We were told 25 trillion to 15 Billion is good???

[dtard]

One thing I think we can all agree on is that Iraq can't RV at even $1 let alone $2 or $3 with 25 trillion dinar in circulation. Speculators alone hold trillions of dinar. Add that to the trillions being held by the Iraqi people and the CBI and you can see the problem here. Iraq needs their money supply to get to less than 1 trillion to even think about a $1 RV.

The fact is Iraq hasn't significantly reduced their money supply at all, but they need to in order to simplify cash transactions and in order to get their people to quit using the USD. Thus the news articles to that effect. Now they are saying that they will reduce the money supply down to 15 billion dinar. How do you suppose they will accomplish that? The only way that I can see is for them to redenominate as numerous other countries have done after they recovered from periods of hyperinflation as Iraq has. In other words, issue all new currency and render the former currency invalid. Speculators would then have to turn in their IQD for a new currency during the allotted time frame.

If you take 25 trillion and multiply it by the current value of $.00086 you get the current money supply which is roughly $21.5 billion USD. Then you take the proposed money supply figure of 15 billion and divide that into the $21.5 billion and you get roughly $1.43, provided no further RVs in the equation. So it appears to me that the only way to accomplish their stated intention of removing three zeros from their currency, de-dollarizing, easing cash transactions, and arriving at a new money supply of 15 billion dinar is for them to issue all new currency at a new rate of $1.43 which would mean that dinar speculators would make a profit of 200-300% prior to subtracting the exchange fees. Better than a kick in the backside but hardly the overnight millionaire status that many have been promoting.

Soooo .....if you paid $1100 for a million dinar and they RD/RV at $1.43 that means that you would exchange it for $1430 less whatever exchange fees are charged, which would leave you with a profit of 25% or less.Why wouldn't they do this???

[tyron]

You should have posted this in the general forums Dtard. Some of our best at 'crunching figures' brains are not VIP.

[dtard]

Hey thanks!

[Mick373]

Maybe i do not understand, but the value in country, is dinar for goods and services. The US $ changes up and down, but we do not change the way to do business or exhange for goods or servcies. That should be the same in Iraq.

Next, for all other investors, the dinar goes to the bank and is exhanged for $ lets say, $3.00, or $4.00 or $5.00 per dinar, the bank credits us the dollars, the bank sends the dinar to the US treasury to replace with dolalrs. The USA government uses the dinar for oil at a pre contracted price. Dinar goes to the CBI and is destoryed. The value of the dinar will be based on world markets and value of the oil reserves owned by Iraq. IMHO

[GinaG]

As of this time, I do not have enough to spend my money into the VIP investment. Can I ask anybody to please explain the question above?

[Anti This Anti That]

THE CBI has been buying up the 000 dinars for a long time now, so if you people will do your math on these auctions you will see that there should be less than 4 trillion dinars in circulation there in Iraq. Do the figures people. I been hearing this 30 trillion dinar figure for a year I know, so when does it reduce? Do the math, and see for yourselves there are less than 4 trillion in circulation.

[keepmwlknfny]

Maybe i do not understand, but the value in country, is dinar for goods and services. The US $ changes up and down, but we do not change the way to do business or exhange for goods or servcies. That should be the same in Iraq.

Next, for all other investors, the dinar goes to the bank and is exhanged for $ lets say, $3.00, or $4.00 or $5.00 per dinar, the bank credits us the dollars, the bank sends the dinar to the US treasury to replace with dolalrs. The USA government uses the dinar for oil at a pre contracted price. Dinar goes to the CBI and is destoryed. The value of the dinar will be based on world markets and value of the oil reserves owned by Iraq. IMHO

The problem is how Iraq can back the value of their currency having so much in circulation......the dinar is a pegged currency, which it must have something backing the value of it, and they do not have the reserves to back a 1 dollar RV at this time....

[truthful1]

THE CBI has been buying up the 000 dinars for a long time now, so if you people will do your math on these auctions you will see that there should be less than 4 trillion dinars in circulation there in Iraq. Do the figures people. I been hearing this 30 trillion dinar figure for a year I know, so when does it reduce? Do the math, and see for yourselves there are less than 4 trillion in circulation.

You dont understand the entire cycle. desppite the auctions, currency in circulation continues to increase. per cbi statistics. you need to look at the cash portion of the auctions.

