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dinarislate

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  4. Interesting Situation May Be Coming

    in RV & Dinar Questions

    Posted

    PEOPLE TEND TO BELIEVE, OR ACCEPT, ONLY THOSE THINGS THAT THEIR MINDS CAN COMPREHEND. IF YOU CANT COMPREHEND SEEING THE DOLLAR COLLAPSING THEN, IN YOUR MIND, IT WILL NEVER OCCUR. THE REALITY, HOWEVER, MAY BE SOMETHING FAR WORSE. YOU MIGHT WANT TO, WRAP YOUR MIND AROUND THIS, http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC08/PR

    IT IS ABOUT ONE HR LONG, BUT I ASSURE YOU IT COULD BE THE BEST HR YOU EVER SPEND. WHAT YOU CHOOSE TO DO WITH THIS INFORMATION IS ENTIRELY UP TO YOU, BUT AT LEAST YOU WONT BE AN OSTRICH WITH ITS HEAD IN THE SAND.

    This video freaked me out but was very informative. Me? I think I'll probably be in heaven when this happens...

    You can also go to www.endofamerica13.com :)

  13. IQD

    in Iraq & Dinar Related News

    Posted · Edited by dinarislate

    I just looked on xe .com and they had the IQD listed on the currency listing chart...That's something new. I have been looking at it daily and I always had to go into it to see it. But it's on the chart now. Not at the RV rate,, but I think it's gearing up...!!! :lol:

    • Upvote 2

  19. RV-O-Meter

    in Iraq & Dinar Related News

    Posted · Edited by dinarislate

    The Web’s Only RV-O-MeterBy Justhopin 74The web’s only RV-O-Meter will gauge the progress of the revaluation of the Iraqi Dinar as news, information, and intel is made available.

    Condition is in a high-grade warning to “Prepare for Cash In” on the RV-O-Meter as of Nov. 21, 2010.

    The RV-O-Meter will remain unchanged as of November 21, 2010 at a weighted confidence level of 95.9%.

    Today

    The Iraqi parliament has reconvened after the Eid holiday. Sunday’s topics (as reported) include this weeks agenda, parliamentary procedures, and forming committees.

    This week parliament will meet again Monday through Thursday. The final day is reported as the official day of mandate for Maliki to begin forming his government.

    Also covered in today’s session, the new parliament president introduced fines to members and deputies of parliament if they opt not to attend.

    Topics slated for discussion this week include Maliki’s mandate, Allawi’s role in the Council of Strategic Policy, possible ministry posts, and quite possibly the 2011 Budget and HCL Law.

    Talabani: Maliki will assigned Thursday, Nov 25 to form a government

    Parliament resumes without mandate; Agenda to form committees and discuss procedures

    Iraq parliament sets its agenda for the next four sessions

    President Najafi is to impose financial penalties on the deputies and members of parliament

    Nujaifi: the first tasks of the Parliament the enactment of the Strategic Policy

    Today’s parliamentary session as well as sessions conducted throughout the coming days will evolve.

    Budget

    Last week Maliki informed the Government of Iraq (GOI) to make final preparations to the 2011 Budget as parliament is prepared to begin hearings on the matter and fast track the issue to a deciding vote. Minister’s have pledged to have the budget ready for parliament and its committee within days.

    The budget is beyond a necessity at this point in Iraq. The people of Iraq function with zero to limited electricity and common services such as water and sewer. Citizens on welfare are now faced with drained funds. Government employees have staggered paychecks, if any. The situation in Iraq is becoming unbearable to the average Iraqi.

    The 2011 Budget is supported by the production of Iraqi oil and is reported to be based on a rate of $73 per barrel. The budget will allow for many of these setbacks to be rectified once passed. Therefore the budget is an essential piece of legislation for Iraq.

    According to many sources the revaluation is set within the calculations of the budget and therefore this issue will be heavily monitored by investors as it progresses.

    Parliament Maliki’s request to send the budget to accelerate in 2011

    Oil: Calculate the price of oil up to $ 73 in 2011 budget

    Special Report: Iraq’s 2011 Budget

    Finance, oil ministries to set oil barrel price in 2011 budget

    AP: Welfare funding runs out in Iraq

    IMF

    Not surprising the IMF has entered into the Iraq news over the past week. Two articles revealed statements of importance.

    Iraq is seeking funds (loan) to shore up a budget deficit. The IMF has ruled it will not provide funds to Iraq and will keep the discussion open.

    This I believe is due to the near passage of Iraq’s 2011 Budget.

    In a recent news article, Iraq’s Minister of Finance released the IMF is in support of raising the zeros from the dinar and recognizes it will “enhance” the value of the currency.

