The parliamentary financial attributes the delay to delete zeros to hard currency control

[dontlop]

Me and my neighbors are activating our own currency and putting a value on it

Were saying its worth 1000 dollars for one of ours

We use it to play poker and pay the kids allowance and pay the kids for washing the car

Next month were going to take it to the federal reserve to exchange it in at its market rate

Do ya think we have the right to monetize our own currency and do we have the right at the central bank to exchange it in for its market rate ? Or is it up to the federal reserve if its going to issue us an official exchange rate for our new currency we created?

Heck maybe we can over run them with invading forces and make them pay our market rate for them and say nothing unusual happened

That's what these guys say is legal for Iraq

They don't think the Iraqi Swiss dinar was demonetized by the Iraq government

They think as long as someone uses it

That its legal tender and has an official exchange rate

Legal tender laws do not apply

Iraq is different

You can't compare it

Lol

Ok

I'm stupid

Come and get it

Edited January 9, 2014 by dontlop

[keepmwlknfny]

[quote name="dontlop" post="1312116"

I'm stupid

it

There u have it folks.....he finally realized it!!

[dontlop]

Hey Iraq is different you can't compare it to Kuwait

The currency laws are not binding to nations everyone can do as they please

I'm starting my own currency right here in the USA

I guess I got an official exchange rate now

Yesterday it was just a piece of colored paper

Today it's going for a thousand dollars each

I'll be exchanging it at the federal reserve for that official exchange rate that I established while playing poker with them

It's pegged

It's pegged to the dollar and me and my neighbors are using them as 1000 dollar bills to play poker and pay the kids allowance

We don't need to back it up with anything either

Jus like the Swiss Iraqi dinar

We floated the rate around till we decided it was stablized at a thousand dollars each

Our situation is different you can't compare it to any other situation

[dontlop]

This would be true if what the lopsters claim is true about the Iraqi Swiss dinar

Right keep

Your a big proponent of Iraqi Swiss dinar doesn't need to be backed to get a official exchange rate at the central bank of Iraq

They just do as they please and the central bank of Iraq jus goes along with it and backs the demonetized Swiss dinar up for them

[keepmwlknfny]

This would be true if what the lopsters claim is true about the Iraqi Swiss dinar

Right keep

Your a big proponent of Iraqi Swiss dinar doesn't need to be backed to get a official exchange rate at the central bank of Iraq

They just do as they please and the central bank of Iraq jus goes along with it and backs the demonetized Swiss dinar up for them

Thats not what I said....try again....

[Lopster_Stew]

_{This would be true if what the lopsters claim is true about the Iraqi Swiss dinar}

Right keep

Your a big proponent of Iraqi Swiss dinar doesn't need to be backed to get a official exchange rate at the central bank of Iraq

They just do as they please and the central bank of Iraq jus goes along with it and backs the demonetized Swiss dinar up for them

 

_{Where are you getting this nonsense that the Swiss dinar’s official rate became zero?}

_{The Swiss dinar and the Saddam dinar were part of the same currency. Iraqis used Swiss dinar until about 1990. Then they lost the ability to get the Swiss dinar so Saddam started printing the Saddam dinars. They didn’t demonetize the Swiss dinar. They continued to use them until they disappeared…. with the exception of the North where they continued to use them until 2004 because they didn’t want to use the Saddam dinar. The Swiss dinar had value in the North and that’s the value they got when they switched to the new dinar in 2004.}

_{The official rate during that whole thing is irrelevant. Saddam by dictate would not allow any financial numbers to be published and he simply stated the exchange rate was $3 something right up to the end. The street rate had fallen to 3000:1. The street rate is what was used to establish the official rate once Saddam was caught.}

_{Iraq issued those Swiss dinar at rates near $3 and took them back for 5 cents. And they probably only took back 10 to 20% of what was originally put out. How is that a positive RV?. That’s a devaluation}

_{No RV anywhere in that like you are expecting today.}

_{The current Iraq Central Bank has issued 80 trillion dinar, 40 cash, 40 electronic at a rate of .00085 or less. You think they will really buy them back to $1 or more and that’s somehow similar to the above Swiss dinar example?}

[dontlop]

Everything you said about the Iraqi Swiss dinar leads to that conclusion keep don't pretend it doesnt

Where did the foriegn currency reserves come from that backed the Iraqi Swiss dinar before the cbi backed them after they re- demonetized them and revalued the official exchange rate from zero to 150 new dinars for the old demonetized Swiss dinars

There wasn't any foriegn currency reserves that backed the demonetized Swiss dinar

You'll try to say it was a floating currency but it didn't float anywhere it was demonetized and wasn't exchangable anywhere on the planet

It wasn't accepted anywhere for anything outside of a province of Iraq secretly

You couldn't go into Baghdad and buy goods with it

You couldn't import with it

It was demonetized

The Kurds sold dollars to buy saddam dinars to buy goods around Iraq

The Kurds had next to nothing they were very poor until the Swiss dinar was revalued

Why? Well, northern Iraq, when it was under U.S-allied control, had de facto open borders with the world and you could buy anything there. The rest of Iraq, though, was under U.N. economic embargo. So when Saddam Hussein's Kurds drove the pro-U.S. Kurds out of northern Iraq, and reintegrated it with the rest of the country, Iraqi traders went on a shopping spree. Suddenly, they could get all sorts of previously banned goods through northern Iraq. And how did they buy them? By selling their Iraqi dinars for dollars on the black market. And what happened to the Iraqi dinar? It dropped 30 percent, going from 1,150 to the dollar to 1,550

Read more: http://www.nytimes.c...nted=all&src=pm

Iraq's economy is the target of an American-led destabilization campaign to pour vast amounts of counterfeit currency into the country, Arab and Western officials here say.

