Thanks, Ward. I'll go ahead and update all our responses to save time and retyping:
Munny replied: Why are you so selective in your choice of what the MOF says??? When he was advocating zero lop you, I, and every IQD investor went tough upside his head. Many wanted him fired. He will have "some" say in the final IQD value but CBI and Shibibi have the transparency and autonomy to make the final call. The big difference between your Regional view and mine is which neighboring countries we're talking about. The yaysayers make the mistake of thinking currency exchange rate is the biggest factor in showing what a countries' wealth is. That is totally wrong. Japan is one of the wealthiest countries on Earth, yet trades 117 Yen to 1 USD. Bahrain, Kuwait, Oman, and Jordan (the neighbors yaysayers believe Iraq will mimmick) all have far higher exchange rates than Saudi Arabia yet S.A. is far wealthier than those countries. Their stock value (as D_T has proven) is higher and their GDP blows away those countries. If you look at my regional comparison tables, you'll clearly see Tant, Shibibi, CBI, etc were setting the denominations and future value increases towards Saudi, Quatar, and UAE. It's actually the best position for the Iraqis to have their currency slated at.
Anyway, we still do not know what the real outcome is until the CBI makes the monetary adjustment. They (not us or MOF) get the final call. I hope they "yays" have it right, but every logic and calculation I work on concerning IQD points to .10 to .31. Best of luck to all of us in any scenario.
I don't trust "Dr. Q" either nor any person that claims to have "inside contacts" in Iraq. They've been wrong all the time every time. At a certain point people need to stop being Charlie Brown and understand Lucy is never going to hold that football down. As far as the "spin" theory of the MOF zero lop I don't buy that. It had no impact on Dinar speculation. It was a bad theory the guy put forth in ignorance that was quickly shot down. No conspiracy theory explaination is needed there.
Japan may not fit the regional makeup but it is a real World example. Some of the wealthiest nations on Earth don't have the high currency exchange rates of Bahrain, Oman, or Jordan. Currency value is only one component of rating a nation's wealth. There are dozens of examples all over the World. Italy survived a 1500 to 1 USD currency exchange rate for years before joining the EURO. They are a very wealthy nation and their F.I.L. prevented billionares from buying up their assets. I could give dozens of other examples of F.I.L. protecting countries with lower currency exchange rates. Regional ones like Saudi Arabia, UAE and the other Middle East ones I cited just add more proof to the point.
We agree time is near for something to happen. The rate is our difference. CBI/IMF latest releases back my theory.
Here's the BoB quote in question:
"I would to inform all the stockholders of Baghdad Bank that the report of the managing council 2004 was prepared according to the demands of Central Bank of Iraq to balance US dollar price to0.310 ID instead of its real value (1460) ID per 1 US dollar, so, the report and general budget do not necessarily reflect the actual situation of Baghdad Bank and the volume of economical incoming indexes, so, this report was issued in order to meet the demands of the rules and instructions."
It's either a poorly written english run on sentence or another poor translation. Simple math shows it is 1 IQD/.31 USD not 1 IQD/3.22 USD. Word value of currency estimates are around $45 Trillion USD total. (Here's one cool calculation
Error. Or you could use GDP from cia fact book estimate of World value at $60 Trillion (written out that is $60,000,000,000,000). Why would BoB use $3.22 as the figure? The M2 of Iraq currency per CBI reporting is around 17 Trillion IQD. If CBI were to re-val the IQD to equivalent of $3.22 USD that would give Iraq a currency value of $54.7 TRILLION USD!!!! This one country would have more money than the entire World combined!!!! If you add the top 4 nations GDP value (USA, EU, China, Japan) it would total $36.8 Trillion!!!! Common sense and logic show this is not possible. But I do realize yaysayers ignore little facts such as Iraqi 17 Trillion printed IQD currency or the 9 Trillion IQD which is outside Iraqi banks per CBI reporting.