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Found 16 results

  1. Just wanted to give everyone a heads up to this situation. A currency seller with the store names ZimbabweDollars.Net and TheCurrencyStore is outright scamming people. I realize many people aren't fans of the Zimbawbwe Dollar to begin with but that aside should someone decide to buy it they should receive something and not be scammed and they should also get legitimate notes. I personally was scammed by them about a year back. I made a purchase, they sent me 100 Trillion notes which were clearly printed on a home computer. The site says refunds no questions asked. They refused to refund me and told me to file a chargeback with my credit card company. After calling the police in his city and pestering him endlessly he finally refunded me. I've heard numerous stories on forums and from colleagues who made the same mistake. There's also a Youtube video from someone else who had the same experience. I just talked to another online friend today who paid last week and received nothing and has no communication from the seller. It seems this has been going on for a while and neither Shopify or Stripe seem to care this guy is selling fake notes and/or outright scamming people so looks like he'll be able to continue. Just wanted to give you guys a heads up.
  2. Luigi says... Abadi & Saleh talk about Iraq's return to the int'l stage & regain the IQD to it's former glory. Take this as a rumor. Not varified. Your opine. 12-12-2017 Newshound/Intel Guru Mnt Goat Article quote: “We can say that IRAQ’S SOVEREIGNTY HAS BEEN FULLY REALIZED and that IRAQ HAS A REAL OPPORTUNITY TO ADVANCE AND REGAIN ITS STATUS AFTER IT HAS RETURNED ITS CONFIDENCE TO THE INTERNATIONAL COMMUNITY,” Okay folks if this...statement ...does not rock you, I don’t know what will. These are almost the exact words used in a past statement made by the PM Abadi and Saleh when they said they wanted Iraq to return to the international stage and regain their former glory of their currency. ...Folks this is WOW! news.
  3. Hello everyone, I was just inquiring as to whether or not more people are using online currency exchange and transfer, or if visiting your local bank is still the norm. I am going to be travelling later this year and will require a large amount of foreign currency. I was going to use this website but if anyone can suggest a different site I'm open to suggestions. What I have noticed is that by exchanging foreign currency online it looks like I can save about 2% on the exchange rate. Please let me know if there are any other good foreign exchange sites to check out. Thanks, Mel
  4. hello again my friends. its your bud here with another worth of a take on what i see happening within the borders called iraq. and it is really good news from my vantage point! the topic of this opinion piece is the '6 major factors that influence an exchange rate'. i will cover each factor briefly in reference to iraq and hope to derive whether or not those invested are either in a good or bad position. as many know, the importance of an exchange rate revolves around one country's trading relationships with other nations. trade relationships is the sole purpose of an exchange rate. where there is no international trade, an exchange rate tied to a currency has no domestic significance. with this in mind lets peer into the 6 factors of exchange rate influence between iraq and its trading partners. 1) Inflation - iraq has done a fantastic job steering its inflation rate. the latest report (aug 2015) has inflation at 2.2%. some economists would mark this as the ideal inflation rate. this places iraq is a great position with trading partners for determining a strong exchange rate to the iqd. 2) Interest Rates - iraq has maintained a steady interest rate of 6% over the last 5 years. compared to other nations, it is a phenomenal rate. the importance here is the attractiveness it has to foreign investors. should iraq sure up the security situation with daesh and clean up political corruption, foreign investors might feel confident enough to pour funds into iraq at these rates. 3) Current-Account - iraq has done quite well between trading partners and has held a positive current account balance (exports vs imports) over the previous 9 years except for 2010. oil is its primary export and it has been strong enough a commodity to keep iraq experiencing gains in its current accounts. as iraq build its non-oil sector through the plan for increased industry and agriculture, exports should increase and it will be reflected in the current account. 4) Public Debt - this is where the hidden gem is revealed and the reason for the title of my opinion piece. everything in the papers speak to iraq's "deficit financing". however for some reason it appears to be seen in a negative light. my opinion is much different. not all debt is good but in this instant i definitely believe it is. when most developing nations look to expand its economic markets as iraq is doing, there will be an inevitable deficit to fiscal policy (the budget). in the short term, this is a very very good thing! where most under developed nations utilize deficit financing for payment of domestic and foreign loans, this does not hold true for iraq. iraq is using this tool as developed nations would, for capital formation for economic growth and boosting the private sector. this type of debt is the best stimulate for the economy in the short term. (here is a good slide-show presentation explaining deficit financing.) 5) Terms of Trade - balance of trade for iraq is simply outstanding and last reported at approximately $40B usd ($44B previous year). compared to turkey (-$6B usd), japan (-$268B yen), germany $24B eur. i would say that iraq comparatively has a case for a strong dinar. its current accounts and balance of trades are unbeatable (maybe a little exaggeration there). 6) Political Stability & Economic Performance - well, you can't shine everywhere . unfortunately this important piece is dragging iraq down.....and i mean wayyyyyyyy down. nobody in their right mind want to stick hundreds of millions in an environment like this. this area alone is holding iraq back the most. all things considered, if this one area is corrected there is no reason why foreign investment wont flood the country and the domestic currency surge in demand. there you have it gang. hopefully this piece wasn't too long. this should give us all a solid overview of the factors that influence the dinars TRUE exchange rate the most. from it we should be able to make a sound judgement on where the currency is headed and whether or not we want to remain involved. be blessed!
