Parameters of the new Iraqi currency after deletion of zeros

[Dinar Index]

19/06/2012

BAGHDAD / JD / .. Central bank decided to adopt some of the features and pictures to be developed on the new currency after deletion of zeros ..

And obtained by / JD / a copy of the book’s central bank, which included the historical and cultural landmarks and images to be placed on the implications of the currency close to the mentality of the Iraqi public and culture ..

According to the authors included a paper currency a number of monuments and pictures the most important, put a picture to bridge the imams and the magnitude of the significance of high-value if it reaches the bridge between both sides of the River Tigris and the terminal Mrakadi Imams Musa al-Kazim (AS) and Abu Hanifa (ra) ..

He said a book entitled the bank to the Directorate General for the issuance and cabinets: This is dedicated to the highest class of the new currency a category (200) two hundred dinars and the dinars on the back of this paper and put a picture of the Baghdad school ..

He said the central bank: put on the face of the category (100) dinars, hundred dinars, pictures of Azwaip area in Baghdad, one of the areas which was set up by the ancient suspension bridge, one of the achievements of the Iraqi state ..
Iraq is one of the leading countries in the establishment of this type of bridges, shown in the image building of the Iraqi Central Bank, in addition to the building of the University of Baghdad, is the oldest scientific institution in Iraq in the second half of the twentieth century, while placed on the back of the paper image (ziggurat), one of the features of construction Iraq at the dawn of history ..

According to the book’s central bank: put on the face of the paper of class (50) JD (fifty dinars) image of the King Codaa one of the most kings of the dynasty of Lagash II (King XII), a God of growth and fertility, while the back of the paper have included a picture of Fort Ukhaydir a Fort archaeological its construction dates back to the Abbasid era forts and defensive unique in a deserted area, such as those constructed in which this fort is located to the south-west of the city of Karbala ..

The central bank said: that in the face of the banknote (25) dinars (twenty five dinars) was developed, the image of King Hammurabi receiving the law .. This is the spiritual father of the King humanitarian legislation, as written in the custody of the rules governing the life and transactions in the famous Mselth either the back of the paper have included a picture of a peasant of Iraqi Kurdistan with the help of men in the preparation of the field of agriculture .. He said the central bank: put on the face of the banknote (10) dinars (ten dinars), a dinar, the Arab-Muslim This is a dinar, which was minted in the reign of the Umayyad dynasty beginning of the circulation of money in the Islamic state, which hit the inside and one features of the state and its sovereignty and economic independence, The back of the paper has developed a picture of the lighthouse Hadba in Mosul, one of the landmark development of excellence in our beloved Iraq ..

Either category (5) dinars (five dinars) was placed on the face of her paper image of a waterfall entirely on Beck in Kurdistan Iraq, a reference to the state’s interest in water and its sources in addition to the interest in tourism and the environment either the back of the paper has developed a picture of a palm Iraq, a sign of a property for each land black from southern Iraq to the north and to honor the (aunt Palm), said Mustafa (peace be upon him) and the central bank said in writing: in line with the best applications and international experiences, he decided to stop the basic parameters of the currency notes of the categories (25000,10000,5000) JD Traded to the road as it is in the new series (25,10,5) dinars to enable the audience with her as a thousand imprinted in his memory.

The bank was keen to choose the designs of the coins are the generality and comprehensiveness of significance, and have a positive impact on all the people of Iraq, where he put on the aspects of coins map of Iraq and highlights where the Tigris and the Euphrates, and the center of the map a circular area to install the coin mineral, while the other side of coins have included, first class (2) JD’s image (the Monastery of Saint Matthew), a historical site and my soul is located in the north of Iraq, and taken by the Iraqis of different sects and religions shrine to seek blessings and tourism. Included in category (1) BD image and reality are inspired from the displacement of Kurds Faili designed and prepared the Ministry of Culture.

Has been developed on the category (500) fils image to fill a modern on the River Euphrates, and was intended to highlight the importance of water and means of storage and organization in Iraq, and on the category (250) fils putting pictures to fill Kut on the Tigris River, for the same purpose, and put on a category (100 fils), a picture of a lion Babylon, symbol of the power and vigor of the nation of Iraq. and put on a class (50) fils a picture of the palm, the symbol of Mesopotamia. and class (25) fils put a picture of the Ishtar Gate in memory of great Iraqis.

http://bit.ly/LBK9yk
http://translate.google.com/translat...hp%3FID%3D1029

[Kickabuck]

Thanks for the update Dinar Index.