The fake dinar notes are being smuggled across the Jordanian, Saudi, Turkish and Iranian borders in an effort to undermine the Iraqi economy, said the officials here who closely monitor the situation inside Iraq. Those officials said counterfeit dollars are being smuggled into Iraq in smaller quantities to further confound the banking system. The officials, who insisted on not being identified, said the countries behind the separate counterfeiting operations included Western nations, Saudi Arabia, Iran and Israel.

The fake currency is openly discussed in the press and by the people in Iraq. The counterfeiting problem has become serious enough to be loudly denounced by the Government, which is taking measures to curb it, including instituting life sentences for cooperating in circulating counterfeit dollars or dinars and death sentences for those who smuggle them into the country. Efforts in High Gear

The fake currency has contributed to Iraq's severe inflation problem, which is aggravated by the fact that the Iraqi Government is printing money at uncontrolled speed to pay inflated salaries and cover the costs of reconstruction.

Over the last few months, the destabilization efforts seem to have shifted into high gear, officials here say, particularly after the United States was reported in February to have authorized full-fledged covert operations against Iraq.

[ In Washington, Mark Mansfield, a spokesman for the Central Intelligence Agency, declined to discuss the dumping of fake currency in Iraq. "As a matter of policy we don't comment on such allegations," he said. ] Pressure on Saddam Hussein

Along with international economic sanctions against Iraq, those measures have had mixed results since the Persian Gulf war ended in February 1991. They have clearly helped weaken the economy to the point where the local currency could become worthless, and they have loosened Mr. Hussein's grip on the people and forced his Government to respond with an intensified reconstruction program to curtail shortages and restore basic services.

On the other hand, the measures buttressed the assertion, shared by a rising number of Iraqi nationalists including Sunni Muslims and Christians, that the West and its allies will not be content with the removal of Saddam Hussein, but only with partitioning and destroying the country.

Further weakening the economy is the fact that legitimate Iraqi currency is not backed by any gold or hard currency because those are being used to import goods.

As a result, the dinar, which has a fixed rate of exchange equivalent to three United States dollars, has a real value of about 2 percent of that.

"You can get as much as 21 dinar to the dollar when things are really going badly but it does not get better than 16 dinars to the dollar," a diplomat said.

Some Iraqi travelers interviewed here, including businessmen, said they expected the currency value to plunge much farther soon.

Since Iraq stopped doing business with Brtiain during the gulf crisis and began printing its own money on lower-quality paper, counterfeiting has become much easier, various sources said. Entry Points for Fake Money

"People joke about it and some have become experts in telling which denominations are printed in Israel, the United States or in Saudi Arabia," said an Iraqi who insisted not being identified.

Iraq accused Washington of masterminding a campaign to smuggle counterfeit currency into Iraq "to sabotage the Iraqi economy in cooperation with Iran and Saudi Arabia," according to a May 6 letter to the United Nations Secretary General, Boutros Boutros-Ghali.

Counterfeit money was dropped by United States helicopters in the southern marshland areas, in Mandali and in al-Tib in the Maysan governorate, said the letter from the Iraqi Foreign Minister, Ahmad Hussein.

The letter, reported by the Iraqi press agency and reprinted in Iraqi newspapers, said counterfeit money was entering the country through the Turkish and Jordanian borders as well. Stiff Punishment Imposed

A Saudi official, who insisted on not being identified, concurred with the reports, saying that "all borders are being used."

Similarly, a senior Jordanian official agreed with the report, saying Jordan "does not approve of it, but we can do little to stop it".

The Israeli Government has made no public acknowledgement of any participation in such an operation.

On May 10, the Iraqi Revolutionary Command Council issued a decree withdrawing all 100 dinar bills. It said unless the larger bills were turned over to the banks in return for bills of different denominations, they would be worthless ""within 30 days".

On May 20, the Iraqi Ministry of Justice instructed the courts to hand down the stiff sentences for circulating the money.

Most stores in big Iraqi cities have acquired machines to detect fake currency, and many merchants have stopped accepting large-denomination bills. Insuring Basic Supplies

Despite wide-ranging efforts to undermine Mr. Hussein, Jordanian officials who are familiar with the power structure in Iraq say the Government is not about to fall, even though public discontent is widespread.

Western diplomats assigned here to keep watch on Iraq say Mr. Hussein has surrounded himself and the rest of the ruling establishment with some 45,000 men spread over four different security services and units of the Republican guards.