  5. Tuesday, April 21, 2015 The Bankster War on Cash; JPMorganChase Begins to Prohibit the Storage of Cash in Its Safety Deposit Boxes Letters are apparently going out to some JPMoragnChase customers announcing that cash will be prohibited from being stored in the bank's safety deposit boxes. At the Collectors Universe message board, a commenter reports: My mother has a SDB at a Chase branch with one of my siblings as co-signers. Last week they got a letter outlining a number of changes to the lease agreement, including this: "Contents of the box: You agree not to store any cash or coins other than those found to have a collectible value." Another change is that signatures will no longer be accepted to access the box. The next time they go in they have to bring two forms of ID and they will be issued a four-digit pin number that will be used to access the box then and in the future. Professor Joseph Salerno of the Mises Institute writes: As of March, Chase began restricting the use of cash in selected markets, including Greater Cleveland. The new policy restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans. Chase even goes as far as to prohibit the storage of cash in its safe deposit boxes . In a letter to its customers dated April 1, 2015 pertaining to its “Updated Safe Deposit Box Lease Agreement,” one of the highlighted items reads: “You agree not to store any cash or coins other than those found to have a collectible value.” Just last week, Citigroup's top economist, Willem Buiter, wrote a report calling for the abolishment of cash as a sound policy. Hide your wallets, the banksters are on the move. MORE: Citigroup's Gold "Expert" Demands A Cash Ban inShare26 Late last year, Grexit "expert" Willem Buiter decided that he was a greater expert on the topic of monetary metals than on geopolitics by stating that "Gold Is A 6,000 Year Old Bubble." Now, he has decided that after gold, it is best to just do away with any physical currency altogether and the time to ban cash has arrived. Submitted by Pater Tenebrarum via Acting-Man blog, Citigroup’s Chief Economist Joins the Cash Ban BandwagonWe have discussed the views of Citigroup’s chief economist Willem Buiter previously in these pages (see “A Dose of Buiternomics” for details), on occasion of his coming out as a supporter of assorted monetary cranks, such as Silvio Gesell, to name one. Not to put too fine a point to it, Buiter is a monetary crank too. Buiter is always shilling for more central bank intervention, and it seems no plan can ever be too silly or too extreme for him. In fact, he seems to have made the propagation of utterly crazy ideas his trademark. Buiter has now joined one of his famous colleagues, Kenneth Rogoff, another intellectual enamored with central planning, in clamoring for a cash ban (for our discussion of Rogoff, see “Meet Kenneth Rogoff, Unreconstructed Statist”). Both Buiter and Rogoff want to make it impossible for citizens to escape the latest depredations of central bankers, such as the imposition of negative interest rates. This is to be done by forcing them to keep their money in accounts at fractionally reserved banks. If Buiter gets his way, there won’t be a WSOP final table with piles of cash anymore. Photo credit: David Becker / Las Vegas Review-Journal As Bloomberg reports: “The world’s central banks have a problem. When economic conditions worsen, they react by reducing interest rates in order to stimulate the economy. But, as has happened across the world in recent years, there comes a point where those central banks run out of room to cut — they can bring interest rates to zero, but reducing them further below that is fraught with problems, the biggest of which is cash in the economy. In a new piece, Citi’s Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates. Fundamentally, the ELB problem comes down to cash. According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction? Cash therefore gives people an easy and effective way of avoiding negative nominal rates. Buiter’s note suggests three ways to address this problem: Abolish currency. Tax currency. Remove the fixed exchange rate between currency and central bank reserves/deposits. Yes, Buiter’s solution to cash’s ability to allow people to avoid negative deposit rates is to abolish cash altogether. (Note that he’s far from being the first to float this idea. Ken Rogoff has given his endorsement to the idea as well, as have others.) Before looking at the practicalities of abolishing currency, we should first look at whether it could ever be necessary. Due to the costs of holding large amounts of cash, Buiter puts the actual nominal rate at which the move to cash makes sense as closer to -100bp. So, in order for a cash abolition to become necessary, central banks would need to be in a position where they wished to set nominal rates much lower than that. Buiter does not have to go far to find an example of where a central bank may have wanted to set interest rates much lower to -100bp. He uses (a fairly aggressive) Taylor Rule to show that Federal Reserve rates should have been as low as -6 percent during the financial crisis.” (emphasis added) As mentioned above, no meddling by a