Can I clarify one thing once and for all

[mentalmagic]

I was on a call today with two young men from Iraq who are friends with my son. They invited dinar callers on the conference and someone asked the question that absolutely drives me nuts. Here it is: "How can Iraq continue to use a worthless currency?"

I'm going to answer this on behalf of everyone so we never have to deal with this useless question again.

Iraq's dinars are not worthless. That are actually valued higher than the South Korean Won. And the last time I checked, the South Korean economy was "kicking butt". So why is their worthless currency producing such a fantastic economy? It's because the currency rate has absolutely nothing to do with the economy of a country!

So can we please stop referring to the Iraqi Dinar as a worthless currency. It is simply priced at a rate based on its current ecconomy and amount of currency in circulation, among other factors. To call it worthless is simply stupidity. It's like calling the Chinese Yuan, Japanese Yen, and Korean Won worthless. It simply is not true!

So the next time you hear someone ask: "How can Iraq continue to use a worthless currency?" Ignore it as just an uneducated question.

[easyrider]

its a trabable currency but come on man you and I both know its wayyyyyyyy undervalued for their economy and ITS NOT an internationally traded currency they cannot trae this toilet paper on the free markets no way in hell.

[JuryPicker]

It's a program de-valued rate. It was de-valued on purpose not by natural movement. When most people say worthless, this is why.

[umbertino]

Quote

It's like calling the Chinese Yuan, Japanese Yen, and Korean Won worthless. It simply is not true!.

End Quote

The Truth of the Matter is that only the Japanese Yen is a classic worldwide recognized and exchangeable Currency among those quoted , so far. along the USD, EUR GBP, etc.........

Quote

So the next time you hear someone ask: "How can Iraq continue to use a worthless currency?" Ignore it as just an uneducated question.

End Quote

Are you saying that according to all this reasoning then there's no need to RV the IQD cos in actuality it is already a worth currency?

Edited April 24, 2011 by umbertino

[moose 57]

To me, any currency that I can not use in the United States is worth nothing. Forex is a different story!

Pretty much, every Country will accept the USD. No where in the USA (that I know of ), will accept a different currency...

[Nani?]

Wait I'm unclear... so are you saying the IQD is worthless????

[AudiS4]

I was on a call today with two young men from Iraq who are friends with my son. They invited dinar callers on the conference and someone asked the question that absolutely drives me nuts. Here it is: "How can Iraq continue to use a worthless currency?"

I'm going to answer this on behalf of everyone so we never have to deal with this useless question again.

Iraq's dinars are not worthless. That are actually valued higher than the South Korean Won. And the last time I checked, the South Korean economy was "kicking butt". So why is their worthless currency producing such a fantastic economy? It's because the currency rate has absolutely nothing to do with the economy of a country!

So can we please stop referring to the Iraqi Dinar as a worthless currency. It is simply priced at a rate based on its current ecconomy and amount of currency in circulation, among other factors. To call it worthless is simply stupidity. It's like calling the Chinese Yuan, Japanese Yen, and Korean Won worthless. It simply is not true!

So the next time you hear someone ask: "How can Iraq continue to use a worthless currency?" Ignore it as just an uneducated question.

How about your compare the exports of product out of South Korea to Iraq. I'm positive I MYSELF export more product than Iraq does. Currency value is HUGE in international trade. Do you see any irony that the Chinese Yuan, the Japanese Yen, and the Korean Won all are "worthless", but they're the biggest exporters in the world? Hmm, weird. Must be by chance.

Take a look at many of the middle east countries... they have a high valued currency because they're the direct opposite... importers. What does Kuwait make besides oil (oil btw is completely different)? How about Bahrain? Qatar? Hmm, weird. Must also be by chance.

[DAME1]

Artificially devalued. They have said this years.

That's why we're here...........soooooooo "LET'S GET THIS PARTY STARTED"!!!!!!

WHO WANTS TO BE A MILLIONAIRE?????? :rolleyes:

[bluejay]

If it was worth something we wouldn't be here. Last I checked South Korea is a nut and a major threat to the world. China Yuan is about .27 to the USD dollar. .0008 is pretty worhtless. in most circles.......But I get your point...Thanks.

[JuryPicker]

How about your compare the exports of product out of South Korea to Iraq. I'm positive I MYSELF export more product than Iraq does. Currency value is HUGE in international trade. Do you see any irony that the Chinese Yuan, the Japanese Yen, and the Korean Won all are "worthless", but they're the biggest exporters in the world? Hmm, weird. Must be by chance.

Take a look at many of the middle east countries... they have a high valued currency because they're the direct opposite... importers. What does Kuwait make besides oil (oil btw is completely different)? How about Bahrain? Qatar? Hmm, weird. Must also be by chance.

Perfect answer. +1 . The thread should end with his post.

[RRSport]

It's because the currency rate has absolutely nothing to do with the economy of a country!

it is simply priced at a rate based on its current ecconomy...

