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Economic representative Announces deferral of removal of zeros to the next parliamentary session

boomer113189

By boomer113189,
in LOPster tank

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fib1618
fib1618

Yeah, Brian Simpson knows his stuff. He absolutely embarrassed that Steve Ennorste dinar guru character several months back.. In a dinar debate. Totally destroyed him. ..............................

fib1618
fib1618

The guy from Europe continues with this question..... "I am asking because Iraq has two currencies ie the dollar and the IQD with the dollar being king. Can the M's contain dollars as well as dinars

Jack5657
Jack5657

LOL. I've been "lurking" both here & over on DBB for a while and Dinarbeliever, you didn't just "lose the battle" you were utterly mauled & taken apart all aspects to a degree it was almost cr

fib1618 Newbie

fib1618

Posted
Posted (edited)

..................

What ever happened to the guy from England? I'm still waiting for his "massive response" to the folks on that other site. All they got from him was some silly bank story and something about Iraqi tv announcing the rv on the little scrolling ticker at the bottom of the tv screen. My question to him would be... If they really scrolled that info(lol)...why in the world do they still have a sagging market rate? Imagine the chaos that would ensue with an anouncement like that..Chit don't add up. Lol

Think a little peeps.

Hard currency investment is a losers game.

Edited by fib1618
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umbertino Grand Master

umbertino

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people come to the only spot fib is, and complain and complain.

the real question, is why did you come down here? to complain about someone you could be completely ignoring? why are you here? huh, why did you come down here to ask me why im here?

It's a true fact fib is allowed to only stay here while most of us can freely wander all over the DV site.... so.... really... coming down here and stating such  thing as why fib is here... is...well..... you know

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fib1618 Newbie

fib1618

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"I'm speechless"...........................LOL never happen!!! You came out of your mothers womb screaming RD/LOP!!!!!!!!!!!

You got all hyped up when this guy called the rv earlier this year. You and several hundred of your "go rv" buddies. Remember? Lol

Now he asks a silly question like this.... It's got to be a little un-nerving for you guys.

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fib1618 Newbie

fib1618

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Posted

The guy from Europe continues with this question.....

"I am asking because Iraq has two currencies ie the dollar and the IQD with the dollar being king. Can the M's contain dollars as well as dinars - I want you guys to teach me rather than ridicule me."

....................................,

Brian Simpson answers......

"No. See above. Iraq has printed 84tn (84,000bn) IQD and they have only $80bn of reserves to back its value. This is why its rate is under 1000:1. It's isn't "undervalued" by any metric. There is no "big secret". "Dollarisation" (the use of the $ by Iraqi private citizens as an unofficial currency due to loss of faith in the Dinar) isn't included in any official figures as part of the Dinar's money supply. It's part of American's money supply not Iraq's no matter where the banknotes are on the planet.

What you're really saying is : "I agree that figure seem high, but I really don't want to believe it, please tell me differently", to which the answer is: Yes, it's really true, Iraq have printed such a massive amount of money - almost 3,000x more money than Kuwait, which is why the Dinar value fell in value to well under 3000x vs Kuwait. The Dinar isn't undervalued, just over-inflated due to over-printing absolutely no different to the South Korean Won, Tanzanian Shilling, Burmese Kyat, Lebanese Pound, Mongolian Tughrik, Indonesian Rupiah, Colombian Peso, Nigerian Naira, Vietnamese Dong, Sri Lankan Rupee, CFA Franc, Iranian Rial, Ugandan Shilling, Zimbabwe Dollar, Kazakhstani Tenge, Cambodian Riel, Armenian Dram, Laotian Kip, Belarusian Ruble, Malagasy Ariary, Malawian Kwacha, Rwandan Franc, Paraguayan Guarani, Yemeni Rial, Congolese Franc, Guinean Franc, Burundian Franc, Sierra Leonean Leone, Uzbekistani Som, Somali Shilling, Comoran Franc, Sao Tomean Dobra, 1920's Germany, etc.

The biggest "red flag / alarm bell" should be the absurd pumping of the Vietnamese Dong by the same delusional pumpers. Vietnam has printed THREE AND A HALF QUADRILLION DONG, ie, +3,519,375,000,000,000. It experienced year on year sustained inflation of over +700% and its value collapsed as a result of that. Iraq is absolutely no different.

Or the other morons who claim "If Iraq's economy grows a little but, its currency will shoot up!". All they do is confuse "economy" with "currency". They aren't the same thing at all. It's possible to have a weak currency and strong economy (China, Japan & South Korea), and it's possible to have a strong currency and weak economy (Greece, Portugal, Fiji, Bulgaria, etc). South Korea's economy is +5.5x bigger than Iraq's and their currency is virtually the same value. Why? Because currency isn't a "stock" based on GDP, it's value is based on the amount of currency issued divided by central bank reserves to back it with. South Korea have a strong economy but the Won is worth only 1052:1 because they too have printed over 2 QUADRILLION units of currency.

