***Here we go ~ Iraqi Finance: Delete the zeros from the currency will strengthen the position of Iraq to the International Monetary Fund

[hspotman]

Many other countries have done this without taking anything back or taking it back at the value with out the Zeros. Look up Venesuala RV they did just that.

OK, now I feel stupid......well, I am . When Vene"z"uela did it, if outside people(such as us) would have been in the "currency game" at that time, are you saying we WOULDN'T have made out good?

Edited November 19, 2010 by hspotman

[Ptntlywtng]

Phoenix how would you interpret RiverStyx interpreation?

[Fairways&Greens]

The headline of the article is: "Iraqi Finance: Delete the zeros from the currency will strengthen the position of the Iraq to the International Monetary Fund"

1. Historically, countries implement a LOP when they have hyper inflation. The Iraqi Dinar is one of the most stable currencies in the world at this point.

2. Iraq would be crazy to implement a LOP and lose credibility in the world market and risk a lot of contracts for oil, gas, rebuilding, etc that are already principally in place.

3. A Revalue of their currency has always been an integral part of the plan at least since 2006.

4. The Iraqi government and other officials are not going to spell it out completely in advance and risk speculation. Therefore, we have to use our brains to interpret what is being said. (Thanks to Phoenix and others who have done this for us).

In summary, whatever the Iraq Government and Shabs are going to do will STRENGTHEN THE POSITION OF IRAQ AND THEIR PEOPLE IN THE WORLD ECONOMY. In my opinion that will be an RV and I think it will be soon! All the intel points to it.

Thanks again Phoenix!

[RICK C]

I thought a LOP was what I did as a Kid to those Dang CHICKENS HEADS, Just before I Had to Pluck those darn Feathers.lol

[fatbob]

The headline of the article is: "Iraqi Finance: Delete the zeros from the currency will strengthen the position of the Iraq to the International Monetary Fund"

1. Historically, countries implement a LOP when they have hyper inflation. The Iraqi Dinar is one of the most stable currencies in the world at this point.

2. Iraq would be crazy to implement a LOP and lose credibility in the world market and risk a lot of contracts for oil, gas, rebuilding, etc that are already principally in place.

3. A Revalue of their currency has always been an integral part of the plan at least since 2006.

4. The Iraqi government and other officials are not going to spell it out completely in advance and risk speculation. Therefore, we have to use our brains to interpret what is being said. (Thanks to Phoenix and others who have done this for us).

In summary, whatever the Iraq Government and Shabs are going to do will STRENGTHEN THE POSITION OF IRAQ AND THEIR PEOPLE IN THE WORLD ECONOMY. In my opinion that will be an RV and I think it will be soon! All the intel points to it.

Thanks again Phoenix!

Nice Post

[brandedbabe]

OK, now I feel stupid......well, I am . When Vene"z"uela did it, if outside people(such as us) would have been in the "currency game" at that time, are you saying we WOULDN'T have made out good?

As much as you disect the post you still forget how little Venezuela impact on the world is or even Germany for that matter. If you feel the need to compare Iraq to another situation you will have no such luck. Iraq is projecting economic growth that is equal to China. This can't be accomplished by their government without following the plan laid out. I know were you say were is the proof of such plan...well several people in this form have brought information forward in the last few years that gives me confidence. I would even say how strange it is to me that all of the countries in the world have made positive statements towards Iraq and their progress. The speculation for me is the rate now...i feel educated enough to know Iraq will not delete or lop a currency we (us) helped fund.

[hspotman]

As much as you disect the post you still forget how little Venezuela impact on the world is or even Germany for that matter. If you feel the need to compare Iraq to another situation you will have no such luck. Iraq is projecting economic growth that is equal to China. This can't be accomplished by their government without following the plan laid out. I know were you say were is the proof of such plan...well several people in this form have brought information forward in the last few years that gives me confidence. I would even say how strange it is to me that all of the countries in the world have made positive statements towards Iraq and their progress. The speculation for me is the rate now...i feel educated enough to know Iraq will not delete or lop a currency we (us) helped fund.

Lol...ok,"I" wasn't dissecting anything. I think you may have been referring to the original poster of this Venezuela topic. I "really" didn't understand what he was trying to say here, and thought what I stated was maybe what he meant. Only trying to clarify. Lol, I still don'[t understand....ie:....stupid

[RiverStyx]

They do not care about credibility of the world, REALLY? We all want to believe that. And Venezuela (Typo semantics) did it and the 1000 notes were worth 10 and that is all they received for them too.

