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Warka Bank Email Regarding New Currency Announcement

heinzy — Wed, 08 Sep 2010 00:55:16 GMT

RE: Out of Office: Individual AccountTuesday, September 7, 2010 1:43 PM
From: "Mohammad K. Issa" To: "'Xxxxx Xxxxxxxx'" The CBI has not provided official written notification to the banking sector and banks regarding the revalue or printing of new currency thus it is considered null and void by the Iraqi banking sector and this is the general law noting that we contacted the CBI regarding this matter where they did not provide anything official to comment on simply stating that this matter is under study and has been so for the past few years nothing more nothing less.

From our prospective we can not comment unless the CBI officially announces that the removing of the 3 zeros or revaluation will actually take place by providing the banking sector written documentation where this would be the standard general verification and confirmation currently practiced.

Regardless of a revalue the value of the IQD is in accordance to that set by the CBI this is the general law.

Please note that Warka Bank for Investment and Finance will be closed during our Islamic Festival Eid Holiday Thursday September 9th 2010 where we will open our doors of business Tuesday September 14th 2010 providing our very best services and products serving our esteemed clients the best.

Should you have any further questions or inquiries please take a moment to visit our website www.warka-bank.com news bulletin to view the latest notices and contact details of the related departments that will best handle your inquiries. We have several departments that will specifically handle each banking affair to your best interest by contacting them directly as they handle customer inquiries and transactions ensuring your comfort and satisfaction.

Best regards,

Mohammad K. Issa

Deputy Managing Director

Senior Executive

Warka Bank for Investment and Finance

Breitling Email to DD: An Assessment of the Situation

TRC — Tue, 07 Sep 2010 18:31:01 GMT

Wanted to pass on some information about the numbers, on the liquidity of the Dinar
Iraq had 26 trillion printed Dinar according the 2008 charts, each year after that adding 1.5 trillion, this had to do with the damaged Dinar being taken off they just do a % count instead of trying to audit each Dinar, which they cant do, they averaged it out.
Last year the Iraq parliament asked the IMF if they can Re-value or RI at $3.22
IMF then told Iraq, let�s do an audit and see what plan we can come up with
With the RV in mind to shore up, so the lower denoms can be released the plan from Shabibi was to reduce liquidity by 70% now we all know this already, here is what is new
To get at a 3+ rate the time this was projected by future looking markets based on 100+ per barrel of oil. The reason we are looking at 70 % +15 % of the Dinars liquidity the price per barrel has gone down so the extra 15% is just one small part in helping Iraq to sustain a 3+ rate. I had been talking to the guys out of Dubai and we could not figure out where the extra 15% came from.
Before they had planned on taking in 70% and using the 30% as inter banking currency only. So the 15 % helps us understand also the rate they will eventually get at or want to get at, NOT SAYING IT WILL RV AT THAT RATE. But it can be sustained. The remaining Dinar will be for their inter-banking needs.
Also want to talk a bit about the VND� From the numbers we are looking at, they need to take a ton of currency off the market to be able to do anything with it, as I have talked about in the past. This window is 1-3 years from now. at a new 1-2 cent rate. Reason I am pointing this out is the fact after the Dinar RV�s, Heavy hitters are going to buy as much as they can. If you�re going to get into this you, you may wish to move sooner than later.
IMO, nothing needs to be done for the IQD to RV, on the money side we are done. On the political side, the Gov needs to be seated. Also, keep this in mind� it is not just the money but also the Ministry of Finance that also has to approve dif types of business to be able to work in Iraq. NOT ALL BUT SOME� Remember this is what Ali is waiting for so he can buy his bank. The MOF does not have full POWER TO DO THIS. It is a interim Gov with limited power, so we need both to happen, seated Gov, and RV, at what ever rate.
Next thing to consider is the sanctions. Here is a question for you to just keep in mind. It RV�s, and we get a rate, Gov is seated, next they vote to get out of chapter 7, would you not think that after chapter 7 is gone that the rate would go even higher? Just something to think about� If you�re holding Dinar and thinking of dif ways and time frames to cash in I would put this on the table.

Dates to watch

Horseman — Fri, 03 Sep 2010 14:07:16 GMT

:dft008:,,,,,,,,,,,:033:,,,,,,,,,,,,:022:,,,,,,,,, ,,:032:,,,,,,,,,,,,,,:031:,,,,,,,,,,,,,,:011::011: :011:
Thursday, 2 September 2010
Iraq Important DatesSeptember 10, 2010End of Ramadan � Eid ul-Fitr CelebrationSeptember 27-28, 2010Oil & Gas Conference Istanbul, TurkeyOctober 8-10, 2010IMF Conference & CBI officials/MoF Washington D.C.October 15-16, 2010GET ENERGY for Iraq Conference Basra, IraqOctober 24, 2010Iraq National Census � Postponed to 2011November 25-28, 2010Basra International Oil & Gas Conference Basra, IraqNovember 29-Dec 1, 2010Iraq Petroleum 2010 London, U.K.December 31, 2010DFI Fund Remains in Federal Reserve NYDecember 15, 20103rd Review Stand-by-Agreement IraqMarch 12, 2011Kurdistan Regional ElectionsMarch 1, 2011Arab League Summit � Baghdad, Iraq**Dates are tentative and could change without notice
If you have been paying attention to the �Iraq Important Dates� you will notice a very important meeting will be taking place on October 8-10 with representatives of the International Monetary Fund and representatives of the World Bank (WB). In attendance will be the Governor of the Central Bank of Iraq (CBI), Dr. Sinan al-Shabibi, and other officials from the CBI and the Ministry of Finance, Bayan Jabr, and his deputies. If American Contractor could attend the meeting the one question I would ask the MOF is why do you refuse to accept checks from Iraqi banks?
Read More�
http://www..com

Notice: IQD may be redenominated by the end of 2010. More on the Iraqi Dinar

mcv50 — Wed, 01 Sep 2010 14:21:20 GMT

I already know that most members DO NOT LIKE xe.com, but every once in a while I like to see what they say. Today I went to xe.com and curiously did the USD -> NID and here is what popped up...

http://www.xe.com/ucc/convert.cgi?Am...7&image=Submit

Notice: IQD may be redenominated by the end of 2010. More on the Iraqi Dinar
Live rates at 2010.09.01 14:19:00 UTC
1.00 USD = 1,170.50 IQD United States Dollars Iraq Dinars 1 USD = 1,170.50 IQD 1 IQD = 0.000854336 USD

I thought it was interesting, because it didn't say that in the title yesterday...

Could be a goooooood thang! :029:

Dinar Daddy: The Latest�

TRC — Mon, 30 Aug 2010 16:26:11 GMT

All,
I�m posting this to give you all a heads-up that from EVERYTHING I am hearing from EVERYONE I speak with (connected online followers and connected sources who have nothing to gain by sharing, and don�t follow any forums)� ALL are saying we are right there, and we should see a change by the end of the month. That leaves us today and tomorrow� We wait!
Either way, I believe we are extremely close, and I believe if we don�t see a change THIS WEEK, that we�ll be safe within my original stated time-line� BY the end of October.
Keep hanging in there! I must admit, based on all I�ve been exposed to, my stomach is in knots as I wait in anticipation! Sorry to keep you guys on pins and needles, but SO AM I!
No teasing� No pumping� just trying to share MY reality based on what I�ve been told without giving specifics that would betray the trust of those I communicate with.

