You Can’t Fix Stupid: The Iraqi Dinar Scam

By John Lee.

In a recent article on Forbes magazine website, legal expert and anti-scam campaigner Jay Adkisson challenges the idea that vast wealth will be made from a dramatic appreciation of the Iraqi dinar, saying, “You can’t fix stupid“.

Scams involving the arbitrage of foreign currencies have been around as long as there have been, well, foreign currencies“, he explains, “but … why the Dinar scam has been largely successful [is that] with the Dinar scam you can actually get the cold hard Dinars if you want them.”

“Yep, suckers around America have their closets and garages full of bales of Dinars, just waiting for that glorious day when they will re-valuate. Which is never.

To help sell the scam, the scam artists have set up all sorts of websites and bulletin boards and newsletter and social media and you-name-it to try to create the impression that the Dinars are valuable and are about to re-valuate at any moment.

“I’ve had people tell me that their Dinars are going to re-valuate ‘within the week’ or ‘by the end of the month’, and they’ve been telling me for years.

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52 Responses to You Can’t Fix Stupid: The Iraqi Dinar Scam

  1. J 7th August 2012 at 19:43 #

    Im making money over there right now in cd’s and my regular savings account. You can also make money trading on the isx. 3 month cd 8.5 % interest.. Keep rolling it back into itself.. Do the math.

  2. Barry 7th August 2012 at 21:50 #

    Good article. As I’ve been saying for a while, look at people’s overly-defensive kneejerk reactions to simple truths being pointed out, and the issue is no longer economic but the same denial psychology of any other Foreign Exchange Fraud:-
    http://en.wikipedia.org/wiki/Foreign_exchange_fraud

    The “glue” that holds it together is the same thing that holds advance fee fraud cons together – a combination of : 1. Targeting people who feel “special” for being “privy” to manufactured “secret intel”, and 2. An ongoing endless stream of semi-plausible sounding excuses to keep delaying explaining the lack of materialization, and 3. Emotionally saturated persuasive “presentation” of the sale (“OMG! What car are you going to buy when you “cash in” your $1k worth of Dinar dude? A Porsche?”), etc.

    Kuwait’s money supply is only 1.2 billion KWD’s (M0) and 29 billion KWD’s (M2). whilst Iraq’s overprinted Dinar is an eye-watering 31 trillion (31,000 billion) (M0) and 72 trillion (72,000 billion) (M2) IQD straight from the official website (and IMF and World Bank too):-
    http://www.cbi.iq/index.php?pid=Statistics

    For those who want a dose of truth:-

    The Iraqi Dinar was introduced in 1932 replacing the Indian rupee (used due to British occupation in WW1) at a rate of 1 Dinar per 13.5 rupees. It was pegged par the British £ then the peg was switched to the US$ at a rate of 1 Dinar = $2.8. In the 1970’s, the Dinar rose to 1 Dinar = 3.3778 which remained until the Gulf War. This peg value was mostly artificial, evidence of which lies in the fact the black market rate was 6x higher ($1 = 3 Dinars) meaning no-one was willing to pay it’s 1:3 *over-valued* arbitrary peg in reality even with Iraq’s pre-war (both wars!) oil industry in full flow. This value was using what are called “Swiss Dinars” (due to Swiss printing plates used).

    After sanctions, Swiss printing was no longer available and new inferior quality “Saddam Dinars” were introduced and due to massive printing, they were rapidly devalued to below 1000:1 via the same ordinary chronic inflation that affects many other countries. Between October 15, 2003 and January 15, 2004, the Coalition Provisional Authority issued new Iraqi dinar coins and notes, with the notes printed using modern anti-forgery techniques, to create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives (and partly to get rid of Saddam’s face on the notes / coins as a political measure).

    Old banknotes were exchanged for new at a one-to-one rate, except for the Swiss dinars (used mostly in northern Kurdish areas outside of Saddam’s control), which were exchanged at a rate of 150 new dinars for one Swiss dinar. This is the real 150:1 “RV” process related to the “old $3 value” that’s already has been done and took place 9 years ago! The reason why the Kurds exchanged “Swiss Dinars” for NID’s (New Iraqi Dinar’s) at a rate of 150:1 was because their currency wasn’t inflated whereas the Saddam Dinars exchange 1:1 was because they were inflated.

    The sad truth is, most people who use this 1 Dinar = $3 of the old Swiss Dinar as an “RV” benchmark don’t even realize that the “RV” old-to-new value correction they’re waiting for already took place in 2003 when holders of the old Swiss Dinar changed them up at a rate of 150:1 for the NID (New Iraq Dinar)! I’ll repeat that : The over-printed NID (and Saddam Dinars) have never ever had any exchange rate even remotely approaching 3:1. Only the pre-1991 “Swiss Dinars” did, and that 150:1 “RV” already took place back in 2003, long before most modern amateur Dinar speculators even bought NID’s post 2003. The only way of getting back to near parity vs the $ is via a “lop” / redenomination. There’s simply no 3:1 value to “restore” the Dinar to via an RV because the NID’s never had that value in the first place. Simply looking up what arbitrary value the pre-inflated Saddam Dinar was in 1980, 1970, 1960, etc, is as utterly meaningless as doing it for any other currency that’s since been devalued via chronic inflation.

    The NID banknotes people hold now – have never ever had a value of $3 since they were introduced in 2003. Iraq may well redenominate in the future, to bring the zeroes back in line with other currencies (a “lop”), but the “RV” people many are waiting for of the old widely used Swiss Dinar to the New unified Iraqi Dinar already happened 9 years ago… Unless your Iraqi notes have a picture of Saddam Hussein on, they’ve never been at $3. The Dinar was devalued to under 1000:1 even back in 1997 – before the Kosovo war under Clinton!

    Most of this is just confused nostalgia of the pre-inflated “good times”. Like people pointing to $50 gold prices under Nixon and saying “Oh the $ must RV by 30:1 because it was worth 30x more vs gold 30 years ago” whilst ignoring the very obvious massive increase in money supply & inflation that’s precisely the cause of the subsequent devaluation in the first place! You cannot match modern NID’s with a whopping 72tn modern circulation back decades in time to when there were less than 1tn IQD’s in circulation, any more than you can match the modern day inflated $ side by side with the 1960’s $35 gold standard under President Kennedy…

  3. Stew 7th August 2012 at 22:09 #

    That’s great… but it has nothing to do with people holding dinar in a shoebox half way around the world waiting for a 100,000% RV… “can’t fix stupid”

    What bank do you have your money with in Iraq?

  4. wheel 8th August 2012 at 02:23 #

    warka bank

  5. Stew 8th August 2012 at 15:59 #

    That would be the same Warka bank that was insolvent an placed in receivership?

  6. Ed 8th August 2012 at 16:38 #

    No worse then our American banks..

  7. Stew 8th August 2012 at 17:29 #

    Yeah… I would go ahead and send them ALL your money for safe keeping.

  8. Evan Kurtz 10th August 2012 at 08:49 #

    Hey stew, Please tell us how many dinars you have? Be an honest boy and don’t lie. It’s a simple question, just give us the number without your commentary. Thanx

  9. Bob 10th August 2012 at 12:12 #

    When I served in Iraq (1st Infantry Div), some people got well and truly sucked into this scam (mostly those who couldn’t speak a word of Arabic). Some of the sales talk is so convincing (especially in the earlier years before the recent TV broadcasts on the subject). I’ve been to Iraq for more years than I’d like to remember. They have TV broadcasts on Alsumuria TV (their Arabic language TV channel) and they talk about the redenomination all the time a lot more frequently since 2010 – explaining how the prices will get lopped and how you will hand in 1,000 current notes and get 1 new note back but it will be worth 1,000x more. We now have some very fluent Arabic to English translators and their consistent meaning on the redenomination is unmistakeable.

    Iraqi’s already know the truth about their own currency – it’s amateur American’s who’ve turned “pumpers” into cult-of-personalities who can’t speak any Arabic, have never set foot in Iraq or traded any other currency before the Dinar that are the confused ones…

  10. Cathie 10th August 2012 at 14:26 #

    My family pharmacist, knowing I was struggling financially, decided to quietly share with me his “knowledge” of the soon to RV dinar. I am a single mother of three, two in college and that was in the 4th grade at the time. Mr. Pharm says, “Cathie, go to Convenience Bank and spend whatever you can spare! I promise you won’t be sorry. It will save you from losing your home, help you pay for your daughter’s medical bills”!!

    How could I resist? I trusted this man. So, I scraped together $200 and bought my Dinar. Plus, I had to open an account with the bank with $100. Now, $300 may not sound like a lot of money to you, but for me, it’s groceries or my light bill or the repair I need on my car!

    Sure wish I could fix *my* stupid! Don’t get sucked in, it’ll cost you.

  11. EdW 10th August 2012 at 17:47 #

    As a currency trader, I understand risk vs reward. Iraq is laying out a sound economic policy and is in HUGE rebuilding mode.
    Nothing Nothing says its a guarantee, but WHEN the currency becomes internationally recognized it WILL GAIN VALUE. Use the Spring SIGIR report page 95 as true reference.

  12. Stew 10th August 2012 at 18:03 #

    Evan, I have answered that question many times in the past and have no problem answering it again. I have ZERO dinar. They are going to redenominate the currency and it would be foolish to hold a currency that is slated for redenomination.

  13. Evan Kurtz 10th August 2012 at 18:11 #

    Stew, even if that’s true a re-denomination means a reduction in the money supply, And no matter what that means a raise in value. So why not get yourself some dinar before it happens and make some money. This is a great investment no matter what the scenario Stew. Don’t stare a gift horse in the eye.

