Are they really printing a new currency?

[smee2]

True they could do that or they could either start off with the currency they have and phase in the new currency, or as was talked about introduce the kurdish version in that area, and eventually the rest of the country.

I have some small experience in this sort of thing, the starting out local and the rest of the country eventually sort of thing.

Are you aware, that even in North America, I say that because I am in Canada and my experience is Canadian, a banknote tendered to a client at a bank, will, over seventy percent of the time, be in the hands of someone at least five hundred miles away in a matter or a week. Using a business week as five days it could be said that a banknote can travel a hundred miles a day, on average. And that is in a country where the majority of people carry, and use, credit cards, debit cards, whatever combination of plastic their banks have to offer.

In Iraq, as was reported in a recent article about currency and the use of payment systems, people do not carry plastic. Oh, there is the dreaded "card" that they use for certain amounts of certain items but that is neither a debit nor a credit card. It is a special use card the likes of which we don't have. They are NOT a cashless society. They carry a stuffed pocket full of banknotes to go to the store and buy a loaf of bread.

So, their banknotes are not going to remain local in a Kurdish speaking area for very long. Their bank notes are going to travel, simply because that is what they use. They pay for products or produce with notes, and the provider pays his supplier with notes, and the supplier pays his major wholesaler with notes. It isn't just plastic and ledger entry business in Iraq. It is cash. So, your surmise that it would take a while to establish the Kurdish version notes outside the area is not feasible.

... point made, going into historical story telling mode, interesting to me but maybe not to everyone so you can stop reading here ...

A point I find interesting ... many people will take the notion that a person could not possible go grocery shopping for the family with a large paper bag full of money ... it would be too inconvenient. Well, yes it would. But, in a society where the banknotes are so large because the value is so low, people historically do not carry bags of the money around, because they do not go and do a weeks worth of grocery shopping. They shop each day or every other day. Even if they have the money they won't shop for a week. I intend to show you two examples of this.

First, think of ... oh ... say ... the French Revolution ... I did say this was a historical reality. During that time, the franc or whatever they called their coinage then, was worth next to nothing. Most of it was with the nobility, and very little with the common man. People would shop daily. Every morning they would leave their homes to go to the baker who had just baked and then the butcher who had butchered the day before, and the local farmer's stall where they would get butter just out of the churn and eggs or cheese or whatever farm produce was available. They would buy only enough for one, or perhaps two, days. Why? If they were to buy more than that, it would be obvious. Women went about their daily shopping with one basket, only one. This is by the way part of where the saying "gone to hell in a handbasket" came from ... anyway ... they took one basket and brought home the bread, meat, butter or cream or cheese or whatever for the day. If they bought more, they were perceived by the revolutionists as having too much money for an ordinary citizen. Perhaps they have enough money that they are actually hidden nobility. That was reason enough to suspect them and reason enough to haul them in to be questioned. No one wanted to have that happen so, to be on the safe side, they only bought enough for one day. Also, if they seemed to be stocking up, they were suspect as being against the revolution. Too long an explanation for that part.

Now, second historical example ... About fifty years ago, or so, USSR ... what we think of today as Russia. Moscow in particular. I admit I am not as sure of the state of their currency but I do know the disparity between the haves and the have nots was as disitinct as any pre-revolution society. In this case it was a matter of diminished supply. I can recall seeing pictures in National Geographic of customers lined up and dissapointed at the baker and butcher shelves with nothing on them, and it being only an hour after the shops had opened. Again, people had to go out with one basket only, and stand in line for hours sometimes waiting for the afternoon promise of more bread or meat. But flour was rationed to the bakers and the butchers were allowed only so many animals per week on the butcher block. The country was in an economic downturn and the people were suffering. Only cash was used here too. In a society where plastic was available to the rich, if they went through American clearing houses, it is significant that regular citizens could not use anything but cash else they be seen as part of the problem.

Oh, that brings up another small thing I found interesting. American Express was a credit card making a fortune long before the advent of Visa and then Mastercard. One of the reasons they were doing so well, was that the modern rich did not want to be in the position of carrying cash, and it seemed to be the way of the future. However, I doubt they saw the future as it is today. What they made a lot of their money on was foreign card holders. The very wealthy, starting with British traders (no it is not not the nobility who are the rich men in Britain, it is the businessmen, descendents of traders, ship owners and importers, sugar, tobacco, silks, all sorts of exotic merchandise that came from the far east by the Silk Road of Marco Polo to the shores of Turkey and then by ship, often British, to Europe and then the new world.) Anyway, the wealthy, rich Britons, wealthy Europeans, oil-soaked Sheiks from the middle east ... they all wanted to spend without carrying cash and they managed to be persuasive enough to have American Express accommodate them. Again, cash for the poor people, but ledger entries for the wealthy. Eat, sleep in, drive and wear your wealth but don't , whatever you do, just carry it around in your pockets.