Dinar Daddy: My Personal Opinion on What We�ll See�

TRC — Wed, 25 Aug 2010 22:08:28 GMT

All,
Some have asked my personal opinion on what we�ll see when this investment �changes�. Here are my thoughts:
- I believe we will be rewarded with a FULL REVALUATION of the Iraqi Dinar� No LOP� No LOP/RV.
- I believe the rate will be above the Euro, maybe into the $2 range, and possibly even into the $3 range.
- I believe we will see a change in the rate by the end of October. I�ve always said this as my time line.
- With the above said, based on all that I�ve been told and have heard most recently by an overwhelming number of people who are not connected, and many of which are not part of these online sites, I believe (notice I said �by� above?) we will see a change by the 31st of August.
- I believe in this investment whole-heartedly! I know what got me into this, and WHO I�ve received information from, and I have no doubt this (in my opinion) is NOT a scam.
- I believe I will help MANY of you cash in and it will be a happy, joyous time.
- I believe those who presently bash on these sites, despite being wrong about this, will be equally happy about their �take� in this investment. Though, they should check themselves as to WHY they felt they had to be so negative to so many for so long.
- I believe we are part of �The Plan� to help stimulate the economies of the world, and more specifically the U.S. For, as the U.S. goes, so does the world.
- I believe we are what Obama spoke of when he talked about the �greatest redistribution of wealth the world has ever seen�.
- I believe the entire world, and even those who are in power of which most are not aware, need this revaluation of Iraq�s currency to being the �re-birth� of all the currencies of the world by helping eliminate their debts. This, in my opinion, has been a �cleansing� process, and they are replenishing the world�s supplies.
- I believe just as a forest must burn itself clean every few hundred years, the financial systems have had to purge themselves of the poor decisions of the past in order to move forward in the future, despite the pain that was caused in the �great bleed� of the world�s supplies.
- I believe we are witnessing something that has NEVER happened at this magnitude before, and as such, not all rules from the past apply to this situation.
- I believe that despite there being an over-abundance of Dinar initially because of this revaluation of which I speak, the governments and banks of the world will quickly pull those back in and use them for �credits� and �book-purposes� only. So, don�t fret too much about which your mind has no understanding.

I believe we are very close, so get ready� get set�.

Dinar Daddy

Chat from dinar daddy

Horseman — Tue, 24 Aug 2010 12:49:50 GMT

* Neno�s Late Night Chat � 8/23/10

August 24, 2010 � Posted in CHATS / POSTS, RUMORS � 2 Comments
11:45 PM [Starsister] Hello Chat�update from earlier post this eve� received email from my friend in AZ�
11:46 PM [Starsister] �keep a close eye on forex from now on
11:46 PM [toolfish] hi Starsister was it good?
11:46 PM [Starsister] yes
11:46 PM [Starsister] yes fish it was
11:46 PM [toolfish] oh do share im all ears* *
11:46 PM [Starsister] Elite have cashed in it said
11:47 PM [toolfish] what does that mean?
11:47 PM [toolfish] elite?
11:47 PM [Starsister] so..what that means I can only take a stab at� previleged folk in Baghdad
11:47 PM [Starsister] and their is a PM but not announced
11:48 PM [Starsister] so just keep an eye on forex
11:48 PM [toolfish] i wish i knew how to keep an eye on it
11:48 PM [toolfish] can you copy and paste the email here
11:48 PM [Starsister] and from DS�received news forwarded�same kind of �talk� go�n on
11:49 PM [Starsister] no I won�t copy and paste my email messages�
11:49 PM [Starsister] so sorry�but better respect my fellow investor in AZ
11:50 PM [toolfish] okay so can you transulate the message
11:50 PM [Starsister] this info comes from a source connected to banking or financial in Iran�.
11:52 PM [toolfish] so he/she is reliable then?
11:53 PM [Starsister] In my opinion if I am reading and digesting info correctly�their is a PM and the RV/RI is in the process of being rolled out for everyoe�but that the elite have already cashed�???!!!
11:53 PM [toolfish] man i wish duck was here to see this
11:54 PM [toolfish] does it say rate?
11:54 PM [Starsister] toolfish, your guess is as good as mine�but yes, my friend in AZ is reliable� the info is coming from a person (s) she is very familiar with in this investment�
11:55 PM [Starsister] so as for chat on other site forwarded to me
11:55 PM [Starsister] by same�
11:55 PM [toolfish] man wouldnt it be wonderful
11:55 PM [Starsister] It is the same kind of talk of up and coming announcements� wow I can�t spell right now..sorry
11:56 PM [toolfish] its okay i cant either
11:56 PM [Starsister] yes it most certainly would be wonderful�Mr toolfish, Sir!
11:58 PM [Starsister] The Holy Holidays are upon the country so for some of the articles, as I understand it, the announcement for general knowledge won�t be broadcast until�I guess, after?
11:59 PM [Starsister] Like the PM and so on and the RV/cash in amount???
11:59 PM [Starsister] Unless that changes?
12:01 AM [Starsister] I will check my email later on and post if I get more clarity on this..ongoing history happening�
12:01 AM [Starsister] GN toolfish!

