Real Banker's Point of View

[WISKY291]

IMO, I think you pay on your capital gains only. just saying!

No, that's not true.  It's considered income. Be carefull.

[AJC]

My guess is that it would be considered a long term capital gain. I believe Adam can assist on this subject. Adam.. Where art thou?

[KiaKaha]

Thanks, Amos! Appreciate you clearing things up for us. Now to put some currencies in a hat and pull the ones to purchase. 

 

KK

[Nadita]

Here is what the world economy plays into Iraq....

 

-Nations will come into Iraq (WE are there, China is there, Russia coming (see airport)) increase economic stronghold

-Companies will come...look at Citibank!!! They spend a trillion to come in.  Guys let me tell you...a bank doesn't come in unless they expect to make money.  They don't make money unless they lend...who would they be lending to right now? Exactly!!! They are EXPECTING Iraq to become a power house.

-The world needs Iraq's economy to become stronger, this could be used to swap out a reserve currency used as IQD.  The facts are the USD is not what it use to be (and will decline sharply), and the Euro is failing...who's next?  China?  No, they cheat and will never increase their rate...they'd lose business.\

-Iraq has nowhere to go but up...while I do believe they have 33 trillion in dinar...I don't believe that it is all "working currency".  I believe they will "have it listed" until they go international (WTO) tradeable...then they will cut their losses.  Do I think it's a smokescreen...no not necessarily...I think right now they are "needing it there because they have no choice"...which is one reason they are using US dollars.  While they are in transition they have to hold onto the currency.  I don't even think they know how much they will need (waiting on float for dinar).

-I do feel they will allow it to free float...works in our favor anyways.  As fast as Iraq's ecnomy is spooling up...the value should increase moderately. 

 

 

***Bottom line...do I think we'll be overnight millionaires...maybe not...did we make a great investment...oh yeah.  While it maybe a while (2-3 years) before they get to that 1.00 mark....it's worth it.  Chapter 7 was the cake coming out of the oven, HCL will be the confetti, WTO will be the icing, rate change will be the cake cutter.  Hang in there...remember this is BUSINESS!  All are in it to make money, but timing is key.  God is good, have faith and believe he is working in YOUR favo!

Iraq is an investment Sgt.  Companies are investing their "time and money" this will in turn enrich Iraq's economy.  There is also stock that you can invest in Iraq (which there was an article referring to Bloomberg).  Also the interest rates you get at Warka are MUCH better than anything you can get in the states.  Right now banks are paying around .75 (5 yr cd) due to the Fed...not wanting consumers to save money (spend for velocity).  So yeah...it is AN INVESTMENT depending on how you play your cards.  Some do all 3....currency, stock, warka.

Banker,

 

Thank you.. just wondering if you know the date and rate

[JMULS31]

Amos9:13,  Thank you for your input

[SgtFuryUSCZ]

Wow Sgt.! someone negged you for saying this? Jeeze..........  +1

***///

 

We took a pretty hard hit here today for that one! 

Thanks, TKEATON for commiseratin' with us...!

[Amos9:13]

