Adam's Official Chat 3/7/12

[kcw]

[Adam Montana] I'm ready to spend some quality time with you all here this morning, so let's start the official chat

[Adam Montana] thank you all

[Adam Montana] ok, couple of quick notes

[Adam Montana] first, there's a Pink Piggy contest going on.

[Adam Montana] winner(s) of the contest will get Pink Piggy gear (one of the options is actual usable POSTAGE!)

[Adam Montana] and one lucky person is going to win a VIP membership

[Adam Montana] so go make a post over there

[Adam Montana] 2nd

[Adam Montana] there is literally NOTHING "RV Worthy" to talk about this week. The only thing we have to look forward to at this time is the Arab Summit, and in my opinion the Summit isn't "that" exciting for the RV.

[Adam Montana] the 3rd thing I have is about Warka

[Adam Montana] after you hear this, you may think I am wrong about #2 that I just said

[Adam Montana] but I'll let you make up your own mind on that, and keep in mind this is pure "word of mouth". It's from a few of my contacts in Iraq, but it's still word of mouth and there is nothing official.

[Adam Montana] As you probably know, Warka is rumored to have been / or is being taken over by the Central Bank. The question that's been on my mind is "WHY?" - we know they have corruption issues, we know they are the "bad boy" at times for the Iraqi banking system, but this has never happened before... so why NOW?

[Adam Montana] I've been asking that question for a few weeks, and I'm finally getting some answers that make sense

[Adam Montana] later in the chat, a few people asked if Warka is still safe, should we worry, etc. My answer really depends on how you look at things. First, Warka is the ONLY Iraqi bank that will allow us (foreigners) to invest in an Iraqi Dinar account and hold Dinars in Iraq. So if you want to keep an Iraqi Dinar balance other than cash, YOU HAVE NO CHOICE but to use Warka.

[Adam Montana] If you're looking for the SAFEST form of IQD investing, I think it's probably cash and there IS a chance that Warka will screw us

[Adam Montana] now, this is where it gets interesting... we have to understand that Iraq needs the support of the US in order to make this RV a success. What I am hearing is that with things being so close to finally happening, Warka was starting to make plans to screw foreign investors. When the US players who hold MILLIONS of USD (in IQD balance) in Warka heard about this, they put a stop to it - and that's why we're hearing about the Central Bank stepping in.

[Adam Montana] Again, this is just word of mouth... but it makes sense, so I'm sharing it. I have no idea how good or bad this is for us with a lot in Warka, but I do think it's a good sign for the RV to happen soon.

[Adam Montana] Also, Chapter 7 and the HCL... not much news on them, right? Well, it's all intertwined and CONNECTED. They won't release Chapter 7 until they are ready to RV, or immediately after they RV. They aren't going to RV while TONS of cash could have possibly been swindled by Warka, and that is being taken care of as we speak if these rumors are true.

[Adam Montana] Basically, we are at the edge of something happening. Could it go sour? Of course. But I see a lot of stuff going on right now that is actually positive, and I'm going to keep waiting it out.

[Adam Montana] so, with all that said... let's do some Q&A! kcw, please begin. Thank you for your help, as always!

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[kcw] Torbinator Should i buy large or small denoms. I thought that buying small denoms would let me hang on to them longer*

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[Adam Montana] I disagree with that theory. I think you can bundle all the current notes into a "class", such as "Class 2 IQD". If one in this class rises in value, they all do. If one drops, they all do. So I say "buy whatever is cheapest", and of course "no more than you can afford to lose regardless of the denomination".

[Adam Montana]

[Adam Montana] next please!

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[kcw] catone Adam - First of all, God bless you for all that you do for us! My question is this -- in 2003, when the current dinar was distributed to replace the old Saddam dinar, weren't there 4 or 5 denoms that were never used? Could it not be that Iraq is planning on using these bills for general distribution, since they were of 100's, 50's. etc? It seems to me that Shabibi has these in his pocket, so to speak, as a temporary "cure" for the 3 0's until the new dinar are printed and ready for circulation. Thanks,* catone*

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[Adam Montana] That's one of the rumors out there, but I personally think the new lower denominations will be just that: NEW. They have the technology to print new denoms, there's no reason to use something that was designed and possibly printed in 2003.

[Adam Montana] next please!

