Central Bank reveals details of the Iraq Currency

[Aqua Dude]

Iran already has sanctions on them.... I'm sure their recent terroristic plot is not going to help 1 bit... Probably harsher sanctions if anything.. they're really digging themselves a whole.

http://www.c-span.org/Events/Congress-Reacts-to-Iran-Assassination-Plot/10737424742/

Thursday, October 13, 2011

Two congressional committees held hearings today on Iran in the wake of the alleged plot to assassinate the Saudi ambassador to the United States. U.S. authorities say the plan involved two men linked to Iran's security agencies.

The Senate Banking Committee considered whether to apply additional sanctions against Iran for its alleged involvement in the plot against the Saudi ambassador. Members of the committee supported current sanctions but criticized Russia and China's economic partnership with Iran. State, Treasury, and Commerce Department officials testified.

The House Foreign Affairs Committee heard from officials from the State, Treasury, and Defense Departments as well about Iran's influence and activities in the Western Hemisphere. The witnesses said there is greater cooperation between Iran and Venezuela than there was ten years ago, and they praised Mexican authorities for working with the U.S. to stop the assassination plot.

you are right, and so was i

Edited October 13, 2011 by Aqua Dude

[bamjack75]

Iraq's economy is 150 times smaller than the US's economy.

Granted Xyzzy, I completely understand about the economy. The emphasis was more on the overall reduction of the money supply. If there were an RV, I would imagine Iraq's economy would improve drastically. It would be sometime though, before it would be close to that of the U.S.

[xyzzy]

you seriously are very very funny, i like how you use your intelligence to counteract my counter and it all just makes me laugh,

Well laughter is a good thing, but I would encourage you to take your investments seriously.

when it comes to it we both will keep out current stand....just don't try to push your agenda too hard, it's really visible no matter what you say, im not the only one that sees it

What is "really visible", that a huge RV is going to happen? Not a chance.

The only agenda I have here is not letting people get away with posting nonsense that might suck in folks who have thought about this less than I have. i.e. just sharing my thoughts with the community. What is your agenda?

[bamjack75]

Depends on what you mean by RV? By that I simply mean high or low value.

Basically, I am just hoping that the figures that are available from the CBI and the IMF websites are not accurate.

Me too! I think that mis-direction will be how Iraq will take care of specualtion, until it happens. (High value or low)

[Aqua Dude]

Well laughter is a good thing, but I would encourage you to take your investments seriously.

What is "really visible", that a huge RV is going to happen? Not a chance.

The only agenda I have here is not letting people get away with posting nonsense that might suck in folks who have thought about this less than I have. i.e. just sharing my thoughts with the community. What is your agenda?

i wonder where you'll be when your logic doesn't pan out....if mine doesn't, i'll be right here, telling everyone i was wrong

will you do the same?

[xyzzy]

Granted Xyzzy, I completely understand about the economy. The emphasis was more on the overall reduction of the money supply. If there were an RV, I would imagine Iraq's economy would improve drastically. It would be sometime though, before it would be close to that of the U.S.

Why would the Iraq GDP grow at all proportionately to a huge RV? GDP is not based on consumption but production. A big RV will cause massive imports (far more than they have the dollars and euros and yen to support) but it won't make oil production go any faster, it won't cause crops to grow any faster. Sure it will help to expand businesses but that is a slow process not an overnight one, but the RV is overnight.

i wonder where you'll be when your logic doesn't pan out....if mine doesn't, i'll be right here, telling everyone i was wrong

will you do the same?

Of course. I'd be delighted to be wrong and hence rich from this.

[Elixirbaby]

I think xyzzy is shabibi. 

[PA10]

Nothing new here that hasn't been discussed before. Pasted below an very clear article on this subject published by Radio Free Europe back in June of this year.

The key to this subject is the amount and denomination of bills in circulation in IRAQ before and after 1980.

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Iraq Said To Be Planning Currency Overhaul, Re denomination

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament. (This since June mind you!)

