Thursday Afternoon Guru Opinions @ 5:40 PM CST - 4/23/2020
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** Mnt Goat *** Article: "KHAS...AL-RAFIDAIN BANK (LARGEST IRAQI BANK) LEAVES ARTICLE SEVENTH" many gurus are confused over this article. We are really taking about Chapter 7 not article 7. Currently the CBI is operating under article 14 and needs to move to and thus operate under article 8 of the IMF charter. Article 8 in “normalcy” for monetary policy. This is where most countries now reside in dealing with the IMF in monetary policy. Many suggest that Iraq is already in article 8 and that may be the case too but we have no definite evidence of this as they have not yet told us. Let’s just wait and see what happens once they get the 2021-2022 budget passed.
*** Frank26 *** ...the United States Treasury met with a limited amount of people to disseminate some information on how and where to exchange your Iraqi dinars...It's not known how it's going to roll out but the information will come to the dinar community as needed because right now it's going to the citizens of Iraq...for us citizens of the United States of America it's possible an 800# is coming...this so-called 800 number is not for one bank. That's so stupid. The 800 number, as of 1st hand information, is not as it's being exaggerated...(Post 1 of 2)..
*** Frank26 *** ...it is logical that the US Treasury would have a legit 800 number where they could counsel and advise you on your investment once the value goes up as to where to go to exchange your currency. Isn't that cool! Here's the other thing that's cool...it's motivating for a time like this when we see so many things coming together. If there is an 800 number it would only be with the United States Treasury to tell you which banks to go to...there isn't going to only be one bank. There's going to be hundreds and hundreds across the whole United States of America. There will also be Iraqi banks...there will be hundreds across the world markets...(Post 2 of 2)..
That's all there is for today Folks ... Blessings ... RON
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** MilitiaMan *** I don't believe they'll go out and float it [the dinar] this early on [after rate change]. If they stick to having it fixed going into the future it will help contain the inflation...
*** Jeff *** They [Iraq] are gonna have two sets of notes in circulation. They're gonna have large notes and small notes...two sets of notes will coexist together utilizing the same exchange rate...this is just an example. Let's say the rate is $3 - if the rate is three a 25 note is $75 after the rate change...a 25000 dinar note times $3 is worth $75000. Both the 3 zero notes and the smaller notes below 100 will have the same exact rate. They're not going to have different rates...you're in a great spot...
*** Pimpy *** Article: "The Iraqi government expects a rise in foreign reserves of $4 billion by the end of February" this is a good thing...Quote: "according to the immediate office of the Prime Minister that the foreign exchange reserves of Iraq began to rise after it was threatened with collapse and is expected to increase by nearly 4 billion dollars by the end of the month..."
*** Breitling *** [Question: What comes first - Does Iraq need to build their economy in order to increase the rate or does Iraq need to increase the rate first?] Iraq needs to increase the rate first to build an economy.
*** Walkingstick and Frank26 ***...Iraqi bank teams (exchange departments of banks) are about to meet with those who are going to talk to them about the exchange rate changing. That's pretty powerful. This week that's when we think this is going to occur. The CBI will inform these banks a lot more on the date they gave them on which to raise the value of the currency. And more communication on how these CBI banks will deal with the citizens of Iraq - the new small category notes. The ATM machines. Opening new accounts. The new exchange rate, explaining it. All that stuff.
*** Mnt Goat *** Article: "OIL DEMAND EXPECTED TO PEAK AND $150 PER BARREL PRICE EXPECTED" ...the price of oil does affect the budget and the rate at which the dinar will revalue at. Remember that there is going to be an in-country RV first as they proceed with the project to delete the zeros simultaneously and then later (much sooner than later) there is going to be a reinstatement of the dinar. So, there are two different rates to consider. We are outside Iraq and so the rate we consider is only at what rate the banks in our country will offer to exchange our dinar at. This bank rate will most likely be 2 or 3 times the rate offered in Iraq.