[MrRich]

If it was worth something we wouldn't be here. Last I checked South Korea is a nut and a major threat to the world. China Yuan is about .27 to the USD dollar. .0008 is pretty worhtless. in most circles.......But I get your point...Thanks.

I think you're probably referring to North Korea, and their economy isn't exactly kicking butt.

[RRSport]

Artificially devalued. They have said this years.

That's why we're here...........soooooooo "LET'S GET THIS PARTY STARTED"!!!!!!

WHO WANTS TO BE A MILLIONAIRE?????? :rolleyes:

The only Dinar millionaires,imo, will; be those holding 50+ million dinar.

There will be no 25,000 dinar turns into 25,000 USD.

25000dinar will be become 25 Dinar.

[banned]

The only Dinar millionaires,imo, will; be those holding 50+ million dinar.

There will be no 25,000 dinar turns into 25,000 USD.

25000dinar will be become 25 Dinar.

A new GURU in the making.

[smee2]

To me, any currency that I can not use in the United States is worth nothing. Forex is a different story!

Pretty much, every Country will accept the USD. No where in the USA (that I know of ), will accept a different currency...

Take a wee trip to your northern borders laddie ... you'll find that every border town accepts, in fact loves and depends upon, Canadian money. The real deal. We don't have to go exchange money to cross border shop. Oh, some people save up whatever US currency comes their way, but taking Canadian currency into the U S of A is absolutely no problem. We get treated well, our loonie is loved, even when it is higher than your dollar.

So, you may retract that part of your post any old time you want ...

smee2

[MrRich]

Take a wee trip to your northern borders laddie ... you'll find that every border town accepts, in fact loves and depends upon, Canadian money. The real deal. We don't have to go exchange money to cross border shop. Oh, some people save up whatever US currency comes their way, but taking Canadian currency into the U S of A is absolutely no problem. We get treated well, our loonie is loved, even when it is higher than your dollar.

So, you may retract that part of your post any old time you want ...

smee2

That's true, and the same goes for the Mexican peso along the southern border. And I'm also told that the euro is accepted at many places in New England.

[HopefulTxn]

How about your compare the exports of product out of South Korea to Iraq. I'm positive I MYSELF export more product than Iraq does. Currency value is HUGE in international trade. Do you see any irony that the Chinese Yuan, the Japanese Yen, and the Korean Won all are "worthless", but they're the biggest exporters in the world? Hmm, weird. Must be by chance.

Take a look at many of the middle east countries... they have a high valued currency because they're the direct opposite... importers. What does Kuwait make besides oil (oil btw is completely different)? How about Bahrain? Qatar? Hmm, weird. Must also be by chance.

The Qatari riyal is not worth nearly as much as the two that you mentioned - it is at the same rate as Saudi Arabia and the UAE, which are around 27 cents...

Edited April 24, 2011 by HopefulTxn

[Carrello]

If it was worth something we wouldn't be here. Last I checked South Korea is a nut and a major threat to the world. China Yuan is about .27 to the USD dollar. .0008 is pretty worhtless. in most circles.......But I get your point...Thanks.

I think you mean North Korea....and their people are starving.....to death.

[Froto]

I was on a call today with two young men from Iraq who are friends with my son. They invited dinar callers on the conference and someone asked the question that absolutely drives me nuts. Here it is: "How can Iraq continue to use a worthless currency?"

I'm going to answer this on behalf of everyone so we never have to deal with this useless question again.

Iraq's dinars are not worthless. That are actually valued higher than the South Korean Won. And the last time I checked, the South Korean economy was "kicking butt". So why is their worthless currency producing such a fantastic economy? It's because the currency rate has absolutely nothing to do with the economy of a country!

So can we please stop referring to the Iraqi Dinar as a worthless currency. It is simply priced at a rate based on its current ecconomy and amount of currency in circulation, among other factors. To call it worthless is simply stupidity. It's like calling the Chinese Yuan, Japanese Yen, and Korean Won worthless. It simply is not true!

So the next time you hear someone ask: "How can Iraq continue to use a worthless currency?" Ignore it as just an uneducated question.

[Froto]

I was on a call today with two young men from Iraq who are friends with my son. They invited dinar callers on the conference and someone asked the question that absolutely drives me nuts. Here it is: "How can Iraq continue to use a worthless currency?"

I'm going to answer this on behalf of everyone so we never have to deal with this useless question again.

Iraq's dinars are not worthless. That are actually valued higher than the South Korean Won. And the last time I checked, the South Korean economy was "kicking butt". So why is their worthless currency producing such a fantastic economy? It's because the currency rate has absolutely nothing to do with the economy of a country!

So can we please stop referring to the Iraqi Dinar as a worthless currency. It is simply priced at a rate based on its current ecconomy and amount of currency in circulation, among other factors. To call it worthless is simply stupidity. It's like calling the Chinese Yuan, Japanese Yen, and Korean Won worthless. It simply is not true!