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

FURTHER:

Countries can't and don't just - as if by magic - add 99,990% more money into thin air through an RD (re-denomination). The "rumored" re value of $3-4 is based on the value of what were known as "Swiss Dinar's" under Saddam Hussein. They got their name from the Swiss printing plates used (which were of much higher standard than the 3rd hand ones Iraq otherwise had), and this was the currency used prior to the 1990 Gulf War (the first one) after which they ceased to be legal tender. Since the supply of Saddam notes increased while the supply of Swiss Dinar notes remained stagnant (even decreased because of torn / damaged notes without replacement), the Swiss Dinar appreciated against the Saddam Dinar notes (which is exactly what "inflation" is that some pumpers absurdly claim "doesn't affect Iraq and thus makes it 'different'"). In fact, the northern part of Iraq (Kurdish) which continued to use Swiss Dinars partly evaded inflation, which ran rampant throughout the rest of the nation. The old Dinar was $3.33 against the $ because it WASN'T inflated. The Saddam Dinar fell below 1100:1 against the $ due to inflation during the economic sanctions (if you can't borrow or trade then you can only print). The $3-4:1 from the 1980's also involved Saddam picking an arbitrary value to peg the Dinar to which is also not the case with the market valued New IRAQI Dinar today. The reason the Dinar is so weak is because it's overprinted. It really is that simple.

The real intent of the 'RD' is to reduce the quantity of bills in circulation (large and small) thus making large sales transactions and currency handling more practical. This has little if anything to do with revaluing the currency although that typically does occur over time as the supporting economy grows.

I view this new reality as good news, but certainly no indication that a significant RV is at hand. Any interpretation other wise is the product of wishful thinking I fear.

[skitealwedrop]

Central Bank reveals details of the Iraq Currency

Palm - the central bank of Iraq, that Iraq's new currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.

The deputy governor of Central Bank of Iraq the appearance of Mohammed Saleh during a media statement: The Central Bank is determined to raise the three zeros from the currency of the new Iraqi and presented its project to the government and the House of Representatives and is awaiting the government's decision and the Council of Representatives.

Economists and shows that the process of removing three zeros from the Iraqi currency will lead to increased value, and to increase the purchasing power of citizens, noting to the need to pursue policies to persuade the citizens quiet and get a feel for a period not exceeding two years.

And the benefit that the draft lifting the three zeroes from the currency made by the government five years ago to the Central Bank, and has undergone throughout this period to an extensive study over the need to raise zeros to strengthen the value of the Iraqi currency, adding that the deletion of zeros enhance the value of the Iraqi currency and reduce the cost of handling cash, and currency its current estimated size of today Petrlionat dinars, which makes the process of dealing with the monetary cost is high.

The Central Bank of Iraq began to discuss amending the categories of the dinar last year and is still a large part of the payments being in cash due to the evolution of the banking system, noting that the President of the Securities Commission of Iraq has said, earlier, that the deletion of zeros from the Iraqi currency will not affect the circulation of the Iraqi Stock Exchange and shares.

http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.nakhelnews.com%2Fpages%2Fnews.php%3Fnid%3D11244

I understand this fully, bashers, and it does not say remove three zeros from the paper currency, it says from the Iraqi Currency, meaning as a whole, meaning exchange rate....you can't turn 25k dinar bill into 25 dinar bill and " will lead to increased value[/b], and to increase the purchasing power of citizens"

Case closed!

...and no this is not an old article!!!! don't go there!

+1 if you agree and love PROOF like this that STOMPS out bashers and "realistic"als.

Your the man Aqua. I gave you a +1. What's the date of this article? I couldn't find it. Dates are important to me.

[Darin]

Why would the Iraq GDP grow at all proportionately to a huge RV? GDP is not based on consumption but production. A big RV will cause massive imports (far more than they have the dollars and euros and yen to support) but it won't make oil production go any faster, it won't cause crops to grow any faster. Sure it will help to expand businesses but that is a slow process not an overnight one, but the RV is overnight.

Of course. I'd be delighted to be wrong and hence rich from this.

Your right.... Production would help boost the GDP. Increasing exports, increasing/expanding the private sector, etc. etc.

But, I would argue that current GDP growth is rather slow, and could use a boost (R/V).

I'm not talking a triple value of current money.. A little more boost of that.

The GOI & CBI need to make their region more appealing to foreign investors.

Prove stability

Decrease violence

Increase security

Reduce unemployment

Decrease poverty

They are unique in their own selves as they are stuck in many catch-22 situations.

For example:

They need more production before they could technically R/V

However, they need the R/V to help boost production

As far as the figures.... I still find it hard to see how the #s add up... At 31T, a very LARGE % must still be within their own borders (small % foreignly held).

Or, 31T is an inflated figure and not truly what is in circulation.

We could be looking at a foot on the water hose situation.

The CBI put their foot on the hose to prevent the IQD to appreciate.

By doing this, it gives stability to the IQD... Helps build the private sector, faith in the IQD, etc. etc.

An under-valued currency likely won't be spent to frequently by those that could spend USD if they believed years down the road the IQD will be worth more.

CBI likely wishes to prove otherwise... Events like this obviously could not happen very often.

BIW has the theory that the money supply expanded to the figures we see today because when they replaced soiled bills, they never removed them from the books.

