KTFA:
Strongcbm: » May 8th, 2015, This may help some people to understand the MR of the IQD…..I just want to be of some help for others like me who may be a novice .. Thank you... I hope this will help some like it did for me...[
Special drawing rights (XDR aka SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Their value is based on a basket of key international currencies reviewed by IMF every five years.
[1] Based on the latest review conducted on December 30, 2010, the XDR basket consists of the following four currencies: U.S. dollars ($) 41.9 percent (compared with 44 percent at the 2005 review),
....
Strongcbm: » May 8th, 2015, This may help some people to understand the MR of the IQD…..I just want to be of some help for others like me who may be a novice .. Thank you... I hope this will help some like it did for me...[
Special drawing rights (XDR aka SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Their value is based on a basket of key international currencies reviewed by IMF every five years.
[1] Based on the latest review conducted on December 30, 2010, the XDR basket consists of the following four currencies: U.S. dollars ($) 41.9 percent (compared with 44 percent at the 2005 review),
....
euro (€) 37.4 percent (compared with 34 percent at the 2005 review), pounds sterling (£) 11.3 percent (compared with 11 percent at the 2005 review), and the Japanese yen (¥) 9.4 percent (compared with 11 percent at the 2005 review).[2] The weights assigned to each currency in the XDR basket are adjusted to take into account their current prominence in terms of international trade and national foreign exchange reserves.[2]
The XDR is not a currency per se. They instead represent a claim to currency held by IMF member countries for which they may be exchanged.[3] As they can only be exchanged for U.S. dollars ($), euro (€), pounds sterling (£), or Japanese yen (¥),[4] XDRs may actually represent a potential claim on IMF member countries' nongold foreign exchange reserves, which are usually held in those currencies.
While they may appear to have a far more important part to play or, perhaps, an important future role, being the unit of account for the IMF has long been the main function of the XDR.[5]
Created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and the U.S. dollar, the value of the XDR is defined by a weighted currency basket of four major currencies: the U.S. dollar, the euro, the British pound, and the Japanese yen.[3] Special Drawing Rights are denoted with the ISO 4217 currency code XDR.[6]
XDRs are allocated to countries by the IMF.[3] Private parties do not hold or use them.[7] The amount of XDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion were allocated to "provide liquidity to the global economic system and supplement member countries’ official reserves". By October 2014, the amount of XDRs in existence was XDR 204 billion
***********************************
Dinar Updates:
Millionday: THEY ARE GOING TO RELEASE THE REAL RATE FOR THE DINAR IN THE COMING PERIOD --
THIS APPEARS TO BE THE INTERNATIONAL EQUATION RESULT FOR THE ACTUAL RATE FOR THE DINAR -- IT SAYS NOTHING ABOUT BEING AT A FLOAT OR FIXED OR ANYTHING IN BETWEEN -- JUST THAT THE REAL RATE WILL BE RELEASED.
CBI INCREASED THE LIQUIDITY TO GET TO THE POINT THAT THEY CAN REMOVE THE THREE ZERO CURRENCY ... ACCORDING TO ... REPORT ... THE REAL RATE OF THE DINAR IS GOING TO BE RELEASED IN MAY ... THIS IS GREAT NEWS AND A GREAT PLACE TO BE IN. (From Dinar Updates)
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tman23 WE know July...the start of the second semester of the financial year they are starting NEW BOOKS...and these books are not going to include 3 zeros... Hakim's public announcement...A STORM IS COMING.
**********
wmawhite ...in order for that new 50 IQD note to have the same buying power of $43.00 the price of goods/market place will need to drop a 1,000%.
in order for that to happen the value of the IQD, which is buying those goods outside of Iraq will need to increase in value several times greater than the 1,000% needed inside of Iraq.
**********
Poppy3 FRIEND OF MINE CALLED...HE WORKS FOR HALIBURTON AND SAID A FREIND DOING EXPLORATION IN IRAQ TOLD HIM
THEY HAVE FOUND A COMPLETELY NEW OIL FIELD NEVER PUMPED BEFORE AND NEVER EVEN MAPPED. MORE RESERVES.
The XDR is not a currency per se. They instead represent a claim to currency held by IMF member countries for which they may be exchanged.[3] As they can only be exchanged for U.S. dollars ($), euro (€), pounds sterling (£), or Japanese yen (¥),[4] XDRs may actually represent a potential claim on IMF member countries' nongold foreign exchange reserves, which are usually held in those currencies.
