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Don Paul

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Posts posted by Don Paul

  1. thank you for the post

    could mean a few different things

    she could possibly not sell you any AT THAT TIME because she couldnt get a fixed quote on it.

    she maybe was told it couldnt be sold until some fluxuation stabilized

    she couldnt sell you any because their source isnt supplying dinars as quickly as in the past and just told you what she was told to say

    maybe there is an internal/banking RV we are not privy to yet

  2. 2010-11 T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers—Just Released

    Tax havens and offshore banking authority and author, Hoyt Barber, releases his 4th annual "List of the World's Best Tax Havens and Offshore Banking Centers," also known as "The Green List."

    In 2010, Barber expanded his annual tax haven rating, known as the "T-7 List" from seven tax haven countries to eight, eliminating Uruguay which is soon likely to compromise their once strong bank secrecy laws, and has added two additional jurisdictions—St. Vincent and Anguilla—for their attractiveness and ease for conducting financial business.

    The 2010-2011 T-8 List reflects the best of no-tax or low-tax jurisdictions, money and asset havens and/or offshore banking centers. The carefully selected venues are based on Barber's twelve criteria for evaluating the overall worthiness of an offshore financial center, including the requirement to have strong bank secrecy laws and no Tax Information Exchange Agreement (TIEA) with the United States, or Canada, with exception of St. Vincent and Nevis, neither of which has signed with the U.S., while both have signed with Canada.

    The twelve criteria include: 1) tax structures; 2) political and economic stability; 3) exchange controls; 4) treaties; 5) government attitude; 6) corporation and trust laws; 7) communication and transportation; 8) banking and professional support services; 9) legal system; 10) secrecy and confidentiality; 11) investment incentives; 12) location.

    As a result of recent financial and political developments over the past couple of years, the T-7 list had a number of significant changes in 2009-10 from previous years. European banking centers, in particular, find themselves today under extreme pressure from outside forces like the United States, the United Nations, the European Union, the G-20, the OECD, Germany and France and other international organizations.

    European banking centers such as Switzerland, Liechtenstein, Austria, Andorra, Monaco and Belgium have already either agreed in principle to compromise their bank secrecy laws or in the process of compromising them. In the meantime, many banks in these "target" countries are refusing to do business with new and existing clients, asking them to take their business elsewhere, particularly zeroing in on taxpayers from the United States and Canada.

    Two years ago, in 2008, the T-7 list was comprised of Switzerland, Liechtenstein, Austria, Andorra, Panama, Belize and Nevis.

    According to Barber, "Fortunately, there are still excellent alternatives to European banking centers that offer the strongest bank secrecy in the world, have no taxes, or low taxes that would impact foreign investors, and that simultaneously provide maximum asset protection."

    Then, this past year, in 2009-10 the T-7 list was changed to include Belize, Panama, Cook Islands, Nevis, Switzerland/Liechtenstein, Hong Kong and Uruguay.

    Barber points out that the order of the list does not necessarily reflect preference, as much depends upon the specific scenario and goals of the individual who is choosing a venue.

    Barber's new 2010-2011 expanded T-8 Annual List of the World's Best Tax Havens and Offshore Banking Centers are as follows, together with the specific merits and advantages of each jurisdiction:

    • Belize—Asset Protection Trusts (APT's); International Business Corporations (IBC's); offshore banking; investment management; e-commerce and offshore business; and the Qualified Retirement Program (QRP); strong bank secrecy; no TIEA with the U.S. or Canada.
    • Cook Islands—APT's; IBC's; offshore banking; investment management; offshore annuities; strong bank secrecy; no TIEA with the U.S. or Canada.
    • Nevis—APT's; IBC's; Limited Liability Companies (LLC's); offshore banking; excellent economic citizenship program; strong bank secrecy; no TIEA with the U.S.
    • St. Vincent & the Grenadines—IBCs; offshore banking; private offshore bank licensing: flag-of-convenience; strong bank secrecy; no TIEA with the U.S.
    • Anguilla—Offshore companies; strong bank secrecy; no TIEA with the U.S. or Canada.
    • Switzerland/Liechtenstein—Offshore annuities; portfolio bonds; life insurance; and private banking, if bank secrecy is not required, with a minimum US $1,000,000 under management; low tax jurisdictions. TIEA's are being negotiated with the U.S., Canada and others.
    • Hong Kong—Offshore corporations, offshore banking; strong bank secrecy; no TIEA with the U.S. or Canada.

