Revaluation of the Iraq Dinar Soon to be Traded on Forex

[DinarDana]

We will be millionaires

Got room on the hammock? We can call it the millionaires club.

[FrankieV]

You know what I do know: The people that know this subject in depth, here and on other sites, conduct themselves like gentlemen and gentlewomen, because they bring different ideas, experience, data and analysis, intellect, and the ability to put it all together. These are the people that know their subjects

Really? Here's some quotes from Sonny, from other recent threads:

this site has become a breeding ground for complete idiots.

i have gotten dumber from reading the responses from this post. wow.

why dont i ask some 8th graders to chime in.

You could have had a dialogue with Sonny and not gone to the dark side. You might have learned something. I know I have.

No, unfortunately, you haven't.

Let me ask you a question....how many people on this forum can tell you what " other Nations "..ha...currency ....paper or coins, look like, or what their worth ? Would you concern yourselves with some other countries money unless you were traveling their or investing ? Uh NO.......Why would Iraq tell the world ..hey, you hoo ,were changing our non tradable currency thought you would like to know. We're going to LOP..... ..all you people in Somalia, Iceland,Cuba,and BF Egypt..... to the G7 or G8 the IMF, WTO, UN, NATO, G20, and God only knows who else.... this makes no sense.....nobody cares about the Lop .....if their going to Lop then have at it, if not, shut the h *** up ..stop telling the world yipeeeeee. nothing plus nothing EQUALS NOTHING ...WOW that's world news......ahhhhhhhhhh

They're not telling the world, they're telling their citizens. That's why the original articles are in arabic, not english.

[Carrello]

Really? Here's some quotes from Sonny, from other recent threads:

No, unfortunately, you haven't.

They're not telling the world, they're telling their citizens. That's why the original articles are in arabic, not english.

Okay, you win. You are right. I am wrong.

See you later. Signing off. Ni night. It's all yours.

[zul]

58 trillion in VALUE. Their reserve is in USD, Euros, and GBP. It has been stated numerous times in numerous articles.

And HOW precisely are they going to pay out 8-12 trillion dollars when that's their GDP for the next 100 years?

All you have to do..is follow your IQD. ~ When they RV, you go to the bank to cash in. The bank takes your IQD and give you USD. Your ex IQD will eventually find their way to your central bank and stay there as foreign currency reserves. Iraq has nothing to do with paying anything out for the 8-12 trillion dinars.

[zul]

I keep hearing...RV is not possible for IQD, it makes no sense...... ) . Since when, SENSE is part of the equation when you talk about currency..?

Remember EURO..? Started trading in 1999 on FOREX...but the actually PHYSICAL currency was only out in the streets in 2002...( 3 yrs away). Now..that dont make any sense, wouldn't it? hahahaha. BUT that's what happened in 1999 and 2002.

[rrupple]

Thanks for your comments sonny1! Don't let these lopters get to you, you are one of the 5 guys I actually stop and read

[yota691]

Little problem with your math. If theres 8-12 trillion dinar outside Iraq, as your sonny1 says, it will take about 75 years to pump enough oil to pay it off. Not 2 or 3.

Even if they quadruple their output it will take 20 years.

Iraq cannot even dream of having a money supply worth trillions of USD for even a second, let alone 20 years.

Sorry, try again.

Today date pumping 13 mill per day, next year 14 mill per day, 2 years 16 mill per day, in which would rank Iraq as the second largest output, by 2020 112 million barrels per day. lol dont say can't cause it going to happen!!

[teddyruxbin]

I think all this business or arguing over numbers is silly anyways.

People who are in the know realize that the international elite bankers are running the show.Their media servants lie for them everyday about everything from war news to statistics.Dalite and the other Lopsters 'official' figures don't bother me because we all know where the numbers came from,and that spells BS.How could they possibly argue that Iraq won't RV because 'They can't afford it'?

Lol as if the elites actually care about that or the future of Iraq.Have you failed to notice that here in America the Federal Reserve has been printing ghost currency that isn't backed by anything for quite a while now?It's one of the main things that is breaking this country.It doesn't matter what they can 'afford',the elites would gladly RV at a ridiculously high rate and bankrupt Iraq all over again overnight if they so chose too.and people need to quit putting so much weight in the silly comparison of Iraq to Turkey and other countries that RD'd.Listen....the elites specifically singled out Iraq for takeover.They invaded and then bothered to rebuild it.again.These people would never waste so much time and effort on something that will not end up being tremendously profitable for them.I'm of the opinion that the actual value of their reserves is way higher than what the govt claims,possibly the most in the world.Which would help explain why they so wanted Iraq.Also I really do think all this back and forth in the news is designed to discourage investors,and maximize the main players profits.

