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DINARESGURUS.BLOGSPOT.COM_________________ _______

Tuesday, July 7, 2015

MNT. GOAT UPDATE, 7 JULY

UU6714 – “ Quick Mid Week Update  “  by Mnt Goat  Part 1 of 2

Grüße aus Bayern,

Today’s news is a continuing saga about the Iraq dinar revaluation. If you have not done so already please read my news letter from 7/1 since this is yet more news on this topic.

I know I must sound like a broken record once again but I can assure you, until there is the needed physical security and political stability in Iraq there will be no currency revaluation.

I am therefore showing you the path to this process. We will know when we get there since the CBI will ultimately tell us once again they are beginning the project to delete the zeros.

But first they must get the security situation under control and pass the needed laws that help in this process and  also for the healing that must take place from Reconciliation reforms (Erbil) something that was part of the Abadi platform for election.
~~~
These needed laws are  not needed just for the sake of having them. They are two fold – one is for the Reconciliation effort and two is part of the security effort. They are all interconnected somehow.

I am providing a mid week update. It is all good again and in our favor so relax.

[Today’s News]

Today is Tuesday July 7th and still no RV.  Everything is progressing forward but there is still some influence from the Maliki syndrome that is muddying the waters. This is causing delay in getting agreements on the needed laws. 

[Update on the Oil Revenues Distributions]

I want to start off this news letter today with a weird article that on the surface is informing the people about terrorists gangs that were arrested however the article is actually telling us much more.

I want to warn you not to be confused about the many articles telling us about payments of salaries, pensions benefits or other government programs on the SMART cards. These payments are not going to the new National Cards (identity cards/oil cards).

These are existing programs and many payments have already been made on these existing SMART cards. In fact they have been paying out already now for over 18 months on these cards.

It is once again the beginning of the month and so these payouts are critical to each citizen and so you will once again read tons of articles and rhetoric pertaining to them, but for the most part we can ignore these articles since to us, for the revaluation process, they are not telling us what we are now looking for.

We can also see that they are two months behind in these payments (for May and June) and some even three months behind.

Since it is Ramadan and the last 10 days of Ramadan is called  Eid (Ramadan ends on the 7/17). This is their beginning of a 10 day gift giving period when the Islamic fasting period is broken and the prosperity period begins. So it makes sense that they are trying to get money in the hands of the citizens for shopping in this last stage of the holiday period. Could this also be an excellent time also for a revaluation of the currency?

We all heard about a month ago that Iraq would begin the use of the “National” cards. These are much different than the SMART cards now already in use.

These new National cards are also an identity card and will help not only secure the needed benefits on the cards from thieves but also are like an in-country passport. In the future is a citizen is stopped for a justified reason and they can not present a valid National card they will be arrested and confined until their true identity can be made.

This will cut down on terrorists groups, many of which are now performing their dastardly deeds in the open. I quote from the article – “It is the card specifications they will be valid for ten years, which contain information on the real property and civil registration, criminal registration, as well as car ownership and other information”

So months ago we were told that these National cards would be loaded with the first batch of oil royalties from the oil revenues.

This was great news since when they payout on the oil revenues we know HCL is being paid out and we know this is one of the major requirements that must be fulfilled prior to any rolling out of their new currency (meeting Article 8 of the UN charter).

But today is July 7th already and still we have no word of any payments on these National cards. Why?

This article is telling us why and I will quote from the article – “The Interior Ministry confirmed "the arrival of shipments of device and equipment for the system of national card with the arrival of the first shipments of crude national card,"

In this article you can see that the holdup is a technical issue since they did not yet have all the needed equipment to process these cards. For months now the citizens have been coming forward to sign up for the cards and so now we see the capability to generate these cards and get them in the hands of the citizens.

So you can see they even make reference to the National card as the “crude national card”. They are doing this since the card’s main purpose will be to payout these oil royalties.

When do they want to begin using these cards as National identity cards?

I quote from the article – “He noted that the first phase of this project will be launched on the 25th of this month,”

When do they then plan to begin paying out on the oil royalties thus using these National cards for this purpose?

The article does not tell us this specific information today and we wait to hear of any news on the beginning of these payments. We did however months ago read articles telling us these payments were planned for June/July timeframe.

This makes sense to me but we can see now how late they are in this process. So my guess they probably will not be able to payout any oil revenues until Aug/Sept timeframe instead. Just my guess.

Article Follows:

Baghdad province announced the arrest of three terrorist gangs

BAGHDAD - Wafaa Amer  Baghdad province announced that on 25 July of this first phase will see the launch of the single card project. This comes at a time revealed the arrest of three terrorist gangs.

Technical MP for the province of Baghdad Jassem Mohan Boukhaty said in a statement the "morning": that "the province also adopted in coordination with the Interior unified card project, which will contribute to the elimination of administrative and financial corruption and contributes at the speed of completion of transactions. "

He noted that the first phase of this project will be launched on the 25th of this month, as it will ease the burden of the use of the four documents in formal reviews when citizens, pointing out that the province has been delivered by the project system (GPS) cross erected thousands of cameras connected to the network Wide to show all citizens in the system data.
The Interior Ministry confirmed "the arrival of shipments of device and equipment for the system of national card with the arrival of the first shipments of crude national card," pointing out that "the specialists in the card Directorate will develop a special mechanism to call the citizens and explain how their review to circles Status installed in chains ".

uchir official estimates that the financial cost of this project, which believes in shorthand four official cards of the Iraqi people and one card, will increase to $ 400 million, but it will ensure reduction of more than 30 million card and record, and turn them into digital information using the devices and systems modern.

It is the card specifications they will be valid for ten years, which contain information on the real property and civil registration, criminal registration, as well as car ownership and other information.

With regard to the security file, said Boukhaty that "the province has supported a lot of security projects in the capital in order to create a solid system protect citizens from all attacks. "

He said that the province has made several achievements in this field, including the establishment of Sitarat with Directorate (k9) in the Ministry of Interior, in addition to strengthening the typical checkpoints eight sonar system of international origins contributed acronym inspection and easily detect suspects.

However, he noted that the province is currently coordinating with the Ministry of Interior to reconsider Balsetarat deployed in Baghdad, especially that most of these checkpoints proved ineffective in keeping the security situation or explosives detection, and therefore, there are efforts in order to pull the checkpoints to the ends of the entrances to Baghdad while keeping checkpoints president.

He Boukhaty : that "the Baghdad belt rivers surrounded by hand Diyala River to the east, as well as the Tigris River from the other side," explaining that the province has proposed to the Ministry of Interior to the entrances of Baghdad be among the areas with which the water in order to cut any way to carry out terrorist operations where and ease of detection entrants them suspects.

He also called for technical deputy to activate the work of the protections of the characters of the officials in the arrest of the terrorists, adding that their number more than 164 thousand in Baghdad, a number sufficient to monitor the collaborators movements with gangs and sleeper cells through intelligence coordination higher,

as well as the intensification of protection to vital facilities, which are targets fixed for terrorists such as universities and schools, as well as mosques and Shiite mosques and stations of water, electricity and vital projects, warning that the northern and southern regions to the outskirts of Baghdad need to intelligence effort intensive and control to monitor the kidnapping gangs and perpetrators Alamilit.

ovi this context, announced Boukhaty that the security forces have recently arrested three terrorist gangs in the areas of Salman Beck, Abu Ghraib, Yusufiyah, including criminal who carried out the car bomb on the MP

 Ahmad al-Khafaji's motorcade as it passed in the Holy Kadhimiya area through November of last year the month of 20

Article Ends

[Update on the 50K note rollout]

This next article is very, so very important. It is so important because it is dealing with the new 50,000 note (or coin) they are planning to roll out. It is important too because they can not roll out this new coin unless they also significantly increase the value of their currency. They know this too.

The Iraqi economists have presented many cases in favor and against this action of the new coin. We have article after article as this debate took place. Do you remember?
~~~
I presented and talked about many of them in my recent past news letters. Those against this new coin state that they MUST coordinate carefully to increase the value of the dinar significantly to ward off hyper-inflation. This inflation could occur rapidly if these new notes were to add the already inflated value of the existing dinar (three zero notes now in circulation).