    • Upvote 1
  3. I watch the CBI website everyday -- mostly due to my unhealthy addiction, trying to WILL the RV to happen. However, this morning, the exchange rates on the website now have 3 decimal places. Normally they did not have any decimal places. Previously the IQD rate for 1 USD was 1170 on the sell side. Today it is 1170.000.

    My Take: this is a change in the format of the numbers.

    Why change the format?

    Well you need to have the additional decimal places if they become needed. Remember, most of us are hoping for an exchange rate of 0.322 or thereabouts.!!

    Just an FYI

    www.cbi.iq

    • Upvote 17
  4. quoted from another site i cannot mention

    "...My post is in reference to the banks that continually are discussed as either “sources” for information, or as potential “cash-in” options post-RV. Let me explain… First off, it does no one any good to call banks at this point. Iraq is a country that is under sanctions (Chapter 7) with the United Nations and the world. As such, their currency is NOT internationally recognized. Because of this, MOST (almost all at this point) banks do NOT deal in the Iraqi Dinar (buying or selling). Some still do, but those that do are diminishing in number. You will not get any information out of them by calling and trying to see for yourself if they are now, or will in the future, deal in the Iraqi Dinar.

    With that said, you should know that ANY major financial institution that deals internationally will absolutely one day carry the Iraqi currency. Why? Because when Iraq has its sanctions lifted, and is once again included and welcomed onto the world’s stage as a legitimate country, their currency will be accepted once again. Until that happens, don’t count on it. It’s that easy.

    Most international banks WILL work with the major currencies of the world. That’s a given. You do NOT need to call one and verify that. It’s a common known fact. As such, when your investment, even the Iraqi Dinar, matures and the government that backs that currency is in tact, you will see things change. Until then, you are simply wasting your time and the time of those who answer the phones at the banks to inquire otherwise...."

  5. It seems like no one on this site can take advice.

    DO NOT WASTE YOUR TIME OR THE BANKERS ABOUT DINARS (not even considered an EXOTIC currency at this time)

    What part dont you people understand? Its not a traded currency on the banking world, so its like talking about Ameros or Monopoly money to them.

    or are you just stuck in the COULDA WOULDA SHOULDA syndrome??

    • Upvote 1
    • Downvote 3
  6. Hi

    Being this is my first post I will probably get cut off at the knees for it but, I had a question for MovieMaker do you realise that your avatar is making the sign of the devil? I was just wonder as a very high percentage of this board seem to be Christian, and it seemed a bit unusual to have Satan symbolism not being questioned .

    Anyway please feel free to flame away.

    Regards

    AG

    Kinda depends how well traveled you are, and how long you've been on this earth.

    It could be the 'hook em horns' sign from Texas University, or the ward off and spit that Sanford (from Sanford & Son) from the 80s TV series used to get from the evil eye from his inlaws ... or .... the opposite of the Boy Scout signal

    • Upvote 1
  7. Guys, read between the lines. Her boyfriend who is in Irak(?) with lots of Dinars, is telling her he wont be comming home rich because of this "switch"...

    reminds me of the guy who won the lottery and told HIS wife, "honey, get your self a plane ticket to wherever you want"... she said WOW... until he told her to make it JUST for her and JUST one way... :-)

    • Upvote 3
  8. Well, considering at the rate the fed is printing more dollars I can understand your concern. It is mine as well. Inflation is just another word for taking money out of your pocket without touching it, in my opinion. There IS a race to devalue currencies by many big countries so as to make their goods cheaper in the world market .. ie: china, US, europe...