The Future Of The U. S. Dollar

Horseman — Sun, 22 Aug 2010 02:15:54 GMT

August 21, 2010 by
Filed under Iraq Jobs

Leave a Comment

by futureofdollar.com �
INTRODUCTION
The World is concerned that the dollar cannot play the role of the main reserve currency any longer after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since the 1930s. The Government�s stimulus packages, financial bailouts, the need to support liquidity in Treasuries, keeping interest rates at the lowest level under the circumstances of low economic growth, high unemployment and low tax collection make it print more dollars. This leads to a high risk of substantial inflation, or hyperinflation in a long-run.
With a $12.3 trillion national debt and $55 trillion in unfunded obligations for programs such as Social Security, Medicare and Medicaid, with total Federal Reserve and Treasury bailout commitments now at $11.8 trillion, of which $3.6 trillion has already been spent the U.S. need to take steps immediately to protect themselves from the potential loss of the purchasing power of their U.S. Dollars, inflation.us warns.
Although there is still no significant inflation data in the United States international stock and commodity markets grew abnormally within the last eleven months. Analysts called it the �flight from the dollar� or �diversifying risks.�
There are many factors evidencing against the future of the dollar as a global reserve currency. In the present article futureofdollar.com pays attention to the crucial points of analysis after conducting an extensive research on the topic.
Part I
WEAK FUNDAMENTALS OF THE U.S. ECONOMY
Nobel Prize winner Paul Krugman states that �a country whose fundamentals are persistently and predictably deteriorating will necessarily have a [currency] crisis at some point.� (1)
1. National Debt
In the middle of February 2010, President Obama signed into law the bill increasing the public debt ceiling from $12.394 trillion to $14.294 trillion. This is a second increase in the upper limit on the national debt in less than two months.
Last time, in December, House Majority Leader Steny Hoyer commented that the Congress simply had no other choice: otherwise the United States would have to default on their debt obligations what would be another catastrophe for financial markets. (2)
�The Financial Management Services of the U.S. Treasury estimated that the total obligations of the U.S. government exceeded $90 trillion,� David Ross from Radiant Asset Management indicated in his research. (3) They include hospital insurance, supplementary medical insurance, and social security. �[T]he collected money (which Treasury has borrowed and Congress spent) falls far short of what is required to fulfill the long-term obligations of those programs, even if it had not already been spent. Almost all of the $90 trillion are promised obligations with no established method of payment.� (4)
�Including unfunded obligations, the U.S. moves to 1st, well above Taiwan and Zimbabwe, for the highest debt to GDP ratio� U.S. total debt plus unfunded obligations total 625% of GDP.� (5)
The Peterson-Pew Commission on Budget Reform stated that �the United States would almost certainly experience a debt driven crisis,� that �could unfold gradually or it could happen suddenly, but with great costs either way.� �The excessive debt would. . . affect citizens in their everyday lives by harming the American standard of living through slower economic growth and dampening wages, and shrinking the government�s ability to reduce taxes, invest, or provide a safety net.� (6)
2. Unemployment
This past February, the economy lost 36,000 jobs after losing 26,000 jobs in January and 109,000 jobs in December, and the unemployment rate held at 9.7 percent. (7)
In January, the unemployment rate fell from 10.0 to 9.7 percent. According to Reuters �a sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of �discouraged job seekers� rose to 1.1 million in January from 734,000 a year ago.� (8) The number of discouraged workers rose to 1.2 million in February. (9)
Gallup reported in the end of February 2010 that �19.9% of the U.S. workforce was underemployed during the month of January, translating to close to 30 million Americans who are working less than their desired capacity.� (10)
In its March summary of commentary on current economic conditions by Federal Reserve Districts, the Beige Book, the government finds that �labor markets generally remained soft throughout the nation.� Although �[t]he pace of layoffs slowed in most Districts. . . hiring plans still remained generally soft.� (11)
3. Budget deficit
IMF�s Managing Director Dominique Strauss-Kahn noted at the 10th Annual Herzliya Conference in Tel Aviv that the global crisis had created a problem of fiscal sustainability for many countries that could take decades to fix because of the huge debts built up during the crisis, especially in developed countries. (12)
The United States reached a record budget deficit of $1.415 trillion in fiscal year 2009 that ended in September. (13) The deficit will probably again exceed one trillion dollars in the current fiscal year as it is already over $651 billion.
The excess of spending over revenue in the U.S. was $220.9 billion in February 2010, as opposed to a deficit of $193.9 billion in February 2009, the Treasury Department announced in its monthly budget statement. It was the 17th straight month in which the government posted a deficit, CNNMoney.com said. (14)
In the beginning of February 2010 Obama transmitted a $3.8 trillion budget for 2011 to the Congress with a record $1.6 trillion deficit. (15)
During the debate on the national debt the Senate �rejected a proposed bipartisan commission to recommend ways to reduce the U.S. budget deficit,� Bloomberg reported. �The legislation would have required that the panel�s recommendations be voted on by Congress without being amended.� (16) Instead of the initial idea of the commission discussed by Congress, President Obama is trying to establish a government-based deficit commission that would lack any requirement for Congress to act on its advice. Specialists consider it a symbolic rather than a concrete step.
4. Economic impact of U.S. international military operations
The cost of conducting wars in Iraq and Afghanistan pushed the budget into the red during the presidency of George W. Bush. The situation deteriorated after the beginning of the financial crisis when the government adopted measures such as stimulus packages, financial bailouts, the need to support liquidity in Treasuries, etc. Moreover, early in December 2009 it has increased its nonproductive expenses by approving 30,000 troops to be sent to fight in Afghanistan.
All economists agree that one of the basic nonmonetary reasons of inflation is the existence of significant nonproductive government expenses such as military expenses.
Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said Obama may have too much on his plate. �You can�t fight a war, a financial crisis, a recession, and add health-care coverage to the uninsured at the same time,� he said. �It is simply the recipe for disaster.� (17)
However important goals of the war could be, military operations are, undoubtedly, very costly for U.S. citizens especially at the time of the financial crisis and growing deficits. Moreover, the situation is not getting better considering that around 40 percent of the war financing has been borrowed from abroad, Joseph Stiglitz, the Nobel Prize Winner, shows in his research �The Three Trillion Dollar War: The Real Cost of the Iraq Conflict.�
Explaining why wars are expensive he points out that military expenditures are not only limited to direct operation costs but also include (the bigger part) human casualties, future disability costs, loss of income, increased oil prices, opportunity costs, veterans� social welfare, nonproductive spending, loss of confidence in the future economic situation, increase in the national debt, and so on.
�The Obama administration has just asked Congress for a defense budget of more than $700bn� � almost 5% of GDP � for next year,� Guardian.co.uk reported in the end of February 2010. This is exactly 1/3 of total budget receipts for the FY 2009.
�If we try to stay the course, we are going to spend more and more money,� Stiglitz stresses. �The fact that we financed the war totally by deficits means that when 10 years from now we decide we want to repay that, which I don�t know if we will, the amount that we will have to raise our taxes will be that much larger because the debt will be that much larger.�
5. China�s peg to the dollar
So far China is enjoying low yuan rate giving its exports competitive advantage in relation to those countries with appreciating currencies against the U.S. dollar.
As the result China is actually �stealing� jobs from many countries since with appreciating currencies their companies are not able to compete with Chinese producers.
In relation to the United States this means that the country should not count on sooner recovery. China�s peg to the dollar makes imports into the U.S. cheaper. This supports high level of unemployment in America. Unemployment prevents the growth of GDP and reduces revenues.
Part II
LACK OF CONFIDENCE
Defining major reasons of currency crises Paul Krugman states that the most important is a lack of confidence. The �investor lack of confidence � is a defining feature of a currency crisis,� he argues. (18)
Below are opinions of a number of people from different parts of the world whom many of us know quite well. Their opinions concern the U.S. dollar and the U.S. economy.
Nouriel Roubini, the New York University professor who predicted the financial crisis, said that the greenback may weaken for the next three years. (19)
Warren Buffett, a successful international investor: �There is the likelihood of significant inflation down the road.� (20)
Robert B. Zoellick, the World Bank President: �There is little the United States can do about the sinking value of the dollar except restore growth in its economy.� (21)
George Soros, a successful international investor: �Irrespective of the situation in the stock markets or condition of the economy we shall see further shift from the dollar into real assets in a long run.� (22)
Jim Rogers, a successful international investor: �Printing money to help the U.S. economy will weaken the greenback and Treasuries in a long run.� (23)
Joseph Stiglitz, Nobel Laureate in Economics: The greenback will continue to head downward for the time being, given the huge U.S. trade deficit and global trade imbalance. (24) �[M]any factors going into the decline of the U.S. dollar. But clearly one of the factors is an overall loss of confidence, loss of confidence particularly in the future economic situation.� (25)
Fan Gang, a prominent economist and adviser to China�s central bank: �This crisis is a U.S. dollar crisis, which takes a relatively long time to clear up. The problem involves the U.S. currency and U.S. debt; eventually it has to be solved through U.S. dollar depreciation.� (26)
Yuri Luzhkov, City of Moscow Mayor, Russia: The world is on the brink of a radical devaluation of the American currency. Therefore, Russia has to abandon its dependency on the dollar as soon as possible. American currency reserves are supported by nothing and industrial production in this country is very low. (27)
The list of well-known people with similar thinking is endless. In its research futureofdollar.com faced a difficulty of finding successful investors, economists or foreign politicians with the opposite thinking. There are just a few of them. Most of them are the U.S. government officials whose job is to restore the confidence in the U.S. economy with a part of this job being speaking in �positive� terms.
People in this group either believe that:
*the recession is over and the U.S. economy will have a sharp rebound, or
*that the dollar will remain the primary reserve currency for a long time because during this last financial crisis investors found the dollar a safe haven, or
*that there is no inflation threat, relying on the U.S. government data, or
*simply stating that �we will sink or swim with the dollar.�
For instance, Barack Obama is confident that the dollar is �extraordinarily strong� because investors are confident in the ability of the U.S. to lead a worldwide recovery. (28)
The Chairman of the U.S. Federal Reserve Ben Bernanke believes that U.S. asset prices aren�t out of line with underlying values, and central bank policy will ensure that the �dollar is strong.� (29)
The U.S. Treasury Secretary Timothy Geithner forecasts that the dollar will remain the world�s �dominant reserve currency.� (30)
Therefore, we came to a conclusion that, unfortunately, the U.S. economy and the dollar are losing confidence. The U.S. government must work even harder now to restore it.
Part III
DIVERSIFICATION OUT OF THE DOLLAR
Maurice Obstfeld and Kenneth Rogoff observe that �there is a long-term trend of official reserve diversification away from U.S. dollars, especially among the fast-growing, reserve-hungry emerging and developing economies, and this trend continues in recent data.� (31)
It is hard to argue that the future of the dollar nowadays significantly depends on such developing countries as China, India, Brazil, Russia, and others. These countries accumulate very large dollar reserves and U.S. debt.
Let�s explore their recent positions regarding the U.S. dollar with an attempt to predict its future.
1. China
Already for an extended period of time China was quite aggressive in diversifying its reserves and protecting from weakening dollar, recommending its private sector to do the same.
The Chinese Ministry of Finance started selling bonds worth 6 billion yuan in Hong Kong in late September 2009, a major step to internationalize its currency at a time of concern about the dollar. (32)
Same month China bought the equivalent of $50 billion of the first bond sale by the International Monetary Fund, a purchase that might raise Beijing�s standing in the fund and help the government�s quiet campaign to expand the reach of its currency. China took the unusual step of paying for the IMF bonds with 341.2 billion yuan � which is not traded on global markets � rather than dollars. (33)
