Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Where is there any proof that Iraq has been on some IMF imposed artificial rate. This is just an internet rumor that got spread over and over until it became a false fact.
A lot of the people who have been predicting the huge revalue for the last 3 years are the same people that say the SBA set to expire on the 22nd imposes some artificial rate. Think about that.
I would love to see some proof of this imposed artificial rate… but yet I wont hold my breath… because it’s simply not true.
Iraq has on a couple occasions told the IMF what they intend to do with the exchange rate. Why would they be doing that if the IMF was controlling the rate?
Someone heard from a friend of a friend who heard from his mom who has a friend on wall street who has a friend up the ladder at Chase that said so....
LMAO!!!
Santa Cruz in up near San Francisco.
Carlsbad is about 30 miles north of San Diego.
Just north of Solana Beach / Encinitas… and just South of Oceanside.
That it is… I moved north recently… from the insanity of Pacific Beach up to Carlsbad.
Do you realize how silly that statement is?
If they do a lop… they will need lower denominations.
If they do the magical revalue… they need lower denominations.
When a currency is lopped it is accompanied with an issuance of new currency.
In my book… you are a classic pumper. You only bring forth things that you think prove the dinar is some magical investment. You bend the facts. You claim unsubstantiated rumors to be fact. But the thing that truly makes you the classic pumper. You get severely bent out of shape if someone post hard cold FACTS that don’t help your spin. If you are such a good old boy… just helping the masses… why would any fact about the dinar bother you?
The first post you made to me on here started with this… “I can't stand reading your crap anymore because you are a big freakin liar.”
I posted verifiable facts with links to back it up… and that was your response.
Classic pumper… attact the messenger because you can’t dispute the facts.
Maybe you are not a dealer and maybe you make nothing from Ali… but why the need to attact someone for posting facts. Obviously they are facts that you don’t want out there. What is your reason for wanting those facts suppressed?
LOL… I admit I know nothing about the Grey market. I have no problem admitting when I don’t have knowledge of something.
I wait for the day when you and about 100 others admit you know nothing about currency values.
But I’m sure you and the other famous dinar pumpers on the net will still be here 2 or 3 years form now telling us how stupid the Iraqi government is because all they have to do is wave that magic wand and poof… everyone’s rich… and those dinar bashers… they’re all so ignorant.
3 years in so far... who is right?
LOL…. yeah, was banned on my first post. It was on the CSHD board. They accused me of being someone else. Notice they said multiple IPs, because mine didn’t match the other persons because I wasn’t him. Just plain paranoia.
Kinda like here… accused of being some dealer from Pennsylvania.
Actually… I play out my miserable existence living here in this hell hole called San Diego. It’s a tough life living on the beach… so much gloom.
I could care less if Strong is a dealer or not. I could care less if Ali is his friend and he’s cut a deal with him. I could care less whatever there relationship is. None of that has any bearing on the dinar and the fact that it has been on the market for over 3 years now, it is fairly valued at it’s current rate… it has massive amounts in circulation and has been massively over speculated…. All insuring that it will never increasing substantially.
It is stunning to me that people who are invested in something get so disturbed and so personal when FACTS are presented that don’t fit with…. With what can only be described as a FANTASY.
The dinar going to 1:1 without a lop is 100… (actually 1000, cuz that’s what they’ll lop if they go to 1:1).. times more ridiculous than Rufus’s promise to reset CSHD at $15… and claiming a $70 pps possibilities. And we know what a laugh that was.
LOL... I see your outrage is selective.
You had no problem when nid4u posted this about me. Telling me I’m busted… calling me a scammer.
http://www.investorshub.com/boards/read_msg.asp?message_id=17896102
“AEROSPACE YOU ARE BUSTED.
WHY WOULD YOU NOW WANT TO BUY N I DINAR AT ALL WITH 22TRILLION NID OUT THERE AND THE FEAR OF A ZERO LOP?
WHERE ARE YOU POSTING FROM? WHAT CITY?
YOU SOUND JUST LIKE THE GUY THAT SOLD ON E BAY WITH THE ROLLS ROYCE OUT OF PA, BUT HE WANTED TO TAKE YOUR DINAR FOR FREE AND KEEP IT FOR YOU AND EXCHANGE IT FOR YOUR AT A 25% MARKUP FOR HIMSELF. A SCAM THAT I BELIEVE GOT BUSTED. SO THAT IS YOUR SCAM ? YOU PREY ON PEOPLE HERE? STRONGHOLD GET THIS POSTER BLOCKED OFF THESE BOARDS”
Once again… reading comprehension seems to be very low here.
