"The Central Bank of Iraq, as well as the Ministry of Finance, have adopted policies to fight inflation and strengthen the Iraqi Dinar. Red tape and bureaucracy are being removed and Iraq’s banking and financial services industry is poised to develop rapidly in the coming years."
http://www.iraqfinance.co.uk/index.php?option=com_content&view=article&id=31&Itemid=17
I don't know how relevant it is but this wasn't put out by the CBI. It was put out by the hosts of the conference - Symexco in their promotion for the event. So when B says that the guy from the Forbes article says the CBI is full of crap, that's not true. The quote wasn't put out by the CBI. Maybe B is referring to other things the CBI has stated, but as I have pointed out repeatedly the CBI has never said that they're going to revalue. They've said that the value of their currency will increase when they redenominate. Huge difference!
Now as to the content of the promotional material, it says they "have adopted policies". "Have adopted" is past tense, which means that it's already done. What did they already do? They put policies in place to fight inflation and have been successful with that. Fighting inflation strengthens the currency. What else have they done? They have increased the value. From 2006 until today the value has gone up about 27%. That strengthened the dinar. What else have they done? They have adopted a policy of backing their currency 100% with their foreign currency reserves. That also strengthened the dinar. Nothing in this promotional material says that Iraq is going to RV to an unprecedented amount. They're just saying that Iraq has laid the foundation for economic growth and a sound business environment by strengthening their currency. In other words they have inflation under control, their currency's value is going up rather than down, and it's backed 100% by their foreign currency reserves so you can expect great things with the future of the financial industry in Iraq without worrying about what will happen with their currency. Nobody but a pumper or tunnel-visioned dinarian would read anything else into this.
So Jay Adkisson, the author or the Forbes article, wasn't saying that the CBI is full of crap because they didn't write that. And he may very well agree with everything Symexco stated about Iraq's policies having strengthened the dinar because nothing in the material says "Iraq's gonna RV and make us rich".
B suggests that "these haters" (presumably myself included) are saying that Iraq will RV to pennies and that's not a lop, so in effect we're calling him a scammer because we disagree on the rate. I can't speak for the others obviously but I have never said that Iraq is definitely going to lop. I've always included the possibility of revaluation with the caveat that RV doesn't mean an increase of 100,000% or more. I've also said since I started the blog nearly a year ago that Iraq can't support more than a few cents, and that's only a remote possibility so I've been consistent in that. In fact I stated January 19 that the dinar's value wouldn't increase more than 30% by April 1. Since then it has increased a grand total of .34% (despite the chorus of "They have to RV before the Arab Summit in March" from the gurus) so I was right. I've also stated that "deleting the zeros" means lop, unlike pumpers who claim that it's referring to pulling in the notes with three zeros. My issues with B go far beyond the rate as any regular reader of my blogs can readily attest.
http://www.youtube.com/watch?v=I2r8dpCLTqY&feature=plcp
http://dinardouchebags.blogspot.com/2012/02/breitling-catalog.html
http://dinardouchebags.blogspot.com/2011/10/breitling-busted.html
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