Lecture ended. Sorry to have bored anyone but I did warn you when to stop reading ...

smee2

[estephan]

The Lower denoms were printed back when the denoms we know of were printed.

Saleh slipped up the other Day and spilled that there are 5 trillion notes

Enoch8 Caught this and I as well

It was Determined the average note to be worth 5.6IQD

Saleh was including the lower denoms

So the notes we know of are only half the story

Edited June 25, 2011 by estephan

[estephan]

The Lower denoms were printed back when the denoms we know of were printed.

Saleh slipped up the other Day and spilled that there are 5 trillion notes

Enoch8 Caught this and I as well

It was Determined the average note to be worth 5.6IQD

Saleh was including the lower denoms

So the notes we know of are only half the story

So when Saleh says 28 trillion , Half of that is lower Denom

Thus 14 trillion is what they have

14 trillion HMMMMMMMMM

sound familiar?

[WesParsons]

Found this from 2005 and it states that the lower denoms were printed when the current denoms that we hold were printed. So if we are to believe that they are printing a new currency, then the lower denoms they printed years ago and payed for, that have been stored for all these years would have been printed for nothing. I find this hard to believe. The current articles referencing re-denomination are smoke folks. Don't buy into all the hype. We have the 25k, 10k, 5k,1k, 500, 250, and 50 notes and the 25 and 100 coin for a total of 9 denoms. That leaves 5 more lower denoms that were printed and never released.

You are RIGHT!!

They'll probably just get some markers and write in Kurdish words on the existing denoms, that'll probably all that's required to make the Kurdish people happy.

Good Thinking.

[estephan]

You are RIGHT!!

They'll probably just get some markers and write in Kurdish words on the existing denoms, that'll probably all that's required to make the Kurdish people happy.

Good Thinking.

They can continue to print more money that will satisfy the Kurds, The Point is the Denoms are already available for circulation

Edited June 25, 2011 by estephan

[cashman54]

so estephan, if the average note is 5.6 IQD, how much will our cash in rate be?

[estephan]

so estephan, if the average note is 5.6 IQD, how much will our cash in rate be?

I don't know, I feel that Salehs slip up revealed the existance of the lower Denoms ,and that in and of itself is telling but does not give us a rate. Sorry

[proteus]

I believe that the terms: LOP, DROP, REMOVE, and RAISE, pertaining to the "000's" Are all terms for the same process.... and as such,

the use of non-explicit language in disguising the true meaning of the process thus protects the project through Mis-Interpretations via Mis-Information to the public,

I believe they should have termed this process more definitively as: HARVEST the "000's" to be more accurate, but this was not their intent to be explicit in explanation,

it was a intentional non-explicit statement disguising the 2-Step process soon to be exacted, stating that the value of the "25k IQD bill will be reduced to 25 IQD" ,

But remember, this process Salah stated would happen in 2 steps, an Initial SHORT TERM action, and the Final LONG TERM action..

while he did say that the small Denom's would be distributed in the "SHORT TERM" portion of the 2 step process,

he distinctly never stated the "25k IQD would become the 25 IQD" in the 1st step of the 2 steps...

he did say that the process of the 25k IQD becoming the 25 IQD would occur, but he did not say when, only saying that this would be the end result of the mechanisms,

being used to achieve this goal through the proposed 2-step process... They need the bills back in the CBI to replace the value of the small Denom's to be distributed!

Example:

SHORT TERM = turn them in to be converted to the NEW IQD that Salah Claims is being printed and distributed in country..

(this allows the bills to be reclaimed to the CBI, and allows smaller Denom's needed for everyday purchases to be distributed)

and

LONG TERM = Beyond a set deadline date, they will only be accepted for a nominal value as a collector item, regardless of Face Value...

(this forces the holders of the bills to turn them in early for accountability, as after the RV occurs, this large a Denomination of IQD will not be necessary,

because of the new electronic banking processes for large payments, and the inability of merchants to make change from a large denomination bill for small purchases)

The US has already in our own history has "RASIED the 000's" and replaced the "HARVESTED 000's" face value into smaller denominations of larger quanity.....

BELOW IS WHAT WIKIPEDIA SAYS:

Large denominations of United States currency

From Wikipedia, the free encyclopedia

The base currency of the United States is the U.S. dollar, and is printed on bills in denominations of $1, $2, $5, $10, $20, $50, and $100.

