Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by Raditz

Thought you all should read this.

One of the biggest misunderstandings regarding currency is how it is backed. Lets go back to basics, both in theory and history.

If a fish and coconut have the same value, they can be exchanged by the most primitive form of trade, barter. However, fish and coconuts will not last. The fish will spoil and the coconuts will rot. So in this system, the exchange has to take place at the time when the two products have useable value.

Coconuts and Fish
Money, or currency is the way to store value, and in a sense, energy. A certain amount of energy was expelled climbing the coconut tree, and a certain amount of energy was expelled catching that fish.

If the man that climbed the coconut tree could store the energy he just expelled, he could instead get a fish whenever he liked, so we introduce money here. He sells his coconut and keeps the money. He will get a certificate, coin or other symbol of the energy he has expelled climbing that tree.

A day, week, month, year could go by, but it doesn't matter. The day will come when he wants a fish and he can now expel the energy he stored, by trading in the symbol of his energy. He was holding a symbol of the energy he had attained, whether it is a piece of paper saying 1 US Dollar, or 100 Japanese Yen. In the end, it doesn't matter if the physical currency says 1 or 100, as long as the exchange value is one fish against one coconut.

Currency itself is worthless. It is just a piece of paper with a lot of water stamps, signatures, magnetic threads and even holograms. Currency only has value if the user of that currency trusts that the currency has worth.

Early currency systems were based on the idea that the issuer of the currency must hold the same amount of value as the bills that were issued. Originally, you could go into a bank and ask for a piece of gold that was equal in value to the dollar bill. This was known as the 'Gold standard'.

As the economy grew they changed that to backing the Dollar in Silver. Eventually, the handling of metals in the currency system became cumbersome. This system was eventually dropped. Today, the dollar you are holding in your hand is not worth the same amount in gold or silver, they guarantee that the dollar bill is worth one dollar.

Swapping Papers
The US government does have a backing system, but it is not necessary to back every piece of paper with something of similar value. So now we have Fort Knox and other similar facilities, full of gold. The amount of dollar out there in circulation is far more than the amount of gold held in reserve in places like Fort Knox.

However, you can not go in to a federal bank and ask for a piece of that Fort Knox gold in exchange for your dollar bills. You have to trust them that the dollar bill is worth the money it says it is.

In that very sense, Fort Knox gold is a showpiece, saying to the world, and the holder of the currency ... we have value. You have used that dollar in so many transactions in your daily life that you are now at the point that you have no doubts, you just know it. In case you have doubts about it, your grocery store and your gas station will immediately set you straight. They will insist that it is a dollar bill with a set face value.

So in conclusion, currency is stored energy. Currency is in itself worthless, but has it's value based in our trust.

As in the US, Iraqis have trust in the dinar, based not on Fort Know, or even on coconuts and fish, but on oilfields. Point to an oilfield in Iraq, and you have backing for the currency.


**END ARTICLE**

By: Roger Isaksson
Published: 09/04/2006

Fantastic post! For those of us with a certain type of learning abilities this just makes it clear as day. thanks.

Originally Posted by Raditz

Thought you all should read this.

One of the biggest misunderstandings regarding currency is how it is backed. Lets go back to basics, both in theory and history.

If a fish and coconut have the same value, they can be exchanged by the most primitive form of trade, barter. However, fish and coconuts will not last. The fish will spoil and the coconuts will rot. So in this system, the exchange has to take place at the time when the two products have useable value.

Coconuts and Fish
Money, or currency is the way to store value, and in a sense, energy. A certain amount of energy was expelled climbing the coconut tree, and a certain amount of energy was expelled catching that fish.

If the man that climbed the coconut tree could store the energy he just expelled, he could instead get a fish whenever he liked, so we introduce money here. He sells his coconut and keeps the money. He will get a certificate, coin or other symbol of the energy he has expelled climbing that tree.

A day, week, month, year could go by, but it doesn't matter. The day will come when he wants a fish and he can now expel the energy he stored, by trading in the symbol of his energy. He was holding a symbol of the energy he had attained, whether it is a piece of paper saying 1 US Dollar, or 100 Japanese Yen. In the end, it doesn't matter if the physical currency says 1 or 100, as long as the exchange value is one fish against one coconut.

