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One of my motivations is to keep people with poor reading comprehension from spreading misinformation.
Sorry... But that is not what is being said.
The Minister of Finance is saying that 3 zeros need to be lopped to re-awaken the dinar.
The critics of his plan have pointed to Turkey as a lop that didn't really work.
So the Minister of Finace is addressing that claim by saying that the lop in Turkey didn't work because "in the absence of economic policy, and the weakness in performance Economic generally there is no culture of banking in State control on prices as well as the industrial and agricultural sector and the infrastructure is shattered, how low commodity prices"
Remember... a lop really does nothing for the economy. A lop simply removes the zeros from the currency that are a result of past destructive economic policies. A lop is just a way to get a fresh new start. But they need to have sound economic policies in place to make sure they don't sink rigt back into the same situation.
Strange Math.
Just looking at anther site on the net and they are discussing the removal of 20 trillion dong and they believe this will allow Vietnam to revalue to 3 cents per dollar.
Removing 20 trillion dong is a decrease of about 2.5%
Moving the exchange rate to .03 is an increase of about 48,500%
Only a slight disparity there.
I posted this a long time ago.
Lowest Valued Currencies
Country, Rate, Money Supply(m2), $Value, GDP
Korea, 931, 1,800 Trillion, $1.93T, $1.18 Trillion
Mongolia, 1163, 1.2 Trillion, $1.0B, $5.78 Billion
Tanzania, 1247, 2.8 Trillion, $2.25B, $29.2 Billion
Iraq, 1238, 20 Trillion, $16.2B, $88 Billion
Lebanon, 1512, 80 Trillion, $52.9B, $21.4 Billion
Uganda, 1692, 3 Trillion, $1.8B $52, Billion
Colombia, 1935, 104 Trillion, $53.7B, $336 Billion
Belarus, 2144, 16.5 Trillion, $7.7B, $80.7 Billion
Venezuela, 2147, 66.5 Trillion, (05) $31B, $176 Billion
Sierra Leone, 2935, 687 Billion, $.23B, $5.3 Billion
Indonesia, 8839, 1,200 Trillion, $136B, $935 Billion
Iran, 9252, 950 Trillion, $102B, $610 Billion
Vietnam, 16075, 810 Trillion, $50.4B, $258 Billion
And this
Highest Valued Currencies
Country, Rate, Money Supply (m2), $Value, GDP
Kuwait, $3.46, 16 Billion, $55.4B, $52 Billion
Malta, $3.15, 3.2 Billion, $10.1B, $8.1 Billion
Bahrain, $2.66, 4.3 Billion, $11.4B, $17.7 Billion
Oman, $2.60, 4.4 Billion, $11.4B, $43.8 Billion
Cyprus, $2.33, 11.8 Billion, $27.5B, $17.8 Billion
U.K., $1.98, 1.4 Trillion, $729B, $2 Trillion
Latvia, $1.92, 5.6 Billion, $10.7B, $35.1 Billion
Jordan, $1.41, 13.9 Billion, $19.6B, $28.9 Billion
Cayman, Island, $1.23 5.1 billion, $6.3B, $1.9 Billion
United States, $1 $7.2 Trillion, $7.2T, $13 Trillion
Notice that EVERY one of the lowest currencies have trillions for M2
Notice that EVERY one of the highest currencies have LOW billions. With the exception of the US and the UK which are incomparable to the others because they have Trillion dollar economies and their currencies are traded on the Forex Market. Notice that Korea is on the low list even with a Trillion dollar economy. But look at their m2... it's 1.8 Quadrillion.
I'm surprised you even ask. All the great dinar minds on the Internet have determined that M2 is irrelevant and the numbers I have presented are simply coincidental.
The great and loved Adster even has it in his sig. that M2 is irrelevant.
LOL... that's me. The info is from an article I read, and probably posted here, about 6 months ago.
My girlfriend always says I'm nasty... so it's all good.
Don't get too carried away there.
There is a major misconception floating around this investment. That misconception is that the Oil market is somehow a huge percentage of world finances.
It is wonderful for Iraq that they have all this oil... it should provide them with the means to rebuild their country and should lead to strong non-oil economy as long as the oil money is pumped back into Iraq.
BUT... OPEC sells about 1.5 billion dollars in oil per day.
Sounds like a lot right?
Well... over 3 Trillion dollars exchange hands every day on currency markets.