"He is looking like a big fish in small pond that keeps on getting smaller, but those who surround him are generously compensated and most of them know their fate is tied to his," a foreign diplomat who insisted on not being identified said.

Diplomats say Iraq has made sure that its reserve funds are used to insure the supply of basic foods to the population to avoid an outright revolt.

"It's not Somalia, where they haven't seen meat in ages," a Western diplomat said. "Government rations insure a minimum of 1,300 calories per person and in most cases, the subsistence level of 1,600 calories is available to most Iraqis." Circumventing Sanctions

"Basic goods are isolated from the market mechanism and remain available to most people under a rationing system regardless of the hyperinflation," said Fahd al-Fanek, a Jordanian economist who has visited Iraq recently.

Iraq's Minister of Education and Scientific Research, Abdelrazak al-Hashemi, said in a recent interview from Amman: "We are not going to stop living just because sanctions are maintained and we will not accept humiliating conditions to export oil. The Iraqi people realize that this campaign is aimed at our country, its purpose being to partition Iraq and destroy it as a nation, but these dreams will never happen."

Despite the stern sanctions imposed on the country's imports, the Iraqi Government appears able to obtain not only essential goods but forbidden imports of some spare parts for factories, using a vast cache of gold and hard currency.

The Iraqi Government has made great headway in its reconstruction program, reinstituting basic services that were destroyed or damaged by the gulf war in Baghdad and other major cities.

Iraqis and Jordanians say about 110 or 130 bridges destroyed during the war have been repaired. Electricity cutoffs have stopped in Baghdad and telephone service to the capital has largely resumed. Iraqi Funds Unfrozen

A Western diplomat said the crucial highway linking the Jordanian border to Baghdad, a vital connection with the outside world, has been resurfaced with abundant asphalt produced by Iraq's rejuvenated oil refineries and is "one of the best in the world."

Diplomats say Iraq finds some comfort also in dealing with countries on its borders within the limits of United Nations sanctions.

After Saudi Arabia cut oil supplies to Jordan during the gulf crisis, for example, Iraq began exporting 55,000 barrels of oil per day to Jordan, of which 33,000 barrels a day are free of charge, bringing much goodwill toward the Iraqis. The balance of the oil is sold at a fixed price of $16 a barrel in return for goods that Jordan exports that are permitted under the sanctions regime imposed on Iraq by the United Nations.

Elsewhere, as Iraqi funds are unfrozen slowly in various parts of the world, Iraq is able to continue to buy foods and permitted items, thus further alleviating shortages. Clandestine Radio

Furthermore, Jordanians and Iraqis say, Mr. Hussein is tolerating some discontent and petty corruption as measures to release some steam.

Iraqis who were not able to leave the country because they were blacklisted, for instance, have been able to obtain passports with bribes while the regime looks the other way.

But Mr. Fanek said that the policy of humiliating Iraq is backfiring as most Iraqis, and more Arabs, have come to look on the West not as a savior but as an oppressor.

On other fronts, the broad campaign to destabilize the Government of Mr. Hussein includes clandestine radio stations and dissident militias financed and organized by the United States, Iran, Saudi Arabia, Turkey, Israel, Britain and France.

The stations broadcast in Arabic, Kurdish and Turkmen, inveighing the population to revolt, according to Western diplomats assigned to Amman, Iraqi travelers, and Jordanian officials, all of whom insisted that their names be withheld.

While part of the destabilization plan, like the counterfeit smuggling operations, is coordinated by Western allies separately with Turkey, Saudi Arabia and Israel, other efforts like Iran's and Saudi Arabia's arming and finanacing of dissidents reflect competition with Western allies rather than cooperation with their efforts.

Iran has steadily worked to bring down the Iraqi Government in favor of a Shiite Islamic republic fashioned on its own model, particularly in the oil-producing south around Basra.

Saudi Arabia, which does not want to see an Iranian-style government on its borders, is working on assembling and organizing exiled Iraqi dissidents who are former officers and officials of the ruling Baath party.

Edited by dontlop, Today, 12:10 PM.

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[dontlop]

For every million saddam dinars turned in they got a million new dinar

But for every million Swiss dinar turned in they got 150 million new dinar

So if that happened after the 1000 to one exchange

Who would make out better

Those with a thousand dinars worth a dollar

Or those who get 150 thousand dinar worth a dollar

I guess the one with no currency backing it at the cbi

The demonetized one

The Swiss dinar.

