Wizesuccess Chat 7/13/11

[Poker]

wizesuccess: ok, so i wouldn’t say i have juice, just a friend of mine has an assumption. He’s Iraqi, and he’s the 3rd Iraqi friend of mine who I’ve heard…

wizesuccess: …say the same thing.

wizesuccess: anyone interested in hearing the assumption?

wizesuccess: haha

tedescude: yes.do tell

Nexus: sure why not it would be interesting to see if there is a correlation to the Iraqi I work with

wizesuccess: He says that he knows all the rumors about what will happen with the dinar, and he says based on articles and comments from Cbi on television…

bubbie: wize please!

wizesuccess: ….one of the biggest fears with anything to do with the dinar is that the government/cbi thinks a lot about how the people in iraq will respond…

wizesuccess: …meaning, will they be able to understand rate changes, etc?

wizesuccess: so….here’s what 3 different iraqis have said to me… the latest being yesterday…

tedescude: ten,are you watching this

tenmillion: yes ted

wizesuccess: they say that they think that since so many in iraq do business in us dollars anyway, he believes that they will come out with the dinar…

wizesuccess: ….equal to the us dollar at first.

wizesuccess: then they can spend more time training common iraqis on any other changes.

wizesuccess: he said… iraqis understand the us dollar. it’s easy.

wizesuccess: many prices in iraq are in us dollars

wizesuccess: i’ve heard this kind of thinking from others, but never from iraqis themselves

wizesuccess: so thought i’d share…gotta admit…makes a lot of sense.

drslmt: biw has always said that it would be an even number like 1 or 2, for that very same reason

Nexus: That’s preety much what my co-worker is saying

tenmillion: wize……they live in the US?

wizesuccess: yup

wizesuccess: but they visit there often

wizesuccess: this one just got back last thursday

tenmillion: ok….so they have friends and family there?

wizesuccess: from a 2 month trip there

wizesuccess: yeah, all of them

wizesuccess: in fact…get this….

tenmillion: ok…thank you for your info

wizesuccess: his father in law is the #2 man in the iraqi military

wizesuccess: and will supposedly be visiting here soon

wizesuccess: he said that in iraq… here’s how they do exchanging easily at stores, etc….

wizesuccess: they’ll put up the rate of what something costs in Iqd, but the easy math for it is just take off the 0′s and pay in Us dollars

wizesuccess: in other words… something costs 25,000… just pay 25 dollars

tenmillion: wize

tenmillion: what are they saying about the large denoms???

tenmillion: is the supply adequate?

tenmillion: do they use dollars and dinar?

wizesuccess: i gotta admit, i didn’t ask him about the large denoms…. i did ask another guy who got back from there, but this was like 5 months ago…

wizesuccess: and he said there was no shortage at that point

wizesuccess: he said you can get them freely

wizesuccess: yes, they use dollars and dinar according to him

wizesuccess: and i would assume that that is due to the fact that they don’t want to carry large amounts of cash

wizesuccess: but i will try and find out from him about large denoms

wizesuccess: will see him again this weekend

chicosan: did you get any sense from him re the perception on the street re how soon this is coming?

wizesuccess: the thing is… i doubt he was making large purchases while over there, since his father in law is #2 in command of military…

wizesuccess: and has a ton of money.

wizesuccess: so he was well taken care of over there

wizesuccess: didn’t really have to buy much

wizesuccess: chico… he said most don’t understand, or care. It doesn’t seem like they know how this will benefit them.

tenmillion: wize….if his father is #2 in the military…..why does he live here?

chicosan: ahhh that sounds most true

wizesuccess: there’s the funny thing… his father in law helped his family get out of iraq like 10 years ago…said it’s not safe.

wizesuccess: interestingly, he’s telling them they can come back now, and that he’d give my friend a job (his son in law)

tenmillion: ty wize

wizesuccess: hope they don’t go though, as he’s good with info to me. lol

drslmt: is your friend considering it?

chicosan: wize, that is so encouraging and best of all, it sounds real and true…

wizesuccess: oh, he would love to be back in iraq…but for some reason his wife doesn’t really want to go. And his kids have friends

wizesuccess: i know it’s not much info, but it’s consistent with what other iraqis i talk to say

chicosan: if they go in a careful way, they can come and go to visit here often, yes?

wizesuccess: and it makes sense to me

wizesuccess: oh, chico…they come and go often

chicosan: yeah – me too

wizesuccess: lol….there you go

wizesuccess: anyway…will be back on later, gotta run to the gym with my wife. later peeps

Regards,

Poker

GO US Soccer!!!

[cgbrown]

Thanks for the post....

[bjdksl]

Hmmmmmmmm, is all I have to say

[Rome M]

Thanks for bringing this over! Kudos.

To be honest this sounds a lot like the real explanation for "lifting the zeros" . This is how the Iraq economy deals with the exchange so it makes sense for them to say it this way.

[Rossenbos]

Despite all the profound analysis and complex logic, this basically makes the most sense. It's the most logical thing I've heard in a while.

1. Fact: the US $ is used as much if not more on the Iraq streets as the dinar

2. Wouldn't it be simple and straightforward to go for a 1:1 RV?

I would be happy AS!

[Dalite]

Despite all the profound analysis and complex logic, this basically makes the most sense. It's the most logical thing I've heard in a while.

1. Fact: the US $ is used as much if not more on the Iraq streets as the dinar

2. Wouldn't it be simple and straightforward to go for a 1:1 RV?

I would be happy AS!

That appears to be the CBI's plan; RD to drop the zeros, then RV to 1:1 Dinar to Dollar.

A straight RV to 1:1 would leave the large bills in circulation, and would not address the remnants of hyperinflation; nor would it be sustainable with the reserve numbers published by the CBI.

[Darin]

That appears to be the CBI's plan; RD to drop the zeros, then RV to 1:1 Dinar to Dollar.

A straight RV to 1:1 would leave the large bills in circulation, and would not address the remnants of hyperinflation; nor would it be sustainable with the reserve numbers published by the CBI.

I wonder why they didn't OMIT the zeros from the get-go, and pegged the value directly to the dollar. 1 dinar = 1 dollar.

We all wouldn't be here right now. They wouldn't have to set-up a plan. They wouldn't have to print new currencies. Seems all rather simple, right?

Hmm... I wonder..

[jerseyboy]

So what does that mean if i have 1 million dinar. Does it become 1ooo dinar and i get the shaft, or do i get 1,000000 dollars for 1,oooooo dinar. Im confused

[kmseeker]

1 to 1......million to a million.....

[abutchbaker]

No news is good news

[proteus]

Whether they RD or not, They still have to PULL the 000's Bills off the street,

they need to do this to have funding equal to release the new smaller denoms...

Thus chances are that they will trade 1 to 1, old dinar for new dinar,

then appreciate the value of the new dinar smaller denom's...

Just my on the post...

and my same thoughts on the Shabibi post eariler today...