Chop The Zeros Kill The Banks

[DinarBot]

Many here have Warka Accounts too. CBI going to chop 000 off of Bank accounts now as well. That will go over well with Iraqi Citizens. They fear the banks as it is. Only 9% have bank accounts. Do that and you'll be back to 0 % real fast.

News > Iraqi business leaders gather at Balad

Iraqi business leaders gather at Balad

by Senior Airman Wes Carter

332nd Air Expeditionary Wing Public Affairs

JOINT BASE BALAD, Iraq (AFNS) -- Iraqi banks and business leaders met at Joint Base Balad at the Banking on Iraqi Business Conference March 31.

The conference began building the relationships that are so important to doing business in Iraq.

"Only 9 percent of Iraqis have a bank account," said Army Capt. Shaun Miller, an Army Central Command banking officer. "The main thing we're trying to do is connect Iraqi businesses with Iraqi banks."

The low incidence of Iraqis with bank accounts is attributable to a variety of reasons including negative experiences associated with the previous Iraqi political regime.

http://www.af.mil/ne...sp?id=123198293

[JWJW11]

Many here have Warka Accounts too. CBI going to chop 000 off of Bank accounts now as well. That will go over well with Iraqi Citizens. They fear the banks as it is. Only 9% have bank accounts. Do that and you'll be back to 0 % real fast.

News > Iraqi business leaders gather at Balad

Iraqi business leaders gather at Balad

by Senior Airman Wes Carter

332nd Air Expeditionary Wing Public Affairs

JOINT BASE BALAD, Iraq (AFNS) -- Iraqi banks and business leaders met at Joint Base Balad at the Banking on Iraqi Business Conference March 31.

The conference began building the relationships that are so important to doing business in Iraq.

"Only 9 percent of Iraqis have a bank account," said Army Capt. Shaun Miller, an Army Central Command banking officer. "The main thing we're trying to do is connect Iraqi businesses with Iraqi banks."

This is exactly what I brought up yesterday. There is no way an RD keeps the banking system intact.....ab RV is the only way to get trust back to the banks

The low incidence of Iraqis with bank accounts is attributable to a variety of reasons including negative experiences associated with the previous Iraqi political regime.

http://www.af.mil/ne...sp?id=123198293

[inheritance]

First off the link is bad…. Second where does it say they will be removing zeros off of bank accounts? Happy Thanksgiving everyone!

[hame55]

DINAR BOT

I think you must be a genius...I love your repartee...but then you must have a 4G hard drive...

Anyway, your argument is one of the easiest to grasp and strongest against the LOP. How could they just LOP off 1000% people's electronic accounts in banks just when they are trying to get people to bank? It's CRAAAAAAZY!

If they take 1000 off the nominal value of banknotes they issued as legal tender, then they'll have to delete the zeros from banks accounts. All this after people already lost their savings at the war's beginning, or before. No way this is going to happen without major unrest in the streets or civil war (which will lower the money's value even more...)

Investment in Iraq will crash if they LOP

The occupiers and their bankers, who expect a return on investment, will be screwed - essentially screwing themselves, right?

They would have to print ALL new money in all denoms (very expensive)

Among other reasons I cannot remember right now....

All this leads us to the inescapable conclusion - they are lying about the numbers in circulation and their intention to RD. This is most probable when weighed against the above.

GO RV!

[inheritance]

DINAR BOT

I think you must be a genius...I love your repartee...but then you must have a 4G hard drive...

Anyway, your argument is one of the easiest to grasp and strongest against the LOP. How could they just LOP off 1000% people's electronic accounts in banks just when they are trying to get people to bank? It's CRAAAAAAZY!

If they take 1000 off the nominal value of banknotes they issued as legal tender, then they'll have to delete the zeros from banks accounts. All this after people already lost their savings at the war's beginning, or before. No way this is going to happen without major unrest in the streets or civil war (which will lower the money's value even more...)