But nothing was gained there except the 150 thousand US dollars in the reserves they a

Acquired for each million Swiss dinars the exchanged

Even Steven

150 thousand dollars for nothing per million

Swiss dinar

Nothing gained it was one for one right

Lol ya ok

[dontlop]

The Iraqi Swiss dinar lost every bit of its value when the foriegn currency reserves that were backing it were stripped away at the cbi when it was demonetized

All the reserves value was applied to the saddam dinar so there was no value for them to save it was all gone through the official demonetization

Just like there's nothing backing the saddam dinar today it's worthless on the exchange at the cbi

Just like the Swiss dinar had nothing backing it

[keepmwlknfny]

Everything you said about the Iraqi Swiss dinar leads to that conclusion keep don't pretend it doesnt

Where did the foriegn currency reserves come from that backed the Iraqi Swiss dinar before the cbi backed them after they re- demonetized them and revalued the official exchange rate from zero to 150 new dinars for the old demonetized Swiss dinars

There wasn't any foriegn currency reserves that backed the demonetized Swiss dinar

You'll try to say it was a floating currency but it didn't float anywhere it was demonetized and wasn't exchangable anywhere on the planet

It wasn't accepted anywhere for anything outside of a province of Iraq secretly

You couldn't go into Baghdad and buy goods with it

You couldn't import with it

It was demonetized

The Kurds sold dollars to buy saddam dinars to buy goods around Iraq

The Kurds had next to nothing they were very poor until the Swiss dinar was revalued

Why? Well, northern Iraq, when it was under U.S-allied control, had de facto open borders with the world and you could buy anything there. The rest of Iraq, though, was under U.N. economic embargo. So when Saddam Hussein's Kurds drove the pro-U.S. Kurds out of northern Iraq, and reintegrated it with the rest of the country, Iraqi traders went on a shopping spree. Suddenly, they could get all sorts of previously banned goods through northern Iraq. And how did they buy them? By selling their Iraqi dinars for dollars on the black market. And what happened to the Iraqi dinar? It dropped 30 percent, going from 1,150 to the dollar to 1,550

Read more: http://www.nytimes.c...nted=all&src=pm

Iraq's economy is the target of an American-led destabilization campaign to pour vast amounts of counterfeit currency into the country, Arab and Western officials here say.

The fake dinar notes are being smuggled across the Jordanian, Saudi, Turkish and Iranian borders in an effort to undermine the Iraqi economy, said the officials here who closely monitor the situation inside Iraq. Those officials said counterfeit dollars are being smuggled into Iraq in smaller quantities to further confound the banking system. The officials, who insisted on not being identified, said the countries behind the separate counterfeiting operations included Western nations, Saudi Arabia, Iran and Israel.

The fake currency is openly discussed in the press and by the people in Iraq. The counterfeiting problem has become serious enough to be loudly denounced by the Government, which is taking measures to curb it, including instituting life sentences for cooperating in circulating counterfeit dollars or dinars and death sentences for those who smuggle them into the country. Efforts in High Gear

The fake currency has contributed to Iraq's severe inflation problem, which is aggravated by the fact that the Iraqi Government is printing money at uncontrolled speed to pay inflated salaries and cover the costs of reconstruction.

Over the last few months, the destabilization efforts seem to have shifted into high gear, officials here say, particularly after the United States was reported in February to have authorized full-fledged covert operations against Iraq.

[ In Washington, Mark Mansfield, a spokesman for the Central Intelligence Agency, declined to discuss the dumping of fake currency in Iraq. "As a matter of policy we don't comment on such allegations," he said. ] Pressure on Saddam Hussein

Along with international economic sanctions against Iraq, those measures have had mixed results since the Persian Gulf war ended in February 1991. They have clearly helped weaken the economy to the point where the local currency could become worthless, and they have loosened Mr. Hussein's grip on the people and forced his Government to respond with an intensified reconstruction program to curtail shortages and restore basic services.

On the other hand, the measures buttressed the assertion, shared by a rising number of Iraqi nationalists including Sunni Muslims and Christians, that the West and its allies will not be content with the removal of Saddam Hussein, but only with partitioning and destroying the country.

Further weakening the economy is the fact that legitimate Iraqi currency is not backed by any gold or hard currency because those are being used to import goods.

As a result, the dinar, which has a fixed rate of exchange equivalent to three United States dollars, has a real value of about 2 percent of that.

"You can get as much as 21 dinar to the dollar when things are really going badly but it does not get better than 16 dinars to the dollar," a diplomat said.

Some Iraqi travelers interviewed here, including businessmen, said they expected the currency value to plunge much farther soon.

Since Iraq stopped doing business with Brtiain during the gulf crisis and began printing its own money on lower-quality paper, counterfeiting has become much easier, various sources said. Entry Points for Fake Money

"People joke about it and some have become experts in telling which denominations are printed in Israel, the United States or in Saudi Arabia," said an Iraqi who insisted not being identified.

Iraq accused Washington of masterminding a campaign to smuggle counterfeit currency into Iraq "to sabotage the Iraqi economy in cooperation with Iran and Saudi Arabia," according to a May 6 letter to the United Nations Secretary General, Boutros Boutros-Ghali.

Counterfeit money was dropped by United States helicopters in the southern marshland areas, in Mandali and in al-Tib in the Maysan governorate, said the letter from the Iraqi Foreign Minister, Ahmad Hussein.

The letter, reported by the Iraqi press agency and reprinted in Iraqi newspapers, said counterfeit money was entering the country through the Turkish and Jordanian borders as well. Stiff Punishment Imposed

A Saudi official, who insisted on not being identified, concurred with the reports, saying that "all borders are being used."