lol trust me if I knew the date and rate you'd see me not on here looking at articles.  My assumption would be since there have been articles referring to the poor living conditions of Iraq, they are out of Ch 7 now, talks of HCL being in the final draft, Airport potentially being built, pipeline going in, exports up, economy boost ( up 9% I believe?), previous articles about (Iraqis not being able to pull money out of banks, no money supply), Citibank and other major companies going in (look for cell  phones/walmart/ and others), ...I believe we are getting close to the finish line.  We are still waiting on them to have an internationally recognized currency.  I think the only thing we are waiting on is the ascension to the WTO, once that happens we know Iraq has an idea of what their currency might be worth.  By then they will also have to have in place their agreement on Tariffs/Trade.  Tariffs were suppose to go into affect I believe this month...haven't seen an article...but this could be a "pre-emptive" move towards WTO.  Remember, a inspector found that there was a lot more petroleum underground Iraq than first believed.  The world needs cheap oil, Iraq will supply it. I believe that's the reason for Russia wanting to help build an airport.  Many nations in my opinion will want Iraq to ascend to the WTO asap.  Has more benefits for them in this way.  While Iraq has been given a green light to work on its own...that still doesn't mean other countries are "not cautious".   Iraq needs the WTO, kind of like businesses like to have a BBB (Better Business Bureau) rating of an A.  While it doesn't necessarily mean you can't trade...it definitely looks BETTER on paper. Kind of like a warranty...you may not need it...but you want it if you are going to buy something expensive right?  You also have to take into light things happening around the world.  Look at the uprisings...these citizens have started getting access to the internet and seeing what other nations such as ourselves have.  They are demanding more from their governments or ...else they revolt.  I do believe Iraq has held their citizens down to bring in dinar to reduce the money supply.  I think they've cut the supply short and are having them use US dollars for now.  Auctions might show some minor signs of change, but I believe when the dinar revalues the Iraqis will want to trade.  Let's be honest, muslims hate us and America...I'm almost 100% positive they don't want to use our currency.  I think after the WTO ascension, a few weeks later you will see the bottom rate (maybe 600 or 500 to 1) then it will be placed on a free float hopefully going up moderately fast. 

 

...So my opinion is hopefully within 6 months.  I think they are moving fast, but there is still work to do.  If the Tariffs and HCl get passed you'll see even more articles come out about a stronger dinar.   It's like a jigsaw puzzle...things are coming together slowly...but in the end the picture will be there for all to see.  It's like watching a small business keep adding on to their portfolio...then before you know it...they aren't small anymore...they've gotten huge...i.e. Walmart, Apple...you name it.  What makes this investment a great one is the timing...if it was 10-20 years ago this wouldn't work...but just like the technological boom, industrial boom....this is the global economic boom...and Iraq has the right resources and the right investors.  The rate might start off slow...but don't be discouraged.  Many people said the same about Apple and Walmart "it's not going to make any money"...well look at it now.  I've started seeing things from Bloomberg, and even our investment officer ( I spoke to after they released ch 7) have started questioning their original ideas.  When you present enough evidence to have investment people from the US change their minds...you're on the right track.  I also spoke to our VP over cash management and she raised her eyebrows when Citibank went over there.  Guys banks don't open branches just anywhere...they are VERY costly.  Keep patient and remember this isn't a get rich quick scheme...it's an investment in an idea that Iraq will return to their former rate.  Supply/demand, grow the economy, reduce the money supply, political stability=rising rate.  They can't go down lol...in fact from 2000 to now they've went up from 580.00 per million to 980 per million...some people have already made money therefore...I debunk people who say it's a scam. 

[Patty B]

Thank you, Amos.

This entire thread was

a great read. I love the

input from all ~

[UNEEK]

Amos - Thank  you  for sharing so much with us - It is reassuring / encouraging to get info from  a reliable  source. Your information was very  helpful and again it is much appreciated.

[Amos9:13]

Glad to help!  I do have customers who are business men/women who are invested as well.  While they aren't "swarms" of numbers...they are respectable business people.  One in particular use to work for the federal reserve in Memphis before it closed (I've seen a picture of him with the chairman of that time, name tag, shirts whole works so he did do this...been to his office).  He strongly believes that Iraq will revalue.  From one of his associates mouths, the Federal reserve had some dinar.  He didn't see any proof...it's just hearsay...but it sounded good when he said it!  We talk about it on a weekly basis in my office so I always find comfort in having financial experts such as him invested.  I also know the head of our foreign currency department.  I told her if she sees anything about the "dinar" to let me know immediately.  If I hear anything from her, I'll let you guys know .   BTW...what many people don't know is that it can take a few weeks to a month to get your foreign currency exchanged...so when it does happen don't think you can just go out and buy that car or house lol.  You will still have some waiting to do!

