8:42 PM [helend] Scooter-EG we got a few questions for you
8:42 PM [Scooter-EG] really
8:43 PM [helend] Scooter-EG are you ready freddy?
8:43 PM [Scooter-EG] Yes
8:43 PM [helend] ok, here comes the first one
8:43 PM [helend] Hi scooter, do u think Shabibi already has a rate set for an rv, or, as he has repeatedly said he's ready, do u think the longer he waits on whatever it is that he's waitng on, the rv rate increases? Luckyintx...ty
8:44 PM [Scooter-EG] hmmmmm I think that shabs has three ] they've somewhat indicated these in the country reports two years ago from the imf there's a low ceiling, mid ceiling, and high ceiling
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8:45 PM [helend] I'll take the high ceiling please
8:45 PM [Scooter-EG] I think the longer he waits won't have too much effect which option he choosesmost would ] but the iraqi people might not agree ] because if they came out high with the current numbers there would be an immediate retracement ] IMO
8:46 PM [grashopa] ........like 1000/1............1-1..............and...ummmmm...........3.22-1.. ???
8:46 PM [Scooter-EG] kind of like that yes but the low would be under the .86 range the mid tier between 1.00 - 2.05 and the high upper two's
8:47 PM [grashopa] oh boy..............
8:48 PM [Scooter-EG] but nevertheless -- even the low the numbers wouldn't work with the state of their economy right now it will get there it's just going take a bit more time ok
8:48 PM [grashopa] and when the eco gets to 65%... ?
8:48 PM [Scooter-EG] I don't understand 65% sorry -- not following
8:49 PM [grashopa] up and running at 65%............eco
8:49 PM [Scooter-EG] Oh -- you mean which tier --- that's a good question here's why What's the 100% target ?
8:50 PM [grashopa] showing substantial growth
8:50 PM [Scooter-EG] nobody knows remember -- in a free floating advnaced econ
8:50 PM [grashopa] internal
8:50 PM [Scooter-EG] the major forex currencies calculate 1200 algorithms a second to determine if the PIP increases or decreases
8:51 PM [grashopa] sry...........just piping in
8:51 PM [Scooter-EG] Iraq's monitoring isn't to that point no problem -- just friendly chatting
8:51 PM [Scooter-EG] Next question
8:51 PM [helend] Personally, I've seen 2 articles that state the tariff taxes will be implemented in a few days. Granted we've seen "in coming days" and that sorta thing for a very long time. My thinking is that they'll wait till the end of June to Implement these taxes, maybe later. How important if, any would it be to have a decent rate on their money before the taxes are implemented? Thank you.
8:52 PM [helend] that one is from Reflection
8:52 PM [Scooter-EG] thanks for telling me the name ok
8:52 PM [helend] Scooter-EG I learn quick
8:52 PM [Scooter-EG] Reflection -- I think the tariff taxes are very important but it won't matter or have any impact on the bearing of the rate and here's why
8:53 PM [Scooter-EG] They will receive the same value or amount regardless the rate will be determined by the strength of the economy ] not by the amount they tax on imported goods and services
8:54 PM [Scooter-EG] and the economy and countries wealth is determined by exporting products throughout the world and that will be judged through their GDP Yes it's important to have the and easy to use rate for Tariff transactions but it won't be the primary reason JMO Next
8:55 PM [helend] Hello Scooter In your opinion do you think the possible revaluation (or RI) of the Iraqi Dinar is solely in the hands of the Iraq government and CBI? Or do you think the other nations, political power brokers or financial markets have an influence on the possible RV?? Thanks sbxpress
8:56 PM [Scooter-EG] Thanks SBX I think that Iraq is the primary the reality is they can make their rate anything they want but they would have a heck of a time getting it accepted throughout the world
8:57 PM [Scooter-EG] I think the world community, particularly the 32 countries which are part of the reconstruction project are definitely involved and have influence over this event
8:58 PM [Scooter-EG] I think the member organizations like the IMF, World Bank, OED, etc... they will have a large influence remember what their primary goal was originally to provide the Iraqi people with increased purchasing power and to establish a middle class within Iraq why is that important
8:59 PM [Scooter-EG] here's why a stabile purchasing power because a healthy economy produces less terror that's one but more importantly a healthy economy raises the living standards of everyone in that country
9:00 PM [Scooter-EG] next
9:00 PM [helend] Hi Scooter I have a Question? A certain person on his web site keeps saying on his show that we are going to have a short window to cash in after the Rv. The reason being is Iraq is going to break off into 3 groups where they will have their own dependency currency. That is why they have 5 different language on the currency. To me this doesn't make sense. Even if they did, they will still have to take our 25,000 or exchange out dinars into the new currency before our money would be worthless. Phoenix won't put it on their news site. I didn't get who said this but the last name Ali from Iraq. Please tell us what you think. Thank you, Steve
9:01 PM [Scooter-EG] WOW! That's a new one for me ummm I don't buy the theory that just doesn't make any sense to me sorry next
9:02 PM [helend] Scooter in you opinion what effect does the Euro currency, being the largest currency in the world, have any effect on the revaluation of the Dinar at this time? With the world currencies in turmoil right now I do not see any country revaluation taking place until there is some sort of balance. Your thoughts on this?