At one time, however, it also included five larger denominations.

High-denomination currency was prevalent from the very beginning of U.S. Government issue (1861). $500, $1,000, $5,000, $10,000 and $100,000 interest bearing notes were issued in 1861, and $5,000 and $10,000 United States Notes were released in 1878. There are many different designs and types of high-denomination notes.

The high-denomination bills were issued in a smaller dimensional size in 1929, along with the smaller $1 through $100 denominations.

The high-denomination bills designs were as follows:

$500: William McKinley

$1,000: Grover Cleveland

$5,000: James Madison

$10,000: Salmon P. Chase

$100,000: Woodrow Wilson

The reverse designs are abstract scrollwork with ornate denomination identifiers. All were printed in green, except for the Series of 1934 gold certificate which were printed in orange on the reverse. These Series 1934 gold certificates (of denominations $100, $1,000, $10,000, and $100,000) were issued after the gold standard was repealed and gold was compulsorily confiscated by order of President Franklin Roosevelt on March 9, 1933 (see United States Executive Order 6102), and thus were used only for intra-government transactions and not issued to the public. Of these, the $100,000 is an odd bill in that it was printed only as this Series 1934 gold certificate. This series was discontinued in 1940. The other bills are printed in black and green as shown by the $10,000 example (pictured below).

Although they are still technically legal tender in the United States, high-denomination bills were last printed in 1945 and officially discontinued on July 14, 1969, by the Federal Reserve System. [1] The $5,000 and $10,000 effectively disappeared well before then. Of the $10,000 bills, 100 were preserved for many years by Benny Binion, the owner of Binion's Horseshoe casino in Las Vegas, Nevada, where they were displayed encased in acrylic. The display has since been dismantled and the bills sold to private collectors. Also, there is one large size, 1800's-era $1,000 bill in the Birdcage Theater in Tombstone, Arizona underneath the glass counter top.

The Federal Reserve began taking high-denomination bills out of circulation in 1969. As of May 30, 2009, there were only 336 known $10,000 bills in circulation; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[2] Due to their rarity, collectors will pay considerably more than the face value of the bills to acquire them.

For the most part, these bills were used by banks and the Federal Government for large financial transactions. This was especially true for gold certificates from 1865 to 1934. However, the introduction of the electronic money system has made large-scale cash transactions obsolete. When combined with concerns about counterfeiting and the use of cash in unlawful activities such as the illegal drug trade, it is unlikely that the U.S. government will re-issue large denomination currency in the near future, despite the amount of inflation that has occurred since 1969. According to the US Department of Treasury website, "The present denominations of our currency in production are $1, $2, $5, $10, $20, $50, and $100. Neither the Department of the Treasury nor the Federal Reserve System has any plans to change the denominations in use today."[3]

In understanding the fact that we ourselves have also "RAISED the 000's" within our own history,

I can believe that usage of the same or similar monetary model is being used by Salah...

as he even state in example to bring IQD currencies to the US 100 level...!

Wishing everyone the very best RV of their lives,

This was my honest opinion and not,

PLEASE DO NOT, for any reason,

use this as a Guru Prediction...

[speculatorsRIDE]

I think they are printing a new currency. The question remains when they will release these. The Iraqi Constitution requires both official languages on their banknotes.

Article 4:

First: The Arabic language and the Kurdish language are the two official

languages of Iraq. The right of Iraqis to educate their children in their mother

tongue, such as Turkmen, Syriac, and Armenian shall be guaranteed in

government educational institutions in accordance with educational guidelines, or

in any other language in private educational institutions.

Second: The scope of the term “official language” and the means of applying the

provisions of this article shall be defined by a law and shall include:

A. Publication of the Official Gazette, in the two languages;

B. Speech, conversation, and expression in official domains, such as the

Council of Representatives, the Council of Ministers, courts, and official

conferences, in either of the two languages;

C. Recognition and publication of official documents and correspondence in

the two languages;

D. Opening schools that teach the two languages, in accordance with the

educational guidelines;

E. Use of both languages in any matter enjoined by the principle of equality

such as bank notes, passports, and stamps.

Interesting fact: The currency doesn't have to have both languages until the Constitution becomes effective. The last article in the Consttution, Article 144 requires the GOI be seated first.

Article 144:

This Constitution shall come into force after the approval of the people thereon in a

general referendum, its publication in the Official Gazette, and the seating of the

government that is formed pursuant to this Constitution.

http://www.uniraq.org/documents/iraqi_constitution.pdf