This article #1 below is also telling us they will first launch the 50,000 coin and then wait to see what happens. Then later launch the 100,000 coin. So we know both coins are in the future agenda and this has not changed.

The last paragraph is very confusing. They are telling us that the new 50,000 coin will not be launched until the end of 2015 however in the first paragraph they just told us they would be launched during the current month (July).

So is this a translation issue from Arabic to English?  I do not want to weave a thread but I believe this is a translation issue and what they really are saying is the 50.000 coin will be issued prior to the end of this year (2015) and thus the 100,000 coin can not go until after this period.

As a result  I believe we will see the 50,000 coin much sooner than later.

There is even information from the CBI to confirm to us that they were supposed to have issued the first batch of the coins last weekend, thus in the early part of July. I am hearing this is still their desire so we may be very close to this event. It is only July 8th.

Isn’t it amazing how such a small, seemingly insignificant article, can be so powerful!

Remember almost nothing in Iraq is done according to their project time tables. They are always a week or more late from what they tell us to the actual physical reality of the event.

This much we should all know and understand by now. This is not a trick to deceive us since they do not give a hoot whether we know or not. In fact they prefer we know the true facts, if knowing anything. These articles are not intended for us as investors but for the average Iraqi citizen.

Article 2 is telling us yet even more about these National cars and what the hold up is specifically in the Kirkuk region. So we can see they are struggling and trying to work around the terrorists as much as possible but the terrorists ISIS are still a thorn in their side.

I quote from article 2 presented below- “ “The completion of transactions displaced stop was the result of hot areas of the province to surround and fear of infiltration and to preserve the security of Kirkuk”.

Article 1 Follows:

Special scales News

A commission of economy and investment representative, Wednesday, for the new currency launch of the 50 class thousand dinars to the Iraqi market during the current month.

He said committee member Najiba Najib's / scales News / "The central bank will present the new category of coin fifty thousand dinars to the Iraqi market during the current month after the completion of all their actions."

Najib added that "the other category of 100 000 dinars will go after the launch of the 50 category Alaracqa thousand dinars in the market for a while Alasthoudarat and procedures for that category is complete and make sure of their advantages and disadvantages."

This "revealed the Central Bank of Iraq, his request to wait for the issuance of class 100 000 dinars, noting that the issuance of 50 thousand dinars category of the local currency will be the end of this year" .anthy / 29 / d 24

Article 1 Ends

Article 2 Follows:

KIRKUK: THE LACK OF BUDGET, SECURITY EVENTS HALTED A UNIFIED NATIONAL CARD PROJECT 
Kirkuk / NINA:

The director of the Directorate of Nationality in Kirkuk, Brigadier General Adnan Ali Hamadi that the security incidents in June 2014 and lower the general budget halted a number of projects such as the unified national card project and the opening of the new building of the Directorate of the ePassport.

He told the National Iraqi News Agency / Nina / The completion of transactions displaced stop was the result of hot areas of the province to surround and fear of infiltration and to preserve the security of Kirkuk. 

He explained that the lack of existing staff in the six circles Directorate as well as small Directorate place are the most important obstacles faced by the Directorate in the performance and completion of transactions of the citizens.