[Nadita]

Amos,

 

Thank you for the reply.. To be honest with you  I haven't read your thread yet.. I scanned it lol but I will read it again and as you know, I like a good discussion and I might ask you questions.  I like to talk to a banker and get some honest opinion and I appreciate you coming and writing today. It was a difficult font to read this morning and I had to keep enlarging the page lol  too eye constraining this morning especially before coffee  thank goodness, the font changed to comic sans which is easier to read

 

I agree with you as dinar is a country's currency and the country is rich and full of resources.. the dinar can not do nothing except going up in value but not in the timing that we want it to.  I also agree even though they are out of Chapter 7, I don't think they are quite ready yet, they are still have to take care of some logistics or should I say "really lining up their ducks in a row so it's straight" lol

 

I will come again with questions for ya and I like to compare notes.. one of my sources said her bank is saying late July and no rate  

[rulesforrebels]

Banks do not "report if you are sending in for investment/etc".  Banks report interest earned on interest bearing accounts, interest expense on loans outstanding, and also (CTR's) which can be researched on the internet.  You can technically trade in dinars with your bank (for a fee...ours is 15.00) and once the bank gets the funds from the other country...it will then be direct deposited to your account.  The bank does not report on this.  It's up to you and your CPA to get your taxes done correctly.  The bank takes no responsibility in what you do with the money you've received unless it's earning interest which therefore the interest will be reported.  If you don't report to the IRS that you had capital gains that year...then you are playing risky games.  The IRS can audit you at anytime and will submit a submit a subpoena to the bank in which the bank then has to release your information (statements etc) once a judge signs.  We all know they are all listening in on us...so do the right thing...get a CPA and go over your information...pay the taxes!  Even if they don't deserve 1c at least you are free from them fining you! 

Banks have to report on any transactions over $10,000 so the bnak will record and report the transaction. Banks also don't send money and get foreign money from or sent from other countries as you seem to be saying other countries central banks just buy it back in. My gf used to work at a bank and a currency exchange and she told me their money would come from deutchbank or bank of america not the central bank of mexico, central bank of england, etc.

[Nadita]

Always like it when someone posts something that makes sense.  This guy makes sense!

I ditto it.. I like what he writes  

[Darin]

Thank you for your contributions Amos, we appreciate your input and hope you share much more in the future.

 

I've always felt that this would not be an overnight scenario.. As many of would love for it to work out that way, I think we will see adjustments in our favor over time. The real question at hand is, how long is the "over time." The currency itself used to appreciate quite frequently upon its induction, however, in recent years it stopped and remained constant. The dinar seemed to be much more popular back than, as we found that many were optimistic, gullible to the word of some gurus, and so forth. In recent years, many of us have started to become more grounded as we have sat back and learned what the potential outcomes may be.

 

In a R/V // R/D debate, it has been beaten to death.. We see articles and so forth, but they sure like to talk a lot without taking action. I think a general appreciation in value is a good possibility, while not discounting the idea of a more worse-case scenario. It really does no good to argue why you believe one will occur over the other, because no one really knows.. Its all just speculation, but at Iraq moves forward in a positive light, I think the longer this drags out the better the possibilities. Some may ask why, and my response is simply that as time moves forward, they'll fix many of their on-going issues.

 

What are some of their issues?

Dependency on energy (Crude oil & Natural gas)... Now, there is no doubt that is what makes up the largest percentage of their paycheck... Other sectors are growing, from either within or the assistance of foreign investments moving in. But that same ratio percentage will likely remain the same simply because oil production will continue to rise while the private sectors will rise as well. In reality, if the private sector was booming to a larger percentage, I would feel that Iraq is not boosting their crude exports to their fullest potential.

