_[BWM] OK... TO COVER HOW WE'LL DO THIS IN THIS ROOM.. BECAUSE I DON'T WANT TO TAKE UP MORE TIME THAN NECESSARY WE'LL LIMIT THIS TO NO MORE THAN AN HOUR OR LESS AND I WILL GO THRU THE QUESTIONS TO DELETE REPETITIVE QUERIES...
PLEASE REMEMBER EVERYTHING YOU TYPE WILL COME TO ME DIRECTLY SO PLEASE KEEP IT TO COMMENTS TO ME OR QUESTIONS TO THE ROOM...
[Bigdog55] BWM do you believe that we will see this RV today
[BWM] well that's right to the point
[BWM] I have perpetually stated that I don't try to pin the RV to a specific time or date but have always tried to operate in windows.. the time has been, happened, come, done and "felt" like it was the time... but alas, every time we seem to have a delay or problem that has come to prohibit our realization of our dreams... just know that everything we have passed thru is what we are hearing and we are hearing STILL and EXPECT that we are here NOW...
[codreamer59] BMW Do you see any more hold ups with this RV or are we just waiting for the rate to Pop?
[BWM] codreamer59 we are still waiting until I'm standing at the bank.. prolly still waiting but in a much better mood
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_[owl2]BWM do you think we are at a true point of "knowing" yet? ie knowing it WILL be today and knowing if we'll be able to cash-in tomorrow? TYVM
[BWM] owl2 tomorrow is saturday and as I stated earlier... no wires can be transacted to accounts until business hours monday.. also, remember banks will receive their final update this afternoon for currency screens which will lock the rate all weekend.. so unless a special rate drops in we have to have it in this afternoon...
[Bigdog55] What information has the intel providers given that makes you believe that today is the day
[BWM] information that I can't share publically BUT that tells me it's going on
[jimmy] If Studley says that the rate is so secretive and only a few know, then why are there people on this chat telling us what the rate will be, even to the penny?
[BWM] some may be seeing rates at banks (teller or "front" screens) these are most likely placeholder rates... do we know the actual rate I don't think so but we can speculate based on what we hear and other information that has been shared...
[oucrazy] Would it be viable to cash in one note into our regular bank account to get liquid and hire those we need to work with before setting up larger accounts?
[BWM] depends on the rate... I would say that was my original plan but if the rate is high better stay out of the way on the road
[scotarm] BWM, do you agree with Kaperoni that the rate will be around 1.2? Or do you think we will see a higher rate?
[BWM] scotarm no.. and the budget says it CAN'T be that low.. that's what I can say based on what I know from conversations with ppl who have seen the budget... not to say that may have been a number long ago... but currently I don't see that possible but we'll see when the rate posts
[misskitty] BWM could you please explain what factors the bank will consider in determining what rate to give a particular individual . In other words, when we negotiate, what will give us leverage with the banks. THanks
[BWM] we have been working to negotiate with banks... (I'm on the phone right now discussing that, sorry for answer delays) and the hope is that the banks will have it available for everyone and that is the plans we are working on... those plans will not be available until the rate has posted... the leverage will be that these banks will be competing for the cash and the credit to have for loans for their own future
[KYRV39] BWM I would like to thank you for coming on and chatting with us all the time and having a good time. What is your point of veiw on how long we will actually have to cash out before the fluctuations start happening.
[BWM] much will depend on the rate when it comes out.. we've told y'all many times to stay tuned, watch and listen... the plan will be most easily dictated by how high the rate comes out at... so we'll watch
[jdtruji1] What is the next window, iyo?
[BWM] what time is it...
[BWM] that's not a question... ha
[Mancow] BWM Whats your take on Kaperoni's post stating that all the Gurus are out of their minds with the high rates and the ratio will be closer to 1:1
[BWM] everyone has an opinion and are entitled to it... I'd have an opinion on that also... and my opinion says it can't be that low because of the budgetary constraints and ego that carries on in the mideast
[artdiva] BWM, thank you for all you do.... With so many countries having their currency RV at the same time, have the delays been because of any one particular country/currency? Do they all HAVE to RV at the same time or could they do so on an individual basis, depending on who is ready?
[BWM] the main point with the currencies is they need the RV of the dinar and vnd particularly to be able to match up with their budgets and plans to meet requirements.... so while the RV is needed it is also the trigger to those currencies happening...
[allanon] What is keeping the IQD from being listed on the IMF site.
[BWM] the IMF is not a necessary point for the IQD to show to be RV'd... that is a "holding" point as it would be for the listing of currencies... the rate that is on there is merely the last listed rate but not the current rate as would be dictated at a bank or trader which is second or minute by minute
[shasta7] Can a non- US citizen cash-in in USA?
[BWM] good question... that would be delegated through the cashing officials... the biggest problem would be where the money would reside... I don't think they would allow non citizens utilizing our system
[oucrazy] Should we rely on the attorneys that the banks have in setting up trusts, LLCs, etc or should we seek our own counsel?
[BWM] you need professional help because of the changing of tax rules and guidelines... go where you are most comfortable...