    From what i have studied, it may be best to have a basket of currencies, not all cashed into dollars.

    Say for example, the Australian and Canadian Dollars have good backing, as well as the Swiss Franc.

    My tidbit to you is this... IF you exchange dinars for some other currency, I DONT think you will owe taxes until you cash the other currency into dollars.

    Maybe not a bad idea to cash into lower demons, some foreign currency on some percentage....

  9. I bought dinar from Capital One Bank. They would have no problem cashing SOME of what they sold me. They said IF and WHEN.

    Ali is a nice guy, but if you divide 450,000 admited clients by his 12 locations or so, you figure out how he's going to handle THAT number, EVEN if eveyone divides out equally amongst his future locations and everyone slips in and out perfectly in 15 minutes... hummmm

    Im thinking a little bit here and a little bit there.. and do some real thinking in between

  10. I know I needed this reminder, since Sears isn't always my first choice. It's amazing when you think of how long the war has lasted and

    Sears hasn't withdrawn from their commitment. Could we each buy at least one thing at Sears this year?

    How does Sears treat its employees who are called up for military duty?

    By law, they are required to hold their jobs open and available, but nothing more. Usually, people take a big pay cut and lose benefits as a

    result of being called up for active duty.

    Sears is voluntarily paying the difference in salaries and maintaining all benefits, including medical insurance and bonus programs, for all

    called up reservist employees for up to two years.

    I submit that Sears is an exemplary corporate citizen and should be recognized for its contribution. I suggest we all shop at Sears at

    least once, and be sure to find a manager to tell them why we are there so the company gets the positive reinforcement & feedback it well

    deserves.

    Pass it on.

    I decided to check this before I sent it forward. So I sent the following e-mail to the Sears Customer Service Department:

    I received this e-mail and I would like to know if it is true. If it is, the internet may have just become one very good source of

    advertisement for your company. I know I would go out of my way to buy products from Sears instead of another store for a like item, even if

    it's cheaper at that store.

    This is their answer to my e-mail

    Dear Customer:

    Thank you for contacting Sears.The information is factual. We appreciate your positive feedback.

    Sears regards service to our country as one of greatest sacrifices our young men and women can make. We are happy to do our part to lessen the

    burden they bear at this time.

    Bill Thorn

    Sears Customer Care

    webcenter@sears.com1-800-349-4358 Please pass this on to all your friends. Sears needs to be recognized for this outstanding contribution and we need to show them as Americans, we do

    appreciate what they are doing for our military

    • Upvote 3
  11. CBI adviser: Dinar will rise against the dollar in the coming period

    Posted: December 5, 2010 by Justhopin in Iraqi Dinar/Politics

    Tags: Central Bank of Iraq, Currency, Dinar, exchange rate, Finance, Iraq, Iraqi dinar, Mali, middle east, Revaluation 2 Said: “The budget deficit usually begins and ends with a surplus

    An official source in the Iraqi Central Bank to witness a remarkable rise of the dinar against other currencies especially the dollar .. Be denied that the budget deficit next fiscal something negative, saying at the same time that most of the public budgets deficit begins and ends with a surplus of Mali is Mdaorth ..

    The Chancellor and the economic expert for the appearance of Mohammed’s (morning): The budget deficit is similar to the deficit in the economic structure in general, what calls for attention to processes such as how things can reflect negatively on the economic process in Iraq completely,

    The Cabinet has recently approved the general budget for Iraq for next year 2011, amounting to $ 83 billion, depending on the value of export of oil amounting to 2.25 million barrels per day and at a price of $ 73 per barrel, but the experts and specialists in the economic forecast to suffer the next budget a deficit of $ 18 billion, which commented upon in favor by saying: not a question of negative to suffer the budget financial deficit, but to see the budget at the end of each year a financial surplus due to non-completion of many plans and projects, and also said: Every time you start the budget deficit , and ending with a surplus …

    In return, expect the benefit to see the Iraqi dinar remarkable rise against other currencies especially the dollar, explaining that the size of financial returns to the oil, which rose dramatically during the past period compared to past years, as well as the situation called for Palmtdeda [compared] to the dollar in world markets, which can be to contribute according to the Chancellor to raise the value of the Iraqi dinar against the dollar ..

