Central Bank: restructuring of the Iraqi dinar will not start before 2013 or intention for the printing of new categories of cash

[Darin]

TAV,

To expand on filling their quotas... I think they have to submit payment of 1/3 domestic currency while 2/3s is to be paid with a reserve type currency.

I wonder if they did their 1/3 of domestic currency pyshical or digital.

Can you verify this? I recall BIW talking about this quite some time ago.

It would be rather interesting to see what the payments are...

If we can figure out that number... We can conclude that may be figured into the higher # of what is in circulation.

Which would mean, a substantial R/V would reduce that figure... Because we can all likely agree, the IMF isn't going to profit from the R/V from payments of the IQD to fill a quota.

Make sense?

I mean, imagine if they had to pay $1 billion per year -

Every three years, that accounts for 1 trillion of IQD (Money supply expanded).

[TAV]

TAV,

To expand on filling their quotas... I think they have to submit payment of 1/3 domestic currency while 2/3s is to be paid with a reserve type currency.

I wonder if they did their 1/3 of domestic currency pyshical or digital.

Can you verify this? I recall BIW talking about this quite some time ago.

It would be rather interesting to see what the payments are...

If we can figure out that number... We can conclude that may be figured into the higher # of what is in circulation.

Which would mean, a substantial R/V would reduce that figure... Because we can all likely agree, the IMF isn't going to profit from the R/V from payments of the IQD to fill a quota.

Make sense?

I mean, imagine if they had to pay $1 billion per year -

Every three years, that accounts for 1 trillion of IQD (Money supply expanded).

I'm going to do my best and find the answer. Just remember that the news coming out of Iraq hasn't been real clear. The info I've provided is based on the rules and frameworks of Global Finance. Again I say "There are rules to this game and Iraq is not excluded!!!"

Iraq is truly in trouble financially, they absolutely can not go at it alone. June 30th DFI funds as far as we know where supposed to be released, debts to kuwait where supposed to be paid in full, instead iraq got help to remove these funds and help relocating them abroad in some undisclosed account!!! AT LEAST THAT'S THE RUMOR?!?!?!?!?!?

[rvb4jan1]

I know, I hate too face it too, I've been tracking this investment since the beginnings and I never thought it would have taken so long!!! But you're right!!! When I first got into this investment some would say "It may take up to 10 years before we see any huge returns" well 2013 would be ten years, BUT...with the finanical crisis I assumed that the process would have been expedited thus shorting the so-called ten year process maybe down to 7 years......NOPE it didn't happen. I'm optimistic that it will happen.

FACTS: Once they go public, The International Financial Reporting Standars (IFRS) will not allow them to circulate those large denominations concurrently with the "newer" smaller denominations and still have equal and same purchasing powers!!! For giggles and grins lets say "they actually make an attempt to operate their country in this manor, the USD is still the reserve currency and under the Sarbanes-Oxley Act our financial system would wipe them out before their total transition would be complete." Today the CBI purchases daily only what they need in USD to get them thru the day!!! THERE ARE RULES TO THIS GAME, WE DON'T HAVE TO KNOW WHAT MALIKI OR SHABIBI IS THINKING!!!

SOME FYI:

International Financial Reporting Standards (IFRS) are principles-based standards, interpretations and the framework (1989) adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On April 1, 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Underlying assumptions

IFRS authorize two basic accounting models:

I. Financial capital maintenance in nominal monetary units, i.e., Historical cost accounting during low inflation and deflation.

II. Financial capital maintenance in units of constant purchasing power, i.e., Constant Item Purchasing Power Accounting – CIPPA – during low inflation and deflation and Constant Purchasing Power Accounting – CPPA – during hyperinflation. Financial capital maintenance in units of constant purchasing power is not authorized under US GAAP.