[kadianne]

teddyruxbin...I gave you +1 to even you out. I can't imagine why someone would give you a negative for your post.

I agree that the "elites" are in charge and I believe that most of the articles are solely to confuse and discourage investors.

Thank you Sonny1 for your encouraging posts.

[In Iraq]

Smartest think I've seen posted on here. If you will really sit back and think about it for a minute, a person that really, really knows their stuff is not going to be sitting on a forum arguing with everybody that will reply to them on whether it will RV or LOP. They are all want - to - be experts sitting at home or work trying to feel important. The true experts in currency and politics wouldn't waste their time. Not a second of it. So don't listen to any advice online. Except for this So Says.................DayTrader

You are exactly right with your statement. None of the self appointed experts have been right so far (week after week). I just laugh and shake my head and think "Who would believe this crap". Most of these sites are for amusement only except for the very rare actual news articles posted. And a lot of them can be hard to interpret. When I see the dinar traded internationally then I know it is finished.

[SurfingTheDinarWave]

Little problem with your math. If theres 8-12 trillion dinar outside Iraq, as your sonny1 says, it will take about 75 years to pump enough oil to pay it off. Not 2 or 3.

Even if they quadruple their output it will take 20 years.

Iraq cannot even dream of having a money supply worth trillions of USD for even a second, let alone 20 years.

Sorry, try again.

math you say here you go

2,800,000 bbp x $100 per barrel = 280,000,000 x 30 days = 8,400,000,000 that's billion in just 30 days at $100 a barrel pumping 2.8 million barrels a day based on what they put out now!

wanna go for 265 days 74,200,000,000 Quadruple it you say ok 296,800,000,000 done in 10 years = 2,968,000,000,000 there's more than what we hold

here is 10 years not quadrupled 742,000,000,000 not including the 248 billion in DFI funds plus the 100 billion they found in an Al Qaeda bank account and another 100 billion in frozen assets and that is just their oil has nothing to do with the rest of their resources and their GDP that you won't speak of oh and the post I just copied in for you as to how it'll happen that is just a quick synopsis of it! But you and the other lopsters vision is tunneled on Iraq when you need to be looking at the global scale of things this is much bigger than just Iraq current events plays a much bigger role!!

[FrankieV]

Today date pumping 13 mill per day, next year 14 mill per day, 2 years 16 mill per day, in which would rank Iraq as the second largest output, by 2020 112 million barrels per day. lol dont say can't cause it going to happen!!

Little problem with your math, as well. First of all, today they're pumping less than 3 million per day, not 13, and they're exporting even less, obviously, because they use some of it.

That can be verified here:

http://oilprice.com/Latest-Energy-News/World-News/Iraq-to-Boost-Oil-Output-to-3-Million-Barrels-a-Day-by-Year-End.html

What also can be verified there, is that they're HOPING to hit 12 million by 2016, which makes your 112 million by 2020 seem fairly ridiculous. Even 12 seems like a stretch given how much of a mess the country is, and because they have less oil than Saudi, and Saudi doesn't pump that much.

Your 112 million per day is also ridiculous because it means they'd pump through their known reserves in about three years.

So no, none of what you said is going to happen.

math you say here you go

2,800,000 bbp x $100 per barrel = 280,000,000 x 30 days = 8,400,000,000 that's billion in just 30 days at $100 a barrel pumping 2.8 million barrels a day

wanna go for 265 days 74,200,000,000

here is 10 years 742,000,000,000 not including the 248 billion in DFI funds plus the 100 billion they found in an Al Qaeda bank account and another 100 billion in frozen assets and that is just their oil has nothing to do with the rest of their resources and their GDP that you won't speak of oh and the post I just copied in for you as to how it'll happen that is just a quick synopsis of it! But you and the other lopsters vision is tunneled on Iraq when you need to be looking at the global scale of things this is much bigger than just Iraq current events plays a much bigger role!!

So, what? You add all that up and get, what, about a trillion dollars? A trillion dollars over the next 10 years? A trillion dollars is less than what the US economy does in GDP in A MONTH. And you're saying Iraqs money supply should be worth trillions more than ours? You're gonna have to find some different numbers, cause the ones you've got aren't working.

[SurfingTheDinarWave]

Little problem with your math, as well. First of all, today they're pumping less than 3 million per day, not 13, and they're exporting even less, obviously, because they use some of it.