While they may appear to have a far more important part to play or, perhaps, an important future role, being the unit of account for the IMF has long been the main function of the XDR.[5]
Created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and the U.S. dollar, the value of the XDR is defined by a weighted currency basket of four major currencies: the U.S. dollar, the euro, the British pound, and the Japanese yen.[3] Special Drawing Rights are denoted with the ISO 4217 currency code XDR.[6]
XDRs are allocated to countries by the IMF.[3] Private parties do not hold or use them.[7] The amount of XDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion were allocated to "provide liquidity to the global economic system and supplement member countries’ official reserves". By October 2014, the amount of XDRs in existence was XDR 204 billion
***********************************
Dinar Updates:
Millionday: THEY ARE GOING TO RELEASE THE REAL RATE FOR THE DINAR IN THE COMING PERIOD --
THIS APPEARS TO BE THE INTERNATIONAL EQUATION RESULT FOR THE ACTUAL RATE FOR THE DINAR -- IT SAYS NOTHING ABOUT BEING AT A FLOAT OR FIXED OR ANYTHING IN BETWEEN -- JUST THAT THE REAL RATE WILL BE RELEASED.
CBI INCREASED THE LIQUIDITY TO GET TO THE POINT THAT THEY CAN REMOVE THE THREE ZERO CURRENCY ... ACCORDING TO ... REPORT ... THE REAL RATE OF THE DINAR IS GOING TO BE RELEASED IN MAY ... THIS IS GREAT NEWS AND A GREAT PLACE TO BE IN. (From Dinar Updates)
***********
tman23 WE know July...the start of the second semester of the financial year they are starting NEW BOOKS...and these books are not going to include 3 zeros... Hakim's public announcement...A STORM IS COMING.
**********
wmawhite ...in order for that new 50 IQD note to have the same buying power of $43.00 the price of goods/market place will need to drop a 1,000%.
in order for that to happen the value of the IQD, which is buying those goods outside of Iraq will need to increase in value several times greater than the 1,000% needed inside of Iraq.
**********
Poppy3 FRIEND OF MINE CALLED...HE WORKS FOR HALIBURTON AND SAID A FREIND DOING EXPLORATION IN IRAQ TOLD HIM
THEY HAVE FOUND A COMPLETELY NEW OIL FIELD NEVER PUMPED BEFORE AND NEVER EVEN MAPPED. MORE RESERVES.
TNT:
Highlights from DC on TNT CC today via adept1:
DC: Everything looks phenomenally good and we hope to see a conclusion really quickly.
DC: Everyone things we are nuts and stupid and slander us, and then two days later they say, “Oh, they were right”.
In Iraq, things look very good. Pam keeps us educated in DinarLand, and they have been saying that they RVed in Iraq yesterday. Yes and no. Some larger groups in Iraq were allowed to go en masse, and some merchants as well.
There are celebrations going on, but it is not throughout the entire country and there has not been a formal announcement. They let another big group go on Monday to slow this down and have the least impact possible.
Also there were some international issues that we have described before. It is Iraq’s currency and their deal and we are riding on their coattails. In the mosques, they said that many have now exchanged and have their blessings, which means that they are dealing with the currency.
They have asked for continued patience and also counseled wisdom on purchase, because they are not used to this level of prosperity and also merchants don’t always put out the correct prices. They are saying this in the mosques because this process is already going on now, although we hear that 350,000 cards are not yet able to use their cards yet.
However we know they will get their cards activated. It does take a while to get a nomadic culture unaccustomed to using banks and bank cards to get up to speed. We should not underestimate what is happening.
In the mosques, people have had meetings and are excited about what’s going on. Everyone is prepared for the next few days. CBI has sent out notifications world-wide with another minor change in rates, pushing them up a tad.
They have been trained and they are quite pleased with how this is running. ISIL continues to be pushed back; the Mosul plan is going quite well and the resistance is definitely melting away. It’s been a hard slog, but nothing that cannot be overcome.
DC: The USA… the banks started yesterday to update their rates and reloaded yesterday evening. Everything is being received in different states and throughout the nation the banks have had meetings about this going through. Some have sent out notifications letting their people know we will be exchanging currency. They are happy this is happening, and other countries are ramping up as well.
