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geez Bob..whats the difference who it is..unbelievable
lol....looks like Princeton
lol....looks like Princeton
ya why?
what's it got to do with the new currency? Sadam dead
Common sense Strong.....still in effect here I hope..lol
Iraq had no idea of their financial strength in 2006...Now they know where they are headed. With the help of the US they have been able to take advantage of their huge wealth including the gold. Why would they cre if they made a few millionaires along the way of rebuilding? Let me see, hmmmm let some people get rich insuring the stability of our country or be pigheaded and try to bite the hand that fed us?.What would YOU do.....DUHHHHH
Just spoke to someone who owns 250,000,000 Dinar and he said that a three zero reduction on currency is ludicrous. He is a good friend of Ali's and he has been spot on so far. I have no reason to doubt him. He said he would've dumped a long time ago...Just figured I'd mention it.
No what?
THATS ALOT OF CASHMERE...LOL
GFRE sick!!!!!!!
AFFN ready to rock
AFFN shorts are covering
AFFN shorts are covering
What a bunch of flags....lol
Added more Dinar....1000 bills weeeeeee...frm ebay
AFFN is startin to move
AFFN is startin to move
....and we're shooting for 1:1 baby!!!!!!!
It's not gold in there..It's Cheney's shotgun...lmao
REVAL OF DINAR=NO DEPRESSION..WEEEEEEEEEEEEEEEEEEEEEEEEEE
whats that?
27 747's full of Dinar..mine fit in the glove box lol...
Repercussions of the Iraqi Dinar/US Dollar Parity
Ali Mahmoud al-Fakiki Al-Hayat - 11/07/06//
Today, the US dollar corresponds to 5.7 Egyptian pounds and 116 Japanese yen. Can we say that the Egyptian pound is stronger than the Japanese yen, and that the Egyptian economy is stronger than the Japanese economy since the number of Egyptian monetary units required for purchasing one dollar is less than the required number of Japanese units?
Successive Iraqi governments have adopted the slogan of 'Improving the Iraqi dinar exchange rate', as if they were promising Iraqis the key to 'Ali Baba's Cave'. This slogan was the 'promise' given by the governments of Dr. Iyad Allawi and Ibrahim Jaafari, among the priorities of their economic agendas. Today, Nouri al-Malki's government is doing the same thing. Saddam Hussein and his son, Odai, had also previously made such promises.
According to the statements of Bayan Jabr Al-Zubeidi, the Iraqi Minister of Finance on June 26, 2006, to 'Al-Sabah' newspaper, published in Baghdad, the government intends to remove three zeroes of the dinar to make it equivalent to the dollar. Thus, we may conclude that the planned process will be nothing but currency exchange, which neither revaluates nor devaluates the dinar.
It is estimated that the ratio of replacement will be 1500 of the current dinar for one new dinar. Accordingly, if an employee currently earns 150 thousand dinars, he will be paid 100 new dinars (unless the salary brackets are changed). This will be equivalent to 100 dollars. Thus, the exchange rate of one dinar is equal to one dollar. For example, the current price of one kilo of mutton, which is 8000 dinars, will accordingly be around 5.33 new dinars.
The monthly salary of 150 thousand dinars currently buys 18.75 kilograms of mutton in Baghdad. When the dollar exchange rate is equal to the dinar, according to the new process, the monthly salary of 100 new dinars (equivalent to 150 thousand of the current dinar) will also buy 18.75 kilograms of mutton. This means that the salary will have the same purchasing power of the current salary of 150 thousand dinars.
Hence, the proposed or planned process is simply an illusion, just like changing daylight saving time. It is all the same, whether the clock was moved an hour ahead or the formal working hours were increased. Thus, the proposed process of equating the US and Iraqi exchange rate should not be celebrated. Many third world countries, like Turkey in the 1980s, applied this policy.
It is well known that the Iraqi dinar is a local, not a global, currency. It will remain the same both in the foreseeable and distant future. The country's import capacity, the consumption levels, and the welfare of the Iraqi individual, all depend on the circumstances of oil exports and the policies and methods of handling them. It is also known that about 99% of foreign exchange revenues in Iraq are petro-dollar revenues, since oil prices are paid in dollars and have nothing to do with dinars.
If the Iraqi economy and currency were like the Japanese economy and currency, for example, the foreign exchange rate would have a significance that would render it a source of a serious commercial intensification. This happened between the US and Japan, and later between the US and Germany, throughout the 1970s and the first half of the 1980s. The Japanese yen went down against the US dollar, becoming a protective measure for the Japanese industry. The move hindered the flow of American products to the Japanese market, weakening their competitiveness. It facilitated the flow of Japanese products to the American market and strengthened the competitiveness of Japanese companies in that market.