So that's 2000 times more currency traded than what's sold in oil.
That is .05%... or 1 half of 1 tenth of 1%.
That's not even a blip on the screen of dollar demand.
One other thought. If you think those numbers prove nothing and that somehow the dollar will fold if opec goes away from the dollar... and you really think the oil thing is the end all be all for currency value. Then how in the heck has the Euro surpassed the dollar in value while not being involved in oil transactions. The euro is rising... seems we would want the dollar where the euro is right now right? Isn't that not in oil??
A currency clause is put into a loan/debt to protect the loaner of the money.
Say I loan you a million dollars... and next week the dollar tanks, it would be much easier for you pay me back the million and it would now be worth much less than what I loaned you.
My guess is that Iraq's debt to Russia was denominated in dollars... and since the dollar has lost value in the last couple years, they are enacting the currency clause and saying that due to the drop in the dollar, that 10 billion debt is now actually 13 billion.
No disagreement there. My point was, and you also stated, that Saddam destroyed the rate, but he dictated that the old rate be kept official.
You beat me. I went off memory. What little I have left.
There was a “two sets of books” reference.
I think it was back near the end of 2004.
I don’t think the reason was fully explained and I don’t think there has been any reference to it since to make one think they still keep two sets of books.
Just my opinion… There was a huge difference between the Official, IMF reported exchange rate of .3 to 1 (Saddams dictate) to the actual street rate of approx. 2000 to 1. So my guess is they kept books at both rates.
Since the middle of O4 the official and the real street rate have been basically the same, so I doubt they still keep two sets of books.
It’s pretty difficult to compare those numbers because they are all in different units.
It’s like saying country A has 100 barrels of oil, and country B has 50 carrots of diamonds, and country C has 750 pork bellies. Until they are all converted to one unit of measure, you can’t compare them.
That being said… if you convert the M2 and GDP numbers to dollars you will see they all have a M2 figure approximately ½ of their GDP number.
So Iraq is a little low considering they only have a little less than ¼ of their GDP.
The reason for that is Iraq’s GDP is 90% oil, and oil is transacted in dollars. So they have no need for a large M2 number. It will grow as they develop the non oil sector of the economy.
Ouch… page 31… Broad Money
For Dec. 2007 they are showing 30 trillion
They project 42 trillion by end of 08
And 54 trillion by end of 09.
LOL… so you want the “Good news only, slow grow only, Iraqi dinar discussion board”
“They will attempt to bury us in negative spin and wild assumptions based on their anger and bitterness towards us.”
Practically every single post I make on this board is backed by a link to the CBI, the IMF, some research paper or a legitimate news site. I’m not sure how that becomes wild assumptions or what it has to do with anger and bitterness.
The opposite is true. It’s the rude shouters who personally attack anyone who doesn’t believe as they do. They make up there wild assumptions and then calls others idiots for dare challenging their statements.
“The US has 22 trillion dinar.”
“Many other countries are holding dinar.”
“Warren Buffet is invested in dinar.”
“Iraq is burning dinar, reducing the circulation.”
“Iraq can use oil in the ground as currency reserves”
“Only countries that have hyperinflation lop”
“Kuwait revalued after the war”
“The exchange rate was .3 to 1 before the war”
“The dinar is on an IMF programmed rate”
“Iraq has trillions in gold”
“Iraq will be sold for pennies”
These are all wild assumptions backed by nothing… and the list goes on and on.
Please show me one… just one… wild assumption that I have made on this board.
This took ten seconds to find.
http://www.iraqdevelopmentprogram.org/idp/news/new680.htm
He said the dollars had been accumulated by the Iraqis since the creation of the new Iraqi dinar and not sold to them by Washington
“US Govt is too heavilly fortified in Dinar”
That is a made up statement.
There has never been any kind of support for that statement.
The closest thing that was ever mentioned was that Iraq had put their Foreign Currency Reserves, which are dollars, in the Fed Bank in N.Y. Basically for safe keeping and we agreed to pay them interest on it.
These were dollars that they received for selling oil and from the early selling of the dinar.
There was never any mention what so ever that it was the US government, or any government for that matter, that purchased the dinars. In fact, there was one article where the US representative explicitly stated that the US had not sold them the dollars. (Which would be the same as buying the dinar I guess).
The money came from the speculation frenzy world wide. Currency dealers were buying the dinar. That’s where the money came from.