  14. Evan Kurtz 10th August 2012 at 18:12 #

    Stew, even if that’s true a re-denomination means a reduction in the money supply, And no matter what that means a raise in value. So why not get yourself some dinar before it happens and make some money. This is a great investment no matter what the scenario Stew. Don’t stare a gift horse in the eyes or mouth.

  15. Stew 10th August 2012 at 18:15 #

    EdW
    You might want to brush up on supply vs demand, then re-evaluate you risk vs reward.
    The SIGIR report specifically mentions the plan to delete 3 zeros and issue a new currency. That is a redenomination. 50some other countries have done the same thing. Iraq has even stated a number of time that they will do the exact same thing these other countries did.

  16. Stew 10th August 2012 at 18:35 #

    Evan… please explain for me how you will make money from a redenomination. Dealers are charging close to 20% over the actual value for dinar, and you have to pay shipping. If you are foolish enough to fall for the small denomination scam, you will pay over 100% in fees. A redenmination is a neutral event. They have stated that a number of times. You will have to pay another fee to get rid of your dinar. There will be no gain in value. You will probably lose close to 50% by time it’s over

  17. Barry 10th August 2012 at 20:14 #

    Evan Kurtz – “Stew, even if that’s true a re-denomination means a reduction in the money supply, And no matter what that means a raise in value”

    Not in the international real value of the currency it doesn’t. It’s just a change in localized face value. Re-denominations are revenue neutral (by design). For those who need “Re-Denomination” clarifying…

    Iraq’s Re-Denomination:-

    1. The old currency gets exchanged for new currency at a fixed rate (usually 1:1000) which has the effect of “raising the value 1000:1” (via simple supply and demand). This means those 31tn (M0) and 72tn (M2) Dinars money supply tradable at 1170:1 will become only 30bn / 72bn but will be tradable at 1.17:1.

    On a personal level, this means you’d also “cash in” 1:1000 for newer 1000:1 notes resulting in a 1:1 neutral swap, ie, if you bought 1,170,000 (1.7m) Dinar for $1,000 at 1170:1, you would be given 1,170 (1.17k) New Dinar’s of which each unit would be worth 1,000x more (1.17:1) (or the same $1,000). There wouldn’t be a raise in $ value (or Euro value or GBP £ value, etc) of whatever currency you changed it up for. This also applies to the whole money supply (ie, bank balances in Dinar accounts, Dinar valued Bonds, financial accounting adjustments, etc). Everything moves at the same ratio – it can’t work any other way.

    2. Everything also gets repriced downwards by same factor 1:1000 factor. It can’t work any other way as the maths obviously have to balance out across the board or you’d end up with 1,300 Dinar loaves of bread (currently costing $1.11) ending up priced at $1,111 per loaf if they were matched 1.17:1 vs the $ without a redenomination!…

    There’s absolutely nothing new about the process and nothing whatsoever unique about Iraq (other than the sheer number of conmen trying to convince people that prior inflation is “hidden wealth”). It’s been done literally dozens of times on every continent on Earth (including next door Turkey, similarly US occupied Afghanistan and oil-rich Venezuela (which has literally double the oil reserves of Iraq)):-
    http://en.wikipedia.org/wiki/Redenomination#List_of_currency_redenominations

    The only confusion comes from dishonest pumpers who’ve spent years churning out false information (ie, “you’ll exchange 1:1, no redenomination”, etc) about the “RV” repeatedly being openly contradicted by the Central Bank of Iraq that some have abandoned the “It’s an RV not a redenomination” discredited propaganda but instead are now trying to blur the lines between them and pretend “they’re the same thing”. Not even close.

  18. Barry 11th August 2012 at 13:38 #

    Stew – “If you are foolish enough to fall for the small denomination scam, you will pay over 100% in fees”

    Yup. MUCH more than 100% in fees in fact. Example:-

    Treasury Vault are currently selling 1m Dinar (approx $854 worth) for:-

    $1,040 in 25k notes (22% commission fee)
    $1,060 in 10k notes (24% commission fee)
    $1,070 in 5k notes (26% commission fee)
    $1,985 in 1k notes (133% commission fee)
    $2,495 in 500 notes (192% commission fee)
    $3,575 in 250 notes (319% commission fee)
    $12,950 in 50 notes (1420% commission fee).

    That would mean for every $1k (1.17m Dinar) “invested” per denomination, you would receive back:-

    961.5k Dinars in 25k notes ($821 worth = 17.9% loss)
    943.3k Dinars in 10k notes ($806 worth = 19.4% loss)
    934.6k Dinars in 5k notes ($799 worth = 20.1% loss)
    503.8k Dinars in 1k notes ($430 worth = 57.0% loss)
    400.8k Dinars in 500 notes ($342 worth = 65.8% loss)
    279.7k Dinars in 250 notes ($239 worth = 76.1% loss)
    77.2k Dinars in 50 notes ($66 worth = 93.4% loss)

    And that’s solely in buying commission, it doesn’t include selling (buy-back) commission / fees on top that some charge…

  19. John 11th August 2012 at 17:06 #

    Why hasn’t the the US told people nationaly about it being a scam through the news media vs people through these websites?

  20. Stew 11th August 2012 at 18:44 #

    Good numbers Barry.
    Proof that those who have fallen for the Not-so-Breitling (and other idiot gurus) claim that lower denominations will somehow not fall subject to “delete 3 zeros” will be the biggest losers of all.

  21. Jake Stevens 12th August 2012 at 18:02 #

    Bob, it was the same with a couple in our unit (Marines – II MEF, 2 tours in Fallujah). The amount of lies spewing out from nameless salesmen hiding behind dumb aliases (often one pumper behind half a dozen “sock puppets”) whose 1695th prediction in a row over 8 years have all 100% failed is unreal. Some have been shut down for fraud. Many Dinar pumper sites are caught using the same IP addresses, etc. Many Dinar “experts” have been caught stealing other people’s posts. Many hide behind religion (classic appeal to emotion / authority scam tactic – Plenty of “Christians” con old ladies door to door sales too). “Cult of personality” is just perfect. Most Dinar “intel gatherers” are so full of themselves wanting their ego’s stroked by having a “following”.

    Do your own research and you’ll see every single official statement made clearly says “redenomination”. In fact, the CBI have even openly spelled out how the new 50 Dinar bill will have a value of about $43 (50,000 current Dinar). The phrase “RV” only comes from Westerners who scribble in what they want it to mean (free money) then blindly cling to it out of desperation like a limpet in the face of increasing facts to the contrary, knowing most of their readers can’t read the Arabic source news announcement beyond inaccurate free Google translate services.

  22. George Robinson 12th August 2012 at 18:11 #

    Re : John: “Why hasn’t the the US told people nationaly about it being a scam through the news media vs people through these websites?”

    Well there have been some official announcements by the State Department. For example:-
    http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm

    The real issue is that those who most need to know usually don’t want to hear it (and hang out at heavily controlled and censored websites run by “pumpers” (who advertise a Dinar sales site (both normally and via manufactured hype) in return for a cutback, eg, Dinar Daddy is the pumper of Treasury Vault, etc).

    Several Dinar sales sites have indeed been shut down by the Securities Commission in the past though.

  23. Stew 12th August 2012 at 23:00 #

    Treasury Vault IS Dinar Daddy.
    Dinar Daddy is Roger Dorman. Treasury vault is registered to Angela Dorman… his wife.
    I rememebr when Roger had this guy on his site quite often. Pushing rumors. Roger claimed this guy was a good trusted friend of his. No matter how many times this guy was wronge or said foolish things Roger defended him and would ban anyone who dared talk bad about his good friend. Who was that friend. It was the clown prince of dinar land. Okie Oil Man.

  24. LZ 15th August 2012 at 15:37 #

    HA HA HA….Okie oil man is definitely the clown prince of dinar land.
    I read somewhere that there are over 45 trillion dinars out there now. Good luck getting any return , lol!

  25. 2collectg 17th August 2012 at 05:40 #

    i still ask why do you guy`s only dog the IRAQI CURRENCY the currency dealers online are selling won dong yuan yen you know the people you say are pumpers? since there are so many currency trading experts on this site explain to me why i watch forex charts and the won has went from being listed at 1132 to 0.0884 now i went to the school and 0.08 is .8ct! once they adjust the rate of the won you get the difference off of 1000000x .8 is $8000 if you exchange this much won at .08 just asking!

  26. john 17th August 2012 at 14:42 #

    funny thing is….high ups in the pentagon whom you’d think would have the “know” have lots of money invested in this….and before you start blaming the stupidity on who’s in office, these people have invested prior to 08 when “he” got into office………i got a few dinars (nothing crazy, i just took my beer money for a month and purchased dinars, no different than buying the beer, i was going to waste the money anyways so why not put it into something with false hope…essentially the same thing as drinking a case of beer right?…) anyways i purchased mine from a bank when the banks were still selling them …….. not sure where i’m going with this other than if you spent your life savings, or cashed your 401k and put them all in dinars then shame on you, but if you took away one “luxury” where you were shitting money away anyways why not buy something that may in the next 500 years reval? it’s essentially the same as putting money in the market, there is no certainty that your money will make money, there is only hope that the mutual funds or stocks or whatever you bought will “reval” and appreciate…….

