The reason this is a novel situation and standard historical lops cannot be used as an example to Iraq is the following.
1. Iraq unlike all the other nations noted was placed under UN sanctions.
2. Under the authority of those sanctions the currency of Iraq was seized and replaced with new.
3. When this happen the value was placed at an artificial program rate at an artificially low value (Drastic overnight devaluation)
4. This massive overnight devaluation was done for 2 reasons.
A. To remove all wealth from potential opposition forces.
B. Removal of wealth from the standard populace.
The reason for removal of wealth from the insurgents was obvious but the reason for the removal of wealth from all of the peoples and institutions of Iraq was done to also prevent a pending humanitarian disaster that would have resulted from the massive amount of refugees flowing into the surrounding nations.
Now this did happen but not at the level it would have been if the wealth were not in essence frozen by this act of devaluation.
Now that we are at the end of this and we see a free and democratic nation rising we will also see as has been evident in past news articles the removal of all sanctions from Iraq.
So we will see soon the reversal of this process.
Again...Iraq is a novel situation and being a novel situation a novel solution will be seen.
That novel solution is IMHO a revaluation combined with the replacement of the higher denominations with the lower denominations.
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