February 14, 2010 This is something I shared with someone this AM who was having doubts and I thought it would be good to share with all as a reminder.
Sometimes we need to take a glance back to see just from where we have come to know full well were we now stand.
Here is a refresher.
Iraq is under chapter 7 UN sanctions and as we all know we may see the removal or modification of Chapter 7 sanctions this Tuesday the 16th as the UNSC meets on this very issue. IRAQ: Tuesday Feb. 16th ~ 10:00 am SCC Security Council Meeting: and Feb. 16th Meeting ~ Iraqi Foreign Minister Hoshyar Zebari at the headquarters of the UN Security Council in New York
Chapter 7 is the 7th chapter of the UN charter which places nations under strong international economic sanctions.
Iraq has been under UN Chapter 7 sanctions from 1991 until present.
They were placed under these sanctions right after the invasion of Kuwait.
It was under the authority of Chapter 7 sanctions that the UN/IMF/World Bank came into Iraq and took over the Central bank and the currency of Iraq.
When they did this they deemed all Iraqi Saddam currency void and issued the new currency that we now hold.
The company. DelaRue, printed 9 Trillion IQD and they introduced this in October of 2003 and gave the Iraqis 3 months to exchange the old for the new.
A total of 4.5 trillion was exchanged and went into circulation and the rest was placed into protective storage.
When the new IQD was printed there were 14 denominations printed but only 9 have been issued to date and it is speculated the lower denominations that were not released are the ones that are about to go into circulation now as they remove the larger "zero notes"
It is speculated that the 5 missing denominations that we are about to see are the 25 dinar the 10 dinar the 5 dinar the 1 dinar and the 1/2 dinar notes.
When they did this change of currency they also devalued the currency to near worthless.
This massive devaluation was done for specific reasons.
Reason 1 was to prevent and hinder the resistance from having the funding to fight the US and British forces.
And the second reason was to prevent or reduce the pending humanitarian disaster that would have been caused by a flood of refugees into surrounding nations.
So by doing this massive over night devaluation they effectively froze/removed the personal monetary assets of all Iraqis.
Now it is under this same authority of the UN Chapter 7 and the sweeping powers it gives the international community over Iraqi assets that the revaluation will happen and this also provides the legal bases of same.
So, all that we will be seeing when the revaluation takes place. is the return of the assets which were removed from the nation of Iraq and its people.
It is not like the nation of Iraq will be getting something out of no where...it is just that what was taken from the people and the nation of Iraq will be returned and even then only a fraction of what they once had.
So the reality of the situation is that after all is said and done the nation of Iraq after coming out of near 20 years of economic sanctions and after the return of the assets and wealth to the people and nation of Iraq the value of the currency even AFTER the revaluation will be a fraction of what it was pre UN sanctions.
As it should be.
So what we are seeing now with all of the confusing articles on the removal of zeros is to be expected.
My analysis of all of the "removal of zero" articles is the following:
1. They are about to revalue their currency to at or just above $1.00.
2. They at the same time will place into circulation the lower denominations, 25, 10, 5, 1, and 1/2 dinar notes.
3. They will then give a set time for the removal of the "3 zero notes" (large denominations) and that deadline may be the end of 2010.
Now, I have always thought we would see the removal of Chapter 7 sanctions at or near the same time as the revaluation of the Iraqi Dinar and, as stated before, we see that they have set this Tuesday the 16th for the meeting on this very subject.
So that is it ... we see Iraq moving forward with the free and open democratic elections and we have the UNSC meeting this very week on the removal of Chapter 7 sanctions so, all in all, things are looking great.
I thought I would share this refresher with all on just where we have come from in an effort to clarify just where we now stand.
Hope that helps.
Oh...and by the way...did you know that this Thursday on the 18th there will be a "Life on Mars" talk at the Museum of London presented by Professor Ian Morison?
Be there or be square! LOL!
http://www.islingtontribune.com/reviews/features/2010/feb/feature-lecture-professor-ian-morisons-life-mars-talk-museum-London-feb-18
Be well and the best of luck to ALL!~
Phoenix
