Millionday Special Thursday Roundtable 4/2/15 Part 2
Welcome to dinarupdates.com for a Special Thursday Roundtable with Millionday!!
Millionday: NOTE -- THIS SHOULD HELP IN AN UNDERSTANDING AS WE HAVE SEEN THE COMPARISON IN MANY PAST REPORTS
Millionday: Big decisions
The introduction of a new currency is not undertaken lightly. The motivation could be hyperinflation, exchange rate collapse, massive counterfeiting of the existing currency, or even war.
Or it could be an intentional change—for example joining a monetary union, such as the European Monetary Union.
Changing a national currency is a highly political decision. Sometimes the existing currency does not meet the economy’s needs.
The typical economy in need of currency reform is cash based and highly dollarized, with multiple currencies circulating at the same time.
The single most important price in any economy is the price of its currency vis-à-vis other currencies.
Countries that assign non-market-based exchange rates for different goods or services—or for imports versus exports—tend to have significant distortions in their economy. Over time, this usually leads to slower growth overall.
Millionday: NOTE -- THE MOST IMPORTANT PRICES IN ANY COUNTRY ARE THE ONES FOR THE INTERNATIONAL CURRENCIES AS WE HAVE BEEN TALKING--
THE PRICES BEING WRONG --CREATE DISTORTIONS IN THEIR ECONOMY---
AND AS WE SEE HERE -- THIS SLOWS GROWTH-- THIS IS NOT WHAT IRAQ NEEDS OR ANY OTHER COUNTRY AS FAR AS THAT GOES --- SMILE
Millionday: NOTE -- I HOPE THIS IS MAKING SENSE AND ANSWERING SOME QUESTIONS
Millionday: Currency reforms are typically complex and risky: global experience confirms that a successful outcome is never guaranteed.
The main ingredient in the successful introduction of a new currency is a strong commitment by the central bank together with the government to take the steps needed to ensure that the new currency is perceived as stable by companies, the general public, and the international community.
Millionday: NOTE -- THEY HAVE ANNOUNCED (GOVERNMENT AND CBI) THAT THEY ARE PREPARED-- AND ALL ARE PERCEIVED VERY WELL ACCORDING TO REPORTS
Millionday: NOTE --- NOW THIS IS THE BEST PART AND I WANT YOU TO READ EVERY WORD >>>>>>>>>WHOOOPOW >>>>>>>>>>>Introduction of a new currency comprises four phases.
First, the necessary preconditions—sound macroeconomic policies and strong financial sector legislation—should ideally be in place or under way.
Next, careful preparation is required, setting up the policies and processes behind the reform and drafting a detailed budget for the entire currency reform (including the cost of printing and minting the new cash currency).
Then comes production of the new currency, and finally the most challenging phase: implementation.
Risk: Hmmm.....Which phase are they on...
Millionday: SO -- (FOUR PHASES) ---- POLICIES FINANCIAL LEGISLATION EITHER IN PLACE OR UNDER WAY (DONE) ----
NEXT ---SETTING UP POLICIES TO DO WITH REFORMS (DONE)--
NEXT ---- A DETAILED COUNTRY BUDGET (DONE) –
NEXT -- PRODUCTION OF THE NEW CURRENCY (DONE) AND
THE NEXT AND FINAL --------IMPLEMENTATION --- WHOOOPOW
Millionday: SO AS WE SEE HERE --- PER THE IMF -- THERE ARE FOUR PHASES AND WE ARE AT THE LAST ACCORDING TO REPORTS AND ARE TO THE END WHICH IS ---- IMPLEMENTATION
Millionday: THIS IS HOWEVER ---------------VERY VERY ENCOURAGING AND
I THOUGHT I WOULD SHOW IT ALL TO YOU DUE TO THE GREAT BIG SMILE IT PUT ON MY FACE --- WHOOOPOW
Papatom: Well, I hope Rudie can edit out all the chatter in between the sections so we can have this GREAT NEWS all in one section like MD intended......MD...I think we are in the last phase....how do you feel about that????
Millionday: I THINK THAT WITH ALL OF THE OTHER PHASES DONE WE ARE AT THE IMPLEMENTATION PHASE ACCORDING TO THIS AND THE REPORTS WE HAVE SEEN AS THIS REFORM HAS GONE ALONG
meme: does the US have an "administrative hold" on currency exchanges?
