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Speculator buying up privately held dinar
Rasent2 posted a topic in Dinar RumorsRecent I heard about a speculator in Texas who suposedly is buying dinar now at $2 per IQD. His process is similar to the traders; make an appointment, go to his office, validate and turn in your dinar and after about 3-4 weeks your account will be credited at $2 per IQD less federal tax on the exchange. He will allow only one appointment per individual. Thus, if you wanted to "test" the system by cashing in a smaller amount, YOU could not come back later. However, you could make an appointment in the name of your spouse or significant other to complete the sale of your IQD. The idividual is also making the same offer for VND. The contact has been "checked out" by my info source and seems legit or at least has no overt evidence of a being a scammer. But this does to seem to be a new "wrinkle" of which I have not been aware over these years. Supposedly, certain banking officials (Wells Fargo, BoA, Chase, etc.) have "gotten together" and agreed to not convert IQD from private holders, especially those with smaller amounts. What that means precisely is unclear. More importantly what this means for VIP members and the Certificate is a question. This individual ostensibly has connections with CHINA. He will buy NOW your IQD at $2 and process the IQD through CHINA to pay you your value (hence the 4 wk delay). His "deal" is that "he can afford to wait" for the real RV and then through his China contacts will cash in at whatever rate (above $2) and thereby make his money. Or he is selling IQD to China to get yuan (or whatever) which is devalued right now and exchange further up the line like some Hong Kong money sellers I met on R&R in Hong Kong in 1968 during the War. According to my info, this individual will buy your IQD and pay the federal tax on the exchange so your actual return deposit will be $2 per IQD less the tax. You would still be liable for any state taxes on the exchange. The value here is that what you receive is what you'd be taxed on by your state. I'm not certain how that works (smell test). Somehow this is not passing the "smell test" for several reasons. First, China. Is China trying to dump USD? Second, unless the RV will be above $4 I can't see a benefit to paying $2 now to make a net $2 later and less to pay $2 to get $1 (at a $3 RV) unless the RV is right around the corner and this guy is a billionaire. The "hook" in this is the offer to us for $2 now instead of something higher later at some unspecified time. Just the carrying costs of the cash over time decreases any profit on the transaction as I see it. And third, I can't see banks losing the opportunity to profit on the rate differential between what they would give us and what they would get from the Fed. I don't know of any US bank that can trade directly with another nation's central bank. As I understood this in the beginning, the banks will get one rate at their level and would be giving us a lower rate by 2% or such. Just thinking that private holdings of IQD is supposedly estimated at nearly a Trillion $$ there's a lot of money to be made by just signing your name twice. How see you all on this "opportunity"? Am I seeing this accurately? Has anyone else heard of this opportunity? If legit, we have been waiting a long time and $2 now seems attractive to a continuing wait for some RV which could range from 50 cents plus or minus to $4 (per the incorrigible optimists.) If this individual is willing to pay $2 now, who cares what he's up to. "Bird in the hand...." and all that! For those of us in the VIP, if true that the banks are "iffy", how does that affect the Certificate Adam offers for VIP membership? Not to disparage Adam whom we do hold in high regard, but if this individual's bank intel is valid ....? Comments please, especially Adam as it affects the VIP Certificate! Rasent2, a loyal lurker!
IMO, there certainly is a possible route for IQD Speculators holding IQD cash to send their physical bricks of cash back to the source in order to get paid ~ something ~ when the time comes to turn it in. The same opportunities that exist now (internet dealers or banks acting as dealers) should still be there for a limited time after the CBI starts issuing its new currency into circulation for exchange. I know for certain that once Iraqi Sovereignty set in and Iraqi Custom Inspection Stations were moved from Dubai back to Baghdad it was definitely against Iraqi Law to FedEx or otherwise courier or mail any Iraqi currency from outside of Iraq to anywhere inside of Iraq. Here’s the email thread that happened when I was about to send my eighth FedEx pack of IQD to the front door of Warka branch # 790 in Baghdad in care of Mr. Issa. I sent an email enquiry to the Customer Accounts Department at Warka Bank with a cc to the Customer Services Department and a cc to the International Foreign Relations Department. In it, I said the following: Dear Sirs: When I first inquired about opening an account with Warka Bank, you sent me an email which contained (in part) the following message: Thank you for choosing our bank and taking interest in our fine services. It is possible to send your Iraqi Dinars by courier service to the following mailing address: Warka Bank for Investment and Finance - Main Branch – Baghdad Iraq International Foreign Relations Department - Attn: Mohammad K. Issa Watheq Square – Salman Faiq St. – Hay Alwihda – Sec. 902 – 14th St. Upon receiving your package it will be counted both by hand and machine in the presence of three dedicated bank employees under my supervision and we will credit the exact amount received to your account. Best regards, Customer Accounts Dept International Affairs Since that time, I have sent Iraqi