The country signed currency agreement with Argentina and agreed to credit South Korea, Malaysia, Indonesia and Belarus with its own currency. (34)
In the mid-September 2009, the International Monetary Fund announced that it was going to sell 403 tons of gold. Chinese central bank showed its willingness to buy the whole offer. (35)
The People�s Bank of China showed its intention to decrease its dollar reserves. Chinese authorities will increase their euro and yen reserves. (36)
China and Brazil established international payments in national currency of the Republic of China. Zhuhai Geli corporation received a transfer of several million yuan from San Paolo in the fall of 2009. (37)
The country was seeking to expand its African oil reserves by bidding for up to a sixth of Nigeria�s crude reserves constituting approximately 6 billon barrels. Valuing near $30-50 billion Chinese offer is higher than that of the current owners. China has been buying oil resources around the World for the second year already. (38)
Chinese companies may invest about $4,4 billion into Peru�s mining sector within the next three years according to the statement made by the Prime Minister of Peru Javier Velasquez. (39)
Nearly 44% ($14,3 billion) of the total volume of China�s investments within the first nine months of 2009 were coming into mining and production sector. Representative of the Asian Development Bank noted that investing in the mining sector by purchasing stocks corresponded to a long-term strategy of the country to achieve resource security. (40)
China Investment Corporation (CIC), a sovereign wealth fund responsible for managing part of Chinese foreign exchange reserves, �has been quietly accumulating stakes in resource firms including Canada�s Kinross Gold Corp. and Potash Corp. of Saskatchewan according to a filing with securities regulators.� (41)
CIC chairman Lou Jiwei �recently said that CIC would focus on investing in emerging markets in 2010. In October, the CIC chairman said the fund had allocated $110-billion for foreign investments and had already deployed about half of that.� (42)
�In addition to its $3.5-billion interest in Teck, CIC has a $652-million stake in Brazilian iron ore and nickel giant Vale SA, a $4.7-million interest in copper miner Freeport-McMoRan, and a $9.1-million holding in steel producer ArcelorMittal.� CIC has also acquired stakes in a number of high-profile brand name companies in North America such as Research In Motion Ltd., Apple Inc., News Corp., and AIG Inc. (43)
China cut its holdings of U.S. Treasury securities by $34.2 billion in December 2009, but still remaining the largest foreign holder of U.S. debt. (44)
2. India
Suresh Tendulkar, an economic adviser to Indian Prime Minister, was urging the government in the summer of 2009 to diversify its $264.6 billion foreign reserves and hold fewer dollars. (45)
The IMF sold 200 metric tons of gold to India in the beginning of November 2009. The $6.7 billion sale is �the biggest single central-bank purchase that we know about for at least 30 years in such a short period,� said Timothy Green, author of �The Ages of Gold.� �The only comparable event was the U.S.�s steady purchases in the 1930s and 1940s.� (46)
3. Brazil
Brazilian Central Bank president Henrique Meirelles said the country is considering the gradual elimination of the U.S .dollar in trade with China, Russia and India. (47)
In October 2009, the Brazilian Central bank announced that an agreement was reached with Uruguayan economic authorities to apply the so called SML system in bilateral trade operations. (48)
Brazilian Finance Minister Guido Mantega said that Brazil would spend 10 billion US dollars on buying International Monetary Fund bonds to boost the fund�s resources. This �radical change� will help Brazil to diversify its resources, he added. (49)
4. Russia
The Central Bank of Russia increased the share of Japanese yen and Swiss franc in reserves in the middle of 2008. Japanese yen currently accounts for around 2 percent of Russia�s reserves. The franc�s share is smaller because of the limited liquidity.
Russian President Dmitry Medvedev said at the St. Petersburg International Economic Forum in June 2009: �We should not exclude the possibility of a scenario in which the dollar will be subject to a serious inflationary pressure.� (50)
Russian reserves consist now mainly of the U.S. dollar and the euro. However, it is quite possible that Russia will add Chinese yuan in there, said Alexei Kudrin, Russian Finance Minister. The lack of convertibility of the China�s currency and of the free movement of capital was the main current obstacle. (51)
Brazil and India are interested in settling bilateral trade with Russia in national currencies, said Alexander Potemkin, an advisor to the Russian central bank chairman, echoing Moscow�s drive for more use of national currencies and less of the U.S. dollar. �There was an initiative within the framework of the BRIC. These countries intend to create the conditions for direct payment for trade in national currencies,� he said. He also said that Russia had a reach experience of reciprocal payments in national currencies with China. He estimated that settlements in yuan and rouble already account for around 2 percent of Russia�s trade with China. (52)
Moscow also discusses trade in national currencies with other countries including Turkey and Vietnam. (53)
Russian central bank first deputy chairman Alexei Ulyukayev said in November 2009 that Russia was going to add the Canadian dollar to its gold and forex reserves in the next few months, but its share would be insignificant. (54)
Russia, Belarus and Kazakhstan, members of the Customs Union of the Commonwealth of Independent States, can adopt a single currency as early as in 2012 according to Russian First Deputy Prime Minister Igor Shuvalov. (55) Specialists estimate that Russia, Belarus and Kazakhstan will save at least 1 percent of the total amount of transactions (tens of millions of dollars) avoiding payments in dollars and euro. (56)
Russian President Dmitry Medvedev criticized delaying the creation of a new international financial system, and announced that the French President and himself were going to take the initiative as long as �Bretton Woods Agreements do not reflect current economic situation anymore.� (57) �Both President Sarkozy and I worry about the new international financial architecture, it is not just far away from the perfection, we have not taken serious steps on this issue,� Medvedev said. (58)
5. Other countries
In April 2009 the Latin American leaders signed into effect a new South American currency, to be called the �sucre�. ALBA leaders (representing Venezuela, Cuba, Bolivia, Honduras, Nicaragua, and Dominica) say the sucre is necessary to help defray the regional effects of the world economic crisis by substituting their trade in dollars with a new alternative currency. The ALBA countries and their allies plan to use the virtual sucre by early 2010. (59)
In the second quarter ending in June 2009, central banks around the world invested 63 percent of their new cash reserves into euro and yen, and put only 37 percent into dollars. (60)
Kuwait, Saudi Arabia, Qatar and Bahrain signed in June 2009 an accord to create a joint monetary union council, a prelude to establishing a Gulf central bank and launching a monetary union and single currency. The remaining two members of the Gulf Cooperation Council (GCC), the UAE and Oman, did not sign after deciding to withdraw from the project. The GCC states have set 2010 as the target to launch the monetary union and single currency, but many experts believe that target is too ambitious and unrealistic. (61)
Turkey announced in the end of October 2009 that it was switching to national currencies in trade with Iran and China, ending dependence on the dollar and the euro for about 20% of its commodity turnover. (62)
The International Monetary Fund sold 2 metric tons of gold to the Bank of Mauritius on the basis of market prices prevailing on Nov. 11, 2009. (63)
Shortly thereafter the IMF sold 10 metric tons of gold to the central bank of Sri Lanka for about $375 million. The purchase is part of Sri Lanka�s plan to diversify its reserves and it has been gradually accumulating the metal in the past nine months. �Gold is a good anchor and hedge to have in these volatile circumstances,� said Nivard Cabraal, the bank�s governor. �We think it�s a good time to buy.� (64)
In the beginning of January 2010 Canada announced that it might sell about 1 billion euros of 10-year bonds, its first issue of debt in the European currency in more than a decade. This strategy will help attracting new investors, while debt denominated in U.S. dollars is becoming less popular among the creditors given the declining value of the U.S. currency. (65)
It is obvious that the trend of the diversification out of the dollar persisted through the whole year of 2009 and is continuing in 2010.
Part IV
WAY OUT
Peterson-Pew Commission on Budget Reform suggests that �the United States must show its creditors that it is serious about stabilizing the federal debt over a reasonable timeframe. Both spending cuts and tax increases will be necessary.�
Most of the economists would suggest that the U.S. anti-inflation strategy should include:
* suppression of inflation expectations and stimulation of savings;
* reaching balance between budget receipts and expenditures;
* increasing the mass of commodities; and
* strengthening national currency by establishing an unconditional priority of inflation targeting over other government programs (such as military expenses, unemployment rate regulation, influencing the national currency market, etc.).
Will the U.S. assume such a pain by reducing spending and fighting the deficits? Probably not, taking into consideration the words of Sir John Templeton, the John Templeton Foundation, who said in 2005: �The psychology all over the world is that people will not re-elect leaders who want them to be thrifty. The voters will elect the government that spends more money.� (66)
Many analysts are pretty sure that the weak dollar policy is beneficial to the U.S. Therefore, whatever the authorities say, there will be no resistance to dollar depreciation on their part.
Most experts already doubt that the solution of the problem depends much on the U.S. and call for global measures. �We must reform the international monetary system,� Yu Yongding, a former Chinese central bank adviser, stated in mid-November 2009. �A good monetary system should make us confident. But we don�t have confidence in the U.S. dollar now,� he added. (67)
George Soros is convinced that we �need a new currency system and actually the Special Drawing Rights do give you the makings of a system,� he told the Financial Times.
THE FUTURE OF THE DOLLAR
The future of the dollar is in jeopardy now as it is evident from the article.
This subject is the primary focus of futureofdollar.com. We follow latest developments in this area and provide our readers information from reliable sources.
This analysis was prepared by http://www.futureofdollar.com �
March 11, 2010
Notes:
(1) Paul Krugman, Currency Crises, 1997;
(2) Reuters, December 17, 2009;
(3) David Justin Ross, The Future of the Dollar and China: The Threat of Collapse and the Move Towards a New Reserve Currency, October 27, 2009, Radiant Asset Management, LLC;
(4) Ibid.
(5) Ibid.
(6) budgetreform.org, December 14, 2009;
(7) U.S. Department of Labor, March 5, 2010;
(8) Reuters, February 8, 2010;
(9) U.S. Department of Labor, March 5, 2010;
(10) Gallup, February 23, 2010;
(11) The Beige Book, March 3, 2010;
(12) IMF, January 31, 2010;
(13) The Department of the Treasury;
(14) CNNMoney.com, March 10, 2010;
(15) Bloomberg, February 1, 2010;
(16) Bloomberg, January 26, 2010;
(17) Bloomberg, January 8, 2010;
(18) Paul Krugman, Currency Crises, 1997;
(19) Bloomberg, February 4, 2010;
(20) FOX Business Network, June 24, 2009;
(21) The Economic Times, November 13, 2009;
(22) Reuters, October 26, 2009;
(23) Bloomberg, October 28, 2009;
(24) The Korea Times, October 28, 2009;
(25) The Three Trillion Dollar War: The Real Cost of the Iraq Conflict, book discussion, April 8, 2008;
(26) Reuters, December, 2009;
(27) RB.ru Russian Business, September 1, 2009;
(28) Bloomberg, March 24, 2009;
(29) Bloomberg, November 17, 2009;
(30) USA Today, March 25, 2009;
(31) Maurice Obstfeld and Kenneth Rogoff, Global Imbalances and the Financial Crisis: Products of Common Causes, November 2009;
(32) People�s Daily Online, September 28, 2009;
(33) The Associated Press, September 3, 2009;
(34) The New York Times, September 4, 2009;
(35) CommodityOnline.com, September 21, 2009;
(36) RosBusinessConsulting, November 6, 2009;
(37) NEWSru.com, October 28, 2009;
(38) Vedomosti, 28 September, 2009;
(39) Bloomberg, 25 November, 2009;
(40) ChinaPro.ru / Vedomosti, 25 November 2009;
(41) The Globe and Mail, February 8, 2010;
(42) Ibid.;
(43) Ibid.;
(44) Xinhua, March 1, 2010;
(45) Bloomberg, July 4, 2009;
(46) Bloomberg, November 3, 2009;
(47) Merco Press, October 29, 2009;
(48) Ibid.;
(49) Bloomberg, October 4, 2009;
(50) RIA Novosti, June 5, 2009;
(51) Bloomberg, October 24, 2009;
(52) Reuters, November 25, 2009;
(53) Ibid.;
(54) Reuters, November 2009;
(55) Rossiiskaya Gazeta, March 9, 2010;
(56) RBC TV, March 10, 2010;
(57) RIA Novosti, March 1, 2010;
(58) Ibid.
(59) Venezuelanalysis.com, April 17, 2009;
(60) CNBC, October 14, 2009;
(61) ArabianBusiness.com, October 11, 2009;
(62) RIA Novosti, October 28, 2009;
(63) IMF Press Release, November 16, 2009;
(64) Bloomberg, November 25, 2009;
(65) Bloomberg, January 5, 2010;
(66) NewsMas;
(67) Bloomberg, November 17, 2009.
Futureofdollar.com is a group of people who, just like billions of other people around the World, will have to live with the future consequences of the current global crisis provoked by short-sighted politicians. We wish as many people as possible were aware of such consequences.

