBI did say they would be pegging the new value to a “basket of currencies”. What is in this basket is not yet officially known. We wait for them to announce it to us. This will be a huge sign to us that we are yet even closer to the revaluation.
I believe the Kuwait dinar and currencies of other neighboring countries will be included in this basket. This is my opinion. But remember this is only one or many factors used in the re-pricing.
Other facts that we know is that the CBI has begun the project to delete the zeros YEARS AGO and is completed with the project in-country. Nearly 80% of all the 3 zero notes have been recycled back to the banks and turned back into the CBI already. In return the CBI gave them USD.
This was in an article by the CBI not rumor but fact. So there are very little dinars left on the streets in Iraq. So where are they going to get this $119 trillion dinars from for the new budget funding? Did you wonder about this?
So the mainstream currency being used in Iraq is once again the US dollar since they turned in 80% of the 3 zero notes in exchange for USD. Now that they dollarized once again it is time to de-dollarize to complete the conversion process for the next step. You can’t just give out FREE money.
So the next step is to exchange the USD for the lower denom notes or coins ($1. $5, $10, $20, $50 bills). But here is the clincher. The CBI has told us in many articles that they are prohibiting the future use of the USD in international trade transactions and in-country commerce. So you now see why they did this.
They have not yet enforced this law. Just another one of those laws ratified and in the Gazette but not yet fully implemented, as I mentioned.
How can they do this until the lower denoms are fully distributed and the new currency value is announced. Do you see what I mean? There is so much interconnected in this revaluation process. It is truly almost all set up now.
So there you have it. You now know why it may or may not take a bit more time to “position” the country to a revaluing situation. If Iraq can not truly substantiate the value they need they will continue this re-positioning effort until the CBI is satisfied of the value needed.
It may take some more time or they be now be completed. Who truly knows- do you?
So bottom line – If no REAL substantiated value for an increase in rate then no RV will happen.
This process is spearheaded by the GOI with guidance from the CBI. The governor of the CBI knows this process well and is working closely with the GOI to complete this re-positioning process.
It will be completed soon. It simply has to. Since no one really knows just how far reaching this effort goes (we don’t have a checklist) we can only suppose that the RV could happen any day now but from what the recent articles are telling me it might be later than sooner meaning maybe another month. Just my opinion from what I am now hearing and reading. Please don’t shoot the messenger ! I too find it hard to believe we must wait this long.
So you see Al-Abadi along with the CBI have to make a decision soon on when to RV this currency.
I believe this decision has already been made weeks ago and we are now in the final countdown window now that the budget is truly done. Can Iraq be fully positioned in increased value in time to open and begin spending this budget to meet this RV timeline?
Peace and Luv To Ya All, Mnt Goat
Launch strategy for private sector development 1.31.2015 Director of the Office of the Prime Minister, Dr. Mahdi Keywords detect the launch strategy for private sector development in the ninth of next February.
Keywords and said in a statement seen by the Agency for News Agency (et) that the advisers in the Cabinet and in collaboration with United Nations organizations will launch on the ninth of February next strategy for private sector development, which include elements of the advancement of this important sector by supporting laws in order to take leadership role in the development of the economy.
He pointed out that the government is currently working on funding support policies that help provide the private sector with all its types, noting that his role is still weak and marginal to the national economy.
Testing the Rocker Badge!
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