Real Banker's Point of View

[bigwave]

"Keep patient and remember this isn't a get rich quick scheme" - Yea just ask Umbertino

 

Cpome on RV
 

[SgtFuryUSCZ]

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already posted --- and the source of much debate. (if you exclude the usual suspects who jump on the party train and clap like circus seals every time somebody say's "it's real and it's gonna happen"....)

[D & B]

Thanks for the article.  Very nicely done.  As you say, a puzzle coming together.  One question.  Any thoughts on how Warka fits in to the picture.  They've worked with Citibank in the past.  Are you seeing any articles bringing them closer?

[dontlop]

i liked his breakdown and agree with  most everything .. i think once this goes global the whales will buy  in.. they will buy  billions of dollars worth .. they know too that iraq is going to pop  but are more cautious with their money .. i can see soros dumping a billion  on dinars if it hits 500 to one and goes international ,, this is what iraq needs to remember ..

 

if this goes to 500 to one  they wil come .. but if they went to 250 to one they would come also .. so whats the opening bid going to be? they could double their money going from 500 to one to opening at 250 to one .. so why not go to a hundred to one .

 

 whats it going to be 10 to one and  a float .. ?

 

 who knows .

if citi is in iraq why does citi   need warka ..

Edited July 3, 2013 by dontlop

[BJinMontreal]

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already posted --- and the source of much debate. (if you exclude the usual suspects who jump on the party train and clap like circus seals every time somebody say's "it's real and it's gonna happen"....)

[dontlop]

does burger king work with macdonalds ?.. they are competitors

citi and warka will be competing

[txwWrestling]

Very well put together. Great job! GO RV!!!!

[Dan Frederick]

As someone that has spent 16+ years in credit union management, this guy is SPOT ON on the procedure of the c/e.  His opinions seem real, valid and certainly educated!  It goes into the bank as a paper item and is turned into an "electronic" transaction after the bills actually hit the federal reserve.  Once the credit is posted by CBI then our Fed wires the funds to the correct bank nd they post it to your account.

 

You will NOT get credit during your initial deposit.  You'll probably get a hand written receipt so protect yourself.  I'm going to have them copy my bills with my drivers lic on each page..... serial number showing on each bill.

 

One the wire is received the bank will call you and say they are crediting your account for "x" number of dollars less their fees and send you a receipt n the mail.  (not me...I'll drive to the bank and GET the receipt immediately)

[ronscarpa]

In Reply to Bank Manager ll / Branch Officer Post In Recaps Comments:

TD said: 

Most all was well laid out and coincides what my GOI contact has been saying. 

HCL however, is all agreed according to him. Building the foundation to uphold the platform thru means you mentioned are what they are working on. I agree. 

Your time frame also is realistic since that's what I've been told : WTO this late summer/early fall, New Denoms coming out the but no later than Jan 1st, 2014. 

Your float theory is THE BEST HOPE of a NON LOP because according to my source anything such as a rate of $3-4 is WITH A LOP ( 100% guarantee). Which will yield us 35-40% ROI. 

So a free float of 500-1 and moving will yield better returns. 

  But it's still a moving target according to my contact . No one know yet the rates or dates. 

The other big question mark according to my source is the WINDOW of them calling in the old notes because that way they'll be able to control the ROI. So you are right many variables still to unfold.

Well guys I must tell you this is one of the few articles written which doesn't make my blood boil (because it has some sense to it). 

Thank you Sir for your post and I hope you will get thru to so many people (I know I've tried in vain any times).

So guys PLEASE read & reread this article and what I'm trying to disclose here. In particular to those who are in despair (my heart goes out to you). 

If you are still hoping for that immediate millionaire status please get realistic. If you are in great need : find a plan B & C right now. 

I don't like putting religion agendas into my writings but I'm a big believer in the expression " God helps those that help themselves". Try , try , try , sitting on your hands with a handful of notes and praying for a miracle is not going to happen.

Thank you Sir again for this dose of reality. Thank you Recaps for posting the OTHER side of expression. And my comments too.

I think in all honesty your readers will enjoy and compliment you too. We simply see TOO MUCH of the daily dose of deceit ( I call it DDD).

Thanks Recaps : I'm grateful.  TD

 

[JMULS31]

This thread was already posted http://dinarvets.com/forums/index.php?/topic/153141-real-bankers-point-of-view/

[UNEEK]

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

THANKS RAYZUR - for your  clarification & explanation  --  ALSO for looking out for SgtFuryUSCZ  -- I did  not see the negs when I was reading - glad you helped out -

[SgtFuryUSCZ]

 

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already posted --- and the source of much debate. (if you exclude the usual suspects who jump on the party train and clap like circus seals every time somebody say's "it's real and it's gonna happen"....)