At two different banks, there have been memos saying they are to make the rate available and ‘viewed by the general public’. They don’t have the transaction codes to do the actual exchanges; we don’t know when that will happen, but our educated guess (supported by those directly involved in the process) is that we need to get our s**t together and not f**k it up. They want to make sure we don’t act or sound like morons just before this pops. We run a loose ship, but we can tighten up when necessary.
404 caller: I’m honored. I do have a couple of questions. All the reports of the RI/RV being reported on Wednesday – was that enough to trigger a ten-day treaty to announce this? Do they even have that now?
DC: They can wait ten days, sure. Do they have an obligation to wait ten days? No. Even the guys involved are surprised it has been kept so quiet. There are events that started last week that have moved the ball forward a position where it’s very difficult to deny what’s going on. It would be very difficult to say “No, we’ll pause for another month or two”. It’s a nice forcing function, but my understanding is that it was done by coordination rather than by force.
Caller; So what was the actual event that took place?
DC: The main event was on April 22, and then some international agreements were negotiated and completed, and it has dragged on a bit more than they expected. Over the past week, they have exchanged much larger chunks of people (this week) and over larger areas. I’m actually taken aback by what they did in the ISIL areas.
Caller: How much risk is there that those who stalled the process in the past can still do so again?
DC: I think the risk is lower. The process is not done until we can buy groceries with our money. I am hopeful that other issues that could cause delays… I think more than a 24-hour delay is unlikely. One of the highest level contacts are saying that they will keep on doing this, and if the US chooses to keep this quiet, that is their choice.
The access to the rates is through the Fed, which is our central bank with connections to the IMF and BIF. The notification has come through with their letterhead.
We are still supposed to have 15 minutes to announce this. They checked with us just this morning, and of course we are willing to help. My bags are still packed and at the door. My wife got mad at me this morning and asked, “How long are you going to keep living out of a suitcase?” I said, “As long as it takes, honey.”
707 caller: I conduct wedding ceremonies! Is the dong still in play? What rate?
DC: We heard 80 cents, $1.57, and $2.67 on the dong. That’s what we have heard in the last 36 hours. They are street rates, but I suspect they will be the contract rates as well.
Caller: In DinarUpdates, there was a long blog about the IMF moving to China and the yuan becoming a reserve currency.
DC: I haven’t read the post, but the Asian Investment Bank is obviously going to focus on Asia. It will be another powerful international banking organization, like the IMF. The IMF still has the US veto which makes a lot of people mad, but they are getting over it.
China does want to be a reserve currency, but China is still pegged to the US dollar, so that’s a bit ironic. It is in the SDR basket – Special Drawing Rights, which the BRICS countries wants to move towards. It’s a basket of major currencies that values can be matched against.
That is not especially good for the US; being the major reserve country is important for us, and we get a pass on many things because of that. I am a pro-dollar guy, in that sense. From a practical point of view, as long as your main energy sources (oil and gas) are valued in US dollars, the dollar will stay a kingpin to the world economy. Russia and China would like to change that, but oil is still priced in dollars, so…
Caller: You say that the RV happened last month – is that a 30-day rollout or what?
DC: They did not anticipate taking this long at all. They are all amazed themselves.
828 caller: Thanks for all the good news! It’s good to hear they are paying more people in Iraq. Why haven’t they made the announcement?
DC: They will announce it afterwards. Let’s say it’s at 4pm today around the world. They turn it on, they start calling in people and all the rest. Because of time differences, they will not mention a thing at midnight or 1am in Iraq. They don’t want there to be a fuss in the markets, so we may not get an announcement until you have already exchanged and moved on. If it’s running smoothly and they announce it, that’s no big deal. If there are glitches and they don’t announce it, also better for them.
Caller: So what are we waiting to here in the US?
DC: We are waiting for the transactions codes.
Caller: You’ve said before that there is a 4-5 day window and now you say we are closer than we have ever been before…
DC: It appears that we are in a process of going through and the ball is rolling down the hill to the point of ‘unstoppable’. Do not buy dinars off that, but that is my view. With the number of people exchanging and the actions that have been taken, it seems they are in coordination mode. I think our chances of having this kind of call on Monday are slim.
Caller: If we are downhill and rolling, and the US has put the brake son several time, If they are in agreement, why would the Iraqis not take advantage of the green light?