With regard to dealing with the displaced in Kirkuk after the June events of 2014, stated that: "In the beginning cooperated with the displaced to maximum cooperation and then came to us the direction of the governor of Kirkuk and the us Department of Immigration to stop the completion of the displaced transactions because the province is surrounded by hot areas and fear of infiltration and to preserve the security of the city. "

Article 2 Ends

[Other Key Dates]

There are two other important key dates to keep in mind.

This resignation is being driven by the alleged crimes of genocide and corruption and treason. They can’t afford to have someone in such a high government position and being investigated for these crimes.

 So tomorrow is July 8th , the date when Iraqi president Masum has asked Maliki to make a decision as to his resignation. Let’s see how this plays out. Of course my opinion is he will not resign from the VP position and will be forced out.

This resignation will be the easy course of action for us and I and my family will be cheering all the way from Europe. I am sure you will hear us in USA….lol….

The other key date is August 6th. This may seem far off but time seems to creep up on us.

Why is this date significant?

It is significant because the GOI has told us that this is the deadline to completing the decentralization effort down to the provinces. This means the transfer of the ministry powers and the setting up of the National Guard units needed for provincial security. Both need the final passing of some laws. So now we see an outside window for the completion of these laws.

This is all coming together very nicely. If you knew only half of what I know you too would be very happy.

I hope  to be able to tell you soon that there is an RV window. I can truly see one in the near future.

Peace and Luv To Ya All,   Mnt Goat

BACKDOC UPDATE :Greek Banks May Be Facing The End Game, 7 JULY

Backdoc Alert

VIDEO:  Greek Banks Seen Days From Breakdown as Bailout Talks Resume

Greek banks may be facing the end game.

The European Central Bank is tightening the credit that’s their only lifeline. Money was pouring out of customer accounts before banks were closed and capital controls imposed a week ago. The prospects of Greece reaching a deal with creditors remain slim after its voters rejected austerity on Sunday.

It all adds up to the probability that shareholders, depositors and taxpayers will be tapped to avoid outright failure, according to a person with direct knowledge of discussions on lenders. The crippled financial system poses the greatest threat to Greece remaining in the euro, and the ECB’s cutback in collateral may worsen the banks’ plight.

“Greek banks cannot afford any kind of restriction,” Nick Kounis, head of macro and financial markets research at ABN Amro Groep NV, wrote in a note to clients Tuesday. “The Greek banks were projected to run seriously short of liquidity by Friday. So the haircut will bring that even closer.”

In its clearest expression of concern about future aid to banks, the ECB said in a Tuesday statement that it would take “moral hazard” into consideration when deciding on emergency liquidity assistance (ELA) to financial institutions.

“The objective of ELA is to support solvent credit institutions facing temporary liquidity problems, the document said. ‘‘It is not a monetary-policy instrument.’’

Departing Deposits

Greece’s attempts to reach an agreement with creditors over the past five months have failed, triggering deposit outflows, increasing non-performing loans and damping economic activity.

Banks have been closed since last week and daily ATM withdrawals are limited to 60 euros. Greece’s financial system will be discussed at Tuesday’s meeting in Brussels with Prime Minister Alexis Tsipras and European leaders.

The crippled financial system poses the greatest threat to the country’s remaining in the euro

For months, Greek lenders have been locked out of standard ECB refinancing operations, running up a tab of 89 billion euros in emergency lending, or ELA. The ECB froze the ELA on June 28, prompting the bank holiday and controls after the plebiscite was announced.

The ECB sees Greece’s financial system surviving without an injection of extra liquidity at least until after Tuesday’s summit, people familiar with the matter said Monday.
The governing council that day rejected a Greek request to increase the emergency line by 3 billion euros. It also raised the discount on the government debt pledged as collateral to 45 percent, a person familiar with the matter said, effectively forcing banks to exhaust more of their available collateral.

Options Studied

The Frankfurt-based institution is set to review the situation Wednesday. The four largest banks either declined to comment or weren’t available to comment.

Greek banks have more collateral than needed and as much as a week of cash left, said billionaire Wilbur Ross. His investment firm, WL Ross & Co., joined other investors in injecting 1.3 billion euros into Eurobank Ergasias SA, one of the nation’s four largest banks last year. Ross spoke in an interview on CNBC.

The range of options regulators are considering include deploying a backstop from creditors for banks under a new bailout agreement to attempt to raise capital privately, said the person. 

Alternatively, banks could impose a levy on deposits, an option that would first require a contribution from stockholders and bondholders, the person said.

A third option, consisting of seizing deposits on accounts of more than 100,000 euros, is also on the table, said the person. Such a ‘‘bail-in” of unsecured deposits was a feature of the 2013 Cyprus rescue package, with accounts above that insurance ceiling tapped. In Greece, deposits shrank by almost 40 billion euros between December and June this year.

Middle Class

Penalizing depositors is “virtually anathema,” Petros Doukas, the former deputy finance minister, told Bloomberg Television. “It would strike at the heart of the middle class and be very destructive for the economy.”

The four largest Greek banks have failed and would also have defaulted without capital controls, Fitch Ratings analysts wrote in a note July 2. Liquidity and solvency are very weak and some banks may be nearing a point where unwinding them becomes a real possibility. 

Loans overdue by 90 days or more accounted for 36 percent of domestic loans at the end of March and arrears probably have increased significantly since then.