 

Other precious metals & minerals can help boost their economy... It will help in playing a factor, but it will never take up a large % of their potential over crude... In the way future, I would believe their % of crude dependency will reduce as other markets flourish.

 

The dinar, in due time will likely show more promise whether it R/Ds or R/Vs... I would imagine that it'll go up in some sort of significant value due to demand.. If the citizens of the country start to move away from the dollar, their domestic currency will likely be higher demand...

 

If foreign deals and trades increase, this should also be a big boost for them.. Job creations and so forth.. I imagine in the near future that the govt of Iraq may eventually start taxing their citizens for government projects (i.e., maintaining or building infrastructures)

[Choppermike]

Overnight if you live on Saturn.

[Nadita]

Amos  

 

I have read the entire thread and I like what I read  thank you so much for taking the time to write and answer all of our questions.  I can tell you are smart, humble, a good listener even though you are quiet, you are a thinker and you have your ducks in the row.  You have a business mind and you like to play with numbers   I would be interested in reading your paper that you wrote re : IQD, of course, only if you are willing to share it.. I think it's worth reading it

I think you sum up this investment cleverly and clearly. 

 

Speaking of Bloomberg, do you have a link ? and what stocks is he talking about? I am a bit leary of getting into Warka and ISX.  When Iraq becomes a sovereign country with tradable currency, I assume some of their stocks will also be listed in our stock exchange or we might be able to buy the stocks through our stock broker. 

 

I believe Iraq is Babylon and in the last days Babylon will rise again.

[txdinargirl]

Glad to help!  I do have customers who are business men/women who are invested as well.  While they aren't "swarms" of numbers...they are respectable business people.  One in particular use to work for the federal reserve in Memphis before it closed (I've seen a picture of him with the chairman of that time, name tag, shirts whole works so he did do this...been to his office).  He strongly believes that Iraq will revalue.  From one of his associates mouths, the Federal reserve had some dinar.  He didn't see any proof...it's just hearsay...but it sounded good when he said it!  We talk about it on a weekly basis in my office so I always find comfort in having financial experts such as him invested.  I also know the head of our foreign currency department.  I told her if she sees anything about the "dinar" to let me know immediately.  If I hear anything from her, I'll let you guys know .   BTW...what many people don't know is that it can take a few weeks to a month to get your foreign currency exchanged...so when it does happen don't think you can just go out and buy that car or house lol.  You will still have some waiting to do!

Thanks - this will be my first currency exchange, so I don't know what to expect. I am surprised that it takes that long. What can we realistically expect to happen? Can you walk us through it?

 

Thanks in advance.

[Nadita]

Amos,

 

I like your prediction : in six months and 600 or 500 to 1 ... sweet  I take it any day and run lol

 

By the way, I don't consider you a guru you are a researcher and we miss one

 

Chapter 7 was the cake coming out of the oven, HCL will be the confetti, WTO will be the icing, rate change will be the cake cutter. 

I hope it's a triple chocolate cake with fudge and homemade whipped cream and ice cream..  ahhhhh swweeeetttt

Edited July 3, 2013 by Nadita

[Rayzur]

***///

 

We took a pretty hard hit here today for that one! 

Thanks, TKEATON for commiseratin' with us...!

 

I plused ya to even ya out.... I may be slightly modified by way of heavy duty pain meds, however it seems to me that maybe there was exception taken to kind of making stuff up by way of rendering an opinion about signing bank documents that no one ever signs during an exchange of currency?!?!?!? Maybe that confused people in leading them to think that they would have to do something that they do not do during this activity???  That might cause undue concern among the newer folks who become worried about declaring something the bank does not ever require you to declare during an exchange.

 

I exchange all the time, never once signed any document at the bank at the time of exchange, declaring anything..... At the end of the day, my tax attorney does what he needs to do in filing my taxes. All the statements the bank produces are sent to you, (or online) and you send those into your attorney or CPA or whomever.... At that time, is the declaration of what you are doing or not doing.... when you file taxes.... not when you exchange.....