Constant-purchasing-power accounting (CPPA) is:

a consistent method of indexing accounts by means of a general index which reflects changes in the purchasing power of money. It therefore attempts to deal with the inflation problem in the sense in which this is popularly understood, as a decline in the value of the currency. It attempts to deal with this problem by converting all of the currency unit measurement in accounts into units at a common date by means of the index."

I've asked questions to get a clear verification of this, It appears the U.S. General Accepted Accounting Principles don't like floating the value of the currency based off a daily index of inflation highs and lows in other words set the rate and buy and sell currency as needed!!!

The following are the four underlying assumptions in IFRS:

1. Accrual basis: the effect of transactions and other events are recognized when they occur, not as cash is gained or paid.

2. Going concern: an entity will continue for the foreseeable future.

3. Stable measuring unit assumption: financial capital maintenance in nominal monetary units or traditional Historical cost accounting; i.e., accountants consider changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRS) as immaterial or not sufficiently important for them to choose financial capital maintenance in units of constant purchasing power during low inflation and deflation as authorized in IFRS in the Framework, Par 104 (a).

Accountants implementing the stable measuring unit assumption (traditional Historical Cost Accounting) during annual inflation of 25% for 3 years in a row would destroy 100% of the real value of all constant real value non-monetary items not maintained under the Historical Cost paradigm.

4. Units of constant purchasing power: financial capital maintenance in units of constant purchasing power during low inflation and deflation; i.e. the rejection of the stable measuring unit assumption. See The Framework (1989), Paragraph 104 (a). Measurement in units of constant purchasing power (inflation-adjustment) under Constant Item Purchasing Power Accounting of only constant real value non-monetary items (not variable items) remedies the destruction caused by Historical Cost Accounting of the real values of constant real value non-monetary items never maintained constant as a result of the implementation of the stable measuring unit assumption during low inflation. It is not inflation doing the destroying. It is the implementation of the stable measuring unit assumption, i.e., HCA. Only constant real value non-monetary items are inflation-adjusted during low inflation and deflation. All non-monetary items (both variable real value non-monetary items and constant real value non-monetary items) are inflation-adjusted during hyperinflation as required in IAS 29 Financial Reporting in Hyperinflationary Economies, i.e. under Constant Purchasing Power Accounting.

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

MORE FYI:

[/size]

The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).

The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets.

The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.

The act was approved by the House by a vote of 423 in favor, 3 opposed, and 8 abstaining and by the Senate with a vote of 99 in favor, 1 abstaining. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt."[1]

Debate continues over the perceived benefits and costs of SOX. Opponents of the bill claim it has reduced America's international competitive edge against foreign financial service providers, saying SOX has introduced an overly complex regulatory environment into U.S. financial markets.[2] Proponents of the measure say that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.[3]

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

People, It appears that Iraq has decided they don't want to be apart of the Global Markets due to the course of actions they have chosen and the prolonging of implementing their currency publicly. I am reasonably confident of the mechanisms that regulates the markets unfortunately to error is human and if the leadership is faulty the system is broken!!

I'm not a financial expert. In a nutshell, what does this all mean??

[Darin]

I'm going to do my best and find the answer. Just remember that the news coming out of Iraq hasn't been real clear. The info I've provided is based on the rules and frameworks of Global Finance. Again I say "There are rules to this game and Iraq is not excluded!!!"

Iraq is truly in trouble financially, they absolutely can not go at it alone. June 30th DFI funds as far as we know where supposed to be released, debts to kuwait where supposed to be paid in full, instead iraq got help to remove these funds and help relocating them abroad in some undisclosed account!!! AT LEAST THAT'S THE RUMOR?!?!?!?!?!?

Well, you have to view their country like a person.. As a person, they were on unemployment while a lot of debt accrued. the June 30th release of the DFI was sort of a 1st pay-check, and they are struggling to get back on their feet so they relocated it so they could use it isntead of pay against outstanding debt.

Its like being overdrawn in a bank & you decide to take your check & cash out at a grocery store and hold the cash instead because you can't afford to get your account current.

