BWM: ok i'm sure there are a number of questions that you want to ask tonight... and I'll do my best to deal with them
BWM: while this is a chance for newbie's to jump in on questions... I don't want to discourage anyone from asking things you want to deal with
BWM: if you are looking for a date and rate... well you're new... we're glad you're here but we don't do the hype for date so sorry if you'll be disappointed...
BWM: ok... we're heading into moderated mode at this time... Thanks for being here and hopefully you'll get something informative out of our conversation tonight...
BWM: alright... please submit your questions now....
queenmother4: Will budget trigger rv as so many are saying?
BWM: queenmother4 my theory with the budget is sort of like the thought process with Chapter 7... many say you will see the budget announced and then an rv... my thought process is that we COULD see an RV before the budget but if we see a budget before we hear about an rv, if it wasn't almost simultaneous, it could be a bad thing for us...
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BWM: as you saw today the budget was postponed again... why? I still believe they are trying to put this through and if they were to put out all these things from Iraq they'd have no more excuses as to why we haven't seen it...
10walleye: Is this RV really out of Iraq's hands? Thanks!
BWM: my firm belief has always been this was out of iraq's hands TO AN EXTENT... that being, that while this is their currency I don't feel they are the controlling element in deciding the timing for this being international. I believe you will see all the items come together at roughly the same time which of course will let everyone say "see, I told you so" but at that point most of us won't care of the other outcomes IMO
speedracer: Do you think the Davos meeting was RV related? I believe I heard our Gov. (Ohio) was there
BWM: I saw there a number of big shots in the financial realm there.. strangely we weren't represented by our new UST or by the Fed... I know we try to read quite a bit into every place that Lagarde shows up at... but again, it lends credence to my thoughts this isn't about that shore
highhopes: BWM do you beleive the rumors that the Fed. Reserve and FR notes are going away, and the UST will be issuing new currency soon?
BWM: I wish someone could show me a UST note rather than just tell me "oh yeah, we got em" but as of yet I have not seen a note that says United States Treasury Note but only a Federal Reserve Note... I'd settle for one that said both but again, that hasn't appeared for me...
BWM: I do know that I spoke to a former Fed employee a couple of years ago.. he was of the opinion that there was a possibility of a "merger" down the road... but as of yet, I don't have any concrete proof that I would be willing to stand up and present
We remain ever hopeful that we'll see an RV soon. However, please remember that we don't have all the answers, and we don't hold the keys or the button to the RV. Please also remember that our intel providers, squirrel friends and members with info to share are also stating what they have heard .... it's up to you to decipher if it's what YOU will choose to believe
HeIsFaithful: At this point in time, with the economy as it is, what do you think will be the best first step after the CE? Are you going to exchange all your IQD into US currency or only a portion?
BWM: personally, I want out... BUT I do have a contact that has assured me once this happens he'll be in a position to understand what the process will be going forward... the problem is that until this occurs the rules are being bent and twisted to a way that no one knows when the actual point will occur... We have discussed a number of options in the past, I think like so many things until this happens we just have to plan and then look at our options as quickly and as best we can...
dinarrocks: Can you address the "in Iraq's hands... not in iraq's hands" issue, or how significant is the "global" economic issues?
BWM: my terminology would suggest that IN Iraq's hand meant they had full control of this event... which to suggest that is almost impossible strictly from the standpoint that the IMF would have the say in what and how much they could do anyway... as far as global goes... as much as the US news is about "gun" issues the worldwide news is about their economies and the problems they are facing... look at spain, greece, italy and germany... things are NOT going away without an answer
rugaru: What do we need to take with us for the CE?
BWM: that opinion varies... first of all, proof of identification... by that I mean a photo ID (passport or driver's license), I also have two utility bills (current) and have put together gifting letters and the proof of receipts I had... I'm NOT SAYING you HAVE to have receipts especially at banks... but if you can put those together it certainly wouldn't hurt to provide
wisewarrior: so many in dinar land are addicted to "hopium".....your style is to keep people real. why do peeps not appreciate your no nonsense approach?
BWM: there's no nonsense... and nonsense... everybody has preference
dinarrocks: Is it possible that there really is an "in-country RV" that we are not seeing ?
BWM: I have several contacts that say they can't prove any change... I have an article about "problems" in Iraq... give me just a second and I'll pull that up... it's from 2003 but the problem hasn't change and it throws a little light on how we can see a different rate in the newspaper
BWM: ok that's taking too long...I'll get that and we'll insert it into the forums... I don't want to hold up chat
redsnowbird: A lot of dinarians believe that the RV must happen before they can be removed from Chapter 7, but I haven't seen anything that says that.....I have seen that Iraq needs a tradeable currency to be accepted into the WTO.....Does Iraq need to have a tradeable currency before being removed from Chapter7
BWM: IMO they can't get OUT of chapter 7 until the rv... not really because of any particular guidelines as much as a trust issue I believe... once they are removed from 7 they can again resume military actions and get access to the billions of dollars that are being held until they begin international trading
BWM: you can have an RV without 7... but I don't believe you can have 7 without an RV
dinarrocks: When we get our appointment to go to the bank, what happens if the rate changes before we have our meeting? Are we locked into a rate at time of call, or will we not know the bank rate until we sit down face to face?