 

So guys no worries about signing a document upon exchange (unless of course the US overhauls all the banking reporting laws and tax laws in the country prior to your exchange.... and I'm sure there would be excessive rabid discussion were THAT to ever happen.... ). At present, nothing to sign, nothing to worry about.... go get rich now and worry later..... :D

[zul]

TQ Amos  

Refreshing.....

[Maggie123]

TQ Amos

Refreshing.....

 

I second that!  Very "Refreshing"... Thank You Amos

[sandfly]

AND FORGET THAT THE SMALLEST COUNRTYS ARE THERE TOO.

[RVWITHME]

This may not be what everyone wants to hear, but it struck me as having a ring of truth to it.

Read it and form your own opinions.

 

Bank Manager ll  Branch Officer Shares

07/03/2013

Amos9:13  Been a while since I posted on here .  Knew we'd have to see Chapter 7 released until a potential RV could take place so glad to be back! 

As some of you may remember, I am a real banker (branch manager II/branch officer) of a local community bank that does have some banks in other states as well. 

I want to again knock down any myths and debunk any crazy talk that hypes up newbie’s and some veterans alike, while giving my 2c on what I feel (as a banker/business man) what might happen on this ride. 

I do have a bachelor's degree in organizational management (so I've had courses in economics and financial management). I am currently pursuing my Master's degree in business. 

I've worked in banking for ten years, my job responsibilities that pertain to this investment include lending, financial management, and being in the know of what the fed is doing i.e. interest rate changes, etc.  I even recently did a paper on the IQD and why I think Iraq is the next gold mine. 

  As most people do, they giggle...but if you have researched well enough like I had...that giggle turns into a *hand on chin* moment as to say...hmmmm...maybe there is something to this.

Bank Rumors

 1. "I see the amount on the green screen!"  While many financial institutions do use a "dos" system...it is very hard to see what you are looking at.  There are several codings that may look like "rates." 

I can assure you know one "looks over or sees from a distance" a rate.  Unless you know what you are looking at (an employee) and you are right on top of it...you can't tell what you are looking at.

2. "I have inside sources from the bank!"  Trust me...the banks don't know anything.  WE get our information from the FED regarding interest rates, etc.  I don't think the FED would leak information on a rate change until the day it happens.

3. "The manager pulled me inside his office!"  While I do have a very few customers who are invested and love to talk to them....I'd never "pull someone in my office" to sale the dinar.  Right now it's not recognizable so most banks don't deal with it. 

Now are some bankers going to talk to you about future potential investment opportunities?  Sure!  Most banks need deposit growth so they don't have to borrow money from the fed to lend money to their customers...less expensive to have deposits on hand.

4.  The notorious delarue machines!!!!  I actually have a coin counter and currency counter from Delarue.  Most banks do have these....do you know how long it would take to count a 20K deposit without these machines!!!! 

They do have security check abilities...not sure on the dinar...but we also have black lights to verify money orders and currency.  So while the myth of these delarue machines being a "great thing" are half true...it has no merit towards the dinar Rv'ing. 

The one story did have some merit previously where the man said the dinar can be verified thru a currency book.  While we don't have one of foreign currencies here.....I do have one for the US id's and old/new currency denoms.  I'm sure international banks do have these...so that part is true...but you could just look that up on the net.

5. "Bankers are in the know!"  I've actually sat down with my SVP to see if he knew of this investment.  Him and some others don't think it's going to go anywhere.  So to say bankers are in the know isn't true. 

He's very high up and has worked in banking for 50 years....if he doesn't know....then I doubt others do around the state here anyways which he's friends with quite a few higher ups.

 I will say that there are some bankers though that do feel something is coming out of it.  Just depends on the person, but bankers don't know anything more than you do as far as "intel" goes.