Millionday: OK -- MEME -- I HAVE NOT SEEN ANY REPORTS THAT SAY THE US HAVE A HOLD ON IRAQ
Millionday: THE US OF A MAY NOT HAVE EVERYTHING FOR TAXES ETC IN PLACE OR SOMETHING BUT NO INK HAVE I SEEN ABOUT THE US HAVING A HOLD
mydinar100: is it possible to know what part of the last phase we are in
Millionday: THEY REPORTED THE DESIGN AND ALSO THE DENOMINATION OF THE COINS AND THE BILLS AND LISTED THE COMPANIES THAT WILL DO THE WORK OF PRINTING OF THE DINAR IN PAST REPORTS SO I GO BY THIS >>>>> Then comes production of the new currency, and finally the most challenging phase: implementation.
Millionday: MAKE SENSE?
Millionday: THEY ALSO STATED THEY WERE EXCHANGING THE 50`S A COUPLE MONTHS AGO AND THE 10,000 DINAR NOTE –
SO IT IS VERY EXCITING BUT HARD NOT TO KNOW HOW FAR ALONG THEY ARE AND WHEN IT WILL BE DONE
Millionday: I WANT TO THANK YOU ALL FOR YOUR PATIENCE WITH MY COMPUTER PROBLEMS THAT I HAD YESTERDAY -- I HOPE THAT THIS IS HELPING -- SMILE
Millionday: I WILL BRB WITH MORE -- LET ME LOOK FOR SOME NEWS
diane1: WHAT ABOUT THE 10,000 NOTES ARE THEY BEING TAKEN OUT AS WELL
Millionday: THEY SEEM TO BE KEEPING THEM OUT FOR A WHILE UNTIL CONFIDENCE IN THE BANKING RETURNS
Dovi Millionday: question answered....just thought it was the 25000 notes got changed and did that have to do with this
Millionday: I DID NOT SEE THE 25,000 CHANGED HUN
Holly1: Is the HCL ... Passed . and Thank you Millionday
Millionday: OH I HAVE SOMETHING ON THAT -- LET ME LOOK BRB
Millionday: Finance Committee, headed by Ahmed Chalabi, hosted, Wednesday, Finance Minister Hoshyar Zebari and general manager of the General Authority for Customs and Director General of Taxation
and solely responsible for combating money laundering in the Iraqi Central Bank, to discuss the hard currency of the country leakage and anti-corruption.
The committee said in a statement on the sidelines of the meeting, and received by the agency / information / copy of it, "Finance Minister reviewed with the delegation accompanying him leakage of hard currency from the country's resources and procedures for the central bank to combat money laundering."
Millionday: NOTE -- SOME OF THE CURRENCY HAS BEEN LEAKED AND WAS NOT SUPPOSED TO BE
Millionday: "The conferees stressed the importance of providing accurate from the central bank and banking information known after large remittances in hard currency abroad and review past actions
and evaluate new procedures for the central bank to ease this phenomenon and in cooperation with the customs and tax authorities."
The statement quoted the Minister of Finance and his emphasis on "the importance of transparency in the fight against corruption and the operations of the country's hard currency leakage and the need for the government and parliament cooperation in this regard
Millionday: SO THIS MEETING IS TO ENSURE THAT CBI UNDERSTANDS THAT IMPORTANCE OF KEEPING EXACT RECORDS OF ALL HARD CURRENCY --- AND IT ABROAD --
rcookie: MD..Quick News...US announces tentative Nuclear Deal with IRAN.
Millionday: OH THANK YOU HUN -- GREAT NEWS -- CROSS OUR FINGERS AND PRAY
USAAlways777: Do YOU know if the $10,000 Notes will come out of Circulation.. Is there a specific time Frame For exchanging them...
Millionday: I READ A REPORT THAT LEAD ME TO BELIEVE THAT THEY DID NOT PRINT VERY MANY DUE TO THE GOAL TO NOT USE THEM FOR A LONG TIME IN THE HOPES OF ADVANCING TECHNOLOGICAL BANKING AND CONFIDENCE
Millionday: WE WILL SEE YOU ALL AT ROUNDTABLE TOMORROW AND NEWSTIME -- RT IS AT 1EST AND NEWSTIME 730 EST