All these "RV" morons are doing is running round picking the world's 10 least valued currencies with at 3 zeros after them, then trying to pretend "inflation never really took place, it's all some big conspiracy". Pick up your passport, travel to one of these countries yourself, ask the locals about why the currency fell or about the food prices that doubled each week, and you'll get 1,000% more truth about devalued currencies than you ever will on any childish "Go RV! forum."

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fib1618 Newbie

fib1618

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great post fib

Yeah, Brian Simpson knows his stuff. He absolutely embarrassed that Steve Ennorste dinar guru character several months back.. In a dinar debate. Totally destroyed him.

..............................

Brian Simpson continues.....

"The more money you print, the more each existing unit gets diluted. An "RV" is nothing more than an external peg adjustment. It's just the fixed-rate equivalent of appreciation. An "RV" doesn't take any money out of circulation (only redenominations do that), it merely sets a new buy/sell price for how much Iraq is willing to "sell" Dinar for. If any country suddenly demanded every other country now pay 1,000-3,000x more to trade with them than they did yesterday (the "RV" in a nutshell), they would turn their currency into a junk currency overnight as it would universally be rejected for trade. It wouldn't be a "priceless windfall" it would become globally worthless. All that would happen is a black market rate would spring up that would correct the over-peg to keep export prices sane, and/or it would increase Dollarisation even more.

This is exactly what's happened with North Korea. For years they set a joke peg at 2.16 Won to the $, and the only result is no-one touched the NK Won because they were essentially demanding people pay 100x more than what it was worth because N Korea doesn't have the reserves to back it (just like Iraq has only $80bn reserves to back 84,000bn Dinar, ie, only enough for 1000:1 rate, no matter what you or anyone else "wants" or "demands"). Even the Chinese wouldn't touch it. They were forced to remove their peg, and the currency fell in value to reality. Even then they've still over-valued it internally (currency controls) - during North Korea's last redenomination, the official exchange rate for 150,000 Won was around $740 but the black market (real) value of 150,000 Won was estimated to be only $30.

That's basically what people are cheerleading they call for Iraq to "dictate" silly 1,000x over-pegged rates then start forcibly confiscating 99.9% of private Iraqi wealth in real terms (non LOP "RV") to try and "make the figure work" - it's basically Communism!

Likewise, Iraq (and everyone else) cannot just "demand" whatever they like, because the resulting value still has to ensure export prices of Iraqi goods are actually sane... What do you think the "flip-side" of an RV is for future global trade with Iraq? If the Dinar moved 1,000x, then that means it becomes 1,000x MORE EXPENSIVE to buy Dinar in every future transaction with Iraq (now costs $1,000 to buy 1,000 IQD instead of $1). Who's going to trade with Iraq for non-redenominated (non-lopped) prices of goods like that, when the price of trading with Turkey or Jordan hasn't suddenly shot up 1,000x? It doesn't matter what the pumper morons say about "you can dictate the value of a fiat currency to anything", you can't because moving the currency's value also moves how cheap / expensive it becomes to trade with same country for foreign currencies, and prices still have to remain sane or you'll just destroy your own export economy as no-one's going to buy Dinar for 1,000x more to import products from Iraq for no reason. Why do you think all major exporting nations *want* weak currencies? Why do you think China *under-pegs* the Yuan vs the $? Because if China "RV'd" their currency higher, China becomes more relatively expensive to import from.

A redenomination / lop on ther hand, reduces Iraq's money supply from 84tn to 84bn. 3 zeros get deleted, prices get lopped 3 zeros) and Iraq's FX rate raises from 1164:1 to 1.164:1. And it doesn't screw up international trade in the process. Which is exactly what Iraq have been saying they'll do all along."

Edited by fib1618
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boomer113189 Newbie

boomer113189

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yep there no such thing as a huge rv then days or a year later a Redenomination

 

having a huge RV then a lop its not real that would defeat the purpose of a lop/delete zeros

 

like i have been saying for a long time any deletion of zeros = lop      that means for every 1 million dinar you got you will get 1000 dollars.



here a question i asked a long time ago on the weekly chat

 

[kcw] alan_coaks_3 adam i have a ? for you . i have googled other currencys that have droped the zeros on there local currency banknotes and everytime that happend it was called an RD . lately iraq news articles have been coming out for about 2 + years about dropping the 3 zeros. i am wondering have you ever heard of another currency that did drop some zeros off the currency banknotes that WAS NOT an RD ? If you have i would like to to know whice ones . thanks*
.
[Adam Montana] People are wrong to compare Iraq to Turkey, Venezuela, Zimbabwe, or any other country. Those countries are not Iraq, they aren't in the same situation, and therefore we shouldn't expect Iraq to follow the same path. Every situation is unique and must be dealt with as such. You don't follow the directions for apple pie when you make meatloaf, do you?
[Adam Montana] Of course not.

 

lol  i guess back then he did not know what delete the zeros mean .  

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boomer113189 Newbie

boomer113189

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http://goo.gl/I5rPB4

 

hey Zig & Socal you wanted to hear what turki or sehla said so here is one quote from the new cbi gov  -  Turki added that “the deletion of zeros is a necessary and useful step to restructure the currency and the economy"

 

in other words RD/LOP to restructure there currency is what they want to do

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