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BGG says they have tried to come up with a method to take as much of the 000 notes off the streets PRIOR to a shift in value…
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BGG says they have tried to come up with a method to take as much of the 000 notes off the streets PRIOR to a shift in value…
BGG
[can you explain why the auctions are so important now? why the high sales numbers have significance?] a number of ways – a number of times – they have tried to come up with a method to take as much of the 000 notes off the streets PRIOR to a shift in value… Obviously – to make it cheaper in the long run (for the CBI)…each time – only to be thwarted by some political agenda not common to ours (and the people). [so this is the CBI allowing these high volumes? to try to correct the situation?] recently - we have speculated – these large auctions are doing two things…1) helping to stabilize the current exchange rate…2) extracting the big notes out of circulation using USD to do it (instead of more expensive “post-RV” currency)… and there may be a significant side-benefit (removing some big notes)…
in fact, you can pretty much figure out how much they are taking off the streets by checking the numbers – and project it out a few days/weeks – they can pull TRILLIONS of Dinar out of circulation. That is a BIG MOVE. I have insisted (for a long time) Iraq had no more than 40 Trillion (EVER) in circulation. They have recently admitted as much… but if they were able to extract 10 Trillion over some short period of time – it could make a big difference – in fact, I doubt they have 25 Trillion surviving and in circulation.
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[If I were an Iraq citizen and my neighbor Kuwait was rich because their currency was at 4 and mine was at 1166, I would be throwing a fit by now. Cant the people and government see the huge disparity between the 2 countries and do they not realize the problem.]
...there was word getting out of Baghdad over the last couple of weeks about demonstrations brewing over the exchange rate of the Dinar...they have been following this as we have. Maybe not as close - expecting something to happen...they are getting restless - in fact, this recent "weakening" of the Dinar nearly got something going Abadi couldn't handle...
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Re: BGG says they have tried to come up with a method to take as much of the 000 notes off the streets PRIOR to a shift in value…
Changing the value of the currency will not make them rich or poor. If for example, someone get's a million dinar a week, and they drop the three zeros, then they will only be getting 100K a week .... net change zero. Nothing is going to happen, now, next week or next month. And, it's can't, not cant.
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