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That's a sham.
Once I got to this I stopped.
(2) We raised the issue of the large number of IQD reported as being in circulation (current estimates are at 25 Trillion). He indicated this was mostly made up of (1) in country physical currency, (2) the foreign currency reserves of the central banks around the world which are electronic, (3) currency that had been printed but not released (i.e. small denomination bills) and (4) privately held physical currency sold to increase the foreign currency reserves.
Anyone so clueless of currency in circulation numbers doesn't deserve the time of day.
Foriegn Currency Reserves of other countries, electronic??????????????? LOL
Currency that has not been release????????? LOL
Privately held blah blah blah.... what the heck is he talking about?
This sounds like a dinar dealer interviewing himself, pretending to be an economist.
The dinar value will stay basically unchanged, and eventually they will lop. 100% certain of that.
None of that changed the point one bit. He said “Not at the moment”.
I don’t blame them. I don’t know why they would lop now as long as speculators are still buying up dinar.
Think about it. They get money to bolster their Foreign Currency Reserves, and the speculators basically remove the currency from circulation by sticking it in a shoebox in their closet in Palukaville Indiana.
It’s a total win win for Iraq.
I wish I would have saved the article. About 3 or 4 years ago an article stated the number one revenue generator for Iraq was Oil of course. They also stated the number two revenue generator for Iraq, and low and behold, it was selling Dinar.
This whole thing has been a massive revenue cash cow for Iraq. They have made BILLIONS selling dinar. Why kill it with a lop?
Shabibi said "This operation is unlikely at the moment"
I say the dinar investment is a scam and ONLY negative comments should be allowed.
Would you mind explaining the math behind that statement?
Looks to me that if Iraq RVs to 1$, their number goes to over $26 Trillion and makes them #1 by a mile, in fact it makes them more than all the others combined.
For all the talk about Iraqi oil.
It's great, but how about a little perspective.
Oil production.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2173rank.html?countryName=Iraq&countryCode=iz®ionCode=me&rank=14#iz
Rank country (bbl/day) Date of Information
1 Saudi Arabia 10,780,000 2008 est.
2 Russia 9,810,000 2009 est.
3 United States 8,514,000 2008 est.
4 Iran 4,174,000 2008 est.
5 China 3,795,000 2008
6 India 3,720,000 2009 est.
7 Canada 3,350,000 2008 est.
8 United Arab Emirates 3,046,000 2008 est.
9 Venezuela 2,643,000 2008 est.
10 Mexico 2,601,000 2009 est.
11 European Union 2,531,000 2007 est.
12 Norway 2,466,000 2008 est.
13 Brazil 2,422,000 2008 est.
14 Iraq 2,420,000 2009 est.
Oil exports.
They barely export more oil than the US.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2176rank.html?countryName=Iraq&countryCode=iz®ionCode=me&rank=11#iz
1 Saudi Arabia 8,728,000 2007 est.
2 Russia 4,930,000 2009 est.
3 Iran 2,719,000 2007 est.
4 United Arab Emirates 2,700,000 2007 est.
5 Canada 2,421,000 2008 est.
6 Norway 2,383,000 2008 est.
7 Kuwait 2,349,000 2007 est.
8 Nigeria 2,327,000 2007 est.
9 European Union 2,196,000 2007 est.
10 Venezuela 2,182,000 2007 est.
11 Iraq 1,910,000 2009 est.
12 Algeria 1,891,000 2007 est.
13 Netherlands 1,647,000 2008 est.
14 United Kingdom 1,602,000 2008 est.
15 Libya 1,542,000 2007 est.
16 United States 1,433,000 2008 est
They already have more currency than all these countries.