central bank is ever too extreme or too crazy for Mr. Buiter. Here is his ridiculous “Taylor rule” chart (the conclusions of which by the way would be vehemently disputed by none other than Mr. Taylor himself). Buiter’s ridiculous chart asserting that a “negative interest rate of 6% would have been needed” in 2008-2010, via Citigroup, Bloomberg. This nice gentlemen who wants to either “abolish cash” or “tax currency” for the good of us all, is a typical example of the modern-day viciously statist intellectual (h/t, Hans-Hermann Hoppe), who constantly pines for the authorities to implement social engineering on a grand scale. As long as they implement his plan, everything will be great. Not Bothered by ConcernsBloomberg tells us that “Buiter is aware that his idea may a bit controversial”. What a relief. He even lists the disadvantages of abolishing cash, only to dismiss them out of hand. With the exception of one crucial point, he is mainly erecting straw men. “Buiter is aware that his idea may be somewhat controversial, so he goes to the effort of listing the disadvantages of abolishing cash. Abolishing currency will constitute a noticeable change in many people’s lives and change often tends to be resisted. Currency use remains high among the poor and some older people. (Buiter suggests that keeping low-denomination cash in circulation — nothing larger than $5 — might solve this.) Central banks and governments would lose seigniorage revenue. Abolishing currency would inevitably be associated with a loss of privacy and create risks of excessive intrusion by the government. Switching exclusively to electronic payments may create new security and operational risks. Buiter dismisses each of these concerns in turn, finishing with: In summary, we therefore conclude that the arguments against abolishing currency seem rather weak. Whatever the strength of the arguments, the chances of an administration taking the decision to abolish cash seem vanishingly small. We are surprised by the optimism expressed by Bloomberg that “the chances of an administration taking the decision to abolish cash seem vanishingly small”. We believe that governments all over the so-called “free world” are working feverishly to make a ban of cash currency a reality. Naturally, we couldn’t care less about the “seignorage” revenue of the State. In our opinion central banks shouldn’t even exist, and “seignorage” is nothing but a euphemism for outright theft. It’s a nice touch that Buiter also doesn’t want to “throw seniors under the bus” and gives a brief thought to the poor as well. Why would any of them ever need anything more than a $5 note? That someone like Buiter doesn’t find it difficult to dismiss the concern that “abolishing currency would inevitably be associated with a loss of privacy and create risks of excessive intrusion by the government” is no surprise, but it is indeed a legitimate concern. Under the cover of the “war on drugs” and lately the even bigger government-sponsored racket known as the “war on terror”, financial privacy has been all but eradicated already. Willem Buiter, shill for statism and central planning, here seen at the Council for Foreign Relations. Did we mention that we believe he’s an atrocious economist? Photo credit: Bloomberg Needless to say, we dispute the idea that central banks should ever impose negative interest rates. This policy is revolting economic nonsense that greatly harms the economy. As we have previously pointed out, given that the natural rate of interest can never be zero or negative, it is an inescapable conclusion that any imposition of negative market rates will end up destroying scarce capital and leave society poorer. Lastly, Buiter fails to list one counterargument that we believe is extremely important. Since he works for a charter member of the world’s most powerful banking cartel, this is no big surprise either. We will make up for his oversight. The 2008 crisis has not shown that anyone needs “negative interest rates” as Buiter erroneously claims. It has mainly shown how rickety and de facto insolvent the fractionally reserved banking system really is. If not for the introduction of an accounting trick (under immense political pressure, the FASB allowed the banks to dispense with mark-to-market accounting, which suddenly made them “whole” again), a huge taxpayer bailout and money printing by the central bank on an unprecedented scale (in the post WW2 era), several of the biggest banks would have gone the way of Lehman. It was a good reminder that although fiduciary media – deposit money that is not backed by standard money – are part of the money supply in the broader sense, their main characteristic is that they exist only in the form of accounting entries. Hence, fractionally reserved banks are at all times insolvent, since they cannot possibly pay all demand deposits on demand. This obvious violation of what once used to be a bailment contract has been sanctioned by the courts in the 19th century under the influence of banking interests. If one considers how deposit money is multiplied under this system, it should be obvious that the scheme is fundamentally fraudulent. It goes against the grain of legal