P. O'Leary at August 13, 2014 at 3:54 PM
To Tilar and Blue Eyes, help-help. I have a couple of questions.
1. Why were we told to set up a hon-interest bearing account at our local bank for the RV'd dinar?
2. Is there any value to holding on to the dinar for a longer period of time after RV?
Thanks for your thoughts!!!
Tlar: The dinar is a currency and as such there is a currency market and investors will invest in it just like they do the yen or any other currency. It is and has been an individual decision as to whether you want to invest.
I have told all my family and friends to take a good hard look at the dinar as a potential investment post RV meaning they might as part of their personal investment strategy, hang on to some. I have suggested that the RV is not the end, potentially, it is just the beginning.
Assuming Iraq does get their act together , no matter at what number they start the RV, there will be room for growth if they manage their economy efficiently.
So as you look for place to keep your money and if you are one who wants to way risk factors such as currencies, take a hard look at the currency that gave you those options in the first place.
By now most people who have held the dinar are more knowledgeable about the dinar as an investment and understand the growth potential if the government is non sectarian and democratic than any other potential investment you can have. You have an understanding of years of articles.
We know what laws will be progressive and help their economy grow and we know the personalities that are involved in making the country great or non great. I strongly suggest you look at keeping some dinars because if you see them start to go astray you will figure it out long before anyone else and quickly dissolve the investment minimizing you risk.
Knowledge of an investment is one of the key things to investing. Tlar
Mally: I believe the no interest account was recomended throughout dinarland because it could be insured for an unlimited amount instead of the standard fdic 250k.
I never understood the logic though so maybe Im confused. Two reasons why I dont think it makes sense. Does anyone think a big four bank would be allowed to fail?
Even if you thought that was possible why would it happen after a huge cash injection from this? I assume any money parked there would only be until you figure out what investment vehicles to put the money in. Maybe Im missing something.
Aaanth: watch the movie "TOO BIG TO FAIL" and i think you will see what's possible. not saying that will happen here but if you think it can'r happen then you in for a shock!
Tumbletrav: You're correct, Mally: Banks should only be used as a temporary parking place until you have your ultimate plan in place. What happened in Cyprus could absolutely happen here in the U.S. There are other reasons not to keep much money in banks.
Mally: Been meaning to see that. Thanks. Believe me I know they are screwed up but I just think in this day and age of the gov being able to conjure bailouts out of thin air it would never happen. A big four closure would be disaster for the world. I shouldnt say never though
Oldwazhisname: P. O'Leary and Mally (and any others not knowing such),
That provision in the FDIC is now no longer in effect. All deposits to one individual/entity are now only insured up to $250,000. The unlimited insurance was temporary in order to keep depositors from panicking and causing liquidity issues in banks accross the board.
That went away over a year ago. Talk to you bank for specific details but it is possible to get over $1 million of FDIC coverge pretyy easy by how you structure your accounts.
An example: a husband gets $250,000 individual coverage, a wife gets $250,000 individual coverage, a "husband & wife" combo gets another $250,000 coverage, a family trust gets $250,000 of FDIC coverage, a husband & a son gets another $250,000 of coverage, a wife & daughter get another $250,000 of coverage...and so on.
Don't take a gurus word for anything. Go get professional advice from sources that really know what they are talking about including your own bank.
Mally: Thanks. I remember when the announcement was made to extend fdic coverage to unlimited and when it expired as every guru was trying to connect that to the dinar. I didnt realize that noninterest accounts with unlimited insurance went away with that change though. I agree, get proffesional advice.
Kimberly: Old whn.... I believe what you are saying is true.... But, I was reading 2 weeks ago, where the FDIC sounds good, (like it would be some protection) but in the fine print, if they choose too, they can take up to 99 years to pay you...... which would be a little late for me....
BlueyesinLevis: Like Randy says... only exchange a little.... enough to get comfortable and pay bills.. and then make contact with, listen to, and engage the services of a good tax specialist. The Wealth managment division at the major banks will be eager to assist us... in setting up trusts, etc.
-Deal is.. whatever you intitally exchange becomes a taxable event... and creates a tax liability. Instead.... it will be better to follow a well thought out plan of action that will pay a fair amount of tax.. but will not create a huge amount of tax liability.