See these old posts
http://investorshub.advfn.com/boards/read_msg.asp?message_id=17599911
http://investorshub.advfn.com/boards/read_msg.asp?message_id=18687981
Yeah... like made up lies... they are so much more useful to the discussion
"adjust the currency regime with either a free float"...
Now that would be very interesting.
Brazil lopped a few times in the late 80’s early nineties.
Certainly no third world restricted country.
Isreal lopped in 80 and 85.
Third world? Restricted? I don’t think so.
Mexico in 93… restricted? No. Third world… not really.
Latvia, Lithuania, Macedonia, Chile, Bulgaria, Argentina. No No No No No and No.
Quit making stuff up that sounds good and do some real research.
I’m sure you will crack down and remove all the posts personally attacking Bob because I know you’re not a hypocrite Strong.
LOL… haven’t you learned that I can argue anything.
It can easily be agued that the coins are being removed early because there is a 25,000 dinar note and a 25 dinar coin currently in circulation.
If they do an exchange… old 25,000 for new 25, there could be confusion with a 25 coin also floating around. I think it was Rasica that use to beat me over the head on a number of occasions with the argument that they would never lop because there are overlapping currencies. Removing the 25 dinar coin removes that argument.
I’m not saying that is why they are removing the coins… I’m just saying it can be argued that might be the reason.
Most of their talk has been about getting to 1000:1 before lopping. They don’t seem to be in much of a hurry to get to 1000:1, so I’d say that’s more of reason to believe there will not be a lop any time soon.
As far as corruption… I’m pretty sure I’ve read a few things lately that stated that Iraq is the most corrupt country in the world.
Mexico, Russia and Turkey did it recently. Not really low end countries… and I’m not sure how much more low end you can get than what Iraq was for the 10-15 years prior to the war.
Here’s what you have to realize about a lop… and most people don’t understand this.
A lop has practically nothing to do with how a country is doing financially today, other than most countries wait until their financial situation (and inflation) are in better shape before lopping.
A lop is to remove the effects of past bad/corrupt/inept financial policies that led to the currency being in it current condition. It was thoso policies that led to all the zeros on the current dinars.
A lop is to get rid of the huge bills, which are an embarrassment to the people, and restore the exchange rate to a more normal rate and signal to the people that the bad financial policies are a thing of the past. It will restore pride and confidence to the currency.
This link is a good read on the subject..
Dropping Zeros, Gaining Credibility? Currency Redenomination in Developing Nations
http://convention2.allacademic.com/getfile.php?file=apsa05_proceeding/2005-09-05/40104/apsa05_proceeding_40104.pdf
When a country “lops” it is always accompanied by an issuance of new currency. As you know… they can’t physically remove the zeros from your bill.
They will issue a new currency and do an exchange… 1000 old for 1 new. Therefore lopping 3 zeros.
If the exchange period is short, everyone would have to exchange pretty quickly at exchange sites… most Iraqi banks would do it I guess. If the exchange period is long, you could probably still use your old currency and shop owners would take it for goods and do the swap themselves. If that’s the case there would be two exchange rates effective in the country. One for the old currency, and one that is probably 1000 times higher for the new currency… if indeed it was 3 zeros lopped.
I don’t know that Iraq will do this, but there has been a lot of talk about it. The Minister of Finance want to do it… but it’s really up to the Central Bank of Iraq.
The “impossible” has happened 60 times in recent history.
Had… is the operative word there. You are correct that all countries that lop “had” high inflation. But most of those countries got their inflation in check prior to lopping. Iraq’s exchange rate went from 3 dollars per dinar to 2000 dinars per dollar. That is massive inflation, it occurred from the mid eighties through the early 2000s, they now have it in check.
This link explains lops perfectly.
http://convention2.allacademic.com/getfile.php?file=apsa05_proceeding/2005-09-05/40104/apsa05_proceeding_40104.pdf
As a result, redenominations often occur after economic crises, as governments attempt to convince citizens and markets that hyperinflation is a thing of the past. In some cases, the timing is correct, in that redenomination caps off high levels of inflation.
Some governments are content for citizens to spend two thousand lira or manta for a cup of coffee, even if this leads citizens to question the legitimacy of the local currency. In other cases, governments do choose to redenominate, but only after a sustained period during which inflation has been reigned in; the time between hyperinflation and redenomination, then, may stretch to over a decade.