  27. Stew 17th August 2012 at 18:14 #

    2collect…I don’t know why you continue to ask this silly question. I and others have said a number of times that the dinar is a legitimate currency. Just as every other currency in the world is. The SCAM here is the robber dealers/pumpers/gurus who are selling the currency by making the ludicrous claim that it’s going to RV 100,000% or more. If they were selling you currency and telling you it might go up 10, 20, 30, or maybe even 100% over the next few years, I nor anyone else would have a problem with it. The Vietnamese dong is being pumped the same way. It was much worse 4 or so years ago, but the dong sank in value about 30% while they were pumping it, so a lot of the “Dinar Douchebags” (Thanks Sam) stopped talking about Vietnam.
    Show me a dealer pumping any currency… claiming it will RV 100,000% and I will bash that claim.

  28. Stew 17th August 2012 at 18:17 #

    John. Where did you get this info that “high ups in the pentagon have lots of money in dinar”? There is no way that is verifiable, and obviously it’s a claim made up by dinar pumper crooks trying to take your money from you.

  29. Barry 17th August 2012 at 22:52 #

    2collectg – “i still ask why do you guy`s only dog the IRAQI CURRENCY the currency dealers online are selling won dong yuan yen you know the people you say are pumpers?”

    Sale of the currency itself at market rate is not the issue. Deliberate mis-selling on the back of a hyped & manufactured 100,000% profit overnight “RV” is the issue. Anyone can legally buy and resell a few Dong / Yuan, etc, even on Ebay. You act like it’s a novelty? And the Dinar is a lot like insurance or penny stocks – legal in itself but a scam when it gets deliberately mis-sold by people taking far higher than normal commission fees and giving false promises of “money for nothing”.

    2collectg – “since there are so many currency trading experts on this site explain to me why i watch forex charts and the won has went from being listed at 1132 to 0.0884 now i went to the school and 0.08 is .8ct! once they adjust the rate of the won you get the difference off of 1000000x .8 is $8000 if you exchange this much won at .08 just asking!”

    The South Korean Won (KRW) is a floating currency (there is no fixed peg to “RV” – it’s 100% fairly valued by the market)! It’s current value is 1 USD = 1,134.97 KRW / 1 KRW = 0.000881084 USD. There is no “0.08” value. If 1 KRW = 0.08, then conversely 1 USD would be only 12.5 KRW!

    And the North Korean Won (KPW) redenominated back in 2009 at a rate of 1:100, and is a highly abnormal and untradable currency with raging inflation and a black market rate far lower than the “official” one (ie, it’s already overvalued given the nature of the country and currency):-

    “On Nov. 30, the North Korean government redenominated the country’s currency, the won, and imposed restrictions on the quantity of old bills that people could convert for the new ones. Pyongyang’s redenomination means that 100 won is now worth 1 won”
    http://seekingalpha.com/article/176077-effects-of-redenominating-the-north-korean-won

    North Korean Won also included draconian communist price controls (North Koreans were given seven days to exchange a maximum of 150,000 Won (approx $60) in cash 1,000W notes for 10W notes and $120 in bank savings. Anything above $180 equivalent Won per person was effectively seized by the Communist dictatorship. It wiped out many North Koreans savings, and since North Korea refuses to exchange any externally privately held, it’s little more valuable as a tradable currency than toilet paper. Literally.

    Whichever Won you’re referring to – there is no “RV” or 0.08 rate on either (unless there was a temporary glitch / fault on the site you used)! And as for the Vietnamese Dong, that’s an “RV investment” that’s even more absurd. Reality check:-

    1. There are over ONE QUADRILLION Dong in circulation = Hyper-inflated like the Zimbabwe Dollar.

    2. Vietnam’s inflation rate was as insanely high as 700% that triggered off hyperinflation. That’s why its value plummeted in the first place…

    3. Vietnamese central bank chief Nguyen Van Binh said he doesn’t want the Dong to appreciate in real value vs the $ or Vietnam lose export industry competitiveness vs China.

    4. Vietnamese are queuing up to swap Dong FOR other less inflated currencies. Many even buy houses and cars with gold coins rather than Dong because it has little real value.

    All you are doing is getting sucked into the ridiculous hype of pumpers arbitrarily picking the 10x world’s least valued currencies (Dinar, Dong, Won, etc, which have all been devalued via inflation), and basically trying to convince you that past chronic inflation that caused all those zeroes to appear in the first place via inflationary devaluation is some super-secretive “undervalued wealth” that 99.99% of humanity are all supposed to be “too stupid to see” (except the “special ones” who are “part of our family sharing a ‘secret’ “) or that it “deserves” to be “higher” purely out of the confused nostalgia of picking arbitrary pre-inflated currency values without taking into account the since massive money supply expansion (which is as utterly nonsensical as an Iraqi declaring the USD should “RV” by 30:1 and make him 30x richer, purely because the USD was worth more on the gold standard under Kennedy decades ago vs the modern inflated USD)…

    The reality still is – the Dinar is weak for the same reason the Rial, Dong, Won, Dobra, Rupiah, Kwacha, Leone, etc, are all weak – chronic / hyperinflation. The ONLY way of taking that inflation out is via a redenomination and exchanging at 1:1000 (it’s precisely that process that reduces the money supply that move the decimal point 3 places). Always has been, always will be. No-one is talking about a get-rick-quick scheme except for some pumpers and their victims who swallow any semi-plausible sounding “intel” without really understanding how currencies or money supply work, or even what basic inflation or supply and demand is…

    “OMG! You can buy 20,840 Vietnamese Dong for $1! If it “RV’d” I’ll be given 20.8m for my $1,000!” Dude – the whole reason the Dong is 20,840 vs the $ in the first place is because it’s been so overprinted under Vietnam’s period of 700% inflation rate (which went on years) that that’s it’s real hyper-inflated market value! Dinar, Won, Zimbabwe Dollar, Iranian Rial, etc, are all in exactly the same boat.

  30. Rasica 23rd August 2012 at 18:17 #

    Most of what you read above is psycho babble from the pump/dump mercenary artists of stock exchanges. They want you to loose your money in the stock exchange to cover their pathetic losses in being scammed there.

    These psycho charlatans often blur the real facts to fear monger people out of an investment and of course into their investments ‘worthless paper stock’.

    For example someone above said ewwww Iraq has 31 trillion IQDs while Kuwait only had 1+ billion. Typical pathetic blurring of what is really going on.

    CURRENCY [SUPPLY] IS NOT CURRENCY [CIRCULATION]!!!! CURRENCY SUPPLY IS M1 WHILE M2 CONTAINS FRACTIONAL DIGITAL CIRCULATION!

    The U.S. alone has approximately 3 TRILLION CURRENCY SUPPLY WHILE THE U.S. HAS (ADMITTED) 72 TRILLION CURRENCY CIRCULATION!!!!!

    WHEN ALAQ SAYS “WE HAVE 30 TRILLION IN CIRCULATION” THIS IS M2 WHICH IS FRACTIONAL BANKING BY DIGITAL CIRCULATION!!!!!!!
    THIS HAS NOTHING TO DO WITH CURRENCY SUPPLY WHICH THEY HAVE BOUGHT BACK AT THE RATE OF $1.5 BILLION/MONTH!!!!

    IRAQ HAS REDUCED THE [SUPPLY] AKA; ACTUAL PHYSICAL IQD NOTES THAT YOU CAN TOUCH, FEEL, AND TAKE PHYSICAL POSSESSION THEREOF -> BY 70%, WHILE FRACTIONAL BANKING IS DIGITAL CIRCULATION
    WHICH CAN INCREASE IRRESPECTIVE OF THE ACTUAL PHYSICAL NOTES!!

    MAYBE THIS IS WHY YOU SIMPLY DO NOT UNDERSTAND THE M0-M1-M2 INFORMATION AND WHY THE MANTRA’D 30 TRILLION-60 TRILLION HAS [NOTHING] TO DO WITH THE REVALUATION!!

    PLEASE STUDY FRACTIONAL [RESERVE] BANKING!

    IRAQ IS WELL BELOW 4 TRILLION CURRENCY “””””SUPPLY””””” WHERE AS U.S. IS NEAR 3 TRILLION CURRENCY “””””SUPPLY”””””.

    COST OF IRAQ LIVING VALUATION INDEX is $.85

    MILK IS $1.85 USD (NOT IQD) OR 2.155 IQD AFTER $.85 RELEASE aka; removal of three zeros from current ‘tight monetary controlled index’ of $.00085

  31. Rasica 23rd August 2012 at 18:42 #

    The most important thing to remember, is that the IQD is NOT released to its own GDP/GNP whereas those ‘other’ currencies Rial, Dong, Won, Dobra, Rupiah, Kwacha, Leone are and have been released to their countries wealth of their GNP/GDP.

    So with Iraq, the ‘RELEASE’ to their GDP/GNP will not be a REAL revaluation in the same terms as Africa/South Korea/Zimbabwe etc, it will be a release to the competitive global market. Iraq is NOT traded yet as the other currencies are globally so when the three zeros are removed aka; [released] the IQD will now have its first [value]. Capeesh?

  32. Barry 24th August 2012 at 18:11 #

    Rasica, I don’t know what planet you live on but almost every “fact” you’ve posted is incorrect:-

    Rasica – “Most of what you read above is psycho babble from the pump/dump mercenary artists of stock exchanges”

    Nothing more than an emotional straw-man / personal attack usually created by those afraid of the truth. Genuinely honest people don’t need childish false accusations to get their point across (no, I don’t work in the stock market or sell stocks and never have…)

    Rascica – “CURRENCY [SUPPLY] IS NOT CURRENCY [CIRCULATION]!!!! CURRENCY SUPPLY IS M1 WHILE M2 CONTAINS FRACTIONAL DIGITAL CIRCULATION!

