Adams Official Chat 12-5-2012

[TexasGranny]

Topic: official chat NO TYPING

10:03 AM [Adam Montana] I think I can sum things up a bit quicker than usual - so I'll dive right in

10:04 AM [Adam Montana] There are three items to mention on the "state of the dinar"

10:05 AM [Adam Montana] 1. Right now it is 7:06 PM in Iraq. Tomorrow, Thursday, Ki-moon will be in Baghdad and it appears there is a heavy emphasis on Chapter 7

10:06 AM [Adam Montana] Ki-moon will meet with Talabani and Maliki.... this is a ONE DAY visit, which basically means there isn't a lot of negotiating, strategizing, or anything else going on - it's a "Hi how ya doing? Can we sign this thing yet? GREAT!" type of meeting. (Or it's a "No, we need another week to get Erbil wrapped up.... either way, things are going the right way!)

10:07 AM [Adam Montana] 2. Changing the currency, deleting the zeros, raising the value, etc. We are seeing a few opposing articles - some say that they plan to swap out the currency in January, others say that's not going to happen. Here is why:

10:09 AM [Adam Montana] The bank has been a supporter of simply removing the zeros. They feel they have inflation and volume of currency under control. Removing the 0's without changing the value is a straight bunny-ear - no value is gained, no value is lost, but what IS lost is two things: The money it takes to needlessly reprint currency, and the potential to recapture lost wealth.

10:11 AM [Adam Montana] I'm certain that Shabibi's actions (putting a l0p ahead of an RV) had a lot to do with him being removed. Now that he is not able to stick his nose directly in the business, I would like to see Maliki move forward at an accelerated pace to raise the value significantly.

10:11 AM [Adam Montana] (If Shabs comes back after the value is raised and is put in charge of maintaining the stability of the new rate, I'm sure he will do a good job. )

10:12 AM [Adam Montana] and finally, 3. The announcement of AsiaCell coming onto the ISX

10:12 AM [Adam Montana] there is a LOT of speculation on AsiaCell - does it signify an RV, does it have anything to do with the RV at all?

10:12 AM [Adam Montana] I say no

10:14 AM [Adam Montana] but it IS a good indicator that things are STILL going the right direction. Cellular communications has always been one of the things I am keeping on my radar for future investments in Iraq - they don't have the kind of infrastructure there that most 1st world countries have, and after the RV they will be moving forward QUICKLY with improvements in that area.... those Iraqis are going to want their smartphones to work and work well!

10:15 AM [Adam Montana] but I do need to put out a word of advice. When you choose to do business with Iraq, whether it is through a broker, a bank, or just cash dinar - we do not have any kind of protection. We are playing with their money, and sending them our money, on the hopes that they honor their promises and don't run with our money.

10:16 AM [Adam Montana] However you decide to invest, do so cautiously and do your due diligence, and don't invest any more than you are able to lose without hurting yourself. We've been watching this investment for 10 years now, and although it really looks like things are wrapping up at an accelerated pace... there's no law that says it can't go another 10.

10:17 AM [Adam Montana] (I'm not saying I think it WILL go another 10! I'm just saying anything is possible   )

10:17 AM [Adam Montana] ok, that's my update. I'm not giving any dates or rates, I leave that privilege for the other sites.

10:18 AM [Adam Montana] wait, one last thing .... Vizio just mentioned behind the scenes that a warrant was also issued for Saleh

10:18 AM [Adam Montana] Saleh has recently been mimmicking what Shabibi was saying before his warrant was issued

10:19 AM [Adam Montana] so it is very easy to see that the GOI (Maliki personally?) may be issuing warrants and warnings to everyone opposing an RV - pipe down or face consequences.

10:19 AM [Adam Montana] ok, questions! 

10:19 AM [kcw] dontlop do ya think 10 years is enough to figure out whats going on with the dinar ,or is it still speculation?

10:20 AM [Adam Montana] I've been here long enough to know that I still like our chances... but it is still speculation, and it always will be until the end. (Win or Lose)

10:20 AM [Adam Montana] next please!

10:20 AM [kcw] waitingondinar Adam, I read one article that stated the new year will see the introduction of a new currency and in the same article I read the following: The Rapporteur of the Committee, said in an interview for mohama Khalil “twilight news” “the new year will see the restructuring of the Iraqi currency, delete the three zeros, and therefore will not witness the birth of a new Iraqi currency because of the refusal of the Government to this project”, stating that “the Government considers that this is not a priority.” Also, do you think Erbil is the only holdup at this point or are they truly making progress in that regard. With only 3 1/2 weeks left until the end of the year, do your still think the RV is just about here? Thanks

10:20 AM [Adam Montana] Erbil, Chapter 7, HCL.