Currency itself is worthless. It is just a piece of paper with a lot of water stamps, signatures, magnetic threads and even holograms. Currency only has value if the user of that currency trusts that the currency has worth.

Early currency systems were based on the idea that the issuer of the currency must hold the same amount of value as the bills that were issued. Originally, you could go into a bank and ask for a piece of gold that was equal in value to the dollar bill. This was known as the 'Gold standard'.

As the economy grew they changed that to backing the Dollar in Silver. Eventually, the handling of metals in the currency system became cumbersome. This system was eventually dropped. Today, the dollar you are holding in your hand is not worth the same amount in gold or silver, they guarantee that the dollar bill is worth one dollar.

Swapping Papers
The US government does have a backing system, but it is not necessary to back every piece of paper with something of similar value. So now we have Fort Knox and other similar facilities, full of gold. The amount of dollar out there in circulation is far more than the amount of gold held in reserve in places like Fort Knox.

However, you can not go in to a federal bank and ask for a piece of that Fort Knox gold in exchange for your dollar bills. You have to trust them that the dollar bill is worth the money it says it is.

In that very sense, Fort Knox gold is a showpiece, saying to the world, and the holder of the currency ... we have value. You have used that dollar in so many transactions in your daily life that you are now at the point that you have no doubts, you just know it. In case you have doubts about it, your grocery store and your gas station will immediately set you straight. They will insist that it is a dollar bill with a set face value.

So in conclusion, currency is stored energy. Currency is in itself worthless, but has it's value based in our trust.

As in the US, Iraqis have trust in the dinar, based not on Fort Know, or even on coconuts and fish, but on oilfields. Point to an oilfield in Iraq, and you have backing for the currency.


**END ARTICLE**

By: Roger Isaksson
Published: 09/04/2006

Thanks!

Tuesday, September 5, 2006

The House of Representatives held its first meeting in the Legislative Chapter II for the first year under the chairmanship of Dr. Mahmoud Almshahadani President of the Council, on Tuesday, the fifth day of September 2006 approved XI of the 1427 e Shaaban at the Conference Palace in Baghdad.
The meeting was called to order by Mr. President of the Council, in which he stressed the need to adhere to and work in the completion of a project of national reconciliation, He called on Council members to work to complete the requirements for citizens and the reduction of daily suffering, The task of improving the security situation and provide better services.
He also called Mr. President of the Council in his speech to the need to unite Iraqis. and to set aside their differences in order to achieve their goals in the stability and safety, He also appealed to neighboring countries to assist in preserving the unity and independence of Iraq.
In another paragraph of the agenda presented Samira Al Musawi, deputy head of the Women's Committee word on the release of the Attorney facilitate Almshahadani, stressing that the crisis Attorney Almshahadani arrest and release is the start of a new work, call us to adhere to our unity and determination and the rejection of our differences.
In a speech to the Deputy facilitate Almshahadani stressed that the disasters experienced during the period of detention has not dissuaded from feeling devastated Iraq and its people and hurting, underlining we stand today on the threshold of a new stage through which the our loyal to proceed with full responsibility on the path of reconciliation and unity, She pointed out that this will not only be love and tolerance. In conclusion, she singled to thank all those who have contributed and worked for her release, especially noteworthy Members of the House of Representatives, Mr. Prime Minister.
In the third paragraph of the agenda and included ratification of the extension of the state of emergency for a period (the 30th day), except the territory Cordstan according to article (61 IX of the Constitution) has voted members of the House of Representatives, Based on the book of the Presidency and the Council of Ministers, a majority to extend the state of emergency.
In the same context, it was objected number of the council members on how to vote, displaying a desire to reopen the debate on the issue before endorsing it, while others pointed out that the legal text of the article contained in the Constitution on the concept of two-thirds means two-thirds of the members of the House and not present them, It called on the Speaker of the Chamber of Deputies to the declaration that would address the Presidency of the Federal Supreme Court to interpret what is in the text, it would also, Mr. Prime Minister, for the purpose of clarification on the feasibility of extending the state of emergency.
In the last paragraph of the agenda was the second reading of the draft law amending of Criminal Procedure. This has raised at the meeting one afternoon to be held tomorrow, Wednesday.


