[whitelions] this is BGG opinon only Nov 13 10:27 AM [BGG] Today's blog pretty much spells out the "implied rate of exchange"... Nov 13 10:28 AM [BGG] and that was the number I picked in Poppy's charity derby a while back (which wasn't a guess). lol
[whitelions] Thamer said stop development plans amounting to 30 billion dinars equivalent to 104.3 billion dollars (that’s billion to billion – 104.3b / 30b = an implied exchange rate of 3.47 – very odd coincidence to say the least ;) )
[redhead1] Just checked The Get Team - they are looking for China speech as well - said they expect Terry K to make an announcement about 10am their time.
[jewel] redhead1 are they eastern?
[redhead1] Jewel - for some reason I think Pacific - but I really do not know for sure.
[jamajacks] redhead1 I guess TK must speak for China now! LOL
[cisco411] ok someone asked about taxes. Intel4u.com nor anyone in this chatroom endorses any statement regarding taxes. seek your own tax proffesional.
[cisco411] having said that. if we cash in our VND and dinar today we will get back our initial amount at best
[cisco411] more than likely less minus any fees associated
[cisco411] we have no "gain"
[cisco411] after revaluation, we will get back MORE than what we put in so thus causing an increase in money returned back to us. this CAN cause a taxable event. WILL it? IDK
Read More link on Right
[cisco411] but we will deal with that post RV
[redhead1] cisco411 - I am willing to deal with it post RV - just give me something to deal with????
[cisco411] I think right now let's pray this thing in and deal with what we have with a team of professinals at our side who are knowledgeable on the matter
[berberboy] cisco411 it is a taxable event, any money made on a currency exchange is a capitol gain, period. thats from an irs agent
[misskitty05] berberboy there could be a special rule to deal with this exchange..we need to wait and see
[cisco411] berberboy I agree but I am not the kind of indivual who wants to rock the boat
[cisco411] even if I won the lottery I would have to pay it so....
[redhead1] How much is withheld when you win in Vegas - is that a "currency exchange" - I know they take out taxes - just never have won big enough to know how much.
[cisco411] redhead1 if it were up to me you would already have it. You people are ALL wonderful here at castle
[bailey2..] redhead1 Don't have a clue, I never won either
[cisco411] just be a little patient your reward is almost here
[findmoney] They dont take out taxes in Vegas casinos. They give you a 1099
[cisco411] now on to bank packages it is said we will get a 800 number to make an appointment and we call the number.
[cisco411] we will not get the street rate but the negotiated rate associated with the 800 number.
[cisco411] ONE particular bank will be associated with that number
[cisco411] I have heard it RUMORED that they will ask to have a % of your money on lock for 6-12 months to be able to get that rate. BUT IT IS RUMOR
[coder] Here's another angle on the 'currency exchange.' What if WE don't actually exchange? What if we just sell our dinar to a third party and THEY actually do the exchange? Will that be taxable? Put another way, what if I were able to sell $5 to someone for $10, would that be a taxable event?
[cisco411] if you have reserves make sure that you inform the banker at the time of your appointment and set up a new one BEFORE you leave. to cash in reserves or layaways at a later time
[berberboy] coder if you make a profit, this capital gains, i just got done dealing with the irs for alot less money then this, do you really want to take a chance?
[misskitty05] cisco411 do you think we need to exchange VND and IQD into separate accounts?
