In the practice of law they have a saying ... "never ask a witness a question that you don't already know the answer to". In the O.J. Simpson trial Chris Darden had O.J. try the gloves on in front of the jury, convinced that they had to fit him. When they appeared too tight it left doubt in the minds of the jurors. (I read that O.J. just went without his arthritis medication for a few days which resulted in his hands swelling to throw the jury off in the event of a glove demonstration, but I digress). Darden had never witnessed O.J. putting the gloves on so he didn't know how they would fit. A colossal blunder.
Sunday the IQD Team did a conference call where they introduced a man from Iraq named Tariq who they claim has worked as an interpreter for US forces. The idea was to get the take of somebody who lives in Iraq and knows Arabic and can offer a qualified view on what is being said in Iraq. During the course of the call one of the panel members (Shannan I believe - about 45 minutes in) asked him about the face value of the new dinar that will be issued. His response wasn't exactly what they were expecting. He insisted that a 25K IQD note will be exchanged for a new 25 note. He explained that if it was a 1:1 exchange there would be no resulting reduction in the money supply. Without using the word, he was basically saying that Iraq is going to lop. OOPS! Gotta prep those interviewees a tad better in the future!
The panel spent most of the rest of the conference call trying to explain how Tariq is young, doesn't have access to the same articles that they do, doesn't know what they know .... yada yada. But they never really addressed the main point he was making, that a 1:1 exchange accomplishes nothing when it comes to one of the CBI's stated goals of reducing the amount of dinar in circulation. I'd say maybe the fact that he lives there and hears what's being said and knows the language gives him a better grasp rather than a worse one. JMO.
https://www.freeconferencecallhd.com/playback.html?n=1287795510037-17-65-6719-17-65-6767-17-65-67-17-65-6781-17-65-6730-17-65-67;0Mzg1MTEzMjA=1
Addressing the hype surrounding the Iraqi dinar to prevent more people from being misled about this investment.
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Oops!!
ReplyDeleteHey Sam, what was the name of the dinar buy back dealer that you recommend again? (just kidding)
Thanks Sam. This is a great blog, and a perfect example of how the pumper sites out there operate. This goes back to the exact point I made a couple of days ago while a couple of us were debating with sonny1, and I was trying to see if he can make a case against some of the facts that were presented to him since he felt so strongly of his opinion. This is a perfect example of that same problem, that when the facts are presented, they automatically completely disregard it as if it was never said. Then they go after the messenger of the information to attack the credibility as an attempt to show how the person that presented the facts may not have known what they were talking about. It sounds as if they did the same thing on this call here. Rather than addressing what was said to disprove it, they went after the credibility of their own guest since he said something unexpectedly that went against their own agenda. One word..... Exposed..
ReplyDeleteI also wanted to point out another quote that "Tariq" made on the call. This is definitely something that they should have immediately addressed on the call as a potential issue.
ReplyDeleteAt 17:03 through 17:13 he stated:
"Only the government banks will be, you know, conducting this operation, the private banks will not be a part of the, you know, replacement of the currency"
This is the same thing that was said in an article a few days back.
http://translate.google.com/translate?sl=ar&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.moheet.com%2F2012%2F03%2F13%2F%25D8%25A7%25D9%2584%25D9%2585%25D8%25B1%25D9%2583%25D8%25B2%25D9%258A-%25D8%25A7%25D9%2584%25D8%25B9%25D8
"pointed out that government banks are the only outlet for the process of replacing the currency that will continue over two years. "
It’s funny as crap to listen to Breitling claim that the loppers have been crushed because we overlooked the reduction in money supply. I remember having many conversations with RV’rs who said stupid stuff like, “what are they going to do, take a sharpie and mark through the zeros”. There were many stupid statements like that from the RV crowd who had no clue, and still seem to have no clue, how a redenomination works. Breitling seems to remember those claims being made by loppers. I think anyone who understands a lop knows the MAIN FUNCTION of a lop is to reduce money supply.