    The central bank’s long been the deletion of three zeros from Iraqi dinar, in a move designed, according to those concerned to reduce the value of inflation in Iraq, to equality dinar to the dollar, as well as reducing the cluster enormous cash from the Iraqi currency to its lowest limit, however, observers have criticized the move by Galo it is not effective at this time, indicating that the deletion of three zeros from Iraqi dinar will not work to reduce prices or improve quality of life, but it is a switch of the currency only, can not see prices drop because of it as far as saying ..

    Saleh said the CBI has a lot of policies drawn through auctions currency held by the continuously at the moment, adding that the auction and a means of indirect monetary policy and seeks to achieve three important objectives is to control the levels of liquidity to the Iraqi dinar and also is a means to control the dinar exchange rate against the dollar, as well as being an incubator is important for the financing of private traders who rely on the support of their projects financially through these auctions .. and Abizaid valid reference to that post the most prominent of the currency auction is to achieve economic stability, particularly the reduction of inflation rates, indicating that in addition to for exchange rate stability achieved by the exchange auctions, it is an important means able to achieve substantial financial reserves of Iraq amounted to $ 50 billion.

    http://bit.ly/fW71KV

    • Upvote 1
  12. Related article Dec. 2nd link ~ Shahristani out of oil, in for Maliki deputy

    shahristani%2BDec%2B2nd.jpg

    December 3, 2010

    Iraqi Oil Minister Slated For New Job

    BAGHDAD, IRAQ

    Iraqi Oil Minister Hussain al-Shahristani could leave his post for a new position under the prime minister, a top government official said.

    Shahristani is likely to become deputy for energy, a new position under the pending government of Iraqi Prime Minister Nouri al-Maliki, The Wall Street Journal reports.

    Sources told the newspaper the minister would take the post provided he could play an active role in the Iraqi energy sector. That holds even if Maliki hands the Oil Ministry over to his rivals.

    Abdul Hadi al-Hassani, a leader in Maliki's Dawa Party, said the move had the backing of many of the Shiite members of the new Iraqi government, the Journal adds.

    Shahristani told Emirati newspaper The National in March that he didn't want to have another term in office, however.

    "I wouldn't try to stay unless I was forced to stay," he said from Vienna. "It wouldn't be my wish."

    Shahristani faced challenges to his authority by Kurdish leaders who continue to strike oil deals in defiance of his ministry.

    Lawmakers called the minister in for questioning most recently in 2009, when he was asked about alleged corruption and declines in oil revenue

    http://www.officialwire.com/main.php?action=posted_news&rid=265039&catid=863

  13. You can legally gift up to $13,000 in one calendar year without any tax liability. My cousin has a Series 7 and they use the $13,000 "gifting" law to help reduce the taxes on trusts etc.

    I THINK that is 13k per PERSON, per year ... no?

    You can no longer GIFT say a house to your siblings, since a lot of people tried that to circumvent state long term care 'inheritors', and if you do, they are responsible to pay taxes on the value of that house minus say the 13k gift allowance.

    IF you want to do your kids a favor and are SOMEWHAT healthy, a life insurance policy might be a good idea since proceeds are usually tax-free, but maybe not completely depending on the new estate taxes the gov is possibly re-instating next year....

    What if you cash in $9,999.99? The thought it was anything "over" $10,000?

    I did not mean to continuosly cash in $10,000 forever. Just once or twice for some play money and until I get my trusts, off shore accounts, tax reductions in place.

    That is a ridiculous idea. I think the RV will be at 3 dol, which means even cashing in ONE 5000 dinar note will bump you over that limit...