                                   From a Banker/business man perspective on IQD

 I am blessed enough to work around business every day.  I know how business works.  If you look at the IQD as a business deal, then it's easy enough to see we're going to get something out of this deal.  ‘

I do believe that Iraq had a business plan that they've had help with from the UN, USA, and potentially China.  The articles referring to Iraq wanting to be the number one in the Middle east, have the highest oil exports, etc. is a clear indication of a "business plan".

So what does this have to do with us?  This business plan?  Simple...money.  Let me explain why...energy is something every country needs.  We've tried solar energy (too costly, not enough titanium), water (not everywhere), coal (also a natural resource and can be costly to dig up), so that leads us with oil. 

I hear the argument "Iraq can't depend on oil alone."  While I do agree partially with this statement, I do have to disagree that oil can't make up for several commodities.  Look around you....the world we knew it 10,15,20 years ago is gone.

Countries have went from being thousands of miles away to being in your backyard (internet, skype, cell phones).  The world is the economy now, not US vs China, or GB vs Germany.  If one fails....we all fail. 

Nations are starting to realize that if they aren't part of the mix...they and their people suffer.  The economy has become global...so Iraq is the best target for oil (especially after they are westernized!!!!, easier to deal with).

 
So slowly we are seeing dictators overthrown, nations coming out of third world nations and joining the modernizing world (india/brazil) and guess what?  They are going to need oil...what does that mean?  DEMAND DEMAND DEMAND....Supply/Demand curve anyone? 

As the world continues to grow...Iraq will be supplying more oil....(look at the article about pipeline to jordan, look at exxon deal article).  What does this mean for our investment is the main question right?

Here is what the world economy plays into Iraq....

 -Nations will come into Iraq (WE are there, China is there, Russia coming (see airport)) increase economic stronghold

-Companies will come...look at Citibank!!! They spend a trillion to come in.  Guys let me tell you...a bank doesn't come in unless they expect to make money.  They don't make money unless they lend...who would they be lending to right now? Exactly!!! They are EXPECTING Iraq to become a power house.

-The world needs Iraq's economy to become stronger, this could be used to swap out a reserve currency used as IQD.  The facts are the USD is not what it use to be (and will decline sharply), and the Euro is failing...who's next?  China?  No, they cheat and will never increase their rate...they'd lose business.\

-Iraq has nowhere to go but up...while I do believe they have 33 trillion in dinar...I don't believe that it is all "working currency".  I believe they will "have it listed" until they go international (WTO) trade able...then they will cut their losses.  Do I think it's a smokescreen...no not necessarily...

I think right now they are "needing it there because they have no choice"...which is one reason they are using US dollars.  While they are in transition they have to hold onto the currency.  I don't even think they know how much they will need (waiting on float for dinar).

-I do feel they will allow it to free float...works in our favor anyways.  As fast as Iraq's economy is spooling up...the value should increase moderately.
 
***Bottom line...do I think we'll be overnight millionaires...maybe not...did we make a great investment...oh yeah.  While it maybe a while (2-3 years) before they get to that 1.00 mark....it's worth it.  Chapter 7 was the cake coming out of the oven, HCL will be the confetti, WTO will be the icing, rate change will be the cake cutter. 

Hang in there...remember this is BUSINESS!  All are in it to make money, but timing is key.  God is good, have faith and believe he is working in YOUR favor!

Iraq is an investment Sgt.  Companies are investing their "time and money" this will in turn enrich Iraq's economy.  There is also stock that you can invest in Iraq (which there was an article referring to Bloomberg).

Also the interest rates you get at Warka are MUCH better than anything you can get in the states.  Right now banks are paying around .75 (5 yr cd) due to the Fed...not wanting consumers to save money (spend for velocity).  So yeah...it is AN INVESTMENT depending on how you play your cards.  Some do all 3....currency, stock, warka.

