Sunday PM Dinar Call – News w/ BGG with a Live Q&A
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Tomorrow Press / Baghdad said the economic and investment commission parliamentary beautiful member of al-Obeidi, Saturday that the Iraqi economy is moving towards the abyss, indicating that the economic conferences and laws where no point of Nha mere slogans do not apply. She said al-Obeidi for “tomorrow Press,” that “the Iraqi economy still suffering greatly and is heading towards the abyss in spite of promises made on the promotion of economic reality and this is due Strategy for the absence of planning. ” She added that “any conference or seminar dealing with the economy are important for Iraq, especially since it is going through an economic transition difficult, but the problem is we bring those conferences The laws are working and there is no application to Nha mere slogans. ” and called for al-Obeidi to “the need to encourage investment in Iraq and activating the private sector and support for agriculture and industry for the advancement of the Iraqi economy, which has not seen improvement.”
Author: Yasser incumbent
the answer to these legitimate questions interpret economic phenomena and global variables, the citizen for his part looks at the effects of Hmaaltzbzb of caution and deal with it, eight of monetary policy by the central bank is still going on in their quest to maintain the exchange rate and Asagrarh Boabed derived confidence this from cash reserve force has, which represents the powerful bumper any effects at any time.
However, based concerns on some expectations make the owners of wealth decisions in a spiral calculation to how to proceed with their money under foggy causes volatility in oil prices, you are hoarding currency National Aopalamlh Alajnah or reinvested to purchase real estate or gold?
But it’s puzzling that the cash reserve improved significantly as oil prices ranging from an increase of 20 to 50 cents and then decline for the same, may be to increase production one of the reasons improvement but that did not contribute to the stability of the exchange rates as it was formerly The question now: what way to that?
Central Bank of his constant his attempts to ensure stability, has decided to increase the share of Atarcharkat banking and foreign transfers and reducing the length of time for the implementation of foreign remittances to increase the money supply of the dollar sales and will follow the impact of these measures, which require a response this institutions in assist him to achieve monetary stability.
eight decision to address the situation of private banks and to ensure the provision of liquidity through her firing trillion dinars to finance small projects where reliable activating the labor market and the speed of capital turnover and provide the liquidity needed for the sustainability of various economic activities.
More importantly, the central bank’s response to the calls of the founding companies to secure loans aimed to restore confidence between banks and public borrowers of all these expectancy measures including re-stabilization of exchange and currency rates and then the economic market.
The question to what extent will respond banking companies and banks to the central bank’s actions and contribute in achieving its objectives? Otherwise, what is required to do about the continuing some of the speculators keep clutter prices?
Is that the solution is coming currency float or adopt a style of dollarization or is it that the Iraqi dinar will remain Massana we will continue to see his family.
13 private banks cut dollar exchange rates for the citizens and businesses of banking
25/05/2015 (00:01 pm)
BAGHDAD / long-Presse
Ashur Bank, announced Saturday that the 13 private banks took the initiative to reduce the dollar exchange rate for the citizens and businesses of banking rate, as he emphasized that this step comes in support of monetary policy of the Central Bank and to ensure the stability of the exchange rate.
The Managing Director of the Bank of Assyria Adnan Chalabi during a press conference held in Baghdad and attended ( long-Presse), "The 13 private banks took the initiative to reduce the cash rate for the dollar for citizens and companies banking price support monetary policy of the Central Bank and to ensure exchange rate stability."
He added Chalabi, said that "banks will start tomorrow since the sale of the dollar price for 1193 dinars and the price of 1192 dinars to the remittances" noting that "these banks are: Bank of Assyria, the Middle East, and across Iraq, the Islamic and national levels, and the Union, and the Gulf, and Dar es Salaam, and the Muslim country, Islamic and Iraqi, and United, and the Bank of Irbil, the trade and the region, and the Bank Iraq Trust".
He pointed Chalabi, that "Advertising for other banks that are expected to take such a step will be later," pointing out that "the initiative banks to reduce will follow their customers from banking companies to commit to this initiative and open windows to the public and selling prices specified."
The specialize in the banking sector attributed, in (9 April 2015), the reason for the high dollar exchange in front of the dinar to the last Central Bank special deduct customs duties and taxes in advance procedures,
and called for a "freeze" the resolution, as expected continued decline in the value of the Iraqi dinar, stressed the need for the abolition of Article 50 of the budget.
