Oct. 4th --90 days to New Year

[cgbrown]

If there is going to be an RV this year, and if we are going to be given 90 days to cash in...... the something has to happen tomorrow.

GOI formed, Rv announced........ .

If nothing happens tomorrow....... then we are looking into 2011 for cash in time.

Of course, since Oct. 1 is their new year (on the physical books) and if we have a year from that date....... then this ROLLER COASTER RIDE, just added a few more twist, turns, and loops.

[Captjohn]

You are assuming that we will be given 90 days for cash-in. Why not 60 days or 30 days? As we get closer to the end of the year, the timeframe we are given for cash-in might well shrink.

Even if we are given a period of time that seeps over into 2011, bear in mind that, if this congress does not act on the Bush tax rates (hopefully to hold them where they are) you may be hit with much higher tax rates on income realized in 2011. Sorta like f..ed if you do, f...ed if you don't. Just saying.....

[sportfisher]

Why would there be a cash in period for a RV???

That only applies to a redenomination, or currency replacement.

[machcobra]

huh? Who set it in stone that you have 90 days to cash in? Could be 60 or 45 or? I don't see 2011 to RV, far to much points to any day now.

If there is going to be an RV this year, and if we are going to be given 90 days to cash in...... the something has to happen tomorrow.

GOI formed, Rv announced........ .

If nothing happens tomorrow....... then we are looking into 2011 for cash in time.

Of course, since Oct. 1 is their new year (on the physical books) and if we have a year from that date....... then this ROLLER COASTER RIDE, just added a few more twist, turns, and loops.

[abutchbaker]

If there is going to be an RV this year, and if we are going to be given 90 days to cash in...... the something has to happen tomorrow.

GOI formed, Rv announced........ .

If nothing happens tomorrow....... then we are looking into 2011 for cash in time.

Of course, since Oct. 1 is their new year (on the physical books) and if we have a year from that date....... then this ROLLER COASTER RIDE, just added a few more twist, turns, and loops.

I was told by a blind monk in Nakhon Sawan Thailand that the dinar would RV around Jan, Feb 2011....

[kingcamera82]

If there is going to be an RV this year, and if we are going to be given 90 days to cash in...... the something has to happen tomorrow.

GOI formed, Rv announced........ .

If nothing happens tomorrow....... then we are looking into 2011 for cash in time.

Of course, since Oct. 1 is their new year (on the physical books) and if we have a year from that date....... then this ROLLER COASTER RIDE, just added a few more twist, turns, and loops.

nobody knows if there will be a window to cash in...regardless they can rv anytime from now til end of year and we will still be fine...they can rv dec 1..doesnt mean we cant cash out then or before dec 31st or into 2011...but i will be cashing no matter what before 2011 to avoid the tax hike...of course if they extend the tax cuts for everyone then it wont matter.

[Phoenix]

The cash in time can be whatever the central bank of Iraq deems it to be.

When they did the exchange in 2003 of the New Iraqi Dinar for the old Dinar it was a 90 day exchange period from Oct 15th 2003 to Jan 15th 2004.

But that was also during the chaos of war time so now that security is better I am sure they could do it in less time if needed.

By the way....North Korea had a currency exchange earler this year and they announced it to the people just hours before and only gave them 7 days to complete all of the exchange and after those 7 days the old currency was worthless.

So I would suggest being flexable and ready for anything.

Phoenix

Edited October 4, 2010 by Phoenix

[BANE]

Phoenix, It would be IMPOSSIBLE for 100,000 people in the U.S. to exchange their Dinar in 7 days. Impossible. I don't believe that about North Korea. You have how many MILLIONS of people that have to cash in in 7 days? The entire country would be broke.

[cgbrown]

This date is important: we may have GOI by end of the day.

[djgabrielie]

This date is important: we may have GOI by end of the day.

As good as any rumor. What we are missing here is a "Good Quality Rumor" with some truth.

[saturday night]

This date is important: we may have GOI by end of the day.

That would be 10/4 over and out

[BANE]

Who really cares if they have a 90 or 60 day or whatever time period. Does this really matter. I for one am going to the bank the very first day like i would guess 90% if not 100% of those holding dinars will be doing. I'm sure everyone who has dinars wont be going to my bank too so i dont see a problem getting it done that day. This is such a small problem that every other day we see a new post on this subject. If you dont like the rate open a warka account and hold them till you like the rate. You can go to citibank now and have your money wired and then you go back to waiting. Or you can open a forex account and trade your dinars there if they have that option. You can also fly to Iraq and exchange your larger ones for smaller ones (just be prepared to drag a pallet with you since that will be alot of bills. I doubt the banks or Ali or airports will have enough for you to exchange them for lower ones. I dont think the dinar dealers will be in the business with the small bills. The cost for shipping will be too much since it will probably take an armored car to bring them to you. I doubt they will have the storage capacity either. More importantly it would be too costly too ship that it wouldnt be worth it for them since they would have to pass that fee on to the buyers and i doubt most people would want to pay that much.

Whatever the time limit they have if they even do you will have plenty of time to take care of whatever option you choose. Lets just see if we get the RV then you can think how you want to handle the exchange. It wont take you more then 10 minutes to figure out what you want to do.

But your bank will NOT be ready the first day it RV's my friend. I would think it would take months to educate the U.S. banks on what to expect.