Oh & I believe some of the "smartest!!" dinar researchers completely ignore media articles & follow the facts (mush like yourself)...

Knowing the rules they have to abide by, reports that come from other sources that may not be manipulated, etc. etc. This seems to be where to look for answers

[markchem]

DARN! I like the media article answers so much better (in terms of imminent positive news)! Thanks for the info - even if it is not what myself and many others are hoping to hear and see. I do seem to feel that Darin and TAV and others still hold prospect for a RV, just a ways down the road?

[TAV]

I'm not a financial expert. In a nutshell, what does this all mean??

"In a nutshell" I've provided some tools on Global Finance (so that you don't have to depend on false intel given every weekend of an RV) to help better understand Iraq's financial position based on rules and a framework that Iraq is mandated to undertake in order enter the world markets."

The next time you hear a rumor that the RV has happened, simply ask how?

If you don't get a clear concise answer of how iraq is digging themselves out of the hole their in, don't get to excited

[Dinarabot]

So, in a nutshell, its not gonna rv????

[TAV]

Well, you have to view their country like a person.. As a person, they were on unemployment while a lot of debt accrued. the June 30th release of the DFI was sort of a 1st pay-check, and they are struggling to get back on their feet so they relocated it so they could use it isntead of pay against outstanding debt.

Its like being overdrawn in a bank & you decide to take your check & cash out at a grocery store and hold the cash instead because you can't afford to get your account current.

Oh & I believe some of the "smartest!!" dinar researchers completely ignore media articles & follow the facts (mush like yourself)...

Knowing the rules they have to abide by, reports that come from other sources that may not be manipulated, etc. etc. This seems to be where to look for answers

Darin, you must be a lawyer...lol because business law states: "corporations: is recognized as a "person," and it enjoys many of the same rights and privileges under state and federal law that U.S. citizens enjoy" either it be

Public Corporations which are government owned such as Post Office, City Parks were as Private Corporations are companies such as Google, Facebook, and the Non-Profit Corporations, Red Cross, Catholic Societies!!" but your right, knowing the rules does help with understanding what is going on.

So, in a nutshell, its not gonna rv????

[patriotic party girl]

HMMMMMMMM am really begining to wonder about really how much time before they do RV i reallly don,t like alot of articles am finding on this big RV JMO

[soulgypsy76]

So in your *** would it be better to try and sell and take a loss or just wait to see if they RV in the future?

[TAV]

So, in a nutshell, its not gonna rv????

I believe a RV will happen, just don't know when. With Iraq publishing all the bogus info, it isn't helping matter!!!

What we do know is that Iraq excepted an IMF loan.

The conditions of an IMF loan is belt-tightening and long-term policy reform which is pushed upon by the IMF.

These are the condition a country must take upon excepting loan money from the IMF.

I guarantee that the news concerning 50.000 dinar note, last year it was reported a 100.000 dinar notes "WILL NOT HAPPEN" These notes would create uncertainty and diminished clearly in there now program rates.

[uncirculd]

CBI says deletion of zeros is coming and that they have explained to parliament and parliament still don't understand and that is why they have not approved the printing of the new coin and currency. I still save straight up rv.

[Stryker365]

Back in July or August I read an article that stated that Iraq has never received any of the funds from the IMF but the loan was extented thru March 2012 just in case they needed it for short fall. Not going back to look for the article but I'm sure someone else could back this up that read it too or correct me if I am wrong.

[soulgypsy76]

CBI says deletion of zeros is coming and that they have explained to parliament and parliament still don't understand and that is why they have not approved the printing of the new coin and currency. I still save straight up rv.

who is in parliament?? what don't they understand? Things were easier when Elvis was alive

[TAV]

So in your *** would it be better to try and sell and take a loss or just wait to see if they RV in the future?

