Miny Posted April 8, 2011 Report Share Posted April 8, 2011 How's this for proof. If the IRD RV to just $1, there are 27 trillion of them in circulation. So that means CBI has to have $27 Trilliion to cover that value. Currently the hard currency reserves of the CB! are about $50 billion. So, just to reval to a dollar, they're missing $26,950 Billion dollars. If you go to the other end of the scale, $6 RV, the number is $162 trillion, which is more money than actually exists on the planet. In fact, recent changes in how the CBI is run make it more likely that it could run out of money.. http://www.iraq-businessnews.com/2011/01/31/bad-news-for-the-central-bank/ The RV is fairry tale, sold and told to you by the companies selling dinars. If it really was gonna RV any day now, why would ANY of these companies be willing to see ANY of them? If the $6 RV happened tommorrow, a company like Dinar Trade would have enough in the cash drawer to be a G8 country. Quit dreaming, there is no RV coming. This guy knows nothing of the 100+ billion barrels of oil iraq has PLUS the unexplored oil fields in iraq, nor does he know about how oil is sold in the Futures market with contracts that are paid for UP FRONT RV may not come,that is legitimate.....but a natural rise in value will occur quickly if nothing else once the Gov is fulyl formed and US is no longer occupying MA in economics says this is a win for the patient! (pls point out spelling or grammer MISTAKES/TYPOS to make it seem like im ignorant and to devalue my credibility, like a real basher would) I won't say anything about your typos, this is an internet forum, not a graded paper. I will point out your lack of any backing information to support your position. I provided a link to an official statement from the CBI that firmly establishes that they have foreign currency reserves of ~$50 billion. It's an incontrovertible fact that whatever the IRD RV to, the CBI will need to have most, if not all of the total amount it revals for, in hard currency, available to redeem any dinars that speculators, investors etc.. would want to convert to dollars or euros etc.. I just want to know where that money is. They have $50 billion and are worried that they may have to recapitalize the bank, so how are you going to get paid if they RV? There isn't enough money in existence to redeem all the dinars issued @ a little less than $3, so can you explain the realistic scenario under which ALL THE WORLD'S WEALTH will suddenly become available to the CBI? If you got a masters in Econ and can't do the maths to show if they sell every drop of that oil it still leaves them, umm, $17 trillion short, send it back and see if they'll give you a refund. Iraq export revenue in March was $4.35 billion, so they could, at that level, support a dinar for a dollar with 517 years worth of oil revenue, provided of course that they spent every penny of it on backing their currency, and not bother with things like an elecrical grid that works more than a few days a week, or any infrastructure, expense of government, build roads or anything like that. (source fopr revenue figures) http://www.jihadwatch.org/2010/05/iraq-oil-exports-in-april-down-43-percent-due-to-jihad-attacks.html I know, I know, the revenue is down, when they get everything up and no insurgents and such, it would DOUBLE! Fine, so you only have to devote 208 years of eveery penny of revenue to paying off dinar speculators.... Think you can increase the sales so much that you can RV the dinar and not take a few centuries to do it? Well, you'll have to see if the UFO people need gas on their planet, because the total world market in oil is 73 million barrels per day. That the whole planet. That's 26.37 billion barrels a year, or @ 100 a barrel, $2.6 trillion. You could fund that $1 per dinar exchange rate in just 10 years, if Iraq was the only country to produce petroleum for those ten years, notwithstanding that they would run out of oil to sell in as little as 4 years, but even the most optimistic number of their reserves only gives them enough to produce that rate for 8 years. (link to global oil production figures, 1960-2009) http://www.eia.doe.gov/aer/txt/ptb1105.html people just don't get the basic concept that for the dinar to revalue, the money has to be somewhere. Oil in the ground? It has to got to $2600 a barrel to support a dollar dinar. When you cash your dinars in, are you gonna accept it in dollars, euros or a barrel of oil. See above for the oil, the waiting line is 500 years. Want it on dollars, the amount the ICB needs is almost twice the entire GDP of the USA, and they have to have it in cash. And that's just for it to be a dollar. Take all this alnd mulitpy by whatever number your guru is quoting today, and find where the money is gonna come from to pay it. 14 47 Link to comment Share on other sites More sharing options...
