( A special Thank You to GeorgeH for sending this to Recaps!)
Today I needed to send to all my friends an update as to the status of the IQD currency revaluation process. There is much excellent news as we progress towards the finish line.
I also thought I would use this news letter to assist in clarifying some confusion in other matters too. This confusion comes about by not knowing past events and how they effected the RV process.
Let me say who would ever have thought we would be here now talking about the 2014 elections in Iraq and still no revalued currency of Iraq.
Let me give you a bit of history lesson now so we can all understand where the RV process is.
I am doing this so you can truly understand to eliminate any stress you may have since after reading my explanation you should feel very comfortable that this RV is about to be announced !
Technically the long term strategic plan for Iraq called for us all to have exchanged our currency by now and the project to delete the zeros ending this year of June 2104. Yes- that was the original plan. The fact that the IMF has high-jacked the RV process in 2010, as part of the Global Reset process, has caused many delays in the process and much pain for Iraq and for us speculators.
I also know that once the plan changed, a new target date of June 2012 was then set to announce the RV. The CBI then worked hard to execute and line up the events in the process to meet this date. The new lower denominations were to be issued and the coins to begin circulation also in September of that year.
So what happened?
The delay then was then said to be caused by political pressure from the prime minister of Iraq and the GOI not to RV. Was it purely that the GOI wanted to be free of Chapter VII sanctions or something else or both causing the delay?
In retrospect we also have to consider, knowing now what we know, and ask the question - Was the delay in June of 2012 really orchestrated by the IMF?
We did witness all the issues and attempts in the spring and summer of 2013 to modify the software platforms to get the process of rate changes and needed file updates downstream to the banks and exchanges.
So now I ask another question – How could they have ever been ready in June of 2012?
I think had they gone ahead with the RV in summer of 2012 it might have been one colossal mess. Much larger than the mess we all witnessed the following summer with the rate rollout process. I believe to that by experiencing these issue back then it made the IMF realize that they needed to take more caution. They then took many steps back and did a more detailed analysis on the process and all events that needed to occur prior to popping this RV out to the world. In my last news letter dated 032914 called UU9097 How Close Are We- Recent Events, I stated some of the other issues and hold ups too by the IMF that I was allowed to tell you about.
So to continue with todays saga….lol….
Meanwhile in the summer 2012 under the governor of the CBI he continued pressure to fully implement the currency reform project and to continue the process. You have to understand the process to understand how this all ties together. The RV process is a series of steps or events . For example collecting the larger 3 zero notes from circulation and depleting the US dollars.
Once you begin the process it is very hard to deviate since you must RV shortly afterwards. You must do this since the citizens and businesses are now depleted of most of the currency in circulation.
How do you run an economy with no money?
So you see the CBI has been in a very sensitive situation ever since. They began the RV process, then were told to halt and wait, they told to go ahead again, then told to halt and wait again There were also other investment and reconstruction contracts to that were signed in anticipation of lining up to the June 2012 RV date. So we can all now see why the CBI kept pushing for full announcement that summer.
So where do they now stand?
The CBI has now drawn in nearly all the large 3 zero notes out of circulation from their citizens in country. The use of the US dollar in country is now prohibited. Banks and businesses are not allowed to accept USD. So what the heck are they using for daily transactions?
The average citizen has been using the government sponsored debit card or SMART Card, loaded with money finally allocated to them from various programs. We witnessed these cards being loaded in early 2013. Remember?
They had to use the new rate of $3.71 too the new card system was already calibrated for the new anticipation of the RV back in summer of 2012. So you see stalling this process as backlash and complications in the process. They did not want to wait again months to change over all the programs to other rates since the riots were ongoing.
Also the specific programs paying out called for very specific rates. By now (early 2013) the currency should have RV’d and these rates would have been a natural part of the process and not even questioned by us intel researchers. So what happened?
Iraq essentially had an informal in-country revaluation of their currency in early 2013. There is just no other appropriate way to look at it. The facts speak for themselves. You can deny the facts but they are still reality. Did they ever announce this? No – but their actions in loading the SMART cards aligns accordingly to this fact.
So now into almost a year of collecting the 5,000, 10,000 and 25,000, 3 zero notes from circulation, it is very difficult to conduct daily transaction in Iraq with any normal pricing structure. There is no means to giving change the customer from what hard currency is still available.
Remember too that the $50, 100, 250 and 1000 notes are still in circulation and are not going away. Prices must be rounded up to match the denominations tendered. This is once again causing unnecessary inflation. So there is still some paper currency in circulation but it is beat up, torn and written over. Some businesses do not even want to accept this 10 year old worn out, crumpled currency.
Many transactions are now all driven electronically. This is not really such a bad thing either since it is limiting corruption and currency fraud. But again I will say they do need hard currency in the hands of the citizens. They need the lower denoms and coins.
This part of the process is stalled. It is not fair for many citizens who are not on these government programs and thus do not use the electronic cards. They are holding off re-issuing any of the larger notes, thus it would defeat all they have already done to collect them in. They must someday shortly continue the process and give Iraq the lower denoms and coins. This must happen real soon!
So to continue the saga - In December of 2012, that same year, more interference by the Government of Iraq (GOI) to intervene in matters of the CBI. Remember at this time the CBI was still pushing forward attempting to bypass the GOI and finish the RV process. The action from the GOI against the CBI as this time to stop the RV was plain blunt goon tactics. It resulted in accusations of corruption in the CBI bla bla…..lol….
It was said the full lifting of sanctions under chapter VII was the driving force by the GOI since they still have not seen them lifted. Without these lifted the GOI simply would not support any currency reform.
Again in April 2013 the IMF stepped in and wanted to roll out the RV now getting more involved with the clean up at the CBI. Once again the GOI stepped in and stopped it. The pressure was on to lift the sanctions and in June-July 2013 finally we see the end to the sanctions.
The GOI promised to the IMF it would fully support and currency reform project if the sanctions were lifted. Did they? I believe that are now fully supporting the RV simply by staying out of the matters that involve the rollout. But this came with a price too.
As usual the prime minister lied and used the RV once again as political leverage to negotiate his own personal safety and security. He wanted the USA to back his election for a 3rd term. The USA refused but did state they would allow him to run regardless of the new election law limiting a 3rd term of any of the 3 presidents, as stated in the constitution.
The GOI claims 1) the provisional prime minister (1st term was technically really not a fully formed government and does not count for term 2) the prime minister position is not one of the limited two term presidential positions referred to in the constitution. So through a technicality once again, Maliki is being allowed to run for a
3rd term. Will he succeed? I will discuss this later in this new letter.
So now we have been waiting since June-July of 2013 for an RV. What are now the excuses?
From this period of June through late November the USA did not support the RV. They wanted to negotiate selling off their oil credits with Iraq in place for much needed gold reserves. These negotiations resulted in contracts directly with China and brokering deals with China for Vietnam.
There contracts essentially would sell oil credits which would assure future oil supplied to China. The USA needed gold and China needed oil. It was that simple. So finally these negotiations ended, contracts were signed. Rates for these contracts were then pushed to the banks to begin exchanges.
On December 1, 2013 the revaluation of the IQD and VND was ready. An informal announcement was made an informal RV date of December 1st was given.
What the heck is an informal RV announcement?
Why did not all the 190+ currencies get RV’s and global reset pushed?
These are two very important questions and I will try to address them.
LINK TO PART 2