ReplyDeleteHe claims us lopes are changing our stories over and over. Hilarious!! These guys have changed stories more often then most people change underwear. I posted on a few dinar boards in 2006 and was banned from all for bringing up money supply issues. All of my posts were deleted from most of those boards. Here’s one board that didn’t, because it wasn’t a dinar web site. It was a penny stock web site that got a discussion going about dinar.
Here in early 2007, over 5 years ago, I posted this on a that dinar board.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=17683371
March, 7, 2007
Depends on what your expectations are.
If you take the time to do the DD and compare Iraq to other countries… Kuwait, Saudi Arabia, Bahrain, Jordan, Iran, and others… look at Foreign Currency Reserves, GDP, Money Supply (Currency in circulation and in deposits) and it will become crystal clear that the Iraqi dinar is very fairly valued at what it is today. Iraq has 20 Trillion as a Money Supply figure. The countries that have an exchange rate of 1:1 or there about all have a Money Supply between 10 to 30 Billion. Iraq has a money supply 1000 times greater than those countries and it explains so clearly why they have an exchange rate about 1000 times higher.
In my opinion… based on comparing Iraq to numerous other countries… here are the possible outcomes I see.
They continue on like they are… the dinar may… MAY rise in value to 1000:1 over the next 3 or 4 years and they may join the GCC and switch to the GCC currency if that ever comes to fruition. 1000:1 is about as high as I see it going.
The other option they have… if they really want their currency valued at 1:1… they have to return the money supply number back to about 20 Billion. That would put them in line with the other countries that have a 1:1 or better exchange rate and would also return them to the money supply number they had in the 80’s when they had a favorable exchange rate. That would be the dreaded zero lop… where your 25,000 dinar notes would be exchanged for 25 dinar notes.
How was that for a 5 year old prediction of how this would turn out?
I love the long pause about 46min when Tariq says "no thats not true" to a currency exchange question....The silence is priceless. I actually started selling my Dinars when I heard they were going to drop the three zeros and introduce a new currency it was obvious to me it was a lop...Thanks Tariq
ReplyDeleteI remember a few years ago when the lop articles started coming out amd I seem to remember most knew it was a bad thing and something we didn't want now everyone is saying its a good thing. Hmmmmm. Before it was smoke and mirrors and now it's something we want. It blows my mind how easily people get brainwashed. It scares me but I guess when you're in desperation mode you are up for anything. Just gotta have "faith" right lol
ReplyDeleteI think the first lop articles came out in July of 2006.
ReplyDeletehttp://www.gulf-daily-news.com/NewsDetails.aspx?storyid=148558
Iraq plans to revalue currency
Posted on » Friday, July 07, 2006
BAGHDAD: Iraq is considering redenominating the dinar, printing new banknotes to remove inflation-generated zeros from its currency, the finance minister said yesterday.
Senior government and central bank officials have said the proposal has been under consideration for some time to make one new dinar equal to 1,000 current dinars, a move that would bring the currency closer to parity with the US dollar.
Asked about such a suggestion in an interview on Arabiya television, Finance Minister Bayan Jabor said: "This is the ministry's suggestion to the central bank. We think in the long term it will be for the benefit of Iraq."
Jabor said surveys indicated popular support for the move.
The oil-rich nation's currency was once worth more than $3, he recalled, before the ruinous wars and international sanctions during the rule of Saddam Hussein.
There are currently about 1,450 dinars to the dollar, a rate that has been relatively stable since shortly after the US invasion in 2003. At that time new banknotes were issued by the US occupiers to remove Saddam's image.
Other nations that have been through rampant inflation have followed a similar course, notably Russia in the 1990s.
Until the 1980s, many prices in Iraq commonly also used the fils. One dinar equals 1,000 fils. The smallest denomination note today is 250 dinars.
Hey Sam...I sent you part 2 is Tariq's interview the cover up.....I see another award coming for them
ReplyDelete