10:21 AM [Adam Montana] The rest of the opinions and posturing and "dates" that they release are just noise. I look at the facts and the actual progress. They can say whatever they want - maybe they say it to get people to buy dinar, maybe they say it to get people to sell, maybe they are playing political games... what are the facts?

10:22 AM [Adam Montana] Iraq has made significant progress, is millimeters away from being released from Chapter 7, and would benefit from a raise in the value of their currency.

10:22 AM [Adam Montana] next please!

10:22 AM [kcw] vanilla wafer Hello Adam: I have been part of the dinar family for about seven - eight years and I follow everything you post very carefully. I realize you say a lot without committing yourself to anything - smart on your part. Your Thursday post last week was exciting and very encouraging and the information about the banks with de la ru machines and making sure your contact information was great because it gave me the feeling that we are close. With all that being said, do you foresee an RV by the end of the year or do you feel we will have to wait unti the first of the year? A huge THANK YOU to you and the rest of the team for all the hard work that's put into providing us information and keeping us up on the latest. Vanilla Wafer - Platinum VIP

10:22 AM [Adam Montana] Hey Vanilla, thanks for your support and the positive words. It is a pleasure to have you in the group!

10:22 AM [Adam Montana] I am still not giving a date.

10:23 AM [Adam Montana] next please!

10:23 AM [kcw] Candy01 Adam, Do you think Iraq will be released from Chapter 7 this month?? Please say YES!!

10:23 AM [Adam Montana] GREAT question. I hope to have a better grasp on the answer after we get reports on Ki-moon's meeting with Talabani and Maliki tomorrow

10:23 AM [Adam Montana] next please!

10:23 AM [kcw] rightsonword We can only assume that the listing of AsiaCell on the ISX will create more trading and bring more money into the ISX(hopefully raising the price of other stocks). Do you see any significance on the currency side of things considering the listing of AsiaCell… ?

10:24 AM [Adam Montana] I really don't. Being invested in the ISX should be a great place to be when the RV is announced, but I don't think they are significantly intertwined other than that.

10:24 AM [Adam Montana] next please!

10:24 AM [kcw] Tico Factoring in that Thomas De La Rue makes currency for many countries, it would be safe to assume those countries would have the machines to authenticate subject currencies. Can we or I simply take Dinar to any of the countries posted at Thomas De La Rue website and consider cashing in that way? Thanks a bunch always for your help and support

10:24 AM [Adam Montana] Hey Tico,

10:26 AM [Adam Montana] That's a tough question to answer. The De La Rue machine will likely be the #1 way that banks verify authenticity, but that doesn't mean every bank with a machine will be cashing it in. I have a list of banks that currently have these machines, and after the RV I will be emailing the VIP members with the details on which banks are giving what rates and whatnot... but again, just because a bank or country has the machines doesn't mean they will give you the best rate or even cash you out at all!

10:26 AM [Adam Montana] I would strongly recommend this free guide: http://dinarnews.net/cashinguide.php

10:27 AM [Adam Montana] next please!

10:27 AM [kcw] ReneB Hi Adam, thanks for all your hard work..............My desktop widget says VND is now 1.00 USD = 2.085 VND. What is up with that? Is this true? Thanks Adam.......waiting for Dinar RV....and VND.....

10:27 AM [Adam Montana] I think your widget is wacky - the VND is not at that rate at this time

10:27 AM [Adam Montana] next please!

10:27 AM [kcw] Polishfloridian Thanks for all you do Adam...... What benefits would the Iraqi people receive if the dinar were to RV? What benefits if were to bunny-ear? What may be the negatives to the Iraqi people of either possibility? Art

10:28 AM [Adam Montana] Hey Art - I actually wrote a 56 page eBook on this exact subject, and I answered that and a lot more questions you might have. As a member of DinarVets.com, you can get it for 80% off - check in the "Announcements" section.

10:28 AM [Adam Montana] next please!

