[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.
Prime minister says development road is a strategic endeavor for the Iraqi government, 2 OCT
Shafaq News/ Iraq's Prime Minister Mohammed Shia al-Sudani on Sunday said that the Development Road project is a vital and strategic endeavor that his government deems a priority in its program.
This came during his meeting with Turkish Minister of Transport, Abdülkadir Önal Oğlu, who is visiting the capital, Baghdad, for talks on the international transit route Turkey plans to establish in cooperation with Iraq.
A press release by al-Sudani's bureau quoted him saying that the execution of the Development Road project will enhance the ties between Iraq, Turkey, and other regional actors that share common interests.
"This is the most efficient, shortest, and cost-effective corridor for transportation, transit, and linking the Middle East with Europe," he said.
Al-Sudani expressed gratitude for Turkey's keen interest in participating in this strategic project, encouraging further technical dialogues between the two countries to formulate the economic model through which the project will be executed.
The Turkish minister reiterated his country's willingness to actively partake in the Development Road project and conveyed his government's satisfaction with Iraq's plans, substantial steps, and constructive efforts to revitalize and reform the Iraqi economy.
Iraqi Parliament's Finance Committee expresses concerns over project funding delays, 2 OCT
Shafaq News / The head of the Financial Committee in the Iraqi Parliament, Attwan Al-Attwani, revealed on Sunday details regarding the hosting of governors of governorates not organized in region in the Parliament building. He emphasized the significant delay in funding ongoing projects, considering it a major concern.
Al-Attwani stated, "The Parliamentary Finance Committee will host the Ministers of Planning and Finance on Monday to seek clarification on numerous questions and inquiries raised by the governorates and committee members."
He added, "There has been a noticeable delay in commencing the financing of many ongoing projects, which is a mistake and unacceptable." He also pointed out that "the Prime Minister and the government program emphasize the continuity of ongoing projects in a natural course and expediting the delivery of services to citizens."
According to a statement received by Shafaq News Agency, the head of the Parliamentary Finance Committee, during the meeting with the governors in the committee, highlighted a clear deficiency in releasing financial allocations for the governorates and ministries. He stressed that "the current government has raised the banner of a national service government, and therefore the committee does not allow the persistence of the problem of delayed financial allocations."
For the first time in its history, Iraq adopted a three-year financial budget in a single law, which was passed by Parliament in June last year. The government defended this step, aiming to lay out plans for important projects in the country and to address the recurring problem of delayed budget approvals, which often lasted several months each year.
According to the budget law, the budget for the current year and the following two years is $153 billion, with an expected deficit of $48 billion. The budget was based on an oil price of $70 per barrel, considering that Iraqi oil exports account for more than 96% of Iraq's financial revenues.
Despite several months passing since its approval, the allocations of the three-year budget have not been implemented on the ground to date. This has led to speculations and inquiries about the reasons behind the delay in implementing its provisions.
Note: All Dinarians should read this.....So it will NOT happen to you!
From InvestorChick at TNT
Lotto Winner Loses It All
I had the pleasure of meeting a very charming senior in the last few weeks. It's my friends mother and this lady is in her 70's.
She won 5 million dollars in the year 2000. I saw a copy of the cheque on the fridge at her son's house. I did a double take because I've never seen a cheque that large.
Of course me being a Dinarian and riding this crazy ride along with all of the others, I have been fortunate enough over the past 5 years to have been educated by people like Tony etc and I have done my research about this kind of thing
All of us have been told the statistics and I do realize that all of this waiting has been hard, although the real challenge comes after our blessing arrives.
My friend told me the story of how his mother had won the lottery and how she had come to "lose it all".
I was fascinated because although we hear about it, I had never met someone in this unique situation. This is her story in a nutshell.
She won 5 million dollars and was not financially educated in any formal way. She made her decisions quickly and without professional help. Her son told me she wanted to "show them all" who she was and rub it in their face, whoever "they" are.
She gave $500,000 to her sister and then $600,000 to each son. She was down 1.7 million to start and it gets dramatically worse from there.