The take 3 zeros… that can be misinterpreted. He should not have used the word value, he should have just said dinar. But certainly taking your 25,000 note and handing you a 25 note might be described as removing 3 zeros from the value. Could be looked at either way.
It doesn’t say RV, it says “Rebase”
It uses Turkey as an example… definitely a lop.
The pre-war rate was not .30, that was the official rate kept on the books, but it was not the actual street value.
.30 means 3 dollars for every dinar. Look up the Gen Hugh Tant interview. He was in charge of the exchange. He states that only two bills were being used in Iraq prior to the war. One was the 250 note and the other was the 10,000 dinar note. That would mean Iraqis were doing all their business with $750 and $30,000 notes. Not likely for a dirt poor country. Tant states that the rate was over 2000. The CBI says basically the same thing.
It’s not just this article… it’s many many more that say basically the same thing. They can’t all be bogus and idiots.
The Tant Interview and the CBI rates
http://investorshub.advfn.com/boards/read_msg.asp?message_id=25586452
You do realize this is a lop?
“issuing new banknotes”
“taking off three zeros from the current Iraqi dinar value”
“dollar will equal only 1.23 dinars at current prices”
“Currency rebasings usually are monetarily neutral and are introduced to make commercial calculations easier”
“Turkey knocked six zeroes off its lira currency on Jan 1 2005, for example”
Kuwait?? Strong… exactly how was that proven bogus? When you say “it says Kuwait is going to start their own currency and break away”… do you mean the Kurdish region of Iraq?
I assume so since Kuwait obviously is not part of Iraq and already has there own currency and is not in much danger of being invaded by Turkey.
Even at that… I don’t see how it can be interpreted as the Kurdish region breaking away.
Yes it was in a Kurdish newspaper, but it clearly states “The Iraqi Government on changes to key Iraqi dinar currency. A source from the Presidency of the Council of Ministers of the Economic Commission reported that they are preparing systems for the removal of the three zeroes on the Iraqi dinar”. That is not referring to the Kurdish region.
What made this bogus? Adster and Darocks opinion aren’t official.
It may not happen… but I really don’t think there was any real proof this was a bogus story.
S S S SS
I will say this again… I obviously do not know that they will lop. It is just my opinion that they probably will.
Yours and many others beef is with the Finance Minister of Iraq. He pushed for a lop back in June of 06. It went away because the CBI didn’t want to do it at that time. It is now back and he is pushing the crap out of it again. In practically every interview/article with the Finance Minister the 3 zero thing comes up and he has even stated that there is support in the CBI for the plan now. Considering how some are so absolute and adamant in saying that there is no way Iraq will ever lop… it’s amazing that so many articles would come out referencing the lop. Why are they talking so much about something that absolutely will not happen.
It’s happened 60 times in recent history. Countries lop after prolonged bouts with high inflation send their money supply numbers through the roof and they end up walking around with 25,000 unit bills as apposed to 25 unit bills… but preferably after the implementation and success of sound economic policies to bring inflation back under control. That’s exactly what the Turkey reference was to… Turkey lopped, but because they didn’t also have sound economic policies in place it was not that successful. The Finance Minister is saying they are not like Turkey because Iraq has the sound economic policies in place. Like it or not… Iraq is a perfect candidate for a lop.
That being said… The CBI may turn down the plan once again. I have no clue what the CBI is thinking… although… 75% fractional banking and yanking all the coins off the market in one months time could be seen as a clue. It could easily be reasoned that both of those things make sense prior to an issuance of new currency. I’m sure some of you guys can come up with a few other reasons too.
I’ve said it a number of times before. I was invested in the dinar… I did a ton of DD on the dinar and many many other currencies for caparisons. I have never said you will make no money of this investment. I have said a number of times that I expect the dinar to rise to 1000:1 and then in my opinion… LOP. I made the decision that I didn’t want to get caught with a pile of dinars when they announce a currency exchange… I see a lot risk in that. I also didn’t want to open accounts in Iraq for the same reason… risk. For me… and it’s just for me… The risk do not warrant the reward of 1000:1… and I truly believe the dinar will never surpass that level. Although… I will admit that with the high level of reserves, Iraq can maintain 100% backing and go to 815:1… still wouldn’t change my risk/reward calculation though. But I think there are other factors for why it will now go better than 1000:1
I am still very interested in the subject. Just as I am interested in many other subjects that I am not invested in.