10:29 AM [kcw] waitingondinar Adam, I read some additional articles posted in the forums. Some of the articles are titled as follows: Central BAnk: the dinar became strong and more like hard currency, A member of the parliamentary economic: Can not promote infrastructure of the national economy without investment Date: 12/04/2012 08:25:32 Tuesday, Make final recommendations to keep the ration card next Thursday 12/04/2012 1:15 am, Talabani will ask the National Alliance change Maliki upon his return to Baghdad Monday, 03 January 1 / December 2012 17:32 The last heading looks like they are still going after Malaki for replacing him. So many of these listed tasks just keep appearing every day. Could this keep the RV from happening for awhile as new "tasks for completion" keep popping up every day? Thank you

10:31 AM [Adam Montana] I'm going to skip right to the last part - "going after Maliki". This was a hot subject a few years back, and then when Allawi and Maliki were competing for the top spot. It was mentioned here and there that Talabani might have it out for Maliki, Shabibi would do this or that... Maliki has come out on top every time, and Talabani actually works WITH Maliki on a lot that just gets ignored. I don't have any concerns about Maliki.

10:31 AM [Adam Montana] next please!

10:31 AM [kcw] MD34 Hi there, We all know what many possible things can derail the currency appreciation for Iraq (too endless to mention) My question is WHAT THING(S) if ANYTHING could NOT make the value of the Dinar jump up? ie Does Iraq have a 'Magic Card' they can play? Thanks in advance.

10:31 AM [Adam Montana] I don't think there is a Magic Card.

10:32 AM [Adam Montana] The revaluing of a currency is not an overnight thing, never was. It's not something that will be done arbitrarily - it will be well planned, fully supported, and will not happen until everything is in the right place.

10:32 AM [Adam Montana] next please!

10:32 AM [kcw] Jannet Adam, I know we are all waiting on that MAGIC moment. My question is: Will Iraq have the resources to pay for the RV. Say it RV’s at $1.00 per dinar and I’m holding $4 million dinar, are they able to pay the $4 million in us dollars? And since I am only a drop in the bucket compared to the rest of the dinar holders, how will they be able to with stand the influx of large amounts of dinar? Thanks so much to you and your staff. Julie has been the best person at answering my questions.

10:34 AM [Adam Montana] Hi Jannet, that's a good question! The thing to keep in mind is that they won't be handing over "CASH" to you - the funds would go into an account in digital form. Look at the US for example - we don't actually have "cash" or even GOLD to cover our debt, or even all of the accumulative dollars in everyone's account. So if we don't have the "cash" to cover that wealth, how is it there?

10:35 AM [Adam Montana] It's a figment of the world's imagination, made real by everyone MAKING it real. Our debt is secured by our credit, not by gold. (Credit which is getting worse and worse, but I digress...)

10:36 AM [Adam Montana] Iraq is in kind of the same situation. If they RV to $1, they aren't going to pay out in cash - they are going to pay out with their credit. They will back their credit by a rising and stable economy, future profits to be made on their growth, and also, of course - OIL.

10:36 AM [Adam Montana] Hope that clears it up, and sorry I got off on a tangent about the decline of the US credit and that whole situation.

10:37 AM [Adam Montana] next please!

10:37 AM [kcw] vietnam1969 Hello Adam, staff and fellow members. Since watching Wisconsin beat the h-e-l-l out of Nebraska Saturday night, I only have one question for you at this time. Where is all of the squeaky cheese I have heard about up there? Are you keeping it to yourselves? Was told that it is very good to squeak on   Thanks for all you do for us!!!!

10:37 AM [Adam Montana] *Teach me how to Bucky!*

10:37 AM [Adam Montana] Squeaky cheese! Take a look at marscheese.com

10:38 AM [Adam Montana] Go to Cheeses > Cheese Curds

10:38 AM [Adam Montana] when you get them, microwave them for just a few seconds... squeek away 

 

10:38 AM [Adam Montana] next please!

10:38 AM [kcw] EC429 Adam, Will our VIP codes also include VND? Adam, Maybe this is posted and I have missed it but can you please tell us how to peoperly check out a bank. I am considering BYN Mellon because they appear to be international but there is not much information on their website.

10:39 AM [Adam Montana] I can't promise on the VND because it depends on the rate. If the VND doesn't appreciate significantly, then no banks will be giving us any better rate. Same goes for the Dinar of course

10:40 AM [Adam Montana] but if they DO appreciate significantly, then there is a possibility DEPENDING on the volume at which the VIP members commit to using the specific banks we have agreements with

10:40 AM [Adam Montana] the Dinar is much easier, since we are A- expecting a much higher rate of return and B- We know you all have Dinar! I don't know how many of you also have VND.