So the next time you hear someone ask: "How can Iraq continue to use a worthless currency?" Ignore it as just an uneducated question.

What you said is correct, The only thing I would change (and it's a chicken or the egg thing) is: "It is simply priced at a rate based on its current ecconomy size of the international reserve and amount of currency in circulation, among other factors."

Your point is supported by the fact that if there is a 1000:1 redenomination, they will have 1000 times less currency, each worth 1000 times more ($0.89). The total value does not change, and neither does the relative size of the reserve. And nobody will be saying the IQD is worthless at $0.89.

It's a program de-valued rate. It was de-valued on purpose not by natural movement. When most people say worthless, this is why.

Artificially devalued. They have said this years.

That's why we're here...........soooooooo "LET'S GET THIS PARTY STARTED"!!!!!!

WHO WANTS TO BE A MILLIONAIRE?????? :rolleyes:

It is not a programed de-value rate, and it was not artificially devalued. It is valued where it is at due to the extremely large amount in circulation and as a result of over two decades of outrageous inflation. Nobody "flipped a switch" to put it there and nobody can flip a switch to put it back.

Take a wee trip to your northern borders laddie ...

smee2

It's probably the same on your side of the border. Over here, the quarter, dime, nickle and penny are not even separated. If you get 97 cents change back, you can bet there will be Canadian coins in there.

[30 at 50]

Great post..thanks..I agree with your basic idea...you are correct..it's worth a whole lot more than the Vietnamese dong.(is this currency trade-able ? )...I feel they are going to be smart and RV at about a penny on the dollar..this is almost 12 times increase !!..thats a big step..That will keep pressure on the GOI to keep developing the country so it can have further increases down the line..This would give the citizens almost 12 times their purchasing power..wow..how would you like that with the USD ?..This is good business sense..You see the big players in this game want to make sure that the Black gold flows !! Remember that is what this is really all about....and handing them a winning lotto ticket is not smart right now..at least just not yet..??? get it???

blessings all..

[quadraph0nic]

the dinar is where its at because of all the bs sadam pulled printing those swiss dinars at will...we didn't just let them off the hook. they had to carry that over to the NID.

yes i agree the exchange rate doesn't necessarily mean the currency is valueless but as far as making it an easier currency to use. Thats why the dollar is preferred.

Also how does an 1170 exchange rate work with the other gulf coast countries when they go to a single currency? They need the power of iraqi oil to make it nice and strong but they don't need that exchange rate....

Of course the dinar is not valueless but everything is measured against the dollar and it takes much more of the iraqi dinar to equal a us dollar than other countries in the region....

[Quietlearner]

Im sorry you are offended by these folks statements, but as a advanced member is it really necessary to use ignorant, stupid and uneducated. Many of these folks are new and Im sure have no idea what other currencies are worth or even how they come to their respected values. There are no dumb questions. Information is power. You have a little more information than these folks. Do you beat them with it or teach them with kind understanding? Advanced member? come now and Im just a New Bie.

[MrMiyagi]

Take a wee trip to your northern borders laddie ... you'll find that every border town accepts, in fact loves and depends upon, Canadian money. The real deal. We don't have to go exchange money to cross border shop. Oh, some people save up whatever US currency comes their way, but taking Canadian currency into the U S of A is absolutely no problem. We get treated well, our loonie is loved, even when it is higher than your dollar.

So, you may retract that part of your post any old time you want ...

smee2

This may be true in the towns right on the border but it's no different than how some towns on the Washington/Oregon border will eliminate sales tax for Oregonians even though they're in WA.... it's only to help boost business. In other words the only reason your "loonie is loved" is because of how close these towns are to the border and how they depend on Canadians for their economy just as much as they do their fellow Americans. What you're saying may have some truth to it, but don't make it sound like we LOVE to take your money, it is in fact kind of a pain in the butt. Myself being a hotel worker for some years, I can't tell you how annoying it was to get a friendly northern neighbour checking in insisting on using canadian currency. Oh sure, I'd take it because I had to and that's the nature of business, but it does not mean I loved doing it. Now fast forward, living and working just about an hour and a half south of the border, and what do you know? No businesses anywhere around here will take anything but USD. So maybe there are some areas along the border that will take canadian money based purely on smart business, but the vast majority of the U.S. is not this way.

[DAME1]

REALLY ?????

I'M SORRY....... REALLY????

I guess this whole Arab revolution going on, that's a coincidence???

The price of oil, gas, commodities, precious metals going up and out the universe that's a coincidence?

I'm guessing that whole Banking mortgage melt down that was just a coincidence toooooooo????? NO SHORTING RIGHT????

REALLY .....We went into Iraq because it was then righteous thing to do????ARE YOU KIDDING ME?????

CAN YOU SAY MANIPULATION?????????

OH YEAH NO CURRENCY MANIPULATION GOING ON WITH CHINA OR US......