I'm curoius about :

1) The central bank said...
2) The phrase "coin mineral"

May be nothing, may be something. What "if" it's a straight 3 zero lop, but the coins create the new currency value? Throw a little silver into the coin base...the new dinar just might fly on the Forex. Does iraq have the nuts to pull off such a move? Doubt it...but don't under estimate the potential of oil revenue. They could monopolize the gold/silver market and drive JPM bankrupt on their short contracts.

or not...just saying. China is buying everything...ask them if it's possible.

[Screaming Eagle]

The bulk of global trading in gold and silver is conducted on the over-the-counter (OTC) market. London is by far the largest global centre for OTC transactions followed by New York, Zurich, and Tokyo. Exchange-based trading has grown in recent years with Comex in New York and Tocom in Tokyo generating most of the activity. Gold is also traded in forms of securities, such as exchange-traded funds (ETFs), on the London, New York, Johannesburg, and Australian stock exchanges.
Although the physical market for gold and silver is distributed globally, most wholesale OTC trades are cleared through London. The average daily volume of gold and silver cleared at the London Bullion Market Association (LBMA) in November 2008 was 18.3 million ounces (worth $13.9 billion) and 107.6 million ounces (worth $1.1 billion) respectively. This means that an amount equal to the annual gold mine production was cleared at the LBMA every 4.4 days, and to the annual silver production every 6.2 days.[1]. The Gold Anti-Trust Action Committee claims that clearing data substantially understates the true amount of gold traded, due to the netting of trades in the calculation of Clearing Statistics.[2] They claim the LBMA market is $5.4 trillion a year.[3]

http://en.wikipedia.org/wiki/London_bullion_market
Iraq with a GDP of ~ 100 billion dollars would hardly denominate the gold and silver market of over 5 trillion dollars with 50 times the GDP of Iraq. In fact the amount of entire Iraq Central Bank reserves could be lost or gained in a small movement of the market.

[Kickabuck]

The bulk of global trading in gold and silver is conducted on the over-the-counter (OTC) market. London is by far the largest global centre for OTC transactions followed by New York, Zurich, and Tokyo. Exchange-based trading has grown in recent years with Comex in New York and Tocom in Tokyo generating most of the activity. Gold is also traded in forms of securities, such as exchange-traded funds (ETFs), on the London, New York, Johannesburg, and Australian stock exchanges.
Although the physical market for gold and silver is distributed globally, most wholesale OTC trades are cleared through London. The average daily volume of gold and silver cleared at the London Bullion Market Association (LBMA) in November 2008 was 18.3 million ounces (worth $13.9 billion) and 107.6 million ounces (worth $1.1 billion) respectively. This means that an amount equal to the annual gold mine production was cleared at the LBMA every 4.4 days, and to the annual silver production every 6.2 days.[1]. The Gold Anti-Trust Action Committee claims that clearing data substantially understates the true amount of gold traded, due to the netting of trades in the calculation of Clearing Statistics.[2] They claim the LBMA market is $5.4 trillion a year.[3]

http://en.wikipedia.org/wiki/London_bullion_market
Iraq with a GDP of ~ 100 billion dollars would hardly denominate the gold and silver market of over 5 trillion dollars with 50 times the GDP of Iraq. In fact the amount of entire Iraq Central Bank reserves could be lost or gained in a small movement of the market.

You speak from the camp of JP Morgan where they are allowed to short more precious metals on paper than exist in the world...spare me the COMEX futures trail. I would be thrilled to have my currency backed by precious metals...you seem sucked into the paper trail and forget why the US abandoned their precious metals coin content. Funny, an old dime, is worth 2+ bucks, a current dime doesn't buy squat.

Since you seem to like this thread, go ahead and throw out what China is doing...they are importing gold and silver...then tell us what the US stockpile is. This should be GOOD!

I'm sure you'll default your debate to paper contracts, but that doesn't prove anything, it weakens it. I want something backing my paper.

[Screaming Eagle]

http://gold.infomine.com/countries/

Top gold producing countries

http://www.businessinsider.com/gold-...y-2011-12?op=1

Top ten gold reserves by country

[Captain Kirk]

Obama might push Iraq to RV before the election.
You never know.