10:40 AM [Adam Montana] next please!

10:40 AM [kcw] vietnam1969 If Talabani is successful in having Maliki demoted or released from his current position, do you think Talibani will step in and be the man in charge or do you think he will appoint someone else to fill Maliki's shoes? I know this sounds a little far fetched but so does a lot of things coming out of Iraq. Thanks again for your guidance and leadership here in Dinar Vets and the other sites.

10:41 AM [Adam Montana] hey vietnam. First, I don't think it will happen. But IF it did, I would see him appointing someone else, rather than taking that responsibility on his own shoulders.

10:41 AM [Adam Montana] next please!

10:41 AM [kcw] Luigi1 Here's a real tough question... All these IQD & VND rates showing up on the screens in HK & the EU...could that be nation to nation currency trades, after hours trading & the elite like the Soros' of the world cashing in. If so, is there a two tier cash out. A special rate between nations & the elite then a bunny-ear for the rest of us. That is my worst fear, a rigged game like Wall Street. The small investor always get the short end of the stick.

10:43 AM [Adam Montana] Luigi1, I understand the concern... but I don't think it will happen that way at all. There are too many individuals with huge power that are in situations similar to us - we aren't a "government", we are individuals. The political backlash from a "tiered" structure that had significant advantages for entities over individuals would be almost incomprehendable

10:43 AM [Adam Montana] next please!

10:43 AM [kcw] Noni Recently, someone posted that we could cash in the dinars in another currency...canada, australia...Wells Fargo Bank was mentioned to get a debit card and when you withdraw money from the account, you get the currency of the country you are in:) I'm not certain of the post and I hope you are familiar with it. Is there any truth in that? Thank you so much for everything:)

10:44 AM [Adam Montana] Hey Noni, I'll be honest - I don't know which post you are talking about.... but it sounds a bit goofy to me. People are always posting odd cash out myths and half-truths, some based on lies and others on simple misunderstandings.

10:46 AM [Adam Montana] I've researched and made deals and shook hands in every possible aspect of this investment - if you want the REAL bottom line on cashing out your dinars, scroll to the bottom of this page and click the link for my free "Cash In Guide". It will tell you everything you need to know, and then you can actually teach OTHER people what they need to know 

 

10:46 AM [Adam Montana] next please!

10:46 AM [kcw] jon29 Good morning Adam! Christmas is on the way and I MUST send something to corporate to avoid the rush! I'm yankin' hair, furrowin' the brow, and whittling down nails with teeth trying to decide!! With full respect of your business sense, savvy, and professional protocol, could you tell me a best pick from the list so's I'll not look like a 'suck up', but still raise an eyebrow with a nod of approval?? Thanks!...and here it is: choice A. Portland wine/Portland brie ('made in Oregon' store), B. Starbuck's gift certificate/Santa-land Cd, C. Holiday nut roll/fruit fun wreath, D. Chia gnome, that's it, just gnome. Thanks a bunch and ~~Happy Holidays!!~~

10:46 AM [Adam Montana] What's wrong with fruitcakes? Aren't there any traditionalists out there anymore?!

10:46 AM [Adam Montana] next please!

10:46 AM [kcw] SPOTLIGHT Whats up Adam my question to you is are mentally exchausted being ask when will the rv happen,There is not ONE PERSON HERE WHO KNOWS.Adam if you was to open a business would have been better to start Jan 2012 rather than Jan2013 due to the tax hike?

10:47 AM [Adam Montana] Thanks for the question spotlight. I try not to spend time thinking about things like that - you can't go back to 2012 to start a business, so the real question is "Should I start a business in spite of the new tax hikes?"

10:48 AM [Adam Montana] That can only be answered by you - can you make it profitable in spite of the hikes, is it worth your time, and what other options do you have?

10:49 AM [Adam Montana] In the VIP group we have resources that could enable you to open your new company outside of the US and potentially avoid (NOT EVADE!) some of those taxes, I guess that would be my only advice - study up, know your options, and don't dwell on the past.

10:50 AM [Adam Montana] Annnnnnnnnnnd that was the last one! Thank you all for the questions, let's hope we have some good reports from the ki-moon meeting tomorrow, and of course - GOOOOOOOO RVVVVVVVVVVV!!!!!!!!!

[dontlop]

thanks adam for answering my question .. i feel the same way.. nothing is written in stone anywhere even though some seem to think it is .. the date and rate will be when i know for sure. no one has that .. so im still speculating

[Perspective2011]

Great chat, thanks Adam and TexasGranny!

