Apology To KeepMWlknfny

[RichNick123]

KeepM,

Last night I challenged you to your comment about whether or not there are actually 24+ trillion dinar in circulation. Around 3 last night I found the UNC article that gave detailed information as to the Turkey LOP. After reading the article and seeing that the median dropping of the zeros is 3, and wrapping my cerebral cortex around the rest of the article, I offer a sincere apology.

My battle has been in whether or not there were subsequent printings of the Dinar to replace the worn out bills over the last 7 years. This would be huge, if they were removed and not replaced, as it would greatly reduce the actual amount of physical Dinar world wide. I am amazed at the ineptitude of some to believe in a RV with 24-28 trillion Dinar in the float being able to RV at any actual value. What would prompt anyone to think that even with fractional banking that any country in the world could possibly sustain a 20-75 trillion dollar amount of physical currency in the marketplace? That is more than almost every country on earth combined! My only hope was that the removal of the 000's was that they were being withdrawn over the last couple of years to a more measurable amount of 20 billion.

After reading the article from the CBI and their insistence of removing the 3 (000's) and the definitive connection with Turkey it became evident that they are planning a LOP. We can only hope that Shabbibi keeps his inferred intent to bring the currency back to the 70's and 80's amount, after the LOP. This would equate to at least a tripling of most of us in this investment. Those who bought at 1100-1200 per million would see a cash in rate of 3000 to 3500.

Accept my apology and know I was not being argumentative against you but rather reading the articles and reports with a slant of they had already been removed during the last 12 to 24 months. Peace Out!

[deenar]

Nice that you apologized. But at the end of the day, Iraq will soon be the richest country in the world. Turkey is not the same as Iraq in any way. Iraq's potential wealth dwarfs Turkey's.

[Ore]

Link to said UNC article, please.

[dinarck]

Link to said UNC article, please.

Sorry no link but here is article.

An advisor of the Iraqi Central Bank, Dr. Mohammed Saleh appearance that the bank adheres to its policy regarding the removal of three zeros from Iraqi dinar traded at present.

The Chancellor said in an interview for Radio Free Iraq that the application of political restructuring of the Iraqi currency would fix the management problems, faced by the inflation of the cash block in the country’s $ 28 trillion dinars, especially since the structure of the current currency is no longer commensurate with the prices and costs in Iraq.

He said the Iraqi Central Bank Consultant to the current situation was appropriate to start this project, which would boost the Iraqi economy, but on this project must first get approval from the Iraqi government, which in turn be submitted to the Iraqi Council of Representatives for approval.

The proposal to delete three zeros from the currency has triggered controversy among economists of Iraqis and was the most prominent points of disagreement among them on what could be its implications on the economic sector, especially in the case of operation, a sudden and fast.

This has prompted the dispute, an economist on behalf of the Patriarchs, which had already been for years an economic adviser to the Iraqi Central Bank show that the fear of the implementation of the project at this time despite the completion of all studies about him the fact that the economic situation does not help that.

To that, the adviser to the Central Bank of the appearance of Mohammed Saleh, said that such fears are unwarranted, and that the economic situation in Iraq is good and able to withstand the application of this project, and that this experience had previously been applied in countries such as Turkey, which has by deleting six zeros from the currency before the period is not too distant future.

[Darin]

Question(s) - When regarding other countries currency value, does that also include electronic currency?

Also, why would they print nearly 30 trillion worth (Value wise) if they knew in the future they would have to LOP.

Now, if the CBI holds a lot of the currency in reserves to distribute to replace old bills or sell to foreign countries to hold as reserves, it would make some reasonable sense.

Also, remember that the citizens prefer to use hard currency as electronic currency is not fully available yet.

I wonder how much more hard currency would be in the U.S. if electronic currency was not as easy to use...