9:03 PM [Scooter-EG] first the Euro is not the largest currency in the world the USD consumes 62% of all circulated currency now to the question sorry -- had to fix that one Yes and NO and here's why I think this
9:04 PM [Scooter-EG] Yes, the European nations are in a real bind right now no doubt they spent themselves silly just like the US has been doing nevertheless when you take a look at the world map and look at the emerging countries the MENA region is ripe
9:05 PM [Scooter-EG] these oil exporters are doing very well right now ] however, they do need to diversify their economy to prevent becomeing a "Rentier" state
9:06 PM [Scooter-EG] now imagine what an RV does in Iraq and the region it's like an immediate economic explosion which will drive the countries consumption upward and spending internally is only good for those economies
9:07 PM [grashopa] EXACTLY
9:07 PM [Scooter-EG] so back to the question what does it do for Europe it does a lot ! here's why
9:08 PM [Scooter-EG] if the MENA region experiences this type of growth demand in the middle east and northern Africa will go upward Well who's going to supply that demand
9:08 PM [Scooter-EG] most likely they will look to Europe to satisfy that demand of the latest products heck -- it would be anywhere for that matter but the trickle effect will occur the volume and pressure of the $$$ turnover would be very strong Great question next
9:10 PM [helend] Hello Scooter Thanks for coming. Who do you think is responsible for the GOI not being seated and complete. Possibly delaying the RV and when do you think the GOI will be completed. What is you opinion, please.
9:10 PM [grashopa] great answer.............ty Scooter
9:10 PM [Scooter-EG] Oh man Thanks grashopa
9:10 PM [Scooter-EG] I am the absolute worst person to ask political questions and the only answer I have is this the whole blasted government is responsible for the lack of seating
9:12 PM [Scooter-EG] do I think it has an impact on any structural changes in iraq's monetary policy NOPE not one bit JMO I'm probably wrong though sorry -- not a political person these days I just don't like any of them just kidding next
9:12 PM [helend] Thanks so much Scooter for taking the time to do this. I have heard it explained before that Iraq really isn’t concerned about how much we here in the states have in dinar. The reason being is that when it does RV, that it will be our country that will be backing the exchange, with our dinar going into the US Treasury. If that is the case, then all this talk about needing to reduce the 30 trillion (or more) dinar that is out there, would it not just be within Iraq that they would have to pull in the money supply? It all kind of makes my head spin a little. Thanks for clearing it up. Thanks, Garybeck
9:13 PM [grashopa] with structure......................you get confidence
9:13 PM [Scooter-EG] Indeed !!! um -- how is the best way to answer that one I have heard this theory as well that the Treasury will purchase oil at $30 a barrel in exchange for oil here's the thing when looking at currency you have to look at the aggregate not just a portion within the country
9:15 PM [Scooter-EG] IMO they might have some sweetheart deal but I have found no evidence of this anywhere Sorry about that answer but I still take a look at the wholistic approach to all the currency before looking at the rate but also remember Anything can happen -- and we don't have all the facts next
9:17 PM [helend] If one were to conjecture that Money Supply was the key factor in determining the proper value of a currency.......what would be your best guess as to what Iraq's total money supply should be...based on population...and yes, then I will divide it by the approximately 30 trillion dinar that are outstanding...or by 6 trillion, assuming the CBI has pulled in 80 percent of the Triple Zero Notes....to guess at a rate....thanks Scooter for visiting us!!!
9:17 PM [Scooter-EG] haaah! ] ok
9:18 PM [helend] This is a question by redbird
9:18 PM [Scooter-EG] That question in my opinion can't be answered correctly because there's far too many variables which go into the calculation for rate
9:19 PM [Scooter-EG] second, nobody really has a solid idea of what the money supply should be because of the economy in general I mean we can look at GDP GDP on a per capita basis etc.... but the value gets everything thrown in for example education
9:20 PM [Scooter-EG] many people don't realize it but an educated workforce has a dramatic effect on sustainability of that rate second an educated workforce has a huge impact on foreign investment
9:21 PM [Scooter-EG] an educated workforce will spend differently and save but that's just one example and in iraq's case they are having problems filling bank teller positions
9:22 PM [Scooter-EG] so -- to answer the question in a 2 dimensional type of calculation I just can't or won't even guess it would probably get me into a world of trouble anyway
9:23 PM [grashopa] Scooter.............your mind i????................you remind me of............me
9:23 PM [Scooter-EG] haaaah! well then I am honored next
9:23 PM [helend] Thank you Scooter, that was the last question...however if you would just like to talk about something you want to share with us, you are welcome to do so.....perhaps something that you have heard and want to pass on to us?
9:24 PM [Scooter-EG] hmmmmm hmmmmm let me think
9:24 PM [grashopa] much appriciated my friend..............very much
9:24 PM [helend] Scooter-EG playin the jeopardy song
9:24 PM [Scooter-EG] You are welcome !! this is a great group of people
9:24 PM [Scooter-EG] hahahaha
9:24 PM [Scooter-EG] I really don't have anything right now
9:24 PM [Scooter-EG] sorry -- jonny on the spot is a weakness of mine
9:25 PM [helend] Scooter-EG thats okay we appreciate your time very much
9:25 PM [Scooter-EG] well then -- why don't we wrap this one up
9:25 PM [helend] Scooter-EG thats okay we appreciate your time very much
9:25 PM [Scooter-EG] Thank you Helend
9:25 PM [helend] okay, getting the wrapping paper out for ya's
9:25 PM [Scooter-EG] I appreciate your effort in organizing
9:25 PM [helend] you are welcome scooter