DC: I think they did take advantage of it. They heard “Yeah…” and they hit the button.
Caller: In the final analysis, the US banks and those we will be competitive with, it would be great if they would be open and concise. Are those time frames still in place?
DC: yes, the contract rates will only be available for 2-7 days. The banks have discretion on who they do business with.
Caller: If I go to Chase and she goes to Wells Fargo, if we both exchange into the same entity, will there be problems?
DC: I’ve been told the caps apply per SS number or EIN number (for an entity). You give them the number, and the 20 million dinar or dong cap will apply. If you have another trust or entity, and you give them a new EIN, then the cap starts again.
423 caller: Caller 404 did take the thunder, but I do want to make a comment. There are still articles claiming this is a scam; if so, wouldn’t the Attorney General investigate and prosecute the perpetrators of said scam?
DC: There will be some investigations. Some of us are asked to be quiet, and we are willing to go along with that. A lot of this will be quiet for 15 years. There are a lot of people who call BS on everything major event in the last 500 years, with all the critics saying “No way this will ever happen”. That’s what happens, and I know that from years of working for the government. “You think I cannot do this? Watch me!” Remember the headlines that went off early about Dewey beating Truman. I will show that to my kids and send it out to those who are convinced we are all wrong.
DC: Pam, will you read my email on Einstein? He’s one of my heroes; I have a bust of him in my office.
“Great spirits have always encountered violent opposition from mediocre minds.
Caller: As soon as this happens, we will rethink what we want to do with the money. What time of night will you be sending out the tweet? I don’t need to know the day. Like everyone else in this, we are waking up every couple of hours, in hope.
DC: I have to change my sleep patterns. At one point, we thought it would be when the markets close on the East Coast. Now it could be at any hour. As for when we send that tweet after we get the notification, it depends on two people. It could be an hour or up to 12 hours. We will do what we are asked to do.
636 caller: I am super-spectacular! This is exciting! [chitchat] You were discussing the caps, and my wife and I decided to give some zim to our son. I sent him an email, but I hesitate to send it by mail. What is the best way to get that to him.
DC: If they call and say ‘come in right away’, then you might want to put it in a safety deposit box, but most people will have a day so you can run on over to your son’s town.
540 caller: [chitchat] I was at my sister-in-law’s house, and my niece came in. She is a teller at a bank, and there was a bank in Virginia that lost six tellers in one day. They went to lunch and never came back. DC, I’ll text you the exact bank and location. Someone else I know went to the food bank, and the lady there told him to invest in dinar!
Caller: they knew from the start that this would not be an overnight thing – and the rates have gone up from $2.22 to $4+. [Appreciation]
503 caller: What is the purpose of the rates showing live on the screens with no codes?
DC: They can control the rates in different places and levels. Let’s say they send out the rates to nine places in Atlanta – it can show a hold, administrative hold, live, or active. If you cannot pull up a transaction code, the exchange still won’t go through. Each transaction has to have a transaction code so that they can track each transaction in terms of amounts, destinations, etc.
Caller: Is the memo at the teller level?
DC: Yes. My understanding is that London is in the same position, also in Israel and in the UAE. The intent is to roll it out and then do a 90-second blast to activate it around the world. They have done the tests and are now waiting for release.
Most of the banks are scheduled to work seven days per week at least for the first week or two; other banks have said they will only operate during normal banking hours.
405 caller: Is it true the US asked for another delay?
DC: There have been rumors, but that is misinformation. They are looking forward to getting this done. The US is ready and supporting this now. Normally they haven’t let it get to this point, ever.
Caller: What happens to the structured exchanges if the banks go under? Would Lloyds be able to cover that contingency?
DC: We don’t know all the details, but there has to be a plan B in case that particular bank goes under. I wouldn’t do it unless there are guarantees. Lloyds is always very creative, but my money is that a more practical solution we’ll be presented with.
Caller: Is there an update for the limits you can wire money?
DC: So long as they know you are doing something legit like buying a house or car, I can’t see them putting a limit on that money.
303 caller: [chitchat about chocolate macadamia nuts] A couple of calls ago, DC mentioned that the dealers will stop selling currencies, or at least adjust the rates.
DC: That is correct.
