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Friday Morning Opinions @ 11:28 AM CST - 12/24/2021


ronscarpa
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Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... :twothumbs:RON 

 

 

*** Frank26   [Iraq boots-on-the-ground TV report] FIREFLY: CBI officially announced it has paid off Kuwait so all clear with Kuwait. FRANK: The fact that the CBI has made this official means that you are now officially article VIII and your country is about to float and because of that get ready!!  Chapter 7 equals float.

 

 

*** Mnt Goat   In Iraq there is news that the dinar is going to soon be redenominated. This means the project to delete the zeros will be conducted soon, if all goes according to schedule. I suspect maybe in early January.   We will see the reinstatement shortly afterwards after the CBI monitors for inflation and corruption of the first step.  Earlier this week the CBI had long meetings with representatives from all the chartered banks to review the next step of the process of the redenomination. I am told they even showed them the newer notes and fils. But what can we expect as investors? We can expect nothing until the dinar is reinstated on FOREX and as we know the redenomination is the first step in this process...

 

 

*** Frank26   [Iraq boots-on-the-ground TV update] FIREFLY: They just announced to us on television the cancellation of any and all deposits or any withdrawals from any of the private banks in Iraq.  They said this is gonna start tomorrowFRANK: Which is today. FIREFLY...until Monday.  And all banks will be closed here on Sunday.  The reason given was for some annual maintenance to pay account interest and do annual reports. FRANK: These reports...are always done in the first quarter of the following year.  For them to tell you that they're doing annual maintenance, to pay accounts of interest and do annual reports is impossible because the year's not over with yet.  That may be true to a degree but it sure creates a window of opportunity for the monetary reform doesn't it.

 

 

:tiphat:

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Come on Frank, they're not officially out of Article 7 until it's cleared through the UN, then they must go through the process to apply for Article VIII once all conditions are met. They may have met all the conditions, but that doesn't automatically make it Official..! :salute: RON 

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4 hours ago, ronscarpa said:

Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... :twothumbs:RON 

 

 

*** Frank26   [Iraq boots-on-the-ground TV report] FIREFLY: CBI officially announced it has paid off Kuwait so all clear with Kuwait. FRANK: The fact that the CBI has made this official means that you are now officially article VIII and your country is about to float and because of that get ready!!  Chapter 7 equals float.

 

 

*** Mnt Goat   In Iraq there is news that the dinar is going to soon be redenominated. This means the project to delete the zeros will be conducted soon, if all goes according to schedule. I suspect maybe in early January.   We will see the reinstatement shortly afterwards after the CBI monitors for inflation and corruption of the first step.  Earlier this week the CBI had long meetings with representatives from all the chartered banks to review the next step of the process of the redenomination. I am told they even showed them the newer notes and fils. But what can we expect as investors? We can expect nothing until the dinar is reinstated on FOREX and as we know the redenomination is the first step in this process...

 

 

*** Frank26   [Iraq boots-on-the-ground TV update] FIREFLY: They just announced to us on television the cancellation of any and all deposits or any withdrawals from any of the private banks in Iraq.  They said this is gonna start tomorrowFRANK: Which is today. FIREFLY...until Monday.  And all banks will be closed here on Sunday.  The reason given was for some annual maintenance to pay account interest and do annual reports. FRANK: These reports...are always done in the first quarter of the following year.  For them to tell you that they're doing annual maintenance, to pay accounts of interest and do annual reports is impossible because the year's not over with yet.  That may be true to a degree but it sure creates a window of opportunity for the monetary reform doesn't it.

 

 

:tiphat:

Mnt Goat you don't want to delete the three zeros this is the wrong thing to do  25,000 dinars then becomes 25 dinars, that means if it then goes to 1 to 1 you would only have $25 dollars instead of 25,000 dollars we would loose a lot of money by deleting the zeros. which means the 1 million dinars only worth $1000. dollars by deleting the 3 zeros. My opinion wrong way for this to go.

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2 minutes ago, edbeach said:

Mnt Goat you don't want to delete the three zeros this is the wrong thing to do  25,000 dinars then becomes 25 dinars, that means if it then goes to 1 to 1 you would only have $25 dollars instead of 25,000 dollars we would loose a lot of money by deleting the zeros. which means the 1 million dinars only worth $1000. dollars by deleting the 3 zeros. My opinion wrong way for this to go.

 

edbeach, you totally misunderstand - that is NOT what MtnGoat said or implied, nor has he said that in the past. You're talking a straight LOP, and she has always been anti-LOP in all her statements. 

 

Several times in the past (because of questions and misunderstandings) I addressed the issue of "if they were to drop the three Zeros from the notes & then reinstated the IQD at $3.22" ... In essence you would realize approximately a 220% profit (ie: you paid $1K for 1Mil IQD, you would end up with $3.2K = $2.2K profit) minus exchange fees and taxes.  I hope this clarifies things a bit for you ... Blessings - :salute:RON 

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6 minutes ago, ronscarpa said:

 

edbeach, you totally misunderstand - that is NOT what MtnGoat said or implied, nor has he said that in the past. You're talking a straight LOP, and she has always been anti-LOP in all her statements. 

 

Several times in the past (because of questions and misunderstandings) I addressed the issue of "if they were to drop the three Zeros from the notes & then reinstated the IQD at $3.22" ... In essence you would realize approximately a 220% profit (ie: you paid $1K for 1Mil IQD, you would end up with $3.2K = $2.2K profit) minus exchange fees and taxes.  I hope this clarifies things a bit for you ... Blessings - :salute:RON 

It is my understanding that "dropping the three zeros" means off the exchange rate.  For example, .00086 would become .86.  Open to correction.

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Ron As I have said many times I don't trust anything they say. Iraq is good for stalling and stretching the truth. They  like to cry poor and get the American dollar of which the US is constantly giving them millions of dollars. I hope your explanation is the way happens But as I said I don't trust them. This could go either way you look at other countries when they lower their money by removing the zeros they take off the dollars not the deceible points but the zeros. So my feeling when they say remove the zeros means literally off the zeros not the exchange rate.  So 25,000 dinars could go to 25 dinars times 40 is 1000 dinars  then if they add your example $3.22 X 1000  would be $3220. for one million dinars now equal $3220.dollars. Yes it would be a lop if that is what they do off the zeros. Iraq would love to screw us and save them self millions by this direction .Lets hope they don't take the literal approach and decide they want to help their people get back the money they took away from them in adding the zero's. Just my opinion of reading this statements many times over the years of removing the  zero's. As it has been said no way knows the rate or date as well as what direction they will do an exchange or how exchange. We just hope they will do the right thing for everyone.

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16 hours ago, Shedagal said:

It is my understanding that "dropping the three zeros" means off the exchange rate.  For example, .00086 would become .86.  Open to correction.

 

That is my understanding as well shedagal ... I truly hope that would be the route they take. I was simply commenting on edbeach's original post, and stating another scenario where they lopped the zeros from the notes then reinstated the value, which I would consider the worst case scenario.  Have a Blessed Christmas..! :twothumbs:RON 

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