DINAR GURUS UPDATE, 7 JULY

7-7-2015   Newshound Guru Millionday   Article quote: "The Federal Supreme Court, announced today the unconstitutionality of Article 50 of the Budget Law for 2015, and the judge to "compel the Central Bank identifies sales of hard currency [the dollar] in its daily auction ceiling does not exceed $ 75 million a day." THE FEDERAL SUPREME COURT SET LIMIT TO 75 MILL.   [did they find it unconstitutional? Art 50?]  YES.  THE FEDERAL COURT ALSO FOUND THAT THEY MAY NOT AMEND THE BUDGET...BUDGET MUST REMAIN.

7-7-2015   Intel Guru Frank26
   [via FrostyTheSnowman]  There is a change coming in many things as you know.  The thing that was required BEFORE that change was a sense of SECURITY within the GOI and the banking and leadership of IRAQ (the PM – Abadi and the Gov of Iraq – Dr. Shabibi).  The monetary reform (Lava Flow) is beautiful...masterful.  Iraq is passing laws  which they’ve been doing for a long time...which was hard for them because they had no security at the time  especially when Maliki was around. Iraq wants the world to know that Maliki (who was always a problem when they tried to pass laws in the past) is no longer a threat anymore.  The removal of Maliki was important and allowed these laws to come forth and the sequence of these laws...the domino effect...from one law to another finally allowed things to happen.  [Do you feel we have the security necessary in IRAQ?] YES I DO.

7-7-2015   Newshound Guru Millionday
   [Do you know if they ever passed the investment law?]   THEY STATE THAT IT IS IN PARLIAMENT AND THEN WE HAVE REPORTS ABOUT HOW EXCITING THE LAW IS AND THE COMMITTEE COMMENTS ON ITS COMPLETION SO IT IS NOT CLEAR TO ME AT THIS POINT.  THEY HAVE STATED HOW GREAT IT IS AND HOW THEY NEED TO HAVE IT OFF THE SHELF SO TO SPEAK.  MY OPINION IS IT IS DONE AND NOT PRINTED.

Global Currency Reset - The Iraqi Dinar will Reval, 7 JULY

Central Bank announces new rates for the dollar against the Iraqi dinar, 7 JULY

[Baghdad-where] counting the Governor of the Central Bank of Iraq and the Agency on the Keywords, the Federal Court to accept the appeal in private financial budget law materials Bank as "supports the independence of the Bank and deported to influence its policies and decisions."

Keywords and said in a press release, "The foreign currency sales [the dollar] is not an option and are not the business process or coverage of the activities of a commercial, but is in the Iraqi situation, as is the case in countries which controls the export of foreign currency and a monopoly by virtue of the nature of its oil resources such as States, the process of replacing the Iraqi dinar found in circulation in dollars in order to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need even need the Iraqi dinar to finance the general budget. "Keywords and added that "determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar general budget "explaining that" in the case of specifically taking, as stated in the General Budget Law, it means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar. " And that, "If the central bank sold $ 75 million a day as set out in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses [dinars] about 70 trillion dinars. " He explained Keywords, that "this fact is clear to many who call invitations determine the dollar sales ceiling, as well as a lack of understanding the role of the central bank and its mission to stabilize exchange rates and public prices, which require high and persistent in the quantities sold by the bank flexibility. " He pointed out that "the existence of a significant difference in the exchange rate between the official rate and the parallel market price is paid by the citizen and the economy, investment and hurt huge profits in the pockets greedy and malicious, and can not curb all this only to control the quantities beyond a shadow of those dangerous phenomena. "

 He Keywords that "the Federal Supreme Court's decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank "saying the court's decision" constitutes a great importance because of its impact in promoting and supporting the independence of the Central Bank and remove him from influencing the policies and decisions, and this independence is not a matter of form but is the basis of the requirement to enable the central bank to achieve its tasks, particularly in monetary policy by the very nature of the diversity tools and flexibility orientations. "The Governor of the Central Bank that "the general budget law governing fiscal policy in spending and annual revenues, something they have to be specific to the items contained in it by virtue of the nature of the resource and expenditure management," adding that "monetary policy is totally different from the fiscal policy where the nature of movement, flexibility, dealing with changes in the economic situation and market conditions. " He pointed out that he "did not happen in countries that follow the market system to have the budget law is checked and directed and constrained by the policy of the central bank, or even in the other because the central bank loses its role and took away tools used to create a balance and get to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others. "

 He stressed Keywords that "these movements occur on an ongoing basis and sometimes on a daily basis, and the law of the budget law applies for the year, making the restrictions the real limits and tied for monetary policy and this Unlike its role and nature. " The Federal Supreme Court, it announced today the unconstitutionality of a number of financial budget law for 2015, including Article 50 materials, and the judge to "compel the Central Bank identifies sales of hard currency [the dollar] in its daily auction ceiling does not exceed $ 75 million every day. " It is said that the central bank opposed this selection was made ​​by the federal appeal court being restricted from "financial movement and secure liquidity in the financial markets," LINK

KTFA TIDBITS, 7 JULY

ZOCHOWSKI  » July 7th, 2015, 6:06 am  •   MORNING ALL

BEEN WATCHING THIS CONTINUE WITH FRUSTRATION AND APPREHENSION........

HARD TO BELIEVE THE 7TH MONTH IS HERE AND WITHIN THE LAST 48 HOURS I HAVE SEEN F26 MENTION "QUARTERS" AND MENTION "SEPTEMBER"

HAVE ALSO SEEN "AGGIEDAD77" MENTION "CALENDARS" IN HIS LATEST POSTING ON CURRENT EVENTS EARLIER IN THIS THREAD..............LOL LOL, YOU MIGHT BE RIGHT AND YET EVERYONE IS FOCUSED ON OUR CALENDAR.......

SOME FACTS:
ISLAMICALLY:

WE ARE IN THE 9TH MONTH WHICH IS "RAMADAN"....