That can be verified here:

http://oilprice.com/Latest-Energy-News/World-News/Iraq-to-Boost-Oil-Output-to-3-Million-Barrels-a-Day-by-Year-End.html

What also can be verified there, is that they're HOPING to hit 12 million by 2016, which makes your 112 million by 2020 seem fairly ridiculous. Even 12 seems like a stretch given how much of a mess the country is, and because they have less oil than Saudi, and Saudi doesn't pump that much.

Your 112 million per day is also ridiculous because it means they'd pump through their known reserves in about three years.

So no, none of what you said is going to happen.

So, what? You add all that up and get, what, about a trillion dollars? A trillion dollars over the next 10 years? A trillion dollars is less than what the US economy does in GDP in A MONTH. And you're saying Iraqs money supply should be worth trillions more than ours? You're gonna have to find some different numbers, cause the ones you've got aren't working.

depends on their rv number what it will add up too, and they will easily pay it off they will buy low and sell high then revalue again in a cycle for the next 2-3 years and all of the large notes are out of circulation!

no problem with my math I did it at 2.8 million per day then went to 13 as you said they wouldn't pay it off in 20 years with a quadruple amount pumped I actually did it both ways and showed my work Mr. Math teacher who can't even do the math you preach about when I just did it for you...don't you even remember what you last said, didn't think so...good night I'm done tired of your negative drama!

[Francie26]

All you have to do..is follow your IQD. ~ When they RV, you go to the bank to cash in. The bank takes your IQD and give you USD. Your ex IQD will eventually find their way to your central bank and stay there as foreign currency reserves. Iraq has nothing to do with paying anything out for the 8-12 trillion dinars.

I had had the same concern, but this, in one short paragraph, explains clearly where the dinar goes after being cashed in. I had also thought it would return to Iraq where its value in USD would be subtracted from their reserves.

Wow! A car for $21.50? Way cool. I'd get a car over a $21.50 pineapple any day.

Thanks. All you have done is to attempt to embarrass someone who is sincerely trying to understand. Does doing this help you in some way? I hope so. It should be useful somehow, and it certainly didn't help me.

Ejucashun suks, donut?

Looks like you want to show everyone how caustic, flippant, and trivializing you are toward others--and you are successful. We all see.

[Dalite]

All you have to do..is follow your IQD. ~ When they RV, you go to the bank to cash in. The bank takes your IQD and give you USD. Your ex IQD will eventually find their way to your central bank and stay there as foreign currency reserves. Iraq has nothing to do with paying anything out for the 8-12 trillion dinars.

Zul,

I see that concept often used to explain how they can cushion the shock of everyone cashing in at once.

I used to think the same way, until I hit a snag in the logic, and I realized that may not be a valid option.

For the UST to use Dinar, they have to buy something. All Iraq has is oil, and it demands, by OPEC rules to be paid in Dollars.

This would require the UST to have to convert it before usage, and Iraq is the only place that has a need for it, as they have no exports, currently, that can be purchased with dinar.

Now, there are other possibilities that would again make this a valid argument. OPEC could make the Dinar the petro payment medium. Not probable, but possible.

But, if the currency was deemed to be strong enough, and the country was stabile enough to keep it strong, then the dinar may find itself in a "basket of currencies" that would find it's way into the foreign reserves of countries that depend on oil.

I believe that may become a reality, but the only way to give it strength and start building world confidence is the very procedure the CBI is trying to get the cooperation of parliament on.

I don't say this to inflame, as I have really tried to make that concept work in the ways things could play out. Unfortunately, the UST has no need for dinar, and they are fairly preoccupied with the monetary problems the US already faces.

Let's hope you are on to something, and I know the concept is a popular one.

Edited September 17, 2011 by Dalite

[DAME1]

Really? Here's some quotes from Sonny, from other recent threads:

No, unfortunately, you haven't.

They're not telling the world, they're telling their citizens. That's why the original articles are in arabic, not english.

Oh my bad

I wasn't aware that Reuters, Bloomberg,Forex, Radio Free Europe, UN, IMF,NATO, just to name a few, are from Arab nations....thank you for that special enlightenment .....

Now back to the short bus you go..........

[Francie26]

If I dont want you to see me get a cookie from the cookie jar.......I might act like Im doing something else next to the cookie jar. lol

LMAO That makes no sense, does it? Whatever I'm tired

Thanks for your responses everyone

This makes excellent sense to me. Not only was I a mother of young boys for a number of years, and therefore, am quite aware of the "ole' cookie jar routine," but the imagery is perfect to describe the so-called "smoke and mirrors" that people are claiming will come up around the RV to hide it from view as much as possible while they are still doing it.