traditions that have been well-established in Western culture since antiquity. If cash were to be banned, people could no longer opt out from this system. Bank runs would no longer be possible at all. While a bank run these days only gives one government scrip that is itself an irredeemable liability of a central bank, it is at least slightly more “real” than the accounting entry known as deposit money. Most importantly, cash can insure one against a bank going under, or the breakdown of the entire banking system, which is always a potential danger. Banks would obviously love a cash ban – quite possibly they are the only ones who would love it even more than governments. ConclusionWe keep being bombarded by moves to restrict the use of cash and demands to ban it altogether. These demands seem to mainly revolve around two arguments: one is that “only criminals need cash”, which is on a par with the absurd assertion that we should all be fine with Stasi-like ubiquitous government surveillance “if we have nothing to hide”. The other one is that a cash ban would make life easier for the central planners who are actively undermining the economy with their policy of debasement. We would argue that central banking and fiat money have done more than enough harm already and that the eradication of financial privacy has gone way too far. Money and banking should be freed from the clutches of government-directed monopolization and cartelization and should be returned to the free market. Addendum:One of our readers has sent us a few links concerning recent examples of the war on cash waged by governments the world over, which we reproduce below. Indeed, there is little cause for optimism on this score. Given this increase in attempts to restrict the use of cash, the danger that possession of gold will one day be declared illegal again can no longer be so easily dismissed either.
  6. THIS IS A GREAT ARTICLE THAT SHINES A LIGHT ON PROBABLY THE NUMBER 1 REASON OUR COUNTRY IS BROKE AND GOING DOWN THE TUBES, IT'S BASICALLY THIEVERY BY CENTRAL BANKS: TO VIEW THE GRAPHS AND CHART, CLICK ON THE LINK, IT WOULDN'T LET ME BRING THEM OVER: America: Bankrupt And On Borrowed Time 04/07/2015 17:00 -0400 Capital Expenditures Fail fixed Market Conditions Money Supply Reality inShare Submitted by Thad Beversdorf via First Rebuttal blog, Thomas Jefferson is credited with the following sage advice, “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.” And so it seems sometimes the answer is right in front of us all along and we just fail to see it. We hear a lot of talk these days about inflation. For decades the western world has been misled about a necessity for inflation to grow an economy. This is entirely false. Inflation has no relevance to economic growth; inflation is a depressive force on an economy and it can only come by way of increased money supply. The apex of the discussion is that price increase does not equate to inflation. Inflation is but one of two paths for rising prices. More specifically, prices can rise by way of supply/demand fundamentals of an asset itself and by way of supply/demand fundamentals of the currency form being used to transact the underlying asset. The prior will raise prices in all currency forms while the latter, being inflation, will raise prices only in that relevant currency. For inflation to occur demand for a given currency must decline relative to its supply. This can happen if consumers lose faith in a currency and thus demand less of it, or by governments increasing supply without proportional increases in demand. The latter is exactly what we’ve seen over the past 100 years but to such a grotesque degree over the past 8 years that it may have actually shattered the foundation of the economy of which it was driving. This is precisely the chain reaction that Thomas Jefferson had warned us would result from a private central banking system. Once the economy is broken an epidemic of resource misallocation leads to an immense narrowing of income distribution, ultimately paralyzing the velocity of money; the result being an income-less society save for an elite slice. This leads to mass public and consumer debt creation in an effort to stave off the collapsing natural demand that ultimately ends in deflation when the debt efforts, after a short reprise, actually hasten the collapsing demand by hammering the final nail in the budgetary coffin. At such a point deflation is essentially infinite as people are willing to trade anything for a dollar to purchase food, or inflation is infinite as people will simply circumvent dollars and barter; an interesting paradox that in practice will be a moot point given the vast majority will have nothing to trade for food or dollars because ownership is no longer a reality. It seems then, that Jefferson’s prediction is theoretically sound, but let’s see if we can find any empirical evidence to either support or refute his cautionary message. We know that dollar inflation has been approximately 2400% since 1913, 2000% of that devaluation coming subsequent to 1971 when Nixon moved to a pure fiat currency. The reason we moved to a fiat currency is to remove the restriction on money supply