[MRP] BWM How can we use bank packages to negotiate deposits with banks, if we have reserves and go to Dinar Banker, etc. to cash out our reserves?
[BWM] when you see the rates we will be able to begin personal negotiations... at that time you need to decide if it would be better for you to pay off reserves and cash at another location or even utilize perhaps two locations (bank and trader) do what's best for you in trying to reduce the flow of money through the system IMO
[bandit] Are we only waiting for the systems to catch up with end of day so we can have a rate
[BWM] I don't think the system is working like that at the moment... more info will come soon
[MRP] BWM Apologize for asking a second question but trying to help folk I know. If the rate is high and we go to cash out immediately as individuals, is there a way to fix the trusts, llcs up after that without a huge penalty?
[BWM] you will not be penalized for moving cash UNLESS it has earned some kind of interest per an accountant that I spoke to yesterday... now between LLC's and such will be completely different but trusts to trusts (double check with your professional on specific types) and accounts to accounts JUST CASH should not be a dual taxable event
[Dinefun] BWM what is your opinion about the rate of the IQD when it RV's
[BWM] hearing high rates much of late... will I be thrilled at that HECK YES BUBBA gets a BIG TRUCK... but honestly I expected 3 dollars when I got into this and anything above that is amazing for me
[LINDEEE] Do you see this going past the weekend?
[BWM] I would tell you no but have felt that way a number of weekends... let's just see what happens but the information is still very positive as we look for our first opportunities first then later if for some reason they don't materialize
[bookings] My question is tis bwm, if the rv has happen, and the banks has bot released it live, as we've heard today. Then why any questions about iraq. you would think it's out of their hands at this point and time. thanks
[BWM] I would say we feel the INTERNATIONAL release was given over to the UST to accomodate and finalize... If all the things we hear are true then we believe that is complete so we wait for the rate to be Live at the banks and on the CBI website
[care888] BWM what is the latest possible time for today that we would see a rate posted is the rv goes thru today?
[BWM] in order for us to cash out tomorrow if it went past banking hours today it would have to be done prior to end of currency transactions (4 pm) OR THERE WOULD HAVE TO BE SPECIAL UPDATE
[Bigdog55] who has this now and whom do we blame for it not getting released
[BWM] perhaps we are spending too much time blaming ppl or looking to blame someone... if there are problems then there may not be anything in particular to blame rather than just dealing with circumstances as they arise
[vivrelereve] I have physical dinar and layaways. What is your opinion on cashing in a few, depending on rate, locally and then going to DB to pay reserves off with a note and taking all my dinar out and waiting for my LL
[BWM] several ways you can handle that... you could just pay off reserves and take them to bank depending on your deal at bank and avoid moving money via wire.. or you could have them take balance out of reserves and wire money to bank... do what you feel comfortable and secure with for your situation
[toast3] Some are saying it is better to cash in the larger bills for the smaller. What do you think?
[BWM] toast3 depending on the rate.. determine what you need to do.. if it's high I can tell you I won't have NO MO PINK MONEY or any other color besides green USD til I determine all my investment strategies
[RocketFuzz] What is the best way to determine what kind of financial "set-up" you need. Business trust, Family trust, etc.
[BWM] RocketFuzz talk to your tax professional and EXPLAIN IN DETAIL what it is you hope to accomplish for you and your family's future (do you want to start a business, do you want trusts for kids, money in investements, live off interest, etc.) make sure you can afford what you want to do...many ppl don't realize they bought a 3.5 million dollar home and now have to pay for the upkeep and taxes and are broke not from the purchase but because of the aftermath... PLAN
[Eleanor] BWM thank you for your time. Do you think banks will divide up the territory and only handle cash ins regionally?
[BWM] Eleanor I think they will cut each other to pieces trying to get your business... remember they want the INITIAL account AT THEIR BANK... so they will make you open a new account and then want to cash you in.. make arrangements for this timing as needed
[dobbsie] As I understand it -- if we do not already have trusts or LLCs setup -- it would be prudent to get the currency out of our physical possession into a non-interest bearing account as expeditiously as possible. For many of us that would mean waiting for jonny's packages then heading to a bank
[BWM] dobbsie not necessarily... I asked my accountant what if I put money into my current non interest bearing account could I transfer to a trust without penalty... her response was no problem as long as I felt comfortable with the money in the bank in those amounts... again, understand BANKS WILL BEND OVER BACKWARDS FOR THE AMOUNTS OF MONEY COMING IN
[Corporal] BWM are the borders of iraq closed?
[BWM] they won't let BUBBA in with his truck... but then again I'm not sure he has a passport and probably has stolen towels in his suitcase
[sunshine] BMW...Should we believe there is a BIG different of Bank rate and CBI rate..Let say from $1 to $2.00 per IQD...That is HUGE ,don't you think ?
[BWM] their are regulations on spreads... but that is between what banks can charge based on the UST rate... now the UST to CBI could be completely different... not sure if that is actually regulated... so we'll see when they release it.. the banks CAN negotiate
[SirTitus] BWM If there is no RV by next Friday what will be going through your head?