Tell you what… The MOF said back in Nov. that the CBI would take up the lop issue within 3 months… so that would mean by the end of Feb we should hear something on the issue. If they come out and say they are not going to do it I will just disappear from this board… of course after a day or two of hanging around letting you guys bash the poop out of me.
The board will then be boring… who will you guys spare with. As it is now if I skip a day or two their’s always some that will call me out. It’s good… it’s healthy to debate… keeps you sharp. If I leave everyone will agree with everything. Is that really a discussion board. If there was a anti dinar board where everyone posted how bad this investment
In the last 30 years or so, 60 countries have lopped zeros from their currencies. That’s about 2 a year.
If M2 is irrelevant then please explain why 60 times in the last 30 years it has happened?
Not once has a country simply revalued one thousand, ten thousand, or one hundred thousand percent…. Never.
I have never once claimed the US has an M2 figure in the billions. I have posted on a number of occasions that the US has 7 trillion in M2.
What I have posted is that countries with pegged currencies that are valued near 1:1 with the dollar all have in the 10-30 billion range.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22546210
The dollar is not a pegged currency, it is a floating currency and it is backed by a 13 Trillion dollar a year GDP which creates a massive demand for the dollar.
Back to the basics
Revenues practically mean nothing to a fixed exchange rate… other than, and it’s a good thing, high revenues will allow them to continue to add to reserves and buy back currency.
Iraq has and will continue to have a fixed exchange rate.
There are 3 components of a fixed rate.
First is reserves, Iraq has $27 billion. That includes foreign currency, gold, silver, SDR’s… everything.
The second component is M2, money supply… what has to be supported by the reserves. Iraq has 22 Trillion according to the Central Bank of Iraq.
The third… and most fuzzy part of the equation is what percentage of the M2 do they back with reserves. Iraq has stated that they want a minimum of 100% backing and they have stated in Letter of Intents to the IMF that they plan on continuing to support their currency at a minimum of 100% in the future.
100% is not uncommon… a lot of pegged currencies back 100%.
Not all do… In researching other currencies, I did notice that Saudi Arabia only backs their currency to about 25%. They were about the lowest I saw.
Problem is… Iraq’s economy is nowhere near as established as SA…. and Iraq having a huge % of their currency in the hands of speculators is also another reason I don’t see them going towards 25% backing.
If Iraq went to 25% backing… lowest I’ve seen…
Rate would be .0049 or 203 or about ½ a penny per dinar
http://www.investopedia.com/articles/03/020603.asp?partner=answers
Fixed
There are two ways the price of a currency can be determined against another. A fixed, or pegged, rate is a rate the government (central bank) sets and maintains as the official exchange rate. A set price will be determined against a major world currency (usually the U.S. dollar, but also other major currencies such as the euro, the yen, or a basket of currencies). In order to maintain the local exchange rate, the central bank buys and sells its own currency on the foreign exchange market in return for the currency to which it is pegged.
If, for example, it is determined that the value of a single unit of local currency is equal to USD 3.00, the central bank will have to ensure that it can supply the market with those dollars. In order to maintain the rate, the central bank must keep a high level of foreign reserves. This is a reserved amount of foreign currency held by the central bank which it can use to release (or absorb) extra funds into (or out of) the market. This ensures an appropriate money supply, appropriate fluctuations in the market (inflation/deflation), and ultimately, the exchange rate. The central bank can also adjust the official exchange rate when necessary.
Floating Dollar, Euro, Yen… NOT Dinar
Unlike the fixed rate, a floating exchange rate is determined by the private market through supply and demand. A floating rate is often termed "self-correcting", as any differences in supply and demand will automatically be corrected in the market. Take a look at this simplified model: if demand for a currency is low, its value will decrease, thus making imported goods more expensive and thus stimulating demand for local goods and services. This in turn will generate more jobs, and hence an auto-correction would occur in the market. A floating exchange rate is constantly changing.
In reality, no currency is wholly fixed or floating. In a fixed regime, market pressures can also influence changes in the exchange rate. Sometimes, when a local currency does reflect its true value against its pegged currency, a "black market" which is more reflective of actual supply and demand may develop. A central bank will often then be forced to revalue or devalue the official rate so that the rate is in line with the unofficial one, thereby halting the activity of the black market.
In a floating regime, the central bank may also intervene when it is necessary to ensure stability and to avoid inflation; however, it is less often that the central bank of a floating regime will interfere.