Translated version of http://www.na-iraqi.com/index.php?cmd=view&id=2460

Posted by: saleem on Tuesday, September 05, 2006 - 01:19 PM
Iraq-Rebuilding
Iraq rebuilding conference, exhibition to start in Cairo
Cairo, Sep 5, (VOI) – Three-day conference and exhibition on Iraq rebuilding and development, organized by an Arab League organization for industrial development, will start in Cairo on Wednesday.
"The conference and exhibition, pure Arab, are organized to assist Iraqis to rebuild their country's infrastructure," said the Arab League Economic Unity Council (EUC) secretary general, Dr. Ahmed al-Guili.
The conference will deal with issues related to Iraq's rebuilding and development.
"The conference will discuss plans of industrial development, mechanisms of finance and the difficulties that face investors in Iraq," the EUC secretary General told reporters on Tuesday.
"The Iraqi people" , Guili pointed out, "are in bad need of initiating projects to rehabilitate electricity and oil sectors and to rehabilitate cement and medicine factories."
Iraqi and Arab businessmen, unions and corporations will take part in the exhibition in side with Egyptian ministries and companies, added Guili.

Iraq-Rebuilding :: Aswat al Iraq :: Aswat al Iraq

Bush is making a speech at 1:20 today on CSPAN about the War on Terror...don't know what's going to be in it, but we'll see!

Tif, On Fox I just watch part of the meeting Bush just had with the Emir of Kuwait. I am pretty sure his speech will have some of that in it. Nothing about the dinar.

Did anyone else see that Susie on IIf saw a bloop on Bloomberg that said that the Iraqi dinar would go on the world market? They were confirming it. If this was posted sorry.

Originally Posted by flygirl1

Tif, On Fox I just watch part of the meeting Bush just had with the Emir of Kuwait. I am pretty sure his speech will have some of that in it. Nothing about the dinar.

Did anyone else see that Susie on IIf saw a bloop on Bloomberg that said that the Iraqi dinar would go on the world market? They were confirming it. If this was posted sorry.

the white house is saying the afternoon speech will be on "the war against terror", mostly pre-election politics i expect.

was there any date given for the IQD to hit the world market?

ALSO!! I was on CSPAN and there was a WHOLE segmeny with the head of the IMF giving the details of a "reconfiguration" of theie system. (?) He had such a thick accent that I couldn't follow him at times, but there was talk of "votes" and such...anyone care to dig a bit and see if it could have anything to do with what we're looking for? It's my son's b-day and I gotta do a couple errands.

Originally Posted by pipshurricane

Tuesday, September 5, 2006

The House of Representatives held its first meeting in the Legislative Chapter II for the first year under the chairmanship of Dr. Mahmoud Almshahadani President of the Council, on Tuesday, the fifth day of September 2006 approved XI of the 1427 e Shaaban at the Conference Palace in Baghdad.
The meeting was called to order by Mr. President of the Council, in which he stressed the need to adhere to and work in the completion of a project of national reconciliation, He called on Council members to work to complete the requirements for citizens and the reduction of daily suffering, The task of improving the security situation and provide better services.
He also called Mr. President of the Council in his speech to the need to unite Iraqis. and to set aside their differences in order to achieve their goals in the stability and safety, He also appealed to neighboring countries to assist in preserving the unity and independence of Iraq.
In another paragraph of the agenda presented Samira Al Musawi, deputy head of the Women's Committee word on the release of the Attorney facilitate Almshahadani, stressing that the crisis Attorney Almshahadani arrest and release is the start of a new work, call us to adhere to our unity and determination and the rejection of our differences.
In a speech to the Deputy facilitate Almshahadani stressed that the disasters experienced during the period of detention has not dissuaded from feeling devastated Iraq and its people and hurting, underlining we stand today on the threshold of a new stage through which the our loyal to proceed with full responsibility on the path of reconciliation and unity, She pointed out that this will not only be love and tolerance. In conclusion, she singled to thank all those who have contributed and worked for her release, especially noteworthy Members of the House of Representatives, Mr. Prime Minister.
In the third paragraph of the agenda and included ratification of the extension of the state of emergency for a period (the 30th day), except the territory Cordstan according to article (61 IX of the Constitution) has voted members of the House of Representatives, Based on the book of the Presidency and the Council of Ministers, a majority to extend the state of emergency.
In the same context, it was objected number of the council members on how to vote, displaying a desire to reopen the debate on the issue before endorsing it, while others pointed out that the legal text of the article contained in the Constitution on the concept of two-thirds means two-thirds of the members of the House and not present them, It called on the Speaker of the Chamber of Deputies to the declaration that would address the Presidency of the Federal Supreme Court to interpret what is in the text, it would also, Mr. Prime Minister, for the purpose of clarification on the feasibility of extending the state of emergency.
In the last paragraph of the agenda was the second reading of the draft law amending of Criminal Procedure. This has raised at the meeting one afternoon to be held tomorrow, Wednesday.