Similarly, a senior Jordanian official agreed with the report, saying Jordan "does not approve of it, but we can do little to stop it".

The Israeli Government has made no public acknowledgement of any participation in such an operation.

On May 10, the Iraqi Revolutionary Command Council issued a decree withdrawing all 100 dinar bills. It said unless the larger bills were turned over to the banks in return for bills of different denominations, they would be worthless ""within 30 days".

On May 20, the Iraqi Ministry of Justice instructed the courts to hand down the stiff sentences for circulating the money.

Most stores in big Iraqi cities have acquired machines to detect fake currency, and many merchants have stopped accepting large-denomination bills. Insuring Basic Supplies

Despite wide-ranging efforts to undermine Mr. Hussein, Jordanian officials who are familiar with the power structure in Iraq say the Government is not about to fall, even though public discontent is widespread.

Western diplomats assigned here to keep watch on Iraq say Mr. Hussein has surrounded himself and the rest of the ruling establishment with some 45,000 men spread over four different security services and units of the Republican guards.

"He is looking like a big fish in small pond that keeps on getting smaller, but those who surround him are generously compensated and most of them know their fate is tied to his," a foreign diplomat who insisted on not being identified said.

Diplomats say Iraq has made sure that its reserve funds are used to insure the supply of basic foods to the population to avoid an outright revolt.

"It's not Somalia, where they haven't seen meat in ages," a Western diplomat said. "Government rations insure a minimum of 1,300 calories per person and in most cases, the subsistence level of 1,600 calories is available to most Iraqis." Circumventing Sanctions

"Basic goods are isolated from the market mechanism and remain available to most people under a rationing system regardless of the hyperinflation," said Fahd al-Fanek, a Jordanian economist who has visited Iraq recently.

Iraq's Minister of Education and Scientific Research, Abdelrazak al-Hashemi, said in a recent interview from Amman: "We are not going to stop living just because sanctions are maintained and we will not accept humiliating conditions to export oil. The Iraqi people realize that this campaign is aimed at our country, its purpose being to partition Iraq and destroy it as a nation, but these dreams will never happen."

Despite the stern sanctions imposed on the country's imports, the Iraqi Government appears able to obtain not only essential goods but forbidden imports of some spare parts for factories, using a vast cache of gold and hard currency.

The Iraqi Government has made great headway in its reconstruction program, reinstituting basic services that were destroyed or damaged by the gulf war in Baghdad and other major cities.

Iraqis and Jordanians say about 110 or 130 bridges destroyed during the war have been repaired. Electricity cutoffs have stopped in Baghdad and telephone service to the capital has largely resumed. Iraqi Funds Unfrozen

A Western diplomat said the crucial highway linking the Jordanian border to Baghdad, a vital connection with the outside world, has been resurfaced with abundant asphalt produced by Iraq's rejuvenated oil refineries and is "one of the best in the world."

Diplomats say Iraq finds some comfort also in dealing with countries on its borders within the limits of United Nations sanctions.

After Saudi Arabia cut oil supplies to Jordan during the gulf crisis, for example, Iraq began exporting 55,000 barrels of oil per day to Jordan, of which 33,000 barrels a day are free of charge, bringing much goodwill toward the Iraqis. The balance of the oil is sold at a fixed price of $16 a barrel in return for goods that Jordan exports that are permitted under the sanctions regime imposed on Iraq by the United Nations.

Elsewhere, as Iraqi funds are unfrozen slowly in various parts of the world, Iraq is able to continue to buy foods and permitted items, thus further alleviating shortages. Clandestine Radio

Furthermore, Jordanians and Iraqis say, Mr. Hussein is tolerating some discontent and petty corruption as measures to release some steam.

Iraqis who were not able to leave the country because they were blacklisted, for instance, have been able to obtain passports with bribes while the regime looks the other way.

But Mr. Fanek said that the policy of humiliating Iraq is backfiring as most Iraqis, and more Arabs, have come to look on the West not as a savior but as an oppressor.

On other fronts, the broad campaign to destabilize the Government of Mr. Hussein includes clandestine radio stations and dissident militias financed and organized by the United States, Iran, Saudi Arabia, Turkey, Israel, Britain and France.

The stations broadcast in Arabic, Kurdish and Turkmen, inveighing the population to revolt, according to Western diplomats assigned to Amman, Iraqi travelers, and Jordanian officials, all of whom insisted that their names be withheld.

While part of the destabilization plan, like the counterfeit smuggling operations, is coordinated by Western allies separately with Turkey, Saudi Arabia and Israel, other efforts like Iran's and Saudi Arabia's arming and finanacing of dissidents reflect competition with Western allies rather than cooperation with their efforts.

Iran has steadily worked to bring down the Iraqi Government in favor of a Shiite Islamic republic fashioned on its own model, particularly in the oil-producing south around Basra.

Saudi Arabia, which does not want to see an Iranian-style government on its borders, is working on assembling and organizing exiled Iraqi dissidents who are former officers and officials of the ruling Baath party.

