HOW CLOSE is IRAQI DINAR to REVALUE to FORMER VALUE
Interesting,
The best part of these current issues remaining before the restoration is they are at least being actively discussed, and as for chapter VII, this was not the case before a few months ago, so this is progress, just slow as usual.
Look at the bright side, we know there are only two remaining supposed obstacles in the way, and as we now know, with an additional oil find in Kurdistan, this is the kind of news I have always been most interested in given it all comes down to one thing, the country with the largest oil reserves wins.
All of the sectarian fighting has been in place for centuries, and it is inbred, this will never change, but going forward, there is nothing that will stop the fact that Iraq will be the wealthiest country in the region, and certainly more wealthy than the U.S. given our trillions in debt and total banking collapse bringing down the economy to levels never thought possible a few years ago.
As I have ofter thought, U.S. bailed out Kuwait and at least we know they still hold that over them, so I would hope the remaining issue of what Iraq still owes Kuwait is resolved, and this is being discussed, this we know, and I suspect U.S. is so desperate for Iraq to get past this remaining debt obligation that they are pushing Kuwait to agree to a less amount and be done with it. If this holdup is ended, that is one more piece of the puzzle completed.
With the oil law held up for over a year, and this new reserve confirmed in Kurdistan, and knowing several more are about to be announced, this is going to push the approval of oil law now that the Kurds have even more proven reserves in their own backyard which wasn't the case before, so personally, I think we will see the oil law go through finally. Barstani now feels comfortable with his own territory reserves, so he is less concerned with fair share issues than he was a month ago, so both of these issues holding up restoration are certainly nearing, so we have to be thankful for this as I see it.
It has been a long time coming, but think about it, there are no more excuses to hold up this event. When we go back and evaluate every painfully slow decision, we have to be seeing the light at the end of the tunnel by now, and as I see it, we are. Can you even imagine a country with the largest oil reserves in the world having a worthless currency. Can't happen, never could, and this is why I have been involved since start, you cannot ignore a country with trillions of dollars in oil reserves, even if they can only pump currently a coupl million a day, the fact remains that this issue can be resolved quickly once oil law is passed. There are dozens of major companies already working in Kurdistan region, and dozens more lined up once oil law is done, and this will double output in less than a year is what I am hearing. With oil prices edging up again, and given the fact the sweet crude found in Iraq, all shallow well reserves, nothing is better in the oil industry than this, so this adds to the bottom line of Iraq, so don't worry gang, it is going to happen, and soon.
Success to all, Mike
Iraqi Dinar Restoration of Value To Original
Hi Karin,
Hope all is well, I know none of us expected it to take this long, and I know it is tough to keep holding on, but hey, what else can we do at this late date but wait.
We have all seen the progress, just not as fast as expected, but never the less, progress is good. Still going to see the typical sectarian in fighting which has existed for centuries, so this will never end, but it should not stand in way of restoring Iraqi dinar to former value in time.
All I can say is hold on if you can, we have not lost money this time, so thank goodness most of us are up over original investment, I know I am. Even if we have to wait a little longer, at least we haven't lost any money, nor will we, so we have to be thankful for that for I lost a ton of money in traditional stock market, as most have, so we have to look at the positive.
Success to all, Mike
Average Million Iraqi Dinar is at $1,000. plus U.S.
Quote:
Originally Posted by
karinc
Hm...how much does a million cost today?
Last I looked it was running just about $1,000.00 U.S., plus shipping and handling. Most of mine was in mid $600. range, so not a killing, but better than a loss. lol
Success to all, Mike
Iraqi Dinar Coin Announcement
Quote:
Originally Posted by
sassy
Hey offshore wealth what do you think about all of the info we are getting about the coins now?:tongue:
Hi Sassy,
No doubt, there has been talk about new coin, and since old coins were removed from circulation last year, you have to see the pattern developing which has always pointed in one direction, preparing for this moment in time for a restoration of value which has been stated many times as their goal.