"EID-ALFITR" WILL BEGIN IN ROUGHLY 10 TO 12 DAYS.........

THIS IS ALSO THE BEGINNING OF THEIR 10TH MONTH, "SHAWWAL", WHICH IS THE BEGINNING OF THEIR 4TH QUARTER................

GREGORIAN:


WE HAVE JUST ENTERED OUR 7TH MONTH, WHICH IS JULY........

THIS IS ALSO THE BEGINNING OF OUR 3RD QUARTER.........

FISCAL:


OUR FISCAL YR STARTS ON OCTOBER 1ST..........

WE HAVE ALSO JUST ENTERED OUR 4TH QUARTER, FISCALLY.............

NOW THAT F26 IS TALKING BOUT QUARTERS.......

NOT FOOTBALL BUT CALENDAR QUARTERS................

MAYBE THIS WILL HELP..........

WHAT MANY SEEM TO HAVE MISSED IS THIS:

IT IS EASIER TO TRANSITION "BOOKS" AT THE BEGINNING/END OF A YR THAN AT ANY OTHER POINT OF SAID YR.............WHETHER IT BE FISCAL, ISLAMIC, GREGORIAN, CHINESE, HEBREW, LUNAR...................

FROM WHAT I HAVE GATHERED, PER CALENDERS.......

NOW F26 MOVING FROM MONTHS TO QUARTERS........

HE MENTIONED SEPTEMBER..............9TH MONTH GREGORIAN/RAMADAN ALSO....

HE MENTIONED QUARTERS........READ CALENDAR FACTS ABOVE.......

TO RE-ITERATE:

RAMADAN IS THIER 9TH MONTH.......THIER ENDING 3RD QUARTER......

JULY IS OUR 7TH MONTH.........OUR BEGINING 3RD QUARTER.......

SHAWWAL IS THIER 10TH MONTH.....BEGINING 4TH QUARTER.....IN 10-12 DAYS..
OCTOBER IS OUR 10TH MONTH..........OUR 4TH QUARTER............

OUR FISCAL YR ALSO STARTS IN OCTOBER...........

OUR GREGORIAN 4TH QUARTER.........

WHY HAS F26 CHANGED HIS FOCUS????????

IS IT BECAUSE YOU CAN START YOUR FISCAL YR ANYTIME YOU WANT.......

OUR GOVERNMENT STARTS THIER FISCAL YR ON OCTOBER 1ST.........

MANY OF YOU START YOUR FISCAL YR ON JANUARY 1ST.........

COMPANIES START THIER FISCAL YR ON APRIL 1ST OR JULY 1ST............

MANY OF YOU PROBLY WONT EVEN FINISH THIS EXCERPT FROM MYSELF............THATS FINE.......

THE FOCUS HAS SHIFTED, YET AGAIN, WHY?????????

BECAUSE MOST "PROFITS" IF I AM CORRECT, ARE RECIEVED IN THE THIRD QUARTER..........

WHICH MIGHT BE THE BEST WAY TO HIDE A CURRENCY ADJUSTMENT.........JUST THINKING OUT LOUD..........
DO I LIKE THIS NEVER-ENDING GAME OF "HIDE-N SEEK"??????? NO!!!!!!

DO I LIKE THE FACT THAT "OZ" KEEPS CHANGING THE RULES???? NO!!!

DO I LIKE THE FACT THAT IRAQ CAN CONTINUE TO BORROW WHILE WE CANNOT????? NO!!!

DO I LIKE THE FACT THAT WE ARE STILL IN A PROCESS????? NO!!!

DO I KNOW WHEN THIS WILL FINALLY BE ACCOMPLISHED???????

LMAO, THAT IS A LOADED QUESTION............

ENJOY THE POST..............AND THE DAY............ G/B M/Z

Frequently Asked Questions on Gift Taxes, 7 JULY

The GET Team would like you to know that This post is for informational purposes only  --  Please see a tax lawyer for the latest  updated information. You may leave comments but we are neither staffed or professionally qualified to answer any questions  - Thank You

Frequently Asked Questions on Gift Taxes 

Below are some of the more common questions and answers about Gift Tax issues. The laws on Estate and Gift Taxes are considered to be some of the most complicated in the Internal Revenue Code. 

For further guidance, we strongly recommend that you visit with an estate tax practitioner (Attorney or CPA) who has considerable experience in this field. 