Investment in Iraq will crash if they LOP

The occupiers and their bankers, who expect a return on investment, will be screwed - essentially screwing themselves, right?

They would have to print ALL new money in all denoms (very expensive)

Among other reasons I cannot remember right now....

All this leads us to the inescapable conclusion - they are lying about the numbers in circulation and their intention to RD. This is most probable when weighed against the above.

GO RV!

I am not a lopster, but If they lop off zeros while keeping the value the same its break even for the Iraqi people. We loose because of the spread and dealer fees.

Edited November 24, 2011 by inheritance

[nemesis760]

Many here have Warka Accounts too. CBI going to chop 000 off of Bank accounts now as well. That will go over well with Iraqi Citizens. They fear the banks as it is. Only 9% have bank accounts. Do that and you'll be back to 0 % real fast.

News > Iraqi business leaders gather at Balad

Iraqi business leaders gather at Balad

by Senior Airman Wes Carter

332nd Air Expeditionary Wing Public Affairs

JOINT BASE BALAD, Iraq (AFNS) -- Iraqi banks and business leaders met at Joint Base Balad at the Banking on Iraqi Business Conference March 31.

The conference began building the relationships that are so important to doing business in Iraq.

"Only 9 percent of Iraqis have a bank account," said Army Capt. Shaun Miller, an Army Central Command banking officer. "The main thing we're trying to do is connect Iraqi businesses with Iraqi banks."

The low incidence of Iraqis with bank accounts is attributable to a variety of reasons including negative experiences associated with the previous Iraqi political regime.

http://www.af.mil/ne...sp?id=123198293

Is this an old article from March 31?

[zigmeister]

We do know from past articles the Iraqi people are fearful of lopping the zero's off because their money they hold now will be more worthless. So they are going to the street banks, turning it in for greenbacks. Banks need business, they need the people to put their money in them. If they don't the banks are out of business. It is pretty simple, RV the currency they hold now, people would feel they need to put the currency that now holds value somewhere safe as opposed to under their mattress's. The banks offer investment opportunities as in bonds, stock market and so forth.

Good post, and a good reminder of why lopping at this point in time probably is not going to happen.

[easyrider]

I am not a lopster, but If they lop off zeros while keeping the value the same its break even for the Iraqi people. We loose because of the spread and dealer fees.

and tell me what does that accomplish for them?? dont they want to give back purchasing power to them??? the whole goal is for the iraqi citizens to trust the new banking system would you trust them if they were to LOP your currency? IMHO we are too far down the road for them to LOP or i believe it would have alrready been done.

Edited November 24, 2011 by easyrider

[Az Joe]

There is no way around a LOP if they do LOP.It doesn't matter where you have your money.They burn one of us they burn us all and our own gov will help them all the way.You have to remember it was our own gov that told us to invest in iraq for a bright future.Do you all remember Hillarious coming on tv and saying that?Back then they needed our money to get on there feet.Now that they are on there feet and it is time for us to get our return, they are going to change the rules and burn us all. This is where I start curseing up a storm but it is THANKS GIVING and I'm not gonna do that today.

To those who drink the coolaid to much.Sorry the world we live in is corupt and dirty and our gov wants us poor and they will do everything they can to keep us down.If we have the power we might fight back but if we are all broke they can do whatever they want and noone can do anything about it because we will be fouced on just try to survive.I myself am alreay there.I can only focuse

what my family needs today and with 6 kids they need alot.I feel like I'm treading water and people keep steppin on my head.

But it is OK we are strong and we will make it.I myself refuse to give up,I will survive by any means.I hope you all do the same.

HAPPY THANKS GIVING TO ALL

[DinarBot]

Is this an old article from March 31?

Extremely relevant then and now.. DinarBot point is lots of Lop talk ... can't just Lop Bills... Accounts too . No way this will Happen. Not if Iraq wants to maintain credibility with existing account holders and future clients.

DinarBot loves to feed Humans. Say AAH.