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Thats YOUR conclusion....not mine....and not what I said. This has been explained to you so many times that if you cant comprehend it now, you never will.....I really almost feel sorry for you. Your so far off base with this its not even funny. And quitenfrankly its lost any worthiness of being addressed further. I now understand why you bought dinar.....

[dontlop]

Oh keep your explainations are useless babble

Your arguement is the Swiss dinar kept its value because it wasn't printed up like the saddam note was

That holds no water at all

The Swiss dinar was a pegged currency and all the value it had was the value of the reserves at the cbi but when the Swiss dinar was demonetized all this reserves were stripped from backing the Swiss dinar and all the reserves from that day fourth were applied to the new saddam dinar leaving the demonetized Swiss dinar worthless

Don't pretend it maintained its value that is impossible it had no value to maintain

You say things that are false then you say you explained it to me

You didn't explain anything you made things up that aren't true

There is no market value for demonetized currency

If you think there is you should go buy some old turkish money or some old Zambian trillion dollar notes and go use them see what the market value is and go to their central bank and cash them in

You talk in circles

That's what you do

Trying to stay a step ahead of everyone with you bs

Edited January 10, 2014 by dontlop

[dontlop]

Ya since the 2 dollar bills aren't printed up in the USA they are now worth 300 dollars for one two dollar bill for its new official exchange rate

Or a 150 to one exchange rate

You lopsters are all the same

Make things up as you go

They are all the same money they just don't print up the two dollar bills no more

Silly lopsters no one is buying it and ya shouldn't be selling it

Lopster stew now wow another newbie

I guess we shouldn't be surprised

What's one more screen name typical lopsters

[dontlop]

http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html

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World

COLLECTIONS

Fortunes in Iraqi Bills Gone Overnight

By CHRIS HEDGES

Published: May 16, 1993

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Walid Abu Bakir still goes to work, although he isn't sure why.

All the usual things are in place -- the two telephones on his desk, the calculator he uses to tally figures and the neatly stacked piles of green Iraqi dinars that sit on the shelf in front of him.

But while 10 days ago the stacks of bills, which constituted his entire financial holdings, were worth $50,000, today they are little more than scraps of paper.

In an effort to fight runaway inflation, Iraq decided last week to invalidate its 25-dinar note. Mr. Abu Bakir, a black-market currency trader, has been wiped out, along with tens of thousands of other Jordanians.

"The Jordanian people supported Iraq during the gulf war," Mr. Abu Bakir said, "and this is how we are repaid." A Dubious Investment

To many outside the Arab world a pile of banknotes, each with an engraving of Saddam Hussein in a military uniform, might not seem like a sound investment. But many Jordanians, sure that the United Nations embargo against Iraq would one day be lifted, believed that the hard currency of their neighbor would regain its old value once Baghdad resumes oil sales.

Jordanian businessmen accepted Iraqi currency for payment, often in deals with the Iraqi Government, and squirreled it away. Shepherds sold their flocks, people traded in their gold jewelry and families mortgaged their homes, or withdrew their savings, to buy the Iraqi bills.

"I didn't have anything else so I sold my taxi to buy Iraqi dinars," said 23-year-old Ahmed Said.

Each morning dozens of men carrying bundles of Jordanian dinars descended on the tiny offices in the Shabsoug building in downtown Amman. They bought Iraqi dinars from black marketeers like Mr. Abu Bakir, filling shopping bags with the bills. Government officials estimate the value of hoarded Iraqi currency in Jordan at $100 million.

And Jordanians were not alone. Investors from Saudi Arabia, the United Arab Emirates and even Kuwait bought up millions of the banknotes, sometimes shipping them out of Jordan by the truckload. Iraq Complains of Hoarding

Iraqi officials say the Governments of Kuwait and the United Arab Emirates alone are hoarding 10 billion prewar Iraqi dinars as part of an effort to hasten the country's economic collapse and force it to print money with no monetary backing.

"Gulf Arab speculators would call up and place orders for a million dinars or more," Bashir Mostapha Nobani, a currency trader, said. "They always wanted the prewar 25-dinar notes because they are easier to ship in bulk than smaller denominations and because they did not have faith in the new Iraqi currency."

Iraq kept churning out new money, but the bills were of shoddy quality. The paper was thin and easily torn. The ink ran. The flimsy bills, often indistinguishable from the fake photocopied Iraqi notes that began to circulate, became known as "military notes." Few people, least of all speculators, wanted much to do with them, and the prewar 25-dinar bill became the preferred note.

Before Iraq invaded Kuwait in August 1990 the dinar was worth about $3.00. But after the imposition of sanctions and Iraq's defeat in the Persian Gulf war, its value plummeted. Two weeks ago, the new dinars were being sold for a penny, while the prewar bills brought 3 cents. The new bills, after the invalidation of old ones, have risen in value on the black market to 3 cents.