You may also find additional information in Publication 950 http://www.irs.gov/publications/p950/index.html or some of the other forms and publications offered on our Forms Page http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Forms-and-Publications---Estate-and-Gift-Tax . Included in this area are the instructions to Forms 706 and 709. Within these instructions, you will find the tax rate schedules to the related returns.
~~~
Who pays the gift tax? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#1 
What is considered a gift? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#2 
May I deduct gifts on my income tax return? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#4 
How many annual exclusions are available? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#5 
What if my spouse and I want to give away property that we own together? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#6 
What other information do I need to include with the return? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#7 
What is "Fair Market Value?" http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#8 
Who should I hire to represent me and prepare and file the return? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#9 
Do I have to talk to the IRS during an examination? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#10 
What if I disagree with the examination proposals? http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#11 
What if I sell property that has been given to me?  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#12 


Who pays the gift tax?

The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement. What is considered a gift?

Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.


Gifts that are not more than the annual exclusion for the calendar year. 
Tuition or medical expenses you pay for someone (the educational and medical exclusions). 
Gifts to your spouse. 
Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made. May I deduct gifts on my income tax return?

Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes. 

How many annual exclusions are available?

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift. 

(These amounts may be different in 2015)

What if my spouse and I want to give away property that we own together?

You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (effective on or after January 1, 2009). What other information do I need to include with the return?

Refer to Form 709 (PDF), 709 Instructions and Publication 950. Among other items listed: http://www.irs.gov/publications/p950/index.html


Copies of appraisals. 
Copies of relevant documents regarding the transfer. 
Documentation of any unusual items shown on the return (partially-gifted assets, other items relevant to the transfer(s)).

What is "Fair Market Value?"

Fair Market Value is defined as: "The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.

The fair market value of a particular item of property includible in the decedent's gross estate is not to be determined by a forced sale price.

Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate." Regulation §20.2031-1. Who should I hire to represent me and prepare and file the return?

The Internal Revenue Service cannot make recommendations about specific individuals, but there are several factors to consider:


How complex is the transfer? 
How large is the transfer? 
Do I need an attorney, CPA, Enrolled Agent (EA) or other professional(s)?

For most simple, small transfers (less than the annual exclusion amount) you may not need the services of a professional. However, if the transfer is large or complicated or both, then these actions should be considered; It is a good idea to discuss the matter with several attorneys and CPAs or EAs.

Ask about how much experience they have had and ask for referrals. This process should be similar to locating a good physician. Locate other individuals that have had similar experiences and ask for recommendations.

 Finally, after the individual(s) are employed and begin to work on transfer matters, make sure the lines of communication remain open so that there are no surprises. Finally, people who make gifts as a part of their overall estate and financial plan often engage the services of both attorneys and CPAs, EAs and other professionals.

The attorney usually handles wills, trusts and transfer documents that are involved and reviews the impact of documents on the gift tax return and overall plan. The CPA or EA often handles the actual return preparation and some representation of the donor in matters with the IRS.

 However, some attorneys handle all of the work. CPAs may also handle most of the work, but cannot take care of wills, trusts, deeds and other matters where a law license is required.


 In addition, other professionals (such as appraisers, surveyors, financial advisors and others) may need to be engaged during this time. Do I have to talk to the IRS during an examination?

You do not have to be present during an examination unless IRS representatives need to ask specific questions. Although you may represent yourself during an examination, most donors prefer that the professional(s) they have employed handle this phase of the examination. 

You may delegate authority for this by executing Form 2848 "Power of Attorney." What if I disagree with the examination proposals?

You have many rights and avenues of appeal if you disagree with any proposals made by the IRS. 

See Publications 1 and 5 (PDF) for an explanation of these options. What if I sell property that has been given to me?

The general rule is that your basis in the property is the same as the basis of the donor. For example, if you were given stock that the donor had purchased for $10 per share (and that was his/her basis), and you later sold it for $100 per share, you would pay income tax on a gain of $90 per share. 

(Note: The rules are different for property acquired from an estate). [Link to Estate Tax Q&A ] 

Most information for this page came from the Internal Revenue Code: Chapter 12--Gift Tax (generally Internal Revenue Code §2500 and following, related regulations and other sources) 

If you have suggestions or comments (or suggested FAQs) for the Estate and Gift Tax web site, please contact us: CONTACT ESTATE AND GIFT TAX. We will not be able to respond to your email, but will consider it when making improvements or additions to this site.

Iraq looking with American negotiators development skills to join the World Trade Organization, 7 JULY

Baghdad-where] discussed the Iraqi Ministry of Trade with a delegation from the US embassy in Baghdad, Iraqi negotiators development skills to join the World Trade Organization as well as the development of economic and trade relations between the two countries.

According to a ministry statement received by the agency all of Iraq [where] a copy of it, "Hashim Mohammed Hatem, Director General of the Department of trade and economic relations in the Ministry of Trade met with Deputy Economic Counselor at the US embassy in Baghdad, was discussed during the meeting in the development of trade and economic relations between the two countries." He stressed Hatem according to the statement that "During the meeting, emphasized to overcome all the problems that hinder the work of American companies in Iraq, in addition to the development prospects of cooperation between Iraq and the United States with respect to Iraq's accession to the World Trade Organization and the development of skills and abilities of Iraqi negotiators in this aspect." The official stressed in the Ministry of Commerce, "the need for the active participation of US companies in session 42 of Baghdad International Fair of what to this review of a positive effect on activating cooperation between the two countries in the field of investment and trade." For his part, Deputy Economic Counselor at the US Embassy for "his pleasure to participate in the next session of the Fair Baghdad International stressing that he would approach the concerned authorities for the purpose of taking the necessary measures, "stressing at the same time on the" ready Economic Section at the Embassy of the United States of America the sustainability of cooperation and work with the Ministry of Commerce and the strengthening of relations between the two parties ".  LINK

TERRYK CHAT UPDATE, 7 JULY

TERRYK Chat 7/7/2015 9:32am edt

[.TERRYK] Morning all
[arizona49] .TERRYK Good morning, good to see you 
[KENBBQ1] .terryk Morning!!!! 
[DrRod] Morning
[.TERRYK] hey dr rod
[.TERRYK] az
[.TERRYK] ken
[DrRod] TERRYK, GOOD morning sir! Great to see you this am.
[.TERRYK] and all the rest of you
[.TERRYK] so what are we hearing today
[.TERRYK] anything good
[arizona49] .TERRYK Very quiet on the sandbox side thus far this morning, Iran deal most likely extended again, Greece no more $ from IMF 
[KENBBQ1] .TERRYK I still feel we will not see this till the Iran deal is done.
[.TERRYK] I think you maybe spot on ken
[.TERRYK] I'm so tired of this ride
[.TERRYK] And I know u all are too
[DrRod] TERRYK,I stated the other day how we k new so little 3-4-5 years ago. Many of us did not know how many moving parts had to all be in sync.
[.TERRYK] Correct dr rod
[arizona49] ON Fox News now >>>>> 8 issues remaining, most of which are lifting of sanctions per John Bolton...negotiations extended to 7/10
[.TERRYK] Ggggrrrrrrrr
[.TERRYK] Get it over with already
[arizona49] .TERRYK Amen to that

BLC NEWS DISCUSSION, 7 JULY

Government banking sector seeks to open up to the world

[tlm724] open horizons of banking cooperation with Arab and international banks, will contribute to increasing the volume of external banking transactions through the opening credits documentary, and the issuance of letters of guarantee and hold foreign investment and remittances operations. "

[tlm724] open horizons !

