Does the CBI Need IMF Permission to Call an RV that is Accepted by World Banks?

[Texstorm]

Look iraq is in good shape and are very close to living better than we do

The streets are paved with gold and silver and diamonds

It should rv this week end from east to west starting in Hawaii Monday morning at 9 o'clock

So get ready for my next update and don't sweat the small stuff like the international securities and exchange commision

They are just a bunch of college kid bloggers making things up for a joke

The sec is just a joke

Joke I say

Joke

Don't joke on it

This is serious

My granny bought some

Funny ! 

[rockfl9]

Okay, Rock.  Take me through this slowly.  For Dontlop to be able to walk into his local bank with his dinars in hand and get them exchanged for millions of dollars,  WHAT steps MUST occur.  I KNOW it is not as simple as the CBI calling an RV.  So tell me, and every other person listening in, how the banks would get to that point, if at all possible in the first place.

Ewingm:: Are we going to start an Abbot and Costello routine ? lol

There are a lot of pieces to your question.

First and foremost. Banks do not carry foreign currencies on their general book. It is a side issue. They MUST balance their book , in USD every day. If short, it must borrow overnight to cover.

Foreign currencies are treated like a check written on an out of country bank , subject to a hold. You can't get any money till the amount clears. Like a check you must give the money to the bank for clearance. The value on the banks books for the transaction is ZERO.

Every currency has one or more an AGENT bank(s) in the US accredited to accept the subject currency and deliver the dollars. Except for special cases (canadian, Mex peso , EURO) physical currency usually must be shipped to the agent before payment. Thus the delay. ( No different than a dealer today).

The FED/UST does not get involved as long as the bank follows the rules.

Ignoring the lack of an RV of any size, IF that agent bank existed banks could probably deal in dinar today. OR as I believe for some reason the FED/UST issued rules against it???/

Hope that helps!

Edited December 8, 2014 by rockfl9

[ewingm]

Good start Rock, but not far enough.  You know the scenario every dinarian is expecting.  They get an e-mail of a big dinar RV.  Now, its CASH-IN TIME!   Can the US dinar holder walk into their bank and do this even if its electronic.?  I still say that no US bank will give dollars for dinars at a 1 to 1 rate unless they have been cleared to do so by the FED.  This is not going to be an individual bank president's call.  NO WAY!  So take me further into this process.  You seem to have a keen understanding of banking procedures, unlike me, or Dontlop, so keep talking, brother.  I'm listening, and I hope others are too, because this is the WHOLE enchilata in my opinion.  How do they get PAID?

[new york kevin]

NO! That's my answer to the original question.

[SocalDinar]

You are completely WRONG on this Dontlop.  Banks in this country are tightly REGULATED by the US TREASURY and the FED.  They don't make decisions of this magnitude based on their individual bank presidents wishes.  That is ridiculous to even consider.  Try again.

The UST and the Fed work together to F the American people.

Together they in concert to organize the worlds largest Ponzi Scheme.

 

The Fed enslaves us all.  far more dangerous than holding some dinar, Of course iMO

Edited December 8, 2014 by SocalDinar

[sxsess]

I ask a simple question, because I am a simple man.  Does the IMF have to APPROVE a significant ( not four pips) CBI revalue ?  Is this approval  NECESSARY for world banks to ACCEPT the rate increase??   Will the IMF allow a 100,000%  (1 to 1)  RV of the dinar, since there is absolutely NO historic precedent for such a monumentous increase in exchange value??  Three simple questions, but the answers are of PARAMOUNT importance for all dinar speculators.  Sound off.

There will never be a 100,000% RV. LOL

[dinarbeleiver]

So, anybody with an answer to my question? Would the world recognize a 100,000% RV of the dinar if the IMF, WTO and US TREASURY said "NO WAY" ?

of course not however they are all involved with Iraqs currency reform and if they direct Iraq to increase the undervalued dinar then it will be "YES WAY" Edited December 8, 2014 by dinarbeleiver

[ewingm]

Sooooo,  what I am getting is dinarians saying "NO" to being able to walk in your local bank and exchange dinars for lots of dollars if the CBI says RV!  Unless the CBI has the permission of the IMF, FED, etc to do so.  Is that a correct interpretation of what you all seem to be indicating?