 

***///

 

Exactly like that....!    

This thread was already posted http://dinarvets.com/forums/index.php?/topic/153141-real-bankers-point-of-view/

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Thanks, JMULS31....  something we'd rather not live through again. 

For being so high up in a bank, we are suspect of his ability to properly use the English language. 

We smell a parrot. 

But, of course, not the popular take-away here - lest we get another poke in the ol' eye.

Seems to attract some pretty passive-aggressive lash-back posts accompanied by NEGS if we do...

[Nadita]

Amos,

 

You are like SWFG.. with the research and explanation - I appreciate it.

 

I am not trying to make a comparison but your style of writing is a refreshing to read

 

At least, we are hearing it from real people and not gurus

[Amos9:13]

Thanks for all the kind words!  As regards to the window and RD's, I just don't think they are going to do it.  They may have intended to in the past, but with their growth really kicking up a notch, I don't see them doing this.  Especially with Shabibi out of the picture.  I'll explain why...Redenominating a currency takes a lot of time and money.  Shabibi had went to college here in the USA so he was more accustomed to our bills and ways of life compared to Iraqis.  I think they use are currency because it's more valuable, easier to use not because they like it any better than theirs.  I for sure would hate to have to use a Euro instead of an American dollar...but hey if you give me a handful of Euros for my dollars...of course I'm going to take them.  We haven't seen as many RD articles as we use to when Shabibi was in power.  I'm hoping this is because the new guy wants to stay "old school" and just revalue the currency (maybe add another lower denom).  If they can just get the currency revalued with it going to at least a 500-1, you would probably start seeing Iraqis choose it over the dollar.  While they'd still need quite a bit to make purchases...they've addressed some of this by adding smart cards.  Therefore I just don't see a "window".  I think they will revalue and let it float up...no overnight millionaires but hey if you hold onto it for 3-5 years more (I know it stinks) you could possibly get that millionaire status.  I saw an article where they plan to be debt free by 2015 today, also they were mentioning their gold reserves....Gold is back up this month.  I also still believe if they were going to just "LOP" or RD they would have done it already.  They have been improving their economy, banking sector, communications, trade agreements, exports, and now getting out of sanctions.  They are improving the dinar for a "permanent" basis which works better for everyone.  You have to remember how many old dinars they'd have to take in to RD...I really don't see them wanting to do that...it would be a huge mess!  Easier to drop the peg, free float, and let it go up on its own.  Like Adam Smith stated numerously (which I wish America would let happen)...."let the economy move by the invisible hand"....which means...what people demand....suppliers will supply!  Get Iraqis and the world to have confidence in your currency/country...your value will go up.  BTW check out the article about Russia...3x more trade?!?  Wow!  Sorry for some of the mis-spellings...having to use my iphone...and the auto correct function...drives me nuts! 

Edited July 3, 2013 by Amos9:13

[NWGUY]

Good post RV!!

 

I like his perspective.  Solid analysis, and no big hype's.  I do hope he is wrong about the 6 months though.  Iraq, needs this as bad as we do, maybe more, so sooner is better!

 

Go RV or RI Soon!!!

[DinarThug]

I'M JUDGE

JUDY

[NWGUY]

JUDY

 

 

Hey Thuggie....haven't seen you today....thought you were out cashing in the all the McDonalds employees!

[Gullywumper]

Thank You RVwithme that was a very good read.

I liked it.I'll give you a plus for honesty.

be blessed.

[zigmeister]

Good read thanks!

[Rayzur]

Thanks for the great articulation.... took the thoughts right out of my brain and put them into meaningufl sentences.... I always thought Shabibi was an advocate of the RD given his education, theoretical background and perspective..... Oh and he said as much in the past (at least 4 times). Personally, I was quite happy when he took off on extended vacation and replaced. In my opinion, I saw that as our only chance of this taking on a higher value versus a redenomination straight away.... I may be full of it, but I saw it the same way you're seeing it.... THanks for your thoughts, I take solice in knowing at least one other person is on the same train track I seem to have ended up on in this journey....

 

PS in a totally unrelated point, I notice my MAC will auto spell... windows does not nor does Linux.... anyone have any ideas how to run spell check when direct entering using either of those two OS? The keyboard on Linux machine is giantic, and micro on my windows machines.... so I am spelling like a lug..... Is there an auto checker in here???