"We thought this high-grade currency would never be canceled, while the cheap post-war currency might," said Mr. Abu Bakir. "So, of course, we held on to the old stuff and got rid of the new stuff as fast as we could." Unseen Players

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IRAQ INVALIDATES 25-DINAR BANKNOTES, CLOSES BORDERS

ED BLANCHE , Associated Press

May. 5, 1993 9:42 AM ET

AMMAN, JORDAN AMMAN, Jordan (AP) _ Iraq closed its borders for five days and invalidated pre-Gulf War 25-dinar banknotes today in a bid to stop the collapse of its currency under U.N. economic sanctions.

Saddam Hussein's ruling Revolutionary Command Council announced the moves in Baghdad two days after imposing tough taxes on Iraqis traveling abroad.

Much of the dinar's deterioration has been due to the widespread smuggling of dinars worth billions of dollars out of Iraq.

The smuggling, as well as the need to finance postwar reconstruction and buy food abroad, has forced Saddam's government to print vast quantities of cash, further undermining the value of the dinar.

The official Iraq News Agency, monitored in Amman, said the command council ordered all border crossings closed until midnight Sunday to ''ensure an effective implementation of the new currency law.'' Official delegations, Arab and non-Arab, and Iraqi government envoys were exempted from the travel ban.

The agency did not say why the 25-dinar banknotes were being withdrawn. But it said Iraqis had one week to exchange them for new 25-dinar bills at Iraqi banks. Iraq's Central Bank later said all the old notes would be worthless as of Monday.

Hundreds of people jammed foreign exchanges houses in downtown Amman clamoring to sell dinars, but dealers refused and many shut down for the day.

The value of the dinar has fallen steadily since February, when it was pegged at around 23 to the dollar on the black market - compared to the official rate of 0.32 dinars to the dollar. The dinar hit an all-time low of 120 to the dollar Monday but swung back to around 65 on Tuesday.

A major factor in the dinar's wild fluctations in recent weeks has been the lack of any indication that the U.N. Security Council will relax or lift the sanctions in the immediate future.

The council imposed a ban on all trade with Iraq, except for food and medicine, after Saddam sent his army into Kuwait in August 1990.

Iraq's economy has been largely at a standstill since and hardships are worsening for the country's 18 million people.

Last week, Iraqi and Jordanian businessmen told The Associated Press that Saddam was moving gold into Jordan to convert into foreign currency because Baghdad's hard currency reserves had virtually run out.

With Iraq's oil exports blocked, Saddam has been dipping into Iraq's gold reserves - unofficially estimated at $5 billion in January 1992 - for the last year, mainly to pay for food imports. Last year, for instance, Baghdad paid Australia in gold for 1 million tons of wheat.

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[GOOGLEANALYTICS]

[dontlop]

Now it has become clear to me what happened and it isn't because a lopster explained it to me

[dontlop]

It's looking like only the 25 dinar bank note was demonetized and the 1 5 10 1/2 and1/4 dinar notes still existed

I finally found the answers I was looking for

But the revaluation still exists because it was the same currency with added notes

Each dinar should of had the same value according to the reserves

The Swiss dinar did not have more reserves backing it than the saddam notes

They were all issued by the cbi and pegged to the dollar and backed by foriegn currency reserves equally

So why the 150 exchange rate unless the reserve backing doesn't determin the exchange rate of a currency and they don't have to match each dinar even if its pegged with foriegn currency reserves

You can't tell me the cbi floated the Swiss dinar and pegged the saddam dinar

I'm not buying that

And if its the market rate then why won't you admit the Kuwait dinar was revalued

It was all IQD currency code

Section 4 paragraph 2 says the 25 dinar notes will not be exchanged during the conversion period

I think because the 25 k note was demonetized

http://www.casi.org.uk/info/cpa/20031015_CPAORD43.pdf

Thanks for explaining that to me lopsters

You guys are smart

The two dollar bill doesn't get printed any more but its exchange rate doesn't change

So this is telling me the market rate determins a rv and not the official exchange rate

The Kuwait dinar must of just by decree gotten its value back since one day the market rate was 5 cents and the next it was over 3 bucks because the central bank said it would guarentee that exchange rate

See this entire currency crap is not set in stone so telling me about the reserves in the cbi and all that crap about pegged currency's have to be backed 100 percent by reserves looks like bs

Now this rv is looking more and more like a possibility

Thanks lopsters

Ah ha ha ha ha ha ha

Anything goes in creative banking practice

Creative

Get it

If it doesn't exist its created

Are creatures created ?

And if so we must all have a purpose

Mine must be to sit here and do this

[fib1618]

Hey dontlop...

Go get laid!

Edited January 10, 2014 by fib1618

[dontlop]

Be careful they might toss you for that kind of talk

It leads to all kinds of chatter

That was the fastest two month vacation I ever saw

Go back to bed your not rested enough

And if you read all that crap you must be exhausted

If you didn't you shouldn't be commenting merely to create havoc

So it looks like only the Swiss 25 dinar banknote was demonetized.

I could be wrong

[fib1618]

Be careful they might toss you for that kind of talk

It leads to all kinds of chatter

That was the fastest two month vacation I ever saw

Go back to bed your not rested enough

And if you read all that crap you must be exhausted

If you didn't you shouldn't be commenting merely to create havoc

Just a little humor. If that gets me canned, so be it.