Tags: Dollar, Future

http://scci-iraq.com/the-future-of-the-u-s-dollar/1580/

DNO Expects Increased Business in Iraq Kurdish Region

Horseman — Thu, 19 Aug 2010 19:49:20 GMT

By Marianne Stigset
(Analyst corrects currency to kroner from U.S. dollar in 10th paragraph in story published Aug. 17.)
Aug. 17 (Bloomberg) -- DNO International ASA�s Chief Executive Officer Helge Eide said business is gaining pace in Iraq�s northern Kurdish area and that there�s �no resignation� among oil producers because of the export halt.
DNO, Genel Enerji AS and other producers in the area are waiting on the Baghdad government and Kurdish regional authorities to agree on a payment system for exports after shipments were halted last year, less than five months after receiving permission to start. Genel hired JPMorgan Chase & Co. to assist with the partial or complete sale of its Taq-Taq field in the region, the Middle East Economic Survey said last week.
�What lies behind Genel�s possible decision we don�t know, but there�s quite significant activity and increasing activity� in Kurdistan, Eide said today in an interview in Oslo. �We haven�t registered any resignation.�
Eide declined to comment on whether DNO would consider buying Genel�s assets.
DNO has pumped oil in the semi-autonomous Kurdish region since 2007 and in June 2009 started exports through Turkey until shipments halted in September. Kurdish regional Prime Minister Barham Saleh said June 15 that exports were expected to resume soon, a day after Iraq�s oil minister called for the authorities to resume exports to fulfill a May accord.
Not Involved
�We�re not hearing anything� about when exports can resume, Eide said. �We�re not involved in the negotiations, we�re on the sidelines and waiting for information. But we�ve now entered Ramadan, during which little happens usually.�
DNO today reported a second-quarter net loss of 121 million kroner ($20 million), down from a profit of 115 million kroner a year earlier. The company had a 199 million kroner impairment loss, mainly because of a drop in the shares of Det Norske Oljeselskap ASA in which it holds an 11.7 percent stake.
Sales rose 27 percent to 285 million kroner as working- interest output gained 39 percent, led by the Kurdish Tawke field. Entitlement production rose to 9,849 barrels of oil a day from 8,091 barrels a day a year earlier. The realized oil price climbed 6.6 percent to $48.70 a barrel.
Production in the Kurdish region continued to increase in July and DNO is planning to drill three exploration wells in the region within the next 12 months, Eide said.
�What�s most exciting is that production in July continues to gain,� Trond Omdal, an analyst at Arctic Securities ASA with a �buy� recommendation, said in an Oslo interview. Should they maintain production �then you�re easily talking 50 million kroner monthly after tax in net cash flow from Kurdistan. They�ll need to start thinking about whether to invest or conduct more aggressive acquisition strategy.�
RAK Petroleum Pcl increased its stake in DNO to 30 percent this year. The Daily Telegraph last month reported that the closely held United Arab Emirates-based oil and gas explorer had made an offer of 11 kroner a share for DNO. An offer at that price would value DNO at 9.9 billion kroner ($1.6 billion).
Eide declined to comment on whether an offer had been made.
�We�ve had some dialogue with them,� Eide said. �We could be interested in looking at doing projects together, but nothing has materialized yet.�
Related news and Information: Today�s main energy news: {ETOP }
--Editors: Jonas Bergman
To contact the reporter on this story: Marianne Stigset in Oslo at mstigset@bloomberg.net.
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Old/Good News..end of 2010 new banknotes will be fully introduced!