that is inherent to a convertible currency. We can see in the next chart that inflation is directly linked to money supply, which has seen around 1700% increase since 1971. This ‘easy’ money accelerated significantly around the mid 1990′s and this has led to a misallocation of resources. To see this, let’s look at the relationship between corporate fixed capital expenditures and dividends. The idea being that fixed capital expenditures are economically productive meaning they lead to economic expansion, whereas dividends divert cash off corporate balance sheets and thus detract from capital expenditures, having a contractionary force on the economy. The above chart clearly depicts a significant change in the economy’s allocation of corporate resources at the same time money printing accelerated. Fixed capital investment was a much larger share of GDP than dividends up until the mid 1990′s when that began to reverse. Again moving to a market environment that promotes a contracting rather than expansionary economic process. We should be able to see this effect actually taking place via declining capacity utilization. As a result of that we should then see declining labour participation rate and declining incomes from slack in the labour market. Looking at the data this is exactly what we find. Notice that all three indicators begin to trend downward around 1998, shortly after (and one could suggest as a direct result of) the resource misallocation that began a few years earlier in the mid 1990′s. The next link in this chain should be an expansion of consumer loans in an attempt to offset the resulting demand deterioration from the weakening job market conditions. We find abundant empirical evidence in the above charts showing an acceleration of consumer debt during the mid 1990′s and again around 2009. And this is perfectly in line with our theory and so we seem to be on the right track. Now the obvious result of massive increases in consumer debt is that ownership is being replaced by indebtedness. That is, to a great extent now we rent or borrower our assets as opposed to owning them. In the above chart we see that home ownership is now back to the level it was before we ended Bretton Woods in 1971. And it’s not just housing, today about 75% of new car sales are being financed and with longer maturities than ever before. In short, ownership of the 2 major assets typical to the traditional American family has been on a sharp decline for the past 10 years with no signs of slowing. The American dream is built on ownership because it represents substantive progress by way of building a family’s net worth. A net worth that has declined by 40% since 2007 for all but the very top of the economic food chain. But it’s not only the American dream that is in retreat. The reality is that over the past 8 years increases in public debt have outgrown increases in GDP. The nation is borrowing more than it’s producing and spending more than it’s collecting every quarter. A trend that is to continue and to worsen each and every new year according to the CBO’s own projections. Where does this leave America and really the rest of the western world whose data will mirror the US? Bankrupt and on borrowed time.
  7. Greetings All, At present we have 5,000,000,000 Dinars available for sale in 25Bills, the three horses, the most wanted! Interested parties email: Serious inquires only Regards C.Crossley
  8. I've been really excited lately about the news that the CBI has been significantly adding to their gold reserves. But, as I think about it, I'm not sure it's a good thing. Here is my question: If the CBI knew a revalue was coming, why would they buy gold today? Why wouldn't they wait and buy it after the dinar revalued and was worth much more? With a revalued dinar, they could get a whole lot more gold for the same amount of "money". Think about that for a minute. If they knew a revalue was coming, why would they buy anything now? Why not wait until their buying power had revalued higher? And, it doesn't matter whether they bought the gold with US dollars, Euros, or the Dinar. Either way, they are essentially buying it with dinar. If they bought the gold with Euros, then they had to sell dinar to get the euros, so it is really all the same. They bought the gold with dinar that is currently worth very little. Why would they do that if they knew a RV was coming? That question is making me fell a little sick - I have lots of dinar and I'm going to keep it. But, that thought kind of takes my hope away. Here is an analogy: If you owned some shares of Apple's stock, and you KNEW Apple's stock was for sure going to go up by 10,000% really soon, would you sell the stock today and buy gold? No way. You'd wait until the stock went up 10,000% and then sell it for a ton more cash ... which you could used to buy a whole lot more gold. I believe the CBI knows if the dinar is going to revalue or not. If they know, why would they buy gold today? Why? It makes no sense to me unless they know it is not going to RV. I hope someone can logically tell me why I'm wrong. I'm not trying to be negative. I'm just trying to assess the facts and figure out what it all means. Thanks.
