Awake-in-3D: March 11, 2015 at 2:13pm So, on the Real Time DXY screen, the official high for today's session so far is 99.99 before a pull-back to the current 99.79 as of 2:13pm EST
Jorel: What is the most popular day of the week that RV's have occurred?
Jorel: What day of the week was it when Kuwait RV'd -- Wednesday! What day is it today?
Awake-in-3D: > Jorel Technically, Kuwait never RV'd (it was RI'd to it's original rate)... but who cares? I get your point. Go RV
Jorel > I raise my glass in hopes of embracing an RV today!!! Who will join me in a toast? Cheers ...
Texas Rose > Jorel Wednesday has been on my mind all day so far for the very reasons you've stated. I join you in that toast
Bandit » March 11th, 2015, 3:45 pm Today's US dollar index reached a high of 99.99
according to Market Watch
Bucking Horse » March 11th, 2015, 3:52 pm
Countries Paying off World War Debts...Hmmmm?
Chancellor George Osborne is to pay off the UK government's remaining debt from World War One, the Treasury has announced.
The government will repay the outstanding £1.9bn of debt from a 3.5% War Loan on 9 March 2015.
The move goes further than October's announcement that the government would pay off £218m of debts from World War One.
More than 120,000 investors hold War Loan bonds.
Issued by then Chancellor Neville Chamberlain in 1932, the War Loan was used to refinance government debt accumulated during World War One. It replaced an earlier bond which paid 5% to investors.
It is the first time the government has paid off a bond of this kind in 67 years. The Debt Management Office estimates the government has paid about £5.5bn in total interest on the 5% and 3.5% war loans respectively since 1917.
The government added it would look to remove all six of the other remaining undated gilts in its portfolio, including some debt originally issued in the 18th Century.
One of these bonds was issued by William Gladstone in 1853 to consolidate the capital stock of the South Sea Company, which was founded in 1711.
The South Sea Company collapsed during the South Sea Bubble financial crisis of 1720, leaving behind it a lot of debt.
Current low interest rates mean the Treasury will be able to refinance the £1.9bn debt with new bonds, saving up to £30m a year in interest payments, according to some estimates.
George Osborne said: "This is a moment for Britain to be proud of. We can, at last, pay off the debts Britain incurred to fight the First World War.
"It is a sign of our fiscal credibility and it's a good deal for this generation of taxpayers. It's also another fitting way to remember that extraordinary sacrifice of the past."
Isa52bc: Good Afternoon Everyone!!!! (((Wildly Waving))) I wish I could stay & chat, but I have a meeting to go to...HOWEVER...I just noticed that the UN has rates updated for 3-13-15 and guess what???? They haven't updated Indonesia or Viet Nam which have had major price changes and should be in the schedule for updating (imho, this is good btw). WOOOO HOOOO!!!! Bye for now!!
Highlights from DC Via Adept1 from Wed. CC
DC: Everything is incredibly awesome. We have a lot of guesses on time, but that hasn’t been firmed up. Everything is ready to go and we’re waiting on the exact time.
East to West, in Iraq everybody has… security forces have done a phenomenal job in Tikrit, and we’re excepting an announcement about that. That helps the story that Iraq is looking good there. The CBI has all technical and legal processes loaded and ready.
They are up and running. Laws and regulations are all where they should be. On television they have been saying to get ready for the economic reform, and “currency will have a higher value than ever before.” Contractors are set up, ready for this to go through, with checks going on in contracting departments on what is owed.
Rebuilding plans in Anbar province are set up, and key figures have extra-tight security. They are just waiting on the moment. Anything else on Iraq that we can say?
In the mosques, they said to be prepared for it, that this is really coming, no kidding. Everyone is getting excited with lots of wonderful expectations that this will go down in the next day or so.
In the US, everyone is ready, in lockdown and on call; they were just going to call people in later, but they’ve pulled in more staff now so that is a much bigger tell than it was. Quite a few are still on call, but they called in more because they feel this is a about to happen.
617 caller: Will this still be after 4pm and before 6am EST?
DC: I believe they scrapped all that. They wanted to get this done on Sunday night, and since then they decided it could happen at any hour, not the middle of the night.