[Grandpa10] misskitty05 I wont take a chance on trying to track the 2 together, one is from a tradable currency and the IQD is not. We dont know how it will be percieved by the ptb, but I want them divided so I know
[cisco411] grandpafor3 I agree
[misskitty05] if it is all capital gains.... I heard that when Kuwait RV'd there were no gains... there could be special tax treatment for this exchange...just saying it might not be wise to co-mingle both until the tax consequences are absolutely clear post RV
[cisco411] MAKE sure you do not purchase any investments for 24 hours to be able to research on your own regarding the investment the banker WILL offer
[cisco411] misskitty05 Ask a proffessional it depends on your goal
[cisco411] DO NOT MAKE any hurried decisions sleep on everything and DO NOT act on impulse
[cisco411] when you get money.... KNOWLEDGE and wisdom are worth more than what you will possess in the tangible sense
[cisco411] I was sitting there thinking while I was eating and I can't believe how sometimes we want some intel so bad tht we leave common sense at the door
[blue skies] cisco411 yes
[cisco411] how can a national announcement from china or even US bring forth an rv if only 1% of americans know about it
[cisco411] how many times have we said it will happen when we least expect it
[cisco411] and if we know the time and date of these events how can that translate to our blessing
[flashing] cisco411 agreed i pointed out that previously. those meetings will not address anything related to rv
[cisco411] look at the history of kwait's RV
[cisco411] it was invite only then and then the people who cashed in went ghost
blue skies] flashing it will happen when we least expect it to happen... imo
[flashing] France called for the European Union to press ahead with plans for a banking union amid disagreement on how a proposed new supervisor should look and how many banks it should oversee. “It’s ambitious, but it’s a particularly important project,” French Finance Minister Pierre Moscovici told reporters today in Brussels before a meeting of EU finance chiefs that will discuss the plan. “This work will still take a few weeks,” though an agreement can be reached by year-end, he said, adding that the single supervisor to work closely with national regulators in a “fully unified” system.
[flashing] Moscovici’s call for speed contrasted with Luxembourg Finance Minister Luc Frieden’s insistence on caution, as well as skepticism from countries outside the 17-nation euro zone. Swedish Finance Minister Anders Borg said there might be a need for “technical treaty change” if the new supervisor is housed at the European Central Bank and will have the potential to supervise banks outside the currency bloc, as proposed. EU leaders agreed in June and October to move forward with common ECB-led bank supervision as a way to separate financial sector risks from sovereign debt troubles, with the goal of agreeing on a political framework by Jan. 1
flashing] guys see u later that deadline is on line with the rumor brought to me as to O pushing hard to get this baby done on or before year end
mtaran] Mybe this will help our cause!! Nov 13 (Reuters) - China will not postpone implementation of tougher global bank capital rules despite a delay in compliance by U.S. banks, the official Shanghai Securities News reported on Tuesday, citing unidentified sources. The tougher rules, known as Basel III, are the Bank for International Settlement's regulatory response to the 2007-09 financial crisis and would force banks to triple the amount of basic capital they hold in a bid to avoid future taxpayer bailouts. They are meant to be phased in from January 2013 but U.S. regulators have recently cast doubt on the time frame due to a flood of industry comments on the proposals. China's 16 listed banks have all met capital requirements set out by Basel III, the newspaper said.
[mtaran] In addition, because there is a grace period of six years, and the government encourages lenders to use innovative ways to replenish capital, there will not be any big impact on the capital markets when China adopts tougher rules next year, the article said.
[Michelle3] Rinds guy have u noticed all the main attention on dong right now n have read of all the industry going to vietnam
[RindsGuy] Michelle3 I have noticed all the attention on the Dong but that's only because we're being pointed in that direction. Almost like a magician distracting the audience to look here when something is going on over there.
[Capt Ron] The argument that the vnd and the iqd must rv simultaneously is a strong one....
[Capt Ron] ...banks and peeps everywhere would double-dip big time otherwise.
[Capt Ron] So, I say, bring on the vnd rv, because our iqd rv will be right there with it.
[Michelle3] CaptRon yes sir but that doesn't mean they will we will all know 15th-20 th
[Capt Ron] Michelle. Yep, I for a fact don't know that.
[Capt Ron] But you agree that it would be chaotic if the vnd and iqd rv'd separately, no?
Michelle3] That's why u the Cap u know more about this than I do n I mean that sincerly
[Capt Ron] Heck, if either one of 'em rvs, this boy is a happy boy.