  9. This info is currently being pushed for "consumption", but I'm not sure what to make of it as to its authenticity, especially since it mentions “OPPT” as an involved party. Still trying to figure out "Where's The Beef" (Money), or if this could be a major ruse.. Maybe some of you DV members have a more cohesive take on this. Supersemar – Global Reset for Humanity Excerpt: Payment Order 1-11 is the gate implementation of the entire financial system to the new Global Government order. Payment Moment 1-11 is a symbol of change all over the world legal order in the basic concepts of the main points of UN – ORBIT INTERNATIONAL TRUST WORLD SWISSINDO to the universal concept of NEO THE UNITED KINGDOM OF GOD SKY EARTH. Re-organize the system for prosperity, justice, balance essential nature at the will of creator as well as in line with the UN Declaration of Human Rights 1948. With the main program : 1 . Master Plan 2 . Key Master Plan 3 . Human Obligations 4 . Quota Payment for 253 Countries World. 5 . State Debt Elimination. 6 . Debt Elimination each person. Also see: And the Global Payments File:
  10. I've created a new thread in another forum about the new Hidden secrets of money video: Here's the video: Here's the thread:
  11. Judge Dale is one of the good guys and his research and comments are always on the mark.
  12. If a person, being concerned about the future of the American dollar, is interested in putting some of their savings in other very stable currency, how would they find out about the long term stability (track record both past and expected future) of various currencies? What currencies would be recommended? The money cannot be tied up in long term investments, just looking for a safe (holding) vehicle. Thank you.
  13. by Armando Cordoba 2/6/2013 There seems to be no banking officials or government bodies watching over the cash exchange, where hundreds and thousands of dollars and other foreign currencies are transferred or exchanged every minute. Photo: Rudaw ERBIL, Kurdistan Region—Millions of dollars pass through the Erbil currency exchange market every day, but the lucrative business in Iraqi Kurdistan's predominantly cash economy operates with little or no regulation. Walking through the Shekhallah Market, the cacophony of automatic bill counters sifting through Euros, Dinars, Dollars or Pounds nearly drowns out the steady chatter of merchants selling watches, vegetables or goods in the streets before the bustling cash sector. There seems to be no banking officials or government bodies watching over the cash exchange, where hundreds and thousands of dollars and other foreign currencies are transferred or exchanged every minute. Kurdish and foreign businessmen from neighboring countries walk into cash transfer offices with stacks of bills, and walk out with receipts in hand. Little stands are filled with Iraqi banknotes, as shop owners wait patiently for the next customer. Asked how the market was regulated, most merchants and clerks were too busy to talk. But Saadi Ali, a currency changer for 20 years, said as he sifted through bills, "I pay no taxes to the government at all." Like many of his colleagues on the street of small currency changers, Ali said that on any given day he exchanges the equivalent of thousands of dollars, all tax free and untouched by the government. And, he says, there are no start-up costs besides access to a large amount of Iraqi Dinar notes to exchange for foreign currency. In the autonomous Kurdish enclave, the only semblance of governed control seems to be set forth by the Central Bank of Iraq (CBI) and the currency conversion rates, which most of the merchants use to gauge exchange rates. But even this relationship seems to be governed on shaky grounds. Last year Hussein Muhammad, head of the Currency Trading Council, accused the CBI of flooding the market with $265 million, which devalued the US currency from 1.28 to 1.23, causing large losses among many currency exchangers. Unlike, Ali, the larger cash exchanges, and particularly cash transfer businesses have to get a license from the interior ministry. "I pay tax to the government yearly, it is almost 280,000 Iraqi Dinar," said Wrya Ali, the owner of Euro cash exchange. That is about $222 a year, an insignificant amount compared to the profits the exchangers admit to making. Merchants involved both in exchange or money transfers said they can make thousands of dollars a month, but refused to give a figure, saying it was because profits could vary greatly from one month to the other, depending on several factors. The bigger merchants have been known to sometimes make even hundreds of thousands of dollars in a single day, according to some of the money exchangers. The predominant forms of cash exchanged or traded, seems to be U.S. Dollar and Euros. Although the government does not regulate the money changers, it does ensure their security – testifying to their key role in this predominantly cash-only economy. Security guards disguised as civilians watch over the cash area for any suspicious activity, and robberies are few and far between. Seems to be a cash flush society with no mention of any forthcoming regulations that we are all reading about. Makes for an interesting read though.... Never been much of a poster, but just thought ya'all might find this interesting. Ummmm, Go RV?