Caller: I have some reserves, and have 5-6 months to go before I can claim long term capital gains. What’s a strategy to preserve them until that time is up? If I put my currency into an MCA, then it doesn’t count as an exchange, right?
DC: It depends on the tax situation. I have heard that the contract rate is fixed regardless of the time help. Talk to your Wealth Manger about the best strategy. I would hint about 1031s and other moves into a tax-deferred situation. I am not a tax attorney but am looking at the same problem. As for MCAs, some are set up so that you exchange into US dollars and then back into the other currencies, so make sure you consult with your professionals to make sure it is set up the way you want it to work.
Caller: I’m sure you don’t share all of your information with us, I would love for you to tell us when it might happen, in your opinion. We know it’s not ‘if’ but when.
I distill your information down to events rather than dates. The way you provide intel is on a macro vs. micro level…
DC: I would put it in terms of depth and richness of information. There are many sources out there who have moved on so they had great information and now they have moved away from those sources.
Where we are different is that when I joined the team, he already had good breadth while I had different sources in the agencies and in Iraq. They have seen that we are trying to help this situation out, with no money involved, and as a result we got further involved and our depth of information got deeper on all levels.
We now talk to the heads of agencies, Iraqi ministries, and so on. So if we lose one source in the Ministry of Finance, we have others in that Ministry and others. We have tremendous depth and access in many areas at a high level. Just like they do with the press, they press their influence in this situation, too.
Any politician wants direct access to the press to give out their side of the story. That has built on itself and now we are communicating with a vast array of sources and details. We often do this through cutouts, which means having a friendly source who may know who they are talking to, but not directly. It will usually be a tangential friend so they can honestly deny they are talking to us.
Caller: DC, you do k now that Einstein is not from Texas, right?
DC: I have a lot of busts in my office, and I especially value Einstein, Roosevelt, Lincoln, Washington, and of course Churchill.
559 caller: I am super-fantastic and blessed going in and out. Our Wednesday call was a bit frustrating for everyone. I used to work with engineering firms, and we had some things that were ‘close enough for government work’. When we talked about ‘Mickey Mouse operations’, one engineer told me, “Don’t insult the mouse”. I appreciate that you give us the Reader’s Digest version of all the intel you must have. Has anything changed on the tax situation? Is there clarification on the bank fees? Will they be open to negotiation? And will there be places to exchange in Fresno?
DC: Yes, there are several places in Fresno. If the bank says which branches handle foreign currency, they will typically exchange this. The exchange process will be very straightforward, not very different in the various locations.
DC: The smaller places may take a little longer to ramp up, so be patient with them.
310 caller: What is the screen – can it be seen by the tellers?
DC: Yes, the tellers can see the five main currencies on the screen. Yes, they can RV over the weekend when the market is closed. They would like to do this when the main banks and markets are closed – that is when the banks do their thinking. That’s the least disruptive time in the process. We are looking for this when its slow.
DC: Iraq has moved another big chunk of people but not throughout the country yet. They expect this to be done very quickly. We are not going to go crazy or buy dinar because it has been paused before.
Everyone expects this will happen soon. We are really close here in the USA. Happy Mother’s Day to everyone.
Take a step back and realize that this has evolved from a bunch of volunteers and betting things together from low to high people. My second best source is a janitor in Iraq, and we also talk to those involved at the highest level.
They are doing this to be helpful to others across the world, educating them on what is going on. They do it not to benefit themselves, but doing it to help mankind. These people didn’t want to have this much involvement in this process, but they are and we are grateful.
Highlights from DC on TNT CC today via adept1:
DC: Everything looks phenomenally good and we hope to see a conclusion really quickly.
DC: Everyone things we are nuts and stupid and slander us, and then two days later they say, “Oh, they were right”.
In Iraq, things look very good. Pam keeps us educated in DinarLand, and they have been saying that they RVed in Iraq yesterday. Yes and no. Some larger groups in Iraq were allowed to go en masse, and some merchants as well.
There are celebrations going on, but it is not throughout the entire country and there has not been a formal announcement. They let another big group go on Monday to slow this down and have the least impact possible.
Also there were some international issues that we have described before. It is Iraq’s currency and their deal and we are riding on their coattails. In the mosques, they said that many have now exchanged and have their blessings, which means that they are dealing with the currency.