[ssmith]

Wouldn't it make sense that the IRS & our government is behind all this, trading old dinars for new ones so they can make sure they have every dinar accounted for to get there share for taxes.... Just thinking outside the box..

[sonny1]

frankiev,what do my past comments have to do with the fact they have 58 trillion in reserves that will rv and them lopping makes no sense, and is completely irresponsible?

you went looking for a lop fight and you came back with a black eye, the rv is totally possible, and more realistic than a lop. answer this, why would iraq lop 58trillion dinar they have in house?

[Francie26]

Oh, hey. I was sticking up for you. Nothing more, nothing less. I just brought over the quote backing up what you had said about the reserves being in dinars after whats-his-name said the reserve was not in dinars.

A LOPer I am not. Geez. I only eat Cherry Garcia!

Peace. Namaste, Om Dao.

I don't think he meant that YOU were a lopper. It doesn't sound like that to me at all. But we do get sensitive about those terms after a while, or I should say, I feel like that by now, and it has me ready to jump over any post with the word "lop" in it. haha

[Dalite]

frankiev,what do my past comments have to do with the fact they have 58 trillion in reserves that will rv and them lopping makes no sense, and is completely irresponsible?

you went looking for a lop fight and you came back with a black eye, the rv is totally possible, and more realistic than a lop. answer this, why would iraq lop 58trillion dinar they have in house?

Unfortunately, the CBI didn't get the memo

The 58 trillion on the balance sheets represents the foreign reserves, outlined below, valued in dinar, to allow the assets balance out the liabilities, which is the purpose of a balance sheet.

Besides, you can't redeem dinar, using dinar..

As you can see below, they have approximately $58 billion in foreign reserves to back the currency.

***************

Posted on 06 September 2011. Tags: CBI, Central Bank, currency reserves, dinar, iraqi dinar, Redenomination

The deputy governor of Iraq’s central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues.

Mudher Kasim said higher global oil prices could result in a budget surplus for 2011.

Reuters quotes him as saying, “(The amount of reserves) has gradually increased since the beginning of last year, when it was $40 billion. Now it is close to $58 billion”, while AlsumariaTV puts the opening figure at $50 billion.

Last October, Kasim had put reserves at around $50 billion, with 45 percent held in dollars, 45 percent in euros and 10 percent mainly in gold and British pounds.

Iraq earned $34.1 billion in oil revenue, an increase of $8.7 billion, or 34 percent, over budgeted revenue, in the first five months of this year, Deputy Prime Minister Hussain Al-Shahristani said in June.

The deputy governor said inflation — which quickened to 7.1 percent in July from 6.4 percent in June — was under control but being monitored carefully.

Iraq, battered by years of war and economic sanctions, depends mainly on imports for most goods, including food and building materials.

“If prices continue to increase and the inflation rate approaches two digits, monetary policy tools will be strongly activated to fight inflation,” he said.

Kasim said a plan to take off three zeroes from Iraq’s currency to simplify financial transactions was awaiting parliamentary approval and said the government should approve the project sooner rather than later.

(Sources: Reuters, AlsumariaTV)

[sonny1]

Unfortunately, the CBI didn't get the memo

The 58 trillion on the balance sheets represents the foreign reserves, outlined below, valued in dinar, to allow the assets balance out the liabilities, which is the purpose of a balance sheet.

Besides, you can't redeem dinar, using dinar..

As you can see below, they have approximately $58 billion in foreign reserves to back the currency.

***************

Posted on 06 September 2011. Tags: CBI, Central Bank, currency reserves, dinar, iraqi dinar, Redenomination

The deputy governor of Iraq’s central bank has announced that foreign currency reserves have risen to close to $58 billion, and are expected to increase further thanks to a rise in oil revenues.

Mudher Kasim said higher global oil prices could result in a budget surplus for 2011.

Reuters quotes him as saying, “(The amount of reserves) has gradually increased since the beginning of last year, when it was $40 billion. Now it is close to $58 billion”, while AlsumariaTV puts the opening figure at $50 billion.

Last October, Kasim had put reserves at around $50 billion, with 45 percent held in dollars, 45 percent in euros and 10 percent mainly in gold and British pounds.

Iraq earned $34.1 billion in oil revenue, an increase of $8.7 billion, or 34 percent, over budgeted revenue, in the first five months of this year, Deputy Prime Minister Hussain Al-Shahristani said in June.

The deputy governor said inflation — which quickened to 7.1 percent in July from 6.4 percent in June — was under control but being monitored carefully.

Iraq, battered by years of war and economic sanctions, depends mainly on imports for most goods, including food and building materials.

“If prices continue to increase and the inflation rate approaches two digits, monetary policy tools will be strongly activated to fight inflation,” he said.