  14. On Precious Metals And The Coming 'Great Reset' Authored by Lee Quaintance and Paul Brodsky of QBAMCO, Volume Triage Last Sunday we closed the macroeconomic portion of “Imperial Constraint” with the following: “So we ask again, are there really unpredictable market shocks or are investors paid not to care? To us, all signs point towards the next currency reset. We think monetary authorities are compulsively destroying the current global monetary system; they simply have no choice if they are to keep it afloat in the short term. We further think they will have no choice but to replace it with a gold exchange standard they oversee (i.e., a gold-standard-light, “Bretton Woods” type reset). Perhaps this explains the current redistribution away from unreserved paper gold to physical gold? We would not be surprised if, in 2014, someone like Larry Summers or Tim Geithner takes control of the Fed and oversees such an operation.” Two days later the Fed announced Ben Bernanke would not attend the Jackson Hole summit, for the first time in twenty five years. A couple days after that the New York Times (on the first page, no less) ran an in depth profile of Janet Yellen, the heir apparent to run the Fed. Beneath her profile there were three other candidates “being discussed:” Roger Ferguson, Tim Geithner and Larry Summers. We normally do not spend time handicapping presidential appointments. In this case; however, we think the choice for next Fed Chair may have profound economic implications, and that it would not require expertise in econometric modeling, credit policy management, and maintaining the public perception of economic stability. As we wrote last week, we think the next Fed Chairman will oversee a conversion of the global monetary regime. A thick skin, diplomatic skills, and strong relationships with global banks and monetary policy makers will be the skill set most needed. We think Tim Geithner (with Bill Dudley as an alternative) will take over the Fed when Ben Bernanke steps down next January, and it seems by all indications that the table is already being set. We attended a small dinner party a few years ago at which an iconic financier (and major Obama supporter) let it slip that he questioned one of Obama’s most senior aides just prior to the 2008 Democratic convention about taking over the economy when it was imploding. The aide waived it off and exclaimed; “oh don’t worry, Bobby has it covered!” Most of the table was relieved that Bob Rubin still had their backs and that banks would keep priority. Such was, and remains, US economic policy. Neither growth nor austerity nor gloom of night will stay these currencies from their appointed devaluations. Bank balance sheets must be preserved; ergo sufficient inflation must be manufactured. We think the dull but persistent economic malaise amid increasingly aggressive monetary intervention policies will soon engender fear among the not-so-great washed – net savers. This happier band of brothers cannot maintain an edge when the real economy contracts and interest rates are already at zero. Base money is already being manufactured in the form of bank reserves and the total money stock is not growing because there is very little natural economic incentive among the rest of us to consume (much) or take risk. Something and someone new is needed. Ben Bernanke seems like a brilliant political economist and a decent guy, the top of his field in terms of comportment, academic credentials and specific competence in understanding historical monetary policies during a counter-cyclical (i.e., de-leveraging) period. Perhaps Janet Yellen is too? But such qualities are not what we think will be preferred by the powers that be now that global resource producers are openly questioning US, British, Euro and Japanese monetary policies and reserve holders are realizing their stash is being methodically turned to trash. Meanwhile, aggregate leverage is growing and real economies are withering. Does anyone believe that Ben or any other monetary authority has been proactive, or that any fiscal authority has enacted legislation that promises to help achieve “escape velocity?” Can’t we all agree that the rationale for economic policy may be boiled down to the counterfactual: “yes, but imagine if they withdrew liquidity or enforced true austerity – it would be worse!”? Is there a serious analyst who still believes economies can grow their ways out of being over-levered without leveraging further? Whether or not contraction has to come-a-knocking prior to a monetary reset is anyone’s guess, but it would be difficult to imagine monetary system change without a generally-recognized economic tragedy that precedes it. This implies disappointing GDP prints, declining corporate revenues and maybe even a swoon in stock and real estate markets. We have already begun to experience the first two. Now that we read global central banks have begun buying equities, perhaps equity prices may be controlled too (as are the level of interest rates via large scale asset purchases like QE and relative currency exchange rates via timed interventions)? Negative output