They could very well be locked in some huge vault, set aside. So, if that theory is right, the CBI really did not expand much beyond 6.38 Trillion from their initial printing.

So, lets say 4 Trillion exists, with 2 trillion in reserves. We could estiamte 2 Trillion is held by foreign individuals.

That leaves 2-3 Trillion for 30 million people. But, 2 Trillion has a value of $2-3 billion.

Well, many people are poor & rely on ration cards. Some are quite wealthy and still prefer to use USD. A very small group may use IQD along w/ USD.

It could be possible.. We dont know the true numbers.

The dollarization is what keeps that economy afloat. The IQDs biggest threat is the domestic economies best ally.

http://www.c-span.org/Events/Congress-Reacts-to-Iran-Assassination-Plot/10737424742/

Thursday, October 13, 2011

Two congressional committees held hearings today on Iran in the wake of the alleged plot to assassinate the Saudi ambassador to the United States. U.S. authorities say the plan involved two men linked to Iran's security agencies.

The Senate Banking Committee considered whether to apply additional sanctions against Iran for its alleged involvement in the plot against the Saudi ambassador. Members of the committee supported current sanctions but criticized Russia and China's economic partnership with Iran. State, Treasury, and Commerce Department officials testified.

The House Foreign Affairs Committee heard from officials from the State, Treasury, and Defense Departments as well about Iran's influence and activities in the Western Hemisphere. The witnesses said there is greater cooperation between Iran and Venezuela than there was ten years ago, and they praised Mexican authorities for working with the U.S. to stop the assassination plot.

you are right, and so was i

I like being right.. I mean, I knew they already had sanctions, just assumed now they were looking to enforce more strict sanctions. Not good for Iran.... Iran will probably object, in some form or fashion trying to say they had nothing to do with it and it was a terroristic group they do not claim, or something to that extent.

[Rossenbos]

I think xyzzy is shabibi. 

But they call him "Shabby"

[zigmeister]

Of course. I'd be delighted to be wrong and hence rich from this.

I bet this is one time where being wrong would make you very happy.

[Aqua Dude]

Nothing new here that hasn't been discussed before. Pasted below an very clear article on this subject published by Radio Free Europe back in June of this year.

The key to this subject is the amount and denomination of bills in circulation in IRAQ before and after 1980.

http://www.rferl.org/content/iraq_said_planning_currency_overhaul_redenomination/24245867.html

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Iraq Said To Be Planning Currency Overhaul, Re denomination

BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.

Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.

He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.

He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.

In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.

He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.

Saleh said there were currently some 29 trillion dinars in circulation in Iraq, represented by some 6 trillion banknotes of various denominations, most of them quite small. He said this also caused complications for the Central Bank and government, as well as commercial accounting departments.

Saleh said the monetary-restructuring plan was drawn up with the help of foreign experts and financial institutions, including the International Monetary Fund, of which Iraq has been a member since 1945.

The plan will soon be presented to the cabinet, which is expected to subsequently send a bill to parliament. (This since June mind you!)

Saleh noted that until 1980 the Iraqi dinar exchange rate was 1 dinar/$3.3 compared to $1/1,168 dinars now due to hyperinflation that occurred during the latter part of the late ousted leader Saddam Hussein's reign.

FURTHER:

Countries can't and don't just - as if by magic - add 99,990% more money into thin air through an RD (re-denomination). The "rumored" re value of $3-4 is based on the value of what were known as "Swiss Dinar's" under Saddam Hussein. They got their name from the Swiss printing plates used (which were of much higher standard than the 3rd hand ones Iraq otherwise had), and this was the currency used prior to the 1990 Gulf War (the first one) after which they ceased to be legal tender. Since the supply of Saddam notes increased while the supply of Swiss Dinar notes remained stagnant (even decreased because of torn / damaged notes without replacement), the Swiss Dinar appreciated against the Saddam Dinar notes (which is exactly what "inflation" is that some pumpers absurdly claim "doesn't affect Iraq and thus makes it 'different'"). In fact, the northern part of Iraq (Kurdish) which continued to use Swiss Dinars partly evaded inflation, which ran rampant throughout the rest of the nation. The old Dinar was $3.33 against the $ because it WASN'T inflated. The Saddam Dinar fell below 1100:1 against the $ due to inflation during the economic sanctions (if you can't borrow or trade then you can only print). The $3-4:1 from the 1980's also involved Saddam picking an arbitrary value to peg the Dinar to which is also not the case with the market valued New IRAQI Dinar today. The reason the Dinar is so weak is because it's overprinted. It really is that simple.