[Fairways&Greens]

Nice Post

Thanks! It all seems logical when we take a step back and look at the details!

[hspotman]

They do not care about credibility of the world, REALLY? We all want to believe that. And Venezuela (Typo semantics) did it and the 1000 notes were worth 10 and that is all they received for them too.

So are you, in essence, saying that you think we are going to get screwed here as per what we have been expecting?

[BIGBOI]

18/11/2010

Iraqi Finance: Delete the zeros from the currency will strengthen the position of Iraq to the International Monetary

Baghdad, The Iraqi Ministry of Finance, Thursday, that the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund.

The chancellor said the Iraqi Ministry of Finance Zia Alckheon Kurdistan News Agency (Rn) that "the process of removing three zeroes from the local currency will strengthen Iraq's economic position in the international community and specifically the International Monetary Fund."

He added that the "survival of the current currency and the current status would not address the question of the economic gap taking place in the Iraqi dinar as it will increase the burden on the Iraqi economy."

And that "the process of changing the currency certainly will take time and money, but is required to remove the barrier between the Iraqi economy and the global economy and to give more than the value of the Iraqi dinar."

In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study.

He expressed the International Monetary Fund in August last support of the Iraqi economy in the event of having a number of economic measures, including privatization of banks and raise three zeroes from the local currency and to meet debt and compensation is the responsibility of Iraq.

The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation.

The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency.

The local Iraqi currency has gone through several changes in its history, most recently in 2004 when the former Governing Council replaced the previous currency, which was a symbol of the former regime.

http://translate.google.com/translate?

sorry if its already been posted

[Bumper64]

Hey BIGBOI, thanks for the post!! This has already been posted so I will merge this post with the other one from earlier!

[RiverStyx]

As much as you disect the post you still forget how little Venezuela impact on the world is or even Germany for that matter. If you feel the need to compare Iraq to another situation you will have no such luck. Iraq is projecting economic growth that is equal to China. This can't be accomplished by their government without following the plan laid out. I know were you say were is the proof of such plan...well several people in this form have brought information forward in the last few years that gives me confidence. I would even say how strange it is to me that all of the countries in the world have made positive statements towards Iraq and their progress. The speculation for me is the rate now...i feel educated enough to know Iraq will not delete or lop a currency we (us) helped fund.

I agree but until it is further clarified by Iraq, that is the potential no one knows. What 86 countries have done this? I have read how many in the past and it is somewhere up in a high range to say the least. That is how it has worked so far with them.

So are you, in essence, saying that you think we are going to get screwed here as per what we have been expecting?

Not what I am saying, I am saying anything can happen, I think by their release here that the 0's will be off so if it comes back at a high value say 3 dollars to our 1 then a thousand invested will be worth 3 grand....But it clearly said it needs to be studied more.

[RiverStyx]

Still a profitable investment, the other is my fear, thats all.

[hspotman]

Not what I am saying, I am saying anything can happen, I think by their release here that the 0's will be off so if it comes back at a high value say 3 dollars to our 1 then a thousand invested will be worth 3 grand....But it clearly said it needs to be studied more.

Oh,lol, ok. You just put into other words what I already knew

Still a profitable investment, the other is my fear, thats all.

Yes it is....in the end. And even if it is the "other", we will most likely still get back 60%-80% of our initial investment. BUT, how many of US do you KNOW will be totally depressed that we didn't/wouldn't get what we thought we were in for? After riding this train for so long, millenniums for a lot here, it WOULD be a disaster, so to speak, if we didn't get what we expected

Edited November 19, 2010 by hspotman

[RiverStyx]

All of us ,,,,,,,,self included

[johnfagan]

I agree RiverStyx....."I am not sure if the new lower denomination IQD has the Kurdish Language on them, I do know that the Kurds ealier this year put out an article out that they wanted their language to also be contributed into the new IQD. Is this the lower new IQD??? I don't know... "........my first thought was that there where a few very,very shrewd people that sold us all a BS dream called the Dinar, and made a bundle from it. Knowing that there will be a brand new currency printed and this stuff we hold in our hands is now worthless. It's called a brilliant double cross. NO RV,.......i mean go? rv