He actually might not win this time. And he knows it.
In desperation do something wild.

[Dinar_OS]

Business as usual at JP Morgan with a little help from their friends.

http://www.silverseek.com/commentary...ons-one-answer

A Few Questions; One Answer

[Kickabuck]

http://gold.infomine.com/countries/

Top gold producing countries

http://www.businessinsider.com/gold-...y-2011-12?op=1

Top ten gold reserves by country

That's not really addressing the issue. Take the US gold reserves, coupled with the annual production, and tell me the value of the USD? Oh wait, there is no "real" value tied to the USD. Do you really prefer that value? Are you of the belief precious metals don't have value regarding a nations currency? If so, you're brainwashed!!! The euro fiat lifespan lasted what, 15 years? The fiat USD lifespan is dying a slow death after what, 30 years? No fiat currency has ever survived...period.

Now just why does a precious metal content to the new iraqi currency not make sense?

[Screaming Eagle]

That's not really addressing the issue. Take the US gold reserves, coupled with the annual production, and tell me the value of the USD? Oh wait, there is no "real" value tied to the USD. Do you really prefer that value? Are you of the belief precious metals don't have value regarding a nations currency? If so, you're brainwashed!!! The euro fiat lifespan lasted what, 15 years? The fiat USD lifespan is dying a slow death after what, 30 years? No fiat currency has ever survived...period.

Now just why does a precious metal content to the new iraqi currency not make sense?

Well actually if you don't believe dollars have any value why do you use them. If you are so set on a free market gold standard do it . it is quite simple. Just convert all your dollars to gold and poof you are on the gold standard. The US gold standard was passed March 14 1900 after the bank panic of 1898. it failed miserablely with the bank panic of 1907. The gold standard was effectively over when FDR ask the citizens to turn in their gold 1932. In 1971 Nixon ended any pretense of the gold standard however fiat notes were plentiful and it was rare to see a gold backed note. The Federal reserve was the beginning or Fiat currency. The federal reserve was created Dec 10 1913 and next year will be a hundred years old. The thing that gold standard proponents want is a set price or value for gold which means the supply is limited. Therefore a economy based on only the gold standard that has only a limited supply cannot grow and most of the population is left in poverty with little capital. Fiat money is simply a efficient way to exchange goods and the money supply can be increased or decreased in relation to the economy and GDP. As to your quote "No fiat currency has ever survived...period". is a fallacy. Every single CB in the world and even when there was a gold standard operated with a type of fiat currency. What is a fact today is that the gold standard no longer exists in any country or anywhere in the world. There is no standard. If you want gold you can simply buy it with issued currency at the market price as you can do with any other commodity.

As for fiat money not lasting 30 years "Fiat money is money that derives its value from government regulation or law: the initial value of fiat money is established by government decree. The term fiat currency is also used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat, meaning "let it be done" or "it shall be".
Fiat money originated in 11th century China,[1] and its use became widespread during the Yuan and Ming dynasties.[2] The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the US dollar and the euro.[3]"
http://en.wikipedia.org/wiki/Fiat_money

[Kickabuck]

Well actually if you don't believe dollars have any value why do you use them. If you are so set on a free market gold standard do it . it is quite simple. Just convert all your dollars to gold and poof you are on the gold standard. The US gold standard was passed March 14 1900 after the bank panic of 1898. it failed miserablely with the bank panic of 1907. The gold standard was effectively over when FDR ask the citizens to turn in their gold 1932. In 1971 Nixon ended any pretense of the gold standard however fiat notes were plentiful and it was rare to see a gold backed note. The Federal reserve was the beginning or Fiat currency. The federal reserve was created Dec 10 1913 and next year will be a hundred years old. The thing that gold standard proponents want is a set price or value for gold which means the supply is limited. Therefore a economy based on only the gold standard that has only a limited supply cannot grow and most of the population is left in poverty with little capital. Fiat money is simply a efficient way to exchange goods and the money supply can be increased or decreased in relation to the economy and GDP. As to your quote "No fiat currency has ever survived...period". is a fallacy. Every single CB in the world and even when there was a gold standard operated with a type of fiat currency. What is a fact today is that the gold standard no longer exists in any country or anywhere in the world. There is no standard. If you want gold you can simply buy it with issued currency at the market price as you can do with any other commodity.