4aprofit — Wed, 18 Aug 2010 16:46:16 GMT

Old/Good News..end of 2010 new banknotes will be fully introduced!

From an Article from: Feb 06, 2010
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation.

There's no word yet on when the first delivery of new notes. Should happen last quarter of this year.

We assume that all of the old bankotes, that they are wanting to phase out or remove, would be the triple 000 notes only, as this is what's been rumored for years. This would consist of the 1,000, 5,000, 10,000 & 25,000 notes. On another note, if the smaller denominations were to be deleted that they list on the CBI's Site, like the 50, 250 & 500 notes....then why have they not already deleted them, especially the one's that are too small of a monetary value to use in everyday trade, especially if you were going to phase them out anyway?...Even the 25 & 100 coins are listed on the site, but showing currently not trading or yet...like on hold or pending?...In other words, if they know all of this currency will be null and void anyway, and/or by the end of this year, for an example: why even keep these "never used before coins" listed on the CBI's Website, that are not even being used...and still are listed in pending status?

NOTE: IMO..THE NEW NOTES WILL BE CONSISTING OF POSSIBLY THE 1/10, 1/4, 1/2, 1, 5, 10, 20/25 & 100 DINAR NOTES...THEN POSSIBLY MORE AVAILABILITY AND USEAGE OF THE 50, 250, 500 DINAR NOTES, WHICH ARE CURRENTLY IN PRODUCITON/USEAGE...AND POSSIBLY THE RE-INTRODUCTION OF THE 25 & 100 COIN THAT THE CBI'S WEBSITE LIST AS NOT CURRENTLY IN USE OR PENDING...THE 50 COIN WAS SUPPOSEDLY REMOVED FROM THE MARKETS AND REMOVED FROM THE CBI'S WEBSITE, AS NEWS ARTICLES HAVE STATED, DUE TO A TRUCK HEIST IN IRAQ SEVERAL YEARS AGO, WHEREBY A LARGE BULK OF THESE WERE STOLEN. NO ONE KNOWS UNTIL IT IS ACTUALLY DONE, WHAT NOTES OR COINS WILL ACTUALLY BE USED?...WE ASSUME ALL OF THE ONE'S ON THE CBI'S WEBSITE AND THEN SOME OTHERS IN PREDOMINENTLY SMALLER DENOMINATIONS WILL BE ADDED?

FURTHERMORE, THERE WOULD BE NO NEED TO INTRODUCE NEW DENOMINATIONS AND/OR CURRENCY...UNLESS THERE WAS TO BE A CURRENCY VALUE CHANGE COMING!

THESE TWO PHRASES BELOW, THAT ARE MENTIONED IN THE ABOVE TWO PARAGRAPH'S...AS MENTIONED BY: Mudhhir Muhammad Salih, a member of a Central Bank advisory panel

*phase out the current banknotes late this year.

*gradually removed from circulation.

IMO..THIS TYPE WORDING ABOVE, IS NOT SIGNIFIGANT FOR A LOP SCENARIO TO OCCUR....AS TO (PHASE OUT), OR (GRADUALLY REMOVE)....IMO...IT MEANS THAT THEY WISH TO RE-INTRODUCE A NEW CURRENCY ALONGSIDE THE OLD THAT IS CURRENTLY IN USE...AND IMO...THIS WOULD TELL US THAT THERE WILL BE A SIGNIFIGANT RISE IN THE VALUE OF THE DINAR...AS IF THIS WERE NOT SO...THEY WOULD NOT HAVE TO EVEN FOOL WITH ALL OF THIS, OR TELL US ANYTHING, AND THEY COULD JUST KEEP USING WHAT THEY HAVE IF IT WERE NOT TO EVER REVALUE...AS THEY SIMPLY WOULD'NT NEED NEWER & DIFFERENT NOTES TO OPERATE ON IF THERE WAS NO HOPE OF THIS...AS MANY COUNTRIES CONTINUE TO USE LARGE NOTES TO OPERATE WITH....ALL OVER THE WORLD....IMO....

Will IRAQ RV, RI or LOP?

4aprofit — Tue, 17 Aug 2010 03:44:56 GMT

Will IRAQ RV, RI or LOP?

