Thread: "RollsRoyce . . . June 25 Tidbit!"

Originally Posted by screwball

SGS: I did hear the same and I also believe that Kuwait had left a GCC Meeting with the s***s over presumably the rate they are going to set!

thanks for sharing what you also HEARD.

Don’t sweet it SS, he is acting like a liberal Democrat. Wants everyone else to do the research, work, and pay for the bills. When it happens, it happens and not a second sooner or later. At that point he goes into either the “I told you so” or the “You were saying” column.


DesertWolf

Originally Posted by breakeven

Yes, quite and I don't think anyone is getting bent about it. Just trying to put things in perspective and am merely alluding to the imminent rv theories that have been floating for a while now. Iraq has tremendous potential but it's also lying amidst ruins and political wranglings that will undoubtedly have a detrimental effect on progress. I'm in for the long haul and wouldn't care less if it took 5 years to reach the level of its neighbours.

you, are in a rumor thread on this forum. yet for some strange reason you continue to grasp for factual data to support said rumors. am i missing something here or are you not comprehending the meaning of a rumor?

Originally Posted by breakeven

Fair point but wasn't that rate before Saddam's downfall was an arbitrary level was picked by Saddam and his cronies and had absolutely no basing in economic fundamentals? It's worth remembering that inflation during the 1990’s reached a staggering 100 percent level resulting in a collapse of the Iraqi dinar with very little global purchasing power parity although the previous official exchange Iraqi exchange rate is an illusion to the real economic situation that took place in Iraq during Mr. Hussein’s rule.

Isn't it the case that the economic prospects for a country determine the future value of its currency, not the price it trades at now or the price it traded at in the past.

mr. factual, this is not true. there was enough gold in switzerland to back the value of the dinar at the saddam rate. proven fact.

Originally Posted by shotgunsusie

mr. factual, this is not true. there was enough gold in switzerland to back the value of the dinar at the saddam rate. proven fact.

Fact is the Gold only backed up the Swiss Dinar! Saddam was printing his own Saddam Dinars without backing of the Gold...That's why the Swiss Dinar held its value and the Saddam Dinar wasn't worth Shiite!

Originally Posted by jpadrino

I love hearing the "it can't reval overnight" crowd. You are correct...it has been 3 years already! So there will be no "overnight" reval. Just a return to the "actual" rate that is on the books with the CBI. No link JMHO.

Couldn't agree with you more!!! If this has been an OVERNIGHT thing, I'm RIP FRICKEN VAN WINKLE!

I think this may help. It comes from the Kuwaiti Embassy via Ankara:

DOCUMENT OF THE KUWAITI EMBASSY IN ANKARA (Turkey)

1-Was Kuwaiti money exported when it's country of origin was occupied by the Iraqiean state?If so, how much was the total of that particular amount of money ?
When the Iraqean invaders plundered the Central Bank of Kuwait, they exported Third Issue bank notes and bullions of gold...Nevertheless, great amount of the 356,781,608,750 Kuwaiti dinars taken from the Central Bank's coffers was regained.

2-Which Kuwaiti Dinars notes were demonitized and those put into circulation at the present time ?
Soon after God Almighty consented to Kuwait's liberation, the Third Issue of the Kuwaiti Currency was withdrawn from circulation on the 24th of March 1991, becoming therefore wortheless 45 days later. The right of exchanging these currency notes for new ones at the Central Bank of Kuwait expired more than six months later : on the 30th of september 1991. Consequently, no exchanging processes took place afterwards.
On and after the 24th of march 1991: day when the Third Issue was withdrawn from circulation, Forth Issue bank notes were submitted to the same condition on the 17th of August 1994 and ceased to be legal tender effective on the 16th of febuary 1995. The right of exchanging these Kuwaiti dinar notes at the Central Bank of Kuwait will then expire on the 16th of August 2004. On the other hand and at the present time, Fifth Issue bank notes are in circulation since the 4th of september 1994 and are now still valid.

3-When was the last time old Kuwaiti Currency was changed and how much a Kuwaiti dinar is worth compared to the US Dollar at the present time ?
Having been withdrawn from circulation and having stopped to be a legal tender after it's country of origin was invaded, from the 16th of February and onwards untill the 16th of august 2004, Forth Issue bank notes can now be exchanged at the Central Bank of Kuwait with a value compared to the US Dollar of 299,29Fils.(This value having been fixed on the 20th of december 1995 is known to vary during the day).

4-By what means old issues of the Kuwaiti Currency are recovered ?Is it possible for the Kuwaiti State to recover all the old money belonging to institutions, companies or individuals and pay therefore for it's worth as US Dollar ? Can one carry out such an operation without having to go through the Central Bank or any other kind of bank ?
As said previously, Kuwaiti Currency bank notes actually put into circulation in Kuwait are Fifth Issue bank notes. The Forth Issue notes urged into the circulation on the 24th of March 1991 have now ceased to be legal tender. However, it is only within the Central Bank's power to exchange Forth Issue bank notes, until the 16th of August 2004, for Fifth Issue ones put into circulation at the present time.
The Kuwaiti dinar is a convertible currency. Therefore, under any kind of circumstances Kuwaiti money can be bartered for any other monetary unity. It can be sold and bought freely as species by banks, companies and Motto offices. Besides, one can send and forward it by bank transfer.

EDIT: Sorry, forgot to add the link. Here it is: Injustice of Kuwait during the Gulf War - Kuwaiti Embassy

Originally Posted by breakeven

A lot of people have lived through the so-called event with the Kuwaiti Dinar and have provided conflicting reports. An event of such magnitude would certainly leave a trail of remnants for others to reference. There would be at least one reference point at the very least. Dealer sites, in my opinion, do not count as factual representations so I wouldn't even bother using them as anything more than spin. A detailed research on KWD prior to and after the Iraqi invasion does not corroborate to any of the claims being made. I stand to be corrected by a factual account from an independent source and not a dealer's website. Until such time, I will continue to believe the history of foreign exchange rates on various reputed sites.

Just out of the interest, the reval of the Japanese Yen, the Yugoslav dinar, the Chinese Yuan, and the Reichsmark all have relevant reference points for us to reference. I'm just keen on seeing a factual reference point for the KWD that's all!

Originally Posted by Sudden Impact

Couldn't agree with you more!!! If this has been an OVERNIGHT thing, I'm RIP FRICKEN VAN WINKLE!

Pretty please. What is the rate on the books with CBI?

Originally Posted by shotgunsusie

ITS NOT A FRIGGIN THEORY, ITS A RUMOR THAT IVE BEEN TOLD AND IM PASSING IT ON TO YOU IN THE RUMOR THREAD. IF YOUWANT FACTUAL THEN HEAD ON OVER TO THE NEWS THREAD!!!

I beg your pardon. I was merely trying to ascertain the logic behind your statement. Thanks for clarifying that it is not factual and has no basis whatsoever. Good luck and thanks.

Originally Posted by DesertWolf

Don’t sweet it SS, he is acting like a liberal Democrat. Wants everyone else to do the research, work, and pay for the bills. When it happens, it happens and not a second sooner or later. At that point he goes into either the “I told you so” or the “You were saying” column.


DesertWolf

Rhetoric waffling does no one any good. Not everyone is from the US to get the drift of your political statements. It appears that there is no evidence to substantiate your claims seeing that you prefer to go around in circles without furnishing any proof to corroborate your claims. I rest my case. Thanks and good luck!