I agree RiverStyx....."I am not sure if the new lower denomination IQD has the Kurdish Language on them, I do know that the Kurds ealier this year put out an article out that they wanted their language to also be contributed into the new IQD. Is this the lower new IQD??? I don't know... "........my first thought was that there where a few very,very shrewd people that sold us all a BS dream called the Dinar, and made a bundle from it. Knowing that there will be a brand new currency printed and this stuff we hold in our hands is now worthless. It's called a brilliant double cross. NO RV,.......i mean go? rv

[hspotman]

I agree RiverStyx....."I am not sure if the new lower denomination IQD has the Kurdish Language on them, I do know that the Kurds ealier this year put out an article out that they wanted their language to also be contributed into the new IQD. Is this the lower new IQD??? I don't know... "........my first thought was that there where a few very,very shrewd people that sold us all a BS dream called the Dinar, and made a bundle from it. Knowing that there will be a brand new currency printed and this stuff we hold in our hands is now worthless. It's called a brilliant double cross. NO RV,.......i mean go? rv

So this would mean that we wouldn't even get back a % of what we invested . GAAAAAWWD.......let me wake up already!!!

[msbs]

SO, The famous quote by GWB that the war would not cost the people???? whats that mean??

[hopefullbk]

I'm surprised everyone is freakin out over LOP talk.

Even if it doesnt revalue, is there one person out there that doesn't think this currency will gain value over time?

IMO, there are good arguments both ways....(.I hear people throwing stones at me already for that last statement)

I know that many of us would love to have it happen now, but the fact is this could be a long(er) haul for everyone to get a nice return on this investment. This country is too rich to not end up being some kind of world player in financial arena. I know its not my job to worry about others in this investment but I truly hope that the pumpers I've become so familiar with in the last month or so didnt drive folks to invest beyond their means.

These Iraqi politicians are no better than ours (D or R) in that they clearly put their own personal gain above the needs of their fellow countrymen..

This will pay off sooner or later....we all prefer sooner but remember, later will be good too.

[RiverStyx]

SO, The famous quote by GWB that the war would not cost the people???? whats that mean??

It could very easily mean oil credits for the US. Or anything for that matter to repay the States for their involvement.

[J.C.]

I see several potential meanings.

1. it said it was to be a study

"In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study."

so this could be a long or longer process potential delay of the RV

2. It is from the currency not the rate.

"the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund." Self explained.

3. It states no change this year. That tells me that the RV could still happen but the end of the year would be in the 3 to 6 month or even 1 year 1% variation only once revalued people have spoke about.

"The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation."

4. It also tells me that they may wait for a completion of a study, after all its Iraq. Lets hope the do the study while the RV is taking place and they remove the notes instead of hitting the notes right off the bad but it reads probable in the inflation/debt statements.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market"

5. Worst one of all. No one will like this including me so don't shoot the messenger, many have said oh it would cost them millions to create a new currency. Ok so I ask you from a business stand point. Spend even 10 or 20 million to make new currency as stated about the Kurd language or spend trillions to pay out?

dislike what I am saying I understand but from a financial stand point instead of what we want stand point this could happen even though many will say it can't remember this is Iraq so what have they followed yet that they promised? Here it is.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency."

Don't shoot the messenger for an interpretation of potential meanings.

"IF" it's true that the employees and government workers haven't been paid for November..........and.......

"IF" it's true that the smart card is being revalued to 250 Dinar vs 1,250......and........

"IF" it's true that Malaki is holding a press conference on the 21st......and........

"IF" it's true that the IMF will pull funding from Iraq if they don't get the government completed and the Chapter 7 removed by the established deadline......

then....................

I'd say...........................

The RV is upon us. B) B)

I'm surprised everyone is freakin out over LOP talk.

Even if it doesnt revalue, is there one person out there that doesn't think this currency will gain value over time?

IMO, there are good arguments both ways....(.I hear people throwing stones at me already for that last statement)

I know that many of us would love to have it happen now, but the fact is this could be a long(er) haul for everyone to get a nice return on this investment. This country is too rich to not end up being some kind of world player in financial arena. I know its not my job to worry about others in this investment but I truly hope that the pumpers I've become so familiar with in the last month or so didnt drive folks to invest beyond their means.

These Iraqi politicians are no better than ours (D or R) in that they clearly put their own personal gain above the needs of their fellow countrymen..

This will pay off sooner or later....we all prefer sooner but remember, later will be good too.

