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rockfl9
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2 hours ago, rockfl9 said:

I think a lot of Dinarians think that they actually INVESTED in Iraq by buying IQD and Iraq OWES them a profit. Actually they caused harm to the Iraqi economy. The dinar held in shoeboxes etc. outside of Iraq messed up the banking system. They can't go International without taking the risk that all that IQD will flood back in causing an oversupply ( i.e. a deflation ) that they dont need.  WHY would they want to buy any back???  A carefully managed redenomination is needed but they cant afford it now, .It would be a scramble to get your IQD back to Iraq. It would be a great risk for a bank or dealer to get involved.  

They took USDs for dinar.  We helped build their foreign reserves. Shabs was brilliant Sell dinar for USDs knowing most would never make it back into Iraq. Easy enough to convince people to buy it. 

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On 8/21/2020 at 6:11 PM, SocalDinar said:

They took USDs for dinar.  We helped build their foreign reserves. Shabs was brilliant Sell dinar for USDs knowing most would never make it back into Iraq. Easy enough to convince people to buy it. 

No! Dinarians PAID for IQD with their local currency . Mostly to dealers who made a good profit. It was not an investment in Iraq. 

The dinar taken out of the IRQA ECONOMY AND held in shoeboxes caused the CBI to print more than would have been normally required it was an added expense. 

Not a investment in the country. They would be better off if it stayed in Iraq.

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Nah.. They received USDs or wherever it was bought from's currency for nothing more than  paper  . . A US $100.00 note costs about 20 cents to prin tSo im guessing here a 25,000 dinar note is close to the same.  40 notes at 20 cents costs them $8.00.  In return they got over $800.00 USDs  Shabs played on this  knowing his currency would never make it back into Iraq. If they redenominate they will have made up the cost to print a new currency times 100.  

 

Of course its not an investment in Iraq. Never was. Holding any money including that jar of coins everyone has is a loss every day because of inflation. Something that cost $1000 in 2010 now costs $1,188.. Thats about 18% loss . I keep about 6 months expenses in Cash. And thats just for emergencies.  Rather make money with my money than throw it away to the Feds inflationary Tax.   People get upset at the 1%ers when the real villain is the Federal reserve. Worlds biggest Ponzi scheme. Nixon was a fool.

 

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On 8/27/2020 at 7:27 PM, SocalDinar said:

 

 

Of course its not an investment in Iraq. Never was. Holding any money including that jar of coins everyone has is a loss every day b

 

Right ! It is a high risk ?? speculation based on a well fabricated rumor ( lie )  that the cbi has a plan to increase the value , overnight with a giant increase .... there is no guarantee of a profit OR that they may never get any money back.

Iraq is broke or going there fast.  We must wait for the settlement of salaries for the rest of the year to see what they can do.  

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1 hour ago, rockfl9 said:

Right ! It is a high risk ?? speculation based on a well fabricated rumor ( lie )  that the cbi has a plan to increase the value , overnight with a giant increase .... there is no guarantee of a profit OR that they may never get any money back.

Iraq is broke or going there fast.  We must wait for the settlement of salaries for the rest of the year to see what they can do.  

Don't have to tell me that. I had 20 million dinar at one time.. Now i have one 25,000 dinar note just to remind me when something seems to good to be true it probably is

 

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  • 4 weeks later...

The quote by someone that US banks will buy dinar and get USD from the US Treasury is totally false and shows a lack of understanding of the US financial system.  The Treasury and the FED only use dollars. 

Also banks dont buy foreign currency ,,,, they broker it .   But they dont even have to do that if they dont want to.  It is optional.

Iraq is having a hard time getting enough dinar to pay salaries. Even in Iraq the GOI must give up USD to buy dinar and they dont have enough dollars to do so.  They will resort to print more notes without any reserve backing .  What Sadam did to debase the dinar in the first place. Maybe even print a bogus 100K note .

Their backs are against the wall and that may be the only way to keep the economy from total failure.  

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  • 2 weeks later...
On 10/12/2020 at 4:26 AM, rvmydinar said:

if the us banks don't buy foreign currency, then where do the dinar investors exchange  dinar for dollars? do the dinar investors have to exchange dinar for dollars outside us, like canada may be?

 

Banks exchange foreign currency all day every day... If the Dinar goes international then it too will be exchangeable. 

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Banks do not ever really OWN a foreign currency. They broker it with a third party. Here's thecatch. If the bank has an agreement with an agent, that agent is the one making the purchase and bank performs a service of counting packing and sending it to the agent .. In most cases you wil not be paid until it is received and cleared by the agent.

US banks only have counting machines for dollars and few have people that could validate dinar on sight. 