BWM: the assumption (I know, dangerous) is that the rate will be there for a particular time OR that will be the rate for all those that set appts... IF we are to buy into those, then we have to assume that those rates will be better than any street rate therefore as long as we have an appt they will be honored...
dinarrocks: How important is the "non-interest bearing accounts, and do we need to have them set up before we go to the bank?
BWM: that advantage unfortunately expired on december 31st... at this point we are at the mercy of wealth management's ability to distribute our wealth within the plans that we will set up (or may have already set up with trusts, llc's and such)...
BWM: many have tried to set up accounts prior to RV... don't be surprised if some banks want you to open new dinar accounts strictly because they get bonuses for NEW accounts and deposits that count toward their credit ratings...
coorslite21: any thoughts on the ISX for future investing?
BWM: contrary to somes thoughts... the ISX has been trading for years... I used to toy around on the stock market and have seen the manipulation firsthand... for ME, I won't be delving into the stock market if I can help it... if I want to invest in a company, I'll just be buying them...
queenmother4: What are your thoughts on the tier scenario ?
BWM: if you buy the tier scenario you have to believe in a CE IMO... just wouldn't make much sense otherwise... do I believe that countries/governments/etc. could be cashing in dinar for oil credits? pretty sure those plans have been in the mix for years... the holdup there could be how much "saving" some of these countries need NOW vs. several years ago... the whales cashing in next? possibly.. why? to get them done AND PREVENT THEIR RATE FROM BEING STUPID... why would you create a new realm of the superwealthy... think about it... somebody would want to be richer than the other
HeIsFaithful: From where I sit all the predictions that are yet to be correct don't give me more hope, but less, if I pay too much attention. With all the lawlessness in our own government, its hard to think this will ever be allowed to happen regardless of the need. Are you still encouraged this WILL happen?
BWM: I personally don't like the word encouraged when talking about dinar... I think that's part of the enabling process that so many have fallen into with the daily addiction for "positive" or "good" news... if you can't handle things are bad then you are like so many that have allowed this country into the shape it's in by merely turning your back when you don't like what you hear and turn to someone else who'll tell you what you want to hear...
BWM: BUT, with that said, I do believe that the information dictates a reason to believe that we still have an opportunity to see this come to fruition...as I have stated (and some didn't like it ) I have a timeline I'm looking at.. if it doesn't happen then we'll have another discussion... a very frank and transparent discussion about some of the things you've been told by others and why things are as they are
dinarrocks: When we set our appointment to go to the bank, will we see a bank rate then, OR only after sitting down at the bank?
BWM: I wouldn't imagine you'd get anything until you sat down at the bank... and I don't think you'd want it any other way when you consider the rate should be better than what you could get walking in off the street AND it keeps there from being a rush because of those circumstances
TRADEVIPER: Iraq was put into sanctions and outside sources devalued there currency, until those sanctions are lifted Iraq does not have the control to raise the value of the dinar. So it seems that Chapter 7 has to be removed before they would have any control over the value of the dinar
BWM: true EXCEPT in country TO AN EXTENT... the problem is that as long as there are dollars AND dinars coexisting there will be black market, bartering and auctioning of one or the other depending on what the circumstances dictate... when I post that 2003 article you'll see that they literally know they can do whatever they want with the price in the marketplace
dinarrocks: Is there any credence to the longer we push this off, then the more people are buying dinar, meaning our return gets dilluted because of the saturation?
BWM: they know exactly how much dinar is coming and going... they can stop it anytime they want... they haven't yet so that would say it really doesn't matter... yet
TRADEVIPER: Do you plan to get a Loyds of London Insurance policy to protect your monies
BWM: I do want to look at my options... when you consider that the protection you are purchasing is really only for the circumstance of the failure of that bank.. the question is, is what chance do you think that bank has of failing... AND, even with insurance, what chance if say you had 5 dinarians with 10million USD in 10 branches of that bank would the insurance afford to be able to cover anyway? I think the insurance thing is a security thing for each individual to consider for themselves... it's kinda like do you lock your car where you live when you get out in town? it's a matter of personal safety...
dinarrocks: There is talk about the "bank groups" getting their email BEFORE it comes out public? If that is the case, how would we know that the bank rate is better than the street rate?
BWM: you have to consider who is purchasing in the event of a "group" event vs. street rate... when you look at it that way you have to think that the group would be paying more to get your dinar there vs the street rate which will be the same regardless...
wisewarrior: what have you heard about the indonesian rupea....is that our next play?
BWM: I'd like to get out of this one before I move to the next one lol BUT if you are a glutton for punishment the advantage will be we don't NEED to follow the currency in the next play... BUT you will have to consider the new rules to play for further currency opportunities
dinarrocks: Will the bank be able to verify "on the spot" authenticity of our dinar, OR will we get a deposit slip contingent of further examination of our dinar?
BWM: IMO I won't go to a bank that cannot verify ON THE SPOT... for the thoughts on a CE, the idea is you will be sent to a bank that will be trained and ready to verify the currency immediately... NO ONE GETS MY DINAR WITHOUT ME GETTING IMMEDIATE BANK CREDIT...
WANGO1: Bloomberg is reporting: Central Bank directors are saying they expect massive increases in exchange rates. Waiting for O to give nod to the money changers. Do you think our RV is in this massive increase
BWM: that's one of those "MAN, IT SOUNDS GOOD" but we have to sit back and ask ourselves "are we looking at EVERYTHING as it relates to the dinar?" sometimes we have to wait a few days and determine if it does or not... the very idea of the text would lead us to believe it sounds very good
LINK to PART2