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Kaperoni "The Consent" Chat

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Post by Kevind53 Thu May 10, 2012 5:37 pm

Kaperoni "The Consent" Chat @ DinarAlert Chat Room 5/9/2012 -5pm cst


kaperoni: Let’s get started.
kaperoni: Today’s chat is called…”The Consent” as it shows the steps that need to occur before the RV can take place. This is not a timeline, but certainly we can see what has to occur.
kaperoni: There are several viewpoints from various individuals out there that saya unified GOI plays a part in the RV, and others say the GOI plays no part as the CBI is independent. First, I want to clear that up.
kaperoni: Yes, the CBI is for practical purposes “independent,” but it would be naive to think that “what’s going on around” the CBI has no bearing on the monetary policy. Certainly it does. Just as the dinar is the face of Iraq, the GOI’s stability and unity is the footing in which it stands. Without one or the other monetary success would not only suffer, but could fail.
kaperoni: Here is the first article…
kaperoni: Vice Chairman of the Committee of Finance: the dinar will not regain its natural road to the lack of a robust economy 9/5/2012
kaperoni: Quote from Shabibi…
kaperoni: “And the project to delete the three zeroes from the currency, he pointed out: that the time is still not perfect and can not be that the project is implemented in a period marked by crises and political instability and economic situation in the country,”
kaperoni: Now we can get a lot of information from that one quote alone. Clearly, until the political issues are resolved there will be no RV. As well, it appears that Dr. Shabibi is not comfortable with the current economic situation. What additional achievements he is looking for is yet to be seen.
kaperoni: Now this may seem discouraging or disheartening as we continue to wait for the GOI to resolve their differences. But as you will see in the next articles, it appears Dr. Shabibi feels progress is being made…
kaperoni: Now I often go back and read older articles. I do so because many times comments are made that don’t make sense at the time. As time passes, additional information comes out and that older information may play a piece in the puzzle. I think the rest of that chat may very well do that….
kaperoni: Next article from May 1st, 2012…
kaperoni: Here is a quote from MP from Kurdistan Alliance bloc Mahma Khalil …
kaperoni: Quote…
kaperoni: “describing the project to delete the three zeroes from the currency as "successful" and the time is ideal for replacing them”
kaperoni: Now that is a telling statement. We learn from that sentence that they consider the project to delete the three zeroes from the currency as "successful."
kaperoni: Now this appears to be past tense, as if they are done and achieved the goal. So one clearly can assume they are talking about the “removal of the 3 zero notes” and that process has been achieved…or to a level in which they call it “successful.” This is part of the logistics of this event.
kaperoni: This was accomplished over the last several months by the heavy dollarization in Iraq. The largest Currency Auctions under the CBI in the 8-year history. The injection of dollars and the removal of dinar. There are several articles confirming this over the past few months, even videos, take your pick lol.
kaperoni: Further down in the article we get this next quote from Saleh…
kaperoni: Quote…
kaperoni: “Saleh said in an earlier statement that the Central Bank of Iraq has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.”
kaperoni: This is an interesting quote...
kaperoni: It clearly is telling us that “logistically” they are at the advanced stages of the preparations for the project, but need to obtain approval from the GOI before beginning. The word “logistically” is used in this quote as if they accomplished it, so it goes with the theory that they have removed the 3 zero notes.
kaperoni: Then yesterday this article came out…
kaperoni: The independent Iraqi news agency _ the Finance Committee calls for the central bank initiative to send a draft of its plan to delete the zeros from the currency to study 8/5/2012
kaperoni: And we get this quote…
kaperoni: “as well as discussion of the draft to delete the zeros and asked the Committee to send the full program for the process to delete the zeros prepared by the Central Bank of Iraq to review it and take the opinion of the Government”
kaperoni: Now that is an exciting quote! One can clearly surmise that the CBI is at the point that they feel comfortable sharing the “full program” (plan).
kaperoni: And as stated earlier, the CBI has reached the “advanced stages” of preparations (removed 3 zero notes). This next step clearly appears to be the “stage” we were waiting on. That the GOI will review the plan and, hopefully, give the CBI their blessing.
kaperoni: Then, in Saleh’s own words up in the previous quote, “after obtaining approval from the federal government to implement it..”
kaperoni: What is the next step after the GOI approves this plan?
kaperoni: Let’s go back to February 15th, 2012 for that answer…
kaperoni: Next article…
kaperoni: Central Bank: the new currency will be immune to technology developed after you delete the zeros 15/2/2012
kaperoni: Quote from the deputy governor of the Central Bank Mohammed Saleh …
kaperoni: “He explained: that in the event of obtaining the approval of the implementation of the project will be the use of companies advertising and the media to educate citizens and give them the exact details of the project to delete three zeros and answer them on the All questions concerning this project.”
kaperoni: So we can expect if the GOI approves this project that we will see “exact details” come out. What they have avoided telling the people, they will now share. What they have skated around, they will have to explain. At that point I believe this event must occur right away. There would be no time to waist at that point.
kaperoni: Realistically when can this occur? It could take a week or two, or it could be early June. IMO, It appears to be lining up with the release of the UN Chapter 7 which may occur mid June. That also fits with July Tariffs and future WTO accession later this year.
kaperoni: Done

Addendum: 5/10/12

There is no contradiction. If anything it is confusing because the Iraqis refer to this plan as "delete 3 zeros" (now called lift 3 zeros) when it is really technically only a part of the overall currency reform plan.

This is pretty simple to comprehend....

*Reduce (to an approved level) 3 zero notes in country by injecting dollars. (see below #1)
*Raise the exchange rate
*Introduce new lower denominations
*Collect remaining 3 zero notes and transition fully to new dinar over 2 year period.

I am a bit miffed that you did miss my one mistake in this chat. You overlooked that it was the Finance Committee that asked the CBI to send the "full program for the process to delete the zeros" to the GOI. And there was no confirmation from the CBI or Shabibi to do so yet. Therefore, even thought the request was good, and the overall article was good, it lacks the commitment from the CBI to take that step. If the CBI does not, well we are then still waiting.

#1 I also beleive Shabs got a bonus with the smuggling of dollars out of Iraq to Syria and Iran. Though it hurts his reserves, he is getting 3 zero dinar back (they are using it to buy the dollars) from them which are considered terrorist states now. Clearly, those countries had lots of dinar and giving a few billion USD to collect a few trillion dinar for him was a good thing.

Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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