After July 15th It will Be Illegal to Exchange The Iraqi Dinar in the U.S.

[pwball14]

This would have to be unconstitutional, Discrimination against the low income people. How could that be right?

[Darin]

Doesn't say you cant exchange it in smaller amounts...

"It will be against the law for you to exchange Iraqi Dinar at a bank in a large amount."

I was sort of thinking the same thing.

An individual could cash out slowly over time, unless they had a time limit on cash-ins with 000s.

So, maybe we find ourselves going to the bank daily to exchange 1 25,000 IQD.

Now, it appears we have another drop-dead date that is quite important.

[af4mi]

TAXES...

And to keep folks from jumping into investments they can't afford or pay for......

[Gooserider67]

If the RV is to happen before July 15 and this new law does in fact apply to the diner holders no matter how long that you have helt the diner it is a way to force the immediate cash in of all U.S. dinar no matter what the RV rate is. And this is just another way that the government and take our tax money and keep everyone in the poor house.

[Solarcloud]

if this were indeed true, then perhaps we now know the deadline to cash in by...

Here's another twisted spin...(and I know this contains a couple conditionals) but if we were to see an RV post-7/15 and we see a rate that qualifies the investor into one of the three statuses listed (if not already a QEP) you're in the clear...

Still need to learn much more about this but those are my initial knee-jerk thoughts...

And if were not then the poor man gets screwed AGAIN. Whats new in the land of the free, home of the brave.

That will be the final straw for me if this happens. Canada here I come.

[fnbplanet]

Chris Dodd, D-Conn., Barney FwankD-Mass., how's that liberal, hopey-changey thing workin' out for ya? Both of these progressive chumps are millionaires (AFTER they got into politics, BTW), and they have limited the cash in of Dinar to millionaires only. WTF?

What could possibly motivate them to set the definition of "QUALIFIED" as to only already a millionaire? Anyone else think that the Dems are the ones that "really care" about the "little guy"?

If the dinar RV's at at leat $.55, I'll be qualified, but it is really starting to stink for the smaller investors! We're Americans, and we'll find a way to help each other out. This stinks on ice!

Maybe THIS is the time limit that we'll have to work with, so that we can't wait it out a year in order to qualify for capital gains tax rates!

B*sat*rds!

[markst]

Exactly what is the large amount ?

Doesn't say you cant exchange it in smaller amounts...

"It will be against the law for you to exchange Iraqi Dinar at a bank in a large amount."

[Solarcloud]

Chris Dodd, D-Conn., Barney FwankD-Mass., how's that liberal, hopey-changey thing workin' out for ya? Both of these progressive chumps are millionaires (AFTER they got into politics, BTW), and they have limited the cash in of Dinar to millionaires only. WTF?

What could possibly motivate them to set the definition of "QUALIFIED" as to only already a millionaire? Anyone else think that the Dems are the ones that "really care" about the "little guy"?

If the dinar RV's at at leat $.55, I'll be qualified, but it is really starting to stink for the smaller investors! We're Americans, and we'll find a way to help each other out. This stinks on ice!

Maybe THIS is the time limit that we'll have to work with, so that we can't wait it out a year in order to qualify for capital gains tax rates!

B*sat*rds!

I see it now, people sitting with around 200k dinar will be grouping with other investors and take all their lump sums for a cash in. Who to trust........

[pegsue]

This is quite interesting. It is not saying that you cannot ever trade on forex. What it is saying is that you have to be what is called an Accredited Investor. That is to say, your net worth is 1M or you make in excess of 200K per year.

If you read "Rich Dad's Guide to Investing / What the Rich Invest in, That the Poor and Middle Class Do Not!" it will explain it better. This book is part of the Rich Dad/Poor Dad Series. There are many other investments that we as the "average joe" cannot invest in. It is illegal because it is too volatile and risky so they are, in a sense, protecting us from ourselves and big losses. The returns can be huge in the risky investments but so is the possibility of great losses.

I think Phoenix is probably right about protecting friends and family after the RV.

If you have not read the book, I would recommend it. It can help you understand more about what big money investing is and what it is not.

Best to all. And to all the Fathers out there, HAPPY FATHER'S DAY!!!

[smee2]

Looks like Americans have a few ... meagre ... choices.

First, cashing in with "travel" amounts ... yup, go to the bank every other day for how many months?

Next, try to qualify as a dealer ... hey you all make 200,000 a year right? or adding in the wages of the missus it comes to 300,000 right? (hahaha) sorry couldn't resist.

Also, as some have said, if it is worth it, go offshore, stay offshore, get your physical dinar offshore long before the deadline. You all wanted to live somewhere else anyway, didn't you? Hmmmmm

Then of course, as I m a Canadian, and as the thought has already been put forth, I wouldn't mind exchanging your dinar for you ... for a small fee. I would not go the percentage route ... that would be too greedy. But a small fee would work for me. And I'd take that fee prior to the RV, in dinar, put myself in the position of the gambler ... whadayasay? eh:?

hahahahahaha

Really, even though this has been voted on and passed, it does say they are seeking input from the public to make this work, for whatever reason they feel they must do this and personally I don't understand it and don't really care. I care about what it does to our circumstances ... well, make that your circumstances. So, first off, if I were in your position I'd be sending emails to every government official who lists one and keep hounding them until someone pays attention. Perhaps, as someone mentioned, there is a Grandfather clause that takes care of currency already purchased. In which case, this could be the pump of all pumps! "Getchur dinar here, before the deadline, hot dinar, fresh dinar, getchur dinar here!" Just a thought.

