Its his Year End/New Years Update.

Doc always gives a very informed and articulate perspective about
the dinar (albeit a little grumpy sometimes! :)

This update is no exception!

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We will end/start the year by answering several recent questions.

Why don't you put much credence into the "intel" on other sites?

This one is simple yet complicated.  We to have our sources but we
will not publish information that has not been proven reliable over
time.  We have rated the "intel" from other sites and almost all
have a horrible track record of accuracy.  These are typically the
ones that predict the RV every week, report cash in stories or the
infamous bank screen stories.  We believe it is our responsibility
to provide accurate information and not just the rumor of the day.

Speaking of Cash-in stories what about Reno?

Again these have proven time and time again as unfounded.  When the
CBI sets the rate it will go live in milliseconds around the globe.
 There are no special bank screens that show it to a select few.
None of this is true and has been verified by banking officials.

What about the reported trading going on now?

Again these are false from an open market perspective.  Yes you and
your buddy could make a deal but there are no trades happening in
the open market.  The big reason is the dinar is not recognized for
international trade as we speak.  They have to be under article 8
to be tradable but are not.  This will not happen until chapter 7
gets resovled

Some are saying it is out of Iraq's control.  Is this true?

In a nutshell - NO!  The CBI is the only one authorized to change
the rate.  Yes there are extrnal pressures from outside sources as
we have seen recently but overall the CBI has to do it.  This is
why we believe Maliki got rid of Shabibi.

What do you believe the rate will be?

That is highly speculative at this point.  However data out there
suggest it will be no more than $1 or so.  All the $3+ speculation
is again nothing more than false hope and pumping.  We do believe
it will most probably begin below $1 and allowed to float.  The key
here is to set a rate that is sustainable by Iraq.  Their ultimate
goal is to be a financial power house globally but even they know
$3+ today is silly.

Doesn't the budget have the RV rate built into it?

Again this is another false story being circulated around the
internet.  You have to remember Iraq gets its revenue from oil and
oil is traded in USD not dinar.  Iraq has a steady flow of USD from
its oil.  The budget simply takes the USD from oil sales and
converts to dinar at the current program rate.  Iraq is not going
to reveal rate changes in its budget prior to a RV.

So when will they pull the trigger?

No one knows for sure.  If someone tells you they know especially
if its supposedly from a secret source then run the other way.
These people are full of horse crap.  The real answer is when
things are in place that allow the RV to be sustainable at the rate
they are wanting.  We have indicated that there are two
fundamentals for a stable currency which are a stable  government
and secure assets to back the currency.  Iraq currently has
neither.  Maliki is running around like a dictator and there is no
agreement (HCL not done) in place to secure oil assets.  The Kurds
could finally tell Maliki to go away and stop oil production.  If
this happens the dinar is worthless.  This is why we have said
given the current state of affairs in Iraq the dinar would get
pummeled if they tried to trade it on the open markets right now.
When these are resolved we believe we'll see currency reform.

We report, you decide.

Doc