The Central Bank of Iraq has announced, in (17 March 2015), the adoption of a new mechanism for the payment of taxes and control the "money laundering" through prepayment of taxes and customs for goods entering Iraq, returned to that will double the country’s imports.
The International Monetary Fund predicted in (21 March 2015 ), the high proportion of the deficit in the budget for Iraq in 2015 to more than the proportion of 12% announced by the government, because of lower oil prices and the weakness of the possibility of Iraq’s commitment to export 3.3 million barrels per day, and assume the budget,
and the proposed implementation of reform measures strict include austere in investment projects, and a commitment to reducing expenses, and the revision of the maximum limits for sales of the Central Bank of currency, referring to the overall growth contraction, and the prospect of rising inflation slightly the end of this year.
The current year’s budget law, it has committed the Central Bank of Iraq, in paragraph 50, identifying sales of currency difficult (the dollar) in the daily auction ceiling does not exceed 75 million dinars, with the exercise of justice in the sale, and claim the participant in the auction
the bank to provide the introduction of cargo documents and statements of tax settling accounts and savings Alkmarki within 30 days from the date of purchase of the amount, and otherwise apply the penalties provided for in Central Bank Act or regulations issued by, and the use of other banking instruments to maintain the strength of the dinar against the dollar.
To TNT Crowd —
I have maintained a self controlled silence now for several months. Honestly cannot remember my last posting. However, have been asked many questions by others and while I answer personally “some” not all questions I thought I would grab a few of them and answer – and make comments on some things that have created in my spirit much consternation.
I was asked this morning about Tier I banks. I want to share with you a link:
That link will take you to every Tier I bank in the United States.
With that said: I am going to say this again.
I think it is best to have someone close to home so you can monitor their activity. You need to research the sites of various banks in your local and see if they have “Wealth Management/ Private Banking” the terms are almost synonymous.
Too many – folks on various Dinar sites are getting the cart before the horse. How can you possibly know what you need before this happens?
You can have a general idea but nothing concrete and the big thing is people go out and create a bunch entities but nothing that connects and provides cohesion in a well thought out plan.
In all my years of estate planning, asset protection planning and being involved with Wealth Managers and Private Bankers I have never sat down with a poor person and created vast entities on pure speculation.
Simply stated these folks cannot afford the fees for services or consultation.
Secondly, I have heard it all – I am in this “Private Placement Deal and I am going to hit the “mother load” and all of sudden these folks are experts, geniuses and they know exactly what they need and they have never made considerable money in their entire lives but they are experts now mind you.
And I sit and listen and sit and listen – I am a patient man and probably way too nice. However, it only took me being burned one time to realize how foolish it is to conceive, draft, execute and implement a plan based upon the “Speculation” someone was going to come into a lot of money without any solid foundation to support it.
Caveat – Unless you have the bank statement in hand you have nothing to support your claim that you have money.
I was burned several years back engaged and took the person at their word lost over 40,000 in legal fees and the client – well the client did not realize he had to pay yearly fees to keep things current and he had the obligation to keep minutes and by laws and resolutions and file annual reports and file tax returns whether any money was there or not.
We parted ways many years ago, me wiser for the experience. However, he was not the first nor the last who walked in and was participating in some:
1.Private Placement scheme with some greater world mission to accomplish
2.Something where a Paymaster was involved
3.Some Ponzi Scheme cooked up and had all the bells and whistles and looked slick
I have seen it all so when I tell you that you can look foolish calling an attorney and or planner and telling them I am going to “strike it rich” I need a plan, they may be courteous and kind but if they are like me now I am not going to lift a finger or give it a second thought until there is money in the bank.
Again all the fancy dancy planning I have ever been engaged in except for the aforementioned experience above the folks had money – we knew what we were dealing with. We could get our hands around it and arms and thoughts in order to come up with solid ideas and variations on themes.
There are too many arm-chair quarterbacks who have read a book perhaps or watched an infomercial and are now experts.
I skim TNT site often and I read “LLC” and then look. Someone has an LLC set up here and they live in another state. Lets look at it like the IRS is going to look at it.
IRS – “Mr. Taxpayer – you set this LLC up?”
Taxpayer – “Yes I paid for it here are my receipts”
IRS – “So you put currency into the LLC?”