I pointed out a FACT. Strongtower is from Nashville… he BLATANTLY PROMOTES a currency dealer from Nashville. Simple as that… am I wrong???
I made no other claims… I didn’t call him a scammer… I didn’t scream at him that he’s busted. Just pointed out a fact.
Here's a little DD for you
Someone on this site… who has links to, and promotes, a certain currency dealer on his board
Just happens to live in or around Nashville Tenn.
http://www.investorshub.com/boards/read_msg.asp?message_id=17623603
“Yeah, here in Nashville which really extends into 6 more cities which total consist of a 75-100 mile radius. We only have Comcast, Direct and Dish here. Nothing else. Our total population is a million plus. Probaly more”
The currency dealer that he pu... recommends... just happens to be
Dinar Trade
9005 Overlook Blvd #303
Brentwood TN 37027
Which just happens to be a suburb of Nashville Tennessee.
I’m sure it all a coincidence.
What are you going to ban me for??
I’ve posted nothing but facts with links to support them.
The only thing I’ve speculated on is the lop… and I’ve made it very clear that it is just my opinion that Iraq could possibly lop.
There are a few people on this board posting misleading false information with no backing and claiming said false information to be fact… wouldn’t those people be more subject to banning?
I addressed your point with the explanation from the CBI… how much better could it be addressed? The CBI states that the weekly numbers exclude “accounts of a current nature as reported by banks in the “Monthly Reserve Calculation Period””
You are the one choosing to believe as you will without any facts or substance to back up your claim… while ignoring the explanation supplied to you from the Central Bank of Iraq.
You guys are hilarious…
Nid… I got a great kick out of your post welcoming me to the board… that was only slightly transparent.
Now you want me banned. Banned for what??? I’ve posted facts backed with links. If you don’t like them… dispute them? It’s obvious you can’t dispute them, so you want me banned. Says lots about you.
I have said on numerous occasions… I do not know that Iraq will lop… I am not predicting a lop… all I am saying is their currency is a prime candidate for a lop and there certainly is a possibility of a lop.
I see reading comprehension is severely lacking on this board also. I didn’t come out and call Strong a pumper… Someone called me a basher and I responded that IF I’m a basher then strong is certainly a pumper. I did not say he was a dealer… but I did say that there are a lot of dealers posting on dinar boards.
YES… if I could get dinar at the exchange rate for no shipping I would buy tons of it. I wouldn’t hold it. I would turn around and sell it at $100 per million profit as fast as I could.
Are you holding all physical currency?
Look… I’m not saying that Iraq or Vietnam will reissue new currency and zero lop. I have no idea weather they will or not. But it looks to me like you have about $70,000 in currency that is at risk for a reissue/zero lop.
I would be afraid that Iraq will reissue new currency and they will give a short exchange period in an attempt to catch as much currency outside the country as possible. If you do hold cash… I would have a plan in place to get your cash back into those countries as quick as possible.
Once again… I am not saying that either country will lop/reissue… but both countries look like prime candidates for a lop to me.
Can I ask where you bought your dinar from?
You would have had to purchase at the exchange rate and pay no shipping to have realized the 15% gain.
The vast majority of dinar holders paid between $800 to $1000 per million for their dinars, that leaves them still in the red even after this 15% increase.
If I can get it at the exchange rate with no shipping… I will buy large amounts of it.
Great read… dispels a few myths.
http://www.usip.org/library/oh/sops/iraq/sec/tant.pdf
A few highlights.
Brigadier General Hugh Tant, retired, is a career army officer who has
extensive experience in financial management. Most recently, he spent five-an-ahalf
years in charge of two-thirds ($44 billion) of the Army's budget. He
volunteered to lead the currency exchange program in Iraq. He was stationed in
Iraq from September 2003 to January 2004. The currency exchange program ran
from October 15 2003 to January 15 2003.
