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Post by dwm007 on Sun Nov 01, 2015 8:13 pm

I keep seeing "maybe next year" or "eventually" and "it probably can't RV overnight but maybe a gradual rise" but given the facts how can ANY of this be even remotely possible?

So I want to ask, if anyone believes there is even a remote chance of a significant increase in the exchange rate how about telling us how that might be possible? As it stands Iraq can barely cover the currency it has in circulation right now and has, as of recently, substantially less than 60 Billion Dollars to back it's currency which would not cover even a 10 cent "RV" of even one Trillion Dinars, there is way more than that just in the hands of speculators here in the U.S. and that would take every cent in their reserves and still not cover it!

How about oil going up in the future? OK, but TRILLIONS????? No possible way, look at the wealthy countries around them like Kuwait and Saudi Arabia, a "RV" would require more wealth than both those countries combined so how is Iraq going to acquire such magnificent riches? Oil is going to go up and they are going to make so much money from it that they can pay speculators more than Saudi Arabia and Kuwait has combined and still have wealth left for themselves??? Really?????

Honestly does any of that even remotely make any sense? Of course not but that would be exactly what would be required for this "RV" to happen!

Ok a slow increase in the rate, how about that? Overnight or over a period of several years makes no real difference because it would STILL require the same impossible amounts of money, besides that there would be another problem. Any increase in the exchange rate is by necessity a CLOSELY GUARDED SECRET!!!!!! It has to be, otherwise speculators would bleed them dry. Common sense should dictate that there is no possible way they could slowly raise the rate in secret, think about that how could they? If it is obviously making a steady but slow rise it would be no secret at all and would be no different than playing poker with your cards showing! A slow steady rise of any significance  will never happen, it simply can't!

I can certainly understand how folks got caught up in this thing in the beginning, unless someone was really up on finances and currencies, which most people simply had no reason to be, then it was easy to make it seem plausible. However things have changed drastically in the last few years and the total absurdity of the whole concept has been brought out into the open and yet people STILL refuse to accept the truth, why is that is what I am asking?

I keep asking someone to explain how these problems can be overcome but it seems no one wants to talk about it. It doesn't have to be an in-depth explanation with links and charts, I would simply like to hear the reasoning behind how the impossible might be possible after all.

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Post by chilimama on Mon Nov 02, 2015 11:34 am

WOULD LOVE TO SEE SOMEONE'S ANSWERS LOL

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Post by Terbo56 on Mon Nov 02, 2015 11:44 am

Some things or answers don't need to be explained, and it seems to me,as it is as plain as the nose on our faces, and DWM007 has pointed this out, and has proven it beyond the shadow of any doubt what so ever-It IS monetarily impossible, at this point in time...
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Post by Kevind53 on Mon Nov 02, 2015 12:33 pm

I'm not going to get into a discussion about this, frankly speaking I neither the time, nor having gone around that mountain more than a few times, in the past, the inclination to do so again. I will point out one obvious error in your observations:

As it stands Iraq can barely cover the currency it has in circulation right now and has, as of recently, substantially less than 60 Billion Dollars


Actually their total reserves are somewhere close to 66B USD, perhaps as high as 77B depending on the source you look at. That is more than enough to cover the currency in circulation. By the CBI's own reporting, they have about 150% coverage. There is an article in the last few days that stated 1500% (I think), but I suspect that was mistranslated.

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Post by Terbo56 on Mon Nov 02, 2015 1:32 pm

Personally, I think this dead 'horse' has been kicked enough, so, let's bury it and forget about it- Jezum petes-
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Post by dwm007 on Mon Nov 02, 2015 1:41 pm

@Kevind53 wrote:I'm not going to get into a discussion about this, frankly speaking I neither the time, nor having gone around that mountain more than a few times, in the past, the inclination to do so again. I will point out one obvious error in your observations:

As it stands Iraq can barely cover the currency it has in circulation right now and has, as of recently, substantially less than 60 Billion Dollars


Actually their total reserves are somewhere close to 66B USD, perhaps as high as 77B depending on the source you look at. That is more than enough to cover the currency in circulation. By the CBI's own reporting, they have about 150% coverage. There is an article in the last few days that stated 1500% (I think), but I suspect that was mistranslated.



In the past two weeks the reserves have been quoted as little as 48 Billion Dollars and 150% is just barely enough to cover the money supply with any buffer at all! Even that 150% is highly suspect when you look at the CBI website and compare the reserves to M2 and even at 150% it would mean they could only back a value of about 650 to one or so and that would be cutting it to the bone! An "RV" to 650 to one would not even cover the dealer spread for investors and extremely unlikely Iraq would do such a thing anyway.


The bottom line is that without doing the dreaded LOP/re-denomination/zero deletion or whatever one chooses to call it to deal with enormous money supply it would take many TRILLIONS of Dollars to increase the current money supply any substantial amount, Trillions of Dollars that Iraq can't possibly obtain, it's just simple math and economics.

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Post by Terbo56 on Mon Nov 02, 2015 1:47 pm

Now, how about the price of 'Tea' in China? Jesum petes!
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