I think we all know this could never happen overnight, but no one thought it would take this long either. Reading all the announcements coming out of Iraq is a trip, egads, none of them make sense when translated, it is almost funny reading these announcements which flip flop back and forth every other week. lol
I don't think those who print these announcements have a clue, just as we don't when this will happen, but if you add up all the clues, it does seem to point in the right direction. I try to apply common sense to all situations, but this is hard to figure with Iraq, they don't seen to have any common sense after reading all these contradictions for five years between sectarions as each seems to be saying the opposite of the other, so this is why we keep hearing so much BS, putting it plainly as I can. lol
Bottom line, we know what the core Iraqi game plan is, they want to restore Iraqi dinar for former level, they just didn't say when. We also knew through many announcements that it would have to stabilize dinar, control inflation and build faith in dinar which there was none under Saddam, this was obvious with the Kurdistand region using what was called the Swiss dinar while Saddam was in power in Iraq. Can you even imagine this same scenario in U.S. It is similar to Texas wanting to become a country within country and have their own currency. All of a sudden it doesn't sound as crazy as it may have a few years ago, but look at the dollar and the U.S. deficit to see how things have changed.
Simply put, we know the goals Iraq has set from start, restore Iraqi dinar to former level. Stabilize dinar, accomplished, control and lower inflation, accomplished, get national debt lowered, accomplished, terminate chapter VII, and as also has been reported, this is either done or about to be done, certainly, with Kuwait issue of what they are owed for Saddam invasion the last issue holding up the termination of chapter VII, and U.S. putting pressure on Kuwait to settle, after all, Kuwait wouldn't exist if not for U.S., so I would suspect this was put on the table when pressuring Kuwait to reduce this Iraqi debt obligation, so we shall see.
Most of what has been stated from start has been accomplished. The only thing of substance which has held up oil production is again the sectarian issues over oil law bwtween Kurdistan and Baghdad. If the Kurds were in control and Baghdad was blown off the map, we would have seen the restoration of dinar three years ago. lol Sadly, the power hungry Shiites and Sunni have been too busy infighting while the Kurds moved ahead and have made far more progress than Baghdad has when it comes to economic progress. And just as before, they have been more progressive even when under Saddam regime and were more concerned abou the people, not personal greed is how I see it. And this hasn't changed, we see the people of Kurdistan working and in a much safer environment compared to the rest of Iraq.
OK, so as I see it, all of the above goals have been well defined and almost all have been accomplished, or nearly so, as in the chapter VII and oil law which has been dragged out for years, again, all because of greed, so I expect this to become law before end of year. Why, simple, Maliki is not assured of reelection for he has not helped the masses, there is still no electricity in many areas as needed, and this is hurting the people, and is most obvious failure of government along with diesel and gas shortages within Iraq, another obvious failure. Remember, this is what the people want more than anything as it is hindering economic growth and it should have been a first priority, but it wasn't. Maliki has lost support from Shiite divide, and with Sadr and his Iranian buddies, an announced new alliance and candidate is putting BIG pressure on Maliki, so as I see it, this will force the restoration of dinar as it is Maliki's only hope, to buy his way back into PM position, just like all politicians have done, buy votes. If he forces restoration of dinar, the people get a shot in the arm and are now more wealthy than ever before, Maliki wins vote, simple.
As to question about coin, no doubt, this had to be changed, and as we know, there has to be coins, no country has a currency minus coins, so think about it, why else would they remove old coins if not to prepare to replace them. Iraqi's are all creatures of habit, and most are comfortable with use of coins, so yes, there will be new coins, and from announcements of new notes adding Kurdish language, a lame excuse to reprint knowing Baghdad hates Kurds to start, give me a break, a total BS announcment as to reasons to reprint notes. Who would believe they would authorize a reprint just to add Kurd language when it would cost hundreds of millions to reprint just for this reason alone, come on, this doesn't make any sense at all, especially when the Kurd's were not crying for this like they have been for oil law to be passed. We all know the tit for tat that has been going on over this issue for last year, but not a hint of concern over adding language to notes. lol
Now isn't this fun to revisit what has been the history of the new Iraq dinar hopes and dreams. Whenever I look back I have to laugh at how inept Baghdad has been at accomplishing the basics, providing economic opportunity to its citizens, basic electricity, gas, diesel never mind employment. All failures of Maliki regime, so now comes the final moment, he has to do something to win, and it has to be BIG, so what would be bigger than a restoration of dinar to former levels, or at least a start. As I see it, something will be done, and with all talk about coin and reprint, and knowing all citizens now have access to debit cards, it all points in one direction, as it always has, just not as absolute as I see it now, finally. Will it happen, yes, when, well, if I was a betting man, which I am, I am betting on it happening before elections, so we shall see. (g)
Success to all, Mike