_[BWM] Sorry for the absence of late... it seems the ppl who make coffee found out I don't like it so they sabotaged the java on my computer...
[BWM] ...two trains of thoughts right now in the intel world... much information pointing towards tomorrow as a good possibility while others say between the 18th and 25th... I have heard both sides from contacts and like all the other times, we'll just have to wait and see... I did want to readdress the issue about cash in procedures...
[BWM] I know many are signed up or waiting on packages... PLEASE don't go into a bank comfortable with what you have... N E G O T I A T E... DO NOT take what they offer you unless you are SURE it's the best deal YOU can get... don't take anyone else's word for what to expect... remember this is your future, make the most of it... some of you have waited far too long to give away an extra amount because you ran in and gladly accepted the first deal you got offered
Read More Link On Right
_[BWM] When you consider one dime for every 100k is worth 10k... start adding it up
[jumy1981] I was looking for info on banks and most of them charge 3% in exchange of currency!
[BWM] jumy1981 The rules will change for this one..
[jumy1981] I remember changing in Argentina and they were charging 3 to 5%. Thanks man
[BWM] Just be careful... for the newly "invested" dinar holder... they were probably told of this "amazing" return they would get and don't understand all the nuances of what to expect... expect this: a bidding war will ensue the first "minor" bank that decides to cut somebody's spread and things get crazy... unless we feel like there is a rush to get into the rate, then I highly suggest you shop around the packages and individual banks and see what deal is best for YOU...
[pastorcharlie55] BWM understand that I was beginning to wonder if there was any one in here
[BWM] pastorcharlie55 we're here... but between "outside the tree" issues and "inside the tree issues" and news, phone calls and emails.... geez dude it's been crazy lately... throw in some computer issues and I was ready to fall out of a tree...ha
[$ay_its_over] Do you know if China RV'd on Sunday?
[BWM] $ay_its_over - China has "allowed" an already floating procedure to be increased... they already "allowed" their currency to float .05% and have now stated it can go to .1% which seems to be a long term goal to get the currency on a level playing field... IMO that is too long a period
[landons nana] Thanks for your info, will you get better rates in larger cities?
[BWM] landons nana - That's a tough question... the main problem is like where I live there are relatively NO Big 4 banks... and while they may be the first to deal with it, they may not give you the best rate in the long run depending on where you live... the other concern is ON SITE VERIFICATION... I will not and would not advise going anywhere that cannot handle this request on site... Again... my big point is ON SITE verification and the best rate for YOU...THIS will be the advantage in the larger markets because they will have branches with this equipment or procedure online
[cool] I thought they said it could go up 1 % per day (Yuan) until it gets on a level playing field or did I misunderstand
[BWM] Yes Cool... .1% a day.. which is really minimal but they are allowing that for approximately 3 years supposedly
[Dinarblessed] Hi! Do you think it would be a good idea for people to read up on fractional banking and what it will mean to the bank that you deposit your money into? That, and how long you decide to keep the money in that particular bank should help with the negotiations on exchange rate, shouldn’t it?
[BWM] Dinarblessed - That may be part of some packages that you keep, for instance 20% of your deposit on hand with THAT BRANCH for 6 months or so... again, most of you won't be moving a large percentage of your money I don't think because putting the money into trusts and such at these branches will count toward your deposits...
[$ay_its_over] If this was going to show tomorrow, wouldn't somebody know something tonight or see something?
[BWM] $ay_its_over since we need to see it on the bank screens then we really haven't reached that time of the morning yet that I would consider to be on "look out"... the CBI and London markets open at 2 am central... so I would think sometime after say the next 30 minutes would be the earliest to start looking..
[BocaLinda1] Will currency dealers be competitive?
[BWM] BocaLinda1 - I have heard mixed reviews on that... honestly I expect the banks (for those that don't pay attention or have "deals") and now that some of the currency exchange and dealers may try to jerk some of that spread back.. if you remember the language when they first started promoting it, it said, "we will do our best to give you the CBI rate" they never said they WOULD... and as we've seen with DB the rules have changed pretty consistently the last few weeks on procedures and such
[Barck] Is it safe to have the money wired to your bank account?
[BWM] Barck - First wire shouldn't be a big deal... after that, I'd use checks
[ianjohns] Do you know if anyone is going to be able to see it prior to bank opening in USA?
[BWM] ianjohns - Everyone will "get it" at the same time... the big question is who will be awake and operating when it hits... so we'll see who is most important in this process
[sfmhi] Read on recaps that the RV may still be in the making...until July. Do you think that person is smoking something and leading us on another bunny trail??
[sparkles] Do you see this process taking another 6 months or do you believe we are closer than that?