Look at # 41
34 Slovakia $ 25,520,000,000 31 December 2008
35 Romania $ 25,300,000,000 31 December 2008
36 Ukraine $ 24,700,000,000 31 December 2009
37 Philippines $ 24,320,000,000 30 November 2009
38 Colombia $ 21,580,000,000 31 December 2008
39 Israel $ 18,900,000,000 31 December 2008
40 Kazakhstan $ 16,120,000,000 31 December 2008
41 Kuwait $ 16,050,000,000 31 December 2009
42 Peru $ 15,420,000,000 31 December 2008
43 Chile $ 14,720,000,000 31 December 2008
44 Qatar $ 14,590,000,000 31 December 2009
45 New Zealand $ 13,700,000,000 31 December 2008
46 Bulgaria $ 12,630,000,000 31 December 2009
47 Bangladesh $ 10,350,000,000 30 September 2009
48 Tunisia $ 10,070,000,000 31 December 2009
49 Lithuania $ 9,519,000,000 31 December 2008
50 Croatia $ 9,270,000,000 31 December 2009
51 Ecuador $ 9,215,000,000 31 December 2009
52 Angola $ 8,446,000,000 31 December 2008
53 Latvia $ 6,688,000,000 31 December 2008
54 Azerbaijan $ 6,381,000,000 31 December 2008
55 Estonia $ 6,106,000,000 31 December 2008
56 Guatemala $ 6,106,000,000 31 December 2008
57 Kenya $ 6,068,000,000 31 December 2008
58 Oman $ 5,250,000,000 31 December 2008
59 Belarus $ 4,872,000,000 31 December 2008
60 Iceland $ 4,830,000,000 30 September 2009
61 Malta $ 4,639,000,000 31 January 2008
62 Bosnia and Herzegovina $ 4,490,000,000 31 December 2008
63 Costa Rica $ 4,209,000,000 31 December 2008
64 Bolivia $ 3,998,000,000 31 December 2008
65 Panama $ 3,764,000,000 31 December 2008
66 Serbia $ 3,690,000,000 31 December 2009
67 Dominican Republic $ 3,619,000,000 31 December 2008
68 Yemen $ 3,489,000,000 31 October 2009
69 Brunei $ 3,374,000,000 30 March 2009
70 Lebanon $ 3,212,000,000 30 November 2009
71 Albania $ 3,028,000,000 31 December 2008
72 Nepal $ 2,530,000,000 31 July 2009
73 Tanzania $ 2,464,000,000 31 December 2008
74 Sri Lanka $ 2,441,000,000 31 December 2008
75 Trinidad and Tobago $ 2,390,000,000 31 December 2008
76 Uruguay $ 2,247,000,000 31 December 2008
77 Paraguay $ 2,062,000,000 31 December 2008
78 Papua New Guinea $ 2,005,000,000 31 December 2008
79 Namibia $ 1,983,000,000 31 December 2008
80 Afghanistan $ 1,688,000,000 31 December 2008
81 Mauritius $ 1,680,000,000 31 December 2008
82 Barbados $ 1,637,000,000 31 December 2008
83 Honduras $ 1,633,000,000 31 December 2008
84 Macau $ 1,591,000,000 31 December 2008
85 Uganda $ 1,488,000,000 31 December 2008
86 Mozambique $ 1,406,000,000 31 December 2008
87 Armenia $ 1,359,000,000 31 December 2008
88 Bahamas, The $ 1,255,000,000 31 December 2008
89 Jamaica $ 1,253,000,000 31 December 2008
90 Macedonia $ 1,224,000,000 31 December 2009
91 Madagascar $ 1,217,000,000 31 December 2008
92 Moldova $ 1,116,000,000 31 December 2008
93 Zambia $ 1,034,000,000 31 December 2008
94 Botswana $ 1,008,000,000 31 December 2008
95 Georgia $ 972,400,000 31 December 2008
96 Eritrea $ 896,200,000 31 December 2008
97 Aruba $ 780,400,000 31 December 2008
98 Laos $ 691,100,000 31 December 2009
99 Cambodia $ 591,700,000 31 December 2008
100 Cape Verde $ 563,400,000 31 December 2008
Where do you think Iraq belongs on this list?
They are currently #33
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2209rank.html?countryName=Iraq&countryCode=iz®ionCode=me&rank=33#iz