    The U.S. alone has approximately 3 TRILLION CURRENCY SUPPLY WHILE THE U.S. HAS (ADMITTED) 72 TRILLION CURRENCY CIRCULATION!!!!!

    Wrong 3 times over:-

    1. First up M0 is banknotes & coins in circulation. M1 is M0 + bank checking / current accounts, travellers cheques and similar checkable deposits. M2 = M1 + bank savings accounts, money market accounts, retail money market mutual funds, etc. And M3 = M2 + all larger certificates of deposit, institutional money market mutual fund and repurchase agreements. You have somehow managed to get something even as incredibly basic as that wrong as M1 figures also include “digital circulation” in the form of everyone’s everyday bank account checking / current accounts!

    2. The US has $3tn currency (M0) and approx $12-$14tn M2/M3. Iraq has approx 31tn Dinar (M0) and 72tn (M2). It’s common sense a country can’t have more 24x more money circulating than it has total printed money (your above completely back-to-front false claim about the US)…

    3. Your imaginary difference is irrelevant anyway as all of it gets lopped at the same rate (both physical notes and electronic money). How on Earth do you think it would work otherwise given that banks don’t keep track of how the money got there in the distant past (bank-notes vs cheque vs electronic deposit, etc)? Do you really think two Iraqi brothers doing the same job will have 1,000x money difference if one paid his wages into a savings account and the other paid it into a checking account or kept it in cash? Seriously???

    Rasica – “These psycho charlatans often blur the real facts to fear monger people out of an investment and of course into their investments ‘worthless paper stock’.”

    I believe they call this “psychological projection” and “turnspeak”… Simply nothing of substance to respond to…

    Rascica – “IRAQ HAS REDUCED THE [SUPPLY] AKA; ACTUAL PHYSICAL IQD NOTES THAT YOU CAN TOUCH, FEEL, AND TAKE PHYSICAL POSSESSION THEREOF -> BY 70%, WHILE FRACTIONAL BANKING IS DIGITAL CIRCULATION WHICH CAN INCREASE IRRESPECTIVE OF THE ACTUAL PHYSICAL NOTES!!”

    That’s a flat out lie as can be verified by anyone capable of reading the Iraq Central Bank’s website:-
    http://www.cbi.iq/documents/Monetary_Aggregates_f.xls

    What do you think the line “currency outside banks” means and what do you think all those rising (and not falling) numbers mean? If they reduced 31tn by 70% they would have only 9.3tn Dinar, which is utter nonsense. This is nothing more than the “Big Lie Technique” – tell such a whopping great outrageous lie so often (“Iraq has taken 70% of their banknotes out of circulation”) that people fall for it without even attempting to verify it themselves partly out of sheer disbelief that someone could be that dishonest to them and partly out of confirmation bias (you’ll only read what already agrees with you)…

    The “70% reduction” is nothing more than confusing Iraq’s reduction in certain banking requirements for banks to hold x amounts of Dinar for regulatory purposes (which isn’t the same as a reduction in currency).

    Rascica – “MAYBE THIS IS WHY YOU SIMPLY DO NOT UNDERSTAND THE M0-M1-M2 INFORMATION AND WHY THE MANTRA’D 30 TRILLION-60 TRILLION HAS [NOTHING] TO DO WITH THE REVALUATION!!”

    You’re the one who doesn’t understand a word of it as is clearly obvious above. The only people who think 1,000 Dinar in a savings account will remain at 1,000 Dinar whilst 1,000 Dinar in banknotes stuffed in a drawer or put in a checking / current account will magically become $1m are those so brainwashed by conmen that they’re literally become trapped inside a fantasy of their own making, both not understanding it – and even worse – not wanting to understand it…

    Rasica – “IRAQ IS WELL BELOW 4 TRILLION CURRENCY “””””SUPPLY””””” WHERE AS U.S. IS NEAR 3 TRILLION CURRENCY “””””SUPPLY”””””.”

    Complete and utter delusion as anyone capable of reading the above CBI link can clearly see for themselves (not to mention World Bank figures…) I’ll repeat it so it sinks in : Iraq has 31tn (M0) and 72tn (M2). USA has 3tn (M0) and $12-14tn (M2). “Capeesh”?

  33. Barry 24th August 2012 at 18:53 #

    Rascica – “The most important thing to remember, is that the IQD is NOT released to its own GDP/GNP whereas those ‘other’ currencies Rial, Dong, Won, Dobra, Rupiah, Kwacha, Leone are and have been released to their countries wealth of their GNP/GDP.”

    What are you talking about? GDP is simply the size of an economy, and given both Iraq’s known oil exports and exact OPEC prices they sell oil for, even if they didn’t release those figures, it’s not that hard to calculate… Iraq’s GDP is approx $143.6bn equivalent. Currency isn’t primarily dependent on GDP, it’s dependant primarily on size of currency supply (basic supply and demand). Why do you think South Korea’s currency is very weak vs the $ despite a high industrialised GDP like, eg, Japan’s? Same as Iraq – too high money supply. No really, it is that simple. GDP, oil exports & balance of payments figures are hardly some “big secret”…

    Rascica – “So with Iraq, the ‘RELEASE’ to their GDP/GNP will not be a REAL revaluation in the same terms as Africa/South Korea/Zimbabwe etc, it will be a release to the competitive global market. Iraq is NOT traded yet as the other currencies are globally so when the three zeros are removed aka; [released] the IQD will now have its first [value]. Capeesh?”

    Iraq already has its market value – 1170:1. And the IMF clearly states that it is “fairly valued” by the market at that level given their 72tn money supply:-

    “A report on Monday by the International Monetary Fund (IMF) suggests that the Iraqi dinar is currently fairly valued at 1170 dinars to the US dollar”
    http://www.iraq-businessnews.com/2011/03/30/imf-suggests-stable-iraqi-dinar/

    It really doesn’t get clearer than that…

    Rascica – “MILK IS $1.85 USD (NOT IQD) OR 2.155 IQD AFTER $.85 RELEASE aka; removal of three zeros from current ‘tight monetary controlled index’ of $.00085”

    And what you’ve just described there is a redenomination! ie, a 2,155 Dinar ltr of milk will get lopped (redenominated) by 3 zeroes to 2.155 which is a redenomination… So after all that, you ironically end up admitting yourself there is no “RV” in the “money for nothing” way some people claim – and that it’s just a normal redenomination!

  34. John Richardson 24th August 2012 at 19:42 #

    RV scam victim : “I’m going become a millionaire”

    Sane Person : “How?”

    RV scam victim : “Iraq’s going to “RV” their currency to match the Dollar!!”

    Sane Person : “You mean the planned redenomination?”

    RV scam victim : “No, no this is different. They’re going to swap whatever Dinar you have for $ 1:1 without a redenomination!”

    Sane Person : “So Iraqi bread will cost $1,068 then?”

    RV scam victim : “What? Um, no. I, er, um, that can’t be right. Where did that come from?”

    Sane Person : “Well if the exchange rate is 1:1.17 and given a loaf of bread is still 1,250 Dinars inside Iraq precisely because there’s no 3-zero redenomination and given that an “RV” doesn’t change anything at all internally (it’s just an external peg adjustment vs other currencies not an internal Communist style price control dictat), then all Iraqi products will be overvalued by 1,000x compared to the real world market, as a 1,250 Dinar loaf of bread at 1.17:1 vs the $ will be the international equivalent of $1,068 USD or €858 Euro’s or £679 GBP or…”

    RV scam victim : “Wait, um, well maybe they might adjust the price difference then by, um, lopping 3 digits off?”

    Sane Person : “Or in other words, Iraq’s going to redenominate / lop their currency then (as they’ve been saying all along)…”

    RV scam victim : “NOOOOOOOOOOOO!!!!!!!!! I WANT MY MILLION DOLLARS I WAS PROMISED!!!!! UR A HATING STOCKBROKER TRYING TO CON ME!!!”

    🙂

    By far the best thread here on the Dinar scam was the “April Fools” one:-

    “Just as the dinar speculators predicted, Iraq has re-valued its currency 1000-fold, making dollar-millionaires of ordinary folk from Anbar to Arkansas!

    The unprecedented 100,000% revaluation was welcomed by businesses all across the world, who saw nothing strange about paying $1,000 today for something that was priced at $1 yesterday. At the stroke of a pen, foreign companies now pay their cleaning staff in Iraq more than they pay board-level directors back at home…”
    http://www.iraq-businessnews.com/2012/04/01/worldwide-celebrations-as-iraqi-dinar-revalues-11000

    Epic beyond measure! ;-D Please do another one next year IBN!

  35. Stew 24th August 2012 at 22:37 #

    Barry. Don’t even try. Rasica is an old penny stock pumper. He pumped scam companies on IHUB for a long time. Then got involved pumping dinar on that board also. He has been making the same ridiculous nonsensical claims since 2007. He made a fool out himself there when he first brought up GNP and GDP. It was obvious he had absolutely no clue what he was talking about. He claimed the dinar was not valued to the GDP, but that it was valued to the GNP, which is idiotic because Iraq’s GDP and GNP are virtually the same. He soon changed his post to say it’s valued to neither and would soon be released to both. This was back in 2008.
    He has also been claiming since 2008 that Iraq is buying back and reducing the money supply at a rate of 1.5 Trillion a month. LOL. 6 years at 1.5T a month is 108T. If he was correct they would now have NEGATIVE 70 or so trillion in circulation.

  36. Barry 24th August 2012 at 23:06 #

    Stew – that certainly explains a lot! LOL. Thanks for the heads up.