[txk9popo]

Rich, I also spent some time today reading about the Turkey RV and how it all went down. It will get u thinking for sure. I've always believed in this investment but have never trusted Iraq. Shabibi is a very smart man and he is going to do what is best for Iraq regardless. But over the past 48 hours many articles have been about the zero's. Pumpers and bashers I pay no attention to, however the news articles alone can leave you wondering. For the first time since I have been in this I am worried that things may not turn out as we hope. We interpret things in different ways than the Iraqi's may be meaning, but some of the articles are pretty straight forward. I'm not being negative, just becoming concerned. I'm no financial or ecomonic major, just a poor cop who would really like this to happen,, but to me things look like they could go south on us on this deal. But even with an LOP and with an RV back to pre-war rates we would still make a little profit. Even with a small profit we still come out winners. And at the speed they are now appearing to be working on this, we may just see something sooner than we thought. Just hopin' for no LOP!

[cocklebur]

Iraq is an old country bound by old ways trying to re-invent itself with a new form of government which is totally alien to them. Along with this comes rebuilding their country and economic system. their riches will only be reflected by their success in the stabilization of their government and economy. If they succeed they will indeed be rich, but this will take time to be proven and established. Remember, this is not a country that has ever been known for its peace and prosperity for all. Only time will prove it, like our investment in the dinar, to be rich in its returns.

[BBALL99]

NUFF SAID!!

[dinarck]

Rich, I also spent some time today reading about the Turkey RV and how it all went down. It will get u thinking for sure. I've always believed in this investment but have never trusted Iraq. Shabibi is a very smart man and he is going to do what is best for Iraq regardless. But over the past 48 hours many articles have been about the zero's. Pumpers and bashers I pay no attention to, however the news articles alone can leave you wondering. For the first time since I have been in this I am worried that things may not turn out as we hope. We interpret things in different ways than the Iraqi's may be meaning, but some of the articles are pretty straight forward. I'm not being negative, just becoming concerned. I'm no financial or ecomonic major, just a poor cop who would really like this to happen,, but to me things look like they could go south on us on this deal. But even with an LOP and with an RV back to pre-war rates we would still make a little profit. Even with a small profit we still come out winners. And at the speed they are now appearing to be working on this, we may just see something sooner than we thought. Just hopin' for no LOP!

Well said.

[Islandgirl7]

Why are ya'll comparing this investment to Turkey and not Kuwait or anyone else? What is so special about Turkey? Just asking...

[dinarck]

Why are ya'll comparing this investment to Turkey and not Kuwait or anyone else? What is so special about Turkey? Just asking...

We are not. The CBI is in this article.

[Islandgirl7]

We are not. The CBI is in this article.

Got it...some of these articles are so similar in what they are saying my brain doesn't register every word.. Thanks, I hope this works out for all of us....

[dinarck]

Got it...some of these articles are so similar in what they are saying my brain doesn't register every word.. Thanks, I hope this works out for all of us....

Me too. Hope all these recent articles are smoke, BS, propaganda, heck anything but true. Don't like what they are telling us.

[Islandgirl7]

Me too. Hope all these recent articles are smoke, BS, propaganda, heck anything but true. Don't like what they are telling us.

I'm with you, I'm not digging it either, hopefully it's a scare tactic to get out side investors to cave and sell what they've got...Adam seemed positive in his chat.

[Darin]

Funny how so many people say we can't compare a potential Iraq RV to Kuwait, considering that Kuwait happened in a different situation.

I believe that each country will go about doing their monetary policy within their own regards. Turkey may have had their own reason(s) to LOP.

Here's a couple things to question upon the differences:

When Turkey lopped, I doubt they introduced a new currency, than did a LOP and re-issue another new currency.

What were the #s of total circulation of bills in Turkey? Was it higher than 27T?

The LOP articles have been out for a long-time... Could it be long-term preparation or smoke...

Hopefully we find out soon, because we have no impact on the result of what happens IMO

[Ore]

When Turkey lopped, I doubt they introduced a new currency, than did a LOP and re-issue another new currency.

The LOP articles have been out for a long-time... Could it be long-term preparation or smoke...