Rank country Stock of money Date of Information
1 European Union $ 5,542,000,000,000 31 December 2008
2 Japan $ 5,417,000,000,000 31 December 2008
3 China $ 2,434,000,000,000 31 December 2008
4 United States $ 1,436,000,000,000 31 December 2008
5 Canada $ 356,200,000,000 31 December 2008
6 India $ 278,800,000,000 31 December 2009
7 Russia $ 252,500,000,000 31 December 2008
8 Switzerland $ 207,000,000,000 31 December 2008 est.
9 Sweden $ 185,400,000,000 31 December 2008
10 Denmark $ 155,600,000,000 31 December 2009
11 Brazil $ 125,000,000,000 30 November 2009
12 Poland $ 118,200,000,000 31 December 2008
13 Mexico $ 115,900,000,000 31 December 2009 est.
14 Saudi Arabia $ 113,200,000,000 31 December 2008
15 Czech Republic $ 86,550,000,000 31 December 2008
16 Korea, South $ 80,660,000,000 31 December 2008
17 Venezuela $ 79,910,000,000 31 December 2008
18 Syria $ 73,540,000,000 31 December 2008
19 Morocco $ 72,370,000,000 31 December 2008
20 Hong Kong $ 63,030,000,000 31 December 2008
21 Algeria $ 60,910,000,000 31 December 2008
22 Singapore $ 52,570,000,000 31 December 2008
23 Malaysia $ 51,510,000,000 31 December 2008
24 South Africa $ 44,660,000,000 31 December 2008
25 Indonesia $ 41,710,000,000 31 December 2008
26 Turkey $ 37,100,000,000 31 December 2009
27 Thailand $ 35,350,000,000 31 December 2009
28 Nigeria $ 35,290,000,000 31 December 2008
29 Egypt $ 31,720,000,000 31 December 2008
30 Argentina $ 31,700,000,000 31 December 2008
31 Hungary $ 30,270,000,000 31 December 2009
32 Libya $ 26,660,000,000 31 December 2008
33 Iraq $ 26,100,000,000 31 December 2008
Deletion of zeros.
http://translate.google.com/translate?js=y&prev=_t&hl=en&ie=UTF-8&layout=1&eotf=1&u=http%3A%2F%2Fwww.iraqitimesmg.com%2Fnews.php&sl=ar&tl=en
Said the CBI, that the deletion of zeros from the currency is one of the projects strategy adopted by the monetary policy since 2007, as part of the redesign and reform of management system of currency, noting that its application will depend on aspects of public security in particular.
Bobby, those same people have been pushing date after date for the last FIVE YEARS, not just a couple months. I agree they stepped up their efforts once the redenomination and raise 3 zeros at the end of the year articles came out. That's becasue they know the truth, but they got a lot of dinars they need to get rid of before then.
How do you know what that means?
That may be taking into account a 3 zero lop.
It's also been around for about 2 years now. So it was only supposed to last for 3 years, whatever it was they studied, and two of the years have passed.
Question for those still buying dinar.
How does buying dinar and this news story that was out recently go together?
What’s your interpretation of the article?
Do you think its all big lie for some reason?
Or do you think that Iraq is pre-announcing a 100,000% increase in the value of their currency?
http://www.zawya.com/story.cfm/sidZW20100315000097/Iraq%20Ctrl%20Bank%20Plans%20To%20Rebase%20Dinar;%20No%20Time%20Fixed%20Yet
If the rebase decision is taken it means a current 25,000 Iraqi dinar banknote will become IQD25, and a dollar will equal only 1.17 dinars.
Or you can wait till the redenomination begins, do the same, and see what you get then.
If you want to lose 35 to 100% of your money.
Go for it.
It will cost you about $1000 for 1 million.
When the redenomination is put into effect, you'll be lucky to get $500 for it.
They have announced a REDENOMINATION.
You may not understand it, but that means the current currency will be replaced.
How can you possibly say there is little risk? That is a crazy statement under the circumstances.
MASSIVE risk has already been announced.
Doesn’t that kinda prove my point? Here is an Economist asking them to not to raise the zeros yet. That implies that, yes there is a plan to raise the zeros.
Why would she be asking this if it wasn’t planned to happen?
Read the end. All she’s asking for is that they wait till the end of the year, maybe into next year. She’s just saying they should be patient and not rush it.
They have been talking about and studying the redenomination since 2006. Way before this feasibility study was done.
Nowhere in that study do they say they will have that rate of $1.13 with the current money supplies numbers. You/we have no idea what other parameters were looked at for that study.
Please. Look at the world combined money supply numbers. Then look at Iraq’s money supply numbers. Tell me with those numbers how $1.13 is by any stretch of the imagination feasible?
Lop 3 zeros. Perfectly feasible.
Numerous news reports have claimed that Iraq has announced they will redenominated the dinar and remove 3 zeros starting around the end of the year.