Kasim said a plan to take off three zeroes from Iraq’s currency to simplify financial transactions was awaiting parliamentary approval and said the government should approve the project sooner rather than later.

(Sources: Reuters, AlsumariaTV)

you might want to read the article..

"The Central Bank has 58.9 trillion IQD ($50 billion USD) in financial reserves in order to keep the Dinar's exchange rate. The government can't legally exploit them to balance the budget", Quraishi said.

Read more:

58 trillion in dinar.....

dalite, as you always try to sell the fact that you dont want a rd, but it looks like its going to happen, i am showing everyone why it wont happen, instead of giving your professor-ish reasons why it cant possibly rv, i am giving everyone the reason why its a no-brainer and will surely rv, instead of acting like your smarter than everyone else, why dont you take your intelligence (and i know you bring it) and look at why it will rv, instead of why iraq will rd.

[hunz2]

you might want to read the article..

"The Central Bank has 58.9 trillion IQD ($50 billion USD) in financial reserves in order to keep the Dinar's exchange rate. The government can't legally exploit them to balance the budget", Quraishi said.

Read more:

58 trillion in dinar.....

dalite, as you always try to sell the fact that you dont want a rd, but it looks like its going to happen, i am showing everyone why it wont happen, instead of giving your professor-ish reasons why it cant possibly rv, i am giving everyone the reason why its a no-brainer and will surely rv, instead of acting like your smarter than everyone else, why dont you take your intelligence (and i know you bring it) and look at why it will rv, instead of why iraq will rd.

So the cbi has 58 trillion dinar in reserve and also 58 billion in foreign reserves as well?

[FrankieV]

you might want to read the article..

"The Central Bank has 58.9 trillion IQD ($50 billion USD) in financial reserves in order to keep the Dinar's exchange rate. The government can't legally exploit them to balance the budget", Quraishi said.

Read more:

58 trillion in dinar.....

dalite, as you always try to sell the fact that you dont want a rd, but it looks like its going to happen, i am showing everyone why it wont happen, instead of giving your professor-ish reasons why it cant possibly rv, i am giving everyone the reason why its a no-brainer and will surely rv, instead of acting like your smarter than everyone else, why dont you take your intelligence (and i know you bring it) and look at why it will rv, instead of why iraq will rd.

50 billion USD. How does the CBI maintain the exchange rate? By trading dinar for USD. You know this, right? It's common knowledge, that's the whole point of the auctions and the pegged rate. How does dinar maintain the exchange rate? They're not trading dinar for dinar, and you can't back dinar with more dinar. This is common sense. If we could back the USD with more USD why don't we just print 500 trillion USD and leave half of it in the reserve? Your argument makes no sense. They're talking about USD, and giving its value also in dinar, like they do in most articles.

Intelligence won't lead you to Iraq RVing to a dollar, because it makes no sense.

frankiev,what do my past comments have to do with the fact they have 58 trillion in reserves that will rv and them lopping makes no sense, and is completely irresponsible?

you went looking for a lop fight and you came back with a black eye, the rv is totally possible, and more realistic than a lop. answer this, why would iraq lop 58trillion dinar they have in house?

It's already been explained to you multiple times by multiple people.

1. That money is FOREIGN RESERVE. It makes no sense for it to be dinar.

2. They would lop the dinar that they have because it's value neutral, and gets rid of the remnants of their horrible inflation. Speculators look at a lop as a horrible thing because it means they're not going to make a million bucks off 1200 dollars worth of dinar. To the CBI it is not a horrible things, it's a good thing, because they KNOW that increasing their exchange rate by 100,000 percent is ridiculous and never could have happened. To you the lop is the end of a dream, to Iraq a lop is the end of a nightmare. The nightmare being years of Saddam screwing them over and printing trillions of dinar for himself and his wars.

3. An RV to .001 is possible, an RV to .86 is not.

Edited September 17, 2011 by FrankieV

[RealisticInvestor]

Trillion of dinar becoming billions is a RD. There's nothing else that needs discussing really. You can still have hope but don't be a fool and think this article is good news bc it obviously isnt. If people want to work together to figure this out don't call people lopsters who present the truth about what these articles are saying. This article unfortunately clearly points to a LOP or RD. Best we can do is hope together it's not true but fighting over the obvious of what it means is a waste of time. Trillion to billion = RD.

Here's my take if anyone cares to read it.

Frankie nailed it. Revaluing the currency to 1 or higher would be a nightmare. A LOP or RD is used to fix countries with terrible inflation problems in the past like Iraq in the 90's. The money supply needs to come down significantly.