Hopefully we find out soon, because we have no impact on the result of what happens IMO

Might not be smoke and mirrors at all, but the real (lop) deal

Turkey did in fact introduce a completely new currency, with a new name in 2005, when they dropped 6 zeros:

*Second lira

[edit] 2005–2008

In the transitional period between 1 January 2005 and 31 December 2008, the second lira was officially called "new lira" in Turkey. Coins were introduced in 2005 in denominations of 1, 5, 10, 25 and 50 new (yeni) kuruş and 1 new (yeni) lira. The 1 new kuruş was minted in brass and the 5, 10 and 25 new kuruş in cupro-nickel, whilst the 50 new kuruş and 1 new lira are bimetallic. All coins show portraits of Mustafa Kemal Atatürk.

new post 2005 Turkish currency:

Pre 2005 Turkish currency:

[edit] Since 2009

From 1 January 2009, the "new" was removed from the second lira (*Second lira 2005–2008), its official name in Turkey becoming just "lira" again; new coins without the word "yeni" were introduced in denominations of 1, 5, 10, 25, 50 kuruş and 1 lira. Also, the inner and outer alloys of the 50 kuruş and 1 lira coins were reversed.

I'm afraid that, if there is any truth to that UNC article and the statement of using the same lop as Turkey, that a lop and new IQD currency to replace the current one, is definitely on they way

Also, the dropped the 6 zeros, from the currency (notes) and the exchange rate all the same (no RV):

* 1966 — 1 U.S. dollar = 9 lira

* 1980 — 1 U.S. dollar = 90 lira

* 1988 — 1 U.S. dollar = 1,300 lira

* 1995 — 1 U.S. dollar = 45,000 lira

* 1996 — 1 U.S. dollar = 107,000 lira

* 2001 — 1 U.S. dollar = 1,650,000 lira

* 2004 — 1 U.S. dollar = 1,350,000 lira

* 2005 — 1 U.S. dollar = 1.29 new lira (The use of New Turkish Lira, which drops 6 zeros from the currency Turkish Lira, was implemented in 2005)

* 2007 — 1 U.S. dollar = 1.26 new lira

* 2008 — 1 U.S. dollar = 1.55 new lira

* 2009 — 1 U.S. dollar = 1.48 new lira

* 2010 — 1 U.S. dollar = 1.44 lira (Turkish Lira and New Turkish Lira were used together in 2005. In 2010, the name was converted to Turkish Lira, but New Turkish Lira was used as currency until 31 December 2009)

[easyrider]

Might not be smoke and mirrors at all, but the real (lop) deal

Turkey did in fact introduce a completely new currency, with a new name in 2005, when they dropped 6 zeros:

*Second lira

[edit] 2005–2008

In the transitional period between 1 January 2005 and 31 December 2008, the second lira was officially called "new lira" in Turkey. Coins were introduced in 2005 in denominations of 1, 5, 10, 25 and 50 new (yeni) kuruş and 1 new (yeni) lira. The 1 new kuruş was minted in brass and the 5, 10 and 25 new kuruş in cupro-nickel, whilst the 50 new kuruş and 1 new lira are bimetallic. All coins show portraits of Mustafa Kemal Atatürk.

new post 2005 Turkish currency:

Pre 2005 Turkish currency:

[edit] Since 2009

From 1 January 2009, the "new" was removed from the second lira (*Second lira 2005–2008), its official name in Turkey becoming just "lira" again; new coins without the word "yeni" were introduced in denominations of 1, 5, 10, 25, 50 kuruş and 1 lira. Also, the inner and outer alloys of the 50 kuruş and 1 lira coins were reversed.

I'm afraid that, if there is any truth to that UNC article and the statement of using the same lop as Turkey, that a lop and new IQD currency to replace the current one, is definitely on they way

Also, the dropped the 6 zeros, from the currency (notes) and the exchange rate all the same (no RV):

* 1966 — 1 U.S. dollar = 9 lira

* 1980 — 1 U.S. dollar = 90 lira

* 1988 — 1 U.S. dollar = 1,300 lira

* 1995 — 1 U.S. dollar = 45,000 lira

* 1996 — 1 U.S. dollar = 107,000 lira

* 2001 — 1 U.S. dollar = 1,650,000 lira

* 2004 — 1 U.S. dollar = 1,350,000 lira

* 2005 — 1 U.S. dollar = 1.29 new lira (The use of New Turkish Lira, which drops 6 zeros from the currency Turkish Lira, was implemented in 2005)

* 2007 — 1 U.S. dollar = 1.26 new lira

* 2008 — 1 U.S. dollar = 1.55 new lira

* 2009 — 1 U.S. dollar = 1.48 new lira

* 2010 — 1 U.S. dollar = 1.44 lira (Turkish Lira and New Turkish Lira were used together in 2005. In 2010, the name was converted to Turkish Lira, but New Turkish Lira was used as currency until 31 December 2009)

lol your going wayyyy too much into this man just wait and find out.