As for fiat money not lasting 30 years "Fiat money is money that derives its value from government regulation or law: the initial value of fiat money is established by government decree. The term fiat currency is also used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat, meaning "let it be done" or "it shall be".
Fiat money originated in 11th century China,[1] and its use became widespread during the Yuan and Ming dynasties.[2] The Nixon Shock of 1971 ended the direct convertibility of the United States dollar to gold. Since then all reserve currencies have been fiat currencies, including the US dollar and the euro.[3]"
http://en.wikipedia.org/wiki/Fiat_money

Your post is a joke, Nixon ended the gold standard because inflation was proof the US couldn't proceed to back the dollars printed with precious metals. History has a way of repeating itself...and I hate to think what a downgrade of a fiat dollar is. (i.e. see europe for a close reference)

Your wiki cut and paste jobs are getting old, throw some of your own logic into the conversation from time to time.

And you said it quite well: "What is a fact today is that the gold standard no longer exists in any country or anywhere in the world. There is no standard." Quite foolish don't you think?

[RotaryRevn]

You speak from the camp of JP Morgan where they are allowed to short more precious metals on paper than exist in the world...spare me the COMEX futures trail. I would be thrilled to have my currency backed by precious metals...you seem sucked into the paper trail and forget why the US abandoned their precious metals coin content. Funny, an old dime, is worth 2+ bucks, a current dime doesn't buy squat.

Since you seem to like this thread, go ahead and throw out what China is doing...they are importing gold and silver...then tell us what the US stockpile is. This should be GOOD!

I'm sure you'll default your debate to paper contracts, but that doesn't prove anything, it weakens it. I want something backing my paper.

Great post Kickabuck

[Screaming Eagle]

Your post is a joke, Nixon ended the gold standard because inflation was proof the US couldn't proceed to back the dollars printed with precious metals. History has a way of repeating itself...and I hate to think what a downgrade of a fiat dollar is. (i.e. see europe for a close reference)

Your wiki cut and paste jobs are getting old, throw some of your own logic into the conversation from time to time.

And you said it quite well: "What is a fact today is that the gold standard no longer exists in any country or anywhere in the world. There is no standard." Quite foolish don't you think?

Actual cash money is becoming less and less common. Money is fast evoluting to electronic. Few places in Sweden would take your dollars or gold and the US now has only ~ 7% cash trans actions.

http://www.ibtimes.com/articles/3164...s.htm?page=all




By JACEY FORTIN: Subscribe to Jacey's RSS feed
March 19, 2012 11:10 PM EDT
In Sweden, monetary transactions made with physical cash are down to three percent of the national economy.

"In most Swedish cities, public buses don't accept cash; tickets are prepaid or purchased with a cell phone text message," reports AP. "A small but growing number of businesses only take cards, and some bank offices --which make money on electronic transactions -- have stopped handling cash altogether." This looks like the beginning of a global trend; people everywhere are noticing that physical cash is becoming less and less common.


In fact, the news about Sweden right comes on the heels of a new book by "Wired" columnist David Wolman, called "The End of Money: Counterfeiters, Preachers, Techies, Dreamers -- and the Coming Cashless Society." To research his topic, Wolman committed to an entire year without using paper bills. He encountered a few difficulties, but in the end it wasn't so hard.

"I imagine you're not paying your rent or your mortgage with piles of singles anymore, let alone your car payments or buying a sweater," he said in an interview with Salon. "Most of us are using cash for super small purchases like cigarettes or a Twix bar or coins into a Unicef box at Halloween. So that's where cash is at present."

He added that while plenty of people still depend on cash in their daily lives, such as service workers who receive tips, new advances will find ways around that... eventually. "These technologies are coming whether you like it or not."

Don't Be Too Surprised

Sweden is ahead of the game, but the rest of the world may be closer to cashless than you think. Only nine percent of euro zone economic transactions are handled in cash, as are just seven percent of U.S. transactions.

For many, it is difficult to imagine a world where paper bills are gone for good. Call it nostalgia: stacks of stylized paper pop into our minds when we envision commerce, even if that no longer reflects our daily reality. "When the word money reaches the ear," wrote Wolman in his book, "even Wall Streeters who hawk collateralized debt obligations will, at some level, picture a pile of Benjamins."