~~~
Central strategy supports the transition to a market economy

[tlm724] the central goal is to move to a stable and free economy and the adoption of mechanisms and ways and procedures are clear for all to give the Iraqi banking sector role key

[tlm724] stressed the importance of the strategy of the Central Bank of Iraq for the next phase include activating Proactive control and review the instructions

[tlm724] that will include and is not limited to the economic package of laws !

Parliamentary economy calls for the government to send illegal Central Bank and the banks for approval

Author: Publisher on:July 5, 2015   BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Commission asked for the economy and investment representative, on Sunday, the General Secretariat of the Council of Ministers to send legal central bank and government banks for the purpose of the draft amended and ratified them by the House of Representatives.

He said committee member Najiba Najib's (IMN) that "most of the laws that are working on the House of Representatives during its current projects and the laws of economic nature and investment,"

pointing out that "the Commission asked the government to send legal central bank and government banks for the purpose of amended and its approval."

She pointed out that "banks in Iraq will work in accordance with the package of laws in the coming period to improve its performance and its work and promote the economic reality of the country."

The Council of Ministers approved days draft anti-money laundering and terrorism financing law before, submitted by the Central Bank of Iraq, said the economic advisor to the Prime Minister the appearance of Mohammed Saleh,

said that there is a law in force until approved by the Coalition Provisional Authority in the era of the civil governor Paul Bremer, but lacks the financial developments, the world has seen in the field of combating money laundering crimes.

Saleh and as money laundering around the world that ranges between three to five percent of gross domestic product and that "Iraq is close to this figure as well," he said, adding that the law would give a guarantee and sedate Iraqi banks and financial situation in the country

http://www.bondladyscorner.com/t133411-parliamentary-economy-calls-for-the-government-to-send-illegal-central-bank-and-the-banks-for-approval

~~~

Iraq looking with American negotiators development skills to join the World Trade Organization

[Shredd] Good to see this in the news again. Thanks Rocky!

[tlm724] love seeing them working on this ! Iraqi negotiators development skills to join the World Trade Organization

[tlm724] During the meeting, emphasized to overcome all the problems that hinder the work of American companies in Iraq, in addition to the development prospects of cooperation between Iraq and the United States with respect to Iraq's accession to the World Trade Organization and the development of skills and abilities of Iraqi negotiators in this aspect."
[tlm724] USA is showing them the way to freedom of commerce !

Tomorrow .. Economic parliamentary Baloargi meet to put the final touches to the investment law

[tlm724] Thanks Rocky, I love seeing positive achievements by Iraq ! 

[tlm724] Economic parliamentary Baloargi meet to put the final touches to the investment law *wolfwhistle* see they are working    

[tlm724] "The committee parliamentary economy has reached a final agreement on all project of the National Investment Law provisions,

[tlm724] "the project will be submitted to the presidency of parliament next week after meeting the President of the National Investment Commission,

[tlm724] thats purdy  Cool  

[tlm724] There are no problems facing the approval of the law "

~~~

Center Brief published the position of the implementation of the political agreement

[tlm724] this is a good overview of what has been done and what is still in the works

[Rocky]  2 / resolve the dispute with the Kurdistan Regional Government on the export of oil, was completed.

3 / file Peshmerga, was completed.

[tlm724] 20 / legislation oil and gas law and other related laws, in progress, thats a good too

Russia, China Central Banks to sign agreement on yuan, ruble use , 7 JULY

Russia, China Central Banks to sign agreement on yuan, ruble use
July 6, 2015, 10:55 am


China is promoting the use of its currency as an alternative to the dollar in global trade and finance [Xinhua]
China is promoting the use of its currency as an alternative to the dollar in global trade and finance [Xinhua]
Russia and China on Monday pledged to settle more bilateral trade in ruble and yuan with central banks of the two countries set to sign a financial agreement, reducing the role of the dollar in international trade.

The 6th China-Russia Finance Ministers dialogue is being held in Moscow.
Russian Finance Minister Anton Siluanov and his Chinese counterpart Lou Jiwei discussed bilateral cooperation as well as the upcoming BRICS Summit on Monday.
“We have actually reached a final stage of preparing this document. I believe we’ll be able to sign it in the coming days. The memorandum deals with such issues as making settlements in national currencies, stimulating access to internal markets and so on,” said Siluanov.
Chinese Finance Minister Lou Jiwei said the BRICS Bank and the Asian Infrastructure Investment Bank will aid in injecting new vigor to Russian-Chinese bilateral ties.
The third biggest shareholder of the new China-led Asian Infrastructure Investment Bank,Russia, last week approved the articles of association of the new lender. Russia owns 65,362 shares of the bank.
“Russia and China are the founding countries of the AIIB and are also investors of the BRICS Development Bank. We can use these two mechanisms, two structures for promoting Russian-Chinese bilateral and surely multilateral cooperation [with the participation of Russia and China],” said Lou in Moscow on Monday.
US and European governments have slapped sanctions on Russia for its alleged backing of separatist rebels in Ukraine.
Russia denies the allegations.
Washington and Brussels have excluded Russia’s state banks and top energy firms from capital markets.
Meanwhile, overtaking the Canadian dollar and the Australian dollar, China’s yuan has become the world’s fifth most widely used payments currency, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The value of cross-border deals settled in the Chinese currency, yuan, more than doubled in 2014, shows new data from SWIFT in January this year.
China’s policy makers are seeking to boost the currency’s convertibility and global use.
The yuan reached a record high share of 2.17 per cent in global payments by value in 2014.
The U.S. dollar, euro and British pound remain the top three world payment currencies.
The yuan surpassed the euro in 2013 to become the second-most used currency in global trade finance.
The Chinese currency is already traded directly against the US dollar, the euro, the Japanese yen, the British pound, the Aussie and New Zealand dollars, Russia’s rouble, the Singapore dollar and Malaysia’s ringgit.

