_2:14 PM [glryan11] BGG thoughts on this? bookings] i just read on forexpros that has the bullish and bear is on. Bull had this to say.said chapter 7 will only be lifted once all articles of it have been met by iraq and things holding them upright now is the issues that exist with kuwait. Said the rv in 2012 at the earliest!!!!
2:15 PM [BGG] glryan11 - Deep contacts tell us otherwise.* *
2:16 PM [BGG] CH 7 might not be lifted (no matter what Iraq wants) but they will RV their currency pretty soon.2:16 PM
[BGG] Just like I already said....
2:16 PM [glryan11] BGG TY* *
2:23 PM [shalone] BGG so do you believe there is a connection between the RV and CH 7?
2:23 PM [BGG] shalone - sure, but not the kind everyone thinks.
2:24 PM [BGG] They have to RV to get out of Ch 7 not the other way around.
2:26 PM [BGG] all the articles the talk about current exchange rates and "their progress" are mainly from very poorly (economically) educated Middle Eastern points of view. Their currency was not deflated due to decades of war and oppression - that is all bull pucky!!
2:26 PM [shalone] BGG there are many that think that since Iraq is close to being removed from CH 7, that this must also mean the RV is close. 2:28 PM [BGG] Their currency was artificially deflated because we "imposed" a very low "program rate" as enforced by the UN so these a$$ hats couldn't buy bombs and guns while we subdued the subversive terrorists!! If they don't like the last 20 years - don't put up with terrorism in your country.
2:29 PM [shalone] BGG so do we think that Iraq is keeping the rate still low because of the terrorist threat?
2:29 PM [BGG] And one of the conditions of them being allowed a seat back at "the big kids table" is an internationally recognized currency - NOT an 1170 rate!! It will have to reflect the true value of the Dinar.
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_2:30 PM [SimpleySaid] Hey BGG.....good point!
2:31 PM [BGG] shalone - No - that was us and the UN....but they want out of CH 7 - they will have to revalue their currency to even have a chance of getting out!!
2:31 PM [BGG] Ever...
2:32 PM [SimpleySaid] BGG That is one thing you have helped be keep clear in my mind....RV for release from Chapter 7 not release from Chapter 7 to RV....
2:32 PM [shalone] BGG so isn't it true that they could have a internationally tradeable currency at their current rate, look at the VND as an example
2:33 PM [BGG] and they need buying power in the worst way. In the long run the world powers will not allow a major exporter (of anything - let alone a commodity like oil) to have free reign on the world markets with a currency disparity like they have right now. Just won't happen.
2:33 PM [SimpleySaid]shalone IMO they do not want to just have internationally trade currency, they want to play ball with the big boys....
2:34 PM [Phantom] BGG China's been gettting away with it for a long time.......
2:34 PM [shalone] SimpleySaid yea, I get that, but increasing their IQD value isn't a requirement to be traded internationally
2:34 PM [BGG] shalone - Very different situation. Vietnam will never be a big-time currency. No matter what it revalues/devalues to - it's not a terrbily wealthy country. They have rubber and cheap labor - that's it.
2:34 PM [OfCourse13] BGG So does the lack of RV hinder our getting the cheap $32 oil?
2:34 PM [shalone] BGG I am surprised that Vietnam has an internationally tradeable currency then.
2:35 PM [shalone] BGG I totally get what your saying though.
2:36 PM [BGG] Phantom - not like this - China is off by like 20%ish.....and the world markets are taking drastic measures (they are convulsing over it really). Iraq is off by like 1000%. Big difference.
2:36 PM [Phantom] BGG it is a huge difference
2:37 PM [BGG] 1000% is just an illustrative term - it might be more like 3000% - whatever it is - it is a huge number!!
2:37 PM [Phantom] yep
2:37 PM [shalone] BGG more like 3000%
2:37 PM [shalone] if you go back to prewar rate
2:43 PM [Phantom] the far thinking sanctioners of Iraq at the UN were right on the money when they told Iraq no RV no release from Chap 7.....
2:43 PM [kmiller68] BGG if the US put them on the program rate wouldnt it be up to the US to change it
2:45 PM [BGG] kmiller68 - my point was - they didn't "pick their own rate" due to market conditions the way their media reads - we gave the number to them on the "toe of our boot"....
2:45 PM [shalone] It will be interesting to see how long they can hold these banks hostage without a rate to exchange currency
2:45 PM [kmiller68] then shouldn't it be us who removes the program rate?
2:45 PM [kmiller68] rather than be in their hands
2:46 PM [shalone] at some point, the rates are going to go back to the origional, or change to the new rate. how long can this go on?
2:46 PM [BGG] and yes, this is why we have any involvement at all....but we are trying to allow them to get there on their own - as Dr Shabibi is as well.
2:47 PM [shalone] BGG do you think the RV is waiting on the budget to be approved by the parliament?
2:48 PM [BGG] shalone - doubt it. I have heard they needed the 2012 budget and a Security minister - but I don't really buy that - it's immaterial. I think they are past that point.
2:48 PM [BGG] I'll BBL - got to get some stuff done.