Good points by another poster
· Oil Production = 2.3 MBPD avg./ 1980 3.5 MBPD
· Oil Export = 2.0 MBPD avg./ 1980 3.0 MBPD.
· 2007 Oil Revenue 77 billion / $27 billion in 1980
· Dept reduced over 90 billion and continue reducing
· Security has improved by 60% and will continue (US will make sure of that!!!)
· Major Oil contracts started coming in from MAJOR OIL companies
· Refugees returning home
· Reconstruction of Iraq continues
· Country is only about 30 percent explored and continueing/ 1983 10% Explored
· Banks and Financial Instatutions continue to purchase Dinars
· Increasing the value of the Dinar will give more purchasing power to the Iraqi People in Exports and Imports, thus reducing inflation
· 2007 Federal Reserve 27 Bn and to be at $34 billion by end of 2008/ Federal Reserve in 1980 35 Bn
· 2007 Proven oil reserves: 115 bn barrels/ 1980 Proven oil reserves: 31 bn barrels
· Inflation Down to 12% Today, 65% a year earlier/ 1985 25 - 50% Inflation
· 1980 Oil prices: $35 per barrel/ 2007 Oil prices: $ 90-100 per barrel
· Iraq #1 Country with the Fastest Growing Economies. GDP real growth rate 52.3 %
· 40 % of the unemployment has been absorbed in 2007
· Dinar Value Today .00085/ 1980 $3.22 – Something is wrong
M2 today about 22 Trillion, M2 1980 about 20 Billion
Massive hypocrisy displayed here It’s perfectly ok and actually cheered on to make personal comments about me.
Personal Attack – when someone attacks a person, with name calling, or relating to the messenger and not the message.
There are 100’s of examples on this board of this towards me. None of them get deleted.
There's probably 10 on the first page alone.
Why does the rule only apply to one poster?
It’s right here for us Bob.
http://www.cbiraq.org/key%20financial.xls
Line 70 is M2… it all has to be supported.
Line 71 is the deposits portion of the M2
Line 64 is currency outside of banks, adding 64 and 71 together results in 70.
The following document explains the numbers and it clearly states that the currency numbers are LESS redeemed currency. Currency bought back at auction is exactly what redeemed means. So the CBI is tracking the auctions and adjusting the currency numbers accordingly due to auction sales and purchases.
http://www.cbiraq.org/Key%20Financial%20Indicators%20Documentation.pdf
Currency outside banks, i.e., the currency component of the money supply as
shown in the Analytical Balance sheet (Item 8) which is derived from the following sources (currency put into circulation reported by Issuing Dept. less vault cash(item 8.1 of Analytical Balance Sheet) reported by Research & Statistics Dept.). From December 2003, currency in circulation is the new currency issued by the CBI less redemption of old and damaged NEW
currency notes. Prior to October 2003, currency in circulation is all Iraqi Dinar (other than the 25 swiss Dinar notes) issued by the CBI (both Swiss and Saddam Dinar at face value) less redemption of old and damaged notes and issued currency in vaults of CBI.
I didn’t make fun of her. Your bias towards me caused you to read something in my message that wasn’t there. If as you say… I was somehow making fun of her. Then you have to be admitting that you have been blatantly and knowingly lying to the board over and over again. What would be worse, making fun of someone for the position they are in (which I certainly didn’t do) or continually lying about something which played a part in putting the person in the situation they are in.
Believe me… if I were to make fun of someone… it would probably be to make fun of someone that thinks 1 dollar equals 69 cents.
Absolutely Hilarious... I say the exact same thing that you Strongtower have said probably 20 times on this board and you guys have a hissy fit. If what I said was so wrong, then you Strong have been blatantly lying about it over and over.
Bob... here's the video I talked of.
I'm sure you are aware of the situation, but pretty sobering numbers talked about.
How about those penny stock losses Bob??
Does the foundation help you out there?
I kid you Bob… I believe a lot of what you say.
I have a video link I’ll post for you later… you will love it. It’s more backing for the things you say.
Good luck with the med procedure tomorrow Bob. Hope all is well.
Uh... LOL... what did I learn today Bob?
Also... what should Bernanke have done?
You are predicting depression. Bernanke fully believes the last depression was helped along by the Fed with their tightening of the monetary policies. So he's doing the opposite. Are you mad because he might be staving off the depression you predict? Or do you think he should be doing something different?