Mtn. Goat For 12/5

As you know, I am not familiar with what is happening in the banks in USA, but I am hearing from this source now that they are going to release very soon to your general public toll free numbers for call in centers to schedule exchange meetings. Exchanges should begin once appointments are made.

I have been listening to many recent conference calls from many “intel providers” from recent days. Seems they still believe that this is in Iraq’s hands and are hopeful for a 90-cent rate. Let them believe what they want. We know better.

So in the next couple days they are going to run the UST managed system once again to calculate and bring new rates downstream to banks and exhanges. This time I am hearing we can expect a double digit rate for the international IQN rate in the USA. Dong too is very high. Wow ! Sounds almost unbelievable but this is what I am told will overlay the current $3.58 rate now being used for these early group exchanges. The system has not been re-run since they began almost a month ago.

Why so high?

This rate will reflect the drop in the dollar due to the drops in oil prices. If it takes more dollars to exchange a dinar then the rate must go higher. This is the case since the Iraq dinar is a somewhat stabilized rate for years. This was also part of a negotiating item in the recent talks with IMF and the BIS.

I am hearing the Dinar and Dong will revalue and be available for exchange at the same time. No – this is not a GCR, since there is no such thing and I have repeatedly said this over and over again. They are revaluing these currencies because the are contracts that need to be fulfilled and acted upon.

Okay everyone – make sure you will re-look at your strategies for the exchange. Remember it’s a “simple exchange” not  a “cash in”.

The term “cash in” is used for selling investments such as stocks, funds or investment portfolios. In most cases you would normally use a broker to cash in. Now, you are conducting a simple currency exchange with a banker. Typically there are no taxes on a simple currency exchange, so I do not know if they are going to change the rules at this point. You may, however, be taxed (long and short term capital gains) if somehow this simple currency exchange gets confused with an investment cash in. Remember, currency can be an investment too, and that is the purpose of FOREX and the other global currency markets but if you are holding your currency in your hand; this is a simple currency exchange no matter how much you have.

Remember to ask about the contract rates and be specific, since it is not probably a group contract you are referring to (as most groups have already exchanged), but rather just using the China contract rates for Dinar or Dong. If you choose to go with these rates  there may be stipulations, and thus it may no longer be a simple currency exchange. You may be paying higher taxes. The banks may have a contract for you to sign as a participant in the China contracts. At least you should explore the opportunity to participate, if nothing else. Know what you are getting into before signing anything. This was so you can make an intelligent decision.

Don’t know just how much money you will have after your exchange, but if it’s over a million dollars I strongly suggest you plan to meet with an investment advisor shortly thereafter. I am also hearing others saying it is a good idea to save 50% for taxes, just in case. I agree. Better to be safe than sorry later.

For multi-millionaires, may I strongly suggest you hire these individuals for your money management team to help you:

The bank Wells Fargo has the contract with the UST for managing exchanges. So if you want the contract rates I would pursue exchanging with them. All banks have the opportunity to offer these rates, but not all banks will opt to do so since there is extra paperwork and liability on their part to do so. There is also the stigma of the early group exchanges which, in itself, could be cause for worry about the legalities of past exchange practices.

The hardest part of the exchange is going to be opening up the new accounts, if you do not already have accounts. Remember to put the proceeds from the Iraq dinar in a separate account. Remember to put you tax allowance in a separate account. I personally am going to use a savings account. I will not be leaving the money sitting there for long. Unless your proceeds exceed a certain level you will have complete access to the funds. Those over the limit will have up to 80% frozen for up to 72 hours while a background check is performed. I am hearing the limit is tens of millions of dollars.