8-20-2012

B states that evil people are lying about Iraq having 75 trillion dinar printed.  I wondered who he was referring to, so I did a search for 75 trillion iraqi dinar and couldn't find anything.  I have to assume that he's referring to people who have actually read the financial statement on the CBI website and saw the M2 listing of over 70 trillion dinar.  That's not all printed currency of course.  It's a combination of cash and electronic currency.  But it doesn't matter if it's paper or digital, it all has to be backed and it is being backed now by Iraq's foreign currency reserves. 

http://www.cbi.iq/documents/key%20financial.xls

Line 79 says Currency Outside Banks and for June 2012 it shows 30 trillion 246 billion dinar.  (These figures are done in billions per Line 47, so 30,000 billion is 30 trillion.)  Then line 88 shows 40 trillion 535 billion dinar in deposits.  If you add those two figures you get the M2 amount of 70 trillion 781 billion dinar in line 87.  As I've pointed out several times if you divide the foreign currency reserves figure by the M2 figure you'll end up with something close to the current value of the dinar which is $.000857.  (The FCR was at $60 billion and the M2 was at 70 trillion.  The latest report on the FCR has it up to $67 billion so I expect a spike to 75-78 trillion in the M2 within the next month or two.)

I haven't heard anybody say that Iraq has printed 70 trillion dinar.  This statement shows 30 trillion outside of banks so that would be the printed currency.  The rest you would assume is mostly electronic although they've certainly got some cash in the banks as well.  The point is their total money supply is 70 trillion dinar whether it's printed or electronic, and that's the reason they can't RV to $3, $2, $1, or even a penny.

http://www.youtube.com/watch?v=ej4LC6RPjYA&feature=plcp

http://dinardouchebags.blogspot.com/2011/10/breitling-busted.html

http://dinardouchebags.blogspot.com/2012/02/breitling-catalog.html