Tropics Posted April 8, 2011 Report Share Posted April 8, 2011 sighs..small minds 4 2 Link to comment Share on other sites More sharing options...
sportfisher Posted April 8, 2011 Report Share Posted April 8, 2011 if they have 27 trillion IQD in circulation, why in the world do you think they need to have $27 trillion dollars (usd) to back that up, that makes absolutely no sense. If they were on a gold standard, then it would be gold, but they are not. They do have Oil reserves ) what makes you think that all 27 trillion dinar would come back to them for immeadiate exchange for any other currency??? 6 1 Link to comment Share on other sites More sharing options...
FOUNDIT Posted April 8, 2011 Report Share Posted April 8, 2011 Miny one thing.....................there are not 27 trillion in circulation...there are 27 trillion printed.....BIG DIFFERENCE..... 6 Link to comment Share on other sites More sharing options...
Markinsa Posted April 8, 2011 Report Share Posted April 8, 2011 RV may not come,that is legitimate.....but a natural rise in value will occur quickly if nothing else once the Gov is fulyl formed and US is no longer occupying MA in economics says this is a win for the patient! (pls point out spelling or grammer MISTAKES/TYPOS to make it seem like im ignorant and to devalue my credibility, like a real basher would) Nice Post, I just wanted to point out the spelling error. You're welcome. Not a basher, just thought it was funny. Link to comment Share on other sites More sharing options...
chuckray Posted April 8, 2011 Report Share Posted April 8, 2011 fractional banking explains how they cover the cash-in : http://en.wikipedia.org/wiki/Fractional-reserve_banking 5 Link to comment Share on other sites More sharing options...
BJinMontreal Posted April 8, 2011 Report Share Posted April 8, 2011 sighs..small minds Don't you mean BIG EGOS 1 Link to comment Share on other sites More sharing options...
cocklebur Posted April 8, 2011 Report Share Posted April 8, 2011 I have tried to bring this very same point up more than once. You might as well bash you head in the wall as to try to change peoples mind and let them know there is not going to be a big payoff. Sorry you wasted your breath. 5 17 Link to comment Share on other sites More sharing options...
jooced Posted April 8, 2011 Report Share Posted April 8, 2011 Not how fractional banking works. Generally speaking only 10% in actual reserves be on hand for a digital age. And the Iraqi's are going to go full tilt digital very soon. Link to comment Share on other sites More sharing options...
Buckeye Pilot Posted April 8, 2011 Report Share Posted April 8, 2011 Thump........... Dang it, Passed out again and hit the floor. When these guys gunna learn about Economics........... 2 Link to comment Share on other sites More sharing options...
Miny Posted April 8, 2011 Author Report Share Posted April 8, 2011 Not my post (Someone posted it on Planet Dinar).... I just didn't quite understand the logic and hoped someone hear could explain 7 1 Link to comment Share on other sites More sharing options...
vrnorth Posted April 8, 2011 Report Share Posted April 8, 2011 Planet Dinar has a rumor section??? That whole site is a rumor section! 3 Link to comment Share on other sites More sharing options...
Steelwire Posted April 8, 2011 Report Share Posted April 8, 2011 (edited) [[How's this for proof. If the IRD RV to just $1, there are 27 trillion of them in circulation. So that means CBI has to have $27 Trilliion to cover that value. Currently the hard currency reserves of the CB! are about $50 billion. So, just to reval to a dollar, they're missing $26,950 Billion dollars. If you go to the other end of the scale, $6 RV, the number is $162 trillion, which is more money than actually exists on the planet.[/color] I don't claim in any means to know much on currency values, or the Forex Markets and how it all works.......I learn everyday when I read up on this investment. What I would say is that the US has trillions of dollars in circulation and what do they have in the vaults to back it up?..............That's right, not nearly enough in fact its a drop in the bucket. The CBI may have only 50 billion and with the value of the US dollar going south thats looking worse all the time.....their real value is in the ground. Edited April 8, 2011 by Steelwire Link to comment Share on other sites More sharing options...
powerpager Posted April 8, 2011 Report Share Posted April 8, 2011 Shoe Polish Newbie !!! Link to comment Share on other sites More sharing options...