Chapter 7 was the cake coming out of the oven, HCL will be the confetti, WTO will be the icing, rate change will be the cake cutter.  Hang in there...remember this is BUSINESS!  All are in it to make money, but timing is key.  God is good, have faith and believe he is working in YOUR favor!

Iraq is an investment Sgt.  Companies are investing their "time and money" this will in turn enrich Iraq's economy.  There is also stock that you can invest in Iraq (which there was an article referring to Bloomberg).  Also the interest rates you get at Warka are MUCH better than anything you can get in the states.

Will we be able to use Citibank for Iraqi savings accounts, i. e. directly depositing our dinars in a US Citibank branch to an Iraqi Citibank account?   Thanks.

  **** Since Citibank is a national bank I'd say yes.  There hasn't been an "american" bank in Iraq yet so this will be quite interesting.  To me this was almost as good as the Ch7 news...if banks are coming in to lend money it either means....

A. they expect the citizens to eventually have the ability to pay back loans (very good news, RV )......and also B (they expect more companies to start up, come in from America needing lending...also good news...enriching the economy of Iraq which leads to stronger currency)....both work in our favor...

We reiterate:  if you sign ANY document at the bank when you go to exchange your IQD which states that YOU acknowledge it as an INVESTMENT rather than a simple currency exchange,  you will be hammered by the IRS.   Look, we liked the guy's article.  Thanked him for it....

But didn't want any of you getting hooked into signing the document the IRS & the Bank would LOVE you to sign stating it was an investment on your part !

Banks do not "report if you are sending in for investment/etc".  Banks report interest earned on interest bearing accounts, interest expense on loans outstanding, and also (CTR's) which can be researched on the internet. 

You can technically trade in dinars with your bank (for a fee...ours is 15.00) and once the bank gets the funds from the other country...it will then be direct deposited to your account. 

The bank does not report on this.  It's up to you and your CPA to get your taxes done correctly.  The bank takes no responsibility in what you do with the money you've received unless it's earning interest which therefore the interest will be reported. 

If you don't report to the IRS that you had capital gains that year...then you are playing risky games.  The IRS can audit you at anytime and will submit a submit a subpoena to the bank in which the bank then has to release your information (statements etc) once a judge signs. 

We all know they are all listening in on us...so do the right thing...get a CPA and go over your information...pay the taxes!  Even if they don't deserve 1c at least you are free from them fining you!

Lol, trust me if I knew the date and rate you'd see me not on here looking at articles.  My assumption would be since there have been articles referring to the poor living conditions of Iraq, they are out of Ch 7 now, talks of HCL being in the final draft, Airport potentially being built, pipeline going in, exports up, economy boost ( up 9% I believe?), previous articles about (Iraqis not being able to pull money out of banks, no money supply), Citibank and other major companies going in (look for cell  phones/Wal-Mart/ and others), ...

I believe we are getting close to the finish line.  We are still waiting on them to have an internationally recognized currency.  I think the only thing we are waiting on is the ascension to the WTO, once that happens we know Iraq has an idea of what their currency might be worth. 

By then they will also have to have in place their agreement on Tariffs/Trade.  Tariffs were suppose to go into affect I believe this month...haven't seen an article...but this could be a "pre-emptive" move towards WTO. 

Remember, a inspector found that there was a lot more petroleum underground Iraq than first believed.  The world needs cheap oil, Iraq will supply it. I believe that's the reason for Russia wanting to help build an airport.  Many nations in my opinion will want Iraq to ascend to the WTO asap.

 Has more benefits for them in this way.  While Iraq has been given a green light to work on its own...that still doesn't mean other countries are "not cautious".  

Iraq needs the WTO, kind of like businesses like to have a BBB (Better Business Bureau) rating of an A.  While it doesn't necessarily mean you can't trade...it definitely looks BETTER on paper.

Kind of like a warranty...you may not need it...but you want it if you are going to buy something expensive right?  You also have to take into light things happening around the world.  Look at the uprisings...these citizens have started getting access to the internet and seeing what other nations such as ourselves have.

