I'm going to allow for some discussion in the comments below and then I'll add my thoughts later.
06/20/12 UPDATE!!!
Okay, you've all had enough time to listen and comment. Here are my thoughts.
- They've told us they're reducing the money supply. The CBI hasn't said that they've reduced the money supply. They did mention reducing the number of notes, but that doesn't mean they reduced the money supply. For example, if you had 20 one dollar bills yesterday you had twenty notes worth $20. If today you have 5 five dollar notes you have five notes worth $25. You have fewer notes but more dollars.
- Iraq is on a dirty float and they need to be on a managed float. As DaveD pointed out last week a managed float and a dirty float are the same thing. B seems to be under the impression that they're different.
- The IMF doesn't tolerate a managed float. They're well aware of Iraq being on a managed float. It's really the only option for Iraq right now.
- Iraq wants to get into the IMF. Iraq is already a member of the IMF. Maybe he meant the WTO?
- Iraq isn't required to comply with the IMF since they're under sanctions. Most of Iraq's sactions have been lifted and they are required to comply with IMF oversight. They can't publish bogus money supply figures, and if they're doing that and the IMF doesn't say anything about it their credibility is in jeapordy as well.
- .33 dinar to the dollar is 33 cents. No, .33 dinar to the dollar is $3. .33 USD to the dinar is 33 cents.
- International business can't get involved in Iraq until their currency is worth $1. South Korea's currency is valued about the same as the IQD and they're doing plenty of international business.
- WARKA bank is doing fine. Only if you consider being in receivership fine.
I know some of you didn't want to waste your time listening to this drivel but I must confess that I find it entertaining. Maybe I'm just twisted but the idea of somebody who is this misinformed being lifted up as some kind of expert is hilarious.
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I missed a lot of it since I was laughing so much...quickly...
ReplyDelete1. Iraq has already reduced their money supply (I guess he has seen their financials listed on the CBI web site)
2. Iraq is on a "dirty float" and need to go to a managed float. (Iraq is on a "crawling" peg to the dollar)
3. Iraq wants to get in to the IMF (really??)
4. Iraq doesn't have to comply with the IMF since they aren't part of it. (well only if they don't want any help from them)
5.Iraq is under sanctions from the IMF (only sanctions left are regarding weapons and Kuwait)
6. Dinar will get to $4 or $5 in value
7. If you don't have your receipt you will be taxed at a higher rate.
I'm sure there is more but I kind of lost interest in the stupidity of it all!
ROFL! Thumbs up!
DeleteSorry Sam, watching another Breitling video would be about like picturing your parents conceiving a younger sibling. I won't do it. I'm gonna go out on a limb here and say that EVERYTHING he said is wrong, and Breitling is nothing more than a lying douchebag.
ReplyDeleteThen you get a zero for the day, and that will go on your permanent record.
DeleteGeez, tough class. Even the SAT's give partial credit for signing your name. That, and I feel I should get something for the accurate description of Breitling. Maybe a star or something?
DeleteI would like to comment on this:
6-18-2012 Newshound Guru Breitling If you look at Iraq the way the CBI is looking at Iraq, it 's supply X's velocity. They are trying to create value. They are reducing the money supply & creating value. If they LOP, they are not creating value. Rebasing does not add value. CBI has put it out there that they are going to put value to their currency. They went to Parliament and said they are going to put value to their currency. Iraq is not in any position to LOP, that is why the IMF gave them loans. The only thing I can't guarantee is the exact rate and the exact time.
Isn't supply X velocity the equation for GDP? So does he mean they're trying to add value to the GDP?
A LOP would put the dinar on par with the dollar, so how is that not adding value?
He's right about the "CBI has put it out there that they are going to put value to their currency". But they will do that by deleting the zeros, or a LOP, not by an RV.
Did the IMF give Iraq loans? And why does Iraq need loans if they are going to RV? I wonder if I can go to a bank and take out a large loan based on me telling the bank that the value of my house is going to increase by 100,000% in the next week or so?
I'll try and make this really simple so that if anyone is lucky enough to find this before buy into the "investment/blessing" (funny to even call it that, throwing up in mouth). I don't mean to be insulting or bring anyone down that lives in their inductive reasoning bubble, but I'm just asking you to go to google and look under public data and look up how GDP affects the value of a nations currency value.
DeleteHere is how you do it. Click here.
http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=ny_gdp_mktp_cd&idim=country:USA&dl=en&hl=en&q=gdp#!ctype=l&strail=false&bcs=d&nselm=h&met_y=ny_gdp_mktp_cd&scale_y=lin&ind_y=false&rdim=country&idim=country:USA:CAN:IRQ:AFG:BRA:VEN&ifdim=country&hl=en_US&dl=en&ind=false
Then add countries, just look at it! Buy USD! LOL! Seriously folks, so Iraq has 29 trillion of circulated currency liability, and then they are going to multiply it by 1000? Really. O wait..it's a global reboot! Really, go get an MRI!
You don't have to be a genius to realize Iraq is years away from having the capital to support a rate change in the value of the current notes at even .003 (28 trillion!!). O'yeah you paid 20% over value initially, when they re denominate in 2013 if you want to stay in this you will pay another 20% over the rate to get the new notes. Just saying, guess what CBI states the currency is not meant to be used out side country. Read artice 32-37 of the CBI law. http://www.cbi.iq/documents/CBILAW-EN_f.pdf It's all in black in white you lose! Sorry!
I just started, and I would love to see people like Ali provide proof he has the capital to cash you out. It doesn't work that way. He would need the money in his account to cash you out. Food for thought. Capital!