[chara55]

Iraq People and smart phones? they dont even have food, electric, or a decent infrastructure, I think smart phones are the last thing they are worried about, it does'nt make sense, as far as the VND, 1 USD = 20,845 VND, Have to be REALISTIC ........IMO, Just saying

God Bless

Goooo Rvvvvvv

[kjwayne]

Good chat! OK ,MOON over Iraq on Thursday and then , we will see. As the world turns! ha ha GO RV!!

[Shabibilicious]

Not the Razorbacks, Bret........say it ain't so!!

GO RV, then BV

[VIZIOIRAQI]

Iraq People and smart phones? they dont even have food, electric, or a decent infrastructure, I think smart phones are the last thing they are worried about, it does'nt make sense, as far as the VND, 1 USD = 20,845 VND, Have to be REALISTIC ........IMO, Just saying

God Bless

Goooo Rvvvvvv

Not True 80% of Iraqi's have cell phones now and they can use there phones for banking !

The second announcement involved the implementation of the Iraqi Interoperable Mobile Payment System (IIMPS) which will allow Iraqis to “pay by phone.” Interestingly, 80% of Iraqis don’t have a bank account but 80% do have a cell phone. Iraqis will now be able to make deposits at a branch bank or at a retail shop acting as an agent for the bank and then pay anyone, anywhere by phone. This could be a huge game changer for the consumer banking market.

http://investiraq.or...ncial-services/

[DinarThug]

Go Moon !

I Just Luv A Good Ban Ki Story !

[Adam Montana]

Iraq People and smart phones? they dont even have food, electric, or a decent infrastructure

Which is exactly why I am keeping cellular items on my radar. The world isn't going backwards technologically, it is going forward, and there are profits to be made as Iraq catches up.

Here's another example, one that I made quite a bit of money on a few years back - ATM machines. It's not often you find ATM machines in the US with high transaction rates charges, but that was not always true.

A while back, one of my business contacts in Singapore introduced me to the possibility of placing ATMs in places that didn't already have them... and keeping a huge portion of the transaction fees. In countries or locations where there are no laws or regulations prohibiting certain practices, you can even charge a percentage of the withdrawal. Chew on that for a bit.

My point is that regardless of any value of RV, there is profit to be made in certain areas - like digital infrastructure, cellular communications, and technology in general.

..., I think smart phones are the last thing they are worried about, it does'nt make sense......

Don't get hung up on the other stuff, use your noodle and recognize that RV or not there are other opportunities.

And WITH an RV, those opportunities multiply.

[HowieC]

Excellent chat! Thank you sir !

[Bumper64]

Great chat Adam

Thanks kcw and TG for running this chat for us!

[umbertino]

Not True 80% of Iraqi's have cell phones now and they can use there phones for banking !

But a few People here ( who have been in Iraq) stated that most Iraqis don't even have a bank acct.

[VIZIOIRAQI]

But a few People here ( who have been in Iraq) stated that most Iraqis don't even have a bank acct.

Interestingly, 80% of Iraqis don’t have a bank account but 80% do have a cell phones!

Read more: http://dinarvets.com/forums/index.php?/topic/135837-adams-official-chat-12-5-2012/#ixzz2ECaIekPs

[fox]

Thank you so much for all the info. I appreciate all that you and your staff do for us.

[welcome007]

10:11 AM [Adam Montana] I'm certain that Shabibi's actions (putting a l0p ahead of an RV) had a lot to do with him being removed. Now that he is not able to stick his nose directly in the business, I would like to see Maliki move forward at an accelerated pace to raise the value significantly.

...wtf?

Edited December 5, 2012 by welcome007

[brbrlocke]

I enjoy sitting on the edge of my seat. Thanks for the chat. :-)

[rockfl9]

I do not understand Adam's answer to Jannet ! Claiming a "digital entry" doesnt need to be backed by real dollars...A digital account i.e. passbook account is a liability to that bank. It must be supported by an equivalent asset somewhere..That asset is the CBI reserves.. Until the amount is recovered it would have to be treated as a loan...A high risk loan...If the RV is 1 cent the value of Iraq's M2 would become $720Bn...The $72Bn would be gone in seconds just to cover demand deposits within Iraqs local banks !

I dont think the FED/UST/FDIC would allow a US bank to take that risk...