Taxpayer – “Yes here are my gifting letters””
IRS – “So you gifted the LLC currency valued at XYZ?”
Taxpayer – “Yes I did”
IRS – “What was the reason for setting up the LLC?”
Taxpayer – “Well.. . ummmm, someone at a seminar told me I need one, ummmm I am trying to do some tax planning”
IRS is thinking and not saying this, “Hmmm a taxpayer trying to evade the payment of tax liability”
IRS then goes back to their office and sends you the “Taxpayer” a letter. Lets call it a Determination Letter because it will say that at the top. “Dear Taxpayer for LLC such and such. The monies you “gifted to the “We Cheatem & Howe LLC” is deemed as a gift.
You owe $X amount in federal gift taxes for making a gift above your annual exclusion. Now you could come back and say to the IRS well I am using my one time lifetime exemption. However, no good attorney in his mind would ever advise anyone to use their one time exclusion to do this.
So in essence – the IRS deems all the currency you gave to the LLC as your personal property and you are thereafter under scrutiny for several years a possible Tax Evader one they will want to audit every year for the next 5 to 7 years.
And by the way regardless what you put in an LLC it is a pass-thru entity which means all the money in it passes through to you the taxpayer annually as pre-determined “income” If you pass it through as a passive income you are going to get nailed.
Or you get it as self-employment income as you were smart and took the money on a 1099 therefore you own self-employment taxes on it.
Lets see now – the average Dinarian who did not put his/her money into an LLC but takes the money as an individual. He/She may or may not have to pay any tax, but you – you removed all doubt you ran it through the LLC and now there is no doubt in the mind of the IRS you owe self-employment tax at the end of the year. Wow you have hit the jackpot!
You see how a little bit of knowledge can create an utter disaster?
I have said it before – a good plan takes time. Good solid plans I have worked on for 3 to 4 months. And when finished in some cases it is a masterpiece but with the collaboration of financial wealth managers, and insurance folks and brokers and tax experts.
We create something that has cohesion and is “unique” to the client. Not a dab of this and a dab of that. Not a trust here and an LLC there and haphazard portfolio of stocks etc.
It is a plan that maximizes tax efficiencies and savings and gives the greatest asset protection to the client while generating income and growth into the future. It is a nurturing process not a wham bam thank you deal.
Just because you do not have a trust or an LLC set up does not mean you do not have a plan. Think through this – a good plan takes a lot of people who charge fees and are paid for their counsel and wisdom.
So take your time – do not get in a hurry. And unless you have more money than common sense – wait. You do not know right now what you are going to be dealing with.
Secondly, be patient with the professionals, do not be smug and give the impression you know it all. Again as I said above – I am amazed at how many people who have never had anything all of sudden are “experts”. “In the multitude of counsel there is wisdom”
Foundations – these are greatly miss-understood on here and elsewhere. They are not a panacea. What the “Clintons” are doing would have anyone else under investigation by the CID of the IRS. Criminal Investigative Division.
I have friends who work for the IRS and you cannot abuse a foundation like the Clintons and get away with it. There are other folks out there abusing similar entities. And unless you are connected at the highest levels then I strongly suggest you again wait and get some solid advice.
Again people have no idea of the complexity. What folks fail to mention is that if you screw it up you are in a world of hurt — this is another way people will lose their money. Penalties, Interest and attorneys’s fees defending defenseless positions. “Ignorance of the Law is no excuse”
There is an old saying what goes around comes around and the wheels of justice grind slow but true. I am confident that those who have abused the trust of the American people and others will one day “get their just reward”
Maybe here or in the next world but you cannot nor should any of you get involved in something you do not fully understand for certain if you do not have the money to maintain or understand the rules governing the entity.
Another subject: Giving
I do not understand how people miss this part of the Book of Matthew: In Chapter 8 I think we are still on the “Sermon of the Mount” or shortly thereafter. But Christ is talking about, “Not letting your left hand know what your right hand is doing”. He is very clear about this, there are numerous stories about giving and about the poor woman who gave more than all the rest. You see Jesus knew a person’s heart.
What I am trying to say is you want to change someone’s life do it privately. Doing it publicly only draws attention to “YOU” and goes against the ‘solid” advice given on here and other sites that says, “Do not be flashy, do not do things that could put your life or your family’s lives or the recipient’s life in danger”
Think about it before you publicly give something to someone. What is your motivation? Why are you doing it? Is there not another way to bless someone more privately?