But change is coming. The trends suggest that we don't need to enact a monetary policy to get rid of cash; it's happening naturally, and the statistics tell the story. Last year, according to a study by the Federal Reserve, one fifth of American consumers engaged in mobile banking. That percentage is not huge, but the rate of growth is steep. "The survey's findings suggest that the use of mobile banking is poised to expand further over the next year, with usage possibly increasing to one out of three mobile phone users by 2013," reported the American Bankers Association.

New money-transferring software products add fuel to the fire. Examples include the new Person-to-Person QuickPay app from Chase, which lets people transfer money to friends instantly and electronically; or the Google Wallet, which allows customers to pay for products in-store with a tap of the smartphone.

Who Needs Paper?

Proponents of cashless economies note that printing physical money is a wastefully expensive process. In fact, some American coins are actually worth less than their cost of production; in 2011, U.S. pennies and nickels both cost more than twice their own value to produce.

Furthermore, cash-based systems come with hidden costs. It's easy for a business to underreport cash earnings, for instance. That means they can evade taxes, leaving other taxpayers -- including private citizens -- to foot the bill. Cash is also good for crime, since it can be exchanged anonymously. This is true for everyone from petty criminals to high-up politicians; it's no coincidence that Sweden has less instances of political graft than more cash-based nations like Italy and Greece, according to AP.

That isn't to say cashless means crimeless; in 2011, Sweden saw about six times as many computerized monetary fraud cases as they did in 2000.

Intangible Troubles

Losing paper money certainly has its downsides. Credit card transactions cost money to process, and banking companies profit by charging fees that can hurt small businesses. Furthermore, as Forbes columnist Alex Knapp posits, "going cashless means a lot of supporting infrastructure. You need power. You need data lines open. You need computers. You need readers for credit cards of phones. And most of that infrastructure is out of the merchant's control. They can't control the power, or make sure the cell towers are working or ensure that the bank's computers are operational."

Then there are the psychological costs of paying by credit. In 2011, the Journal of Consumer Research published a study called "Do Payment Mechanisms Change the Way Consumers Perceive Products?" The short answer is yes.

"When credit cards as a payment mechanism are more accessible, consumers attend more to a product's benefits relative to the cost aspects of the product. Conversely, when cash as a payment mechanism is more accessible, consumers attend more to cost aspects of the product." In other words, people who buy on credit don't feel the sense of monetary loss as strongly. Those who spend cash, on the other hand, see the paper bills leaving their possession and are likely to spend more carefully.

A Global Issue

Arguments for both sides are easy to find, but in the end it may not matter; the elimination of cash is more of a process than a decision, and it seems we're all sliding in that direction.

We are slowed by one important fact: everyone is in this together. Globally, the need for cash varies by country. Wolman, for instance, had to give up on his self-imposed restrictions when he took a trip to India. "Before the wheels of the plane even hit the ground, I thought, 'I gotta get some cash,'" he said to Salon. "If I want to do anything outside of my hotel in a developing country, I'm gonna need cash. So the experiment had to go on hold for those six days of reporting overseas."

As long as there are paper bills in use somewhere on Earth, cash can't become fully obsolete. So although physical money is increasingly uncommon in developed countries, we've still got a long way to go before it's completely out of the picture.

And no, I don't think its quite foolish that their is no gold standard. I believe in free markets and not some govt clown that wants to hoard some gold and then set its value by decree as the standard for what one must pay.

Also once a gold standard is set by decree some say it is fiat itself.

http://freedomthistime.wordpress.com...gold-standard/

2: The Gold Standard is fiat money! One often finds (especially on the internet!) paper money described pejoratively as ‘fiat money’. ‘Fiat’ is used as a scare-word to silence critical thought (like the way ‘socialism’ is used in the U.S. as in “Policy X is socialism!”). But ‘fiat’ currency – ‘fiat’ is Latin for ‘let it be done’ – simply means a currency declared by law as legal tender. “Money exists not by nature, but by law” as Aristotle put it. A nation adopts gold as the basis for its currency by fiat – by government decree.

[MEALTICKET]

Obama might push Iraq to RV before the election.
You never know.

He actually might not win this time. And he knows it.
In desperation do something wild.

Now that would be a power play!!!!