 They are demanding more from their governments or ...else they revolt.  I do believe Iraq has held their citizens down to bring in dinar to reduce the money supply.  I think they've cut the supply short and are having them use US dollars for now. 

Auctions might show some minor signs of change, but I believe when the dinar revalues the Iraqis will want to trade.  Let's be honest, muslims hate us and America...I'm almost 100% positive they don't want to use our currency.  I think after the WTO ascension, a few weeks later you will see the bottom rate (maybe 600 or 500 to 1) then it will be placed on a free float hopefully going up moderately fast.

...So my opinion is hopefully within 6 months.  I think they are moving fast, but there is still work to do.  If the Tariffs and HCL get passed you'll see even more articles come out about a stronger dinar.  

It's like a jigsaw puzzle...things are coming together slowly...but in the end the picture will be there for all to see.  It's like watching a small business keep adding on to their portfolio...

then before you know it...they aren't small anymore...they've gotten huge...i.e. Walmart, Apple...you name it.  What makes this investment a great one is the timing...if it was 10-20 years ago this wouldn't work...but just like the technological boom, industrial boom...

This is the global economic boom...and Iraq has the right resources and the right investors.  The rate might start off slow...but don't be discouraged.  Many people said the same about Apple and Walmart "it's not going to make any money"...well look at it now.

 I've started seeing things from Bloomberg, and even our investment officer ( I spoke to after they released ch 7) have started questioning their original ideas.  When you present enough evidence to have investment people from the US change their minds...you're on the right track. 

I also spoke to our VP over cash management and she raised her eyebrows when Citibank went over there.  Guys, banks don't open branches just anywhere...they are VERY costly. 

Keep patient and remember this isn't a get rich quick scheme...it's an investment in an idea that Iraq will return to their former rate.  Supply/demand, grow the economy, reduce the money supply, political stability=rising rate. 

They can't go down Lol...in fact from 2000 to now they've went up from 580.00 per million to 980 per million...some people have already made money therefore...I debunk people who say it's a scam.

Edited July 4, 2013 by Markinsa
Merged Topics

[Amos9:13]

Let me explain some more on how the exchange works at a bank.  I saw one guy in the thread who mentioned his GF had worked at another bank and they did things differently.  I saw the 10K amount as well, I will simply say I mentioned the letters (CTR)...I can't give an amount since I'm a bank official but you can look that up on the internet...I think you might see that it ties in with your comment about 10K.  Banks depending on their size work differently.  Here for example, we use another (national bank) to exchange currency.  You will typically pay a flat fee (ours is $15.00) to exchange currency.  The currency is taken at that rate at that specific time (rates update constantly).  So say you bring your currency into me at 1:00....I will send an email to my foreign currency department and say "this customer has brought so and so currency and is exchanging it."  The foreign currency clerk will look immediately at the rate and lock it in for you by submitting an electronic request to either the national bank or fed (whichever category you fall in).  You will then have to release the currency to me and I will interoffice or drop the currency off for you depending on when the courier runs.  Also depending on how it's handled...there will either be a cashier check sent back to be deposited in US currency or a wire/ACH (automated clearing) will be processed.  The process usually takes anywhere from a few weeks to a month.  You have to constantly check your account...we do not, I repeat do not get a notice that it has went into your account a certain day.  That would take considerable amounts of employees which we don't have...lol.  Different banks will handle it differently...only common access point is that it will be exchanged thru the Fed which the Fed handles all wires and other things as well.  Which the other poster mentions his wife handled it differently which isn't unusual.  Not all banks handle it the same way, you'll need to get with your bank to see how they handle foreign currency and what the turn around time is.  With us, you can come in and see any employee and we can get it taken care of for you...it's not really an ordeal at all.  Relatively simple and painless...just know which account number you want it deposited into.

[sandfly]

I'M JUDGE