 

 

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7 hours ago, rockfl9 said:

Banks do not ever really OWN a foreign currency. They broker it with a third party. Here's thecatch. If the bank has an agreement with an agent, that agent is the one making the purchase and bank performs a service of counting packing and sending it to the agent .. In most cases you wil not be paid until it is received and cleared by the agent.

US banks only have counting machines for dollars and few have people that could validate dinar on sight. 

 

 

I like to buy ( exchange ) $100 worth of half dollars every week at the bank

I Usually get at least one  pre 64 half dollar . I then exchange the  rest for Amazon credits at the coin star machines .no charge if you take the Amazon Card.  100% of the value

 

My bank seems to go through employees frequently so it’s always a fresh face ( with a chin diaper ) 

Mostly Hispanic tellers. 
 

Anyone remember Great Western Bank ? Dennis Weaver  ( dual) was their spokesman. 
 

Have not used an ATM for at least 20 years .  Never really saw the need.

Dad taught me to always have a coffee can Full of cash . Also said that’s your cash and don’t tell anyone about it. Ironic I’m on an online forum 

talking about it.

 

And since we are talking bank and bank policies I wish my bank had better parking . Always full but no one in the bank ..., what gives ?

 

 

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On 10/13/2020 at 10:11 PM, SocalDinar said:

I like to buy ( exchange ) $100 worth of half dollars every week at the bank

I Usually get at least one  pre 64 half dollar . I then exchange the  rest for Amazon credits at the coin star machines .no charge if you take the Amazon Card.  100% of the value

 

 

Hi SD,  I havent seen a silver coin in 15 years...I know back then people were buying bags of unsorted coins and finding silver . But I dont think that is profitable any more.

Mine is stored in a pickle jar.

 

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1 hour ago, rockfl9 said:

Hi SD,  I havent seen a silver coin in 15 years...I know back then people were buying bags of unsorted coins and finding silver . But I dont think that is profitable any more.

Mine is stored in a pickle jar.

 

I do still find silver coins in old parks metal detecting. Gotta dig deep.  When i find old sprinkler heads 4" down i know there could be some silver at that level or even deeper.  I do find decent amounts of jewelry first super low tide after the first large winter storm.  Best finds are at the county beaches where the homies wear the bling

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  • 6 months later...
On 10/12/2020 at 4:26 AM, rvmydinar said:
On 10/13/2020 at 10:56 AM, Johnny Dinar said:

 

Banks exchange foreign currency all day every day... If the Dinar goes international then it too will be exchangeable. 

if the us banks don't buy foreign currency, then where do the dinar investors exchange  dinar for dollars? do the dinar investors have to exchange dinar for dollars outside us, like canada may be?

Banks do not BUY and HOLD FX.  They get rid of it ASAP.  Holding it even for a few days would be a drain on their profits. I can assure you that any foreign  currency it takes in it has a dedicated buyer for it. For certain they wont take any IQD because there are NO legitimate buyers for it. They would get STUCK with it and cant take that risk.. The CBI should be a legitimate buyer of IQD BUT It only buys from Iraqi banks!

Dinarians hold IQD because they have been brainwashed into thinking it will be worth a lot more SOON!  Some sitting  on it for 15 years.  Iraq is BROKE and are deluded into thinking $100 oil is coming back SOON. That is very unlikely. They will not take the advice of the IMF and adjust their budget to meet reasonable expectations of income.  That would mean an exchange rate of 1600 or more .   Typical Iraqi would not understand that.

Where will the RV dollars come from ???  The CBI cant just create dollars it must BUY them with petrodollars and there are not enough of them coming in .

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7 hours ago, rockfl9 said:

I said a little inflation is good. Because it is a natural law.. it is hard to explain. Any time you think there is no inflation some thing is going wrong or you are measure ing the wrong thing.

 

 

 

 

 

 

 

Inflation is never a good thing ....can’t convince me 

But we are in double digits 

It’s going down now .

My materials prices have gone up 60% in a few weeks . Quotes from my suppliers were always good for thirty days . Now only good for 48 hours . I know a lot of contractors walking away from jobs . 
it was to be expected .. can’t oat people to sit home and produce zilch


 

 

 

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Just because you see price increases does not mean official inflation. it is not that simple.

These are not normal times.  We are seeing shortages in things that never happened before .  

Shortages in semiconductors is shutting down auto production ??? no need to rush 2022 models.

Lack of shipping containers is holding up exports from china, Korea and India. Excessive Outsourcing gone berserk!

The containers are stuck in Long Beach and etc.  due to lack of trucks and drivers. You might think it is a simple task to hire and train a truck driver , but it is not.