[MrDinarman]

At this time Iraq can only RV to .03 MAX. Let's hope they do so we can make a lot of money

[DinarDana]

THE CBI has been buying up the 000 dinars for a long time now, so if you people will do your math on these auctions you will see that there should be less than 4 trillion dinars in circulation there in Iraq. Do the figures people. I been hearing this 30 trillion dinar figure for a year I know, so when does it reduce? Do the math, and see for yourselves there are less than 4 trillion in circulation.

Yes you are exactly correct, and in several articles or press releases back a few months ago they even stated it was 4 trillion.

[mrmcwhipit]

Wow the negative neds are out in full force today. Wait and see nobody knows.

[MrDinarman]

You're dillusional if you think they only have 4T Iqd in circulation. Thats laughable.

[mrmcwhipit]

At this time Iraq can only RV to .03 MAX. Let's hope they do so we can make a lot of money

Im glad we have someone so smart on here to keep us straight about what they can and cant do bravo.

[gjames_54]

Why couldn't the US and other countries that support the dinar, back the rv with their own cash. As the dinar gets exchanged and the money is placed into the banks by the exchangers, the banks would in turn send the money to the regional reserves to be destroyed at the federal reserve level (way to control inflation). The federal reserve would credit the regional reserves who in turn would credit the local banks for what they turned in. The dinar is then credited to the federal reserve through the same process for the current floated rate. Once this is done, the dinar is sent back to the CBI to be destroyed (to reduce the amount of dinar in circulation)..I am no guru, but it seems as though this whole thing is being over analyzed. We no longer have a paper system, this is an electronic system and the only thing that matters is what it electronically printed on a receipt right? We have to remember that this is being spear headed at the highest level where they are still using the very large bills (25000 iqd) to make astronomical purchases. Could this process be possible??? I would welcome any guru to comment on this theory because it just my opinion..

Edited November 25, 2011 by gjames_54

[cottn68]

Think about what you are saying, speculators hold more Dinar than that! How can all these speculators holds Trillions of Dinar if Iraq has "only" 4 Trillion in circulation? Besides like I pointed out earlier even 4 Trillion is way to much for a RV of any size, would you care to explain how Iraq could, with "only" 4 Trillion Dinar, pull off even a 1 to 1 RV that would amount to 20 times the Dollar worth of Saudi Arabian currency?

Just curious, just exactly what is the "worth" of Saudi currency? I happen to hold a fistful of Riyals, and last I checked they weren't worth a good opinion...or a bad one for all that.

Are you saying he's wrong? All he did was a little bit of simple math which too many people don't seem to want to take the time to do. I am not trying to be disrespectful by saying that but honestly, do the math! With even just the 4 Trillion Dinar mentioned a RV of any significant size is simply impossible, heck even 1 Trillion is impossible it's just simple math!

A bit of simple math...based on what exactly? Iraqi government figures?Ummmm, do the words Iraqi Government tell you anything? Jeez guys, if you've already invested, let it ride for chrissake...I know you think you know, but good GOD...

[speculatorsRIDE]

The notion that the Federal Reserve is going to trade IQD for oil is complete fiction. The US Government doesn't control the Federal Reserve. It never has. The Federal Reserve is a private entity. Understanding this and accepting it is key to this speculation. Years ago it was rumored that Iraq was going to revalue their currency, and could do so based on the fact that they were sitting on an ocean of oil. While this is true, they are, it does not factor into the value of the IQD. Currently, the IQD is backed by foreign currency reserves.

I am not sure what is so hard about grasping what the status of the Iraqi currency is. The CBI reports they have 30 trillion IQD printed and are responsible for 60 trillion IQD if you include electronic IQD (IQD in accounts on paper). No where do they state that they have 30 trillion IQD out on the streets in peoples hands. The CBI vault is stacked with paper notes and the local bank branches throughout the country aren't empty either. Then there is the physical IQD held in the Federal Reserve and all the central banks of the world. The CBI has said there are approx. 4 trillion IQD circulating in the economy. This figure seems correct to me as I have no reason to dispute their claim.

The CBI has also stated that they will become a reserve currency. Again no reason to doubt this. If they become a reserve currency, then we have no way of determining the value of the IQD. A lot will depend on which currencies are placed in their basket. Which currencies will be pegged to the IQD? I would assume it would be most of the oil producing countries in the ME. They have stated they want to return to prewar value for their people. This should give you a clue as to the rate they have in mind. As a reserve currency they become a faith based currency like the US Dollar. As long as people believe that when they take their IQD to the bank they will receive the rate. This is faith based.