Her sons accepted the gift and my friend was in a not great marriage and of course since he had just received $600,000 from his mother that was not his own lotto winning or an inheritance, his wife when she divorced him was entitled to half.
The other son burned through his quickly as he also had no formal education or did not seek professional help.
My friend however did the wise thing and invested his remaining $300,000, he still has it 15 years later and it's making him money daily.
I repeat, it's invested professionally and it makes him a return daily!
This lady bought a brand new house, hired an interior designer and of course the new performance car, fully loaded. She spent 30-40 THOUSAND per month at the casino because they were "so nice to her", no kidding!
She brought her sister for company and of course her sister didn't spend any of her $500,000. She had an addiction to scratch tickets and lotto tickets even though she had already won.
She handed out $50 tips at the grocery store to the cashiers etc. She had the life she always wanted and she sure made a big splash doing it.
It didn't take long for the money to run out and her to be in a worse situation then when she won the money.
I sat and listened in sheer amazement! I gave her a ride home that night because the battery on her car was going and she didn't have the money for a new one, imagine!
Her son was taking it to be fixed the next day for her and footing the bill.
I drove her home and she went on and on about her house etc. I drove up and although it's a beautiful place it was overgrown and unkept, no money for maintenance, the neighbours must be thrilled.
She invited me in and was proud to show me all of her treasures. My heart truly went out to her as there she was and now it's all gone and the house will be going soon too.
I looked at her and gently asked if she had to do it all over, what would she do different? She looked down and thought about it, looked up at me and said she would have got some help.
Everyone was my friend, she said, until the money ran out. I wished her good night and got in my car and thanked God for that experience in person and up close.
It's real, it happens and it will happen to some of you.
I told her son about this investment and he has some currency, I know she will be looked after but it sure makes you think.
How many shots at wealth does a person generally get in their lifetime?
I'm thinking not too many.
The sad thing about it, is how much she gambled away looking for money and "the win" again.
Folks, when this blessing arrives, your ship came in and this for most of us will be the one shot you get at wealth. Don't waste it!
There are several lessons to be learned from this story.
Be wise, move with caution and be deliberate with your actions. I truly hope by sharing this story, it can help at least one person, my eyes have sure been opened!
Sudanese calls on oil companies to invest in Iraq, 1 OCT
Prime Minister Muqtada Al-Sadr emphasized the importance of completing the expansion and maintenance of Iraqi oil ports.
The office of Al-Sudani released a statement saying that Prime Minister Muhammad Shia’ Al-Sudani chaired a regular meeting to discuss the development of the oil sector. The meeting was attended by the Minister of Oil and other high-ranking officials of the ministry. The discussion included a review of the ministry’s projects related to gas investment, refineries development, and export systems. The ministry’s plan to increase production and improve wealth investment efficiency was also reviewed during the meeting.
The statement emphasized that the Prime Minister has urged the adoption of the “integrated project” principle for investing in oil and gas fields. This principle should include various projects for petrochemical refineries, gas industry, electric power production stations, chemical, and fertilizer industries. These projects aim to fulfill the urgent demand for them in local markets.
During the meeting, a review of the progress of work in refinery projects was conducted. The attendees emphasized the importance of completing these projects as quickly as possible to achieve self-sufficiency in oil derivatives and fuel. The successful operation of the Karbala refinery was also highlighted.
Al-Sudani instructed the Ministry of Oil to invite specialized refinery construction companies to invest in Iraq.
He emphasized the importance of finishing gas projects and investing in Iraqi fields that produce natural gas. This is necessary to supply power stations and national fertilizer factories with sufficient gas.
Al-Sudani emphasized the need to complete expansion and maintenance projects for Iraqi oil ports, storage, and drainage complexes across the country.
The director instructed to keep track of the progress made in implementing the ministry’s short-term and long-term plans. These plans aim to meet the local economic needs as well as the global demand for oil and oil products from Iraq in the near future. Additionally, the director emphasized the importance of highlighting Iraq’s significant and effective role in OPEC.
He emphasized the importance of completing projects on time and overcoming administrative and technical obstacles.
