"RV UPDATE" BY MARKZ & KAPERONI, 2 OCT

 MarkZ

   [via PDK]  I continue to hear we will not have taxes on this exchange. I suggest everyone plan on having taxes…but hopefully there will be none. 

 [NOTE:  Some gurus feel this will be taxed as ordinary income, others feel capital gains.  The only opinion that matters is the IRS's. Always consult with your tax professionals at the appropriate time to figure out the right tax for your unique situation.]

  Question:  Does the RV (Revaluation) have to happen before Iraq ascends to the World Trade organization on Oct. 4th? 

 Not...but the dinar has to be a fully accepted international currency all around the world without any restrictions…this would be a massive change.

Kaperoni 

 Question: "What if anything is Iraq doing to reduce the note count...isn’t a reduction of the note count required before a float can occur?" 

  It's very difficult for Iraq to reduce their money supply due to the current monetary policy.

 Remember, the currency auctions are a balance between dinars and dollars in order to maintain the exchange rate...Using dinar in international transactions would give them the freedom to unpeg and end auctions. 

 I think the most important thing for Iraq to do is to diversify their economy...

 ...In order for Iraq to go international they'll have to be IMF Article VIII compliant.  They're not close with a current market rate of 1152 which is over 18% from the official rate. Well out of compliance.