[Adam's Drive By Chat]

Full Reuter's article with highlighted text that reveals that Chp 7 is not 100%. If I'm wrong clarify. Still good news but I still see work before full release.

 

U.N. council brings Iraq closer to end of 1990s sanctions

Reuters) - The U.N. Security Council brought Iraq one step closer on Thursday to ending United Nations sanctions imposed on Baghdad more than two decades ago after former President Saddam Hussein invaded Kuwait In 1990.

The 15-member council unanimously agreed that the issue of missing Kuwaiti people, property and archives should be dealt with under Chapter 6 of the U.N. Charter - which urges countries to peacefully resolve any conflicts - instead of Chapter 7.

Chapter 7 of the charter allows the Security Council to authorize actions ranging from sanctions to military intervention if states do not abide by council demands.

The move by the council is a significant political boost for Baghdad as it struggles to restore its international standing a decade after a U.S.-led invasion of Iraq toppled Saddam in 2003.

The Security Council resolution recognized "the importance of Iraq achieving international standing equal to that which it held prior to (1990)." U.S.-led troops drove Iraq out of Kuwait in the 1991 Gulf War.

"This is a new beginning for the relations between our two neighborly and brotherly countries," Iraq's Foreign Minister Hoshyar Zebari told reporters after the vote. "This is an example for other countries also to resolve their disputes and differences through peaceful means."

The only issues linked to Iraq's invasion of Kuwait that remain under Chapter 7 are an arms embargo and Baghdad's payment of $52 billion in compensation to Kuwait, diplomats say. Iraq still owes $11 billion and has said it expects to pay by 2015.

There are still a range of Chapter 7 issues imposed on Baghdad after Saddam's ouster in 2003, diplomats say, including the freeze and return of Saddam-era assets and trade ban on stolen Iraqi cultural property.

U.N. Secretary-General Ban Ki-moon has recommended that the U.N. political mission in Iraq should take responsibility for facilitating the search for missing Kuwaitis, or their remains, property and the country's national archives.

(Reporting by Michelle Nichols; Editing by Doina Chiacu and Vicki Allen)

 

 

[Delete the zeros from the country of Iraq will be transferred trillions to billions]

The way I read it. They will be taking the zero's off the new notes. Making Trillions into Billions. At the same time they will increase the exchange rate by the same amount of Decimal places.

If they honor the zero's on the old notes it is called an RV. If not, it is known as a LOP.

This is EXACTLY my question: Will they honor the current notes and ALL the zeros when it's time to cash in or will our $1000 dinar become a $1 dinar like they are promoting on TV?

[The next currency to watch long term...]

Where would you buy silver from? I have no clue about it. Does it come in "

Bars", since you talked about the weight...

Sorry If i sound stupid. I am not, just all of this is new to me. If you have a good source, I would appreciate knowing, so if and when this happens, I can invest somewhere.. thank you!

I like Provident Metals. Overall their price reasonable plus shipping rates. BEWARE of shipping rates at other sites. It adds to your total cost.

Buy in quantities of 20 and get a nice container with it. Great for storage.

http://www.providentmetals.com/

[Adam, We have a few questions......]

Suppose we have to cash in larger denoms at a low RV rate. If we expect initial RV rate to increase over time wouldn't it be better to buy lower denoms now at a cheap rate than later after the initial RV?

[LET'S START WITH SOME TRUTH AROUND HERE!]

The RV was going to happen yesterday, last week, last month and last year so WHY would I believe it will happen tonight, tomorrow, next week, next month or next year when these Gurus have such a long history of being wrong. My guess is as good as their "intel"!

[Are we going to make money on IQD? yes]

In Adams' latest chat he speculated the RV could start at .10 and gradually go up. He said he would buy more to hold after the RV. Also possibly we'd be forced to cash in larger bills during this time but that he would be buying more to hold as the value increases. My thought is wouldn't it be better to buy the smaller bills NOW while the rate is so low rather than wait until we have to pay more? Comments please. Currently the smallest bill I saw was 250. You can buy 100,000 for around $400 USD.

[The Banks Keep Coming]

Could also be an after hours audit or internal bank robbery. Just saying...it could be many things.

[Today the Finance Committee will host a delegation from the Central Bank to discuss the deletion of zeros]

The statement by Sector makes sense to me. A 25,000 dinar of "old" money retains the same value as 25 dinar of the "new" money. Eventually the old currency will be off the market or no longer valid. I was originally among the concerned that the RD would come first and we'd get a lot less in an RV. If I understand this correctly our cash in value should not be diminished by any Lop of 3 zeros.

[Questions????--for Adam's Chat]

Adam assuming the original RV starts low at perhaps .10, how long of a delay do you think there will be before another increase, (days, weeks, months) and by how much? Can you speculate on length of time and approx. rate increase over time. Also what is the risk of waiting to cash in later?

[IQD to be restored to it's former rate...]

Lop or not I believe there will be a time limit to cash in and anyone with ideas of holding on for the long term (2 years or more) will likely have to cash in their current dinars and purchase the new dinar to do so. The whole lop concept seems very difficult to pull off if you ask me. Suppose the US wanted to lop 2 zeros off 100 dollar bills. Now their worth is $1. Does it but the same as the old $100 bill? What happens to all of the bills over $1 now?