There are some that think this is a typical redenomination/lop just like has happened about 70 times in recent history, just like Russia and Turkey. Some of the articles have even used the Russia and Turkey redenomination’s as examples. You will have to give 1000 current dinar to get 1 new dinar in return, hence remove 3 zeros. Money supply numbers would shrink from Trillions to Billions, hence remove 3 zeros.
The current dinar exchange rate is .00085, the new dinar will have an exchange rate of .85. This is a very common occurrence and really would pose no problem to pre-announce it.
Now for the other side. There are some that believe this means they will RV the current dinar to 85 cents (some screw up the math and claim $1.17). Nothing like this has ever happened. NEVER. They claim a “Novel Event” is going to happen. So according to them Iraq has pre-announced a MASSIVE increase in the value of their currency at the end of the year. As you can imagine, this would cause chaos, pandemonium, mayhem in the streets. None of which we’ve heard about.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48275721
Whole world M0 $5 Trillion, Iraq has 21.8 Trillion
Whole world M1 $20 Trillion, Iraq has 37.3 Trillion
Whole world M2 $50 Trillion, Iraq has 45.4 Trillion
So if Iraq RVs to about $1, without a lop as they claim, the will have more than 4 times more currency floating around than the rest of the world combined.
They will have almost twice the M1 amount compared to the rest of the world combined, and an M2 amount almost equal to the whole world.
That's $7.50 + 21%
More funny stuff.
From your link.
"The total value of Iraq potential oil reserves at an average profit of $75 per barrel over next 100 years would be 360 billion x $75 = $27 trillion or $900,000per capita , making every Iraqi a millionaire."
So in 100 years it would be $900,000.
I make over 100K a year. So in 100 years that would be $10,000,000
Why can't I get a check for it all right now?
The Trump Pump get pulled out about every six months.
Been like that for about 5 years now.
So he's bought about 30 billion dinar about 10 times now.
Iraq only has about 45 Billion dollars to back their currency. So they could only cover 1 and 1/2 of Trumps big buys.
Iraq has to back the value of the currency. They set the rate, so they have to defend it.
Take a look at this.
From the Central Bank of Iraq
http://www.cbi.iq/documents/Annual_2002f.pdf
Scroll down to page 17 and look at table 10.
The exchnage rate was down to 10 cents by 1991.
Then fell all the way to 1600:1 in 1995.
That's 15 years ago.
Now go to page 5, table 2.
That's historical money supply numbers.
Iraq only had 20 some billion dinars back when they had the great $3 rate.
But you are correct. The Iraqi dinar will instantly be moved to about 1 dinar = $1.
But they will also instantly reduce the money supply from the Trillions they have today back to the Billions they had when they had a decent rate. You will give 1000 current dinars for 1 new dinar. That's what redenomination and remove 3 zeros means. Simple as that.
Good luck finding someone to do that exchange for you without raking you over the coals.
Well that's the reality at this point.
My question is did a bank employee actually sit down and have a discusion about a hypothetical situation where the $1000 worth of dinar they sold this week, that they will buy it back for $1,000,000 next week, or whenever??
This is if you want to sell your 1 million dinars, that you paid a little over $1000 for, back to the bank???? And they will give you how much in this exchange you discussed??? $650 maybe?
Well what did he say about how the exchnage was going to work?
Reported by Reuturs
Stated by an Iraqi Central Bank official.
"Iraq has 25 trillion dinars in circulation"
http://en.wikipedia.org/wiki/Iraqi_dinar
It's the "Men in Black"
That's the funniest thing I've heard in a long time. Calling a bank and asking "are people in suits and ties buying dinar"?
Double ROTFLMAO!!!!
Iraq reports
http://www.cbi.iq/documents/key_financial.xls
Currency outside of Banks 21.8 Trillion
M1 which is 37.3 trillion
M2 which is 45.4 trillion
All right there plain as day.
This is the whole world combined.
Whole world M0 $5 Trillion, Iraq has 21.8 Trillion
Whole world M1 $20 Trillion, Iraq has 37.3 Trillion
Whole world M2 $50 Trillion, Iraq has 45.4 Trillion
UNDENIABLE FACTS!!!!!!
