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Sam I Am - Kaperoni has a twitter response to your comment
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Sam I Am - Kaperoni has a twitter response to your comment
by Ponee Thu Jul 13, 2017 8:15 am
Michael Kaperoni tweetedI see that old LOP hack is back. Good to see him commenting matter of factly on monetary policy he does not understand.
Dinar Daily Tweeted
@Kaperoni - Sam I Am says -They didn't really float the IQD back in 2004. They just.... http://www.dinardaily.net/t65251-kaperoni-thinks-their-are-two-possible-scenarios-7-11-17 … #dinar #wearethepeople
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Re: Sam I Am - Kaperoni has a twitter response to your comment
by Sam I Am Thu Jul 13, 2017 10:31 am
Okay, here's what I said:
They didn't really float the IQD back in 2004. They just didn't have the banking mechanisms and CBI set up sufficiently to manage the money supply and the rate, and people were excited about the IQD right after it was introduced which drove the value up. Once they were able to pull some USD out of the market the rate stabilized and they kept it pretty stable until the crawling peg started Nov. 1, 2006.
And here's the story:
A 2003 presidential order instructed U.S. banks to hand over Saddam Hussein’s frozen dollars. From that money, 237.3 tons in $1, $5, $10, and $20 bills was shipped to Iraq.
Later, U.S. forces used the found cash to build schools and hospitals, and to repair roads and bridges. General David Petraeus has described these projects as more successful than the broader reconstruction effort.
But that wasn’t the only source of dollars. Because the new Iraqi dinar was so popular, the central bank bought billions of U.S. dollars to keep the dinar from appreciating too much.
http://www.hoover.org/research/dollars-dinars
This was only a float in the sense that things float on the water during a flood. It was a chaotic, fluid situation in late 2003 - early 2004 where the dinar's value unexpectedly shot up and they had to take action to get it under control.
They didn't really float the IQD back in 2004. They just didn't have the banking mechanisms and CBI set up sufficiently to manage the money supply and the rate, and people were excited about the IQD right after it was introduced which drove the value up. Once they were able to pull some USD out of the market the rate stabilized and they kept it pretty stable until the crawling peg started Nov. 1, 2006.
And here's the story:
A 2003 presidential order instructed U.S. banks to hand over Saddam Hussein’s frozen dollars. From that money, 237.3 tons in $1, $5, $10, and $20 bills was shipped to Iraq.
Later, U.S. forces used the found cash to build schools and hospitals, and to repair roads and bridges. General David Petraeus has described these projects as more successful than the broader reconstruction effort.
But that wasn’t the only source of dollars. Because the new Iraqi dinar was so popular, the central bank bought billions of U.S. dollars to keep the dinar from appreciating too much.
http://www.hoover.org/research/dollars-dinars
This was only a float in the sense that things float on the water during a flood. It was a chaotic, fluid situation in late 2003 - early 2004 where the dinar's value unexpectedly shot up and they had to take action to get it under control.
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Re: Sam I Am - Kaperoni has a twitter response to your comment
by Ponee Thu Jul 13, 2017 10:36 am
Maybe Kaperoni didn't follow the link back to the post and actually read it?
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