BTW, there are very few in this that know anything (as far as working in the field of economics professionally), do your own research. The Chuckles prediction and you can quote me. In September it will be so clear there will be a re denomination you will have to be slamming you head against a wall to not see it. You will see the new notes come out at the start of 2013 if not sooner (hence the missing 6 trillion that showed up in march and disappeared when it went from 29 to 35 then was gone). Those were the new notes folks and immediately taken off the books! (liability) Boiling down 28.6 to 6, like the original Bremmers. If you can't see don't blame me you weren't wanrned. Sell now!
ReplyDeleteHmmm.. Isx down 116 points tell me more. http://english.mubasher.info/portal/ISX/indexDetails.html
ReplyDeleteBreitling, your Mom is calling you. Ma!!! Meatloaf!
ReplyDeleteActually it's a reverse dirty float when we look at from a scammers point of view.
ReplyDeleteInvestopedia explains 'Dirty Float'
For example, country X may find that some hedge fund is speculating that its currency will depreciate substantially, thus the hedge fund is starting to short massive amounts of country X's currency. Because country X uses a dirty float system, the government decides to take swift action and buy back a large amount of its currency in order to limit the amount of devaluation caused by the hedge fund.
The dealers are hedging against the fact they know it will re monetize.
Did he really just say Quantitative easoning? That's not even a word! Supply times velocity? Really? This guy needs a MRI.
ReplyDeleteHe even goes into what I've what I've said the whole time, that these MLMr's are totally out to fleece the baby boomers! Be careful folks the roaches are out there. BTW, these guys have never proven the money supply has been reduced!
ReplyDeleteI can't wait for the day they start the Redenomination process. The dinar forum boards will vanish then all the people with their heads in the clouds will be lost for words. They have been warned and many people have told them what the CBI is saying. They chose to believe a guy behind a screen name who won't show any credentials and is a con artist. When I see this in people it really scares me how ridiculous our society is. I've been in many different countries and I know why Americans are always made fun of. 98% of people bought this currency out of the hype and few woke up and applied basic logic and common sense and said this could never happen and sold or tried to let other members know that the gurus have no clue what they are talking about and that this is all made up.
ReplyDeleteYour average pro rver are Obama hatin, fox news watching, conspiracy and religious nut bags. So it kinda makes sense why this circus is still in operation. Sorry that's my rant for the day. Chuckles you're hilarious and honest. I love it. I've sold and been enjoying the madness and watching people complete fools of themselves. I'd like to thank all the gurus and their side kicks for the entertainment. It's been fun and hopefully they'll all be prosecuted. I'm sure some will be.
I am half seriously tempted to open a Dinar denominated account somewhere (europe?) and when they dinaridgits realize that when they reissue new currency most people's only option will be to travel to Iraq in person JUST TO NOT LOSE WHAT THEY ALREADY HAVE in pretty papers I'll offer to take it off their hands for say, 25% of face value, if they can get it to me FEDEX in time for me to deposit it.
ReplyDeleteI did a little thinking on another post about the reality that awaits these dimwits when the crunch comes.
Say you have 10,000,000 in Dinar (about $8500). That's certainly more than you want to just let expire, but going to Iraq is gonna cost you twice that, and you have no assurance that they'll let you take in into the country, exchange any or above a certain amount when you get there, have to pay bribes at the border both ways to get it in and out of the country and a plane ticket to Kuwait (you can't really fly direct to Iraq easily) is upwards of $7500.
So basically, the crowd with $5000 to $50,000 dollars in Dinar are phucked. Too much to let go, not enough to make it worthwhile to exchange. But if you can get it to the Well Armed Bunker Complex in time for me to get it to MY bank to exchange, well, I'll give 25% of face value, which is flat out raping you, but at least it's something.
This is a viable plan, if I can find a bank that will accept Dinar in deposits and I can trust. Iraqi banks, of course will accept Dinar, but they're really not a place where I'd want to park my "hookers and blow" money, I'm pretty sure most US banks are running for cover whenever anyone mentions Dinar, but I'm thinking there might be something in Switzerland where I can do it, or better yet, the Caribbean, which is both cheaper to go to in person and a lot more fun.
And let's face it, as much effort as I've put into making fun of these fools, I ought to be able to make a few bucks off them. Not like I'd be the first one to bend them over.
I'm no lawyer but the wording of the CBI law is pretty clear that the Bremmer (current IQD) currency is intended for use only in Iraq and IS NOT considered promissory (there is no obligation to the CBI or GOI to it's face value outside the country). They don't want it back! F8, you're right on. Right now dealers up here in Michigan give you 760 per million. So let's have fun with numbers. You bought it during the "fall of hype" 2010 when they were seating the GOI, and places like Ali was selling for upwards of 1200 per million (it still blows my mind some of these gurus who bought at 1400 and didn't sell when it hit 1170..that's a huge return if you buy and sell currency). Right there what is that loss over actual value? If someone told you tomorrow that you could make 20% return on investment you would freak, so help me understand how anyone can expect 1000%? There isn't enough US dollars in the world to compensate for even a .01 change in rate if everyone who held dinar wanted to trade their physical dinar to physical US dollars.
ReplyDeleteOnce this redenominates physical holders of dinar will be screwed. People have warned them on the boards about it but they cover their ears and say well bush signed order saying we can have dinars lol. You can invest in Iraq. That's what it's about. The other dumb excuse is that why would my bank sell me it if I can't exchange. Well the banks didn't sell you Iraq dinar as an investment. They exchanged it so you can use it to travel. September can't come fast enough. I can't wait. I wish I was able to see the look on their faces. They were warned but desperation and ignorance is out there and you CAN'T FIX STUPID!!!!!!
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