[speculatorsRIDE]

You have me a bit puzzled here, physical notes held by foreign speculators would be considered currency in circulation wouldn't they? There are likely more than 4 Trillion held, possibly that many in the U.S. alone, so how could they have only 4 Trillion in circulation? That figure certainly seems reasonable if speculator held currency is not included but could it not be?

I think perhaps 4 trillion held by speculators is giving more credit to speculators then we deserve. There are 36,000 people on this site. What do you think the average amount of IQD is held by each member of this site? I hold a substantial amount but even if every speculator held as much as I do there is no way we hold 4 trillion. Think about how much 4 trillion is for a minute. How many speculators do you think there are? There are 330 million Americans. Each American would have to hold just over 12,000 IQD. I believe 4 trillion IQD held by speculators is overly exaggerated.

btw yes physical notes held by speculators would be considered in circulation.

Edited November 25, 2011 by speculatorsRIDE

[keepmwlknfny]

The notion that the Federal Reserve is going to trade IQD for oil is complete fiction. The US Government doesn't control the Federal Reserve. It never has. The Federal Reserve is a private entity. Understanding this and accepting it is key to this speculation. Years ago it was rumored that Iraq was going to revalue their currency, and could do so based on the fact that they were sitting on an ocean of oil. While this is true, they are, it does not factor into the value of the IQD. Currently, the IQD is backed by foreign currency reserves.

I am not sure what is so hard about grasping what the status of the Iraqi currency is. The CBI reports they have 30 trillion IQD printed and are responsible for 60 trillion IQD if you include electronic IQD (IQD in accounts on paper). No where do they state that they have 30 trillion IQD out on the streets in peoples hands. The CBI vault is stacked with paper notes and the local bank branches throughout the country aren't empty either. Then there is the physical IQD held in the Federal Reserve and all the central banks of the world. The CBI has said there are approx. 4 trillion IQD circulating in the economy. This figure seems correct to me as I have no reason to dispute their claim.

The CBI has also stated that they will become a reserve currency. Again no reason to doubt this. If they become a reserve currency, then we have no way of determining the value of the IQD. A lot will depend on which currencies are placed in their basket. Which currencies will be pegged to the IQD? I would assume it would be most of the oil producing countries in the ME. They have stated they want to return to prewar value for their people. This should give you a clue as to the rate they have in mind. As a reserve currency they become a faith based currency like the US Dollar. As long as people believe that when they take their IQD to the bank they will receive the rate. This is faith based.

They do actually state that there is 25 trillion dinar outside the banks......so you could just call that the amount in circulation.....all this confusion about them saying they have 4 trillion is actually quite simple.....have you forgotten about them stating they have 6 trillion or so notes? So having 4 trillion locally sounds about right and makes more sense then there being 4 trillion total in circulation....that's a big stretch especially when all the documentation states otherwise....

Yes they have mentioned wanting to be a reserve currency but that is most likely a decade or two away if not more....the problem is the fact that there is no faith in the dinar the way it stands now....its inflated and not much of value.....once they can cut the money supply and add value, then they can work on earning the faith needed to become a reserve currency but that's going to take a long time....iraq has a lot of work to do first to prove them selves to the world......

[Mick373]

The problem is how Iraq can back the value of their currency having so much in circulation......the dinar is a pegged currency, which it must have something backing the value of it, and they do not have the reserves to back a 1 dollar RV at this time....

They have Oil Reserves, you do not take all the dinars a country holds at one time to Iraq and demand Oil or Goats. The primary assets of Iraq is Oil. It produces Oil, they have trillions of barrels of oil, at abt $100 each.

[keepmwlknfny]

They have Oil Reserves, you do not take all the dinars a country holds at one time to Iraq and demand Oil or Goats. The primary assets of Iraq is Oil. It produces Oil, they have trillions of barrels of oil, at abt $100 each.