[SocalDinar]

I think I will take my 500s to all the casinos in Vegas.  Cashing in 1 note at a time,

[dinarbeleiver]

Sooooo,  what I am getting is dinarians saying "NO" to being able to walk in your local bank and exchange dinars for lots of dollars if the CBI says RV!  Unless the CBI has the permission of the IMF, FED, etc to do so.  Is that a correct interpretation of what you all seem to be indicating?

Sooooo,  what I am getting is dinarians saying "NO" to being able to walk in your local bank and exchange dinars for lots of dollars if the CBI says RV!  Unless the CBI has the permission of the IMF, FED, etc to do so.  Is that a correct interpretation of what you all seem to be indicating?

the IMF and the WB and every other abbreviated institution working with Iraqs currency are working to make it international - when that happens say adios to machachios to your lop theory

[Texstorm]

Hears a thought, ok so let's say all the banks with a delarue take in all of the dinar and issue a FDIC promissory note for dinar for a small fee. The money is then transferred to the UST where the IRS collects it's taxes and returns the payable balance to the original depositor. The bank gets it's cut with bank fees and the possibility of a new depositor , FDIC gets their cut from an Assurance fee, UST gets to print more money and the IRS gets their 30% or so. That's how it can be done folks ! 

[ewingm]

Tex,  I can make up lots of make believe scenarios as well, but I don't think the US financial institutions are going to create "Cadillac" plans for just dinar speculators.  But my question still stands:  Do you think the big RV everyone is waiting for has to have the approval of the IMF, WB, the FED, etc, in order to be ACCEPTED outside of iraq?  This, to me, is a crucial piece of the puzzle.  We KNOW that when Saddam did this back in 1999, no outside financial governing body accepted the rate, therefore it was useless for anyone living outside iraq.  Why would this be different?  

[rockfl9]

Hears a thought, ok so let's say all the banks with a delarue take in all of the dinar and issue a FDIC promissory note for dinar for a small fee. The money is then transferred to the UST where the IRS collects it's taxes and returns the payable balance to the original depositor. The bank gets it's cut with bank fees and the possibility of a new depositor , FDIC gets their cut from an Assurance fee, UST gets to print more money and the IRS gets their 30% or so. That's how it can be done folks ! 

Let's get REAL! WHAT is a FDIC Promissory note??The FDIC insures deposits ,it doesnt collect money.? Remember an RV is a secret until it happens.. The UST DOES NOT deal with individual banks , that would be a policy change. The FED doesn't take foreign currency .. Another policy change.

I'll admit that while our modern banking system has developed standard procedures for just about any foreseeable transaction, a mass exchange of a foreign currency is not one of them.

[Texstorm]

Damn y'all are a tough bunch down here in the lopster tank ! The fact is that I've heard all kinds of scenarios and mine make just as much sense as anyone else. I don't know, y'all don't know, well who really knows. I've heard about oil credits and all of the other be. One fact is certain ! The UST will have to print the exchanged dinaro $$$ for us to get our hands on it. No bank has that kind of money laying around. The FDIC only covers $250 k and may be double if your married with two accounts and that brings a whole another situation and that's why Adam has the OSI set up. Still the money if you want USD has got to come from the UST.

[ewingm]

So Rock,  I'm trying to get some feedback here.  Here's the FACTS as they exist:

 1.  Dinarians hold phhsical iraqi currency in the US

2.  Dinarians want to exchange that physical currency for dollars in an RV event

3.. They cannot do that exchnge now, except maybe an airport kiosk

4.  Where do dinarians exchange their dinar for dollars if iraq announces a 1 to 1 rv?

5. Does the RV have to be accepted and approved by IMF, FED, etc to be honored in a bank in Dallas? 

[dinarbeleiver]

Once it goes international every bank pretty much will accept it

[rockfl9]

Damn y'all are a tough bunch down here in the lopster tank ! The fact is that I've heard all kinds of scenarios and mine make just as much sense as anyone else. I don't know, y'all don't know, well who really knows. I've heard about oil credits and all of the other be. One fact is certain ! The UST will have to print the exchanged dinaro $$$ for us to get our hands on it. No bank has that kind of money laying around. The FDIC only covers $250 k and may be double if your married with two accounts and that brings a whole another situation and that's why Adam has the OSI set up. Still the money if you want USD has got to come from the UST.