[BWM] maybe I shouldn't have shaved since it's getting colder... and if I can find the employment section, no wait that started today
[one.love] BWM - Thank you so much for all you are doing here. Could you please explain why people say that the UST may delay us cashing out for a while? If they did delay and the rate went down, wouldn't that mean less tax$ for the US? And what is the deal with the "double taxation" I keep hearing about?
[BWM] there are scenarios as far as the "double taxation" went that they would have tried to "value" the currency and then tax based on that number regardless of what the value was at the time you cashed out.. that lost most of it's steam when we passed into January 2012 and meant they couldn't put it on last quarter and expect to see monies on the 15th of this month
[BWM] I don't expect any delays on cashing in that I could see but we would pass along anything we heard that might cause that to be a concern
[sln1987] Do you expect the IRS to confirm what tax rates will apply after it RV's?
[BWM] I'm pretty comfortable with the 15% number... until some tax professional argues me off of it...
[mawbell] when is the last time the currency screens update today? and if it's not there today-then do we wait til monday?
[BWM] mawbell we have confirmed this can update at any time... so wouldn't worry about what time they are "supposed" to happen
[boomer1110] Have you heard or do you anticipate that the US dollar will revalue as well?
[BWM] I would expect to see changes in a number of the "benchmark" currencies...
[Dinefun] first, nobody is going to force Iraq to change the value of their currency, second, Iraq cannot do it without the support of the UN, IMF, etc...a change like this has to be a team effort so the question then becomes, who is holding it up?
[BWM] well dang... you seem to have it covered... why didn't you just answer that question too lol
[BWM] again, I don't think this should be considered who to "blame" who is holding this up... just know that things are DESPERATELY trying to be implemented and will show soon
[Bigdog55] How can it go live on CBI today as they are closed and don't open back up till Sunday
[BWM] the update we are looking for is just on their site... and it can happen automatically if programmed such or EARL could just go in and push the button... in case you haven't noticed it doesn't update on a specific timeframe... SO we just have to go with the theory this isn't automated but just whenever someone tells EARL to go push the button
[mystery] Any change on bankscreens? Appreciate u a lot...thanks
[BWM] yes... but I can't say any more at this time... Jonny will be in with an update later
[codreamer59] BWM Is it possible that if/when it shows today, we might need to wait until Monday or Tuesday for cash in at the banks, in case the banks aren't ready for us?
[BWM] timing is everything... I keep telling that to BUBBA everytime we get gas... right after we ran out
[Cantfreakinwait] BWM - I have friends and family I want to take care of. Can I just give them dinar post RV and let them worry about taxes or is there a better way? Thanks!
[BWM] that's a decision you need to make based on what is best for you and them... first, doing it now means you can give them very little (if you hold physical dinar) and them eventually have a lot (if they believe in it) and secondly you will be limited by how much you can give them after without taxes being an issue... see a tax professional ( I know, it gets old but it's the best thing)
[chocolaterv] jonnywg posted about a verification team working with the UST. Can you expound on that at all?
[BWM] yes, they came, they saw, they left... guess they must have done something
[razorbackgirl] If the US dollar is a benchmark currency as I would expect, it sounds like you are saying that could change too which means our value could be much reduced on the Dinar, right?
[BWM] not necessarily... if the value of the dollar goes up or down it will affect the value of your cashin amount... it could make it worth more
[care888] BWM do you think the rate will be in the $7 to 9$ range
[BWM] again, I got in for 3.... I'M DEFINITELY NOT GONNA ARGUE WITH THE RATES I'VE HEARD
[codreamer59] BWM Should we know the rate for the VND at the same time as the IQD? And, since the VND is currently traded, would that be easier to cash at the bank immediately?
[BWM] yes, we should see all the rates simultaneously... the only issue with the VND is even though it is traded, some banks hold amounts over a certain limit because they are a communist country and have to verify funds availability
[misskitty] Is it realistic to think that we could negotiate a rate close to the cbi rate with a bank? If so, how close do you think we could get?
[BWM] let me just say yes... and leave it there for now
[sln1987] Would a person be able to cash-in at an airport currency exchange over the weekend if it doesn't hit the banks in time?
[BWM] not much cash... and no wires during non banking hours will go through... but you could prolly get a nice dinner out of it
[lindalou] How can not having an LLC cause you to be double taxed as some are saying?
[BWM] most of that will depend on the term ASSETS from what I was told... cash is not considered in that category... but if you BUY something.. then now you have to deal with things
[achievepubs] how do you think they will handle the angry bank tellers when they find out they have been lied to all along?
[BWM] yeah about that... glad I'm not a bank manager (that doesn't own dinar either)
[BWM] OK guys.. we are at the time I had put aside for q & a for the room.. so I'm gonna copy the rest of the questions and try to answer them for posting in the forum if that ok... and we'll put the room back to regular.... I hate to take away from y'alls chat time...
[BWM] you guys have to understand there were about 80 questions to go thru still... just too much to try to tie the room up with