[havasumom]

its nice to see apologies

[Ore]

lol your going wayyyy too much into this man just wait and find out.

Are delusional? Still living in la la land without considering one of the most real possibilities? This is an investment, and Im gonna take the gamble the all way anyways, but its important to take all the real details into account and not be ignorant. People talk about Iraq not currently having hyper inflation, seem to be going by the recent 3%-5% yearly inflation rate growth , but not the real total inflation . They forget that a loaf of bread is over 1,000 IQD, a 1kg of chicken is 4,000 IQD, and a 1 bedroom apartment is about 500,000 iQD per month currently in Iraq. Sure, most likely due to their large money supply and the low value of it when compared to other major currencies. Do you even understand the whole concept of inflation?

What part of: "To that, the adviser to the Central Bank of the appearance of Mohammed Saleh, said that such fears are unwarranted, and that the economic situation in Iraq is good and able to withstand the application of this project, and that this experience had previously been applied in countries such as Turkey, which has by deleting six zeros from the currency before the period is not too distant future." in the article do you not understand given the evidence in my previous post of what Turkey did? Again, if there is any truth to the article.

[Sucma]

Are delusional? Still living in la la land without considering one of the most real possibilities? This is an investment, and Im gonna take the gamble the all way anyways, but its important to take all the real details into account and not be ignorant. People talk about Iraq not currently having hyper inflation, seem to be going by the recent 3%-5% yearly inflation rate growth , but not the real total inflation . They forget that a loaf of bread is over 1,000 IQD, a 1kg of chicken is 4,000 IQD, and a 1 bedroom apartment is about 500,000 iQD per month currently in Iraq. Sure, most likely due to their large money supply and the low value of it when compared to other major currencies. Do you even understand the whole concept of inflation?

What part of: "To that, the adviser to the Central Bank of the appearance of Mohammed Saleh, said that such fears are unwarranted, and that the economic situation in Iraq is good and able to withstand the application of this project, and that this experience had previously been applied in countries such as Turkey, which has by deleting six zeros from the currency before the period is not too distant future." in the article do you not understand given the evidence in my previous post of what Turkey did? Again, if there is any truth to the article.

Come on man... Why do you have to make sense? I mean no fun. Hopefully we get some contrairy news.

[Ore]

Come on man... Why do you have to make sense? I mean no fun. Hopefully we get some contrairy news.

Its just good to put on the seat belt before a car crash, even if just mentally

[paj1985]

I thought that so many big bils were pulled in? And this visa thing i heard about wouldnt that make the money electric and change the ball game here?

[quadraph0nic]

Rich, that was nice of you to apologize. That's not always easy so I definitely respect that.

you also provided some sobering info...ahem....thanks...

As far as I can tell they have made movements on reducing the M2 on CBI's key financial spreadsheet. To me that is real. It gives me... some hope.

I hope the three zero removal process is one that will be gradual and will happen over time and they allow the dinar to appreciate.

If it will be quick, then it will be a lop or lop+rv. I don't want that to happen but that possibility has been there since day 1 when i started paying attention.

A straight up RV (overnight) to an exchange rate anywhere inside of a dollar I realize now would be incredible and also the hardest of possibilities to explain.

Good Post

[vern]

It isnt that far off- Just a few more little things and then wham in your pocket and out like a rocket... That sounds like a missle treaty huh? Blessings Vern

[djwebby]

Surely you should only apologise when you know you are definitely wrong and unless I've missed something, you cannot know that yet. There is absolutely nothing that anyone should be worried about because we are not in control of it.

This prayer makes life so easy for me.

God grant me the serenity

to accept the things I cannot change;

courage to change the things I can;

and wisdom to know the difference.