Currency In Hand vs. Currency In the bank

[JHeezy]

Ok guys, Got a quick question. Hypothetically speaking, if Iraq was going to lop, and drop the 3 zero's. Our Currency in hand say 25,000 dinar note turns into 25 dinar. Now what if we had a bank account set up at warka or one of the other banks? If we had an account set up and had say 300,000 in it, what would happen to that money after the lop and then the RV. Would it still remain 300,000 dinar?

So the real question is whats better in hand , or in bank?

Now note I am not saying that there will a lop. And I am praying that there is not one. I just want to get some feedback, and a few answers. So remember hypothetically

Thanks guys,

Jesse

[JHeezy]

Seriously? I have a question and everything was hypothetical, and I get a negative response.....WOW

[Trimark]

The theory goes that in a LOP the bank would just 'lop off' the last 3 zeroes of your account. If there is a lop it would make no difference whether you have your money in hand or in a bank, the lop would affect both the same way.

[puppylove]

Seriously? I have a question and everything was hypothetical, and I get a negative response.....WOW

I took your -1 away. C'mon guys give the newbie a break.

[JHeezy]

I took your -1 away. C'mon guys give the newbie a break.

thank you.. I mean its an honest question, but i havnt read up on it anywhere, so i figured I would throw it out there.

[Munsch]

Adam has always said you need to be diversified ... you know the old saying ... don't put all your eggs into one basket.

[keepmwlknfny]

Ok guys, Got a quick question. Hypothetically speaking, if Iraq was going to lop, and drop the 3 zero's. Our Currency in hand say 25,000 dinar note turns into 25 dinar. Now what if we had a bank account set up at warka or one of the other banks? If we had an account set up and had say 300,000 in it, what would happen to that money after the lop and then the RV. Would it still remain 300,000 dinar?

So the real question is whats better in hand , or in bank?

Now note I am not saying that there will a lop. And I am praying that there is not one. I just want to get some feedback, and a few answers. So remember hypothetically

Thanks guys,

Jesse

It does not matter where you have your dinar....if they redenominate, your funds in a account will be affected in the same way as if you had cash in hand...no way around a redenomination.....it will get EVERYONE......but you would be silly to give your money and put it in their hands versus keeping your dinar within reach......anything bad happens with warka and they go under, you lose everything and cant do a damn thing about it!!

[Uncle Barkie]

In the grand scheme of things ,I myself prefer to know where my IQD is at all times( in my safety deposit box where its been for 4 years.) As far as the "LOP" goes ( we have this discussion way too much ,) it just doesn't work in this situation. Iraq has paid many of the debts that weren't forgiven in IQD ,and to just devalue that payment would work against their own interests. not to mention that if you take away three zeroes from every Iraqi citizens bank account , then evryone in the country is going to riot, because they can't afford the basic necessities as it is now.So, don't sweat a "LOP."Keep your cash on hand and stay true to the reasons you entered into this adventure and be happy.

Uncle Barkie

[ReturnToGod]

"I myself prefer to know where my IQD is at all times( in my safety deposit box where its been for 4 years.)"

I'd be careful about keeping currency, gold, or silver in a bank safe deposit box if I were you. If the bank goes insolvent or if the US declares a state of emergency, agents from the Department of Homeland Security are authorized to confiscate personal belongings in safe deposit box. I have read about this in various places, but a good discussion of the matter is here: http://bellaciao.org/en/article.php3?id_article=10012

[BANE]

I'd be careful about keeping currency, gold, or silver in a bank safe deposit box if I were you. If the bank goes insolvent or if the US declares a state of emergency, agents from the Department of Homeland Security are authorized to confiscate personal belongings in safe deposit box. I have read about this in various places, but a good discussion of the matter is here: http://bellaciao.org/en/article.php3?id_article=10012

Hmm....so where would you keep it then?

[ReturnToGod]

Hmm....so where would you keep it then?

Good question. Personally, I keep my monetary valuables and important documents in a fire- and water-rated safe. I was using a safe deposit box for a very long time and was happy doing so until I read about the potential for the bank to seize assets, especially monetary ones, in a declared national emergency.

I also find the convenience factor of having my investments close at hand beneficial as well. Helps me sleep at night.

I'm not dissing safe deposit boxes, as they are useful for keping important documents like marriage licenses, insurance policiies, etc.; I'm just suggesting that people should consider all the facts before relying on an institution to protect their valuables.