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Maynard57

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Everything posted by Maynard57

  1. The smoke and mirrors part is certainly believable. The rest . . . . I'm keeping my fingers crossed. Thanks for the post, GasCan. Love your handle. Maynard
  2. Hey, Q. Save me a seat at the blackjack table. cheers, Maynard
  3. Thanks, Lgraham. It was just a little pick-me-up for Teresa. Maynard
  4. I have no idea what you're talking about. Maynard
  5. http://www.youtube.com/watch?v=aTdxiwa64Gs Cheers, Maynard
  6. These are really good questions, Blessed4ever. When the WTO considers a country such as Iraq for accession to the WTO, they definitely consider the currency sitch for that country. The following is an excerpt from the WTO on the nexus between accession and rate of exchagne. Sorry if its tedious. Foreign exchange and payments Applicants need to describe how their exchange rate is determined, whether their currency is convertible, whether foreign exchange is freely available for trade and payments purposes, whether any regulations exist relating to the retention of foreign currencies, or repatriation or surrender requirements. Applicants should also describe their balance of payments situation. While foreign exchange questions are within the jurisdiction of the IMF and trade policy questions within the competence of the WTO,128 foreign exchange questions and trade policy questions are interrelated. Of most direct relevance to the WTO is whether foreign exchange is freely available in payment for current account transactions, as exporters need to know how they will be paid. The WTO therefore recognizes this interrelationship. The GATT 1994 provides that Members must not, by exchange action, frustrate the intent of its provisions and that they must either be members of the Fund or enter into a special exchange agreement with the WTO.129 GATS provides that Members must allow international transfers and payments for current transactions relating to specific commitments entered into under that agreement.130 Working Parties have been careful to respect the competence of the IMF. While Members have demonstrated an interest in obtaining adequate information on all matters dealt with in this section, they have laid stress on issues of direct relevance to international trade. They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”. They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services. All Working Party Reports but one have been able to note, that the acceding government concerned is a member of the IMF and has accepted its Article VIII obligations. The great majority of WTO Members do not pursue the matter further. In the case of the one applicant that was not a member of IMF, members noted that it would have to enter into “a Special Exchange Agreement as provided for in Article XV:6 of the GATT 1994 incorporating obligations consistent with Fund Article VIII”, which it duly did.131 In one case an acceder responded to concerns that elements of its foreign exchange system provided scope for practices that distorted trade flows by stating that in the context of accession to the WTO, it was prepared to comply with the provisions of Article XV of the GATT 1994 regarding its foreign exchange restrictions.132 Similar concerns were raised in two other cases. The two acceding countries accepted a Protocol commitment that, in accordance with these obligations, and unless otherwise provided for in the IMF’s Articles of Agreement, they would implement its obligations with respect to foreign exchange matters in accordance with the provisions of the WTO Agreement and related declarations and decisions of the WTO that concerned the IMF. They further committed that they would not resort to any laws, regulations or other measures, including any requirements with respect to contractual terms, that would restrict the availability to any individual or enterprise of foreign exchange for current international transactions within its customs territory to an amount related to the foreign exchange inflows attributable to that individual or enterprise.133 One of these acceders stated, in addition, that it “would provide information on exchange measures as required under Article VIII, Section 5 of the IMF’s Articles of Agreement, and such other information on its exchange measures as was deemed necessary in the context of the transitional review mechanism.”134 The other committed not only to implement its obligations with respect to foreign exchange matters in accordance with the provisions of the WTO Agreement and related declarations and decisions of the WTO that concerned the IMF but also with the relevant provisions of the IMF’s Articles of Agreement itself.135 GATT 1994 permits the imposition of quantitative restrictions to deal with balance of payments difficulties, Article XII regulating its use by developed countries and Article XVIII:B its use by developing countries. WTO Members maintaining such measures must consult with the WTO. While not modifying these rights and obligations, the Uruguay Round Understanding on this subject confirmed Members’ commitment to give preference to price-based measures. Only one acceding country actually maintained balance of payments measures at the time of its accession, these taking the form of an import surcharge. Its Protocol commitment on the subject contained a timetable for its reduction and elimination and arrangements for consultations with the WTO.136 In a limited number of other cases Working Parties have judged it necessary to obtain a commitment from applicants on balance of payments measures they might take in the future. Four accepted the commitments along the following lines: “If balance-of-payment measures were ever necessary in the future, [X] would impose them in a manner consistent with the relevant WTO provisions, including Article XII of the GATT 1994 and the Understanding on Balance-of-Payments Provisions of the GATT 1994”.137 They were therefore