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[kcw] jv1054 I made the $399 deposit on a corp name... *snipped*. Sorry if this is an obviously dumb question.*

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[Adam Montana] I snipped that because it belongs in the OSI section. Please post it there, these are sensitive matters

[Adam Montana] Speaking of which, I encourageeveryone to look into VIP. It keeps the site running and you stand to benefit hundreds or thousands more than you ever put into it. See the benefits here: http://dinarnews.net/benefits

[Adam Montana] next please!

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[kcw] mqchau Whats the deal with WARKA? I know its all a risk but I want your honest take on it...do you feel we are safe with that investments? I know we all need to diversify... and I did. So just wanted to see what you know or have heard about the lastest INTEL.*

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[Adam Montana] good question. See the beginning part of this chat, I outlined my entire Warka philosophy as it stands right now.

[Adam Montana] next please!

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[kcw] Beachwalker For those of us who have deposits with Warka Bank, what are the ramifications for us created by the Iraqi government takeover of the bank. Is this bad news for us, or will we probably come out of it ok, in your opinion?*

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[Adam Montana] I covered this too, but I'll clarify a little: I do think we will come out ok.

[Adam Montana] next please!

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[kcw] RodandStaff I know Iraq is Iraq, and anything can happen... but do you personally see anything that would want them to put off an RV until after the Arab Summit? It seems logical that they would want to show off to all the boyz next door that they are back in the game and running things for themselves... but again.. that's "logic speaking"!* Thanks again for all you do Adam, and take care!*

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[Adam Montana] I'm glad you see the "logic" in not applying "logic" to Iraq

[Adam Montana] I don't see any specific thing that will force them or entice them to move before or after the Summit. In my opinion, they have to be just about 1000% ready, so it's simply a matter of "loose ends". I have no idea what else could be holding this up, but we have to admit that an RV is no small matter... I prefer that they are being safe and covering all bases, rather than a premature RV and then it blows up before we get to cash in.

[Adam Montana] Better safe than sorry, I say. I am willing to be patient with them in order to get the max return on my investment

[Adam Montana] next please

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[kcw] azgoldengirl Hi Adam, I'm so happy to have found a site with the support and information you give. Thank you! Being pretty new to this, I've been hit with information from "others" that has me confused / concerned. I was told that Iraq has decided to print new currency, making what we hold, null and void. Thus, leaving us with pretty paper and minus what we have invested thus far. I'm hoping this is incorrect?! Sorry if this has been answered before but I could find nothing in the archives to answer the question. Thanks for taking the time.*

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[Adam Montana] First, be careful when you listen to "others" Many of our veteran members will attest to that. The longer you're around, the more apparent it will become!

[Adam Montana] to address the issue at hand, however - I don't buy it. The worst case scenario in my opinion is that they redenominate, we have to exchange our "pretty paper" for different "pretty paper", and we break even. There's no way they will simply "discontinue" the current notes without giving us (and the rest of the world) an opportunity to exchange for at least equal value

[Adam Montana] next please!

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[kcw] chess adam: do you know of any just recent, or soon to be, usa or foreign companies that have or will 'set up shop' in iraq? Seems like that would help push a rv. Please tell us whom they might be. thx, chess*

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[Adam Montana] I answered this last week, please check my last week's chat

[Adam Montana] next please!

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[kcw] alan_coaks_3 adam i have a ? for you . i have googled other currencys that have droped the zeros on there local currency banknotes and everytime that happend it was called an RD . lately iraq news articles have been coming out for about 2 + years about dropping the 3 zeros. i am wondering have you ever heard of another currency that did drop some zeros off the currency banknotes that WAS NOT an RD ? If you have i would like to to know whice ones . thanks*

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[Adam Montana] People are wrong to compare Iraq to Turkey, Venezuela, Zimbabwe, or any other country. Those countries are not Iraq, they aren't in the same situation, and therefore we shouldn't expect Iraq to follow the same path. Every situation is unique and must be dealt with as such. You don't follow the directions for apple pie when you make meatloaf, do you?

[Adam Montana] Of course not.

[Adam Montana] next please!

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[kcw] Mr. Dinar Hi Adam, I've heard you say you don't want to answer questions about other so-called Gurus views. However I think this is a little different. I've heard them say that 3 letter agencies call them to place gag orders on them and what not. Has anything like this ever happened to you? And Furthermore has any Government Entity ever contacted you to talk about dinar Related stuff? Aloha!*

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[Adam Montana] I have never received a gag order.

[Adam Montana] one second, brb

[Adam Montana] sorry about that! Went to grab the phone, hit the power cord, knocked over a vase...

[Adam Montana] ok, next please!