    • Upvote 1
  14. Great Question! I look forward to learning the answer!

    FIRST OF ALL

    1. I have good information that this TURN IN, will not be days, it will be allowed months (why not- Iraq isnt going anywhere) and possibly up to a year.

    MEANING, you have TIME to shop around for fees, advisors, etc. This is what you should find out FIRST if youre a total financial dummy. Thats what I plan to ask... how much to I have at the END, period.. and do a spread sheet.

    You dont have to be a rocket scientist to figure out the NET cost of fees or spreads. Just ASK what you will have left after such per dinar.

    ($150 dollars per million is a ridiculously low amount compared to the INTEREST a million dollars earns per HOUR, in my opinion, though I found another established trader who charges that no matter how many millions you cash in) BOTTOM LINE. It wont be the 150 to consider.. you need to calculate the NET TOTAL AFTER EVERYTHING

    2. S of CBI has implied this will be a MANAGED FLOAT. Meaning, unlike the KU RV, where it wildly went from 3-9-3 within months, this will be more controlled by the CBI. WHY? because S is smart and learned from KU, and because this is also about establishing CREDIBILITY with the IRAQ people, to where a loaf of bread doesnt go from 2 dinars to 7 in one week. IF this is the csse, no reason to RUSH to cash in.. again

    IF you bought from Ali, you can lock in some/all your cash in if you want a safety net. But again, you may be waiting days for an appt.

    3. Fees/costs of trading dinars for dollars.

    You dont have to be a rocket scientist to figure out the NET cost of fees or spreads. Just ASK what you will have left after such per dinar. PLEASE CONSIDER THE TIME VALUE OF MONEY. Having an IMMEDIATE deposit in an interest-bearing account versus taking a week to 'confirm' the deposit can make a difference of THOUSANDS of dollars in interest alone in that time.

    4. Where/who?

    Im curious how Ali will handle his admitted 300,000 clients at one time if there is a stampede. Divide that number by locations and there is the possibility of it taking MONTHS before you're up to the plate. No bashing, Ali seems a GREAT guy and a christian, im just doing some basic math.

    I think if you become a millionaire, you might want to take a harder look at the Weiss(?) report on banks. You might be surprised at which banks arent all that stable. You might want to take a hard look at BOA. No bashing... just the facts, mam...

    MY own opinion is to SPREAD the risk/load. The local Capital One bank I bought SOME of my dinars already has records that I bought from them, so how difficult would it be to cash in some there without having to jump any silly hoops? I'll just see if they arent too greedy on the exchange, though it would have to be really ridiculous to not do at least a little for immediate cash flow.

    5. SAFETY/DANGER

    I have seen people on various boards talk about a post-RV party. Also about travelling with all your dinars.

    Heres MY opinion.

    Having dealt with violent hold ups and other situations while travelling and in my present consulting 'world', I would not advise to attend a PUBLICLY announced & open get together. If it were a few of my own personal friends is maybe one thing. But the fact you let anyone reading these forums know where a few dozen nuveau-rich are getting together could spell trouble if the wrong element gets that information. Particularly if it is done outside US.

    Again, if there is NO RUSH - (cash in timeline) I wouldnt travel with ALL your money, just enough to 'prime the pump'. Personally.

    I think if you get stopped by the notably confiscate-first-then-make-them-prove-origin new 'guard' you could be put in an awkward situation.

    So MY recomendation is to first find out HOW MUCH TIME YOU HAVE, (since it shouldnt swing wildly due to managed float) THEN figure out who/where in that order.

    which kinda reminds me of an old texas tale...

    two bulls, one young and one old were sitting atop a hill looking down on all the cows on the plain, and the young bull says "why dont we run down there and lets jump on one of them there cows right now!?" ... the old bull answers "why dont we just slowly walk down there and take care of them ALL"...

    Great Question! I look forward to learning the answer!

    • Upvote 2
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