Currency exchange was necessary for five reasons; (1) two currencies
were in circulation, the old Swiss dinar in the north and the Saddam dinar in the
rest of the country; (2) inadequate numbers of denominations existed, the Swiss
dinar came in 3 denominations and the Saddam came in only two denominations;
(3) the currency was poorly made and easily counterfeited; (4) the Saddam dinar
had been devalued and the public had little trust in it; (5) the presence of Saddam
on the currency was inappropriate.
TANT: You had the Central Bank which answered, of course, to Saddam. And
whenever he directed, they had to print more money, which was a negative inflationary
monetary policy. That was one of the reasons why the currency had to be replaced.
But, in the great majority of the country, they had the Saddam dinar with Saddam's face
on it. There were basically only two denominations of that: there was a 10,000-dinar
note, which was worth about $5, and there was a 250-dinar note, which was worth about
12.5 cents, 12 cents. The reason its value had dropped so low was because of Saddam’s
inflationary monetary policy. In comparison, back in the '80s, before the Saddam dinar
came about, the rate of exchange was about $3 to one dinar. But because of Saddam
there was now a total upside-down situation where one dollar was worth about 2,300
dinar.
For 2 years I’ve followed that chart and the weekly numbers have always been less than the monthly numbers because the weekly numbers do not include all components that are in the monthly numbers.
It’s explained on the Central Bank web site.
http://www.cbiraq.org/Key%20Financial%20Indicators%20Documentation.pdf
5. Money Supply (M2)
Monthly: Reported by Research & Statistics Department (as at the end of the month,
in billions of Dinar) from the monthly regulatory reports of all commercial banks.
Currency in Circulation outside of banks (see 4.a above)
Deposits in Commercial Banks, excluding central government deposits, interbank
accounts, and accounts of a current nature.
Weekly: Reported by Research and Statistics Department as at the end of every
Thursday.
Currency in Circulation outside of banks is currency put into circulation as
reported weekly by Issuing Dept. less dinar cash in vaults of banks as reported by banks in the
“Monthly Reserve Calculation Period Report of Deposits and Vault Cash” .
Deposits in Commercial Banks, excluding central government deposits, interbank
accounts, and accounts of a current nature as reported by banks in the “Monthly Reserve
Calculation Period Report of Deposits and Vault Cash”.
Same document… table 2
http://www.cbiraq.org/Binder4.pdf
http://www.cbiraq.org/Binder4.pdf
Slightyl different figures than those reported by the Central Bank Of Iraq.
Scroll down to table 10.
You're on the right track… numbers are a little off.
The 20 Trillion number from Iraq is there M2 number.
It’s 10 Trillion in circulation and 10 trillion in bank accounts.
So the 20 trillion number is what has to be supported.
The United States has about 800 billion in circulation, but the US M2 numbers is about 6 Trillion.
So Iraq has about 3 1/2 times more currency to support than the US.
Iraq has, even with all that oil, a GDP of about 50 billion, the US is 12 Trillion
So the US has a GDP 240 times higher.
240 x 3 1/2 = 840… Iraq would be doing well to get down to 840.
Considering 3 ½ times more currency and 240 times less money to support it with, I’m not sure how people come up with 1:1 or especially the ridiculous 1:3 numbers.
With 3 ½ times more currency and a value of 1 dinar = 3 dollars. That would mean that Iraqs currency would have a value 10.5 times higher than the dollar… all while having a GDP 240 times lower.
Just as a comparison… let’s look at Kuwait.
Kuwait has 500 million (yes… MILLION) dinars in circulation.
Kuwait has a M2 figure of about 10 Billion
So Kuwait has 600 times less currency than the US.
Kuwait has about 50 billion GDP also, so 240 times less than the US
So 600 divided by 240 = 2.5
Pretty amazing how these numbers seem to work out.
Kinda explains why it has such a high exchange rate.
Exchange rates obviously are not formulated that way, but it’s not a bad comparison.
The US dollar is a floating currency.
The Iraqi dinar is a pegged currency. Pegged currencies are required to be backed with foreign currency reserves.
Iraq has about 20 Trillion dinar, backed by about 17 billion dollars in foreign currency reserves. 17 billion divided by 20 trillion = .00085. That’s what determines Iraqs exchange rate. They have said on numerous times and in numerous reports to the IMF they stand ready to fully support their money supply (The 20 Trillion) and they have stated that they plan on continuing to do so in the future.