Tex, you get your money's worth of advice when you come down here. Pay attention.

Forget the FDIC they only come in to play AFTER you get the cash from Iraq if you deposit it.. Dont worry about the FED , its got warehouses of new bills always ready. If its over the banks cash limit take a check. Be silly to ask for all in cash anyway. Don't forget about Uncle Sam , the bank will file a SAR. Dont worry about the UST, they dont work with local banks , the FED does. And the FED only wants to be sure the bank doesn't loose money and follows the rules..

Ewingm:: IF the GOI does not allow the CBI to send dollars to the dinarian's bank , then it will have to be another source. HMMM!

DB::: Would check to see if your bank got that Email they were expecting?? Would be good news for you Brits!

If anyone is interested in doing their own research I suggest the book "The Money Market" by Marcia Stigum. 700 pages. or "International Investments" by Solnic and McLeavey or " Investment Banking " by Bodie, Kame and Marcus. You won't find these in ordinary library but if you have access to a university library one should be there.

[ewingm]

Wait a minute, Rocky.  Are you saying that each localbank who redeems dinars for the folks would have to petition the CBI for dollars themselves?  I doubt it.  The banks would send the dinars to the FED who would, through Article 8 Section 4 of the IMF rules, would petition the CBI for exchange of dinars for dollars.  Of course the CBI doesn't have that amount of dollars in its reserves, so it will exchange dinars with 10 pounds of camel dung (goods and services). JMO

[dinarbeleiver]

I will educate you ewingm that Iraq is gonna be more than cow dung

EXECUTIVE SUMMARY

After decades of sanctions, war and sectarian violence Iraq is emerging as one of the most dynamic economies in the world, with vast oil and gas fields powering the country's revival

But now a new resource is attracting global investors: the glittering mineral wealth beneath Iraq's deserts and mountainous regions

Referring to The Klondike gold-rush bonanza 200 years ago, one key-note speaker at Iraq Mining 2011 said: "I call this Iraq's Minerals Rush!"

The sheer size of Iraq's mining and mineral resources are breathtaking.

The conference was told natural deposits are some of the biggest in the world, including an estimated 600 million tonnes of native sulphur in the Mosul region, 10 billion tonnes of phosphates and 75 million tonnes of quartz sand under the Western Desert, 8 billion tonnes of limestone in Al Anbar and Suleimani, 50 million tonnes of salt in Al Anbar and Al Basrah. All these figures are thought to be conservative.

There's gold under the Western Desert and in Kurdistan where there are also is millions of tonnes of zinc, copper and marble. Iraqi geology is also favourable to the discovery of platinum.

In business the right timing of a new venture is vital, and once again investors, especially Westerners, are being urged to make a move now.

The Conference heard the world's major mining and minerals companies are being offered deals worth billions of dollars, not only to extract but also convert Iraq's underground resources into key products for domestic and export markets.

Potential investment projects included plants for the production of: sodium sulphate in Salahadin Province, feldspar concentrate near Najaf, phosphates at Akashat, alumina at Akashat, silicone sand in al-Anbar province, Sodium Carbonate in Akashat, ceramic tables, sanitary ware and glass in various parts of Iraq.

Phosphates were identified as a massive growth market with a seemingly insatiable demand from India, Pakistan and Bangladesh where billions of tonnes of fertilisers for agriculture are needed annually. The Gulf region needs phosphates, as does Iraq, to maintain and grow agricultural economies

Other potential lucrative ventures include the millions of tonnes of cement and other building materials, like steel, which are urgently required for Iraq's massive construction projects including 3.5 million new homes in the next 5 years, a new railway system, new road expressways, airports, ports and iconic new buildings such as the Basrah Sports Complex.

Conference attendees heard there had been a sea-change in Iraqi Government economic policy: gone are the days of stagnation and bureaucracy; Baghdad's vision now included a liberal, transparent, free-market economy devoid of corruption.

Iraqi cabinet members revealed Iraq was fully open to foreign investment and wants to encourage it, especially with an Iraqi partner.

The Conference was told the Iraqi government has a 30 year economic plan for mines and minerals:

Up to 2015: "institutional building," introducing legislative changes to make Iraq more attractive to investors, establishing global links with international corporations and other entities, and 'smoothing' links between federal and provincial governorates.