You may see increase in copper prices because they cant get enough ore out of Australia.!!! 

Texas storm killed a lot of pigs and cattle... 

All happening at the SAME time!!!

Although we dont like it price increases are the natural way of spreading out those limited items until the supply catches up. 

When this clears up I think a lot of businesses will rethink their supply strategies.

 

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On 4/22/2021 at 1:41 PM, rockfl9 said:

I said a little inflation is good. Because it is a natural law.. it is hard to explain. Any time you think there is no inflation some thing is going wrong or you are measuring the wrong thing.

 

 

One explanation is that inflation is due to population increase.

As an employer you should know that people are not 100% productive 100% of the time. This "slippage " increases costs and that must be covered by increasing prices if you want to stay in business. 

All those little "inefficiencies " ADD UP to INFLATION!!!    

It is there , ignore it and you are in trouble.

Iraq is a good example. For years they have hired people to do nothing to solve the unemployment problem. 100% inefficiency. All the while claiming no inflation while importing goods from the real world that was experiencing 2-5% inflation per year  in the price of those goods,. When they could no longer afford to hide the inflation they had to adjust the exchange rate to catch up. 

 

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  • 1 month later...
On 8/21/2020 at 6:11 PM, SocalDinar said:

They took USDs for dinar.  We helped build their foreign reserves. Shabs was brilliant Sell dinar for USDs KNOWING MOST WOULD NEVER MAKE IT BACK TO iRAQ asy enough to convince people to buy it. 

SD .. I believe you are right.  The IQD WILL BECOME a true COLLECTABLE. Traded between Dinarians or just left in the shoebox.  It will NEVER become INTERNATIONAL until the CBI begins buying it back from outside the country. 

WHY would they do that? When the CBI reserves are GONE there will be NO dollars to do a buyback. The VALUE of the IQD will never be more than it is today (and that is in-country ONLY.)

The idea that the CBI would increase the rate and expect the FX market to trade at it is ridiculous. That will never happen!!!  No one  in their right mind would take that trade. 

The 2021 budget is a fiasco .  It is $20Bn short and they have NO CHANCE of borrowing more .  There was a tax and salary deductions in the draft to get some savings but the MPs were allowed to remove them , so the deficit is even worse. 

AND they are making more little Iraqi's every day.  

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No SD  I was talking about the Iraqi budget.. They "PASS " A budget just to be sure they all will get paid first everything else is smoke..

You can mark my words , come December there will be another devaluation  which will result in enough dinar to meet the payroll for another year.

It is not Biden's budget ! It will be congresses budget.  Your state is probably in good shape but many of the  less prosperous states have not been able to maintain or build new infrastructure. It has been needed for a long time.  TRUMP did NOTHING .  His MAGA program went NOWHERE.  He is fortunate that we have a protocol that limits open judgment of past presidents for at least 4 years or their death.   But a lot of his enemies might not wait.

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On 6/1/2021 at 12:52 PM, rockfl9 said:

No SD  I was talking about the Iraqi budget.. They "PASS " A budget just to be sure they all will get paid first everything else is smoke..

You can mark my words , come December there will be another devaluation  which will result in enough dinar to meet the payroll for another year.

It is not Biden's budget ! It will be congresses budget.  Your state is probably in good shape but many of the  less prosperous states have not been able to maintain or build new infrastructure. It has been needed for a long time.  TRUMP did NOTHING .  His MAGA program went NOWHERE.  He is fortunate that we have a protocol that limits open judgment of past presidents for at least 4 years or their death.   But a lot of his enemies might not wait.

California is not in GOOD shape.

Number 1 in poverty and almost last in education.

Roads are falling apart even with a new 26 a gallon gas tax.

Homeless everywhere. Trash everywhere. 

We are no longer the Golden state.

More like the ghetto state.

 

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Unfortunately the infrastructure bill has become a cover for carpetbagging.

Roads and bridges have fallen to only a small part.

The Dems want to include a lot of pet projects calling them infrastructure !

They have to get it through before the next election when they may loose control.  

Some how they need to agree to prioritize and put the frills on the back burner. 

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The reason the rate changed last Dec. was the cbi,s reserves had fallen below the amount necessary to support g the existing .00086 rate. Now the cbi reserves are still bleeding dollars. They will have to reduce the rate next Dec. or  become  INSOLVENT!!!  When that happens the value of the IQD will become very unstable (really worthless).

 I must ask , when  ALL the reserves are GONE , dollars and Euros will be the only currency that can  be used for trade.  That will be limited to the  petrodollar income.

There will be a giant exodus....To where I do not know.

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