    The IMF expressed unsatisfactory remarks in regards to Iraq’s monetary policy. The IMF desires solutions for Iraq’s increasing inflation, lack of disbursement of funds/salaries, and unemployment. Iraq has pledged it will make every effort to find a solution. This takes us right back to the reason for the RV. Furthermore, the IMF rejected a bridge loan to cover Iraq’s budget deficit – so kudos to the IMF.

    Center calls for economic disengagement Iraq International Monetary Fund

    Finance: Delete the zeros of the local currency enhances the value of the Iraqi dinar in the International Monetary Fund

    GOI Advisor: IMF requests extensive changes to Iraq’s monetary policy; Iraq pledges to address critical problems

    Dinar

    Just when you think you couldn’t stand to read another article about “dropping the zero’s” an article was published today that deserved some attention. An economic expert is imploring the people of Iraq to understand the method behind raising the zero’s by saying

    “the process of deleting three zeros from the Iraqi currency will lead to currency appreciation and to increase the purchasing power of citizens”

    Economic Expert: The process of deletion of zeros from the currency is an important step will lead to economic recovery

    The Week Ahead

    Parliament and the Government of Iraq are working strenuously to meet approval of the United Nations and the IMF meanwhile meeting the the needs of its own citizens.

    As the situation improves in Iraq it is quite possible agencies such as the United Nations and/or the IMF could release statements regarding matters such as Chapter VII.

    Therefore, the situation is highly volatile – any positive action could result in a series of actions and reactions leading us one step closer to the RV. The RV-O-Meter might become effected depending upon the outcome of certain events and as a result the RV-O-Meter will be adjusted accordingly and consequently updated.

    Commentary

    As investors we have experienced some grueling up and down moments ever since investing in the Iraqi Dinar. It might have been wise to not only invest in the dinar but also Johnson & Johnson, the manufacturer of Rolaids.

    As we have witnessed over the past few weeks this chapter on the dinar is coming to a climatic close. The Iraqi government formation is well underway and the prime ministers cabinet selections will start to evolve over the next few days and weeks.

    Allawi remains unpredictable however reports indicate he will be a team-player in the end acting as Chairman of the Council of Strategic Policy.

    Beginning this week it appears the Iraqi government will focus not only on filling key positions in the ministry but also passing essential bills and laws we know so well as the 2011 Budget.

    If you are a dinar investor the hard, arduous part is over; the formation of the Iraqi government was the key. Now its time for Iraq’s leaders to act like a government for their people.

    By all indications from this day forward, the revaluation could be triggered by any event brought on by the actions of the Iraqi parliament, Central Bank of Iraq (CBI), International Monetary Fund (IMF), or the United Nations (UN).

    We are that advanced into this investment. Any setback would be at the result of Iraq’s own hand.

    Like the conclusion of a good book the last chapter begins to culminate with key players and events experienced over a journey. And what a journey this has been.

    By the way if you would have invested in Johnson & Johnson five years ago your investment would be up 2.05%. In this economy, a 2% return is nothing to snarl at…and quite possibly a sign of good things heading our way.

    Like always I will caveat this by saying we are dealing with Iraq. Anything can happen that can cause delay as we have witnessed so many times before. While I do not foresee anything delaying this forward movement at this time I reserve the right to downgrade the RV-O-Meter as needed.

    Please remember many factors (many unknown) could be at play regarding the revaluation. The RV could occur anytime from this point forward with little or no warning or announcement.

    We will soon have a pocket full of blessings.

    Thank you,

    Just Hopin

    Please refer to What does Prepare for Cash In mean?

    Which explains my thoughts on how to prepare for that special day.

    http://don't promote other sites.wordpress.com/2010/11/07/zebari-close-the-file-on-oil-for-food-chapter-vii-may-not-close-immediately/Share this: Share Email

    • Upvote 8
    • Downvote 1

  22. TAX Info

    in Tax Discussion

    Posted

    This was emailed to me from a friend who is also invested in the dinar.

    Today I call the IRS to try to get answers directly from the horse's mouth concerning "How the profit derived from the appreciation of the foreign currency I have held over a year, as an individual, when exchanging into U.S. Dollars, here in the USA" should be classified on my tax return.

    Should the $4,000.00 be "Simply a non-taxable event as a currency exchange, Ordinary income or a long term capital gain?"

    I called the IRS number per www.IRS.gov:

    Telephone Assistance for Individuals:

    Toll-Free, 1-800-829-1040

    Agent XXXXXXXXXX listened and sent me to:

    Capital gains area questions.

    Agent XXXXXXXXXX listened and sent me to:

    Ordinary income area questions.