The real intent of the 'RD' is to reduce the quantity of bills in circulation (large and small) thus making large sales transactions and currency handling more practical. This has little if anything to do with revaluing the currency although that typically does occur over time as the supporting economy grows.

I view this new reality as good news, but certainly no indication that a significant RV is at hand. Any interpretation other wise is the product of wishful thinking I fear.

don't care what radio free has to say especially when the can't name "a senior adviser"....iraq isn't going to tell Europe or any other non-iraqi media outlet anything true regarding their change in financial situation.....other than that a restructure is happening....

[Atheist]

and they are going to reduce money supply by cutting off three zeros off the paper currency, rather than taking in the higher denoms when used as payment and giving change in lower denoms??

btw...i never said the change would "immediately cause cause those things" i can read, the article says, "LEAD TO increased value"

You do realize that no matter what is said, the bashers will still find a way to turn a positive into a negative. They could come out and say for you morons that can't read, this is what is happening. We are changing the rate to 3 to 1, which means that 25k dinar note you are holding would be worth $75,000 USD. That still would not be good enough for some people.

[bamjack75]

Why would the Iraq GDP grow at all proportionately to a huge RV? GDP is not based on consumption but production. A big RV will cause massive imports (far more than they have the dollars and euros and yen to support) but it won't make oil production go any faster, it won't cause crops to grow any faster. Sure it will help to expand businesses but that is a slow process not an overnight one, but the RV is overnight.

Of course. I'd be delighted to be wrong and hence rich from this.

If your definition of huge, a 1$? Just wondering. By your question, it seems that you want me to qualify a huge RV. I can only speak on my thoughts of a reasonable RV. (1$). It seems your mind is already be made up so I guess I will just defend my statement and let you go on to bigger and better topics. I said the economy would improve, which includes GDP. You are firing off with the statements about oiI production and crops. Do you think much growing is going on right now when they can't even afford electricity or get clean drinking water. Imagine that your money has had the value returned to it and you can actually afford to invest in something, like yourself or a business. It would make a difference in changing attitude which is the most important part, of any recovery.

Edited October 13, 2011 by bamjack75

[Darin]

Not sure how many would participate in this idea... And it really wouldn't give a definite or accurate answer but maybe some bal park figures.

But if we create a topic...

And the idea was to find out the total IQD amongst yourself and everyone you know...

We could maybe get a reasonable estimate.

I.e., Lets say Bob has 4 friends invested. Tom, Rob, Tim & Ron

Bob knows he holds 5 Million.

He knows Tom holds 2 Million

He knows Rob holds 2.5 Million

He knows Tim holds 3.5 Million

He knows Ron holds 4 Million

His total answer would be: 17 Million

Mentioning how many your accounting for is optional..

This doesn't give out how much you indeed own, but helps gather the data to get an idea what is held. (As long as the majority of the people are honest).

It would require some participation though..

We could compare the % of people who contribute an answer to 50,000

I.e., if 10,000 people gave an answer.. We could calculate that up and multiply it by 5 and assume that is a reaslistic figure.

Just a thought.

[zigmeister]

Not sure how many would participate in this idea... And it really wouldn't give a definite or accurate answer but maybe some bal park figures.

But if we create a topic...

And the idea was to find out the total IQD amongst yourself and everyone you know...

We could maybe get a reasonable estimate.

I.e., Lets say Bob has 4 friends invested. Tom, Rob, Tim & Ron

Bob knows he holds 5 Million.

He knows Tom holds 2 Million

He knows Rob holds 2.5 Million

He knows Tim holds 3.5 Million

He knows Ron holds 4 Million

His total answer would be: 17 Million

Mentioning how many your accounting for is optional..

This doesn't give out how much you indeed own, but helps gather the data to get an idea what is held. (As long as the majority of the people are honest).

It would require some participation though..

We could compare the % of people who contribute an answer to 50,000

I.e., if 10,000 people gave an answer.. We could calculate that up and multiply it by 5 and assume that is a reaslistic figure.

Just a thought.

I like the idea.

[DayTrader]

Not sure how many would participate in this idea... And it really wouldn't give a definite or accurate answer but maybe some bal park figures.

But if we create a topic...

And the idea was to find out the total IQD amongst yourself and everyone you know...

We could maybe get a reasonable estimate.

I.e., Lets say Bob has 4 friends invested. Tom, Rob, Tim & Ron

Bob knows he holds 5 Million.

He knows Tom holds 2 Million

He knows Rob holds 2.5 Million

He knows Tim holds 3.5 Million

He knows Ron holds 4 Million

His total answer would be: 17 Million

Mentioning how many your accounting for is optional..

