Question: “What does Iraq need to do right now to reinstate their old rate of $3.22?” Professor Boskin [of economics] graciously shared the following information which I am pleased to relay to you…It should be able to give you an idea of how far away this thing might be…The first thing he’s talking about is implementing monetary reforms. PIMPY: We’ve been hearing about that for years so we know they definitely are implementing monetary reforms. PROFESSOR: …The Central Bank of Iraq may consider removing zeros… PIMPY: Obviously if they’re going to remove the zeros off the currency, they’re going to re-denominate and print new bank notes. PROFESSOR: Establish a currency basket system…the value of the dinar would be determined against a weighted average of several currencies…