Super Short MacJedi Nuggets Conference Call Notes ( 6 JULY ), 7 JULY


IRAQ:  Rumored to release the 50K coin on Sunday and they did not.  Not living up to what has been told would happen.  Plan for last Wednesday to be enacted on Friday yet here we are...  What is the concern...  GREECE and IRAN.  GREECE bailed and on a low market value...  This can affect an RV if released while the market value is low.  Why put a revaluation into a sinking ship.  Still waiting to see this level off and the Greece situation will not be solved over night.  Greece voted "NO!"  They are unwilling to live up to the requirements.

MacJedi Comment:  Word has it Greece is now looking at BRICS to welcome them into a new economic family.  This would mean embracing the Political agendas of BRICS countries and the question is...  Would Greece feel comfortable on that side of the political pond?

IMF and the others are still working to change Greece minds.  If the wave of Greece leaving spreads it can erode the other country's faith in the system.  This could drag on weeks...  Greece is taking the position of being the example and if it fails we can have a global situation with the other countries which owe and are in financial trouble too could follow that example.

Greece is running on empty in their financial gas tank.  The RV was put on hold to see how the Greece situation would affect the global monetary market value...  So far not at it's best.  "T" says the RV could go this afternoon.  Everybody else is ready.  Greece on the wire and Iran tomorrow so we wait and see what is going to pan out.  We were blessed to be investors in this situation because it is going to pan out in time.  We are right here at the very end and if your patience is being challenged feel free to liquidate pre RV.  THe most important part of this whole experience is "Just Be Here!".

USA: Is ready and just waiting.  This dynamic of Greece has actually increased the value of the Dollar.

CALLERS: Caller asked if the ZIM must be purchased from certified dealer and not eBay?  This one is easy MacJedi answer:  The Zim can be secured anywhere as long as it is not counterfeit.  So far Iran appears to be safe to acquire the Rial for collector personal purpose.  NDA will apply only to contract rates.  Iran appears not to be having an effect on the RV so far.  The entire RV release is all focused on the market and how it looks on value for the future.  Since the RV has morphed into a GCR situation it is vital the Global economy is stable before a release at least a stable outlook.  Patience is our trial and our gift.  So far things are still inching towards a successful end.  This is a winning ticket it just has no for sure date.

EXCERPTS OF FRANK26 & MILLIONDAY, 7 JULY

7-7-15 Frank26There is a change coming in many things as you know. The thing that was required BEFORE that change was a sense of SECURITY within the GOI and the banking and leadership of IRAQ (the PM – Abadi and the Gov of Iraq – Dr. Shabibi). The monetary reform (Lava Flow) is beautiful...masterful.  Iraq is passing laws which they’ve been doing for a long time...which was hard for them because they had no security at the time especially when Maliki was around.

Iraq wants the world to know that Maliki (who was always a problem when they tried to pass laws in the past) is no longer a threat anymore. The removal of Maliki was important and allowed these laws to come forth and the sequence of these laws...the domino effect...from one law to another finally allowed things to happen. 


[Do you feel we have the security necessary in IRAQ?]

 YES I DO. 

7-7-15 Millionday
: [Do you know if they ever passed the investment law?


THEY STATE THAT IT IS IN PARLIAMENT AND THEN WE HAVE REPORTS ABOUT HOW EXCITING THE LAW IS AND THE COMMITTEE COMMENTS ON ITS COMPLETION SO IT IS NOT CLEAR TO ME AT THIS POINT. THEY HAVE STATED HOW GREAT IT IS AND HOW THEY NEED TO HAVE IT OFF THE SHELF SO TO SPEAK.  MY OPINION IS IT IS DONE AND NOT PRINTED. 

DINAR IRAQ & DONG VIETNAM UPDATE, 7 JULY

Dinar Iraq and Dong Vietnam :It is good to know that Abadi/GOI and Parliament is hearing from the rest of the financial world that these laws WILL be passed and enacted or Iraq will never be a part of the global economic community. And what did Abadi state when he last left Berlin at the World Economic Conference…”Iraq will join the World Economic Community.” …being in this investment means my bet is with Abadi.
*****
Article: “The advisers submit proposals to amend the federal oil and gas law to be completed within two months” to amend the federal oil and gas law to be completed within two months…to be completed in less than two months and sent to Parliament…well thats encouraging… the Council of Ministers completed more than 80 percent of the document the political terms of the agreement…getting closer…we all know how important this is and it’s good news all around.
*****
The CBI intends to sell the currency adjustment controls.
The most prominent of these controls is how to deal with banks, which caused the high value of the dollar against the Iraqi dinar, and the granting of security authorities a role to control the currency smuggling and money laundering operations.
The process of changing the central bank controls is the currency auction sale. It was possible to change these regulations before they are exposed to the collapse of the Iraqi dinar against the dollar.

******