    John – very amusing! Totally agree about the brilliant April Fool 😉

  37. Rasica 25th August 2012 at 21:36 #

    Barry, I don’t know what planet you live on but almost every “fact” you’ve posted is incorrect:-

    Rasica – “Most of what you read above is psycho babble from the pump/dump mercenary artists of stock exchanges”

    Rascica – “CURRENCY [SUPPLY] IS NOT CURRENCY [CIRCULATION]!!!! CURRENCY SUPPLY IS M1 WHILE M2 CONTAINS FRACTIONAL DIGITAL CIRCULATION!

    The U.S. alone has approximately 3 TRILLION CURRENCY SUPPLY WHILE THE U.S. HAS (ADMITTED) 72 TRILLION CURRENCY CIRCULATION!!!!!

    Wrong 3 times over:-

    Absolute Fact!

    Barry ~ The US has $3tn currency (M0) and approx $12-$14tn M2/M3. Iraq has approx 31tn Dinar (M0) and 72tn (M2). It’s common sense a country can’t have more 24x more money circulating than it has total printed money (your above completely back-to-front false claim about the US)…

    Rasica ~ Absolutely False!

    You’re simply reading the FRACTIONAL DIGITAL CIRCULATION!

    Iraq has lees than 4T Dinar in supply and 30T fractional digital circulation The U.S. disparity between is even larger than Iraq with 3T USD in supply and 72T in FRACTIONAL DIGITAL CIRCULATION!

    You must get familiar with Rothschild Printing Press & Derivative scheme called Keynesian Economics.

    Barry ~ Your imaginary difference is irrelevant anyway as all of it gets lopped at the same rate (both physical notes and electronic money). How on Earth do you think it would work otherwise given that banks don’t keep track of how the money got there in the distant past (bank-notes vs cheque vs electronic deposit, etc)? Do you really think two Iraqi brothers doing the same job will have 1,000x money difference if one paid his wages into a savings account and the other paid it into a checking account or kept it in cash? Seriously???

    Rasica – “These psycho charlatans often blur the real facts to fear monger people out of an investment and of course into their investments ‘worthless paper stock’.”

    You are right it all gets looped and that is Keynesian Economics ~ You must understand “derivative banking” it is not checking vs currency aka; bank notes.

    Derivative can stay in limbo until investigation or corroboration happens. This is what is taking place right now with the likes of LIBOR.

    Rascica – “IRAQ HAS REDUCED THE [SUPPLY] AKA; ACTUAL PHYSICAL IQD NOTES THAT YOU CAN TOUCH, FEEL, AND TAKE PHYSICAL POSSESSION THEREOF -> BY 70%, WHILE FRACTIONAL BANKING IS DIGITAL CIRCULATION WHICH CAN INCREASE IRRESPECTIVE OF THE ACTUAL PHYSICAL NOTES!!”

    Barry ~ That’s a flat out lie as can be verified by anyone capable of reading the Iraq Central Bank’s website:-
    http://www.cbi.iq/documents/Monetary_Aggregates_f.xls

    Rasica ~ Again you’re baiting with fractional digital circulation 30T.

    Read where Iraq reduced its “supply” by maximum $1.5 Billion USD/month and has been reducing “supply” continuously. This is their STATE program at keeping inflation exceedingly low.

    http://www.nytimes.com/2008/06/21/world/middleeast/21security.html?hp
    By STEPHEN FARRELL and RICHARD A. OPPEL Jr.
    Published: June 21, 2008
    Page 3

    ……..and limiting increases in consumer prices. Driven by higher food costs, inflation stood last month at the high rate of 16 percent, up from 11 percent in January.

    That rate might be a good deal higher without the central bank’s aggressive policies. The bank spends $1 billion to $1.5 billion every month in oil revenue to buy Iraqi dinars on the open market, said Mudher M. Salih Kasim, senior adviser to the bank. This is the main lever for controlling consumer prices, said Kasim, who noted that the value of the dinar had risen about 20 percent against the dollar. An oil price crash, he added, would be “a disaster.”

    The government is also trying to funnel money to placate Iraqis who endured the military operations in Sadr City, Mosul and Basra and cement their loyalty. Tahseen al-Sheikhly, a spokesman for the Baghdad security plan, said $100 million will go to Sadr City to upgrade economic and social conditions there in the wake of the two-month military operation, which left buildings shattered and markets destroyed. Dr. Safaa al-Deen al-Safi, who is charged with implementing development and reconstruction activities, said another $100 million will be spent on areas like health and education.

    Barry ~ What do you think the line “currency outside banks” means and what do you think all those rising (and not falling) numbers mean? If they reduced 31tn by 70% they would have only 9.3tn Dinar, which is utter nonsense. This is nothing more than the “Big Lie Technique” – tell such a whopping great outrageous lie so often (“Iraq has taken 70% of their banknotes out of circulation”) that people fall for it without even attempting to verify it themselves partly out of sheer disbelief that someone could be that dishonest to them and partly out of confirmation bias (you’ll only read what already agrees with you)…

    Rasica ~ Your who lying technique is based upon misquoting Fractional Digital Circulation which are the derivatives “outside bank also”

    FOCUS ON M0-M1 SUPPLY!

    Barry ~ The “70% reduction” is nothing more than confusing Iraq’s reduction in certain banking requirements for banks to hold x amounts of Dinar for regulatory purposes (which isn’t the same as a reduction in currency).

    Rasica ~ Since your understanding of digital fractional banking and derivatives is skewed you draw silly conclusions.

    Rascica – “MAYBE THIS IS WHY YOU SIMPLY DO NOT UNDERSTAND THE M0-M1-M2 INFORMATION AND WHY THE MANTRA’D 30 TRILLION-60 TRILLION HAS [NOTHING] TO DO WITH THE REVALUATION!!”

    Barry ~ You’re the one who doesn’t understand a word of it as is clearly obvious above. The only people who think 1,000 Dinar in a savings account will remain at 1,000 Dinar whilst 1,000 Dinar in banknotes stuffed in a drawer or put in a checking / current account will magically become $1m are those so brainwashed by conmen that they’re literally become trapped inside a fantasy of their own making, both not understanding it – and even worse – not wanting to understand it…

    Rasica ~ If you would apply the correct understanding between derivatives and supply, you would know that Rothschild’s banking system is basically a scheme in and of itself. Many people need to wake up and stop apply linear thinking to supply and demand economics. In Rothschild’s world of derivatives (where they derive their value from ) is a hidden subversive operation. This is why The Federal Reserve System (owned by Rothschilds) has The U.S. at 3T SUPPLY of USD and 72T in Derivative Digital Circulation “INSIDE AND OUTSIDE OF BANKS”

    WHEN A PERSON HOLDS PART OF THE SUPPLY [CURRENCY] UNDER THEIR BED MATTRESS, IT WILL INSTANTLY RECEIVE NEW VALUE UPON IQDS RELEASE TO THE GLOBAL MARKET!

    IF YOU HOLD PAPER DERIVATIVE NOTES [PROMISSORY] YOU BETTER CASH OUT BEFORE THE NEXT GUY, ELSE THEY RUN OUT OF THEIR REAL WEALTH [SHORT SQUEEZE].

    IF ALL OF AMERICA’S 72 TRILLION FRACTIONAL DIGITAL DERIVATIVE NOTES WERE INSTANTLY BROUGHT TO THE BANKS AMERICA WOULD HIT THAT FINANCIAL CLIFF. THAT IS WHAT AMERICA IS FACING RIGHT NOW! THE SAME SCHEME IS HAPPENING IN IRAQ OR WHERE EVER THIS MAFIA ORACLE [ROTHSCHILD] OWNS A CENTRAL BANK. THE DIGITAL FRACTIONAL DERIVATIVE [PROMISSORY NOTES] CAN STAY IN LIMBO TILL HELL FREEZES OVER UNTIL THEY ARE CALLED IN FOR CASH CAPEESH?

    Rasica – “IRAQ IS WELL BELOW 4 TRILLION CURRENCY “””””SUPPLY””””” WHERE AS U.S. IS NEAR 3 TRILLION CURRENCY “””””SUPPLY”””””.”

    BARRY ~ Complete and utter delusion as anyone capable of reading the above CBI link can clearly see for themselves (not to mention World Bank figures…) I’ll repeat it so it sinks in : Iraq has 31tn (M0) and 72tn (M2). USA has 3tn (M0) and $12-14tn (M2). “Capeesh”?

    RASICA ~ Complete and utter delusion as anyone capable of reading the above CBI link can clearly see for themselves (not to mention World Bank figures…)

    I’ll repeat it so it sinks in :

    IRAQ HAS -4 TRILLION (M0-M1)

    IRAQ HAS 31 TRILLION (M2)

    UNITED STATES HAS 3 TRILLION (M0-M1)
    UNITED STATES HAS 72 TRILLION (M2)

    M1, is restricted to the most liquid forms of money; it consists of currency in the hands of the public; travelers checks; demand deposits, and other deposits against which checks can be written.

    M2, BY Rothschild Keynesian Economics Scheme now holds the FIAT Money known as fraction digital derivatives.

    What this boils down to is that everyone in the United States [when the IQD is released] will be cashed out by THE UNITED STATES FEDERAL RESERVE USING FIAT MONEY! This will NEVER be a drain upon Iraq’s “immediate” economic condition.