404 caller: I’m intrigued that the Swiss franc is on a par with the dollar and the Euro is $1.06… What indicators should we be looking for?
DC: The world is going nuts – a lot of the world financial rules are suspended because of the QE and extra liquidity. If you are just looking for it to go, stick with Yahoo Finance or your favorite app. Nobody expected the dollar to be so strong, which will kill our exports, while the Euro and Swiss franc are both down.
They thought the dollar might lose 1-3% over a couple months.
They did think the dollar would weaken, the Euro would strengthen, the Swiss franc would skyrocket, etc., but with the dollar being so strong, that changes the whole predictive dynamic. It’s such a bizarre mixture, we don’t know what is going to happen. We’re talking about the Euro-dollar pair, which was 1.40:1 a few months ago, and now it’s 10.6:1.
The reason is that Euro is struggling and Russia’s economy is in free-fall. China and Africa have slow growth, but in general we are looking like the best horse at a glue factory!
DC: A strong dollar sounds sexy, but for the last 100 years, it’s been a race to the bottom in terms of dollar value. The weaker dollar promotes more exports from the US because if you export a truck or any other goods/services if they are cheaper. Right now the dollar is so insanely strong, you cannot afford to buy US goods and services. Every other country’s exports are on sale by comparison. The US dollar going down now is good for the US.
But with what’s going on, it doesn’t look like the dollar will drop much at all, and that changes the whole picture.
636 caller: Another call said that dong will be useless and another call said that the general public will never take part in this exchange.
DC: That comes out of fear, and they’re trying to enroll you in their plan. The simple matter of the fact is that the US public must now be a part of this, because that is how the oil credit system works. The oil credits have to be from the general public – 35% or more. China wants those oil credits and they have to buy them from us, from the groups, or the public. The second point is one that has aggravated a lot of us is the early exchanges, but that is in fact our insurance because no way will they let that many go through, with documentation, without letting the rest of us go through. How would that look, if a lot of influential people got rich with very little outlay while they stamped on the necks of the rest of us? Although annoyed because I’m not yet at the bank myself, I’m happy for them, and happy because it means that we will go through, because if not, the people with the documentation will send it to the NY Times and other media.
406 caller: You asked for only one question so… on the dong – that is part of the first basket, and over a dollar? And is that the international or contract rate?
DC: Don’t know – that’s what is showing on the bank screens right now.
571 caller: I’m superfantastic, and although I’m calling from Virginia, I am not one of those agency guys, although I have a few friends who work for those guys. I do have one question and a request. Have you heard anything related to taxes? I did go through My Big Fat Wealthy Life; do we have to fill out a FinCen form?
DC: The banks fill out the FinCen form, and make sure it is marked “exchange”. As for taxes, we are hearing from two camps that we respect: 1. Long-term and short-term capital gains (23.8 or 43% respectively like normal taxes). 2. Flat tax percent off the top. Both come from people we respect and we don’t know how it will shake out.
DC: I have to go pick up my little guy… So, you all have a great day. I hope we are done with this. I expect we will be done in the next few days or less. Even the information we have got during the call has been positive. Everyone is just ready and waiting. We’ve never had certain commitments and actions that have now taken place. I pray to God this is it.
Iko Ward: I took the announcement in the mosques to mean they have started or will start tomorrow the public exchange in Iraq. The other notable development is the banks calling in more staff when they said they would not and withdrawal from only an after 4PM call time.
APPALOOSA :IKO - I thik the same way as you pertaining to both those items… both very significant… The other thing that I think to be significant is the rise in USD - it makes sense if they in fact are pegging the IQN to the USD.
Iko Ward: App...didn't think of that. I posted earlier today when the ISX was active that Forex suddenly reversed its polling. Both significant.
APPALOOSA: We may just be right on the cusp......lol
TnDr: Iko, do you think that he Iraqi citizens will get to experience this first, hence a timing that is 2:00 AM EST or later for us to see it?
APPALOOSA: TNDR - Tony and DC advised that since it did not occur as they wanted on Sunday.....that it can happen at any hour....no longer the 4-6am window