This is another confusing topic because there aren't any countries that use natural resources to back the value of their currency....especially not a pegged currency.....it doesn't work that way.....if they were to use oil to back the value of their currency it would be too volitile and unstable.....but it doesn't even matter cause no country is or has been able to monetize all their oil to back their currency.....currency reserves back the value of pegged currencies

[CrappieShark]

The WTO has not accepted Iraq because they are refusing to show figures for Dinar in an audit. The World Bank in early 2011 worked with Iraq and gave them a timeline of things to do and a timeline on Redenomination 2013 was the figure they came in with. In the meantime all of Iraqs figures are distorted and this is why the world monetary system cannot back them up. They are showing USD reserves in their banks and are not able to account for how they got there. Iraq is claiming we owe them for reparations from war and also like 20 billion we supposedly were supposed to have given them but it disappeared. Iraq however cannot produce an audit so the WTO can accept them. They have no accounting for the money that has been sold to investors in many cases. If you dont have a receipt for the IQD you have purchased you may be up the proverbial creek. Likewise if some individual tries to sell you dinar and cannot provide you with the transaction details of how they have them and will not give you these receipts run from them. The hue and cry has already started about money laundering and illegal foreign exchange from individuals without authorization to do so. If I followed the printed articles and the way a country has to be accepted into the World trade organization I would have to say since Iraq is not even able yet to be audited and cannot comply until mid 2012 it will probobly not RV until then. The reason behind WTO acceptance is the professional ability of a country to prove how much money they have how much they owe and what future realizations should and could be from past performance. They have given the performance requirements but have not complied with the amount owed. We know what they have but not what they owe. Once the WTO knows what is owed then they help set the rate of exchange by using all of the aspects needed for a certain period of time which I believe is two years. My understanding of what I read is RI in 2012 and that will be based on GPD, and RV in 2013. The other aspect is inflation and world problems. Leaders of the nations can agree on a rate and as there is such economic despair right now they may allow an exchange rate change in hopes that it will settle all the unrest. War has always been the answer to economic problems in the past. I hope this is allowed and happens quickly so that people can receive the money, pay off bills, give the creditors money, buy goods and give the market money etc and have a bit time of getting our breath and maybe working out the difficultys our world is in right now with cooperation instead of conflict. There are a lot of things riding on Iraq right now. There are some fanatical people who want war and are trying very hard to stop this process. I say RV NOW! Two years may be too late.

Edited November 25, 2011 by CrappieShark

[bodeen]

I think perhaps 4 trillion held by speculators is giving more credit to speculators then we deserve. There are 36,000 people on this site. What do you think the average amount of IQD is held by each member of this site? I hold a substantial amount but even if every speculator held as much as I do there is no way we hold 4 trillion. Think about how much 4 trillion is for a minute. How many speculators do you think there are? There are 330 million Americans. Each American would have to hold just over 12,000 IQD. I believe 4 trillion IQD held by speculators is overly exaggerated.

btw yes physical notes held by speculators would be considered in circulation.

Thanks for the post

Bodeen

When you're in the VIP, you are surrounded by SERIOUS investors... not your neighbors kid that happened to buy a 25k note and now he posts on one of the blogs out there. I have personally verified that we have several investors that hold over 1 MILLION USD worth of Iraqi Dinar... each.

The list goes on!

Read more:

1,000,000.00 USD = 1,167,000,000.00 IQD

Still a long way to go to hit that 4 trillion mark!!!!!! 25 - 30 trillion????

1,000,000,000.00 USD = 1,167,000,000,000.00 IQD

So there's over 20 billion USD worth of dinar out there???

Population of iraq is just over 30,000,000.00

How much do you think each Iraqi holds??

Help with the math please... Hope all had a great Thanksgiving

Bodeen

[MrDinarman]

Im glad we have someone so smart on here to keep us straight about what they can and cant do bravo.

.03 x 27,000,000,000,000=810,000,000,000 with a population of 30,000,000

Still a high RV imo, but plausible nonetheless

This is only calculating physical IQD in circulation.

As of now Dinar has a total value of $27,000,000,000 and @ .03 that equates to a 30x increase. No large scale investment on earth will give you a higher ROI, especially a currency.

I'm sure you're the kind of person who believes wholeheartedly in a $3-$11 RV huh? Let's do some more math

$3x 27T= $81,000,000,000,000 -- More value than all the worlds currency COMBINED!! Impossible, Improbable, and not even close to being plausible

$11x27T=$297,000,000,000,000-- If anyone believes this they are too far gone to be helped and should not even be opining on such matters.

I'm not even taking into consideration M0, M1, M2, M3, M4, MZM, MB, Fractional Banking, ect., ect., ect.