They have asked for continued patience and also counseled wisdom on purchase, because they are not used to this level of prosperity and also merchants don’t always put out the correct prices. They are saying this in the mosques because this process is already going on now, although we hear that 350,000 cards are not yet able to use their cards yet.
However we know they will get their cards activated. It does take a while to get a nomadic culture unaccustomed to using banks and bank cards to get up to speed. We should not underestimate what is happening.
In the mosques, people have had meetings and are excited about what’s going on. Everyone is prepared for the next few days. CBI has sent out notifications world-wide with another minor change in rates, pushing them up a tad.
They have been trained and they are quite pleased with how this is running. ISIL continues to be pushed back; the Mosul plan is going quite well and the resistance is definitely melting away. It’s been a hard slog, but nothing that cannot be overcome.
DC: The USA… the banks started yesterday to update their rates and reloaded yesterday evening. Everything is being received in different states and throughout the nation the banks have had meetings about this going through. Some have sent out notifications letting their people know we will be exchanging currency. They are happy this is happening, and other countries are ramping up as well.
At two different banks, there have been memos saying they are to make the rate available and ‘viewed by the general public’. They don’t have the transaction codes to do the actual exchanges; we don’t know when that will happen, but our educated guess (supported by those directly involved in the process) is that we need to get our s**t together and not f**k it up. They want to make sure we don’t act or sound like morons just before this pops. We run a loose ship, but we can tighten up when necessary.
404 caller: I’m honored. I do have a couple of questions. All the reports of the RI/RV being reported on Wednesday – was that enough to trigger a ten-day treaty to announce this? Do they even have that now?
DC: They can wait ten days, sure. Do they have an obligation to wait ten days? No. Even the guys involved are surprised it has been kept so quiet. There are events that started last week that have moved the ball forward a position where it’s very difficult to deny what’s going on. It would be very difficult to say “No, we’ll pause for another month or two”. It’s a nice forcing function, but my understanding is that it was done by coordination rather than by force.
Caller; So what was the actual event that took place?
DC: The main event was on April 22, and then some international agreements were negotiated and completed, and it has dragged on a bit more than they expected. Over the past week, they have exchanged much larger chunks of people (this week) and over larger areas. I’m actually taken aback by what they did in the ISIL areas.
Caller: How much risk is there that those who stalled the process in the past can still do so again?
DC: I think the risk is lower. The process is not done until we can buy groceries with our money. I am hopeful that other issues that could cause delays… I think more than a 24-hour delay is unlikely. One of the highest level contacts are saying that they will keep on doing this, and if the US chooses to keep this quiet, that is their choice.
The access to the rates is through the Fed, which is our central bank with connections to the IMF and BIF. The notification has come through with their letterhead.
We are still supposed to have 15 minutes to announce this. They checked with us just this morning, and of course we are willing to help. My bags are still packed and at the door. My wife got mad at me this morning and asked, “How long are you going to keep living out of a suitcase?” I said, “As long as it takes, honey.”
707 caller: I conduct wedding ceremonies! Is the dong still in play? What rate?
DC: We heard 80 cents, $1.57, and $2.67 on the dong. That’s what we have heard in the last 36 hours. They are street rates, but I suspect they will be the contract rates as well.
Caller: In DinarUpdates, there was a long blog about the IMF moving to China and the yuan becoming a reserve currency.
DC: I haven’t read the post, but the Asian Investment Bank is obviously going to focus on Asia. It will be another powerful international banking organization, like the IMF. The IMF still has the US veto which makes a lot of people mad, but they are getting over it.
China does want to be a reserve currency, but China is still pegged to the US dollar, so that’s a bit ironic. It is in the SDR basket – Special Drawing Rights, which the BRICS countries wants to move towards. It’s a basket of major currencies that values can be matched against.
That is not especially good for the US; being the major reserve country is important for us, and we get a pass on many things because of that. I am a pro-dollar guy, in that sense. From a practical point of view, as long as your main energy sources (oil and gas) are valued in US dollars, the dollar will stay a kingpin to the world economy. Russia and China would like to change that, but oil is still priced in dollars, so…
Caller: You say that the RV happened last month – is that a 30-day rollout or what?
DC: They did not anticipate taking this long at all. They are all amazed themselves.
828 caller: Thanks for all the good news! It’s good to hear they are paying more people in Iraq. Why haven’t they made the announcement?