[RVPleaseToday]

rock, I think I remember Adam saying in the past that Iraq would do the RV on credit. That the U.S. would loan them the money. I'm sure he will correct me if my memory is faulty.

[zigmeister]

Interestingly, 80% of Iraqis don’t have a bank account but 80% do have a cell phones!

Read more: http://dinarvets.com/forums/index.php?/topic/135837-adams-official-chat-12-5-2012/#ixzz2ECaIekPs

Right on Viz, you are on target and something else to remember is that while their electricity sucks, however they opened up a new plant a couple of weeks ago. Having said that they have more electricity in their country today than they ever had when Saddam was there.

[Carrello]

Right on Viz, you are on target and something else to remember is that while their electricity sucks, however they opened up a new plant a couple of weeks ago. Having said that they have more electricity in their country today than they ever had when Saddam was there.

Smarty pants!

[RodandStaff]

10:37 AM [kcw] vietnam1969 Hello Adam, staff and fellow members. Since watching Wisconsin beat the h-e-l-l out of Nebraska Saturday night, I only have one question for you at this time. Where is all of the squeaky cheese I have heard about up there? Are you keeping it to yourselves? Was told that it is very good to squeak on Thanks for all you do for us!!!!

10:37 AM [Adam Montana] *Teach me how to Bucky!*

10:37 AM [Adam Montana] Squeaky cheese! Take a look at marscheese.com

10:38 AM [Adam Montana] Go to Cheeses > Cheese Curds

10:38 AM [Adam Montana] when you get them, microwave them for just a few seconds... squeek away

10:38 AM [Adam Montana] next please!

I'm glad your being steered in the right direction by a true Wisconsinite like Adam vietnam1969!!! I'm not in the cheese business, but being raised in Wisconsin I developed high standard's for cheese... and kinda took that for granted until I moved to NC. I tried to buy some cheese curds from the only cheese factory in the state at the time... and they weren't even close!!! I'll give you our favorite spot back in Wisconsin to buy cheese as well... a cheese factory near Stanley, WI. with some world renowned cheese's.... http://www.lagranderscheese.com/

Cheese Curds are almost everybody's favorite... Lagrander's has several kinds of flavors but I would start with the Colby if I were you... then graduate from there. Enjoy!!!

Thanks T.G. for posting and as always Adam... super duper job of keeping us informed with level heads... thanks again!!! So I do have one question... who's bringing the cheese curds to Las Vegas post RV??? Or do we have to have em shipped in??? Just one thing to add... Time to "Git-r-dun boyz"!!!

Come On RV Baby!!!

Edited December 5, 2012 by RodandStaff

[rockfl9]

rock, I think I remember Adam saying in the past that Iraq would do the RV on credit. That the U.S. would loan them the money. I'm sure he will correct me if my memory is faulty.

The US credit line is maxed out....I dont think the US would borrow $720Bn from ???? to loan to Iraq to support a payout ...That's foolish...Who in the congress would support that in this environment????

[Saint]

Got back from Wisconsin a few weeks ago and brought a bunch of cheeses back. Curds are always a safe bet. Here is where I go : www. BierisCheese.com they are located in Jackson Wis.Thanks kcw and TG for helping with chat this morning. I was working. Thanks Adam and yes let the Moon foretell the RV future. Again thanks Adam.

[umbertino]

Interestingly, 80% of Iraqis don’t have a bank account but 80% do have a cell phones!

Read more: http://dinarvets.com/forums/index.php?/topic/135837-adams-official-chat-12-5-2012/#ixzz2ECaIekPs

Then once again... the (Iraqi) plot thickens.......

[olivesman]

I do not understand Adam's answer to Jannet ! Claiming a "digital entry" doesnt need to be backed by real dollars...A digital account i.e. passbook account is a liability to that bank. It must be supported by an equivalent asset somewhere..That asset is the CBI reserves.. Until the amount is recovered it would have to be treated as a loan...A high risk loan...If the RV is 1 cent the value of Iraq's M2 would become $720Bn...The $72Bn would be gone in seconds just to cover demand deposits within Iraqs local banks !

I dont think the FED/UST/FDIC would allow a US bank to take that risk...

You have fallen into the trap of using LOGIC while talking about the industry that has the "average man" by the b011s. While, logically, a passbook account would seem to be a liability to the bank, it is turned upside down and used as an asset when the bank loans that money out to its borrowers. And the only thing backing the US dollar is the people that are born here and working to pay taxes to THE FED. (another common misconception is that the taxes go to the government)