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[kcw] dog53 Mr Montana . Real quick just your personal opinion. Do you think that even with the HCL in place and chapter 7 resolved that Iraq can RV as long as the violence continues . Would like your take on this as every time I read another al qaeda bomb goes off . I`m thinking OK here goes another month down the drain.*

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[Adam Montana] dog53, I understand where you are coming from. I think that sometimes too, but the reality is they have come a LONG way from 5 or 6 or 7 years ago, and there is not nearly as much violence

[Adam Montana] there is violence everywhere in the Middle East, yet other countries are able to maintain a higher rate. I believe Iraq is "peaceful" enough to do the same

[Adam Montana] next please!

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[kcw] magawatt Intense Googling can't find any information about the jumbo TV screens put up to educate the populace about the RV. Do know if they have been installed? Could their absence delay an RV?*

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[Adam Montana] the "Jumbo screens" will probably play a large role in educating the public on the new rate, process to exchange, etc, but they aren't "officially" there for that reason at this time.

[Adam Montana] They do exist, I just saw an article on them over the last week and the article included a picture of several of them.

[Adam Montana] check our dinarvets news section, I know a few of them are in there

[Adam Montana] next please!

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[kcw] mrwhitewolf69 Thank you for your time With all the redomination stuff out there* Do you see us making a profit out of this*

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[Adam Montana] I do! Don't believe everything you hear, just because it's on the internet doesn't mean it's fact

[Adam Montana] next please!

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[kcw] TimS Adam.....currently the dinar is not traded on the Forex, but the speculation and ultimate goal would be that the dinar is traded on the Forex once chapter 7 is released and the Iraqi GOI/CBI revalue the currency. My question is......do you think the dinar will be traded on the Forex immediately upon RVing or will there be an amount of time in between the two events? Thank you

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[Adam Montana] TimS, excellent question. I don't believe it can or will go on Forex immediately. I believe it will come out at the new rate, then it will either raise or lower dramatically in the first few months (UNLESS there is a solid peg)

[Adam Montana] then once the Dianr has been trading between world banks for a short time, it will go on the forex

[Adam Montana] of course

[Adam Montana] it may stay off forex for longer

[Adam Montana] there's no way to tell, but the important thing to know is that there is no reason that it "must" go on forex immediately

[Adam Montana] next question please!

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[kcw] Brisco First off thanks for all you do Adam And For people reading these questions VIP would help with almost every question you have and I have found it worth it's weight in Gold and not just Gold but PLATINUM 1. Should the upcoming Conference and Summit motivate a RV prior to these events. 2. Do you feel NajAfi replacing Allawi for the list is a move forward in diplomacy and may make things move smoother 3. With all the info regarding release of new dinar in September lead you to believe that RV should have happened before that event.*

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[Adam Montana] I am still on the "Now to September Train" for our timeline. I think replacing Allawi would be a GREAT move for Iraq, and I don't think the Summit is a huge factor at this time.

[Adam Montana]

[Adam Montana] next please!

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[kcw] DiveDeepSix Adam, thanks for all the time you put into this, I've learned a tremendous amount since joining VIP. My question ….... With all the articles coming out about deleting the zeros over and over again and with them citing Turkey as an example, bunny-ear or NO bunny-ear? I truly hope and pray this goes our way and realize all the arguments for and against it, my favorite being they aren't going to say they are going to RV and this is a good way to pull the large denoms in and if they were going to bunny-ear why haven't they already done it. But wouldn't this throw egg on their faces big time if they are saying one thing and doing the exact opposite? …...... Thanks again bud for all you do!*

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[Adam Montana] Good question DiveDeepSix. First, Turkey - you can't compare Turkey to Iraq, they are Apples and Oranges

[Adam Montana] next, the "egg in the face" theory... this goes two ways. Iraq is a proud country, and they won't readily accept "egg in the face". On the other hand, if they do the opposite of redenominate... who really comes out ahead? THEY do. I wouldn't consider this a bad thing, and I don't think they will either!

[Adam Montana] next please!

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[kcw] DavidM Hi Adam, I've been with DV for a while and I don't think I remember* Anybody asking this question. It has been said over and over that we Would have a timeline on a cash in. But since the U.S. Will be holding IQD as a reserve currency, why would WE have a cash in period?

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[Adam Montana] another good question! I told you I was looking forward to this chat!

[Adam Montana] What you are asking makes sense assuming Iraq doesn't change their currency out. I think it makes sense to put a time limit on cashing in because they limit their expenses that way... the same way you don't see a grocery store running a coupon that never expires. They simply have to put an "end" to it at some point.