Edited November 24, 2011 by DinarBot

[DinarDana]

There is no way around a LOP if they do LOP.It doesn't matter where you have your money.They burn one of us they burn us all and our own gov will help them all the way.You have to remember it was our own gov that told us to invest in iraq for a bright future.Do you all remember Hillarious coming on tv and saying that?Back then they needed our money to get on there feet.Now that they are on there feet and it is time for us to get our return, they are going to change the rules and burn us all. This is where I start curseing up a storm but it is THANKS GIVING and I'm not gonna do that today.

To those who drink the coolaid to much.Sorry the world we live in is corupt and dirty and our gov wants us poor and they will do everything they can to keep us down.If we have the power we might fight back but if we are all broke they can do whatever they want and noone can do anything about it because we will be fouced on just try to survive.I myself am alreay there.I can only focuse

what my family needs today and with 6 kids they need alot.I feel like I'm treading water and people keep steppin on my head.

But it is OK we are strong and we will make it.I myself refuse to give up,I will survive by any means.I hope you all do the same.

HAPPY THANKS GIVING TO ALL

Hang in there and think positively, there are a lot of knowledgeable people on this forum who can wrap their head around these details and are very positive. Go and have a great Thanksgiving and do not give up.

[DinarBot]

First off the link is bad…. Second where does it say they will be removing zeros off of bank accounts? Happy Thanksgiving everyone!

Try this ... http://www.af.mil/news/story.asp?id=123198293

Humans and Turkeys can co-exist. Most Days.

[keepmwlknfny]

and tell me what does that accomplish for them?? dont they want to give back purchasing power to them??? the whole goal is for the iraqi citizens to trust the new banking system would you trust them if they were to LOP your currency? IMHO we are too far down the road for them to LOP or i believe it would have alrready been done.

You have to remember though my dude that after the redenomination the new bills would carry a higher purchasing power and a new value....

Its not like its really going to affect the banks as much as you would think....because regardless of the bank accounts, the physical currency would be affected the same and its not like the citizens would just cease to use the dinar at all....it would be on par with the dollar after an even like that, which is what they wanted to accomplish....thats why this could go either way and Iraq would still accomplish what they set out to do.

The main reason that the lack of faith exists in the banking sector is simply because of how Saddam used to freeze peoples accounts and spend money....so I can see the hesitation that would be present in putting their money in the banks...they cant help it, its just what they are used to....it will take time for the faith to be restored....even if they were to RV tommorow it doesnt mean that people would just automatically flock to the banks and put all their money in and everything will be peaches and cream lol.....its just something that is going to take time so the effect on the banks and the faith in them will be minimal even if they decide to redenominate...

[DinarBot]

DINAR BOT

I think you must be a genius...I love your repartee...but then you must have a 4G hard drive...

Anyway, your argument is one of the easiest to grasp and strongest against the LOP. How could they just LOP off 1000% people's electronic accounts in banks just when they are trying to get people to bank? It's CRAAAAAAZY!

If they take 1000 off the nominal value of banknotes they issued as legal tender, then they'll have to delete the zeros from banks accounts. All this after people already lost their savings at the war's beginning, or before. No way this is going to happen without major unrest in the streets or civil war (which will lower the money's value even more...)

Investment in Iraq will crash if they LOP

The occupiers and their bankers, who expect a return on investment, will be screwed - essentially screwing themselves, right?

They would have to print ALL new money in all denoms (very expensive)

Among other reasons I cannot remember right now....

All this leads us to the inescapable conclusion - they are lying about the numbers in circulation and their intention to RD. This is most probable when weighed against the above.

GO RV!

Some Humans walk without Canes or Spectacles.

[zigmeister]

Try this ... http://www.af.mil/news/story.asp?id=123198293

Humans and Turkeys can co-exist. Most Days.

Only if they don't lop like Turkey!