Simply wait and see, IMHO "If Iraq knew exactly that a lopp was the plan, it would have been lopped a long time ago, they had nothing to lose, they're already at rock bottom. Today they would have had quite a few years with the new lopped programmed rate(inflationary zeros gone) and those inept crooks that's seemingly stealing worthless money today would have actually had monetary value to steal!!" Again who knows what they are thinking, but as an investors I have to believe that the left hand don't know what the right hand is doing and seeing the lack of news in the economy but more of the corruption it's hard to say!

I'm hopeful meaning maybe two or three sets of accounting books but no one knows.

Edited November 29, 2011 by TAV

[Darin]

Darin, you must be a lawyer...lol because business law states: "corporations: is recognized as a "person," and it enjoys many of the same rights and privileges under state and federal law that U.S. citizens enjoy" either it be

Public Corporations which are government owned such as Post Office, City Parks were as Private Corporations are companies such as Google, Facebook, and the Non-Profit Corporations, Red Cross, Catholic Societies!!" but your right, knowing the rules does help with understanding what is going on.

No, not a lawyer...

Just good at using analogies when I fully understand something to help the next person understand it a little better.

The cream of the top of speculators, ignore media articles. They look at the international rules, laws, and so forth to form their own opinions...

Because, at the end of the day, that is information they have to abide by....

[ssmith]

HMMMMMMMM am really begining to wonder about really how much time before they do RV i reallly don,t like alot of articles am finding on this big RV JMO

i agree, these articles are alot of smoke and mirrors and i don"t mean in a good way.... :(

[patriotic party girl]

i am sharing a email with all of you i got back in first part of nov seems to make sense but then again who the hell no,s anymore i sure don,t but anyway here it is

not sure who wrote it or anythng just sent to me by a friend

2011-11-13 13:25:07

NOVEMBER 4TH, 2011 09:31 AM ·

For ages, now, I have been trying to gently and diplomatically advise everyonenot to look to Baghdad for the RV triggers, but, rather, to Washington—specifically, the International Monetary Fund (IMF) and its Special Drawing Rights Partners (only four left, now); i.e., the American dollar, the British pound Sterling, the Japanese yen, and the Continetal euro. Most of us simply do not realize how powerful these guys really are. If the IMF is the Creature of Bretton Woods, then the SDRP’s are the Creatures of the IMF. Since 1969, they have called the shots, because virtually all of the world’s currencies of the industrialized nations north of the equator are indexed to the (now) dollar-pound-yen-euro consortium.

When the conditions have presented themselves such that the IMF is willing to act favorably upon them, then, and only then, will they pull the trigger on the revaluation of the IQD. Even the euro syndicate cannot act alone, for example, on the recent Greek bailout.

Stocks pared gains and the Nasdaq Composite hit a session low in afternoon trading today after a source said the European Union and International Monetary Fund will NOT release an 8 billion euro payment to Greece until after its planned referendum. Adding to market uncertainty, the U.S. Federal Reserve cut its forecast for economic growth, even as it earlier kept monetary policy steady.

This all happened because of what the IMF said and did—and nothing else. Another way of looking at it is trying to get a rezoning for a building permit without the blessings of the fire department. The fire guys have the last word.

The guys and gals of the IMF are the “fire guys” of the world’s currencies.

[Carrello]

"In a nutshell" I've provided some tools on Global Finance (so that you don't have to depend on false intel given every weekend of an RV) to help better understand Iraq's financial position based on rules and a framework that Iraq is mandated to undertake in order enter the world markets."

The next time you hear a rumor that the RV has happened, simply ask how?

If you don't get a clear concise answer of how iraq is digging themselves out of the hole their in, don't get to excited

Thank you, TAV. This is great information, and I, for one, appreciate it.

[Stryker365]

patriotic party girl,

I for one have seen and read several published papers about this, like you I don't know either but I think there are bigger players at work.

Thanks, for the info and all you do for us here!!!

PS I know now why I like you other than the work you do for us here, Texan to Texan!!!

