Publication of Amended Iraq Stabilization and Insurgency Sanctions Regulations

Early1 wrote:

weslin3 wrote:Thanks tt10.. That's kinda like I'm thinking... And yes I might cash in some at $.10 to pay off everything but I'm really thinking over USD $1 to stop the USD being used in Iraq and their dinar to be used and gain respect again..

Guys and Gals:
  You know I have not been the most popular guy on this site lately.
But - really - what I hoped would happen - is that a conversation would start other than RV $3.41 to $1 and thanks to you - it has.
  I do not pretend to know the method or opening amount to a change in value
of the Iraq Dinar.  But - at least we are looking for alternatives.
  I still do not believe that, a country of Iraq's assets , can have a worthless currency.  But - they are still doing all the things to make sure it remains so for now - I.E. - AUCTIONS
Why Auctions for Iraq - has been said - that that is how Iraq does Dollarization - Really ?
 The pitance that they raise dollars through auctions is a joke.
Also - OIL is sold all over the world in PETRO DOLLARS (which is US Dollars)
you are telling me Iraq can't achieve dollarization through that ?

There is a reason for destroying and continuing to destroy the value of the Dinar - IF THEY CHOOSE NOW TO CHANGE THAT - it won't be abrupt - because so far the system has worked just fine without it.
Argument for 1-1 rate is strong one    Hope they don't do what Equador did in 2000 - that was dump their currency and go exclusively to using US DOLLARS
That's right - The official currency in Ecuador is the US $
  You see if Iraq can raise Dollars through Oil - a simple solution to their currency problem, is change to the Dollar - most people in Iraq are used to that all ready and the Dinar Currency problem just goes away.
  You - see - there are many solutions - not just an abrupt change in value.

tt10 wrote:Ecuador’s inflation was around 60%. Every country that Iraq has ever been compared to as far as it’s currency is concerned  has had incredible inflation.

jedi17 wrote:

Early1 wrote:

weslin3 wrote:Thanks tt10.. That's kinda like I'm thinking... And yes I might cash in some at $.10 to pay off everything but I'm really thinking over USD $1 to stop the USD being used in Iraq and their dinar to be used and gain respect again..

Guys and Gals:
  You know I have not been the most popular guy on this site lately.
But - really - what I hoped would happen - is that a conversation would start other than RV $3.41 to $1 and thanks to you - it has.
  I do not pretend to know the method or opening amount to a change in value
of the Iraq Dinar.  But - at least we are looking for alternatives.
  I still do not believe that, a country of Iraq's assets , can have a worthless currency.  But - they are still doing all the things to make sure it remains so for now - I.E. - AUCTIONS
Why Auctions for Iraq - has been said - that that is how Iraq does Dollarization - Really ?
 The pitance that they raise dollars through auctions is a joke.
Also - OIL is sold all over the world in PETRO DOLLARS (which is US Dollars)
you are telling me Iraq can't achieve dollarization through that ?

There is a reason for destroying and continuing to destroy the value of the Dinar - IF THEY CHOOSE NOW TO CHANGE THAT - it won't be abrupt - because so far the system has worked just fine without it.
Argument for 1-1 rate is strong one    Hope they don't do what Equador did in 2000 - that was dump their currency and go exclusively to using US DOLLARS
That's right - The official currency in Ecuador is the US $
  You see if Iraq can raise Dollars through Oil - a simple solution to their currency problem, is change to the Dollar - most people in Iraq are used to that all ready and the Dinar Currency problem just goes away.
  You - see - there are many solutions - not just an abrupt change in value.

Dont worry Early, it is not a popularity contest.  I would like to point something out though.  First, it is not an auction anymore for everyone, banks are supposed to buy US$ to give to contractors who are doing business outside of Iraq and are required to pay in US$, as well, an Iraqi citizen can buy up to 3000.00 US$ for the purpose of travel.  We do know there is a lot of corruption in this process that they are still trying to get rid of.  Second, this is a US$ auction in which they sell US$ from their currency reserve, and in turn bring in Iraqi Dinar which will help with reducing the amount of dinar in circulation.