DC: They will announce it afterwards. Let’s say it’s at 4pm today around the world. They turn it on, they start calling in people and all the rest. Because of time differences, they will not mention a thing at midnight or 1am in Iraq. They don’t want there to be a fuss in the markets, so we may not get an announcement until you have already exchanged and moved on. If it’s running smoothly and they announce it, that’s no big deal. If there are glitches and they don’t announce it, also better for them.
Caller: So what are we waiting to here in the US?
DC: We are waiting for the transactions codes.
Caller: You’ve said before that there is a 4-5 day window and now you say we are closer than we have ever been before…
DC: It appears that we are in a process of going through and the ball is rolling down the hill to the point of ‘unstoppable’. Do not buy dinars off that, but that is my view. With the number of people exchanging and the actions that have been taken, it seems they are in coordination mode. I think our chances of having this kind of call on Monday are slim.
Caller: If we are downhill and rolling, and the US has put the brake son several time, If they are in agreement, why would the Iraqis not take advantage of the green light?
DC: I think they did take advantage of it. They heard “Yeah…” and they hit the button.
Caller: In the final analysis, the US banks and those we will be competitive with, it would be great if they would be open and concise. Are those time frames still in place?
DC: yes, the contract rates will only be available for 2-7 days. The banks have discretion on who they do business with.
Caller: If I go to Chase and she goes to Wells Fargo, if we both exchange into the same entity, will there be problems?
DC: I’ve been told the caps apply per SS number or EIN number (for an entity). You give them the number, and the 20 million dinar or dong cap will apply. If you have another trust or entity, and you give them a new EIN, then the cap starts again.
423 caller: Caller 404 did take the thunder, but I do want to make a comment. There are still articles claiming this is a scam; if so, wouldn’t the Attorney General investigate and prosecute the perpetrators of said scam?
DC: There will be some investigations. Some of us are asked to be quiet, and we are willing to go along with that. A lot of this will be quiet for 15 years. There are a lot of people who call BS on everything major event in the last 500 years, with all the critics saying “No way this will ever happen”. That’s what happens, and I know that from years of working for the government. “You think I cannot do this? Watch me!” Remember the headlines that went off early about Dewey beating Truman. I will show that to my kids and send it out to those who are convinced we are all wrong.
DC: Pam, will you read my email on Einstein? He’s one of my heroes; I have a bust of him in my office.
“Great spirits have always encountered violent opposition from mediocre minds.
Caller: As soon as this happens, we will rethink what we want to do with the money. What time of night will you be sending out the tweet? I don’t need to know the day. Like everyone else in this, we are waking up every couple of hours, in hope.
DC: I have to change my sleep patterns. At one point, we thought it would be when the markets close on the East Coast. Now it could be at any hour. As for when we send that tweet after we get the notification, it depends on two people. It could be an hour or up to 12 hours. We will do what we are asked to do.
636 caller: I am super-spectacular! This is exciting! [chitchat] You were discussing the caps, and my wife and I decided to give some zim to our son. I sent him an email, but I hesitate to send it by mail. What is the best way to get that to him.
DC: If they call and say ‘come in right away’, then you might want to put it in a safety deposit box, but most people will have a day so you can run on over to your son’s town.
540 caller: [chitchat] I was at my sister-in-law’s house, and my niece came in. She is a teller at a bank, and there was a bank in Virginia that lost six tellers in one day. They went to lunch and never came back. DC, I’ll text you the exact bank and location. Someone else I know went to the food bank, and the lady there told him to invest in dinar!
Caller: they knew from the start that this would not be an overnight thing – and the rates have gone up from $2.22 to $4+. [Appreciation]
503 caller: What is the purpose of the rates showing live on the screens with no codes?
DC: They can control the rates in different places and levels. Let’s say they send out the rates to nine places in Atlanta – it can show a hold, administrative hold, live, or active. If you cannot pull up a transaction code, the exchange still won’t go through. Each transaction has to have a transaction code so that they can track each transaction in terms of amounts, destinations, etc.
Caller: Is the memo at the teller level?
DC: Yes. My understanding is that London is in the same position, also in Israel and in the UAE. The intent is to roll it out and then do a 90-second blast to activate it around the world. They have done the tests and are now waiting for release.
Most of the banks are scheduled to work seven days per week at least for the first week or two; other banks have said they will only operate during normal banking hours.
405 caller: Is it true the US asked for another delay?
