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What an amazing ride the dinar community has experienced. The overall experience for most can probably be described in one word - exhausting. What a bunch of mishmash, thoughts, ideas and statements we read daily. I am only writing this to try to help the majority of this community that are merely looking for some semblance of reality of where we are and what they can expect in the relative near future.
Yes, "relative near future". In the big picture, it is apparent we are relatively soon going to come to the next step on this journey. That being said, realize that no one knows exactly when or what will happen with the IQD.
I lost favor at KTFA last January when disagreeing with an admin by defending members posts defending the possibility that the rate could appreciably change as late as possibly April or even June of 2014.
Hilarious to look back on the shortsightedness and hype we have all seen through the years. I was permanently banned thereafter so take this post for what its worth as I don't buy in to all that the "gurus" state.
Realize, the reality of this investment is that NO ONE knows for sure and while I certainly don't believe we will still be discussing this in 2016, we just might.
Everyone should have confidence in the underlying facts related to the IQD. Iraq remains under Article 14 of the IMF regulations. They are clearly under a sanctioned program rate. They are clearly moving in the direction of a market economy, returning to the International community and intend to become a full member of the WTO.
This cannot occur under Article 14 and necessitates a move to Article 8. Article 8 requires the currency value be established at a "reality rate". The Minister of Planning etal. stated around 2008/2009 that rate should be $1.13 USD to 1 IQD.
The WTO stated in late 2009 they could see where the IQD could hold a value at or near the USD. Subsequently, the accounting firm, Ernst & Young, conducted an audit of the assets/liabilities and stated in early 2010 that the value of the IQD should be $1.30 USD to 1 IQD.
Over the last 5 years, we have seen Iraq significantly reduce their debt, find and reveal incredible oil reserves, gold, phosphorus, diamonds, etc, the CBI reserves increased to 150% and additionally, they recently revealed upwards of perhaps 220 billion of their assets are still being held in foreign banks.
Needless to say, if they follow the IMF rules of establishing a "reality rate", the rate which will qualify them to finalize the move to Article 8 should be something North of $1.30.
How that applies to the current currency we hold will hopefully be exactly what we anticipate. Logistically, it will be exactly as we anticipate as the "LOP" theory is just not plausible in light of all the facts.
If they were going to "LOP" they would have had no reason to dry up the IQD liquidity, they would have not been so concerned with inflation and it would be the biggest theft of a country's wealth that I am aware of by a domestic non-aggressor government.
Remember, the Iraqis were required to exchange the "Saddam" IQD at a 1-1 exchange. If they now LOP three zeros, the purchasing power and the citizens net worth would therefore have been decreased by a factor of a thousand IF they reinstate at $3.22 USD to 1 IQD.
I would hate to be a politician much less the suits that would probably occur in the International courts. Think about if you have $5,000 USD today and the government decreases it to $5 after you have held it for 11+ years. Talk about a bail-in..
Bottom line, BE CONFIDENT! The underlying facts are in our favor
Now the real reason I write today. Realize that most of the "gurus" spend their time to make you think they know something of importance that you don't. Whatever their motivations, it has caused unnecessary fear and anxiety among many very good people that merely are trying to get through every day.
Be careful, think for yourself and seek true professionals after the rate appreciably changes. Don't EXPECT any of these "gurus" to hold your hand. You can do it. It is not going to be that hard. RELAX
Many have said all kind of things related to CASH OUT. Yes, I said CASH OUT!! Notice in the preceding paragraph I said IQD. Relax everybody! It will not matter what you say whether cash out, exchange, I want to get some dollars or whatever.
If you exchange $10,000 US value or higher with a US financial institution, you will probably be required to participate in the completion of a "FINCEN 104":
I say participate because the UST requires the financial institution (bank) to complete this form and for them to keep it for five years. Note that there is nowhere on this form where the bank can classify the dinar as IQD or IQN nor is there anywhere they can classify this transaction as a "cash out".
They do this every day. You are simply exchanging a foreign currency into something else whether a deposit, a Cashier's Check, Federal Reserve Notes, a Wire Transfer or whatever.
Relax, the banks do this every day. They will simply note the country code on the FINCEN 104 where the currency came from. This form can only be completed accurately one-way no matter what you say.