Even if you believe they are/have been pulling in large sums of the money supply, a straight RV above a few cents can not and will not happen, period. We know there is trillions in circulation no matter what, so figure out the math and use comparable countries. Oh and try not to buy into the propaganda that Iraq is the richest, best, be all end all country on earth, because it just isn't. They are still a war torn developing nation that will take decades to become anything like Kuwait, if disaster doesn't strike first.

It's been said that 23% of Iraqis live in poverty or are unemployed. That means 77% are "middle class" or higher. In other words,

over 23,000,000 Iraqis are living well. With your thinking that means if they RVed today even at a 1:1 ration, MOST of Iraqis will be millionaires! 23,000,000 MILLIONAIRES in a country of 30,000,000. And lets face it, even a few of the "poor" Iraqis would make out very nicely. Even a poor one would have 20 bucks worth of Dinar.

Yep I guess your right, I make no sense. I'm the unrealistic one. I need educated. Of course they're going to make us all millionaires. What was I thinking???!

I think you(as well as MANY others) have drank the guru kool-aid for too long and in the process neglected to see the facts of this investment. I'm sorry you were lied to by whoever got you invested and I'm sorry you believed nameless, faceless strangers on the internet, but I'm not the one to blame. I'm sure you're trying to come up with any excuse to combat my facts and thats fine.

You can dream and believe whatever your heart desires, it has absolutely no bearing on my life whatsoever.

And please don't come back with a response and ask why I'm here.... because as I just pointed out, I'm hoping for a .03 RV and that is one very nice ROI and something anyone should get excited about!! Think about it, for a $10,000 investment you can profit $290,000!! Thats amazing!! For the price of a new car you can retire.

Edited November 25, 2011 by MrDinarman

[Mick373]

This is a perfect example of fanciful and wishful thinking, there is not a shred of evidence that indicates such a scenario would happen, this is nothing more than the way some would like for it to happen, it is just an idea and full of holes at that! Even the idea that the Government is going to accept Dinar from investors to buy oil is just an absurd rumor, besides petroleum is bought, refined and sold by oil companies not the U.S.Government! People think up these ideas of how this thing can or should work in their opinion and then before long people are telling others that this is the way it IS going to happen! The OP is correct, there is no way on this Earth Iraq can RV to more than a very few cents until they reduce that enormous money supply, it should be obvious to anyone that Iraq can not just "RV" into more wealth than exists in the world today so why do so many keep insisting they can? Why have other countries that were in Iraq's situation not "RVed" themselves into wealth? I am talking about oil economies like Venezuela who came out of a hyper-inflation period and then RDed just like so many others have in the past but how many in that situation RVed themselves into many times more wealth than they started with?

Would someone please tell me if I exchange 1 dinar for $1.00, I then spend the $1.00 in the USA for Goods and Services, vs. exchanging 1 dinar for $5.00, I then spend the $5.00 in the USA for Goods and Services, how either of these effects Iraq differently.

Further, since the primary asset that Iraq has is Oil. The ultimate holder of the dinar will use it to purchase oil from Iraq or exchange it for other currencies. What else could be done with the dinar paper money?

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of bank deposits (sometimes called deposit money), ownership of which can be transferred by means of cheques, debit cards, or other forms of money transfer. Deposit money and currency are money in the sense that both are acceptable as a means of payment.[1]

In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time.[1] There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits (depositors' easily accessed assets on the books of financial institutions).[2][3]

Money supply data are recorded and published, usually by the government or the central bank of the country. Public and private sector analysts have long monitored changes in money supply because of its possible effects on the price level, inflation and the business cycle.[4]

That relation between money and prices is historically associated with the quantity theory of money. There is strong empirical evidence of a direct relation between long-term price inflation and money-supply growth, at least for rapid increases in the amount of money in the economy. That is, a country such as Zimbabwe which saw rapid increases in its money supply also saw rapid increases in prices (hyperinflation). This is one reason for the reliance on monetary policy as a means of controlling inflation.[5][6]

This causal chain is contentious, however: some heterodox economists argue that the money supply is endogenous (determined by the workings of the economy, not by the central bank) and that the sources of inflation must be found in the distributional structure of the economy.[7]

In addition those economists seeing the central bank's control over the money supply as feeble, they also say that there are two weak links between the growth of the money supply and the inflation rate: first, an increase in the money supply, unless trapped in the financial system as excess reserves, can cause a sustained increase in real production instead of inflation in the aftermath of a recession, when many resources are underutilized. Second, if the velocity of money, i.e., the ratio between nominal GDP and money supply, changes, an increase in the money supply could have either no effect, an exaggerated effect, or an unpredictable effect on the growth of nominal GDP.