[DCupp]

Phoenix, It would be IMPOSSIBLE for 100,000 people in the U.S. to exchange their Dinar in 7 days. Impossible. I don't believe that about North Korea. You have how many MILLIONS of people that have to cash in in 7 days? The entire country would be broke.

Actully Phoenix is dead accurate with this information about Nort Korea. Here is just one of many articles supporting this

Here is just one of may links. http://news.bbc.co.uk/2/hi/8500017.stm

By Marcus Noland

Peterson Institute for International Economics

North Korea's unexpected currency reforms destabilised its economy - but are they likely to unsettle the country's politics as well?

On 30 November 2009 North Korea launched a surprise confiscatory currency reform aimed at cracking down on burgeoning private markets and reviving socialism.

The move predictably set off chaos, and now it appears that the government is in retreat, acquiescing in the reopening of markets.

Now the question is what impact this episode may have for North Korea's looming leadership transition.

During the 1990s the state found it was no longer able to fulfil its obligations under the old centrally planned system. As a result, the North Korean economy was forced to adopt some free market principles.

Small-scale social units - households, work units, local government offices, and party organs - and even small-scale military units began acting entrepreneurially to survive.

The announcement set off panic buying as people rushed to dump soon-to-be-worthless currency

This free-market pressure from below received an enormous push during the famine period of the mid-1990s, when perhaps 600,000-1m people, or roughly 3-5% of the pre-crisis population, died.

The regime is extraordinarily insecure about the domestic political implications of economic change. At times it has acquiesced in ratifying the facts on the ground, while at other times has sought to reverse the process.

The trend over the past five years has been largely negative, and confiscatory currency reform could be interpreted as the latest in a series of moves designed to re-assert state control over the economy.

No warning

In principle, currency reforms are not a bad thing.

Governments often use them to signal after a period of high inflation that the bad days are in the past, and that they will pursue more responsible macro-economic policies in the future.

Typically, a government issues new currency with a number of decimal places or zeroes removed, often linking the nominal value of the new currency to a well-known currency such as the dollar or euro.

In recent years countries such as Turkey, Romania, and Ghana have implemented such reforms.

The North Korean case is significantly different from the conventional examples in that the move was sprung on the populace without warning, and most critically, enormous limits were placed on the ability to convert cash holdings.

In effect this wiped out considerable household savings and the working capital of many private entrepreneurs.

Citizens were instructed that they had one week to convert a limited amount of their old currency to the new currency at a rate of 100:1 (that is, one new won would be worth 100 old won).

But the limit would not buy much more than a 50kg sack of rice at prevailing retail prices.

The announcement set off panic buying as people rushed to dump soon-to-be-worthless currency, buying foreign exchange or any physical good that could preserve value.

As the value of the North Korean won collapsed on the black market, the government issued further edicts banning the use of foreign currency, establishing official prices for goods, and limiting the hours of markets and products that could be legally traded.

.

Edited October 4, 2010 by DCupp

[umbertino]

I was told by a blind monk in Nakhon Sawan Thailand that the dinar would RV around Jan, Feb 2011....

Were you really told that by the blind monk in Thailand? I'm curious....

[JugDawg1]

Were you really told that by the blind monk in Thailand? I'm curious....

Ya, a blind drunk monk.

[umbertino]

Phoenix, It would be IMPOSSIBLE for 100,000 people in the U.S. to exchange their Dinar in 7 days. Impossible. I don't believe that about North Korea. You have how many MILLIONS of people that have to cash in in 7 days? The entire country would be broke.

It would be even more impossible for the hundreds of thousands of Folks holding Dinars world-wide to be able to exchange in a meager 7 days time.....I'd say at least 2 months or longer.

[BANE]

But is the Korean Won an openly traded commodity? I do not recall seeing it on the comodity market. We did not invade Korea with the intent of it RVing either. If the Won is true then I am sorry for the Korean people. Their banks were READY to deal with that crisis. Our U.S. banks are not ready in the slightest to cash out Dinar. It would take months.

[prayin4peace]

I think Bane just wants to see his name in print. 'Cause his research usually $uck$.

[JugDawg1]

I think Bane just wants to see his name in print. 'Cause his research usually $uck$.

Come on now. If you're prayin4peace, why 're you pickin a fight. Cool out. Have some fun.

[Joe P]

But is the Korean Won an openly traded commodity? I do not recall seeing it on the comodity market. We did not invade Korea with the intent of it RVing either. If the Won is true then I am sorry for the Korean people. Their banks were READY to deal with that crisis. Our U.S. banks are not ready in the slightest to cash out Dinar. It would take months.

Bane...

Calm down there big fella. All will be okay. Banks actively trade foreign currency every day. As soon as their computers show the IQD (under 48 hours from announcement) trade-able, you'll be able to cash out at the bank of your choice. Remember this Tibet...for every dollar you deposit in a bank...the bank gets 2% of federally backed loan-able monies. So by depositing a cool million...they get $20k, not including a small rebate on the spread they gave you. The banks will be begging for your dinars. There will be plenty of time.

Make plans brother...spend some time at a car dealership or two this week. In less than 14 days you'll be getting a new ride.

[cgbrown]

Well, now it's 89 more days, and no i am not going to be posting a daily count down. Frank26 already does that. I am more looking to this weekend as being big.