growth and asset price busts would certainly open the door for our hero to enter. The role of a central banker in the late stages of de-leveraging seems to be volume triage, as they say in intelligence circles – reacting to an increasing barrage of events as they occur, wherever they may occur. In economics as in policing, the bad guys always get to take the first shot. From the central banker’s perspective, the bad guy in the current regime is the real economy. If it continues to shrink, as we think it must, then TPTB must change the way they do business. We think the box we drew in Imperial Constraint is the key metric in understanding the forces behind economic growth and market pricing. An inflationary leveraging perpetuates imbalances while deflationary deleveraging threatens the survival of the banking system at large. Hopes for organic credit growth, which would promote the former, are now fleeting. This, in turn, engenders the threat of the latter. Continued ZIRP, increasing asset purchases and a steep decline in the universal efficacy of it all suggests the time to press the reset button is quickly approaching. May to December 2013 may turn out to be the darkness before the dawn; a time we look back upon and choose to forget. All in all we think the most efficient Fed Chair in advance of a reset would be Paul Krugman. He seems willing to destroy the current global monetary system with swift dispatch, without consultation, declaration (or second drafts). Alas, capitalist economies in liberal democracies require level-headed responses to market forces. There is no place for rogue pro-actionists. Institutions like the Fed are meant to appear as first responders working on behalf of the societies their banks serve. And so we think that circa 2070, our children will write and read (140-word) biographies about how Timothy Geithner saved the world from economic darkness. Geithner will save the day and bring glory to the Obama presidency by reducing the burden of debt repayment while maintaining the nominal integrity of debt covenants and bank balance sheets. The only way to accomplish this would be by destroying the currencies in which those debts are owed. Net debtors will rejoice and net savers (all 1% of them?) will suffer, finally realizing their unreserved currencies and levered financial assets were never sustainable wealth in the first place. Our little narrative could certainly turn out to be wrong, but we discuss it here (against all political wisdom) because we cannot find another one that better fits current macro and market pricing trends. If we are wrong about Mr. Geithner, we think it would imply that TPTB (raise your hand if you think the Fed’s shareholders do not choose/approve the Fed Chairman) believe a clear-headed and decent academic political economist can figure out what all past ones could not: how to support asset prices beyond ZIRP and central bank asset purchases. (Ben is gone, long reign Janet!) That is not our projection. When and if it becomes clear that Tim Geithner will ascend the steps at Eccles, we think it would already be too late to buy physical gold and resources. The only play remaining for financial asset investors looking to get full value after the reset would be shares in precious metal miners and natural resource producers holding reserves in nature’s vault. Properly held bullion and shares in precious metal miners would act as the most efficient store of purchasing power over the course of the devaluation and conversion. (Worst to first? Get ‘em while they’re cold!) Futures, ETFs, unallocated bullion holdings and other fractionally reserved claims on physical reserves easily replaced with cash would not participate. If our scenario comes to pass, then bank, government and consumer balance sheets would be quite healthy following the reset and would be ready to expand. We would think consumable commodities and shares in their producers would lead equity markets higher and that interest rates would remain low, as further inflation would be mitigated by the discipline of a full or partial peg to precious metals. We think all should question whether we are 100% wrong. If not, then prudence dictates some allocation to properly held precious metals. (Presently, it is less than 1% of all global pensions.)
  15. I have been searching but I cannot seem to find the auction results for today. Kinda unusual isn't it? If someone can find them then please attach the link
  16. "The Iraqi cabinet launched a project to help women start small- and medium-sized projects by giving them loans with easy terms that range from 7 to 12 million Iraqi dinars ($6,020 to $10,320)" said Salam al-Quraishi, economic advisor to the Iraqi government. "The project targets only women who have no work or were affected by terrorist operations through the loss of their breadwinners, whether husbands, sons or fathers," he said. The project will cover all cities across the country, he said, and loans will be disbursed through a committee comprising members of the women's affairs and labour and social affairs ministries.
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