Translated version of http://www.na-iraqi.com/index.php?cmd=view&id=2460

Do you see the part that I put in Bold? That says alot!

(Voice of Iraq) - 06-09-2006

During his meeting with the British Foreign Secretary. President reveals new contacts with the armed groups to enter into reconciliation


Baghdad / long
Criticized President Jalal Talabani, and the Arab media in addressing the issue of the flag, which was raised recently, and imagine that there is the case of landing of the Iraqi flag in Kurdistan. He pointed out that "the issue was not removing the flag but fly the flag of Iraqi Kurdistan," adding that Iraq will get a new flag soon. although the House of Representatives will therefore
This came in a joint press conference with President Talabani and the British Foreign Minister Markeret Beckett, after receiving them Tuesday in Baghdad, confirmed Beckett support her government to the Iraqi government, expressing "Britain's readiness to work with all Iraqi parties to achieve security and prosperity in Iraq." She referred to meetings held by the Iraqis with some prominent politicians in the government. asserting, "We found that all are determined to build a better Iraq."
President Talabani and exchange with the British Foreign Minister views on the Iraqi issue. And he said, "We have stressed to the Minister of the British government need to assign Maliki, which is the government of National Unity and National Salvation, and the need to continue support of the United Kingdom for Iraq in all fields, thanks Her Majesty the Queen for their contribution to the liberation of Iraq regretting British casualties in Iraq. "
The President of the Republic, saying that the "current science is the science of the Baath, where the writing by Saddam's own handwriting, "noting that the Iraqi Governing Council had agreed to replace the flag with a new one. But Mr. Bremer and his time. "
As Talabani insisted Kurds to the national unity of Iraq, Tekdishm and science, quoting the words of Mr. Massoud Barzani, President of Kurdistan, in this respect, in the Kurdistan National Council when he said, "The flag that will be authorized by the Iraqi parliament to be submitted over the battlefields of Iraq and that he had learned not aware of fascism, dictatorship," recalling at the same time the role of the Kurds in the "rapprochement between the political parties and that the Iraqi Kurds are not part of the problem, they are part of the solution."
And for national reconciliation, President Talabani said, "It is an ongoing and continuous steps, pointing out that the political parties made much progress in this regard, starting from the pre-election phase, including the agreement on the government's political program and agreement on the formation of the political council of national security, and leading to the formation of a government of national unity and reconciliation initiative launched by Prime Minister Nuri al-Maliki.
And the President of the Republic who carry weapons illegally, it is Sadamiin and Altkverein, to stop fighting and join the political process. detection and saying, "There are contacts by groups armed with me and with a Prime Minister Nuri al-Maliki as well as contacts with the multinational force on participation in the national reconciliation."
The President called on the armed groups to "put aside differences and contribute to the ongoing political process in the country." noting that Iraq would discuss the issue of the scheduling of the withdrawal of the multinational force when the Iraqi security forces are capable of maintaining security and stability in Iraq. " He expressed his hope for the possibility of a schedule by the end of 2007 to the departure of the multinational force in the event of improved security situation in the country. He said : "We are trying our processing equipment and weapons to confront terrorism," saying that "in case of violence has become slightly in the country then we need not to the survival of the multinational force in Iraq."
President Talabani said, in this context, to take over the security of the Iraqi security forces in some provinces and that this process occurs gradually throughout the country.
The Margaret Beckett, the British Foreign Secretary had arrived in Baghdad yesterday, Tuesday, in the first visit by Iraq.