Thread: Iraq/Dinar News. 09/05 to 01/14/07

Just phoned Azzaman in London. Not very helpful! Was aware of the 10k loans, and when I said but that's not right, it isn't $6,600 she said well all our articles are checked thoroughly........

Either way I cannot see them giving out loans for $6.60.

All this talk about .66 and that it needs to be right because one would need at least $6,600 to start a business is not justification to change the rate. The misprint or mis-translation may have been on the other side of the equation. A 10,000,000 dinar loan is about $6,600 dollars.

Monetary value is based LARGELY on GDP. Iraq's GDP is about $94 Billion annually. At a $0.66 exchange that would give Iraq $10 US Trillion dollars worth of currency in circulation (buying power). To put that in perspective USA GDP is about $12 Trillion per year yet we have under $1 Trillion US dollars in circulation (cash) and about $3.3 in liquid bank deposits.

Originally Posted by Adster

Just phoned Azzaman in London. Not very helpful! Was aware of the 10k loans, and when I said but that's not right, it isn't $6,600 she said well all our articles are checked thoroughly........

Either way I cannot see them giving out loans for $6.60.

Kind of lost on this one. Do you mean she said the $6,600 was not right?

Originally Posted by Mike5200

Unemployment at 50%, says minister

By Ikhlas Majeed

Azzaman, December 14, 2006

Nearly half of Iraqis able to work are idle, said Minister of Labor and Social Affairs.

Mohamed Radhi said the high jobless rate was devastating to a country torn by sectarian strife and violence.

He said combating unemployment was as important as the fight against ‘terror’. Joblessness plays into the hands of ‘terrorists’, he said.

He said he had drawn a plan to provide short-term loans to families willing to start up their own businesses particularly those who depend on social benefits for a living.

“This project will contribute to defeating terror and terrorists who target sources of energy and labor. As a result unemployment has reached more than 50 per cent in some provinces,” he said.

He said he had 100,000 small-sized projects in mind and has urged the government set aside enough allocations to have the scheme in place in 2007.

Each family will be given a loan of 10,000 dinars (approx. $6,600) to start the project, he said.

Let's see if I got this right since I was able to sleep on this. We now have how much and when. We are getting 66 pennies and the increase in value in Jan 07 per the one article that came out about 2 to 3 weeks ago. I got to head out to work or I would have went out and found it. But don't have time to snatch it from the history thread. Now, the only question is, when in Jan will it happen.

P.S. I needed to add this. I still don't think it's going to be this low but I will still take it.

Originally Posted by JLO's_Bubba

Kind of lost on this one. Do you mean she said the $6,600 was not right?

She said they check all their articles before going to print......Make of it as you like! Either it was a slip or this is the new rate! Either way $6.60 is nothing for a loan!!! She couldn't wait to get me off the phone!

All good folks!

Interesting,

No one seems to want to confirm it was a mistake or not, so just another mystery we have to shake out as true or not. With so many illiterates in cabinet and parliament, maybe this guy already got word he is about to be canned, so he did the same thing the PoF did with lopp statement to press a few months back.

Seems with the constant talk of shuffling the deck of dopes in cabinet with 10 the magic number, seems to make more sense that this was another helter skelter announcement with little thought or knowledge. Typical from Iraq gov., seems they have to test the water before jumping in on every subject of concern. I see why they call them puppet gov. now. (g)

Happy Holiday to all, Mike

Concerning the debate about 10,000 loan being worth 6,600. usd :
What if it is a " MICRO LOAN " that has been mentioned in that part of the world ? So it would be worth 660.00----- peg at 6.6 cents.

Originally Posted by Precocious

All this talk about .66 and that it needs to be right because one would need at least $6,600 to start a business is not justification to change the rate. The misprint or mis-translation may have been on the other side of the equation. A 10,000,000 dinar loan is about $6,600 dollars.

Monetary value is based LARGELY on GDP. Iraq's GDP is about $94 Billion annually. At a $0.66 exchange that would give Iraq $10 US Trillion dollars worth of currency in circulation (buying power). To put that in perspective USA GDP is about $12 Trillion per year yet we have under $1 Trillion US dollars in circulation (cash) and about $3.3 in liquid bank deposits.

You are mistaken. Read this article from June 2006 here is an excerpt again:

"If you were only to look at just the US - USD cash out, something like the old US M3, that figure is around $11 trillion. Then add about oh $3 trillion of USD cash foreign reserves in places like China and Japan. Of course, some of that is double counted because some of it would be considered in the old M3 figure (the old M3 figure is all USD cash and quasi cash the US has outstanding, including things like money funds).

But these figures – about $14 trillion are a small fraction of the real amount of USD assets."


FSU Editorial: "What Would Happen If the USD Collapse?" by Christoper Laird 06/24/2006

Originally Posted by bigred52

Concerning the debate about 10,000 loan being worth 6,600. usd :
What if it is a " MICRO LOAN " that has been mentioned in that part of the world ? So it would be worth 660.00----- peg at 6.6 cents.

If it was true that 6,600 meant 6.60 then the 10,000 would mean 10.00 so it would not be 10,000 IQD = 6.60 or 1 IQD = .066, but 1 IQD = .66

Can someone help me please? Was there no auction today? I see the rate of 1411 still as it was yesterday. We have been talking about the leak, slip or good news so much regarding the .66 that I have not noticed anyone speaking about the auction. Please update me...maybe I missed it.