The exchange rate against the dollar in the 1970s and the first half of the 1980s was 230-250 yen. However, the continued pressures of US President Ronald Reagan on Japan and Germany in the annual conferences of the Big Seven (it did not yet include Russia), and in other conferences, led Japan to almost double the value of the yen through monitory procedures. The value of the yen was raised from the level of 230-250 yen against the dollar to the level of 120-110 yen from the second half of the 1990s.
In brief, the value of the dinar against the dollar differs in several aspects from its value against global currencies. This is just a formal issue of no use, and that is not to be celebrated.
Today Iraqis are looking forward to more important issues, including the following:
First: Macroeconomics
1 - Lowering the unemployment rate to 2-3% along with an effective system of unemployment compensation and insurance. The unemployment rate today is 18%, while pseudo-labor is about 31%, according to the Ministry of Planning.
2 - Lowering the inflation rate to 2-3%, compared to the current 20-30%, most of which is due to inflation resulting from high prices.
3 - Continuous improvement on the standard of living by 20-30% annually, with a significant rise in the living standards of the marginalized populations.
4 - A spending policy which compensates for poor territories and geographical areas that have been suffering inequity and deprivation during 80 years of feudal, nationalist and Baathist rules.
Second: Microeconomics
1 - Handling the accumulated deficit in the housing sector. There is a need to build 300-320 thousand housing units per year over the next ten years. The annual rate of achievement for the year 2004 and 2005 was around 15% of this figure. It is not expected that the rate of achievement for this year will exceed the rates of both years. There is an economic slogan that goes: 'Success of construction guarantees overall success'.
2 - Handling the accumulated deficit in the road sector. The density of roads in Iraq is expressed by the total length of the roads, divided by the area of the country. It is among the lowest densities in the world (only 0.09). The rate in Thailand is 0.14, in Brazil 0.24, in Korea 0.85, and in Japan 2.04 or approximately 34 times the rate of Iraq. There is a need to establish main and secondary roads amounting to 8-10 thousand kilometers per year, over ten years. Moreover, there is a need to repair and rehabilitate the current debilitating road network. The current rate of achievement is about 10% of the required rate.
If the state meets these important demands among others, we should not be concerned about the rise of the exchange rate of the dinar to be the equivalent of the dollar or leaving it at its current state.
*Mr. Ali Mahmoud al-Fakiki is an Iraqi economic expert
could we make it a contest?
Then the plans were put into operation with the Iraqis and the Coalition Provisional Authority working together. To make this all happen, twenty-seven 747 planeloads of the new currency were printed in record time at seven different locations around the world. The currency was then flown into Baghdad, and distributed to over 250 distribution points all over the country. Millions of Iraqis came with bags full of old currency, and lined up to get the new currency. Finally, the old currency was destroyed. A retired U.S. general, who had been running a bank in the United States, volunteered to oversee logistical operations. He sent situation reports from Baghdad to Washington and other coalition capitals everyday. Each report concluded with his motto "Teamwork That Works!" And it did work.
(end text)
(Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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OK Guys, guess how much cash this is....lol read this
is it Sadambus day already?....wow
Pick one of Saddam's palaces and melt it down...lol
Doesn't Iraq have gold too? lol...
I agree Bob and also know two facts: 1 Iraq is second richest country in the world..2 Their currency is worth s@!t..something has to happen regardless of the fact that it will strain something somewhere. When Iraq pledged assets,if they did, I'm sure there's a plan in place to insure that the people who hold any kind of position do not effect the plan negatively...just an opinion of course.
Nice to increase wages but aren't the majority of Iraqis poor and uneducated? If so that means crap. It's a raise for the educated IMO
Bill to raise employee salaries in Iraq:
Bill to Raise Employees Salaries
PUKmedia 2008-01-03 13:31:11
Yesterday, Iraqi Council of Ministers headed by Dr. Barham Ahmed Salih, PM Deputy, in its 2008 first ordinary session, approved a bill to amend the Civil Service Law, to raise the minimum salaries for the various grades and to increase the various allocations of the Iraqi Public Employees.
Dr. Ali al-Dabbagh, Iraqi Government Official Spokesman said that the new law will participate in decreasing life difficulties and also in reducing the inflation which made salaries lose a part of its strength.
The Law Bill issues amending the first employed salary according to ones educational degree in addition to the position allocations which is about 15-30% of the basic salary. Dr. Ali al-Dabbagh added.
Educational Degree allocations about 10-75% will also be added beside geographical location allocations, the Bill also issues on allocations about 45 US $ to the married employed as well as Risk allocations represents 20-30% of the salary. Dr. Ali al-Dabbagh clarified.
agree strong....makes sense
I agree....The 2008 no BS rule...lol
I don't think the US would be dumb enough to hold Dinars that could be adversly effected by an Iraqi govt decision but I do believe the best move for the US was to take a "position" against their assets in general...logical move IMO
It was posted here that it was a US Treasury source...I remember reading it but I don't remember if it specified cash.