If the IQD will be 100% gold-backed after the ri/rv, why does the economic committee cite the increase in reserves from 10Bil USD to 76Bil USD as partial justification to demand the CBI increase the value of the IQD??? :hmmm:
KTFA=JimNY: I think it’s because the IQD is being touted as a reserve currency for other nations.
XenaWP: That’s what I’m thinking I’m very confused to what Eagle 1 said and Frank said he agreed but says we need to see these laws passed and Barzani come back happy plus this HCL and maybe Delta to come on next weeks cc so I don’t know I’m very confused but then also look at forex like Eagle was saying tonight would most likely see it there 1st then Frank says start looking at forex so :yikes:
I’m with ya friend…..
Read More Link On Right
Goes from 84.75 (56 week high) to 82.42 in a matter of a day and a half..
Now they have claimed that the dollar went up based on the increase of 150k jobs… So what makes it go down so fast so drastically.. DID all those people get fired right after they got hired…
Society: KTFA-JimNY, Perhaps……however the US FRN is currently and will remain a “reserve currency” and is only backed by the “full faith and credit” of the American people…
Realize, if a currency is 100% asset backed, that means it is fully redeemable for the equivalent of that asset. That means that Iraq will have to specify the specific amount of asset that backs each dinar…..for example perhaps each dinar will be valued at 10 grains of gold and therefore 10 IQD would be redeemable for 100 grains of gold…..
In this day, it seems very improbable to have a 100% gold backed currency….We certainly could not do it in the US as there is just not enough gold…
Society: XenaWP, I personally don’t care about anything related to Forex until after the rate changes….the rate change will come from the CBI and only the CBI….just look at the demands from the economic committee…..Frank said at the end of the call to watch the CBI site over the weekend and that the 15th is of interest to his team…
There is no way that any Forex trader has inside information as to the precise timing or details of the GCR….could you imagine the windfall…Soros’ previous plays would pale in comparison…..Any reports related to Forex logically has to be purely speculative and are totally irrelevent IMO….
KTFA-JimNY: Society, Basil III seems to be about issuing strict capital controls that would prevent nations from printing currency without having the assets (Natural Resources) to back up what’s printed.
In order for the Iraq Dinar to be a World Reserve Currency for other nations, the currency must be fully collateralized and must maintain a stable currency value. I believe that this was always the intended plan for this currency by the AOP.
The United States is going to have to reduce the amount of currency in circulation so that it can be fully backed by Gold or Oil or perhaps by other assets that Basil III will allow. This would be the equivalent of reverse stock split. You take a specific amount of currency out of circulation thus raising the value of that currency because there is less of it floating around.
Basil III is another form of “Control” – Control of the Worlds Money Supply.
Society: Additionally, please note that the IQD is currently a Fiat currency with an arbitrary value…..
KTFA-JimNY: It won’t be that way for much longer
Society: If that is true then there really is no reason to ever watch any Forex site as by definition, an asset backed currency could not be traded as only the asset that backs it would be traded ….
KTFA-JimNY: I believe the objective of Basil III was to stabilize world currencies and to prevent currency manipulation. How this will play out in the forex markets is anyone’s guess.
Society: Perhaps, but the visible facts would make it appear that it is an attempt to shore up the liquidity crisis in order to help prevent economic catastrophe in this fractional reserve system of fiat currencies and to force banks worldwide to follow specific guidelines to level the field as previously they were only subject to their own internal regulations of their regulators….
KTFA-JimNY: Basil III is the first stepping stone enroute to a global banking system; a defined set of rules that applies to all nations. As Baron DeRothchild once said, “Give me control of a nation’s money supply and I care not who makes its laws”.
Dale on Maui » July 11th, 2013, 3:41 am Here is my post from June 7th……..
Dale on Maui » June 8th, 2013, 12:11 pm • EAGLE1……or any one else versed in basil 3
Thank you for the info you have shared on this gcr process. I see this as completely logical…it makes sense….BUT, I do have a couple questions.
Is there anywhere I can find info…documentation…that states the gcr stands for”global currency reset”? Everywhere I search I find it stands for “global capital requirements”. Also is there any place I can look to research the basil 3 requirement regulations as it concerns central banks and governments. All I have found is Basil 3 as it pertains to “retail” banks over 500 million.
I realise these regulations are lengthy, complex, and detailed beyond my experience, and maybe the info is hidden in there and I have missed it, but I haven’t found anything that refers to central banks or gov. in regards to this.
Also I can’t find any info that talks of 2013 being a dead line for compliance…It appears that 2019 is the next significant compliance date for retail banks with some reference to 2015 as a date for new levels of capital requirements to be attained. Where does the push for June of 2013 compliance come from? as it is not found in any BIS documents I have studied thus far. Please help…thanks….Dale on Maui
Also moved it forward to June 8th and again 10 or 15 days ago and attached an article from JJ in regards to Basil 111 and banking capital requirements. So far not even a nibble
Bandit: I find it amazing that we can still buy mint condition uncirculated notes. With all the notes the CBI has been pulling in and the fact that new ones have not been reprinted for a few years. The last printing I think was 2010.
Just sayin’…. seems strange to me, but maybe I’m missing something. How can we can get new perfect notes but the Iraqi citizens mostly get used worn out notes held together with tape?
Alan: Hey Bandit. I too find it rather interesting.. I watch a video that was on some US TV station some time back and there were interviewing a lady who had bought 1.5 million dinar…
During the interview the lady pulled the Dinar out from a envelope and it was in a clear bag and on the plastic bag was a red stamp that said “FROM US TREASURY”. I mean I know dealers could package dinar in anything they want but I found this one quite interesting..
She said she had bought the dinar off some website, which I honestly dont remember the name of it.. But it was the stamp on the plastic bag that caught my attention…
Dunno if it really meant anything or what but I guess if it did come from the treasury then perhaps thats why it looked so fresh.
I do agree with you though even when I go to the bank in the US to cash a check I get beat up bills.. Who knows but a valid thought you have sir
BRANT2002: For Bandit and others///…imo…the CBI has lots of new notes that have not been on the street…they only release what they need to be circulated for public use…
they also replace the notes that are worn out with these back stock notes…just as an example…say they have a 1.000.000 (25,000 dinar notes) printed in the first place…but they only release 500.000 (25,000 dinar notes) to the market for circulation…
you then have 500.000 (25,000 dinar notes) left to replace or sell when needed….of course the amounts of notes in question would be much..much..much..higher numbers that had been printed in 2010 and before! This is all imo of course…just throwing this out there….blessings to all.