TC987 Posted April 8, 2011 Report Share Posted April 8, 2011 I love it when Newbies who joined Today talk with such great authority, and are such leading economists 2 2 Link to comment Share on other sites More sharing options...
Miny Posted April 8, 2011 Author Report Share Posted April 8, 2011 Just FYI.... This (IF YOU CAN READ) is not my opinion!!!! I didn't say it!!! I simply read it on another site and didn't understand it. I thought MAYBE, JUST MAYBE, the people who posted on this site (who I thought to be brighter minds) could help me understand it better! 5 2 Link to comment Share on other sites More sharing options...
jaminjimmy90 Posted April 8, 2011 Report Share Posted April 8, 2011 How's this for proof. If the IRD RV to just $1, there are 27 trillion of them in circulation. So that means CBI has to have $27 Trilliion to cover that value. Currently the hard currency reserves of the CB! are about $50 billion. So, just to reval to a dollar, they're missing $26,950 Billion dollars. If you go to the other end of the scale, $6 RV, the number is $162 trillion, which is more money than actually exists on the planet. In fact, recent changes in how the CBI is run make it more likely that it could run out of money.. http://www.iraq-businessnews.com/2011/01/31/bad-news-for-the-central-bank/ The RV is fairry tale, sold and told to you by the companies selling dinars. If it really was gonna RV any day now, why would ANY of these companies be willing to see ANY of them? If the $6 RV happened tommorrow, a company like Dinar Trade would have enough in the cash drawer to be a G8 country. Quit dreaming, there is no RV coming. This guy knows nothing of the 100+ billion barrels of oil iraq has PLUS the unexplored oil fields in iraq, nor does he know about how oil is sold in the Futures market with contracts that are paid for UP FRONT RV may not come,that is legitimate.....but a natural rise in value will occur quickly if nothing else once the Gov is fulyl formed and US is no longer occupying MA in economics says this is a win for the patient! (pls point out spelling or grammer MISTAKES/TYPOS to make it seem like im ignorant and to devalue my credibility, like a real basher would) I won't say anything about your typos, this is an internet forum, not a graded paper. I will point out your lack of any backing information to support your position. I provided a link to an official statement from the CBI that firmly establishes that they have foreign currency reserves of ~$50 billion. It's an incontrovertible fact that whatever the IRD RV to, the CBI will need to have most, if not all of the total amount it revals for, in hard currency, available to redeem any dinars that speculators, investors etc.. would want to convert to dollars or euros etc.. I just want to know where that money is. They have $50 billion and are worried that they may have to recapitalize the bank, so how are you going to get paid if they RV? There isn't enough money in existence to redeem all the dinars issued @ a little less than $3, so can you explain the realistic scenario under which ALL THE WORLD'S WEALTH will suddenly become available to the CBI? If you got a masters in Econ and can't do the maths to show if they sell every drop of that oil it still leaves them, umm, $17 trillion short, send it back and see if they'll give you a refund. Iraq export revenue in March was $4.35 billion, so they could, at that level, support a dinar for a dollar with 517 years worth of oil revenue, provided of course that they spent every penny of it on backing their currency, and not bother with things like an elecrical grid that works more than a few days a week, or any infrastructure, expense of government, build roads or anything like that. (source fopr revenue figures) http://www.jihadwatch.org/2010/05/iraq-oil-exports-in-april-down-43-percent-due-to-jihad-attacks.html I know, I know, the revenue is down, when they get everything up and no insurgents and such, it would DOUBLE! Fine, so you only have to devote 208 years of eveery penny of revenue to paying off dinar speculators.... Think you can increase the sales so much that you can RV the dinar and not take a few centuries to do it? Well, you'll have to see if the UFO people need gas on their planet, because the total world market in oil is 73 million barrels per day. That the whole planet. That's 26.37 billion barrels a year, or @ 100 a barrel, $2.6 trillion. You could fund that $1 per dinar exchange rate in just 10 years, if Iraq was the only country to produce petroleum for those ten years, notwithstanding that they would run out of oil to sell in as little as 4 years, but even the most optimistic number of their reserves only gives them enough to produce that rate for 8 years. (link to global oil production figures, 1960-2009) http://www.eia.doe.gov/aer/txt/ptb1105.html people just don't get the basic concept that for the dinar to revalue, the money has to be somewhere. Oil in the ground? It has to got to $2600 a barrel to support a dollar dinar. When you cash your dinars in, are you gonna accept it in dollars, euros or a barrel of oil. See above for the oil, the waiting line is 500 years. Want it on dollars, the amount the ICB needs is almost twice the entire GDP of the USA, and they have to have it in cash. And that's just for it to be a dollar. Take all this alnd mulitpy by whatever number your guru is quoting today, and find where the money is gonna come from to pay it. they have 27 t in circulation im sure they have more in reserve than u think hello Link to comment Share on other sites More sharing options...