1948... I think... It really wasn't a revalue. It was a reissue, a new currency. They allowed people to swap 60 of the old currency at a rate of 1:1 for the new… anything over 60 was swapped at a rate of 10:1. So it was basically a 1 zero lop.
Hilarious… when they reval'd the deutschmark they did a zero lop…. You used the example of a zero lop to say there won’t be a zero lop.
LOL… I only wrote that in the defense that I was being labeled a basher. That is equally as absurd. Actually… there are a lot of dinar dealers posting crap on dinar message boards in an attempt to pump up sales. It would be a bit naive to deny their existence. Do I know strongtower is a dealer… of course not.
You got the dealer spin on Kuwait… now how about some real facts.
Kuwait was invaded Aug 2nd 1990, they were liberated on Feb 27th 1991,
That’s 7 months. One month later on March 24th, they rolled out a new currency at the new rate.
From wiki: After the liberation, a fourth series was issued on 24 March 1991 with the aims of replacing the previous withdrawn series as quickly as possible and guaranteeing the country's swift economic recovery. This fourth series was legal tender until 16 February 1995. Denominations were ¼, ½, 1, 5, 10 and 20 dinar.
The Kuwait Central Bank only reports back to 1994… but at that time, in 1994, Kuwait had a whopping total of 371 million… not trillion, not even billion… dinars in circulation.
Also from the Central Bank website… Exchange rates.
Average Exchange Rate of Kuwait Dinar Against U.S. Dollar (Fils)
Period Exchange Rate
1986 290.53
1987 278.86
1988 278.94
1989 293.74
1990 291.24
1991 289.19
1992 293.30
1993 301.32
1994 297.62
1995 298.46
1996 299.42
1997 303.36
1998 304.79
1999 304.38
2000 306.79
2001 306.54
2002 303.97
2003 298.046
2004 294.07
2005 292.00
As you can see… that 10 cent exchange rate people like to quote… it wasn’t even a blip on the screen.
In fact… I’ve never seen where the exchange rate officially changed. (Other than dinar dealer claims) The only thing that happened was the people lost confidence in it, panicked, and sold it off at a street value something less than the official value. Unless you were walking around on the streets of Kuwait with money willing to buy peoples dinars, you didn’t make out.
Comparing Iraqs situation… Currency has been out for 3 full years, 10 trillion in circulation, another 10 trillion in banks that has to be supported…. It replaced a currency that Saddam had destroyed by increasing the supply from 20 billion to over 4 trillion.... Comparing that to Kuwaits situation… 7 month conflict, loss of confidence in currency, street selloff, less than 400 million dinars…. Well… there is no comparison.
Lol… vile, base, degrading and denial… so becoming.
A shotgunsusie disciple I see.
Considering most people paid between $800 to $1000 per million.
We are now at $781… most haven’t made a penny yet.
I have never contended that people wont make a little money off the dinar… could possibly even double it if things go great.
I do contend that a %130,000 increase is a bit farfetched.
I’m a basher? I’ve just presented facts… if they are wrong then show me where they are wrong. Strongtower is a pumper is a much more accurate statement. He’s denying reality as I proved in my last post. There were many discussions and news articles about Zero Lopping the Dinar.
He is also claiming that many countries hold dinar. There is not one single shred of evidence to support that claim.
He is also claiming that Iraq has removed 6 trillion dinars from circulation since early Nov. That is an outright lie. The CBI has posted their money supply numbers for Nov and Dec and the numbers went up… not down. Yes… they may have bought back 6 trillion in the currency auctions, but they were not removed from circulation… they were used to run the country.
I look forward to the “We have a currency pumper!!” posts.
I’m sure you’ll apologize for calling me a liar… lol
There were about 8 or so follow up articles discussing the MOF suggestion… every one of them interpreted his statement as a Zero Lop… the number of articles written interpreting it as just moving the exchange rate… none, nada, zip.
I don’t feel like finding them all, but here’s a sampling.
http://www.edinarfinancial.net/news/?quer=&nm=&ny=&nn=320
Iraqi Dinar Value should be Raised, Baker Jaber AL Zubaidi:
June 30, 2006
This was pre 1980 before Iraq became involved in three destructive wars that at one time led to the currency's value dropping to a level of 3,000 Iraqi dinars to one US dollar. The proposal has the support and approval of the World Bank.