I have had the enormous privilege of representing and befriending some of the kindest most generous folks in the world. Just solid. And you would never know they were multi-millionaires.
Sure some of them own their own jet planes, and they have nice cars, but it is funny running into them at Home Depot wearing jeans and getting into a pick up in the parking lot. They blend in, they drive the side-roads in life, they quietly give and try and “help” people.
They have learned it is better to teach a person to fish then give them the fish. How many calls have been devoted to trying to instruct and impart wisdom on how to preserve and grow your monies.
And then you would go out and do the exact opposite to someone and perhaps “ruin” their life because do you think they have all the knowledge you have? $1,000, $5,000, $10,000 sure that kind of money can change a person’s life, but in the end unless you are “As wise as a serpent and as harmless as a dove” you reap what you sow.
Be wise but be gentle. King James says, “Now abideth faith hope and charity” but the greatest of these is “charity” Translation: Love. Think about it before you do it – what is your motivation? Is there a better way? 9 times out of 10 there is a better way that is inconspicuous that really blesses and does not curse.
The Government of the United States
There is some guy out there who goes by the name of “court clown” I am not going to mention his acronym but he had the audacity to say last night that the new AIIB bank will replace the Federal Reserve.
However he is not the only “clown” out there. All this talk about the “new republic” the new this and new that. Has there been a coup and none of us were privileged to read about it?
These guys need to win an award for pure fiction. Can you imagine going around in life thinking everything is a conspiracy? I hope these guys are on blood thinners they are going to stroke out one of these days. You can read for the comical value but other than that treat as a grocery store tabloid.
As for the current political situation. I am not going to get into politics. It should be pretty obvious what side of the fence I come down on but lets look at it like this. The United States is the most powerful nation in the world. We have the largest navy, the greatest wealth of any country in the world.
We have more opportunity for more people than anywhere. We have created more millionaires, more billionaires then any nation in existence. We are only what 239 years old. The nation of Israel in Biblical times one called into being by THEE GOD lasted what a 1000 years?
Look at how many bad kings and rulers they had? God was still there. He causes it to rain on the just and unjust and causes the sun to rise and set on both. He is in control.
Neither you nor I ultimately control nations. As it says in Isaiah all nations are before him. He causes some to rise and some to fall.
However, He ordained this country the United States there are still wonderful people here in this great nation. Wonderful patriots of both parties. Guess what? We will survive and be stronger for it. So take heart, chin up! The Sun will come out tomorrow!
Mother does not have any LLCs set up, nor does he have any foundations, nor does he belong to some crazy group with a Paymaster involved or third party. Mother has complete confidence he can negotiate one on one with any financial institution and get the best deal for himself and his family.
Mother only has his professional corporation for practicing law and a Complex Revocable Living Trust for current estate planning needs. Both of which may or may not be in existence 6 months from now, because one of them for certain is going to end.
Mother is going to do the exchange in his name and have separate accounts for each currency he owns and is going to live by the 10-10-80 rule on earnings of the after tax proceeds 10% Tithe, 10% reinvest back to Principal and live off 80% of the Interest earned.
Right now Mother has no idea how much he is going to have. He has no idea what the tax consequences will be. He has no idea what plan will finally take place for asset protection and estate planning because he knows it is futile to speculate.
Mother knows the banks he wants to talk to. Mother even has made contacts and feels confident.
Honestly, sure you need a plan but think about it. The list of Tier 1 banks in the link, get on the computer and do some research, which ones have wealth management or private banking.
Then hit the link and see what they do. When this happens they are all going to want your money. Again be as wise as a serpent and as harmless as dove.
There has been lots of good advice on this site as well as a lot of crazy advice on this site. So step back, think about it. . .what makes sense? What will work for me?
A lot of you are nervous about going into your banker and negotiating. Do what a lot of attorneys do. Make some flash cards – sit in front of a mirror and role play. Get your wife or someone you know who is in this to play the other side. Role play, practice what your going to say.
Most importantly practice “listening”. Do not over complicate this. You can do this! Ask well conceived and thought out questions and then listen to the answer. If you are nervous about looking someone in the eyes then look slightly at their forehead.
God bless everyone and I wish and hope a wonderful life for everyone may “He cause his light to shine upon you” and bring you blessings, good health and success
Kindest regards Mother, Esq.
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