[DinarDana]

Extremely relevant then and now.. DinarBot point is lots of Lop talk ... can't just Lop Bills... Accounts too . No way this will Happen. Not if Iraq wants to maintain credibility with existing account holders and future clients.

DinarBot loves to feed Humans. Say AAH.

They are going to LOP the zeros off prices, however. This is what I see. It becomes more and more clear to me. The exchange rate will increase by three zeros and then the price of goods will then decrease by three zeros - the dinar value will not change - but the purchasing power will now be three zeros higher.

(hypothetical for simplicity)

NOW. Food bill is now 25,000 note IQD = One bag of groceries

Step 1. RV (Exchange Rate Changes) not money in the bank, not stock exchange, no value change in the currency BUT

Food Bill is still 25,000 note IQD = Three bags of groceries, because they can buy imports for less and now price of goods are reduced and they can charge more for exports

Step 2. In time when the Iraqis become familiar with this change, then the next step of the currency change will take place - replace notes

Food bill is now 25 note IQD = Three bags of groceries

Step 3. There now may be a demand for the dinar and the exchange rate will rise. The demand is based on growth and stability.

Food bill is now 25 note IQD = Four bags of groceries

NO LOP does not work - like dinarbot

[coyote]

beginning to lose my faith, if any one has a legit clue as to what is going on in Iraq, would you please post . no oakie, med, bretling, johnnywg, dinarbot, or any of the rest of the regulars, you have all lost. time for some one to speak the truth

[FishmanTx]

Re: Banks

That's going to suck for the business men and rich who had millions of dinar pre-saddam when it was worth something. These people have been waiting for YEARS for the value to increase and restore their purchasing power to their money. Will they stand by and let this happen, permanently reducing the value from millions to thousands? I BET NOT. Rich and powerful people have ways of "fixing" those who screw them.

JMPO

Edited November 24, 2011 by FishmanTx

[Tiffani929]

beginning to lose my faith, if any one has a legit clue as to what is going on in Iraq, would you please post . no oakie, med, bretling, johnnywg, dinarbot, or any of the rest of the regulars, you have all lost. time for some one to speak the truth

No one in this thread mentioned any of those idiots (excluding Dinarbot who is not an idiot ). Bottom line is none of us know what they are going to do until they do it, regardless of what we read in the news.

[keepmwlknfny]

beginning to lose my faith, if any one has a legit clue as to what is going on in Iraq, would you please post . no oakie, med, bretling, johnnywg, dinarbot, or any of the rest of the regulars, you have all lost. time for some one to speak the truth

Bottom line is this.....the CBI put a plan to lop/redenominate in front of parliament to vote on and approve....if this plan passess we are screwed, the only thing on our side right now is Maliki and his corrupt govt officials because they are fully against this plan. Shabibi wants to lop, Maliki doesn't.....and until they vote on this plan, which could take some time, it really doesn't matter what else is going on.....this is the make it or break it of this investment

[easyrider]

beginning to lose my faith, if any one has a legit clue as to what is going on in Iraq, would you please post . no oakie, med, bretling, johnnywg, dinarbot, or any of the rest of the regulars, you have all lost. time for some one to speak the truth

LOL this is a specculative invesment what do you expect sometimes i dont think Iraq even knows what they are doing all those people that you mentioned are opinions nothing more that get intel and as you know intel can be very wrong at times but that doesnt mean they dont get the intel from a source some might fabricate yes and make up some lies but we just dont know no one does so sit back and wait it out if this investment is really killing you that bad then get out and sell back but i guarantee you wont make anyting off of it unless you bought way back when or have several millions and need the money badly if NOT hold tight.

[unirod]

There is no way around a LOP if they do LOP.It doesn't matter where you have your money.They burn one of us they burn us all and our own gov will help them all the way.You have to remember it was our own gov that told us to invest in iraq for a bright future.Do you all remember Hillarious coming on tv and saying that?Back then they needed our money to get on there feet.Now that they are on there feet and it is time for us to get our return, they are going to change the rules and burn us all. This is where I start curseing up a storm but it is THANKS GIVING and I'm not gonna do that today.

