AN INTERVIEW WITH IRAQ By Blaino of PlanetDinar
Citizens, Dinarians & People across the Chat-o-Sphere...I thought it might be fun to reduce some of the primary issues and their complexity, confounding logic and distorted meanings to an interview style that might help us recognize just where we stand. Enjoy, Blaino!
(I TRIED TO HIT THE HIGH POINTS AND KEEP IT LESS THAN "NOVEL" LENGTH!)
BLAINO: Iraq, there has been a lot of confusion about your currency and whether there will be a "revalue" at some point where the strength of the Dinar is finally revealed... can you simplify and explain the facts regarding some of these issues?
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IRAQ: Blaino, the facts about whether or not we will 'RV' or revalue our currency is really not all that confusing at all. We have spent a lot of time and money to develop and circulate the finest quality currency available on the planet (earth) with more security features, controls and anti-counterfeit measures than any other currency available.
We have worked hard through our chief financial officer, the Governor of the Central Bank of Iraq, Dr. Sinan Al-Shabibi to control and manage inflation, establish monetary stability and circulate the new Iraqi Dinar following it's creation & distribution into the economy of Iraq between October 2003 and January 2004.
Dr. Shabibi has held the inflation to single digits even though the region has been an area of violence and much warlike activity.
He has ever remained a pillar of iron concerning the independence of the Central Bank and has grown our foreign exchange reserves to 63Billion USD to prepare us (Iraq) for the next paradigm shift where our (Iraqi) currency becomes the strongest in the world, as Dr. Shabibi, Christine LeGarde (IMF) and others have stated many times .
Clearly, participation in world wide trade and other economic matters, international investment and the lie mandates that we (Iraq) must establish that the IQD is a viable currency, fit for international exchange, trade and recognition for the value that exists in Iraq in oil, gold, textiles, tourism and manufacturing to name but a few.
Several international firms from a broad group of nations are even now settling contracts for manufacturing plants here for automobiles, electronics and other products.
International hotel firms are seeking locations, contracts for electrical equipment are in the works and so on. Without a stable, trade-able currency, how are we to pay for these items or encourage these companies to arrive and thrive?
Why would a firm like General Electric for example sell us multi-million dollar generators and all the infrastructure to accommodate them if we were to pay with a currency that has no use or value outside Iraq?
How could they use the same for their materials, supplies, payrolls and so on?
We have for some months been making progress toward the debt/equity markets to allow the corporate, municipal and GOI (Government of Iraq) debt to become trade-able internationally. Naturally this will be impossible without a recognized, trade-able currency, so any question about whether we will revalue is surely clear from these few examples.
BLAINO: Iraq, OK... so "eventually" you WILL revalue... what is taking so long and why are there so many false starts?
IRAQ: Long? It seems to me that when your country established itself as an independent nation you were at it for many years before your "founders" finally got the whole thing settled.
Your first Continental Congress convened in September of 1774, in September of 1787 the final draft of the Constitution was sent to the Congress and your first president, George Washington was inaugurated on April 4th 1789.
Your early money was English, Spanish, and French currencies, foreign currency, as your USD is foreign to Iraq. In 1785 the Continental Congress adopted the dollar as the basic unit of national currency and private bank note companies began to print a variety of notes, just as DeLaRue has done for us.
Later in 1789 your Congress chartered the first national bank, the 'First Bank of the United States' and authorized paper bank notes to simplify trade and clarify the accepted currency. This was your first "Central Bank" and worked with the US Treasury as their fiscal agent.
In 1792, your Federal Monetary System was created with the construction of the Philadelphia Mint and the first real US coins were struck in 1793, almost 20 years after the first Continental Congress met. So, we are actually not all that far behind your own timetable.
Granted, there have been many technological improvements, but the truth is that they have brought with them many additional layers of complication and a need to interface with all the other currencies in the world at the same moment, all at once.
We (Iraq) are also very different in approach to politics and must adapt to this new political model which is far less connected to the Quoran than in the past when most middle eastern countries basically had a Theocratic style of government, operated and controlled by religious leaders, as with Iran today.
Also, we are involved with many figures, political parties and neighbor pressures which affect our ability to move too quickly and risk concerns that might rise to the level of "incident" and encourage additional violence, division or civil strife..
Many factions vie for control and some groups resort to horrific violence trying to accomplish their aims of getting power or turning us back to older paradigms of government. If your politicians, governors, police officials and military leaders were constantly killed, blown up and attacked, what would the effect be on your country?
We still need to accelerate the removal of the large notes from the 'street' before they acquire great value both to reduce crime and to encourage trade at the local levels, as your own government did in the 1930's when they began to collect all notes larger than $100 which are still viable currency, but will not leave a bank again once they are deposited.
Smaller denominations of our currency will need to be in place before the revalue so the people can have small enough currency units for the basic essentials and small value items, also there has to be a way for the merchants to return 'change' when these kinds of purchases are made.
Would you like to buy a loaf of bread with a $1000.00 note? Would you want to be the merchant with enough money in the cash box to be able to complete the transaction and risk robbery and theft?
We (Iraq) are currently circulating coinage and smaller denominations of our money for use in the near future once the revaluation is commenced. Clearly, we cannot divulge the details of these arrangements to protect all the firms, people and agencies involved.
BLAINO: Iraq, what can we expect regarding exchange rate?
Got Dinar We (Iraq) are not at liberty to disclose the actual rate, but one might expect that as we have said it will be a dramatic and substantial change, most likely to a level in the neighborhood of the Kuwaiti Dinar, again, as we have said several times.
It's likely safe to assume somewhere between USD$3.00 to USD$6.00 which will be a workable number and cures the immediate needs for our infrastructure and banking needs, although we may not get all the way there in a single move.
BLAINO: Iraq, we have some indications that the IQD might be more in the range of $20 to as much as $45 per IQD! Mebby just for a select few or a group or tier that "needs" IQD. Any comment?
IRAQ: If only this could happen. At these rates dreams have become fantasy, and fantasy doesn't generally develop in real life.
We also hear about many "tiers" and special people that will somehow obtain magical access to these sort of fantastic and unbelievable amounts, all we can say is the old adage remains true: "A fool and his dinar are soon parted" along with another truism: "There is no free lunch!"
Anyone that gives their dinar to another to obtain some kind of "special" arrangement somewhere in the future will doubtless spend that future seeking the person that they gave their dinars to in an attempt to get them back and cursing their own stupid greed that led them to think that these schemes would ever produce anything at all! Good luck with that!
Any party or group that "needs" IQD might easily purchase it at the same rates as anyone else, the rate is readily available from a large group of dealers and sellers worldwide.
As for the idea that some group is doing some kind of humane work exchanging IQD for a set rate well above the actual value, like $.33 or $1/IQD, well once again, people are blinded by greed and hoping to get out now for promises later... they will undoubtedly be sadly mistaken and suffer a diminished future after their IQD has been taken from them under these guises and schemes.
No one should "wait" for the IQD to save them and solve their financial troubles, but should live their life in the moment and when the RV comes, it will be a huge benefit, but never an excuse to fail to take action and exercise personal power!
Some people constantly claim there is an RV "tomorrow" or any second, any minute, etc.... shun these people that always tell you "RV, In-country RV, All done now and we'll see it on _____". Seek out quality people and honest, informed people to provide your information!
BLAINO: Iraq, thanks for the conversation! We have always given a 'PASS' when these types have insisted "It's HAPPENING NOW!" and tried to maintain a calm, informed, level headed demeanor at a fair and honest price designed to support our site, not to pillage peoples pocket!