[fsmith403]

I know, I hate too face it too, I've been tracking this investment since the beginnings and I never thought it would have taken so long!!! But you're right!!! When I first got into this investment some would say "It may take up to 10 years before we see any huge returns" well 2013 would be ten years, BUT...with the finanical crisis I assumed that the process would have been expedited thus shorting the so-called ten year process maybe down to 7 years......NOPE it didn't happen. I'm optimistic that it will happen.

FACTS: Once they go public, The International Financial Reporting Standars (IFRS) will not allow them to circulate those large denominations concurrently with the "newer" smaller denominations and still have equal and same purchasing powers!!! For giggles and grins lets say "they actually make an attempt to operate their country in this manor, the USD is still the reserve currency and under the Sarbanes-Oxley Act our financial system would wipe them out before their total transition would be complete." Today the CBI purchases daily only what they need in USD to get them thru the day!!! THERE ARE RULES TO THIS GAME, WE DON'T HAVE TO KNOW WHAT MALIKI OR SHABIBI IS THINKING!!!

SOME FYI:

International Financial Reporting Standards (IFRS) are principles-based standards, interpretations and the framework (1989) adopted by the International Accounting Standards Board (IASB).

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On April 1, 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs).

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

Underlying assumptions

IFRS authorize two basic accounting models:

I. Financial capital maintenance in nominal monetary units, i.e., Historical cost accounting during low inflation and deflation.

II. Financial capital maintenance in units of constant purchasing power, i.e., Constant Item Purchasing Power Accounting – CIPPA – during low inflation and deflation and Constant Purchasing Power Accounting – CPPA – during hyperinflation. Financial capital maintenance in units of constant purchasing power is not authorized under US GAAP.

Constant-purchasing-power accounting (CPPA) is:

a consistent method of indexing accounts by means of a general index which reflects changes in the purchasing power of money. It therefore attempts to deal with the inflation problem in the sense in which this is popularly understood, as a decline in the value of the currency. It attempts to deal with this problem by converting all of the currency unit measurement in accounts into units at a common date by means of the index."

I've asked questions to get a clear verification of this, It appears the U.S. General Accepted Accounting Principles don't like floating the value of the currency based off a daily index of inflation highs and lows in other words set the rate and buy and sell currency as needed!!!

The following are the four underlying assumptions in IFRS:

1. Accrual basis: the effect of transactions and other events are recognized when they occur, not as cash is gained or paid.

2. Going concern: an entity will continue for the foreseeable future.

3. Stable measuring unit assumption: financial capital maintenance in nominal monetary units or traditional Historical cost accounting; i.e., accountants consider changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRS) as immaterial or not sufficiently important for them to choose financial capital maintenance in units of constant purchasing power during low inflation and deflation as authorized in IFRS in the Framework, Par 104 (a).

Accountants implementing the stable measuring unit assumption (traditional Historical Cost Accounting) during annual inflation of 25% for 3 years in a row would destroy 100% of the real value of all constant real value non-monetary items not maintained under the Historical Cost paradigm.

4. Units of constant purchasing power: financial capital maintenance in units of constant purchasing power during low inflation and deflation; i.e. the rejection of the stable measuring unit assumption. See The Framework (1989), Paragraph 104 (a). Measurement in units of constant purchasing power (inflation-adjustment) under Constant Item Purchasing Power Accounting of only constant real value non-monetary items (not variable items) remedies the destruction caused by Historical Cost Accounting of the real values of constant real value non-monetary items never maintained constant as a result of the implementation of the stable measuring unit assumption during low inflation. It is not inflation doing the destroying. It is the implementation of the stable measuring unit assumption, i.e., HCA. Only constant real value non-monetary items are inflation-adjusted during low inflation and deflation. All non-monetary items (both variable real value non-monetary items and constant real value non-monetary items) are inflation-adjusted during hyperinflation as required in IAS 29 Financial Reporting in Hyperinflationary Economies, i.e. under Constant Purchasing Power Accounting.

http://en.wikipedia.org/wiki/International_Financial_Reporting_Standards

MORE FYI:

[/size]

The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH).