treated as developed countries. One LDC accepted the same commitment, modified to refer to Article XVIII.138 Curiously, the other LDC to have acceded accepted a commitment to impose any balance of payments measures in a manner consistent with both Article XII and Article XVIII.139 In another case the relevant GATT 1994 provision was not cited but the new Member undertook a commitment to “give preference to those measures referred to in the Understanding on the Balance of Payments Provisions of GATT 1994 as price-based measures to address the situation and [to] maintain any measures only so long as necessary. In the circumstance that [it] must resort to measures that were not price-based, [it] would transform these measures into price-based measures within 6 months after implementing the initial measures. Moreover, any measures taken for balance-of-payment reasons would not be used to provide import protection for specific sectors, industries or products”.<a href="http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm#fnt140" class="paracolourtext">140 Maynard
  7. I loved this post. Best thing Frank has written in quite a while. And I think he hit it right on the screws. cheers, Maynard
  8. Waylon is more of a songwriter. He typically hires guitar players to do his heavy lifting. Knopfler is a good player. But there is only one JEFF BECK!! That's what i think. Maynard
  9. Bondlady, Your' still smokin' hot. That was a great read. Thanks for the post, BruceV. Maynard
  10. Lol, you saw that too, JayLee. I quoted that on another site. I think this guy in the street gettin' all up in Maliki's fries over this IQD thing is positively epic! Where's my damn RV!!! Maynard
  11. Yep, you gotta be careful. When I was a kid I had a yellow Labrador that uncharacteristically jumped up on the table and wolfed down three quarters of a chocolate cake. Her heart was pounding and she was literally bouncing off the walls. The vet had to give her some kind of anti-convulsant as I recall or she could've stroked out. Just because it tastes good, obviously doesn't mean they should have it. Truly a close call. Maynard
  12. CC'ing Mr Issa is a great idea Captainron. I'll have to remember that. Maynard
  13. At 300hp, I surmise it would be a pretty painless way to go. M Sure, but I bet your mulch would end up on the next block. Maynard
  14. Thanks 82Corp. Very helpful tips. I think I'm gonna be doing some serious reporting overkill to my bank and make a clear paper trail as to where the money is coming from. Maynard
  15. Thanks, 82corp. I'm looking forward to what you find out about the wire transfer. If things get rocky in Iraq, I wanna be able to move my money. Thanks for the other replies as well. Maynard
  16. Hey, folks. Yep, its me, Maynard. I thought since we’re approaching the end of the rainbow, it might be good to offer an informational post on the new FDIC legislation as it pertains to Non-Interest Bearing bank accounts. I’m also reposting a another site entry made by a fellow named JayP, ‘cuz it was pretty entertaining. First, I need to point something out: contrary to what JayP states in the chat below, financial institutions were given the opportunity to “opt out” after June 30, 2010 so your bank may in fact not offer this product. And if it elects that option, the previous guarantees absolutely TERMINATE. The message here is don’t do this blindly. Financial institutes were required to give notice of their intention to opt out no later than April 30, 2010. Check it out in advance. Federal Deposit Insurance Corporate maintains a list, and you can go here: http://www.fdic.gov/...LGP/optout.html And don’t count on your bank to comply with federal disclosure requirements mentioned by JayP below. This is most definitely not an area of marketing discretion that the banks to flippantly regard it, it is required disclosure. But they’ll often lie to you anyway, because they don’t like these accounts as there isn’t as much in it for them as with other products. So just check your bank out in advance and have the FDIC number with you. One more thing, if you are one of those people who are gonna be setting up trust accounts as estate planning vehicles for your dinar investment, FDIC simplified its rules in that regard, and you don’t have to limit yourself to certain “qualifying” beneficiaries. FDIC insurance, at whatever amount that is applicable, is gonna be a lot less of a headache. As of now, the fully-insured aspect of a noninterest bearing account will expire on 12/31/2012, so stay on top of things. Stay thirsty, my friends (as keeps would say) Maynard * JayP Chat: DDC 2/19/11 (Non-Interest Bearing Bank Accounts) February 19th, 2011 01:34 pm · Posted in CHATS & POSTS (Iraqi Dinar Info) JayP: hey Hs and ten, I was going to tell you guys about a story that happened at the bank.. not a bank rumor type of story, just good information… tenmillion: ok jay Headscratcher: ok… JayP: so, someone that is a very close friend of mine, he is actually a member of this site as well, just on here very infrequently though, went to the bank, and asked about the non-interest bearing account… JayP: those that were to be covered by the FDIC over 200K JayP: he went to the bank, and the bank tried to tell him that was false, and not true, and they do not have accounts like that… JayP: of course he and hi wife were really upset and left… JayP: when they went home they started to do more research… JayP: and looked into it a bit more for an hour, and then got the number for the FDIC… JayP: spoke with someone there… JayP: they confirmed, that yes, it is true about the law… JayP: and that it is a law that those accounts are good through 2012 (it was a 2 year plan) JayP: they went back to the bank and spoke with the bank manager about it… JayP: in a bit of a heated discussion… and finally for the FDIC people on the phone… JayP: of course, like you say Hs.. they were right, and that the bank was required to accommodate that… JayP: and JayP: they are also required to have that posted in the bank as