This doesn't give out how much you indeed own, but helps gather the data to get an idea what is held. (As long as the majority of the people are honest).

It would require some participation though..

We could compare the % of people who contribute an answer to 50,000

I.e., if 10,000 people gave an answer.. We could calculate that up and multiply it by 5 and assume that is a reaslistic figure.

Just a thought.

146 MILLION

So Says...................DayTrader

[skitealwedrop]

I think xyzzy is shabibi. 

Elixir,

Please don't try to undermine xyzzy's or Dr. Shabib's intelligence. I'm always interested in reading the perspective of others that are invested. We are all in this together. Please, let's keep our posts productive.

Thanks!

Kim

[Sanssouci]

The only agenda I have here is not letting people get away with posting nonsense that might suck in folks who have thought about this less than I have.

Thank you, Saint Xyzzy.

[xyzzy]

Not sure how many would participate in this idea... And it really wouldn't give a definite or accurate answer but maybe some bal park figures.

But if we create a topic...

And the idea was to find out the total IQD amongst yourself and everyone you know...

We could maybe get a reasonable estimate.

I.e., Lets say Bob has 4 friends invested. Tom, Rob, Tim & Ron

Bob knows he holds 5 Million.

He knows Tom holds 2 Million

He knows Rob holds 2.5 Million

He knows Tim holds 3.5 Million

He knows Ron holds 4 Million

His total answer would be: 17 Million

Mentioning how many your accounting for is optional..

This doesn't give out how much you indeed own, but helps gather the data to get an idea what is held. (As long as the majority of the people are honest).

It would require some participation though..

We could compare the % of people who contribute an answer to 50,000

I.e., if 10,000 people gave an answer.. We could calculate that up and multiply it by 5 and assume that is a reaslistic figure.

Just a thought.

There have been a couple "how many dinars do you hold"polls already. Search for them.

Thank you, Saint Xyzzy.

and your agenda?

[rcarter]

Well laughter is a good thing, but I would encourage you to take your investments seriously.

What is "really visible", that a huge RV is going to happen? Not a chance.

The only agenda I have here is not letting people get away with posting nonsense that might suck in folks who have thought about this less than I have. i.e. just sharing my thoughts with the community. What is your agenda?

What are you going to tell people if it does happen?

[Sam I Am]

increase by three zeros = remove three zeros

.00086 --> .86

.86 is an increase of three zeros

.86 is a removal of three zeros

yes, you are right, AWESOME!

"Iraqis" can pay us all day FOREVER in oil and other commodities they have in excess, they will never have to give the US USD

If there's 3 trillion dinar cashed in at $1 they'll need $3 trillion USD. They don't have anything close to that. They're pumping out 2.5 million barrels a day. Even if you figure $100/bl that's less than $100 billion/yr. It would take 30 years to pay off dinar speculators.

[xyzzy]

If your definition of huge, a 1$? Just wondering.

Yes I would consider that huge.

By your question, it seems that you want me to qualify a huge RV. I can only speak on my thoughts of a reasonable RV. (1$). It seems your mind is already be made up so I guess I will just defend my statement and let you go on to bigger and better topics.

I'm always open to finding out I am wrong, but so far it simply hasn't been so on this topic anyway.

I said the economy would improve, which includes GDP. You are firing off with the statements about oiI production and crops. Do you think much growing is going on right now when they can't even afford electricity or get clean drinking water.

No I think growth is slow now, and an RV would improve that (a huge one, i.e. to $1 would also tear the society apart in my view as I expressed in this topic). But growth is comparatively slow. Growing GDP by 25% per year would be huge for example, but possible. Yet an RV to $1 is growing the value of the money supply by 120,000% overnight.

Imagine that your money has had the value returned to it and you can actually afford to invest in something, like yourself or a business. It would make a difference in changing attitude which is the most important part, of any recovery.

Well first the value was not taken away overnight but over 5-10 years while Saddam printed trillions of dinars. It can't go back up until those trillions are deflated, i.e. destroyed which is the whole point of an RD. I suspect they will RV at the same time by something between 0 and 2x, and that will indeed help things. But that is a long long way from 1,200x to get to $1.

[Elixirbaby]

Elixir,

Please don't try to undermine xyzzy's or Dr. Shabib's intelligence. I'm always interested in reading the perspective of others that are invested. We are all in this together. Please, let's keep our posts productive.

Thanks!

Kim

It was a joke. Never said they weren't smart either. Loosen up.

Xyzzy stated he does not believe in this adventure anymore which is fine for him but for the other 98% of who do believe, the bickering back and forth is non productive.

Go RV