Re: Fix what's wrong

["William B. Ryan" <william_b_ryan@xxxxxxxxx>]

The official story is that the quantity is small and emanates from
the Bekaa Valley in Lebanon, which is ludicrous.  It is merely the
cover story to hopefully delay the onset of the "hot" war with Iran
so as to not disrupt the world's financial system.  The fear is that it
might initiate the "mother" of all bank runs if it is revealed to be a
reason too soon.  The quality is near perfect and is beyond the
capability of mere counterfeiters in Bekaa.

It is so perfect that much of it has already been redeemed here for
the new dollars through the US banking system.  Ordinary bank
clerks and machines could not tell the difference from the real
thing.

It also precludes the "dollarization" of Iraq for the immediate
future.  So they are printing new Iraqi currency to replace the
Sadaam and "Swiss" dinars.

Iraq is now largely "dollarized" for ordinary transactions with
Iranian dollars that will have to be purged by replacing them with
the new Iraqi currency.

The $100 million or so found with the Sadaam brothers after the
final shootout were counterfeit.

--

--------- Original Message ---------

DATE: Sat, 08 Nov 2003 20:32:04
From: "James R. Olson, jr." <jhavok@xxxxxxxx>
To: "Proceedings of PKT Forum" <pkt@xxxxxxxxxxxxxxxx>
Cc:

>At 09:00 AM 11/7/03 -0800, William B. Ryan wrote:
>>The dirty little secret of central banks in the
>>region, including Russia's, is that a large
>>percentage (perhaps more than two-thirds) of the
>>vault cash that forms the basis of their "reserves"
>>can never be repatriated to the United States,
>>because it didn't emanate from the United States in
>>the first instance, but the Bank of Iran.
>
>That seems high.  The information I found had estimates that 0.03 of 1%
>(0.0003%) of dollars outside the US were Iranian counterfeits.
>
>Perhaps if every bit of it was in reserves...



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