Looks like we still pick up a bad apple once in awhile here in TNT. I am glad we finally got a great site that sticks to integrity and honesty and gets rid of these dead beats. So here is now a slice of the pie.
Just wanted to drop in and give you an update from my sources. I have to tell you my ear was talked off yesterday and today by my IMF contact as I spent hours on the phone. I also gained a new perspective and also a contact from all the jabber. Life is good ! sehr gut
Okay I hope you are ready cause this is going to be a very long read today. Lots of news to tell.
First let me start by remembering a few items said in my last couple posts. If you have not read them please just bring up my profile and then click on the all post link and they are all there for you. Again these last couple days have been a roller coaster for most of us. I am included. I was also very excited last Thursday.
Let me explain to you what happened to make us all feel that way.
As many of you may already know this revaluation of the Iraq dinar (as the base currency for 190+ other currencies) was supposed to pop late last week. It could not possibly go prior to late Saturday or Sunday due to restrictions agree to by the USA and Iraq that allowed Iraq 10 days to collect as much of the 3 zero notes as possible from circulation und distribute the new lower denominations. The agreement also wanted to allow the country to settle down a bit since they were seriously afraid of massive, destructive, violent outbreaks rioting. They did an in country RV and the rate was $3.44. Don't let anyone convince you of the insanity that this did not occur. I have very strong contacts in Iraq and you are getting it straight from the goat's mouth, as I got it from them. Why in hell are people spending so much money all of a sudden and why is it all so quite if this did not happen? I don't even want to vernture down this so negative concept that it did not occur...okay ?
So why has the rate not changed in the CBI site?
It has not changed since the global reset has not happened. The rate shown on the CBI will not be reflective of the $3.44 ever. The CBI will reflect the market rate of the Iraq dinar once it goes full blown international.
Oh sure there are those that will tell you the in country RV did not happen and attempt to convince you by saying such things like they had hundreds killed by recent bombings. How could they RV? Do you know the USA had more murders last weekend than in all of Iraq? Also remember Maliki and his goons are behind most if not all the terrorism today in Iraq. It is not the average "joe the plumber" guy that is doing it. The peaceful, loving, family citizens far out number these goons. They are like the crooked mafia that has taken over the GOI. It will only end when they are all delt with and gone. Maliki instigates and perpetrates these things upon there own people. Imagine that a prime minister that could be so mentally ill as to do such things. Time to get rid of him! I will talk about this too later in this post.
Thank God is all I can say that they were able to quite the crowds. If a civil war did occur imagine the consequences? Prime Minister Nori Al Maliki would have had his way and called out the security forces and had yet another excuse to shoot into the crowds and cause a blood bath. This time it would have been substantiated in his tow faced plea for mercy again. So this put much pressure on the CBI to do something. The GOI was against any action of giving the people anything but they were overridden and I explained the how and why in more detail in my last 2 post. So lets move on to this past weekend's events.
[1:57:43 AM] Montana: (F) Something smells fishy-
About 6 months ago it was decided to put FOREX and some of the smaller currency exchanges on a decentralized version of automation. This was not supposed to be implemented until late 2013 or early 2014. However being that there were issues in getting the correct rates down to some of the banks they decided to do it now. Remember there are over 190+ countries throughout the world that must get the correct rates in a timely manner. These rates in the future have to be updated maybe several times throughout the day. This is just not a one shot update. This process must be reliable and work each and every time. So they decided to implement the plan early. A very large meeting of the Central Bank owners was held and they decided it would be best to do it now so they would prevent any possibility of future issues. By the way the CB owners are just a group of extremely wealthy people or organizations behind the scene that use the IMF and allow them to regulate and operate these banks for them.
Remember I once said that for some of this they are flying by the seat of their pants? Well this was a perfect example of it this weekend. They changed the original plan so much already since it is hard to predict all of the consequences and results of something this huge. Will they change it again? I am hearing no.
So what really happened this weekend?
They are implementing a new exchange platform called Centralized International Exchange or CIX. The CIX is sort of like the grand central station and then FOREX and the exchanges would be the stops along the way on the tracks while the banks would be final destinations as you travel away fom the tracks. They were testing these somewhat minor changes made to the existing software to support this CIX platform when the rates were sent down to the banks and pushed to the final destinations. They went all the way to the service areas in the banks where tellers could use them (live rates). This was not intentional and would have not been recalled however when they asked for confirmations not all banks received the new rates at the final destination. Kind of like losing luggage. At the time they did not know that some banks did not receive it or get them on time. This was a huge concern. Finally they found the issue and shut it down.