The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets.

The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.

The act was approved by the House by a vote of 423 in favor, 3 opposed, and 8 abstaining and by the Senate with a vote of 99 in favor, 1 abstaining. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt."[1]

Debate continues over the perceived benefits and costs of SOX. Opponents of the bill claim it has reduced America's international competitive edge against foreign financial service providers, saying SOX has introduced an overly complex regulatory environment into U.S. financial markets.[2] Proponents of the measure say that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements.[3]

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

People, It appears that Iraq has decided they don't want to be apart of the Global Markets due to the course of actions they have chosen and the prolonging of implementing their currency publicly. I am reasonably confident of the mechanisms that regulates the markets unfortunately to error is human and if the leadership is faulty the system is broken!!

Thanks for the FYI! Very informative

[TAV]

HERE ARE SOME TERMINOLOGY TO WATCH OUT FOR:

BI-LATERAL CONTRACTS: If the offeree can accept simply by promising to perform, the contract is a bilateral contract. "Promise for a promise", no performance, such as payment of funds or delivery of goods need take place for a bilateral contract to be formed. The contract comes into existence at the moment the promises are exchanged.

UNILATERAL CONTRACTS: If the offer is pharased so that the offeree can accept the offer only by completing the contract performance, the contract is a unilateral contract. Hence a unilateral contract is a promise for an act. In other words, the time of contract formation in a unilateral contract is not the moment when promises are exchanged but the moment when the contract is performed.

OFFER: a promise to do something, An offer is a promise or commitment to do or refrain from doing some specified action in the future.

PRELIMINARY NEGOTIATION: A request or invitation to negotiate is not an offer. It only expresses a willingness to discuss the possibility of enterning into a contract.

REVOCATION....PURCHASING AN OPTION CONTRACT: Revocation of the offer by the offeror. The offeror's act of withdrawing (revoking) an offer is known as revocation. Unless an offer is irrevocable the offeror usually can revoke the offer even if he or she has promised to keep it open as long as the revocation is communicated to the offeree before the offeree accepts.

ACCEPTANCE: a voluntary act by the offeree that shows assent (agreement) to the terms of an offer. The offeree's act may consist of words or conduct. The acceptance must be unequivocal and must be communicated to the offeror.

CONSIDERATION: usually is defined as the value (such as cash) given in return for a promise(in a bilateral contract) or in return for a performance (in a unilateral contract).

CARRY ON: means long term business objective

WINDING DOWN: after paying debts if any money or debts left over then those are distributed up among the partners.

PERPETUAL: meaning forever

NOVATON: occurs when both of the parties to a contract agree to substitute a third party for one of the original parties.

These are some words and their meaning to help understand the terms used with the so called iraqi oil deals. I believe the oil contract maybe bi-lateral contracts "a promise to promise, no performance such as funds or delivery of goods.

sorry for any typos in advance!

Edited November 29, 2011 by TAV

[patriotic party girl]

patriotic party girl,

I for one have seen and read several published papers about this, like you I don't know either but I think there are bigger players at work.

Thanks, for the info and all you do for us here!!!

PS I know now why I like you other than the work you do for us here, Texan to Texan!!!

THANK YOU so much and i post as much news as i can find on the dinar for all of us here. Rather it be good or bad news i just love to get all these diff views on what others here think .

PS YEP TEXAS IS THE BEST AS FOR AS AM CONCERNED JMO HAHA WHAT PART OR YOU FROM ?

[TimS]

They arent printing more money cause its done. More smoke.

you have no evidence of that.....

[Stryker365]

THANK YOU so much and i post as much news as i can find on the dinar for all of us here. Rather it be good or bad news i just love to get all these diff views on what others here think .

PS YEP TEXAS IS THE BEST AS FOR AS AM CONCERNED JMO HAHA WHAT PART OR YOU FROM ?

Your welcome, my pleasure nice lady! Dallas area, you?