Once Iraq is able to utilize the dinar on a international level, there will be no need for the currency auctions, thus reducing the dollarization on the international level, and then there will be the trickle down effect to the street level as the Iraqis will have more confidence in their dinar.

The news lately clearly shows that the banking sector is getting ready for international banking in dinars which should already bring some confidence back to the dinar.  We have seen that they are readying the ATMs as well as automatic deposits for wages which should help with a reduction in physical dinar in the country which, coupled with a stronger sense of confidence should improve the value.

Again Early, these are my thoughts, and it is not a popularity contest so we are all entitled to an opinion here as well.  I am sure Diamond can speak to the effects that article 8 will have as well on the dinar and encourage him to post here on that as well.

weslin3 wrote:

jedi17 wrote:

Early1 wrote:

weslin3 wrote:Thanks tt10.. That's kinda like I'm thinking... And yes I might cash in some at $.10 to pay off everything but I'm really thinking over USD $1 to stop the USD being used in Iraq and their dinar to be used and gain respect again..

Guys and Gals:
  You know I have not been the most popular guy on this site lately.
But - really - what I hoped would happen - is that a conversation would start other than RV $3.41 to $1 and thanks to you - it has.
  I do not pretend to know the method or opening amount to a change in value
of the Iraq Dinar.  But - at least we are looking for alternatives.
  I still do not believe that, a country of Iraq's assets , can have a worthless currency.  But - they are still doing all the things to make sure it remains so for now - I.E. - AUCTIONS
Why Auctions for Iraq - has been said - that that is how Iraq does Dollarization - Really ?
 The pitance that they raise dollars through auctions is a joke.
Also - OIL is sold all over the world in PETRO DOLLARS (which is US Dollars)
you are telling me Iraq can't achieve dollarization through that ?

There is a reason for destroying and continuing to destroy the value of the Dinar - IF THEY CHOOSE NOW TO CHANGE THAT - it won't be abrupt - because so far the system has worked just fine without it.
Argument for 1-1 rate is strong one    Hope they don't do what Equador did in 2000 - that was dump their currency and go exclusively to using US DOLLARS
That's right - The official currency in Ecuador is the US $
  You see if Iraq can raise Dollars through Oil - a simple solution to their currency problem, is change to the Dollar - most people in Iraq are used to that all ready and the Dinar Currency problem just goes away.
  You - see - there are many solutions - not just an abrupt change in value.

Dont worry Early, it is not a popularity contest.  I would like to point something out though.  First, it is not an auction anymore for everyone, banks are supposed to buy US$ to give to contractors who are doing business outside of Iraq and are required to pay in US$, as well, an Iraqi citizen can buy up to 3000.00 US$ for the purpose of travel.  We do know there is a lot of corruption in this process that they are still trying to get rid of.  Second, this is a US$ auction in which they sell US$ from their currency reserve, and in turn bring in Iraqi Dinar which will help with reducing the amount of dinar in circulation.

Once Iraq is able to utilize the dinar on a international level, there will be no need for the currency auctions, thus reducing the dollarization on the international level, and then there will be the trickle down effect to the street level as the Iraqis will have more confidence in their dinar.

The news lately clearly shows that the banking sector is getting ready for international banking in dinars which should already bring some confidence back to the dinar.  We have seen that they are readying the ATMs as well as automatic deposits for wages which should help with a reduction in physical dinar in the country which, coupled with a stronger sense of confidence should improve the value.

Again Early, these are my thoughts, and it is not a popularity contest so we are all entitled to an opinion here as well.  I am sure Diamond can speak to the effects that article 8 will have as well on the dinar and encourage him to post here on that as well.

So good to hear from you jedi... Thanks for your input on this. Was hoping to hear from you.

weslin3 wrote:

tt10 wrote:Ecuador’s inflation was around 60%. Every country that Iraq has ever been compared to as far as it’s currency is concerned  has had incredible inflation.

Wouldn't a gradual growth of the dinar do that? (incredible inlfation.)

weslin3 wrote:Thanks tt10.. Gives us something to think about.I too have read a lot about Iraq and still don't know anything...