Well, good luck and if you need Canadian help, leave a message on my profile page ... :) :)

smee2

[WorkerBee]

I've found a silver lining! This can tie into Sonny1 predictions, which has two more weeks left. Whew. Sorry Keep, not that I don't believe you,I just gotta find my hope somewhere.

[GQ2]

Are we talking US Dollars, or any type of currencies that we already hold, to qualify? I think the average IQD invester holds 2.2 mil.

[willy1der]

Doesn't say you cant exchange it in smaller amounts...

"It will be against the law for you to exchange Iraqi Dinar at a bank in a large amount."

What is large amounts vs small amounts?

1) A natural person whose individual net worth, or joint net worth with spouse, is at least $1,000,000, excluding the value of such investor's primary residence;

2) A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with spouse in excess of $300,000 in each of those years and a reasonable expectation of reaching the same income level in the current year; or

3) A director, executive officer, or general partner of the issuer of the securities being offered or sold, or a director, executive officer, or general partner of a general partner of that issuer.

Who in their right mind is asking their congressman or senators to write these kinds of laws? These folks do not represent us, they are in this for power! It's a shame what this country is coming to. I will be hard pressed to vote for anyone who has held office for more than one term. I believe it is time to clean house!

[Phoenix]

Are we talking US Dollars, or any type of currencies that we already hold, to qualify? I think the average IQD invester holds 2.2 mil.

U.S Dollars that you hold now.

[Kimjackie]

Okay--The operative words here are Large amount of physical currency and small travel related currency transactions so who decides how much is selling large or travel related???if this were to happen I guess we just go to the bank every single day and trade in a certain amount.

Note: The definition of an Over the Counter Forex transaction is the buying or selling of a large amount of physical currency at a bank or currency dealer.

Small travel related currency transactions are exempt and not seen as an OTC Forex transaction and will be allowed.

Read more:

[flesh-o]

WTF?!?! You cant be serious.......Is this set to go into effect regardless?? Or is there a chance of this being stopped?

Hay KEEP ! Would it make a difference anyway? I don't know a banker that wouldn't loan against the collateral of a foreign currency if it is tradable. So get a loan, establish your self as a millionaire and cash the rest in once the requirements have been meet. Am I missing something here or thinking wrong?

Thanks! Flesh-o

[LettheRVbegin]

Hey guys,

IF this were to happen in reality, I'd definitely denounce my citizenship and go to different country to cash in. We have lost so much freedom in this country anyway that I don't mind living in other country and prosper.

I hope this isn't the case, but if I have no choice, I'm not gonna let this "once in a lifetime" opportunity to go down the drain JUST to HELP the government in which we know it can't be controlled anyhow.......

[easyrider]

WoW this is insane I do believe this is the icing on the cake people if this is indeed true thanks Phoenix for bringing this to our attention. Folks it comes down to this either we have an Rv before july 15th or we are SCREWED!!!!!!!!!!!!!!!!!!!

Edited June 19, 2011 by easyrider

[Solarcloud]

Are we talking US Dollars, or any type of currencies that we already hold, to qualify? I think the average IQD invester holds 2.2 mil.

I would love to know how you got that average. If your talking about the average on the site I can understand but I know a handful of people who hold only around 100k.

[dinarck]

This whole thing seems to me to be a way to protect the dollar. They seem afraid that people will start to dump the dollar and buy gold ,silver, and currency other than USD. Not a good sign.

[Gibbs427]

I posted this "article" yesterday and was then told it was "old" news, hmmm.

I'm with Phoenix, if this GOV continues to screw the people, there are plenty of other countries!

[Phoenix]

One more time so it is not missed by anyone:

IMHO...just my speculation....I think this is good.

Why?

Because after the soon to happen revaluation of the Iraqi Dinar the word of this sudden wealth will travel far and wide.

The throngs of people who thought it was all a scam and who were told to invest and did not will suddenly also want to jump on the OTC (Over the Counter) forex in hopes of hitting it big also.

So what is now a some what small and exotic breed of investing will have over night stardom with the stories of the over night "rags to riches" of people from all over.

This would cause a rush of liquidity and wild speculative investment into the OTC exotic currencies.

The currency dealers and the banks would be flooded with people trying to hit it big like their friend or family member did.

So I think this act is in anticipation of that very effect that would be disruptive to the liquidity flow within the US.

The OTC currency market would be the new lottery play and every scammer and huckster around would be hawking exotic currency as the "next Iraqi Dinar"

So....I think this bill is being put in place AFTER the fact of the IQD revalue.

That is my personal take on this.

And if i am correct.

Every single one of you are lucky beyond your wildest dreams and will be known as the lucky ones who hit it big before the law was changed.

Best of luck to all!~

I think this is good news...and a "tell" of how close we are.

IMHO

Phoenix

Edited June 19, 2011 by Phoenix

[shwngo]

I hope this end up being a good thing as far as the deadline.. If not you better buddy up with someone who makes more than 200k per year and has for the last 2 years.

It will be a way for more people to make money on the dinar. Say some wealthy people did not invest, now with this law they can help people who did cash out for a fee. Typicall government move, protect us from our self. No thanks i'll protect myself. Take that hope and change and put it where the sun doesn't shine.

[smee2]

Just a thought ... if this means regular people cannot buy dinar, it is talking about both ends of the transactions, isn't it? ... well if we cannot buy dinar in more than travel amounts, perhaps that has something to do with Ali disappearing and closing up office? Maybe he knew this was going to happen? He is of course able to qualify as a dealer but it looks like the only ones he could sell to would also be dealers. Hmmmmmm A thought.

smee2

[Gibbs427]

And remember this also, they have it sewn up at the borders, you can't win unless you become a criminal