2015 to 2020: "expansion and exploitation of mineral resources, " which included "clustering" whereby interrelated industries and institutions drive wealth creation through innovation and the export of good and services

2015 to 2030: the Iraqi government wants to see "sustainable and responsible growth in mining and minerals," in other words a green revolution of Iraq's minerals industries.

There was also a strong note of realism at the conference with reference to the huge challenges ahead both for Iraq and potential investors.

As one Iraqi key-note speaker put it: "I don't want to kid you everything is hunky-dory."

The Conference was told political stability was returning to Iraq and security improving all the time, despite recent bomb attacks.

But democracy had also brought its own bureaucracy and corruption persisted at many levels.

The Iraqi government is aware of these short-comings and is determined to eradicate layers of red-tape and stamp-out bribery.

Iraq's banking system, so vital to investors, was described at the Conference as: "primitive." They were told the Iraqi government is striving to upgrade services and this was: "work in progress." The Conference heard new bank arrivals in Iraq such as HSBC, Standard Chartered, Citibank and financial institutions including pwC would act as powerful catalysts for banking reform.

Investors also identified lack of credit facilities to fund major projects as a stumbling block. They were told the Iraqi government was working on this and Baghdad had noted several major US hedge funds now had Iraq in their sights for investment.

Iraq's National Investment Commission (NIC) was identified as one-stop shop to help foreign companies invest in mines and minerals. The NIC helps in obtaining licences, tax exemptions and land.

Iraq's Five Year National Development Plan for 2010-2014 targets economic growth at 9.4 per cent, including nearly 3,000 projects worth up to US$190 billion. Around US$11 billion was reconstruction and a further US$72 billion was earmarked for capital projects like roads and housing.

Overall the mood of the Conference was up-beat with potential investors showing keen interest in the massive wealth to be made out of Iraq's mining and minerals industries.

[Dalite]

I think everyone is over-complicating things...

As long as the Paris Club is managing repayment for unforgiven debt, it is unlikely that Iraq would be allowed to inflate the debt away by arbitrarily increasing the value of funds used to repay the debt.

Otherwise, Iraq could print a single note, declare it to be valued the balance of Paris Club debt and inflate the debt to zero. Same for the Kuwait repayment debt.

[rockfl9]

Wait a minute, Rocky.  Are you saying that each localbank who redeems dinars for the folks would have to petition the CBI for dollars themselves?  I doubt it.  The banks would send the dinars to the FED who would, through Article 8 Section 4 of the IMF rules, would petition the CBI for exchange of dinars for dollars.  Of course the CBI doesn't have that amount of dollars in its reserves, so it will exchange dinars with 10 pounds of camel dung (goods and services). JMO

Tex , sorry if I wasn't that clear. ALL parent banking companies are tied to AGENTS for the exchange of foreign currency. So your local bank talks to a larger bank upstream to clear currency transactions. The AGENT is authorized by a central bank to validate the subject foreign currency transaction. When the AGENT says OK it speaks for the central bank . It could be done by telephone or a terminal. BofA and Citi are the US Agents for most Central Banks.

***AGAIN** The FED does not want dinar!!!!!

[ewingm]

Okay Rock.  So walk us through the procedure of how the dinarian gets PAID.  Let's hypothesize and say that iraq announces a 1 to 1 RV.  Let's say the IMF and WB and US Treasury all say "okey dokey" to the revalue.  Walk us through the redeeming process, as you see it, in US banks.  Every dinarian needs to KNOW this as FACT.

[Shabibilicious]

Hahahahaha......you said Okie.    

 

GO RV, and NO BV

[ewingm]

Shabs,  let Rock walk us through this process.  I would think as a dinar holder yourself, you would want to know.  Rock seems to have a far deeper understanding of this critical process, probably through his/her occuption.  I would really appreciate everyone backing off and let Rock walk us through this, to the best of his ability.  I realize NOBODY knows for sure, but I would like to know what  Rock believes the EXisting procedures would be.

[rockfl9]

Ewingm? Best use the DV exclusive cash-in facility . make an appointment , walk-in , pay the fee, walk-out. Any other way, too complicated and your dinar will be out of sight for a week to 10 days. You could get cheated by the scoundrel bankers.