Dinars by FedEx to this address numerous times and have helped others to do the same. However, lately I have become concerned because currently there is a rumor circulating among Iraqi Dinar investors that it is no longer Warka’s policy to accept physical Iraqi Dinar banknotes by courier to fund our accounts. At your earliest convenience, please confirm that the above mentioned mailing address is still correct and that it is still Warka Bank’s policy to accept physical Iraqi Dinar banknotes sent by courier (FedEx) to fund our accounts. I greatly appreciate your time to reply to my request and look forward to your confirmation. Thank you again for your fine service and attention to my accounts. Best Regards, I received this answer from Mohammad K. Issa: Please note that in accordance with the regulations set by the CBI, Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer. Furthermore, and as posted on our website, Iraqi Customs no longer permits courier companies operating in Iraq to receive and deliver packages containing funds of any currency and will be confiscated accordingly. Should you have any further questions or inquiries please take a moment to visit our website www.warka-bank.com news bulletin to view the latest notices and contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly as they handle customer inquiries and transactions. Best regards, Mohammad K. Issa Deputy Managing Director Senior Executive Warka Bank for Investment and Finance This e-mail is confidential and the information contained in it is privileged. It should not be read, copied or used by anyone other than the intended recipient. This being the case, I’m pretty sure it’s still against Iraqi Law to physically send Bremer era, De La Rue IQD banknotes into Iraq except by some CBI and GOI approved and secured means that are within the guidelines of the Iraqi banking system ~ such as a secured re-supply direct from De La Rue to the CBI, for example. However, to stay within the law, the CBI could certainly direct De La Rue (or whoever is going to print up the new notes) to re-supply neighboring central banks directly with however much IQD they required to meet customer demands; and without any need for physical IQD to cross the border and break Iraqi Law. De La Rue receipts and amounts could be accounted for digitally against the CBI’s Total Money Supply ledger. According to Mr. Issa, the law says “Iraqi banks are not permitted to hold IQD accounts at their corresponding bank and are prohibited from receiving deposits or wire transfers in IQD currency where the only legal method of funding your account is through a USD bank to bank wire transfer”. That lets out a lot of places under Fed domination; therefore, most, if not all, IQD traders on the internet today buy, sell and ship physical IQD to and from Iraq’s immediate neighbors; or at least those neighbors which have correspondent banks that are allowed to hold IQD accounts for Iraqi Banks located inside Iraq. Countries such as Kuwait, Jordan, UAE (Dubai) are well known sources for correspondent banks that can sell IQD to dealers outside of Iraq. When the time comes, the internet dealers will have no choice but to sell back the IQD they redeem from individual Speculators to those same correspondent banks outside of Iraq ~ until those correspondent banks run out of cash Euros or USD’s or Euro/USD credit. Since the end buyer of those notes is the CBI, it will have to be the CBI that ultimately resupplies those same correspondent banks with either Euro’s or USD’s ~ and that’s counting both electronic and physical cash for both currencies. So, the eventual return flight of the Speculator Held De La Rue notes might start with a courier flight from individual speculator owners to a gathering point; either on the American continents or somewhere on the Eurasian continent. Then, a courier flight to either Kuwait, Jordan, or Dubai and a final internal courier drive to the Correspondent Bank of Choice ~ provided the dealer has an IQD account there ~ or knows someone further up the profit chain that does. Then, a physical deposit with all the De La Rue verifying and counting that such deposits require. Next, a confirmation is sent to the Iraqi bank inside Iraq that is responsible for the IQD account held at the Correspondent Bank of Choice. Next, a confirmation is sent to the CBI for final confirmation of credit in Euros and USD’s ~ whether cash or electronic. When the Iraqi bank inside Iraq receives confirmation from the CBI that credit has been extended against the pallets of IQD piling up inside the vaults of correspondent banks everywhere, then it will confirm Euro and USD credit to its correspondent banks in Kuwait, or Jordan, or Dubai. Eventually, those pallets of redeemed IQD (non-spendable outside of Iraq) will probably make a short trip to an incinerator to be destroyed ~ rather than go to the bother of physically transporting them back to the CBI vaults. To replace them, the CBI will simply release into circulation inside Iraq the USD equivalent of new lower denomination and upgraded IQD notes. The CBI will make an entry and the Iraqi Total Money Supply will be further reduced just like they planned. Meanwhile, the internet IQD dealers should have their ducks in a row ready to extend electronic credit via SWIFT to a correspondent bank in the individual Speculator’s home country (and which has permission from that country’s central bank to do so) and then finally onward to the individual Speculator’s home bank where an account is already held ready to receive it. If those De La Rue notes can never cross the Iraqi border as per Iraqi Law, then it seems improbable that they would ever need to be exchanged for the new lower denomination IQD currency anywhere outside of Iraq. The CBI itself would do the exchanging