[dontlop]

That lopster stew guy got me looking at that a little closer he said the Swiss dinar wasn't demonetized

I found it was in 1993 when saddam closed his borders for 6 days and exchanged in the 25 notes then he demonetized them

Then the CPA report made a little more sense they said the 25 note would not be exchanged during the exchange period in 2003 2004

So since the official exchange rate did not change for the Swiss dinar

Why the 150 to one exchange rate for the Swiss dinar when they were all IQD currency code?

All 1000 fil Iraqi dinar

Pegged to the dollar

Backed by the same reserves at the cbi

Did the cbi back the Swiss dinar 150 times more than the saddam dinar

Lol

I smell a stinkin bankster

The neighboring country's were mad they were holding billions of Swiss dinar trying to ruin Iraqs economy then he just demonetized his big notes

[fib1618]

Glad you got it all figured out dontlop. Go write a book on it.

[Lopster_Stew]

 

That lopster stew guy got me looking at that a little closer he said the Swiss dinar wasn't demonetized

I found it was in 1993 when saddam closed his borders for 6 days and exchanged in the 25 notes then he demonetized them

Then the CPA report made a little more sense they said the 25 note would not be exchanged during the exchange period in 2003 2004

So since the official exchange rate did not change for the Swiss dinar

Why the 150 to one exchange rate for the Swiss dinar when they were all IQD currency code?

All 1000 fil Iraqi dinar

Pegged to the dollar

Backed by the same reserves at the cbi

Did the cbi back the Swiss dinar 150 times more than the saddam dinar

Lol

I smell a stinkin bankster

The neighboring country's were mad they were holding billions of Swiss dinar trying to ruin Iraqs economy then he just demonetized his big notes

 

Before you go accusing me of being someone else, I'm Stew from the comments section on Iraq Bsuiness News.

I doubt I can post a link at this time since I'm still under moderation.

The following is from the Journal Of Economic Perspectives

Economic Policy and Prospects in Iraq.

"The monetary situation was further complicated by an essentially separate

currency in northern Iraq. The Kurdish area continued to use the banknotes that

Iraq had used before the Gulf War, which were nicknamed “Swiss dinars.”3 Because

the Kurdish governorates did not have access to the printing plates for the Swiss

dinars—and because they refused to follow Saddam’s example and print low-quality

notes of their own—the supply of Swiss dinars in the north had remained essentially

fixed for 13 years. The separate northern currency allowed the region to escape

Iraq’s ruinous inflation rates of the early 1990s. Yet by 2003, many of the Swiss

dinars were falling apart from overuse, held together with tape and staples."

"Once the decision to create a new, unified currency had been made, economists

needed to come up with an acceptable conversion rate between the Swiss

dinar in the north and the Saddam dinar in the center and south. The price of a

Swiss dinar in terms of the Saddam dinar hovered at about 100:1 from July 1998 to

January 2002. But the Swiss dinar appreciated steadily throughout 2002, and the

Saddam dinar depreciated in the run-up to the war. By January 2003, the exchange

rate was about 300:1, falling to about 250:1 by mid-2003. A comparison of prices in

the two regions of the country indicated that a 250:1 rate would be far out of line

with purchasing power parity. The PPP rate appeared much closer to the 100:1

exchange rate that had prevailed from 1998 to 2002. After extensive discussions

that included Iraqi leaders in both parts of the country, the Coalition Provisional

Authority decided to set the conversion rate at one Swiss dinar to 150 Saddam

dinars—essentially a compromise between the PPP rate and the market rate."

[dontlop]

Are you kiddin

I already wrote a book right here but the last pages make the first pages look stupid

This thing is steady unraveling and the truth is far from published

No one will ever know

Web sites covering up web sites

The monetary world is kept secret somewhere

Who knows where or if one of the elite would defect and tell the world the truth

Why would a rich guy ever do that

Just throw away what his forefathers handed down to him

It won't happen

We would have to take it from him

And the lies would continue from all his minions

[caz1104]

 "Fib........go write a book on it"......... LOL or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post and article about it, or have Boomer post an article about it. 

Edited January 10, 2014 by caz1104

[dontlop]

Fixed you mean not pegged to the dollar and backed by the cbi reserves?

Your saying the exchange rate was fixed in Kurdistan

Does that mean repaired ?

Does it mean it wasn't backed by cbi reserves and pegged to the dollar

Like Iraq had two seperate exchange rates for the IQD

The United Nations pension web site holds the official exchange rate for the IQD back to 1981

Monthly year by year

But they only show one IQD exchange rate

I don't think the banisters minions are lying on purpose

I think they are saying what they been taught because it's all they know

The IQD exchange rate is .31 dinars per dollar up to 1997

Then It shows a huge devaluation

[fib1618]

"Fib........go write a book on it"......... LOL or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post an article about it, or have Boomer post and article about it, or have Boomer post an article about it.

Lol!!!!!