I think TLar meant that it would be on Iraq's Tuesday am and our Monday pm.
On another note, what would be the harm in keeping the cash in dinar and cashing in as you need it? If the petro dollar is going out the door, would it be smarter to keep the money in dinar form? If not, what would be smarter?
Yes. It would be unwise to rush in and exchange it all out.
-Many of us plan to hold IQD.. do our due diligence..watch for pitfalls... listen to the advice of profesionals...compare notes with others.... make smart moves.
-Plan to spend no more than 15% to 20% on houses, cars, etc.... Plan to preserve 80% in perpetuity.. earning interest off of that principle.
-There is no cost to aquire IQD.. you are already holding it.. no one need know you have it.... yes... holding back initially and for some undetermined period of time sounds like a wise move.
-remember.. any amount you exchange.. creates a taxable event. You want to talk to your new best friend... your Tax Attorney. BEFORE you go create a mess for him to deal with.
Yes, Blue ... a mess that a Tax Attorney may not be able to straighten out. For example, I've been told that if dinar is classified as, say, a capital asset, it wll remain a capital asset forever--no matter where you transfer it.
Even though capital assets shouldn't be taxed as ordinary income, in some cases they are--depending on how you transfer it and into what type of vehicle.
Don't know if this is true, as I may have misunderstood; but I plan to do research as it's red flag that caution must be exercised in the choices we make.
You can goof yourself by thinking you're being smart and getting ahead of the curve, when your assumptions may not be true.
Best to move slowly. The adage "haste makes waste" is very appropro.
Comment - these are the headlines of the articles posted this morning on Dinar Vets.
I have comented on a couple but the overall tonality should bring an understanding of what's gong on in the government and the element of "TRUST" that is being dealt with.
Disclosure of the names put forward for ministerial positions
Aleom..ajtmaa final powers between the Union and the National Alliance for the resolution of the government program(the resolution is the document or platform outlining the things that they will accomplish once the governmebnt is formed)
State law renews its support for Ebadi
National will present the final paper of the government program and form a government soon (these are now considered too separate things either of which will activate an RV because the program means ensures the voting will be supported by all parties concerned.
In other words it is assumed if before hand all parties are satified, then the government can take its sweet time and get ll the moving parts right rather than be rushed to finish for the sake of speed and pressure.
The government will now follow this working document and has promised that once seated it accomplish the tasks one by one and in advance in writing agreed to the solutions)
Special / National Union of Forces and discuss the final version of the paper and the negotiation of the government program
National Alliance agreed to put up the final paper of the government program on the blocks (That should be now)
Deputy for the rule of law: the Kurds closer to the finance portfolio, and will take over the national oil and foreign (cool - Allawi (Sunni's) is head of the federation council and the Kurds will be ahead of the Oil Ministry.
Shahristani must be livid because it is unlikely the Kurds will sue themselves)
Al-Bayati: the next government will have a very limited number of former ministers (much of the power will be assumed by the Federation Council decentralizing the Federal Government)
Unless there is something I am missing, this working paper should be done today or tomorrow at the latest and it will be filed with the federal courts and then BINGO BADDA BOOM. tlar
tlar, so the government won't actually be formed but if they sign off on this "working paper" that will be sufficient to satisfy everyone? Am I understanding this correctly?
Thanks for those comments Tlar!!
Deputy: defense, finance and foreign affairs for the National Alliance, the Interior and the oil of the Union forces and Kurds
BAGHDAD / obelisk revealed mass citizen internalized within the National Alliance, on Saturday, for the first and the existence of an agreement between the political blocs to form a new government, includes the receipt of the National Alliance administration and ministries of defense, finance and foreign affairs.
The MP said the bloc sound Shawki in an interview for "obelisk" that "filled the sovereign ministries in the new Iraqi government will be different from the former, according to the agreement between the political blocs, namely, that the ministries are not confined to a particular destination."
He Shawki "According to the information we have received from the negotiating committee within the National Alliance, the ministries of defense, finance and foreign affairs will be the share of the National Alliance, and the interior of the Federation of the national forces, and the oil of the Kurds."
He stressed that "the rest of the service ministries will be distributed according to the elections as well as the ministries humanity," he said, adding that "there is a strong ambition to the mass Almatun occupy the Ministry of Transport."
Dinarblowyourhorn: Here's a little something from RMoore over at PD
Just my opinion of course, the the road map and paper are what the constitution calls the ministerial program, and will be voted on with the ministers.
First: The President of the Republic shall charge the nominee of the largest Council of Representatives bloc with the formation of the Council of Ministers within fifteen days from the date of the election of the President of the Republic.
Second: The Prime Minister-designate shall undertake the naming of the members of his Council of Ministers within a period not to exceed thirty days from the date of his designation.
Third: If the Prime Minister-designate fails to form the Council of Ministers during the period specified in clause “Second,” the President of the Republic shall charge a new nominee for the post of Prime Minister within fifteen days.
Fourth: The Prime Minister-designate shall present the names of his members of the Council of Ministers and the ministerial program to the Council of Representatives. He is deemed to have gained its confidence upon the approval, by an absolute majority of the Council of Representatives, of the individual Ministers and the ministerial program.
Fifth: The President of the Republic shall charge another nominee to form the Council of Ministers within fifteen days in case the Council of Ministers did not win the vote of confidence.
Thank you for responding, Blue. I also like your writing style. I think we will be following your advice and be very cautious.
When Dad was in the Air Force, he told mom. ' If something happens to me, take care of the funeral, and the girls, and then SIT DOWN, make no life changing decissions for at least 6 months, because you won't be in your right mind"
When he was killed when I was 14, she did just that.... it was wise advice then, and advice I intend follow when this happens.....being wise and a good steward is more important, than running out foolishly and getting a TT in the ringer.... Take your time guys...it will still be there...jmo
I plan on keeping just enough to cover monthly bills in a checking account, that's it. I trust banks as far as I can spit. Perhaps was a myiopic view prior to the Cypress incident, but not now.
DreamWeaver : Am with you...and unsure also.... Appreciate all the "talking heads".... listening, and thinking... Thanks for all the sharing!
Prolly gonna talk to a tax lawyer, a tax attorney and a CPA. Unless they change my mind, we will immediately cash in enough to pay out of debt, keep enough to take a couple weeks off to "digest" our options and pay taxes on whatever we convert at that time.
Ultimate main goal will be to live off the interest from "investments". Depending on what the "guys" tell us, we will have a basket of currencies kept in a safe, some gold, some hard assets (land, cars, rental property, business') and the bulk invested in the market or other accounts that pay a return.
Hopefully we will need to activate this plan in a few weeks!
Fred ,that is my plan also. The vacation part for mom and me will be two part, one relax and 2 replan with the real numbers to plan with. I've talked to several differant tax, wealth and CPA guys and have gotten several differant stories depending on the timing and the amount at RV. I'm READY!
Diversification is a key.
-Many baskets... then if one basket catches fire...you still have many more remaining.
-One tax guy.. one opinion.. may not be sufficiant. You all have friends invested. Compare notes.
What is YOUR Wealth Manager telling you?
My tax guy advised this... what does YOUR tax guy say?
Deal with one or two banks.... None of their business what you are holding.. or what other accounts you have.
Wealth Manager / Tax guy from Bank A..
Wealth Manager / Tax Guy from Bank B
Wealth Manager / Tax guy from Bank C
Bingo.. you have 3 perspectives.. 3 opinions... 3 baskets -just to start off.