Was not able to copy and paste the chart alluded to by the nay sayer……..
ENORRSTE:
This was posted by Hopefultxn on another site (Just4Dinar)…I was able to copy the Chart, and his remarks follow below…Can you address these comments….RON
So is Ennorste trying to claim that he is telling the truth and that the CBI is lying? How would he go about proving this?
The image above is the amount of dinar, as stated by the financials available on the CBI website. If you notice the numbers are calculated in billion, as stated in row 81, so this means that 2,000 billion is 2 trillion. Simple math, nothing difficult to determine.
Now look at the numbers for Feb. 2011, which show 24,354 billion, or 24.354 trillion dinar, coupled with the amount of dinar held in bank vaults, which is 3,176 billion, which is 3.176 trillion dinar.
Bank vault cash is considered in circulation because it is outside the hands of the central bank. So take the 24+ trillion dinar and add it to the 3+ trillion dinar, and you get the 27+ trillion dinar that Ennorste says doesn’t exist.
Ennorste’s arguments are not backed by any factual evidence. He uses articles of intent and then claims them to be articles of action – even though the evidence does not support his claims…..
Enorrste rebuttal
It amazes me that what is so obvious cannot be seen by some people. I guess I may be fortunate to have had an education in economics. I will try to explain to the last responder how he makes a fatal mistake just as Wayne Askew has done so.
I never said that the money supply TODAY is 25 billion dinars. What I did say was that there has been an ongoing process to remove the large denominated notes, beginning in December of 2009 and continuing until the present. It was stated clearly by Shabibi in December of 2009 that he had already withdrawn 50% of the large notes. Then in February of 2010 he raised that to 70%. All of the major dinar sites posted the articles when this occurred.
Yet the money supply has not fallen, has it? Of course not! Until the RV occurs it is absolutely necessary for the economy to continue to function. A money supply of 30 trillion dinars today is therefore quite reasonable.
However, the CONTENT of the money supply is changing, and changing dramatically. The large denominated notes are now essentially eliminated from the economy. Therefore the money supply is almost entirely electronic at this point. Iraq is, in fact, at a critical stage in that local commerce is difficult because they don’t have enough paper money.
Now, the ONLY solution to this, which has been planned for nearly 6 years, incidentally, is to introduce the small notes. HOWEVER, this cannot occur except in conjunction with a revaluation of the dinar.
At the time of the RV the small denominated notes will be issued and commerce will continue as usual, except that the buying power of a 25 dinar note will be equal to roughly 4 of the original 25,000 dinar notes, assuming an RV rate of $4.
At this point, and not before, the money supply will drop precipitously until it reaches roughly 25 billion dinars. How will this be accomplished? Through investment! As Iraqis invest their excess liquidity into REAL GOODS the money supply will gradually, and then more quickly, fall to the appropriate level. The process may take a year or so, possibly longer. That, however, is not our concern and certainly does not affect the RV.
The RV is a REALITY, folks. I strongly suggest that someone offer to buy the last responder’s dinars from him, as well as Wayne Askews’. Let’s put them both out of their misery, OK?
Clearly neither of these “economists” understand that taking a “picture” of events has little to do with the “process” of events. What I have done, for many many months now, is explain the process AS IT IS PROCEEDING. The “pictures” presented here by these two individuals have no bearing whatsoever on the overall process, which is ongoing. In fact, the pictures show exactly what we would EXPECT them to show prior to the RV itself. For them, nothing has changed, while in fact change has been occurring all around them. I only hope that they will get their heads out of the sand in which they are located, stand up, look around, and see the truth of the PROCESS that is unfolding before their eyes as we speak.
Steve
ENORRSTE:
This was posted by Hopefultxn on another site (Just4Dinar)…I was able to copy the Chart, and his remarks follow below…Can you address these comments….RON
So is Ennorste trying to claim that he is telling the truth and that the CBI is lying? How would he go about proving this?
The image above is the amount of dinar, as stated by the financials available on the CBI website. If you notice the numbers are calculated in billion, as stated in row 81, so this means that 2,000 billion is 2 trillion. Simple math, nothing difficult to determine.
Now look at the numbers for Feb. 2011, which show 24,354 billion, or 24.354 trillion dinar, coupled with the amount of dinar held in bank vaults, which is 3,176 billion, which is 3.176 trillion dinar.
Bank vault cash is considered in circulation because it is outside the hands of the central bank. So take the 24+ trillion dinar and add it to the 3+ trillion dinar, and you get the 27+ trillion dinar that Ennorste says doesn’t exist.
Ennorste’s arguments are not backed by any factual evidence. He uses articles of intent and then claims them to be articles of action – even though the evidence does not support his claims…..
Enorrste rebuttal
It amazes me that what is so obvious cannot be seen by some people. I guess I may be fortunate to have had an education in economics. I will try to explain to the last responder how he makes a fatal mistake just as Wayne Askew has done so.
I never said that the money supply TODAY is 25 billion dinars. What I did say was that there has been an ongoing process to remove the large denominated notes, beginning in December of 2009 and continuing until the present. It was stated clearly by Shabibi in December of 2009 that he had already withdrawn 50% of the large notes. Then in February of 2010 he raised that to 70%. All of the major dinar sites posted the articles when this occurred.
Yet the money supply has not fallen, has it? Of course not! Until the RV occurs it is absolutely necessary for the economy to continue to function. A money supply of 30 trillion dinars today is therefore quite reasonable.
However, the CONTENT of the money supply is changing, and changing dramatically. The large denominated notes are now essentially eliminated from the economy. Therefore the money supply is almost entirely electronic at this point. Iraq is, in fact, at a critical stage in that local commerce is difficult because they don’t have enough paper money.
Now, the ONLY solution to this, which has been planned for nearly 6 years, incidentally, is to introduce the small notes. HOWEVER, this cannot occur except in conjunction with a revaluation of the dinar.
At the time of the RV the small denominated notes will be issued and commerce will continue as usual, except that the buying power of a 25 dinar note will be equal to roughly 4 of the original 25,000 dinar notes, assuming an RV rate of $4.
At this point, and not before, the money supply will drop precipitously until it reaches roughly 25 billion dinars. How will this be accomplished? Through investment! As Iraqis invest their excess liquidity into REAL GOODS the money supply will gradually, and then more quickly, fall to the appropriate level. The process may take a year or so, possibly longer. That, however, is not our concern and certainly does not affect the RV.
The RV is a REALITY, folks. I strongly suggest that someone offer to buy the last responder’s dinars from him, as well as Wayne Askews’. Let’s put them both out of their misery, OK?
Clearly neither of these “economists” understand that taking a “picture” of events has little to do with the “process” of events. What I have done, for many many months now, is explain the process AS IT IS PROCEEDING. The “pictures” presented here by these two individuals have no bearing whatsoever on the overall process, which is ongoing. In fact, the pictures show exactly what we would EXPECT them to show prior to the RV itself. For them, nothing has changed, while in fact change has been occurring all around them. I only hope that they will get their heads out of the sand in which they are located, stand up, look around, and see the truth of the PROCESS that is unfolding before their eyes as we speak.
Steve
No comments:
Post a Comment