Sunday Afternoon Dinar Call!!
Live Q & A w/BGG - 6/28 @ 4:30pm CST
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Winneriam: I found this most interesting about world debt.
While looking at the World Debt Clock showing both Public Debt to GDP ratio, and External Debt to GDP Ratio, China's debt is disappearing. Other countries are not so lucky. China may indeed become the world currency standard.
Sparky: DEFAULT ~ Fait accompli !
This would appear to seal the fate for the default. July 5th is waaaaay past the June 30 DEADLINE!!! At this point this is nothing more than theater...
Greek parliament gives green light to Tspiras' bailout referendum: ATHENS (Reuters) - Greek lawmakers on Sunday authorized Prime Minister Alexis Tsipras' proposed July 5th bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece's chances of exiting the euro zone.
CAL: Why would the USA allies join the AIIB if they didn't already know this was going to happen.
Just like politicians when you go vote for them, watch what they do, not necessarily what they say!
This is just another excuse to use as a delay to the RV when I do not believe it has anything to do with it!
The RV/GCR is too big an entity to allow something like one small world economy to stop it!
That being said, it may be used as a bargaining chip, but I do not think it will stop it.
It is all about controlling people and their money through laws and taxes and keeping them in debt.
The people of Greece are saying enough is enough! We may have to suffer for a little while, but in the long run, we will be out from under that control of the Central Banks!
If you have watched the Secret of Oz, or All Wars are Banker's Wars, or the Confession of an Economic Hit Man, you know who has put the citizens of the world in debt.
Even if you do not owe anyone anything, a small % of inflation each year is slowly taking you money from you unless you can create a larger % that you could live off of to stay ahead of that yearly devaluing of each countries currency.
Don't let the Greek issue scare you. It is part of the plan! The old system, the big economic bubble is not working and could not sustain itself. The bubble has to bust! The planners knew this.
History is the understanding of our past so we can know pretty close to what our future is. No fiat currency system has ever been able to sustain itself without failing! This is fact!
So don't you think this fiat system will also fall too?
Time will tell, but I think we do have to hit bottom or close to it, before we can move forward, and I think we are close! Greece may be the first domino that gets the whole new system moving!
The Iraq RV is part of the start of the new financial system! Just like the Gold that people thought for years was in Fort Knots, Preception, kept the dollar strong!
Now the Iraqi oil reserves will the new perception that keeps the Dinar strong, allowing the countries of the world to feel good about holding it in there reserves . As long as oil is needed in the world, the Iraqi dinar will be strong.
We will see one way or the other. Come on RV!!!
G T June 28, 2015 A Wild Ride for the Dinar
June 28, 2015 By Mark DeWeaver
This has been quite a year for the Iraqi dinar. From a level of IQD 1,217: USD 1 at the end of 2014, the market rate for the currency weekend steadily during the first quarter, penetrated a key support level at 1,290 in late April, and reached a low of 1,379 on June 16. By that point the dinar had lost 11.7% year-to-date and appeared to be in free fall.
Last week, however, the exchange rate rebounded sharply. As of June 25, it was back at 1,258, bringing the year-to-date loss to just 3.3%. (See chart. Exchange rates are from the CBI and Rabee Securities.)
Like the currency’s last big moves in 2013 and 2014, this year’s action seems to have been driven primarily by changes in the rules for the central bank’s dollar auctions, where qualifying buyers (e.g. importers making wire transfers to vendors) can buy the dollar for IQD 1,166. (This rate has been unchanged since the beginning of 2014.)
The last two times, the rule change involved new measures to combat money laundering. This time the trouble resulted from an attempt to collect income and customs taxes directly from outgoing remittances, combined with a reduction in the daily supply of dollars auctioned (an apparent attempt to conserve the CBI’s dwindling forex reserves).
Collecting taxes directly from importers’ payments to their suppliers sounds like a good idea in theory. Rather than trying to collect these amounts at border crossings, where there will be many ways for importers to avoid paying, why not simply add an extra charge—8% of the total—to their wire transfers and have their banks remit this to the government?
If importers were going to be stuck with this 8% charge regardless of how it was collected, it would have no effect on the exchange rate at all. Apparently many of them aren’t used to paying anything, which meant they were facing a de facto 8% deprecation in the auction rate—from 1,166 to 1,259.
Had the market rate remained at the year-end 2014 4.4% premium to the auction rate, it would have peaked at 1,314. But the central bank’s decision to limit the supply of dollars available to auction participants put the currency under even greater pressure. The resulting dollar shortage ended up pushing the dinar to its lowest level since 2006.
In the end, the government was forced to give up on the scheme to collect taxes on remittances. On June 18 the CBI announced that it was cancelling the 8% charge, at which point the dinar appreciated rapidly, regaining the 1,250 level by June 21.
Since 2011 there have been four major peaks in the IQD/USD exchange rate. The last three times, the dinar eventually returned to IQD 1,200: USD 1. This time the outcome is less certain. The 8% charge may have been cancelled but the CBI’s forex reserves are still falling. As of April 23 (the last reported date) they had dropped to USD 68 billion, down from USD 83 billion at the end of April, 2014, mainly as a result of lower oil prices and increased imports of military hardware. Until this trend reverses, the currency will continue to be weak.
The dinar’s wild ride may not be over yet.
Thunderhawk » June 28th, 2015,
Greek parliament gives green light to Tspiras' bailout referendum
Greek lawmakers on Sunday authorized Prime Minister Alexis Tsipras' proposed July 5th bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece's chances of exiting the euro zone.
The government easily passed the 151-vote threshold needed to authorize the referendum, with deputies from the far right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist Party voting against.
Greeks are due to vote on whether to accept or reject the latest terms offered by creditors to Athens in order to unlock billions of euros in bailout funds.
European partners have reacted negatively to the announcement of the referendum. On Saturday, they rejected a request by Tsipras to extend the current bailout in order to cover the period leading up to the referendum. The rejection means Athens is likely to default on a key payment to the International Monetary Fund on Tuesday.