[Adam Montana] So if Iraq makes the official decision to honor the current notes for X amount of time, the US cannot force them to accept old notes beyond that deadline any more than we could make them accept the old Saddam notes tomorrow.

[Adam Montana] if the notes are old and expired, that's how the cookie crumbled.

[Adam Montana]

[Adam Montana] next please!

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[kcw] Jrose Hi Adam, In your opinion, why has Chaper 7 and HCL not passed and in place as of yet? What is the perfect senario they are waiting for or who is holding them hostage so to speak? Thanks Adam*

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[Adam Montana] this perfect scenario may have been waiting on Warka to be fully controlled, or it may be waiting on something else that we don't know about.

[Adam Montana] in my opinion, there isn't much left to be done... so we are IN the "perfect scenario"!

[Adam Montana] Exciting times indeed, if you ask me.

[Adam Montana] WHEW! Ok, thank you all for being patient. Sorry for the intermission... now I have to go clean up the mess I made knocking over my wife's vase

[Adam Montana] thank you all, and have a great day!

[K-NOTES]

[Adam Montana] later in the chat, a few people asked if Warka is still safe, should we worry, etc. My answer really depends on how you look at things. First, Warka is the ONLY Iraqi bank that will allow us (foreigners) to invest in an Iraqi Dinar account and hold Dinars in Iraq. So if you want to keep an Iraqi Dinar balance other than cash, YOU HAVE NO CHOICE but to use Warka.

I'M GOING TO CORRECT YOU RIGHT HERE, RIGHT NOW. THIS STATEMENT YOU MADE ABOUT WARKA BEING THE ONLY BANK TO HOLD DINARS AS A FOREIGNER IS INCORRECT, I HAVE A BANK OF BAGDAD ACCOUNT WITH IQD'S IN IT AND INVESTING WITH ISX WITHOUT ANY ISSUES.

[TonyDownTheShore]

Thanks Adam and kcw, so we keep waiting, but we're a day closer to rv.

[cgbrown]

[Adam Montana] later in the chat, a few people asked if Warka is still safe, should we worry, etc. My answer really depends on how you look at things. First, Warka is the ONLY Iraqi bank that will allow us (foreigners) to invest in an Iraqi Dinar account and hold Dinars in Iraq. So if you want to keep an Iraqi Dinar balance other than cash, YOU HAVE NO CHOICE but to use Warka.

I'M GOING TO CORRECT YOU RIGHT HERE, RIGHT NOW. THIS STATEMENT YOU MADE ABOUT WARKA BEING THE ONLY BANK TO HOLD DINARS AS A FOREIGNER IS INCORRECT, I HAVE A BANK OF BAGDAD ACCOUNT WITH IQD'S IN IT AND INVESTING WITH ISX WITHOUT ANY ISSUES.

Are you currently living in IRAQ????

[Saved]

Thanks for the Chat Adam

Question if you do not mind , What's your take on Kaperoni's chat yesterday ?

GO RV !

[cgbrown]

Thanks KCW: that's was quick work - getting it posted so fast. Your the greatest at this.

[K-NOTES]

Are you currently living in IRAQ????

yes i am, i live inside the LZ

[Bumper64]

Another great chat! Thanks kcw and Adam for this!!

[Riley]

Great Q&A Thanks....and thanks kcw for posting....question I have....talk of a RD - I too don't think this is would be a bad thing either - any idea of that value if it RD's vs. RV's? Go easy on me...just a thought....

[Saint]

Thank you both Adam and kcw for the chat this morniing. Glad you are always up-beat and have something positive to tell us. I know you work hard not to misrepresent any info . GooooooRrrrrrrrVvvvvvvv

[WallyWeaver]

I'M GOING TO CORRECT YOU RIGHT HERE, RIGHT NOW.

Dude.... how about showing a little respect?

If you're so smart why don't you go start your own site.

[Riley]

I'M GOING TO CORRECT YOU RIGHT HERE, RIGHT NOW. THIS STATEMENT YOU MADE ABOUT WARKA BEING THE ONLY BANK TO HOLD DINARS AS A FOREIGNER IS INCORRECT, I HAVE A BANK OF BAGDAD ACCOUNT WITH IQD'S IN IT AND INVESTING WITH ISX WITHOUT ANY ISSUES.

That's a lot of caps....I think the thought is....how can someone that's stateside invest or deposit in to the "Bank of Baghdad" without being in Country. I was in Country for 3 and half years and never had access to that Bank...so maybe his statement wasn't inaccurate...maybe its what is available to those that are stateside. Do you have the same Benefits as Warka? Do you only have access to that account while in-country? Just curious....

