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Flip Flopper

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Post by Guest Tue Apr 16, 2013 9:53 am

World English Dictionary- flip-flopper — n, informal ( US) a person who makes a complete change of policy, opinion, etc.
http://dictionary.reference.com/browse/flip-flopper

As of late there was a person who shall remain un-named who called a LOP and now is flipping to the other side saying its going to be like Brazil. The RV of Brazil made people money on the outside of Brazil as well as the inside. Due to exchange rate differences.

A fact about Brazil. Brazil does not have no where near the assets Iraq has.

So, Brazil most likely was a type of an RV in the traditional sense of the ramifications of a RV, where money losses and gains in the exchange rate due to their GDP and inflationary trends. The people of Brazil did not lose money they made some as well, in the smaller since due to exchange rate increases.

The Brazillian people did flock to other currencies and assets when the money devalued.

History of Brazil:

The modern real (plural reais) was introduced on July 1, 1994, during the presidency of Itamar Franco, when Fernando Henrique Cardoso was the Minister of Finance, as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real. The new currency replaced the short-lived cruzeiro real (CR$). The reform included the demonetization of the cruzeiro real and required a massive banknote replacement.

At its introduction, the real was defined to be equal to 1 unidade real de valor (URV, "real value unit") a non-circulating currency unit. At the same time the URV was defined to be worth 2750 cruzeiros reais, which was the average exchange rate of the U.S.
dollar
to the cruzeiro real on that day. As a consequence, the real was worth exactly one U.S. dollar as it was introduced. Combined with all previous currency changes in the country's history, this reform made the new real equal to 2.75 x 1018 (2.75 quintillions) of Brazil's original "réis".

Soon after its introduction, the real unexpectedly gained value against the U.S. dollar, due to large capital inflows in late 1994 and 1995. During that period it attained its maximum dollar value ever, about US$ 1.20. Between 1996 and 1998 the exchange rate was tightly controlled by the Central Bank, so that the real depreciated slowly and smoothly in relation to the dollar, dropping from near 1:1 to about 1.2:1 by the end of 1998. In January 1999 the Central Bank, under its new president Arminio Fraga, released its control. The Real suffered a sudden and unexpected devaluation, to a rate of almost R$2 : US$1.

In the following years, the currency's value against the dollar followed an erratic but mostly downwards path from 1999 until late 2002, when the prospect of the election of leftist candidate Luiz Inácio Lula da Silva, considered a radical populist by sectors of the financial markets, prompted another currency crisis and a spike in inflation. Many Brazilians feared another default on government debts or a resumption of heterodox economic policies, and rushed to exchange their reais into tangible assets or foreign currencies.
In October 2002 the exchange rate reached its historic low of almost R$4 per US$1. The crisis subsided once Lula took office, after he, his finance minister Antonio Palocci, and Arminio Fraga reaffirmed their intention to continue the orthodox macroeconomic
policies of his predecessor (including inflation-targeting, primary fiscal surplus and floating exchange rate, as well as continued payments of the public debt). The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little over R$2 : US$1. In May 2007, for the first time since 1999, the real became worth more than US$ 0.50 — even though the Central Bank, concerned about its effect on the Brazilian economy, had tried to keep it below that symbolic
threshold.

Iraq is completely and utterly different and you cannot compare Brazil to Iraq. As Iraq's exchange rate is artificial in that UN sanctions keeps the exchange rate low so that they could not buy weapons of mass destruction. So Iraq had to exchange their paper money for larger notes, plus get rid of the Suddam Husieny funny money. Look at the history of Iraq money it has always had a high value over the US dollar and when they are released globally that exchange rate will eventaully come back and they will be forced to release lower denomitions as planned.

The morel of this post is this: either stick to your story or quit while your ahead so that people will not be confused!!

Have a nice day,
AJ


Last edited by AJAnderson on Tue Apr 16, 2013 3:35 pm; edited 1 time in total

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Post by Kevind53 Tue Apr 16, 2013 2:12 pm

Agreed, I skimmed his story earlier and said to myself ... nope...

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Post by IQD4US Tue Apr 16, 2013 8:19 pm

Another point - people needed such a large amount of currency that trying to draw (residents and visitors alike) money from an ATM caused issues - as most systems were not equipped to carry that many "zeros'. Iraq will NOT be like Brazil...we can definitely all agree on that.
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Post by Guest Tue Apr 16, 2013 11:01 pm

Flip flopper is like a dying fish on a boat deck!

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