DC: There have been rumors, but that is misinformation. They are looking forward to getting this done. The US is ready and supporting this now. Normally they haven’t let it get to this point, ever.
Caller: What happens to the structured exchanges if the banks go under? Would Lloyds be able to cover that contingency?
DC: We don’t know all the details, but there has to be a plan B in case that particular bank goes under. I wouldn’t do it unless there are guarantees. Lloyds is always very creative, but my money is that a more practical solution we’ll be presented with.
Caller: Is there an update for the limits you can wire money?
DC: So long as they know you are doing something legit like buying a house or car, I can’t see them putting a limit on that money.
303 caller: [chitchat about chocolate macadamia nuts] A couple of calls ago, DC mentioned that the dealers will stop selling currencies, or at least adjust the rates.
DC: That is correct.
Caller: I have some reserves, and have 5-6 months to go before I can claim long term capital gains. What’s a strategy to preserve them until that time is up? If I put my currency into an MCA, then it doesn’t count as an exchange, right?
DC: It depends on the tax situation. I have heard that the contract rate is fixed regardless of the time help. Talk to your Wealth Manger about the best strategy. I would hint about 1031s and other moves into a tax-deferred situation. I am not a tax attorney but am looking at the same problem. As for MCAs, some are set up so that you exchange into US dollars and then back into the other currencies, so make sure you consult with your professionals to make sure it is set up the way you want it to work.
Caller: I’m sure you don’t share all of your information with us, I would love for you to tell us when it might happen, in your opinion. We know it’s not ‘if’ but when.
I distill your information down to events rather than dates. The way you provide intel is on a macro vs. micro level…
DC: I would put it in terms of depth and richness of information. There are many sources out there who have moved on so they had great information and now they have moved away from those sources.
Where we are different is that when I joined the team, he already had good breadth while I had different sources in the agencies and in Iraq. They have seen that we are trying to help this situation out, with no money involved, and as a result we got further involved and our depth of information got deeper on all levels.
We now talk to the heads of agencies, Iraqi ministries, and so on. So if we lose one source in the Ministry of Finance, we have others in that Ministry and others. We have tremendous depth and access in many areas at a high level. Just like they do with the press, they press their influence in this situation, too.
Any politician wants direct access to the press to give out their side of the story. That has built on itself and now we are communicating with a vast array of sources and details. We often do this through cutouts, which means having a friendly source who may know who they are talking to, but not directly. It will usually be a tangential friend so they can honestly deny they are talking to us.
Caller: DC, you do k now that Einstein is not from Texas, right?
DC: I have a lot of busts in my office, and I especially value Einstein, Roosevelt, Lincoln, Washington, and of course Churchill.
559 caller: I am super-fantastic and blessed going in and out. Our Wednesday call was a bit frustrating for everyone. I used to work with engineering firms, and we had some things that were ‘close enough for government work’. When we talked about ‘Mickey Mouse operations’, one engineer told me, “Don’t insult the mouse”. I appreciate that you give us the Reader’s Digest version of all the intel you must have. Has anything changed on the tax situation? Is there clarification on the bank fees? Will they be open to negotiation? And will there be places to exchange in Fresno?
DC: Yes, there are several places in Fresno. If the bank says which branches handle foreign currency, they will typically exchange this. The exchange process will be very straightforward, not very different in the various locations.
DC: The smaller places may take a little longer to ramp up, so be patient with them.
310 caller: What is the screen – can it be seen by the tellers?
DC: Yes, the tellers can see the five main currencies on the screen. Yes, they can RV over the weekend when the market is closed. They would like to do this when the main banks and markets are closed – that is when the banks do their thinking. That’s the least disruptive time in the process. We are looking for this when its slow.
DC: Iraq has moved another big chunk of people but not throughout the country yet. They expect this to be done very quickly. We are not going to go crazy or buy dinar because it has been paused before.
Everyone expects this will happen soon. We are really close here in the USA. Happy Mother’s Day to everyone.
Take a step back and realize that this has evolved from a bunch of volunteers and betting things together from low to high people. My second best source is a janitor in Iraq, and we also talk to those involved at the highest level.
They are doing this to be helpful to others across the world, educating them on what is going on. They do it not to benefit themselves, but doing it to help mankind. These people didn’t want to have this much involvement in this process, but they are and we are grateful.
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