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** MilitiaMan *** ...I think the endgame is near. I think we've got a convergence...I'm very excited by what we're seeing...
*** Mnt Goat *** Yes, there is hope for an RV sooner than later but the Iraqi 2021-2022 budget will have to be passed first and that is not even scheduled to later this week...
*** Frank26 *** There is a new mechanism that's being applied...this week there was a big campaign just like we told everybody last Monday. 'Get ready. You're gonna see these articles. The CBI is gonna tell the citizens we are now in the process of lifting value by lifting the 3 zero. We're not gonna decrease it anymore. We've got to get you guys ready.' And that's what they're doing. Very very impressive.
*** Breitling *** [Question: Can you tell us if we're still in a good place with this investment? Just wondering since Biden undid some of the things Trump put in place. Did this help this investment or hinder it?] It didn't do anything. Iraq had a game plan if Trump won and they had a game plan if Biden won. BTW that's how all governments work...you should have a plan no matter how confident you are in a candidate. No matter how it turns out. You have to have a plan for one side and a plan for the other side. Don't ever be lazy...this has not hindered our investment one way or the other I promise you that
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** Mnt Goat *** ...there is still much hope to see the reinstatement sooner than later. Yes, we may not have to wait until 2022. There is so much pressure to delete the zeros and raise the rate to be competitive to the US dollar and re-peg the dinar.
*** BobTheTaxMan *** We've had a change in our presidential administration. And yes we've seen already him step forward and make some pretty drastic changes...one of the things I want you to be aware of you always have to have a plan. Plan A. Plan B. Under Plan A if Trump had continued to be where he was at we as IQD holders were in a phenomenal position. I mean holy cow you couldn't of dreamed and asked for anything better than what that tax situation was providing us as investors. Now it's changed...(post 1 of 2)...{Note: Always consult your tax professionals at the appropriate time}..
*** BobTheTaxMan *** Even though you may have put a plan together earlier it would still serve for you to reconsider that because the estate taxes have changes. The income taxes have changes. There are so many things that have happened you have to re-look at what you're doing...we are coming to what I...feel is the conclusion of this particular investment opportunity. If you're not prepared there's no recovering. There are certain things that have got to be done before the RV. No ifs, ands, maybes or buts...we don't know the rate. We don't know the date...be prepared no matter what happens...(post 2 of 2).. {Note: Always consult your tax professionals at the appropriate time}..
*** Jeff *** Vietnam and none of these other currencies are going to go at this time right now. There's only going to be one currency changing value. That's going to be the dinar. No other currencies are going at this time. When Iraq does it, it will just be Iraq...Vietnam is not prepared to go.
Well, this is all there is so far today ... crappy stuff..! RON
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** MilitiaMan *** Article: "The Iraqi Interior Minister arrives in Saudi Arabia at the head of a high-level delegation" Quote: "Without disclosing the purpose of the visit, which had not been announced previously." [Perhaps they are there as part of the launch of the new electronic payment system (QFS). BTW, set for launch today...] Perhaps...I would say your spot on. Things of this nature are not by coincidence, they are by design and a purpose...imo...
*** Jeff *** When the rate does change Iraq will...have large 3 zero notes and smaller notes...the lager 3 zero notes and the new smaller notes are all still being as IQD. Nothing is replacing anything. Nothing is being cancelled out. What will happen over a period of time is the large 3 zero notes will be removed and withdrawn from circulation...when the rate changes...you're going to have large notes and small notes in circulation together at the same time sharing the same new increased exchange rate...that's how we get blessed from this...
*** Footforward *** [Q? : I thought the dinar must be sent to the US Treasury for exchange? Possibly a 10 day turn-a-round to clear our accounts. Most likely the banks will exchange a small amount into cash, maybe 10K...] ...they have the ability to verify in house...they won't give us tons of cash, but a 10 day turn around...if they have to send everything to the UST, what a nightmare... The treasury will keep the dinar. I don't question that. The treasury will be sending it back to the Central Bank of Iraq...
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