You can simply say "Help me, I don't know what to do but I know I no longer want this currency and I want to do something with it. What do you think I should do?" Ask a few banks and see who is best suited for you.
Remember, the bank wants to keep you as a customer and will be happy to meet their fiduciary obligation to help you when asked. It is in their best interest to do right by you. Be careful but don't be paralyzed.
Move forward, make decisions that are best for you and enjoy the rest of your life with a caring, loving heart. True peace.
I am really tired of hearing we don't know how they will tax this. I really like those that say there will be no tax. HaHa.... REALLY?? As of today, the tax code states that in the US if you exchange foreign currency and realize a gain of $200 or more from what you had originally paid, you will be taxed.
It will be taxed as "Income" and reported as Capital Gains. If you held it longer than 12 months, it will be classified as "Long Term Capital Gains". If not, "Short Term Capital Gains". Plain and Simple!! Keep your records so you can show when you purchased, how much you paid and therefore how much you gained.
Here is a great review of all relevant situations:
State taxes may apply depending on the individual state. Any basic accountant will be able to record it properly when you file your returns and give you the options of when these amounts will need to be remitted.
The financial institution WILL NOT collect this tax unless you are subject to Backup Withholding or you voluntarily deposit it with them upon completing the appropriate form.(8109 I believe) Use your professionals!!! Any CPA can do this easily.
How about all this talk of the "New Republic". What's wrong with the old one. In fact, if there is any hope of any of you operating in a Republic in the united States, you had better hope there is no new one.
This has to be some of the best FICTION on the Internet. I have not read a single person espousing anything related to this subject that is even close to accurate. The old one exists, its just that everyone voluntarily left it to receive the benefits provided by the corporate democracy.
I ask you, are you a US citizen? do you have a birth certificate issued by any of the 50 states since 1871?
Do you have a SS#? do you receive US mail? do you use a US domestic address established since 1871? do you travel on public roadways?
Do you travel on commercial airlines? Do you benefit by the clean air act by breathing air? do you use FRN's to conduct daily transactions? do you hold a license? do you vote in UNITED STATES elections? do you receive medicare? medicaid? SSI? etc etc etc
The bottom line, if you receive ANY benefits from the corporation UNITED STATES, you have voluntarily left the Republic formed under the Declaration of Independence and assented to the legislative usurpation of your God-given RIGHTS. (TVA v. Ashwunder)
This can only change within the corporate democracy (mobacracy) upon a vote of the people.
The Supreme Court has been clear on this matter since 1938.(EERIE) Have you heard any politicians espousing this platform? The effects of such a move will be far reaching including the eradication of all benefits. It is just not going to happen!!
What's more, who is the power mobilizing the masses for such a move? Additionally, as you have probably surmised that you are receiving benefits and have therefore voluntarily left the Republic, realize that you are then a domestic terrorist against the hand that feeds you if you entertain such ideas and discussions. Not Happening!!
How about the demise of the FED. We are in foreclosure people. They aren't going anywhere until they are paid. If they are paid, I am not sure I would even want them to go anywhere. Do you really think the politicians will do a better job?
"Obama holding this up" or "US holding this up": More Fiction. Plain and simple, the owners of the CBI will release the rate only when they are confident that it is in their best interest to do so. There is probably not one person in Iraq that knows when that is and certainly not one person(s) in Iraq that has control of the release.
Nor, is there any US politician(s) that control the release. Nor, is there any employee(s) of the IMF that control the release. Nor, is the IMF going to do it themselves. That was hilarious when that was espoused....talk about biting the hand that feeds you.
Plain and Simple, Relax, pray for the best and realize that most of all the extraneous info put out by the "gurus" should be taken very lightly or better yet, as purely FICTION.
The sky is not falling, there may be some growing pains in the world economies, however, rest assured that the steps you take after an appreciable increase in the rate will be very logical and straight forward.
Take a breath, seek out the best rate and situation for you. Move confidently and calculated. Maintain the majority of the principle and enjoy spending the dividends in a calculated manner. Protect it, Keep it, Be Smart with your spending and live life happily-ever-after. Nothing more, nothing less.
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