    Agent XXXXXXXXXX listened and sent me to:

    Complex issues area questions.

    Agent XXXXXXXXXX listened and sent me to:

    Advanced tax law area questions

    Agent XXXXXXXXXX listened and said:

    "This is an 'Out of Scope' question and I should seek competent Private Tax help." I than asked if this was the IRS and would this not be the place for the 'Most Competent' tax help? I then was told "They are not trained to answer this question and could not help me" and she was sorry but "Seek competent private ect. etc."

    When I said "A private person did not make the regulations covering this question nor would they enforce the regulations ... could I please speak to someone that should or could have the correct answer?", I was told I "was at the last area for this type question" and the only answer is .(you guessed it) "Seek competent private etc. etc."

    I then said " The IRS.gov 'search' doesn't have the answer and you don't have the answer, could I go to the local Phoenix IRS office with this question" and was told "They most likely would contact this area as well ... and would be told the same thing". and you would again be told to "Seek competent private ect ect".

    I said ... one more question ... "What if the 'Competent private tax help' is wrong?" She then said "Well ... you sign the tax form and that makes you responsible."

    I started to wonder if I just reached a lazy agent ..... so I tried the call again. The only thing different the second time was I went to the Income area before being sent to the Capital Gains area.

    I think I'm going to send the same question to John McCain's office in Washing ton and hope it does not get lost. I'll see if they can get a better answer than I can from the IRS.

    I know the 'Competent private tax' person that prepares the tax form and signs it with me .... but he will not pay the fines and extra tax ect.

    There seems to be no easy answer .... but I'll keep you all posted.

    WatchMan

    Brought this over from last thread.

    WatchMan,

    I feel your pain. I tried the same thing but revised my search in the IRS with a start from a good Tax Attorney. He was able to direct me to one of the lawyers responsible for defending the IRS tax code in Federal court. I proceeded with the phone trail from this point and wound up with the man responsible for section 988 of the IRS tax code. At first he said that section 988 did not apply to us (article 3) because he did not realize that I had bought my Dinar as an investment with the intent to profit from an increase. At that point he said that section 988 does apply to us and we will have to pay taxes as ordinary income according to the section of the IRS code he is responsible for defending. Notice that it does not matter how long you have owned the currency according to him. He told me that he was sure of what he was telling me and would be the one to defend that position if necessary. He said he had been doing this for a while and actually wrote some of the legaleze in that code.

    Now this is the interesting point. The IRS will not help you comply with them but will come down on you like a hammer if they think you have not. Their code is confusing and they know it. The problem for us is that this looks like it could be a capital gains issue and many belive it to be so. I myself would love to pay only 15% but that most likely is not what the reality it. Even if we seek professional help and do our best to comply, we will be subject to the interpretation those who enforce the tax code. You may have a great argument that seems to be in line with the tax code when you file, and if anyone can get away with 15% and keep it that way then that is great for them and I wish them the best. However, the man I spoke wqith could see that claim and with jurisdiction, go after the 15%'s and prove they are subject to section 988 and owe thw difference plus penalties.

    There will be some people who will be hit hard unless we can get a special ruling or something. I tried to explain this conversation I had with IRS lawyer on another thread here at KTFM and was realy turned off by some of the responses. I don't care what you think you know about the IRS tax code and our investment. The problem is that there are people who are responsible for defending the code and their interpritation unfortunately is what you will be subject to. So, at this point, prepare to pay 35% up front or a whole lot more if you wind up filing wrong due to "Professional Advice".

    People can believe what they want but I am just reporting the conversation I had with the man who actually is the IRS lawyer responsible for section 988 in Washington.

    That's the first time I think anybody made sense in going the extra mile in getting info on taxes. I was hopping for just the 15% but all well!!

    I love the IRS..lol. So if you buy the dinar for investment purposes any gain on exchange is taxed as ordinary income. If you buy it for personal reasons (like travel) then any gain is taxed as a capital gain. Anyone see the irony in this? Go figure.

    Thanks for the information.

    This is the most intelligent answer I have seen yet! ;)

  24. BANKING UR RV MONEY??

    in Investment Opportunities and Wealth Management

    Posted

    This is why most people who land this investment will lose it all within the first few years. Did you know that one of the self proclaimed guru's here claims to be in the oil industry for over 15 years. In time we've come to learn that he has been pumping gas at a local gas station for 15 years, So what he said was true! Maybe if your lucky he will be the one to advise on your new found millions! Until that time maybe you should reflect on what you have just done and the people you are placing your trust in. If you want some real fun you should read the rumor section and make decisions based on what is posted.

    :lol: Officer Quippy, you say some funny things!

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