akeskimo Posted April 8, 2011 Report Share Posted April 8, 2011 Well...let me explain!...Some will put away for future investment....some will stash away somewhere....much business will bring in billions to Iraq...credits...loans....insurance...taxes....shall we continue...a lot of money will come to Iraq in the 1st month after RV...etc.etc.etc. Go RV! Link to comment Share on other sites More sharing options...
Miny Posted April 8, 2011 Author Report Share Posted April 8, 2011 Thank you AKESKIMO for your useful information instead of assuming I was acting like something that I clearly explained I am not like TC987. 2 1 Link to comment Share on other sites More sharing options...
Doctor Smith Posted April 9, 2011 Report Share Posted April 9, 2011 Not my post (Someone posted it on Planet Dinar).... I just didn't quite understand the logic and hoped someone hear could explain Well it's your lucky day. Lets say you have a big bag of marbles in your Central Bank. And a much smaller bag owned by the citizens of Iraq and outside the country of speculators. If you RV the marbles (change them to gold for example) you have more marbles and wealth. So even if they want to trade in all their marbles at once you will be able to cover it. In fact, the the more the marbles are worth the more wealth you will have. All Iraq has to do is make sure they have a much bigger bag of marbles. Link to comment Share on other sites More sharing options...
Buckeye Pilot Posted April 9, 2011 Report Share Posted April 9, 2011 I love it when Newbies who joined Today talk with such great authority, and are such leading economists Well............ Actually I was a member here before you, after an altercation involving calling Okie a Pumper and frank26 BS, I was banned. Im not so sure I would have too many people disagree with these facts now. You should know better than to judge a book by its cover........ 1 Link to comment Share on other sites More sharing options...
truthful1 Posted April 9, 2011 Report Share Posted April 9, 2011 Just to add, the IMF report page 22 shows everyone that Iraq has 27 trillion outside of the bank, for those who didnt know. The cbi shows 67 trillion in assets. Well the have $ 50 billion in reserves. Dollars that is. I would wonder, how much dinar do the have in the remainder of the assets. If they have 10 trillion in dinar, then that would add, with a $3.00 rv, to be 30 trillion dollars. Using the 10% reserve requirement digital, they could support an rv. Its the 27 trillion that I think may cause problems and IMO not result in an intial high rate. But I realize the CBI could rv at .10 cents and buy back dinars, destroy half and keep the other half. Then, revalue higher giving them the reserves to continue the process. Link to comment Share on other sites More sharing options...
umbertino Posted April 9, 2011 Report Share Posted April 9, 2011 I love it when Newbies who joined Today talk with such great authority, and are such leading economists Not his opinion. He just quoted a post from another Forum. Link to comment Share on other sites More sharing options...
TC987 Posted April 9, 2011 Report Share Posted April 9, 2011 Thank you AKESKIMO for your useful information instead of assuming I was acting like something that I clearly explained I am not like TC987. My apologies to you Miny. Although I did direct the comment toward you, I was speaking in general that lately there have been a lot of Newbies that signed up "Today" and posted as if they are the worlds leading authority. I did overlook that you brought this from another site. So again, I do apologize for directing the comment toward you. 2 Link to comment Share on other sites More sharing options...
Miny Posted April 9, 2011 Author Report Share Posted April 9, 2011 Thank you for your apology 3 Link to comment Share on other sites More sharing options...
Recommended Posts