So what do they do now?
First they could not recall the rates since they already had live rates at the banks!. Ergo the USA (and other countries too) had a situation where many of the larger Iraq dinar holders were actually called in and showed up at the banks to exchange. Some made it all the way to getting their money electronically deposited before it could be stopped while others were told to go home. Their accounts were put on hold (or frozen). So don't worry no one beat you to the bank....lol....
Now the banks are just told to ignore the rates and to exchange using the later rates. Not a pleasant situation and a possible nightmare for the IMF. This can't go on much longer. One mistake could have unwaned ripple effects.
To prevent any riots or angry people (people sleeping the bank parking lots, etc.) they decided to call it just another test and chalk it up to experience. Seems the harm was very limited and damage control was done. So since Thursday they corrected and re-ran tests. All is now functional. They may decide to continue testing during different hours of the day to see the reaction of the rate propagations. The new CIX gives each central bank a more decentralized approach to rate adjustments. It should prevent much of the past mistakes. Let's all hope it does. Personally I almost fell over with pain once I heard they changed their plan once again. Why in hell would they do ths as such a critical time? Will it ever stop I asked? The answer I got back was they had to do it but were hoping they could not have to do it now. They were aware of the consequences and risks of not doing it now.
When can we now expect it?
Okay lets all take a reality check. Just remember a month ago. Did we ever see it this close? We are at the doorstep of this RV. It is so close we are literally just waiting for someone to open the door. The door was actually opened last week but shut very quickly. This has never happened before with live active rates. WOW !
I am told they are very, very much concerned that, in the USA especially, there could be riots (never mind in Iraq) if they prolong this much longer, especially in light of what happended last week. They are literally running out of time as well as running around trying to get this done. The pressure is extreme.
They are also scared this could leak out into the press and make some major news headlines. So please if you want the RV remember this "loose lips since ships". What I mean is I am referring to Okie comment too that the ships at sea. If this gets out of hand we may have to wait a long time to get it back under control. So stay calm and let the ship come to you. It is almost home in port.
Next let me also say that as normal when there is a hold up rumors spread as to why. Let me assure you that whether China or any other country is exchanging already is of no concern for us. Our concern and focus is on getting live rates at the banks in the USA and to get them ASAP. So please save your breath on the Q & A and posts. It does not matter to us in anyway. It is no longer part of our puzzle one way or the other.
Also there are other issues that came up in the meeting with the CB owners/executives over last weekend.
Two of the issues were:
1) The US banks needed more secluded exchange centers away from the general public-
2) The smaller banks needed to also be able to handle certain types of smaller exchanges-
Both of these issues are now being addressed. When all the banks sign off as done we can expect the currency reset to happen and not prior. I was told today late in the day this is still not all done. It is however promising that this will be accomplished prior to or by the end of this week.
If I were you I would expect to see another window of opportunity to see this RV later towards the end of this week. I personally do not believe it will go into next week as long as they don't change the plan again.
I wish I had more information for you but this is all that was given to me. I had to work very hard to even get this much since they are becoming reluctant to part with any news at all. I think there is going to be a news blackout/lockdown coming this week and it may begin tomorrow. What could this mean?
What is going to happen to Maliki?
There is a rumor that an arrest warrant is out for Maliki. I would ignore it for now. There is no proof of this. I asked my Iraq souce and no news was ever said about this. However, I do beleive something is in the making and he may be gone sooner than later. Very soon! There is also a National Meeting planned for later this week if not later this month. That is all I can say for now on this topic. There is little direct impact on our RV at this point, at least for the next 30 days....hint...hint...
Rates
Remember the golden rule - "Noone knows the date or rate" but I have found we can come close. They can't hide this forever and the longer it goes, the closer we get, the more that contacts also are getting angry over the constant delays and plan changes. This seems to bring people out of the woodwork to tell us what is going on. We do know for a fact we can expect to see double digit rates for the Iraq dinar. Some of the other currencies too will be much higher than expected. I believe we will all be pleasantly surprised on many. The one that I believe will blow all our socks off is the Indonesian Rupiah (IDR). Some say it could be a better investment than the IQD. Who knows? I am a strong believer.
Peace and Luv to ya all,
Mnt Goat
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