    IT WILL HOWEVER INCREASE THE U.S. CURRENCY SUPPLY AND DILUTE THE U.S. WEALTH EVEN FURTHER. IT WILL NOT HARM IRAQ IN CASHING OUT THE IQD IN THE U.S. IT WILL ONLY HURT THE U.S. BECAUSE OF THE FEDERAL RESERVE’S FIAT MONEY SCHEME. IRAQ WILL HAVE YEARS AND YEARS TO PAY BACK THE FEDERAL RESERVE. ROTHSCHILD WILL NOT CALL THAT DEBT IN ON AN IMMEDIATE BASIS. IT WILL BE HANDLED JUST LIKE HE DID WITH THE USSSR NOW THE RUSSIAN FEDERATION.

    The result of this scheme then puts Iraq INDEBTED to Rothschild Banking System just like for example ~ Argentina & USSR. Vladimir Putin paid off the Rothschild debt in 2006.

    This is why Putin will not allow U.S./NATO to invade Syria or Iran like they did in Libya. We invade Iraq and Rothschild now owns the CBI. Libya fell and all the gold was hoarded by the Rothschild system. The U.S. military is usurped by the Mafia Cartel of Rothschild and this corrupt system keeps orchestrating wars in the remaining sovereign nations w/o a Rothschild Central Bank.

    For 2010 you can see the total fractional digital “CIRCULATION” was $50.2 Trillion and of which in 2012 it is NOW $72 Trillion. These numbers far out pace our “CURRENCY SUPPLY” OF ONLY $3 TRILLION.

    American investments in foreign countries total over $3.3 trillion, which is almost twice that of any other country.[25] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times Our GDP.
    Wikipedia http://en.wikipedia.org/wiki/Economy_of_the_United_States

    Can anyone say NEW WORLD ORDER?

    “Capeesh”?

  38. Rasica 25th August 2012 at 21:37 #

    [Offensive comment removed]

  39. Barry 26th August 2012 at 14:04 #

    Rasica – “Iraq has lees than 4T Dinar in supply and 30T fractional digital circulation”

    Rasica, I’ve already given you the link to the Central Bank of Iraq’s website. If you didn’t understand a spreadsheet and want an easier to read quote, here it is:-

    “The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money. Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year. Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

    There you go – the Iraq Central Bank said in plain English (2 years ago) there were 25 trillion in banknotes! That was from 2010. Since then it has crept up to nearer 30tn in banknotes given the recent inflation : YES THERE REALLY ARE 30TN OF IRAQI BANKNOTES AND COINS IN CIRCULATION!)

    Iraq’s Dinar Money Supply Annually Since The 2003 Invasion:-

    2004 – (7.1tn banknotes) / (12.2tn total money supply)
    2005 – (9.1tn banknotes) / (14.5tn total money supply)
    2006 – (11.0tn banknotes) / (21.1tn total money supply)
    2007 – (14.2tn banknotes) / (27.0tn total money supply)
    2008 – (18.5tn banknotes) / (36.9tn total money supply)
    2009 – (21.8tn banknotes) / (46.4tn total money supply)
    2010 – (24.3tn banknotes) / (60.4tn total money supply)
    2011 – (26.3tn banknotes) / (65.1tn total money supply)
    2012 – (29.8tn banknotes) / (72.0tn total money supply)

    Iraq’s Money Supply Today (Mid-2012):-

    BANKNOTES AND COINS ONLY (M0) : 30.246tn Dinar
    Broad money supply (M2) : 72.0tn.

    If you want a World Bank report saying the same thing then here that is too:-

    “The Money and quasi money (M2) in Iraq was last reported at 61393052000000.00 (61tn Dinar) in 2010, according to a World Bank report released in 2011. In 2009 it was 46.7tn. In 2008 it was 37tn, according to the World Bank:-“
    http://www.tradingeconomics.com/iraq/money-and-quasi-money-m2-current-lcu-wb-data.html

    I’m not confusing “digital fractional derivatives” at all since derivatives aren’t “currency”, they’re an investment like a hedge fund future or stock option. You’re the only person I’ve ever met who think “money” and “investments” are the same thing! Just because they’re often leveraged and complex (and widely misunderstood by the average person) still doesn’t make them “currency”. No country on Earth includes derivatives in with M2 any more than they do stocks or properties or how many goats were sold at the local market. The ONLY things included are raw non-leveraged currency stored in a variety of ways, eg, banknotes, bank account deposits, money-market funds, bonds / time-deposits, etc.

    I do know exactly what you mean and are trying to get at regarding the nature of fractional credit creation vs being on a gold standard with your “Rothschilds” comment, but it still doesn’t affect the amount of banknotes in circulation since virtually every single country on the planet has a fractional reserve banking system (no-one’s on a gold standard any more), Iraq no exception. Likewise with “derivatives” – they simply aren’t included, and even if they were, most are valued in and sold for USD & Euro’s not Dinar’s (and many based on properties, commodities, etc) so that’s irrelevant too. Investments aren’t currency – just like you drive a car on the road, but you don’t “drive a road”. The only people doing that with the Dinar are those who out of pure emotional desperation keep trying to twist the facts to suit the sales pitch and pretend Iraq’s money supply hasn’t changed at all since Saddam was in power in the 90’s…

    All you’re doing is repeatedly confusing currency with “leveraged investments” (derivatives) and trying to pass off globally universal fractional reserve banking as somehow being “unique” to Iraq when it isn’t even remotely so. Iraq’s above M0 figures are purely physical banknotes and coins, and there are 30tn odd of them. This is truthful fact. The Central Bank of Iraq says so. As does the World Bank and IMF. You can download the figures from the CBI website yourself (along with documentation explaining that yes they do mean exactly “30tn banknotes” regarding their clear definition of “currency in circulation outside of banks”) – The fact of the reality of 30tn banknotes is not even up for debate to anyone who doesn’t have a hidden agenda or in deep denial. Likewise, Iraq’s M2 figures contain all of Iraq’s Dinar’s in various forms (banknotes, money market funds, time-deposits, bonds, etc), but DO NOT include derivatives, stocks, hedge funds or properties. Shouting the same confused falsehoods over and over (and getting comments deleted for abuse) is neither an argument nor the truth.

    As for “digital currency”, so what? There is no difference whatsoever in having a 1,000 Dinar bill and paying that 1,000 Dinar bill into a bank checking account. Both are still part of M1 figures. If you then took that 1,000 Dinars in a current / checking and moved it into a savings account or bought a bond / time-deposit / money market funds, that 1,000 Dinar would become part of M2. But it’s still money and will be treated as such when Iraq eventually redenominates! An irrational fear of “digital money” and trying to instigate arbitrary non-existent separations between banknotes and banknotes paid into a bank account (that’s absolutely no different to any other country on Earth) is highly irrational in itself.

  40. Rasica 27th August 2012 at 01:38 #

    Barry I already explained to you the difference between M0-M1 & M2

    I even cut and pasted the definitions for you.

    It all boils doen to “SUPPLY” vs “Circulation”.

    Supply of Iraq IQD are less than 4 Trillion (M0-M1)

    Circulation of Iraq Fractional Digital Circulation is 30 T (M2)

    Americas USD Fractional Digital Circulation is 72 T (M2)

    Whereas:

    America’s USD “SUPPLY” is +3 Trillion 2010 and much more for 2012. (M0-M1)

  41. Stew 27th August 2012 at 02:29 #

    LOL… I told you Barry. This guy will have you pulling your hair out.
    Have you ever heard such a nonsensicle thing… “Circulation of Iraq Fractional Digital Circulation”????
    SMH… seriously. It’s like talking to a child who just makes things up and refuses to listen to anyone.

  42. Stew 27th August 2012 at 02:32 #

    http://www.cbi.iq/documents/key%20financial.xls

    Currency outside banks. 30.246 Trillion
    M1 60.119 Trillion
    M2 70.781 Trillion

    I wonder how currency OUTSIDE of banks is electronic.

    Please Rasica… tell us what this spreadsheet is.
    Wait till you hear this answer Barry.

  43. Barry 27th August 2012 at 07:44 #

    Rasica – “Barry I already explained to you the difference between M0-M1 & M2”

    No you didn’t, you ignored the genuine terms and invented your own imaginary personal fantasy of what you want the terms to mean to be which are totally divorced from reality. Derivatives are investments (futures contracts, arbitrage hedge funds, etc), they are not currency nor measured as such by Iraq or anyone else. Many are more like CFD’s (Contracts For Difference) or financial spread betting. Whatever they’re hedging against may be exchangeable for money but the contracts aren’t “currency” themselves. They aren’t part of any “M” figure. Things like M2/M3 figures are hardly some big complicated secret / conspiracy. Anyone capable of Googling “USA M2 figure money supply” and clicking on the first 3 links can see the truth for themselves ($10tn not $72tn):-
    http://research.stlouisfed.org/fred2/series/M2?rid=21&soid=1

    “America’s money supply is $72tn” like most of your figures is just completely made up out of thin air with absolutely no attempt to back it up to any linked source whatsoever beyond shouting false irrelevancies about “derivative money supply” or “digital money”. The correct figure is $10tn as shown on both official Federal Reserve websites, and unofficial private independent financial research companies.

    Is there a derivative bubble that’s resulted in derivatives having a larger theoretical worth than some countries money supply’s? Yes, but that’s a totally separate problem related to unregulated “off books” / “shadow banking” over-leveraging and resulting flawed macro-level valuation failures. It has nothing whatsoever to do with a revenue neutral redenomination of the Dinar anymore than it did the other 7 similar recent redenominations of the : Afghani (2002), Turkish Lira (2005), Azerbaijani new manat (2006), Mozambican metical (2006), Ghanian cedi (2007), Turkmenistani new manat (2009) or Venezuelan Bolivar (2009) over the past few years…

    Derivatives are legal agreements (two-way IOU’s) between two parties, they are not currency and never have been measured by any central bank as such. If you cannot accept even simple easily verifiable facts like this, then you just make a chronic public embarrassment of yourself.