HYPOTHETICAL, IMO, OR WHATEVER?
NOTE: SOME SAY THEY WILL (RV)..RE-VALUE...WHICH WOULD BE A NEW RATE...SOME SAY THEY WILL (RI)...RE-INSTATE AN OLD VALUE..SOME STATE THAT THEY COULD ADD-ON TO THE RE-INSTATED VALUE, TO ADD FOR INFLATION AND OTHER FACTORS...DUE TO THE TIME LAPSE SINCE THE OLD RATE WAS USED....THEN SOME SAY A LOP COULD OCCUR FROM SIMPLY DROPPING (3) 0's....WHICH WOULD MAKE A 25,000 DINAR NOTE WORTH ONLY 25 DINARS..OR 22-25 USD's, ETC.....THE ONLY PROBLEM SOME SEE WITH THIS IS THAT IRAQ COULD HAVE ALREADY INSTITUTED THIS AT ANYTIME PRIOR TO NOW...OR EVEN COULD AT ANYTIME IN THE FUTURE...AND SOME WONDER WHY THEN...DO THEY EVEN STILL SHOW ALL THESE SMALLER DENOMINATIONS LISTED ON THE CBI's WEBSITE, AS IT WOULD TAKE A SACK FULL OF SOME OF THESE SMALLER NOTES JUST TO BUY A COKE...(YES, THESE ARE THE SMALL BILLS AND COINS, THAT THEY CONTINUE TO LIST ON THEIR SITE).....THE REASON MOST BELIEVE THAT THE LOP THEORY WONT HAPPEN...IS DUE TO SEVERAL FACTORS...WHETHER THESE ARE FACTS OR HYPOTHETICAL...WE WILL MENTION THEM.....EXECUTIVE ORDER # 13303 WAS INSTITUTED BY GEORGE BUSH, AND IS RENEWED EACH YEAR BY OBAMA, AS PER OUR BUYING AND INVESTING IN THE NEW IRAQI DINAR CURRENCY..FOR MORE INFO. SEE A GOOD EXPLANATION AT THIS SITE: WWW.DINARTRADE.COM , IT ALSO LIST'S THE U.S TREASURY LICENSE FOR THIS COMPANY TO SELL DINARS...(AND WE KNOW MANY U.S. BANKS AND MANY OTHER DINAR & CURRENCY DEALERS HAVE BEEN SELLING DINARS FOR YEARS AS WELL)..THEN WE HAVE THE CBI/CENTRAL BANK OF IRAQ....SHOWING ALL THE NOTES AND 2 COINS ON THEIR CURRENT WEBSITE, AS THE IRAQI TRADEABLE AND ACCEPTED CURRENCY NOW....BUT, THE COINS HAVE A NOTATION THAT THEY ARE NOT TRADEABLE AT PRESENT...WE ASSUME DUE TO THE LOW COST THAT THEY WOULD YIELD AT THE CURRENT VALUE OF THE DINAR, VERSUS THE COSTS TO MINT AND DISTRIBUTE SOMETHING LIKE THIS AT SUCH A LOSS...OR AT LEAST UNTIL A NEW RATE IS INSTITUTED?....THE SMALLER BANK NOTES, ALTHOUGH LISTED AS WELL, ON THE CBI'S SITE, ARE SOMETIMES HARDER TO OBTAIN LIKE THE COINS, AND/OR, ARE VERY COSTLY DUE TO THE COSTS TO MAKE UP THE NUMBER OF NOTES IT TAKES TO COME UP TO EVEN A ONE DOLLAR BILL, (EXAMPLE: 1170-IQD TO 1-USD)....NOT TO MENTION THE BULK AND WEIGHT OF THESE, PLUS EXHORBITANT SHIPPING COSTS FROM THE MIDDLE EAST TO THE U.S....IRAQ HAS HAD SEVERAL ARTICLES THEY HAVE PUT OUT, WHEREBY THEY WISH FOR THE DINAR TO RETURN TO PRE-SADAAM LEVEL VALUES...EXAMPLE: APPX. $3.22 PER DINAR...WHEN SADAAM WAS INVADED AND THE CURRENCY FELL UNDER SANCTIONS, AND THE TRADE RESTRICTIONS DUE TO THE WAR WERE ENFORCED....SOME HAVE SAID ANOTHER SCENARIO...SIMILAR TO, OR LIKE A LOP....WOULD BE TO LOP THE (3) 0''s OFF...AND THEN THE DINAR WOULD THEN BE WORTH .86 CENTS PER DINAR...AS AT THE CURRENT VALUE IT IS APPX. .00086 +/- GIVE OR TAKE A FEW PIPS, FRACTIONS, SMALL FLUCTUATIONS, ETC...
OTHER NOTES: IF IRAQ PLANS AS THEY HAVE MENTIONED SEVERAL TIMES, TO RAISE THE VALUE BACK TO PRE-SADAAM LEVELS, WOULD'NT THEY NEED ALL THE DENOMINATIONS THAT THEY CONTINUE TO LIST...AS THEY ARE SHOWING ON THEIR SITE...EVEN AT A 1 TO 1...OR THE .86 CENTS EXCHANGE RATE RATIO...THEY WOULD NEED THESE SMALLER DENOMINATIONS?....ON ANOTHER NOTE, IF IRAQ BETRAYS IT'S INVESTOR'S, WITH THE WEALTH THAT THEY POSSESS, WHY SHOULD'NT THEY JUST DO IT TO EVERYONE; INCLUDING THE OIL COMPANIES, THE ISX/IRAQI STOCK EXCHANGE, BANKS, ETC...(AND THEN JUST CLOSE SHOP TO THE WORLD)...IT IS BECAUSE IRAQ IS NOT CALLING ALL THE SHOTS BY THEMSELVES...TOO MANY COUNTRIES HAVE RELIEVED AND WIPED OUT BILLIONS OF DOLLARS OF DEBT, EVEN IRAN, SYRIA AND OTHER'S...DEAL WITH IRAQ, AND WISH TO DO FUTURE BUSINESS WITH IRAQ...AS MANY HAVE INVESTMENTS THERE AS WE DO...THERE'S BEEN OVER APPX. A TRILLION DOLLARS SPENT LIBERATING THEM FROM THE DICITATORSHIP THAT HAD THEMSELVES AND THEIR WEALTH SUPPRESSED AND CONTROLLED....WE WILL PROBABLY SEE THEIR TRUE WEALTH EXPOSED SOONER THAN LATER...AS WE WOULD THINK THAT IRAQ CANNOT WAIT UNTIL THEY, AND/OR THE WORLD COLLAPSE'S ECONOMICALLY...TO SHOW THEIR CARDS AND MOVE FORWARD....AS THE ENTIRE WORLD IS INVESTED IN SOME CAPACITY..OR SO IT SEEMS FROM WHAT REPORTS WE ARE SEEING...AND THEY'RE SITTING ON THEIR DOORSTEPS...WHILE HELPING THEM SET-UP SHOP.....AS MANY COMPANIES WOULD NOT HAVE ALREADY SPENT BILLIONS THERE, IF THEIR ANALYSIS WAS NOT WHAT MOST CALL...."FOLLOW THE MONEY".....JUST TO LET IRAQ GO BACK INTO THE STONE AGE...NOT TO MENTION BIBLE PROPHECY MENTIONING THEM BEING THE WEALTHIEST COUNTRY IN THE WORLD IN THE END TIMES...WHAT WOULD BE THE MOST LOGICAL ANWER TO THEIR FUTURE???
P.S....IMO..IF THEY COME IN TOO LOW...THOSE THAT MAY HAVE NEVER PAYED ATTENTION TO THIS...WOULD LITERALLY BUY THEM OUT...IMO..IF THEY SAW EVEN A ONE CENT RISE...OR LET'S SAY THE DINAR WENT TO APPX. .01 CENT USD...FROM THE CURRENT 1/12TH OF A PENNY...IMO...THE WHALES WOULD MOVE IN!...ESPECIALLY WHEN YOU WEIGH IN THE FACT THAT YOU HAVE SEVERAL COUNTRIES NEXT DOOR AT $2-3.00+ PER DINAR..AND WHY IS ALL THE COMMOTION PREDOMINENTLY ONLY IN IRAQ...AND ALL WHILE IT'S USING A WORTHLESS CURRENCY???

Obama,,, is he for, or agains us in a rv/ri

Horseman — Sun, 15 Aug 2010 20:52:55 GMT

Just4Dinar (Dinar Advice) 8/14/10

TRC — Sat, 14 Aug 2010 20:47:13 GMT

Dear Dinar Investors,
Based upon recent events in the Dinar World, it appears we are nearing the completion of this journey. While we have experienced false starts in the past, all evidence points toward this coming to fruition shortly. When the actual news breaks, it will be displayed on the various forex boards and on bank websites. It will probably be announced on national news because of the recent coverage given the dinar by major news networks. You will also get an email from Ali at Dinar Trade explaining the recent change and his cashing in process.
1. Cashing in your dinars. Most of the banks will not be handling the cashing in process for several days after the announcement. Ali has promised the CBI, (Central Bank of Iraq), rate which will be better than the local banks. He will charge $150 per million dinar and $24 per bank wiring account. This will be less than most banks who will want to charge 2-4%. Ali has also committed to freezing the rate when you call and make your appointment. He will have several offices available nation wide.
2. For most people this will be the largest financial gain of their lives. It would be easy to just go hog wild, cash in the dinar, and have a spending spree deluxe. We are expecting tax consequences involving the gain from this investment. While some feel it will be treated as capital gains and will be considered regular income. That means it will be taxed at the highest rate.
3. Of course you are at choice in deciding to share your blessings, BUT remember the ever present IRS is watching. You may give the dinar away as a gift, but you will want to do it IN DINAR and not in dollars! If you cash it in, then give it away, you pay the tax consequences as ordinary income and the amount you share, (anything over $13,000 per year, per person), is subject to Gift Tax. This tax is actually accumulated and assessed on your estate when you die. While it has some influence at the moment, it may have a HUGE effect on things later. While gifting is a wonderful thing to do, you will want to provide a Gifting Statement to each person you bestow the dinar upon. DONATE TO CHARITIES IN DINAR, NOT IN DOLLARS. YOU WILL STILL GET THE SAME DEDUCTION IN REVALUED DOLLARS WITHOUT HAVING TO PAY THE TAX CONSEQUENCE FROM CASHING THEM IN!
4. Banking will become very important as you deal with this kind of money. FDIC will cover up to $250,000 in any interest bearing account and unlimited coverage for non interest bearing accounts. I would contact one of the major banks, (Wells Fargo, Chase, Bank of America, etc.) to get an account in their private banking. (Yes, they do have private banking for the wealthy.) These accounts have a variety of guaranteed coverage and are not readily accessible at the local branches. Your local credit union may be nice, but I would discourage you from putting all your money there. It will be discovered and you may be thronged by investment opportunities of all kinds, both legitimate and not. You will also want to spread your wealth to several banks in case of an unforeseeable change in the industry.
5. For some of us, this is our retirement. Make sure you get counsel on the best way to ensure the safety and return on your investment. The CRT is a great entity to reduce the taxes and guarantee your principle. Another perspective to consider is a possible change in the US Dollar. Look upon investments that will be secure in the future. Real estate, precious metals, and other investments that can provide liquidity if needed. There is an option to exchange your dinar for gold bullion with Dinar Trade. If you want the physical wealth, I would look at coins, (especially silver), for your personal possession, and NOT bullion. Recently it was discovered that gold bullion was laced with another metal to offer the weight, but not the value. (This does not mean Ali�s bullion will be laced, just that it was discovered recently in the US mints.) Coins are measured in several ways to guarantee the quality and are easier to exchange than taking a knife, peeling off a sliver of gold, and then trying to trade it for bread.