by directing the destruction of the old notes outside of Iraq and issuing new notes into circulation inside Iraq. So, the path to redeem physical IQD seems to be very much open. The CBI will of course pay its own declared fiat rate against the USD and the Euro. The Iraqi Bank inside Iraq will pay the CBI declared rate, but will charge a fee for moving the funds to correspondent banks outside of Iraq. The Correspondent Banks of Choice will pay the CBI declared rate, but will charge a fee that covers the one they paid, plus a profit. The Internet Dealers with IQD accounts in the Correspondent Bank of Choice will extend credit to individual Speculator home country correspondent banks which will then extend credit to the individual Speculator’s home bank account. A Speculator would have to consider the following costs against what they ultimately receive in compensation when they redeem their IQD cash: Total cost of initial purchase from dealer including shipping Cost of the courier to send it back to the dealer to be redeemed. Cost of the dealer fee charged to send you a wire or certified check Cost of the home bank fee to accept the transfer ~ if it’s a wire The IQD dealer will have to consider these costs when quoting prices to individual Speculators wanting to redeem their IQD notes: Cost to move credit/cash from the Iraqi Bank inside Iraq to the Correspondent Bank of Choice outside of Iraq Cost to move credit/cash from the Correspondent Bank of Choice to the IQD Dealers account at the same bank Cost to move credit/cash from the Dealers account to each Speculators home country correspondent bank and then on to the individual Speculators home bank account. In the end everybody gets paid ~ if the path remains open long enough ~ but at what net rate of exchange after all those costs. I surveyed (4) possible Internet Dealers to see what rates they were paying out to redeem physical IQD notes right now. CBI official rate less 10.68% per IQD Million less $30 send payment fee CBI official rate less 17.49% per IQD Million less $30 send payment fee CBI official rate less 21.29% per IQD Million less $25 send payment fee CBI official rate less 4.39% per IQD Million less $30 send payment fee plus a proof of purchase is required along with FINCEN currency report. Physical shipments of pallets of IQD cash could run into secure storage loggerheads waiting on turns to redeem from a limited number of authorized correspondent banks outside of Iraq, but eventually all those CBI “promises to pay” notes should make it through to receive credit for redemption ~ whenever the CBI decides to act on all those requests for credit or cash at the same time. Currently, the CBI is still resolving its currency demands by way of daily auctions without any announced plans to change.
It's a go...1-800 numbers are out & whales are cashing in.
Luigi1 posted a topic in Dinar Rumorsfrom other sources... 09-01-2015-Guru Stage3Alpha: R.V. / GCR – Contacts in RENO ARE ON STANDBY…they arrived yesterday in hopes of being able to exchange….they are being told this is a GO. JUST MAY TAKE A FEW DAYS TO PROCESS EVERYONE ONCE THEY START. Go to your group websites to obtain 1-800 numbers and appointments if you have not been notified yet. Do the right thing. Please share 1-800 numbers & info with other fellow Dinarians who are not members of any groups.
Banking on the Status Quo
Jason R posted a topic in Off Topic postsBanking On The Status Quo – Perhaps it is time to rethink which banks you want to deal with, and while you are at it - consider what happened in Cyprus recently. As you know if you have watched the news, banks in Cyprus were closed to prevent a run on the banks. Why? Because the government, together with the banks came up with a plan to remove up to 9.9% of a depositor’s money to help the banks pay the EU for bailout money to cover bank mistakes . . . 13 billion in mistakes. While it was voted down due to public furor, it was a watershed moment in banking history. In reaction it caused numerous articles to be written about how this could happen anywhere and it caused the price of gold to go up. What is the price you might be asked to pay, for putting your money in a bank for safe keeping? These are capital controls and if it works for one central bank it will be become the solution for others. See link If you have been following the recent activities in the US Senate, you are likely to be incensed at the responses (or should I say lack of adequate response?) given by the government regulators. As Senator Jeff Merkley put it to the head of the regulatory commission “So in effect you are telling me that these banks are too big to fail and the minor fines you impose are just a cost of doing a highly profitable business, is that correct?” This is a paraphrase but accurate enough so you’ll know the videos are worth watching. See link Take Elisabeth Warren’s questions about when the last time the regulators took anyone to court or imposed a single jail sentence for money laundering drug cartel money or al Qaeda’s? Fidgety comments that were reduced to “not while I have been a regulator.” See link So HSBC for example, laundered illegal money for ten years, made billions paid a few million in fines and has never stopped a lucrative business. Meanwhile Warren pointed out that if you or I had an ounce of cocaine we would be serving time. But no one seems to care. See links What are your reactions to announcements that the Fed is printing money like crazy but huge amounts of it have been given to foreign banks operating in the US that are in financial trouble from buying Wall Street junk mortgages and derivatives. So does that mean first the taxpayers bailed out Wall Street, AIG, Fannie Mae and other private groups like the banks and now we are bailing out the foreign banks – thanks to the same generosity of the private banking institution called the Federal Reserve - which charges the US taxpayers for the right to print money for their banking friends? Isn’t that nice for their little banking system that so many of the taxpayers put money in their big banks, and work hard to pay off all that debt created by someone else as they foreclose on taxpayers homes. Lucky for the Federal Reserve, the government and especially the biggest US banks, that the taxpayers in this country are not as smart as the people of Iceland. Icelandic taxpayers threw the politicians out of office and voted to make the banks responsible for their poor judgment and greed. Caused no end of trouble for the players at the top. They were appalled at the nerve of the people trying to hold the responsible officials accountable. It was hushed up and not in the media much since no one wanted that idea to become popular. The real insults to the us taxpayer were the recent remarks made by the head of that private banking cartel Mr. Bernanke. For those of you that did not read his remarks or failed to understand what he was saying. I t was essentially that the money wasn’t real, it was electronic digits and the bonds and treasuries that were being sold could be taken back by them and vanish the way it had been created. So while it might create inflation, and the Fed would essentially get paid three times on this made up money, no one should worry since the whole thing was being made up by them. This was the gist of the ‘mysterious remarks’ made by Bernanke. See link The taxpayers and congress don’t get it and even if they do figure it out. . . what can they do about it – we own the system. Here is the link to that Bloomsberg article if you want to do some critical reading. http://www.bloomberg.com/news/2013-03-11/bernanke-provokes-mystery-over-fed-stimulus-exit.html So when you run for WF and the other big banks that want to give you great deals to cash out and keep your money. . . think about what those banks were and are up to. They caused you and every US citizen the recent huge increases in national debt. Now about $40,000.apiece for every man woman and child in this country. Want to play their game? Use them, if they give you the best rate by a worthwhile amount, make sure they agree to promptly give you an official CCC statement upon receipt of your dinar. Get the private banker to agree to this BEFORE you finally hand your dinar to them. This allow you to access your money promptly, and prevents them from sitting on it for weeks while you wait for them to release your cash (digits) back to you so you can finally use it. They were using it when you couldn’t. Now comes the fun part. If you have done your homework in advance you will have researched which of your local private banks and credit unions are not only in good financial shape (they didn’t make a bunch of bad loans) but would love to work with you. These are the financial institutions that invest locally and if properly managed will not be adversely affected by the crazy policies and risks the Big Banks play with. Do not put everything with one bank if you have a substantial amount to invest/hold. Big or small this, as has been already counseled, is asking for trouble. Why risk having all your funds frozen, stolen, seized whatever the reason or circumstance. Flexibility comes from diversity. Diversity certainly does not mean having all your eggs in one basket. That does not mean following the international advice of the big US brokerage houses Like Schwab or Goldman Sachs. Instead try talking with the people at Q Wealth - they will tell you that having everything invested in one country, one currency, amounts to one basket. Now they are not the only ones to say that – that belief is echoed by numerous other good financial advisors that take a big picture or international perspective. The various Casey Reports offer loads of ways to diversify your holding and reduce your risks according to your mindset. The trick with both these advisory groups and others is taking the first steps. What we all have learned, if we have been following this investment for more than an hour… is that what we read, hear, and think is not always accurate. If we have hopefully learned anything from the dinar amusement ride, it is - prepare for the unexpected and do not count on politicians to have your best interests as their top priority. That said, we have, as humans, a major predisposition to believe and trust in things that we are familiar with. The unwillingness to leave your comfort zone could be the biggest threat to holding onto or growing your investment. This translates into the well-known story of placing the frog in cold water and gradually heating it to a boil. Lulled to sleep anyone can miss the approaching danger. Every link in this article proves that point. You have taken the initial step of investing in a foreign currency, now might be the time to research what your other options are besides handing your money to the paragons of virtue and sound management – Big Banks! Raise questions in your chat rooms and talk shows, discover what other options might be safer and a better fit. you tube of Merkley asking about too big to fail? price of doing business Warren on why no legal action despite ties to Al Qaeda who have the regulators taken to trialhttp://www.reuters.com/article/2013/03/17/us-eurozone-cyprus-risk-idUSBRE92G0BG20130317 confiscating depositors’ money to bail out the banks http://online.wsj.com/article/SB10001424052970204464404577118682763082876.html?mod=googlenews_wsj. Bailout of European banks by Fed http://www.zerohedge.com/article/exclusive-feds-600-billion-stealth-bailout-foreign-banks-continues-expense-domestic-economy- submitted with permission from the blog by Chase Carlton