A statement by B.J. AL Zubaidi, the Minister of Finance, in which he said that he had suggested to the Chairman of the Central Bank, Dr. Sinan AL Shibibi, that three zeros be taken from the Iraqi Dinar in order to raise its value so that one Dinar be equal to a Dollar. He explained that the financial authorities were set on holding a meeting next month to discuss the matter. The meeting is to be attended by experts and specialists from the Ministry of Finance, the Iraqi Central Bank and the Commercial Bank .
The new Minister confirmed that 2007 would see the preparation of a qualitative budget, the first of its kind in Iraq history, and that the new program would pinpoint economic indicators.(Source)AlSabah
This was from MSNBC.com
http://www.msnbc.msn.com/id/13738902/
The link no longer works….
BAGHDAD - Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said on Thursday.
Senior government and central bank officials have told Reuters the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the U.S. dollar.
Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."
Jabor said surveys indicated popular support for the move. The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.
There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the U.S. invasion in 2003. At that time new banknotes were issued by the U.S. occupiers to remove Saddam's image.
Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s. Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars.
(c) Reuters 2006. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
Quoted from Noozz
EDITORIAL
Bankers cautious of suggestion to equate Iraqi dinar with US dollar
Noozz Editorial
Jul 3 2006
Several newspapers announced last week that Iraq’s Ministry of Finance and Central Bank are evaluating a proposal to raise the Iraqi dinar’s value to match it with the American dollar. The news drew strong attention from the banking and commercial sectors as well as the citizens at large.
In an interview with Iraqi newspaper Al-Sabah, Minister Bayan Al Zubaidi said he suggested to Iraq’s Central Bank Governor Sinan Al Shibibi that “three zeroes” be taken from the value of the dinar to bring to level with the US dollar. Al Zubaidi stated that this proposition has gained the approval and support of the World Bank. He added that a meeting would be held this month to discuss the dinar value raise which would include specialists from the Ministry, the Central Bank of Iraq, and the Commercial Bank.
The news attracted attention and sparked worries of instability that could result in the trade sector and elsewhere. The commissioner of Credit Bank of Iraq, Fouad Al Hosni, said to Al Mo’tamar newspaper that such a matter was good for the Iraqi people’s sentiments but he also posed the question, “is the national economy currently capable of moving to a phase of equating the dinar with the Dollar?”
Zuheir Al Hafez, Commissioner of Ashur International Bank for Investment, agreed with Al Hosni. “The Minister’s suggestion requires cautious appraisal taking into consideration that the country’s security condition makes the economy more volatile and less capable of absorbing disturbances to commercial transactions that may result if the suggestion was not carefully evaluated,” he said.
Another voice from the banking sector, Badee’ Al Fikry, the Deputy Manager of the Basra Private Bank for Investment, wondered if the reduction of national debt and the increased liquidity due to rising oil prices were enough justification to taking such a decision. He added however that, “the important matter is to analyze the possible outcomes of equating the dinar with the dollar and how to rectify any deficiency that could result in transfers of merchants and banks.”
I suggest you write Jeffrey Frankel… I did
http://www.investorshub.com/boards/read_msg.asp?message_id=17514055
Jeffrey_Frankel@harvard.edu
They are buying those dinars back because they need them to run to the country and they don’t want to increase the money supply any further.
The CBI came out recently and said they were "Tightening" monetary policies.
Tightening monetary policies restricts growth in money supply as apposed to "easing” monetary policies which allows money supplies to grow.
I don’t think the CBI daily auctions would have any effect on whether they decide to zero lop or not. Don’t see how they are related at all.
I at one time had what would probably be considered a large amount of dinar.
I no longer have a large amount.
I did what I think is a huge amount of DD on the dinar and I am still interested in the dinar because of the amount of time and effort I took to do that DD… so I still enjoy discussing the dinar.
I wasn’t saying they would lose value.
My example of a 25000 note being exchanged for a 25 note also comes with a new exchange rate.
Just for an example… say the exchange rate is 1000:1... That is the exchange rate for the current notes. If they zero lop/reissue the new notes would have an exchange rate of 1:1. The old 25000 note would have the same exact value as the new 25 note.
Oh yeah… When the Minister of Finance suggested the zero lop months ago it was also stated the IMF and World Bank had approved the plan.