[precious1]

Thank you Adam for the chat aand for answering the questions! Greta post kcw! It's kind of funny though, we've been digesting all the recent news and this wasn't really a RV worthy news week?! I guess I'm beginning to see RV in all things, lol. Here's to hoping it sneaks up anad bites us on the arse!

[TonyDownTheShore]

WOW 314 people viewing this post right now, I've never seen this many people on one thread.

(((((((((((((((((((((((((((((((((((((GO RV)))))))))))))))))))))))))))))))))))))))

[RodandStaff]

[kcw] RodandStaff I know Iraq is Iraq, and anything can happen... but do you personally see anything that would want them to put off an RV until after the Arab Summit? It seems logical that they would want to show off to all the boyz next door that they are back in the game and running things for themselves... but again.. that's "logic speaking"!* Thanks again for all you do Adam, and take care!*

[Adam Montana] I'm glad you see the "logic" in not applying "logic" to Iraq

[Adam Montana] I don't see any specific thing that will force them or entice them to move before or after the Summit. In my opinion, they have to be just about 1000% ready, so it's simply a matter of "loose ends". I have no idea what else could be holding this up, but we have to admit that an RV is no small matter... I prefer that they are being safe and covering all bases, rather than a premature RV and then it blows up before we get to cash in.

[Adam Montana] Better safe than sorry, I say. I am willing to be patient with them in order to get the max return on my investment

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Thanks for the reply Adam... again, another good chat, and yes, things are looking really good... just wish we really knew what was holding this thing up...

... but then again... maybe it's better we don't know??? Just git-r-dun boyz!!! And "safe is good"... especially when I can deposit the return on this investment in a "safe place"!!!

Thanks kcw for posting! ... you must have the fasted fingers in the west!

Come On RV Baby!!!

[Bumper64]

Dude.... how about showing a little respect?

I agree WallyWeaver and while you are at it you can also lose the all caps! All caps makes it seem like you are yelling at someone!! We don't do that here!!

[Riley]

yes i am, i live inside the LZ

Wow if you are in the LZ - thanks for your service and stay safe!!!!

[TimS]

yes i am, i live inside the LZ

K

If you know this, great...if not could you ask; Are you allowed to have this account in with the Bank of Bagdad only because you are currently residing in Bagdad OR can any foreigner open an account at that bank? If the answer is yes, anyone foreigner can open an account it begs the next question; Do you have to physically be at the bank in Bagdad in order to open the account....my guess is that you do.

So in reality, Adam was right...for the vast majority of us Warka is our only option because we can't go to Bagdad to open an account.

[K-NOTES]

That's a lot of caps....I think the thought is....how can someone that's stateside invest or deposit in to the "Bank of Baghdad" without being in Country. I was in Country for 3 and half years and never had access to that Bank...so maybe his statement wasn't inaccurate...maybe its what is available to those that are stateside. Do you have the same Benefits as Warka? Do you only have access to that account while in-country? Just curious....

benefits with bank of baghdad are much better, customer service being on top of my list, a working ATM card, dual IQD,USD accounts....what else do you want to know? BTW, even if i was stateside i would be able to open account with them, so the answer to your question is yes to both.

[RodandStaff]

Thank you Adam for the chat aand for answering the questions! Greta post kcw! It's kind of funny though, we've been digesting all the recent news and this wasn't really a RV worthy news week?! I guess I'm beginning to see RV in all things, lol. Here's to hoping it sneaks up anad bites us on the arse!

If being "bitten in the arse" is what it takes to RV... I'm game! (gulp)

[behaviorkat]

Nice chat!

humor too +

[TimS]

benefits with bank of baghdad are much better, customer service being on top of my list, a working ATM card, dual IQD,USD accounts....what else do you want to know? BTW, even if i was stateside i would be able to open account with them, so the answer to your question is yes to both.

K

How could you open an account at the Bank of Bagdad if you were stateside? On line? Do they have a branch in the US?

[K-NOTES]

Dude.... how about showing a little respect?

If you're so smart why don't you go start your own site.

if i had the time to start my own site i would...i don't respect for garbage, so when i see and read things like what was stated earlier then i will state my opinion, its called freedom of speech, fought for it for over 20 years, anything else you care to say??

[blugrass60]

Thanks Adam and kcw!

[redchevrolet]

Thank you for the info!