Money fair showcases $100,000 bills, rare coins

Horseman — Fri, 13 Aug 2010 14:34:04 GMT

By RODRIQUE NGOWI, Associated Press Writer Rodrique Ngowi, Associated Press Writer � Thu Aug 12, 8:55 am ET
BOSTON � In an economic downturn, it might be tough to get your head around this: rare sheets of $100,000 bills, fabulous gold treasures dating back to the California Gold Rush era, rare coins including those tied to the first stirrings for America's independence and federal government securities worth more than a billion dollars.
That's the backdrop of the country's premier money show, the World's Fair of Money, which has brought about 1,000 coin dealers and hundreds of collectors to Boston, seeking to tap into the surprising resilience of the [COLOR=#366388 !important][COLOR=#366388 !important]coin [COLOR=#366388 !important]industry[/COLOR][/COLOR][/COLOR].
Held in a sprawling hall monitored by armed uniformed and undercover police officers, federal agents, private security contractors, electronic surveillance equipment and vigilant participants, the fair features seldom-seen gold treasurers brought from the Smithsonian Institution's vaults including America's first $20 gold coin � valued by independent experts at $15 million today � and its last $20 coin.

It also includes sheets of America's largest denomination currency, the $100,000 bill, which is said to be worth about $1.6 million today. The gold certificate note, which bears President Woodrow Wilson's portrait, was used only for official transactions between Federal Reserve Banks. It was not circulated among the general public and cannot be legally held by currency note collectors.

Click image to see photos from the money fair

"The reaction from kids to grandparents is universally the same: `Wow, that's a lot of money.' So, they wouldn't mind having it," Kevin Brown, manager in the marketing division of the U.S. Treasury Department's Bureau of Engraving and Printing, said while holding the $100,000 bills. "People like to see money."
There even was some free money at the show after the Bureau of Engraving and Printing handed out $150 bills to some children as souvenirs � thoroughly shredded and packed into tiny plastic bags.
The show, which ends Saturday, includes a comprehensive collection of U.S. [COLOR=#366388 !important][COLOR=#366388 !important]paper [COLOR=#366388 !important]money[/COLOR][/COLOR][/COLOR] that has never before been exhibited. It has coins from the Mexican War of Independence and Mexican Revolution that are being seen outside of Mexico for the first time since 1970. There also are rare coins worth several million dollars.
The SS Central America, which sank in a 1857 hurricane off the coast of North Carolina with more than 400 passengers and 30,000 pounds of gold from the California Gold Rush, made its inaugural appearance in Boston. The exhibit features more than $10 million in gold treasure recovered from the ship, also known as The Ship of Gold.
Other historic items include one of the few known surviving copies of the Declaration of Independence printed in Boston circa July 17, 1776, and silver spoons crafted by Paul Revere.
"It's overwhelming. I mean, I have been to a couple of these other conventions and I've never seen this much, this many high-level items as you're seeing here. Just the exhibits they've got in this whole museum area, incredible," Jim Moorey of Northbridge, Mass., said while visiting the show with his 13-year-old son, Tyler.
More than 3,400 coins, paper money, medals, tokens and other numismatic items were being auctioned at the event, including a New England shilling struck in 1652, as sentiment for America's independence grew.
Greg Rohan, president of Dallas-based Heritage Auction Galleries, said his company expects to raise $40 million dollars at its auction at the money fair. During the five-day show, more than $100 million will trade hands, he said.
"It's people who've decided they'd rather have the round, metal coins that we sell than $40 million in cash that they have in the bank," Rohan said.
There are an estimated 200,000 serious coin collectors in the United States and more than a million casual collectors who spend about $3 billion annually, he said.
"The economic conditions have not diminished the demand for material from the standpoint of collectors who seek and desire to own the rare and exquisite pieces," said Larry Shepherd, president of the Colorado Springs, Colo.-based [COLOR=#366388 !important][COLOR=#366388 !important]American [COLOR=#366388 !important]Numismatic [/COLOR][COLOR=#366388 !important]Association[/COLOR][/COLOR][/COLOR].
Demand also has been fed by rich people who are increasingly willing to store some of their wealth in rare coins with a proven history of gaining value after traditional investments vehicles, including real estate and the stock and bond markets, dipped to woeful levels during the economic crisis, Shepherd said.
"The very best coins, the very rarest coins, are worth as much today, if not more, than they were before September 2008," Rohan said. "So if you had bought rare coins prior to 2008, you've got the same value, if not more, today."

The rest of the coins have seen their fortunes range from gains of 10 percent to losses of up to 25 percent.
Still, that did not stop Brian Hendelson of Bridgewater, N.J.-based Classic Coin Company from offering to pay about $100,000 for a gold ingot salvaged from SS Central America. "I'm 51, I've been doing this since I was 10 � collecting at 10 and trading coins at 14, 15 ... it beats pushing a broom," Hendelson said.

* Breitling�s Thoughts: China, Dinar, Multiple Currency Changes 8/11/10

Horseman — Thu, 12 Aug 2010 09:57:50 GMT

August 11, 2010 � Posted in CHATS / POSTS
http://www.reuters.com/article/idUSTRE63814S20100409

I know china has gone up in value since April 9th, but they are not at the full revalue rate the international community wants them at.

Take a look at this article. Also, keep in mind the info we have been getting that China has something to do with the time frame of the dinar. We all agree the Gov of Iraq has to be in place for the country to be in a position to RV. But, we are also watching the major investors into Iraq and who is buying what currencies.

China is playing heavy on the Euro right now. They are creating the bubble that we are seeing and causing the Euro to go up. This will help China�s currency reserve as also will the Dinar. The Dinar will also back the Euro as a reserve.

All this information is in play for us, as all three major regions are backing each other currency. When this is done we should see multiple currency changes from many countries based on movement on the baseline of value, and changes in baskets of currencies
Breitling
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Iran Digs Graves For U.S. Troops, In Case Of

Horseman — Tue, 10 Aug 2010 17:10:46 GMT

Iranian Revolutionary Guards march during a military parade marking Iran's eight-year war with Iraq in Tehran.

August 10, 2010
A former commander of Iran's elite Revolutionary Guards says Tehran has dug mass graves in which to bury U.S. troops in case of any U.S. attack on the country.

The digging of the graves appears to be a show of bravado after the chairman of the U.S. Joint Chiefs of Staff, Admiral Mike Mullen, said last week that the U.S. military has a contingency plan to attack Iran, although he thinks a military strike is probably a bad idea.

The United States and some of its allies accuse Iran of using its civilian nuclear program as a cover to build nuclear weapons. Iran has denied the charges, saying its nuclear program is geared merely toward generating electricity, not weapons.

General Hossein Kanani Moghadam, who was the Guards' deputy commander during the 1980s, said graves have been dug in Iran's southwestern Khuzestan Province, where Iran buried Iraqi soldiers killed during the 1980-88 war with Iraq.

The digging of the graves was first reported earlier this week by Iran's semi-official news agency, Fars.

No More Dollar, Euro Sales

Meanwhile, local media report that a senior Iranian official has said the Islamic republic will stop selling exports for U.S. dollars and euros in retribution for a fresh wave of sanctions imposed on Iran by the United Nations.

First Vice President Mohammad Reza Rahimi was quoted as saying in Iran's leading economic daily, "Doniye-e Ektesad," that the dollar and euro are "filthy" and will be replaced with the Iranian rial and "all other currencies of the countries that accept to cooperate with us."

The UN Security Council in July imposed a fourth round of sanctions over Iran's disputed nuclear program.

Rahimi also said Iran will start to limit its purchases from the European Union. He did not say how or when the currency restrictions would go into effect.

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