[BWM] sfmhi sparkles - Both your questions seem similar... I understand what those people are looking at when they make those predictions, and I can never just completely rule anything out, I would have to say IMO that we are much, much closer than that...
[hawaii50] What are the chances between 1 to 10, we will see the RV tomorrow?? 10 is the best
[BWM] hawaii50 - I don't do riddles and I don't do charts... and I certainly don't guess percentages
[BWM] I did put earlier the two thought processes at this time... many say tomorrow and some say the 18th through the 25th... I can't rule any out with the information that I have received so we'll see who gets closest... I just want someone to be right!!!
[Cool] Do you think we will have to pay taxes right away? or do you think we will be able to pay taxes right away , we they tell us at the time just how this will be taxed or is that something we will just have to wait and see?
[BWM] Cool, most currency is paid on a quarterly basis but can be put off depending on your filing process... but there is another setup in June for payment... whether the banks allow that to happen I highly doubt because of conflict of interest with UST and banks...
[sfmhi] Do you know what transpired with Chapter 7 talks today with Kuwait, UN and Iraq? I thought they were to meet today, Sunday the 15th and we would hear/read something. Thank you
[BWM] sfmhi - On that topic... whether Kuwait decides to "release" Iraq is of no real consequence until the UN releases them and that will NOT happen without an RV first.... leverage
[$ay_its_over] I have compared cash in to buying a used car. I was happy to know the packages will be available. I am terrible at buying used cars. How do we know what items are negotiable?
[BWM] $ay_its_over - It's like you said... it's used cars!!! haha... be prepared to walk off the "lot" and make sure they cater to you... trust me, there will be a bank that wants your business and will give you a great deal...
[BWM] remember something about the UN operational rates... those are just "holders" for the countries currencies... many of those currencies change daily on floats and such so don't get wound up looking for the 1st or 15th as the "HAVE TO" days
[sailman9] With all the missed deadlines many of our friends are becoming despondent --- can we be certain that this currency revaluation will take place sometime before SUMMER?
[BWM] sailman9 - Nothing is certain with currency... but the level of information coming in would lean toward the accomplishment of this event on a much more immediate scale IMO
[RocketFuzz] Just wanted to say Thank You! for your level headed insight and info. No questions, just gratitude!
[BWM] RocketFuzz - Thanks for your support and presence.. it is like so many others, truly appreciated
[Dinarblessed] How much does the UST take at cash-in? Is it 1 or 1.5%? TY
[BWM] Dinarblessed - That is a "back loaded" deal IMO something we will never see... but probably more than you will ever know
[sailman9] Do you have any sense yet if the Canada Banks will be able to participate using the Bank Packages being prepared and if we need to cross the border to cash-in how safe do you feel we will be at the border ??
[BWM] sailman9 - Having been to Canada...it's way easier to get into the US than it is into Canada... lol
[Austin-Powers-For-PM] In my opinion, we won't see this at all this week. With Shabs out of the country and all the big wigs at the spring IMF meetings, I have a hard time with seeing any triggers being pulled until after all meetings are done and chief bankers are back home. Your thoughts.
[BWM] Austin-Powers-For-PM - If the deal is done.. like so many of us have heard... why do they need to be there? Realistically their part is over... why wouldn't Shabibi use this platform globally to negotiate future deals... just as he did when he came to DC last year?…. also... much of the time last week when we expected this... most of the Iraqi leadership was here...
[BWM] I'm sure the IMF would like nothing better than to have this to talk about at their meetings and where they could be spending the money... otherwise they just broke with nothing to discuss
[Austin-Powers-For-PM] Good point. I know in the past many people expected that Shabs had to be in Iraq when the trigger was pulled so that he could be right on top of things in-country. At this point, it's all conjecture and since I'm sure he is looking at retirement, maybe he'll let Selah run the show.
[BWM] Austin-Powers-For-PM - He is basically the most powerful man in Iraq right now IMO... the government tried to buck him and they got tossed... he has and has always had the final say. Shabibi that is...
[Austin-Powers-For-PM] No not RV in June, release of Chapter 7 in June. We'll hopefully see the RV before that.
[BWM] Austin-Powers-For-PM - That is when the next scheduled council vote is for... but, we don't know what stipulations or allowances they made in the last meeting for other plans to occur.... at any rate, we know that there has to be an RV first
[BWM] Already guys... as much as I'd like to stay and take the title from TailDragger for the "last word" I have some things to catch up on.... so let me just tell everyone good night...
[BWM] The next 24 hours should be extremely interested information-wise... keep the faith and don't rock the tree unless you singing it from the heart...