Later would NOT be ok. Too many people here already have lost hope in the current economy, and are counting on this RV to change lives. I'm afraid if something else happens to push this RV into next year, that there will be a lot of people in serious trouble.

[HuntTech]

I just wanted to address this because it seems some folks are freaking out about the LOP:

>>

5. Worst one of all. No one will like this including me so don't shoot the messenger, many have said oh it would cost them millions to create a new currency. Ok so I ask you from a business stand point. Spend even 10 or 20 million to make new currency as stated about the Kurd language or spend trillions to pay out?

dislike what I am saying I understand but from a financial stand point instead of what we want stand point this could happen even though many will say it can't remember this is Iraq so what have they followed yet that they promised? Here it is.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency."

<<

We introduce new currency in this country all the time... and use it side-by-side with the old one. The FED slowly pulls the older notes out of circulation. When the new (uglier, IMHO) Federal Reserve Notes ($5, $10, $20, etc.) with newer security features came into play, it didn't kill the old ones. It also took some time for machine readers on vending machines, etc. to ramp up to recognize the new ones... so, the old ones were necessary. Introduction of new notes with the Kurdish language can be implemented at the point of the newer, lower denoms hitting circulation or at any other point to politically satisfy them. It doesn't have to negate the existing notes.

[RiverStyx]

I just wanted to address this because it seems some folks are freaking out about the LOP:

We introduce new currency in this country all the time... and use it side-by-side with the old one. The FED slowly pulls the older notes out of circulation. When the new (uglier, IMHO) Federal Reserve Notes ($5, $10, $20, etc.) with newer security features came into play, it didn't kill the old ones. It also took some time for machine readers on vending machines, etc. to ramp up to recognize the new ones... so, the old ones were necessary. Introduction of new notes with the Kurdish language can be implemented at the point of the newer, lower denoms hitting circulation or at any other point to politically satisfy them. It doesn't have to negate the existing notes.

Really? Worst one for a POSSIBLE interpretation? Yes we do introduce all the time and I like anyone else hope it does happen that way. I never said it would happen any other way either, I never stated how it will at all. I would love nothing more than to cash in at a 1000 to 1, who wouldn't? I only gave my interpretation that I am entitled too. I have never once refuted anyone elses opinion only stated mine and defended it with logic. I have in fact stated I hoped it went that way when other people said other wise. I do not put myself that high to judge anothers post but only to be a conscientious objector.

I have no crystal ball nor try to imply otherwise. I only state what could be. Shame some can't handle possibilities.

[GeologyGirl]

I see several potential meanings.

1. it said it was to be a study

"In the view of the central bank to raise the three zeroes from the local currency is a complex process and need to be thorough economic study."

so this could be a long or longer process potential delay of the RV

2. It is from the currency not the rate.

"the deletion of zeros from the local currency will liberate the Iraqi economy from the constraints and enhance the value of the Iraqi dinar in the International Monetary Fund." Self explained.

3. It states no change this year. That tells me that the RV could still happen but the end of the year would be in the 3 to 6 month or even 1 year 1% variation only once revalued people have spoke about.

"The Iraqi government denied conducting any change in the local currency this year in order to reduce inflation."

4. It also tells me that they may wait for a completion of a study, after all its Iraq. Lets hope the do the study while the RV is taking place and they remove the notes instead of hitting the notes right off the bad but it reads probable in the inflation/debt statements.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market"

5. Worst one of all. No one will like this including me so don't shoot the messenger, many have said oh it would cost them millions to create a new currency. Ok so I ask you from a business stand point. Spend even 10 or 20 million to make new currency as stated about the Kurd language or spend trillions to pay out?

dislike what I am saying I understand but from a financial stand point instead of what we want stand point this could happen even though many will say it can't remember this is Iraq so what have they followed yet that they promised? Here it is.

"The news has recently indicated that the Iraqi government plans to make changes to the local currency, including raising three zeros in order to reduce inflation suffered by the Iraqi market, as well as add the language Kurdish paper currency."

Don't shoot the messenger for an interpretation of potential meanings.

Okay, is it just me? Did I have a bad day, you know the kind of bad day that it seems like everyone is talking in code and nothing makes sense. I preface this with I admire Phoenix and follow his posts faithfully. The post and this disection seems like a yo-yo. Negative/Positve Old Iraq/New Iraq. Is it just me???