They have always done it this way.
http://www.nationmaster.com/time.php?stat=eco_qua_lia_of_gdp-economy-quasi-liquid-liabilities-gdp&country=iz-iraq
Quasi-liquid liabilities are the sum of currency and deposits in the central bank (M0),
I don't know how much more obvious it can be. I have already linked this for you 3 or so times now.
http://www.cbi.iq/documents/Monetary_Aggregates_f.xls
Click on sheet 2 at bottom left.
They have been reporting M0 as monetary base since 2004.
Monetary Base (M0)
ROTFLMAO
So because the CBI doesn't lable things the way you ema-266 wants them to, they do it like the UK and and many other countries do, but because it's not like you want it, you just declare that the information is not there.
Thanks for the laugh.
You are the one clearly wishing something that is obviously not fact.
http://www.cbi.iq/documents/Monetary_Aggregates_f.xls
Click on sheet 2 at bottom left.
They have been reporting M0 as monetary base since 2004.
The UK reports it like that as does other countries.
Their currency in circulation is reported as “currency outside of banks".
From the Central bank of Iraq.
http://www.cbi.iq/documents/Key_Financial_Indicators_Documentation.pdf
a - 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
I am stunned that you can continue to deny something that is right in front of your face.
I’ve never seen anyone who can stick to a false story the way you do.
Not all countries use the same reporting.
http://en.wikipedia.org/wiki/Money_supply
M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money. Same as Iraq
From the Central bank of Iraq.
http://www.cbi.iq/documents/Key_Financial_Indicators_Documentation.pdf
Monetary Base is the sum of domestic currency outside of bank and bank reserves(a + b)
a - 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 25swiss 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.
b - Bank reserves:
ID current account (item 10.1)
Overnight ID deposits (item 10.3)
ID vault cash (item 8.1)
Isn't LOLing at someones post a personal attack?
Can I laugh at all your post?
Now to the facts. You are wrong.
Currency outside of banks is not being reported as M1.
That is obvious becuase M1 is reported as 37.3 Trillion and Currency Outside of Banks is listed SEPARATELY as 21.7 Trillion.
So I'm not sure how you make the statement they are the same.
Currency outside of banks is part of M1.
M1 is part of M2
M2 is part of M3
So on and so on.
M0 is listed as the Monetary Base. You were shown proof proof of that and for some reason you continue to deny the existance of it.
Why?
http://moneyterms.co.uk/m0/
M0 is also known as the Monetary Base
There are many other links that explain it as the same.
http://search.yahoo.com/search;_ylt=A0oGkwOQ_6tL_kMBdsFXNyoA?p=moetary+base+%2B+m0&fr2=sb-top&fr=yfp-t-701&sao=1
Not sure what is confusing.
Iraq reports
http://www.cbi.iq/documents/key_financial.xls
M1 which is 37.3 trillion
M2 which is 45.4 trillion
They also report
Deposits component of M2, it’s 23.6 Trillion
So, take M2 of 45.4 and subtract deposits 23.6 and your left with 21.8 trillion as the part of M2 that is not in deposits.
Interestingly enough, that is the same exact 21.8 Trillion number that Iraq reports as Currency Outside of Banks, which is described on the CBI website as currency put into circulation LESS vault cash.
They also list vault cash… which is 2.4 Trillion
So 21.8 outside of banks and 2.4 in vaults = 24.2 Trillion dinars.
Pretty much 25 Trillion, just like all the articles say.
"Iraq has 25 trillion dinars in circulation, officials say."
Stated by an Iraqi Central Bank official as Reported by Reuturs.
http://en.wikipedia.org/wiki/Iraqi_dinar
Did you just say there is "No Fee" and then say you paid $1000 for 1 Million dinar, which are worth $850?
By my math that sounds like a 17.5% fee.
So if an Iraqi has $50 in dinar right now, he'll have a house after the "Novel Event".
Go dinar!!
Like takin' candy from a baby!
We gonna be Gazillionaires!
And what do you make of this?
"He said economic expert, Dr. Mohsen Ali Hassan said that the process of deleting the zeroes and Monetary Reform will start operation in all countries of the world when inflation takes off"
So now all countries that have high inflation like Iraq had will have a "Novel Event"
That's going to be some easy money in the future. Just watch for high inflation in a country, and bamm, swoop in and buy up before the "novel event".
Go Dinar Go!!!!
Go high inflation in other countries too!!!