Thanks guys

[KiaKaha]

Is there an auto checker in here???

 

 

Maybe it's my laptop settings, but my spell check works great on the site.

 

KK

[HOPEFULONE]

I've been reading posts at this site for nearly 2 years and just recently joined. I can tell that your post makes a lot of sense because a lot of the criticism that I've seen to other people posts hasn't materialized. Obviously, the jury may not like everything they are hearing but they do like the way they are hearing it.

I always guessed that it would initially come out 1:1 just for simplicity sake since the dollar is already used so much on the street in Iraq. It would help prevent the chaos of millions of Iraqi citizens trying to convert prices on thousands of goods and services since nearly everything is priced in both dollars and dinars from what I understand. Something that cost $1 would then cost 1 dinar.

I'd like to hear your opinion on the chances of that happening.

Also, so many posts tell us not to let the Dinar out of our sight once we take it to cash in, to only go to locations with DeLaRue machines. That doesn't sound likely under your description of the cash-in process so I'd like to hear your opinion on that, as well. Thank you in advance.

[abby01]

A person that made total sense to me about the dinar...shocking!!!! :-)

[Amos9:13]

Iraqi citizens trying to convert prices on thousands of goods and services since nearly everything is priced in both dollars and dinars from what I understand. Something that cost $1 would then cost 1 dinar.
I'd like to hear your opinion on the chances of that happening.

Well I'll say anything is possible.  To me, I think they were wanting to RD and we wouldn't have made much money originally.  I've always thought Shabibi was taking the lazy way and using a shortcut to cut down on the instability of the citizens.  You can RD all you want but that isn't a permanent value increaser.  I like the new guy, he's looking like he's going to "let it ride" on the economy which is much better for the long haul.  While using an American style money system might be easier....I don't think it would be something the Iraqis would like to use.  I mean how would you feel if Iraq came here and said "we're going to have you use 25K notes now instead of a 25 dollar note".  You'd be like huh?  They would have to redo all the notes, bring in all old currency (even outside country), pay for this (which is expensive), restructure the banking system and merchants, and other things.  Now what they could do is say " you know what, we're going to increase the value of the dinar to where our citizens will slowly start to use it again...once the value is where we want it...we can introduce lower denoms.  This will give us time to redo all of the currency in all of the emblems to introduce in years down the road."  This A. doesn't cost near as much money, B. doesn't confuse the Iraqis, C. lets them continue to use their old currency they are use to (no pulling from other countries), D. Only changes one denom thus minor change in banking/merchant restructure, E. gives them more time to work on a more accurate RD.  Remember they originally wanted to do this also to get every emblem on there correctly.

 

 

 

Also, so many posts tell us not to let the Dinar out of our sight once we take it to cash in, to only go to locations with DeLaRue machines. That doesn't sound likely under your description of the cash-in process so I'd like to hear your opinion on that, as well. Thank you in advance.
 

Delarue is a coin/cash counter company.  I actually have one of their coin machines at my branch.  The machines have to have a chip in them to detect if you have a counterfeit bill.  What the gurus have been saying is garbage.  The foreign currency departments do have machines like this that verify the dinar, euro, etc.  Blacklights are also useful in detecting a counterfeit.  What you are asking is do you "have to take it to a bank with a machine like this."  Well to be short, they all have machines like this at the branches, but the ones that are important for the dinar are in the foreign currency departments.  Which at most banking institutions aren't on site, they are typically at a headquarters...they are a "back office" operation...not retail.  As far as not letting it out of your sight well...you have to.  The currency either has to be inter-officed to the foreign currency department or hand delivered.  Now you could always ask to speak with a manager so that he/she knows you turned it in.  At our bank we give you an email (copy) of how much we listed to the Foreign currency department on how much you are sending.  You can verify this.  This is a safety precaution to make sure no one steals your money.  Also don't forget we are a FEDERAL INSTITUTION so if we were to steal...we go to the BIG TIME...and none of us want that!!!  Hope this answers your questions!!!

[Rayzur]

Maybe it's my laptop settings, but my spell check works great on the site.

 

KK

 

Whispering.... dont want to derail great great post and info...... KK What operating system are you using... (windows, Snow Leopard, unix, Ubuntu linux?) only spell checker that works auto is on my MAC... Hummm maybe I'll ask TG, she is a magical wizard at this stuff.... thanks.... (TG = Texas Granny)