The government of Iraq and its central bank have to consider two audiences whenever they make an announcement about the currency. They have their domestic audience, their own citizens, and internationally. They’ve got the entire financial world involved, all the central banks, all the national treasuries, the large commercial banks, corporate interests invested in their country and they have whales and individuals owning billions and billions of dinars. When they make an announcement they have to consider those two audiences. Domestically they want their population to bring in the mattress money into the banks…If they announce “lopping”…that would be a redenomiation vs revaluation or reinstatement. Let’s look at the two actions as simultaneous. Guy [Post 1 of 2]