    I’m well aware of the “Rothschild conspiracy theories” floating around you’re referring to, and whilst they may have some merit with regard to the inherent long-term instability (and “theft by inflation” of unscrupulous governments) of fractional reserve banking related deliberate long-term currency debasement vs the gold standard, they are totally and utterly irrelevant to revenue neutral currency redenominations as Iraq is no more on a gold standard than anyone else. All you’ve done is ignore anything you don’t like to read, invent made-up figures for virtually everything, throw around jargon you don’t understand (“derivative money supply” – that literally means “IOU legal contract money supply” – it’s totally nonsensical) mixed in with unrelated conspiracies and taken Iraq’s genuine M2 figure and tried to pretend it’s America’s, then shout “yes it is! yes it is!” over and over when proven wrong. That’s as absurd as randomly declaring “Mexico’s GDP is larger than America’s” by swapping Mexico’s genuine GDP with the whole of the EU’s GDP several thousand miles away and arbitrarily halving America’s so it matches Japan’s, then amusingly telling people to “educate themselves on the ‘facts'” long after they’ve provided YOU with the correct figures (and backed them up with sourced links) whilst your own made up numbers get shot down and debunked into oblivion… 😉

    Stew – agreed! In fact I’m left half wondering if he really, really genuinely doesn’t understand this and is trying to cover up a lack of education with attempted “jargon obfuscation” (which works with amateurs on pumper forums but not with people on serious investment boards who do know what they’re talking about ), or if he’s deliberately trolling as some kind of subtle self-parody of certain pumpers previous outrageous claims? 😉

  44. Dr. R. Keiferland 27th August 2012 at 09:05 #

    The Dinar mis-selling scam is just post-millenniel “Tulip Mania” all over again. The saddest thing of all about this is that the people most sucked into it are usually the same ones who criticize the modern education system. My 12 year old daughter could see straight through it. Common sense questions like “If they stand to make all that money, then why are the Dinar salesmen selling them to YOU!” seem to fly straight over people’s heads… The “it’s because they’re generous & compassionate” argument goes straight out of the window because if they genuinely were, they wouldn’t be charging extortionate 20-1400% commission fees way, way above what is normal for most currencies in the first place…

    Good posts Barry & Stew. One day many will wake up. Some of them never will out of pride & ego and will go their entire lives swearing blind they’ve been “ripped off” by $999,000 when Iraq redenominates. Some people, when you tell them they will become a millionaire for nothing, will literally shut down any and all critical thinking and invent all sorts of reality bending excuses and fantasies to defend that craving. Nothing wrong in wanting to be wealthy, but you do have to “keep it real”. No-one’s going to be given $1m for changing up $1,000 into Dinar and back.

    If people still do not understand what this official CBI statement means…

    Nov 28th 2011 –> “Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue the new currency in addition to coins in both Arabic and Kurdish. This will include a new 50 Dinar bill with a value of $43 [exchangeable for 2x 25,000 current Dinar notes].”

    …after all this time, then quite frankly they are beyond hope for any rational fact-based debate…

  45. kev 27th August 2012 at 09:56 #

    omg are people seriously still falling for this scam?

  46. Rasica 27th August 2012 at 22:38 #

    In response To R. Keiferland:

    R. Keiferland:
    The Dinar mis-selling scam is just post-millenniel “Tulip Mania” all over again. The saddest thing of all about this is that the people most sucked into it are usually the same ones who criticize the modern education system.

    Rasica:
    The modern education system [Every Child Left Behind] is being held by you as a trophy?

    R. Keiferland:
    My 12 year old daughter could see straight through it. Common sense questions like “If they stand to make all that money, then why are the Dinar salesmen selling them to YOU!” seem to fly straight over people’s heads…

    Rasica:
    There are many modern attempts at inverting the U.S. educational system. Youth are the ones who suffer most from critical thinking skills outside the indoctrination paradigm of [every child left behind]. It is sad that many do not understand that Presidential Order 13303 during war, allowed U.S. citizens to receive the new IQD for the simple price of the paper.

    Many a dumper as I have stated before, skew the facts and propagandize the ignorant and young with these silly notions. The IQD presently is worthless as it has not been set to the Iraq GDP/GNP as all the other nations who are in the global market.

    Iraq is still isolated financially and the IQD has NOT been given a global value. When this happens it will be known as a release NOT as a revaluation as Iraq to have a ‘value’ when speaking in Global terms must be released it is not and is presently under ‘tight monetary in house control’.

    R. Keiferland:
    The “it’s because they’re generous & compassionate” argument goes straight out of the window because if they genuinely were, they wouldn’t be charging extortionate 20-1400% commission fees way, way above what is normal for most currencies in the first place…

    Rasica:
    The above comment is a non-sequitur.

    R. Keiferland:
    Good posts Barry & Stew. One day many will wake up. Some of them never will out of pride & ego and will go their entire lives swearing blind they’ve been “ripped off” by $999,000 when Iraq redenominates.

    Rasica:
    Picking and choosing new definitions of re-denominate is another ploy ‘dumpers’ use in their attempts to drive down. In the case of Iraq re-denomination is going to be exactly as it was in The U.S. when they cut their 3 zeros and pulled in the high 3 zero currency for lower zero currency.

    This process is nothing more than retaining the higher zeros and giving change in lower zeros when in the process of deposits or consumer buying.

    For example:
    Iraq will be introducing lower denominated currency to start making ‘change’ for the higher denominated currency in the market place. When the higher denominated currency is deposited by the retailer or whoever, the higher denominations will be pulled from the market place and just the lower currencies will be allowed – Just like what was done in America.
    http://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

    R. Keiferland:
    Some people, when you tell them they will become a millionaire for nothing, will literally shut down any and all critical thinking and invent all sorts of reality bending excuses and fantasies to defend that craving. Nothing wrong in wanting to be wealthy, but you do have to “keep it real”. No-one’s going to be given $1m for changing up $1,000 into Dinar and back.

    Rasica:
    The above comment is based on psycho-theory and not fact of Iraq currency modus operandi. Dumpers want you to completely forget about Presidential Order 13303 – for the horrendous cost of blood & treasure.

    What was this mechanism? It was the mechanism of owning IQD as if we too were Iraqi citizens subject to Iraqi Law – we could buy in at a cost of living indicator of approx. $.85 for the cost of the paper the IQD was printed upon. NOW when dealing with currency already released to a Nation State’s GDP/GNP you cannot do that Capeesh? SO all arguments presented above though they be mis-directed they too must also be reconcilable to the fact that the IQD is simply NOT released yet.

    R. Keiferland:
    If people still do not understand what this official CBI statement means…

    Nov 28th 2011 –> “Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue the new currency in addition to coins in both Arabic and Kurdish. This will include a new 50 Dinar bill with a value of $43 [exchangeable for 2x 25,000 current Dinar notes].”

    …after all this time, then quite frankly they are beyond hope for any rational fact-based debate…

    Rasica:
    The comment above supports the fact that Iraq is preparing for the “change” currency for the larger 3 zero denominations like the 25K – 25,000 Dinar.

    Lets take a real world approach at some examples of a consumer/retailer exchange.

    (1)
    The retailer tills are now loaded with the new lower zero denominations like the 50 IQD. A person wants to buy clothing at a price of 24, 950 IQD. He hands the retailer a 25,000 note and receives his 50 IQD in “change”. The 25K IQD is deposited physically in a bank where it is then retired. All is well.

    (2)
    The retailer tills are now loaded with the new lower zero denominations like the 50 IQD. A person wants to buy clothing at a price of 12,000 IQD. But the consumer only has a 25,000 IQD. The retailer states that the consumer must go to the bank to make change because the retailer does not have 13,000 IQD worth of 50 IQDs – approx. 260 (50 IQD notes) for change. How many of us have asked a retailer if they have change for a $100 or higher and were told that the retailer does not have enough change?

    The very simple and generalized Example #2 points out the need that the NOMINAL VALUE OF AN IQD, MUST BE ENLARGED TO COMPENSATE FOR A HORRIFIC OVERLOAD OF SMALL DENOMINATIONS INTO THE MARKET PLACE WHEN THERE ARE THE LARGER 3 ZERO NOTES AT PLAY.

    This means that when Iraq wishes to shift from high 3 zero currency to lower zero currency the IQD must be, must be, must be, must be, “released with a GNP/GDP” value. Remember, the current National living indicator for Iraq is $.85. Which is 3 zeros cut from the current artificial nominal value of $.00085 IQD.

    This is another reason Iraq [has and Is] purchasing as many 3 zero currency from the open market place as possible. They began this program in 2008 at a rate of $1.5 Billion USD of IQD/Month. See above posts from Rasica’s NYT.

    Remember R. Keiferland’s post from above?

    Nov 28th 2011 –> “Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue the new currency in addition to coins in both Arabic and Kurdish. This will include a new 50 Dinar bill with a value of $43 [exchangeable for 2x 25,000 current Dinar notes].”

    Lets look at it critically!

    The quote marks are in the wrong place as Dr. Muzher Saleh never said the following:

    This will include a new 50 Dinar bill with a value of $43 [exchangeable for 2x 25,000 current Dinar notes

    BUT LETS JUST SAY THAT HE HAD, OK?