The link to the Central Bank of Iraq figures….
http://www.cbiraq.org/key%20financial.xls
All of the other countries I talked about have Central Banks that publish numbers on their respective web sites also.
Russia, Turkey, Afghanistan, Mexico, and other have already done it. Venezuela and Zimbabwe are the latest to announce plans to do it.
I sure they all had legal tender.
This is not a new thing
I’m amazed that someone could be invested in a currency with such large denominations and with such a large M2 figure and not seem to be aware of the possibility of a currency reissue/zero lop. It happens all the time.
Actually the current minister of finance suggested that Iraq do it about 8 or 9 months ago. The head of the CBI didn’t want to and stated the plan had been set aside FOR NOW.
Depends on what your expectations are.
If you take the time to do the DD and compare Iraq to other countries… Kuwait, Saudi Arabia, Bahrain, Jordan, Iran, and others… look at Foreign Currency Reserves, GDP, Money Supply (Currency in circulation and in deposits) and it will become crystal clear that the Iraqi dinar is very fairly valued at what it is today. Iraq has 20 Trillion as a Money Supply figure. The countries that have an exchange rate of 1:1 or there about all have a Money Supply between 10 to 30 Billion. Iraq has a money supply 1000 times greater than those countries and it explains so clearly why they have an exchange rate about 1000 times higher.
In my opinion… based on comparing Iraq to numerous other countries… here are the possible outcomes I see.
They continue on like they are… the dinar may… MAY rise in value to 1000:1 over the next 3 or 4 years and they may join the GCC and switch to the GCC currency if that ever comes to fruition. 1000:1 is about as high as I see it going.
The other option they have… if they really want their currency valued at 1:1… they have to return the money supply number back to about 20 Billion. That would put them in line with the other countries that have a 1:1 or better exchange rate and would also return them to the money supply number they had in the 80’s when they had a favorable exchange rate. That would be the dreaded zero lop… where your 25,000 dinar notes would be exchanged for 25 dinar notes.
Central Bank of Iraq updates money supply numbers.
The CBI has posted the money supply numbers for Dec 2006. There was rampant speculation throughout Nov and Dec that the CBI was removing Trillions of Dinar from circulation based on the fact that they were buying large amounts in the daily auctions. Well the results are now in and that has been proven to be false speculation.
As of Dec 2006 Iraqs money supply is 21.198 Trillion Dinars. 10.232 Trillion of that is in the form of deposits… leaving 10.965 Trillion in currency outside of banks.
The E-bay price
Rolclub… IFF…. LOL… Good one!
I believe you do need to post a link to back up claims like that. The reason you can’t is because it doesn’t exist. Quite simply… you are supplying false information to this board. I’m highly amused that you would equate hanging out on Rolclub and IFF as doing DD. Those two sites for the most part are just a hair shy of the ignorance displayed at Hotstockmarket’s CSHD board.
The reading comprehension displayed on those boards is at about a 3rd grade level. Practically everything is misinterpreted. I’ve read many of the posts over there and it was this story… http://www.infowars.com/articles/iraq/iraq_deposits_5_billion_into_us_fed_reserve.htm
that was misinterpreted, twisted and turned into Iraq sold the US Fed 7.5 trillion Dinar.
Anyone with at least a middle school level of reading comprehension could see that is not what the article is stating.
I would stack up my level of DD on the Iraqi dinar against anyone.
Signed
DD
In your past post did you just claim it to be so…like here… or did you provide a link of some type to back up the statement?
I would love to see a link that talks about the fed buying dinar.
If the CBI of Iraq has the power to revalue their currency to 1:1… then why would they have sold 14 Trillion for a mere 3 billion?
Iraq deposited 5 billion US dollars in a fed reserve bank in New York.
A spokesman…. “Taylor said the five billion dollars had built up from the currency transactions since the introduction of the new Iraqi dinar.”
There is no mention of who bought the dinar.
There is no proof at all that that the Fed is holding 1 single dinar.
http://www.infowars.com/articles/iraq/iraq_deposits_5_billion_into_us_fed_reserve.htm
Also… I’d like to note that there have been numerous internet posters who have said over and over for the last year or so that before the Foreign Investment Law was enacted, that Iraq would have to revalue or Iraq would be bought for pennies. Well… the FIL apparently has been enacted… and yet no revalue. I’ve yet to hear their explanation.