well… JayP: they then spoke with someone at the bank some more about it… JayP: someone that is a friend of theirs that works for that bank.. JayP: and they basically confirmed that they at the bank were pretty much told not to promote those accounts.. JayP: so for anyone here that wants to open one of those accounts.. JayP: here is what I would suggest… JayP: before going to the bank, bring the number for the Fdic, as well as the website name… JayP: when at the bank, if they are faced with the same issues.. JayP: call the number and advise the bank folks to look at the site right there… JayP: they are required to honor those accounts, and can cause serious trouble for themselves by doing that… JayP: not sure as to why they would not want to promote them, maybe there is a premium issue with them, causing a higher expense, not sure… JayP: but they do not like to promote them either way… JayP: just wanted to arm you guys with the info so you could be prepared should you run into the same issue another site Chat
  17. I have a Warka account and a Mastercard debit card. I made some notes based on email correspondence with Warka, which I promptly lost, and can't remember answers regarding some of the questions I was looking into. Hence, I still have questions, and if anyone could chime in, I'd be much obliged. What is the cash withdrawal limit with the debit card? Given the $10,000 daily cash transaction limit ala Title III of the USA PATRIOT Act, does that limit apply to any purchases in excess of $10k made with the debit card? What is the daily cash withdrawal limit using the card? I'm also wondering, given Warka's affiliation with Citibank in New York, is it possible to liquidate the Warka account by transferring funds to an account at Citibank? If anyone has any answers on this, I'd like to hear them. TIA and of course - cheers, Maynard
  18. I just don't know who's opinion I agree with anymore. If they fashion their monetary policy with reference to fiscal policy, less than a buck doesn't appear to make sense. The idea of market forces increasing the value of the dinar thereafter obviously doesn't work under that scenario and by the end of the fiscal year they will have no way of making ends meet. I think it NEEDS to be substantially higher and maybe that's still wishful thinking. As far as a cashout strategy should it come in low, we're are gonna need to know if their is to be a cash out time window before it even makes sense to think about holding ANY dinar for a better rate. IMO Maynard I got nice Bongos, don't ya think?
  19. The word is Ozzy showed up, and went over the Shibibi and asked, "what's a Bieber?" OK, I made that part up. Stressed? You don't know the half of it. Maynard
  20. God, I love it! I have a mortgage with Wells Fargo myself. Not by choice, mind you, but they are successor in interest to Norwest Bank a Twin Cities financial institution that was simply awesome to work with. A couple of years ago, I ended up over-paying my mortgage due to notices WF neglected to timely send me. Their suggested way to get the account back on track was to skip a monthly payment and let things incrementally even out. I was just stupid enough to take them up on it, which then generated a Notice of Nonpayment the very next month. That was one of the few timely notices I've ever received from those godless $astards. Long story short, my over-payment culminated in a foreclosure action against me by Wells Fargo! Thanks for the post. Couldn't happen to a nicer bunch of folks. Maynard
  21. Deputy Secretary Wolin Visits Iraq 2/14/2011 Page ContentWASHINGTON – The U.S. Department of the Treasury today announced Deputy Treasury Secretary Neal S. Wolin visited Baghdad, Iraq February 12 – 14 to engage new Iraqi leadership on key economic challenges and the path forward for Iraq. During his two-day visit, Deputy Secretary Wolin met with Deputy Prime Minister for Economic Affairs Rowsch Shaways, Deputy Prime Minister for Energy Hussain al-Shahristani, Minister of Finance Rafi al-Issawi, Chairman, PM Advisory Committee Thamir al-Ghadhban, Central Bank Governor Sinan al-Shibibi and Council of Representatives Finance Committee Chairman Haider al-Abadi. Wolin’s visit reinforced the U.S. commitment to a lasting relationship with a sovereign, stable and self-reliant Iraq and underscored the importance of continuing sound economic policies. His meetings focused on a range of issues, including strategies to help strengthen Iraq’s economic institutions and public financial management; financial sector reforms and efforts to improve the investment climate; and engagement with key international partners including the IMF and World Bank. Deputy Secretary Wolin also discussed the significant threat associated with Iran’s increasing ties to Iraq’s developing financial sector and the need for the development of a sound anti-money-laundering/combating-the-financing-of-terrorism (AML/CFT) regime to protect against illicit financial activity, support Iraq’s integration into international markets and attract foreign investment. While in Baghdad, the Deputy Secretary co-chaired a meeting of the Economic and Energy Cooperation Joint Coordination Committee (JCC) that was established under the U.S.-Iraq Strategic Framework Agreement to strengthen U.S.-Iraqi bilateral economic and commercial ties. Here's the link for this ancient post. Jeez, get a grip. ​http://www.treasury.gov/press-center/press-releases/Pages/tg1060.aspx
  22. Doc, buddy! You main-lining espresso or something? You're like shot out of a canon. GREAT post. Oil has the most political influence on monetary policy? Hail prince of the freakin' obvious. And you're right, Saleh could say "hello" and I wouldn't buy it. You know, with these cash grants to the citizenry of Kuwait and now Bahrain, it almost seems that they are flaunting their currency rates and rubbing Iraqi noses in it. At makes the 15,000 IQD or 50,000 IQD downright comical, if you like that sort of humour. Maynard
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