    1)
    If you multiply 50 IQD Xs ((($.85))) you get $42.50 or rounding it off $43.00. {FUTURE VALUE}

    2)
    If you multiply 2 Xs 25,000 IQD Xs ((($.00085))) you get $42.50 or rounding it off $43.00
    {PRESENT VALUE}

    3)
    Mr. R. Keiferland’s example supports a RELEASE of the IQD to $.85 Living Cost Indicator For Iraq! It does not suggest a LOP, its a foretelling of what the IQD will be released at and that is $.85 USD value.

    4)
    One can never exchange directly a Future Value For A 50 IQD for a Present Value 25,000 IQD in the competitive market place. IOWs, you cannot have an Iraq nominal 3 zero currency value existing with an Iraq GDP/GNP pegged Non- 3 zero currency in the same market place!

  47. Dr. R. Keiferland 28th August 2012 at 00:02 #

    Re: rasica

    Your post isn’t even coherant for the most part – simply a string of fantasies of you want to happen and maths that don’t even begin to add up (Iraq’s money supply is growing about 1tn Dinar per year. Taking 15tn per month (180tn) not only means nothing is being removed, it means more currency is still being added… As for your “retailer” example that’s just gibberish garbage that’s as utterly nonsensical as saying “US retailers have only $100 bills and 5 cent coins in their cash tills – nothing else in between.”

    Rasica:”This means that when Iraq wishes to shift from high 3 zero currency to lower zero currency the IQD must be, must be, must be, must be, “released with a GNP/GDP” value”

    No it means they will redenominate / lop like they say they will on an almost monthly basis and openly broadcast as such on Alsumeria TV openly explaining it to Iraqi’s:- [shakes head in disbelief]

    “CBI has announced that it intends to implement a long-planned redenomination of the Iraqi dinar by eliminating three zeros from the nominal value of bank notes.” – SIGIR quarterly report, July 30th 2010.

    April 13th 2011 – “Iraq’s Central Bank announced on Tuesday that the project of Iraqi Dinar re-denomination consisting of removing three zeroes is close to completion. The re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete. Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar which the government has hopes high on it.”

    April 16, 2011 – “An advisor of the Iraqi Central Bank, Dr. Mohammed Saleh appearance that the bank adheres to its policy regarding the removal of three zeros from Iraqi dinar traded at present… To that, the adviser to the Central Bank of the appearance of Mohammed Saleh, said that such fears are unwarranted, and that the economic situation in Iraq is good and able to withstand the application of this project, and that this experience had previously been applied in countries such as Turkey, which has by deleting six zeros from the currency before the period is not too distant future.”

    June 24th 2011 – “Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from the Iraqi currency. The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures”, Saleh noted. On June 19, Iraq’s Central Bank Governor Sanan Al Shebeibi affirmed during the meeting of independent commissions with Prime Minister Nuri Al Maliki that the bank is preparing all requirements needed to replace the Iraqi Currency.”

    July 2nd 2011 – “The draft of the new currency will be put to a vote in the House of Representatives and if approved by Council House of Representatives, the redenomination project will be implemented. New banknotes will be introduced with dual Kurdish language designs. The Iraqi currency change will not have any effect on the international value of the Iraqi dinar and economy

    Feb 21st 2012 – “AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project. The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system.”

    “The change that will take place with the Iraqi currency will change the face value of the dinar and not the real value as measured by the value of Iraqi dinar against the dollar and gold,” Sami Atrushi, Iraqi Finance Committee

    “Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee stated that the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market,” explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.”

    Iraq is going to redenominate. Deal with it and stop making an embarrassment of yourself with delusional junk economics you clearly do not understand.

  48. Stew 28th August 2012 at 01:02 #

    Rasica. This is the stuff that proves beyonsd a shadow of doubt that you are a scammer. We had this 13303 discusion on another site years ago and you were proven wrong then, yet you continue to push a know lie.
    Let’s do it again.
    Here is the complete text of 13303. Please point out where it mentions dinar?

  49. Stew 28th August 2012 at 01:03 #

    Executive Order
    Executive Order Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has An Interest

    By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act, as amended (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 5 of the United Nations Participation Act, as amended (22 U.S.C. 287c) (UNPA), and section 301 of title 3, United States Code,

    I, GEORGE W. BUSH, President of the United States of America, find that the threat of attachment or other judicial process against the Development Fund for Iraq, Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, obstructs the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq. This situation constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States and I hereby declare a national emergency to deal with that threat.

    I hereby order:

    Section 1. Unless licensed or otherwise authorized pursuant to this order, any attachment, judgment, decree, lien, execution, garnishment, or other judicial process is prohibited, and shall be deemed null and void, with respect to the following:

    (a) the Development Fund for Iraq, and

    (b) all Iraqi petroleum and petroleum products, and interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever arising from or related to the sale or marketing thereof, and interests therein, in which any foreign country or a national thereof has any interest, that are in the United States, that hereafter come within the United States, or that are or hereafter come within the possession or control of United States persons.

    Sec. 2. (a) As of the effective date of this order, Executive Order 12722 of August 2, 1990, Executive Order 12724 of August 9, 1990, and Executive Order 13290 of March 20, 2003, shall not apply to the property and interests in property described in section 1 of this order.

    (b) Nothing in this order is intended to affect the continued effectiveness of any rules, regulations, orders, licenses or other forms of administrative action issued, taken, or continued in effect heretofore or hereafter under Executive Orders 12722, 12724, or 13290, or under the authority of IEEPA or the UNPA, except as hereafter terminated, modified, or suspended by the issuing Federal agency and except as provided in section 2(a) of this order.

    Sec. 3. For the purposes of this order:

    (a) The term “person” means an individual or entity;

    (b) The term “entity” means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization;

    (c) The term “United States person” means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any juris-diction within the United States (including foreign branches), or any person in the United States;

    (d) The term “Iraqi petroleum and petroleum products” means any petroleum, petroleum products, or natural gas originating in Iraq, including any Iraqi-origin oil inventories, wherever located; and

    (e) The term “Development Fund for Iraq” means the fund established on or about May 22, 2003, on the books of the Central Bank of Iraq, by the Administrator of the Coalition Provisional Authority responsible for the temporary governance of Iraq and all accounts held for the fund or for the Central Bank of Iraq in the name of the fund.

    Sec. 4. (a) The Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, is hereby authorized to take such actions, including the promulga-tion of rules and regulations, and to employ all powers granted to the President by IEEPA and the UNPA as may be necessary to carry out the purposes of this order. The Secretary of the Treasury may redelegate any of these functions to other officers and agencies of the United States Government. All agencies of the United States Government are hereby directed to take all appropriate measures within their statutory authority to carry out the provisions of this order.

    (b) Nothing contained in this order shall relieve a person from any requirement to obtain a license or other authorization in compliance with applicable laws and regulations.

    Sec. 5. This order is not intended to, and does not, create any right, benefit, or privilege, substantive or procedural, enforceable at law or in equity by a party against the United States, its departments, agencies, entities, officers, employees, or agents, or any other person.

    Sec. 6. This order shall be transmitted to the Congress and published in the Federal Register.

    GEORGE W. BUSH
    THE WHITE HOUSE,
    May 22, 2003.

  50. Dr. R. Keiferland 28th August 2012 at 08:57 #

    Rasica: “The retailer tills are now loaded with the new lower zero denominations like the 50 IQD. A person wants to buy clothing at a price of 24,950 IQD. He hands the retailer a 25,000 note and receives his 50 IQD in “change”. The 25K IQD is deposited physically in a bank where it is then retired. All is well.

    The retailer tills are now loaded with the new lower zero denominations like the 50 IQD. A person wants to buy clothing at a price of 12,000 IQD. But the consumer only has a 25,000 IQD. The retailer states that the consumer must go to the bank to make change because the retailer does not have 13,000 IQD worth of 50 IQDs – approx. 260 (50 IQD notes) for change. How many of us have asked a retailer if they have change for a $100 or higher and were told that the retailer does not have enough change?”

    ROFL! Are you really that dense you don’t even understand what a redenomination is? I swear you have to be trolling now. When Iraq redenominates, 3 zeroes will be cut from EVERYTHING, ALL currency swapped at 1:1000 and the price of EVERYTHING will have to fall by 1,000 to balance the equation (that’s what “3 zeroes being cut” means). That 24,950 item of clothing will become 24.95 Dinar and that 25,000 Note will effectively become 25 Dinar (in reality 1x 25,000 note will be exchanged for 1x 20 Dinar + 1x 5 Dinar notes). This has been openly, clearly and repeatedly explained on Iraqi TV to 30m Iraqi’s. Only deceitful, lying American pumpers who can’t speak a word of Arabic and “accidentally” mistranslate everything to mean what they want it to mean (plus the terminally stupid) insist otherwise.

    As Barry explained, if prices in Iraq DON’T fall by the same ratio (1,000:1) to match, then everything in Iraq will end up 1,000x more expensive for Iraqi’s to export and for non-Iraqis to import (since it would then take $1,000 to buy something priced at 1,170 Dinar (instead of $1 currently), and would end up with international equivalent price-tags 1,000x out of whack with reality! That 24,950 Dinar item of clothing if it were given a rate of 1.17:1 vs the $ without a 3-zero lop would essentially be $21,324 or €17,112! That’s why the whole “lop” process exists in the first place (what do you think they just made it up because they were stupid or bored?)

    If you make the Dinar 1,000x more valuable in real terms, then that’s the same effect on global trade as if the Dinar remained stable and everyone else on the planet all devalued their currencies by 1,000x!

    OMG. It defies belief something this basic even needs explaining….