To those who drink the coolaid to much.Sorry the world we live in is corupt and dirty and our gov wants us poor and they will do everything they can to keep us down.If we have the power we might fight back but if we are all broke they can do whatever they want and noone can do anything about it because we will be fouced on just try to survive.I myself am alreay there.I can only focuse

what my family needs today and with 6 kids they need alot.I feel like I'm treading water and people keep steppin on my head.

But it is OK we are strong and we will make it.I myself refuse to give up,I will survive by any means.I hope you all do the same.

HAPPY THANKS GIVING TO ALL

Thanks joe for your well wishes.My happy wish for you is to stay off this site and spend it totally with your family today.Your next post will be much Happier!!!!!!

[thatoneguy]

The ONLY way to build the Iraqi's confidence in their banking is the obvious. PUSH THE BUTTON, MAN!

But I do understand their apprehensions. Those that giveth....

LOL this is a specculative invesment what do you expect sometimes i dont think Iraq even knows what they are doing all those people that you mentioned are opinions nothing more that get intel and as you know intel can be very wrong at times but that doesnt mean they dont get the intel from a source some might fabricate yes and make up some lies but we just dont know no one does so sit back and wait it out if this investment is really killing you that bad then get out and sell back but i guarantee you wont make anyting off of it unless you bought way back when or have several millions and need the money badly if NOT hold tight.

Easy, I dig your input, BUT.... I believe Iraq knows exactly what they are doing... Monetarily. This is all lying on one of the greatest economic minds in the world. Get'em Shabbs!

P.S. Yepper! I'm not going anywhere! Too late to turn back. We're officially in the red... i hope

Edited November 25, 2011 by thatoneguy

[hame55]

There is no way around a LOP if they do LOP.It doesn't matter where you have your money.They burn one of us they burn us all and our own gov will help them all the way.You have to remember it was our own gov that told us to invest in iraq for a bright future.Do you all remember Hillarious coming on tv and saying that?Back then they needed our money to get on there feet.Now that they are on there feet and it is time for us to get our return, they are going to change the rules and burn us all. This is where I start curseing up a storm but it is THANKS GIVING and I'm not gonna do that today.

To those who drink the coolaid to much.Sorry the world we live in is corupt and dirty and our gov wants us poor and they will do everything they can to keep us down.If we have the power we might fight back but if we are all broke they can do whatever they want and noone can do anything about it because we will be fouced on just try to survive.I myself am alreay there.I can only focuse

what my family needs today and with 6 kids they need alot.I feel like I'm treading water and people keep steppin on my head.

But it is OK we are strong and we will make it.I myself refuse to give up,I will survive by any means.I hope you all do the same.

HAPPY THANKS GIVING TO ALL

DUDE - Join the Occupy movement - take it back from the bastards. That's what it is all about.

[nemesis760]

Just a thought, but who has a bank account in Iraq??? 9% of the population? I am assuming that the 9% is the wealthy 9%. Not the poor sheep sodomizerrrrrrrr i mean herders. Its the government official, and what is a synonym for Iraq... Corruption. This is a country where power is dependent on wealth (cash in hand or amount in pay-offs) and who you know. I know it sounds crazy but look at Roman Abramovich if you want to see what political corruption at the fate of the local economy can do. granted it is not a direct 1:1 comparison, but this is who i see having accounts in Iraq, not you local sandal maker.

It doesn't follow the logic that keep has for his lop, because it is illogical (not keep, the amount of greed) too much greed in these dirty politicians hands.... these are not MIT economists, or Machiavellian Princes, no these are, in general, borderline religious extremists. Their government is split by religion for Pete's sake.... and now i am rambling...

thats just an opinion, but i think that their greed and willingness to sacrifice the greater good for personal gain will win in the end.

Edited November 25, 2011 by nemesis760