Control and production

In most cases, each private central bank has monopoly control over the supply and production of its own currency. To facilitate trade between these currency zones, there are different exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime.

In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve System operates without direct oversight by the legislative or executive branches. A monetary authority is created and supported by its sponsoring government, so independence can be reduced by the legislative or executive authority that creates it.

Currency Convertibility

Convertibility of a currency determines the ability of an individual, corporate or government to convert its local currency to another currency or vice versa with or without central bank/government intervention. Based on the above restrictions or free and readily conversion features currencies are classified as:

 Fully Convertible - When there are no restrictions or limitations on the amount of currency that can be traded on the international market, and the government does not artificially impose a fixed value or minimum value on the currency in international trade. The US dollar is an example of a fully convertible currency and for this reason, US dollars are one of the major currencies traded in the FOREX market.

 Partially Convertible - Central Banks control over international investments flowing in and out of the country, while most domestic trade transactions are handled without any special requirements, there are significant restrictions on international investing and special approval is often required in order to convert into other currencies. Indian Rupee is an example for partially convertible currency.

 Nonconvertible - Neither participate in the international FOREX market nor allow conversion of these currencies by individuals or companies. As a result, these currencies are known as blocked currencies. e.g.:North Korean Won and the Cuban Peso

Criticism of the new law

Some critics have claimed that the new Iraqi Oil law is not needed since Iraq has the cheapest oil to extract.[15] Also Iraq's oil refineries did not maintain any heavy damages during the Iraq war so the country is not in need for any serious development at the time. Other analysts have claimed that the no-bid contracts to U.S oil companies constitutes as exploitation since many non U.S companies would give the same service for shorter contracts and lower percentage of revenue[16] , Also the fact that the U.S is still occupying the country and making the hydrocarbon law one of the benchmarks for withdrawal[17] led many to believe the U.S is applying pressure on Iraq to accept this law.

Foreign-exchange reserves (also called Forex reserves) in a strict sense are only the foreign-currency deposits held by central banks and monetary authorities. However, the term foreign-exchange reserves in popular usage (such as this list) commonly includes foreign exchange andgold, Special Drawing Rights (SDRs])and International Monetary Fund (IMF) reserve position as this total figure is more readily available, however it is accurately deemed as official reserves or international reserves. The list excludes currency swaps conducted by central banks.

These are assets of the central banks which are held in different reserve currencies such as the U.S. dollar, euro, yen and pound, and which are used to back its liabilities, e.g., the local currency issued, and the various bank reserves deposited with the central bank, by the government orfinancial institutions. Before the end of the gold standard, gold was the preferred reserve. Some nations are converting foreign exchange reserves into sovereign wealth funds, which can rival foreign exchange reserves in size.

This is a list of countries and territories by foreign exchange reserves in U.S. dollar equivalence. Some nations have multiple monetary authorities, counted separately, such as the People's Republic of China, which has three (mainland China, Hong Kong, and Macau). Exchange rate fluctuations can have significant impact on these numbers. While most nations report in US dollars, a few nations in Eastern Europe report solely in Euros.

[speculatorsRIDE]

I am well aware of how much a Trillion is and have even recently been called out for attempting to get that very point across to others who just toss that Trillion figure around like it's nothing! Actually 4 Trillion held by speculators does not seem far fetched at all when considering the likely numbers of people holding Dinar, 2 Million speculators holding an average of 2 million Dinar each? Is Two million speculators too many? I don't think so at all and the couple of estimates I have seen put it even higher than that but even if the estimates are wrong 4 Trillion held is still quite likely. Just the number of Dinar dealers and the sheer volume of business they have done over the years is a pretty good indicator of the huge number of Dinar in the hands of speculators, I realize just how big a number a Trillion is but when talking about individuals each holding multiple Millions it becomes quite plausible. When considering world wide speculation then 4 Trillion starts to look like it may be a very conservative estimate but even if it's not it would have to be close which would leave little to none for the Iraqi economy. I truly believe there is far more than 4 Trillion in circulation and speculators very well may hold more than that figure.

OK for the sake of argument, let's assume that speculator's worldwide hold 4 trillion and the local economy of Iraq holds 4 trillion. That means we have accounted for 8 trillion. Does this mean that the CBI and banks hold 22 trillion in their vaults?