FreeTheDinar.org - Website to shape Iraqi Monetary Policy

FreeTheDinar.org Announces Creation of Website to shape Iraqi Monetary Policy to Include a Plan for Repatriation of Iraqi Dinar Paper Currency Held by Foreigners

PRWEB.COM Newswire

San Diego, CA (PRWEB) August 18, 2011

http://www.freethedinar.org has created a central repository of contact information for organizations and individuals who can shape Iraqi monetary policy. Several recent announcements by the Central Bank of Iraq to completely restructure the Iraqi Dinar have heightened new investor interest in the currency. Iraq’s Central Bank has detailed its general plan for the Dinar that when completed will reflect a Dinar with a value approximately equal to one U.S. Dollar with entirely new redenominated banknotes in circulation. However, certain parts of the story remain untold.

David Pratt of http://www.DinarFund.org has called for the Central Bank of Iraq to reveal its plan for the importation of all Iraqi Dinar paper currency purchased and accumulated by thousands of U. S. citizens the last seven years from the offices and branches of several international banks and registered currency dealers here in the United States.

“We are encouraging people holding this paper to contact the Central Bank of Iraq or anyone who may be in a position to influence Iraq’s monetary policy. We want leadership in the Central Bank to acknowledge these Dinars and display the existence of structures within their master plan designed specifically to facilitate the efficient and orderly repatriation of this currency,” says David Pratt.

William Burbank of BB&M International Corporation, operator of the AmIraq Fund agrees and goes on to state: “individuals who purchased paper currency, often in small denominations were investing in Iraq in its darkest hour. It seems only fair that the Bank of Iraq institute policies that allow them to participate in the growth of the Dinar’s value”. Mr. Burbank went on to state “At this point in time we are awaiting approval of the Central Bank’s recommendations by the Iraqi Parliament and this is the time when policy can be influenced or introduced to protect the paper currency holders.”

It is important to note that only the holders of paper currency outside of Iraq may be impacted by the current ambiguity. Investors holding equity shares, dinar denominated bank deposits and other financial instruments inside of Iraqi are not in question.

To assist holders of Iraqi Dinar paper currency, a dedicated interactive website is available which contains contributed contact information for organizations and key individuals that may have influence in the creation of new policies and procedures being crafted at this time in Parliament. The best time to make changes is before the finalization and execution of any currency exchange program.

Please go to http://www.freethedinar.org to access these links and build momentum by spreading the word.

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Read the full story at http://www.prweb.com/releases/Iraqi/Dinar/prweb8727787.htm

Is The Iraqi Dinar Worthless Paper Or Maker Of Millionaires?

Jul. 27 2011 - 8:40 am | 43 views | 0 recommendations | 1 comment

posted by ROBERT A. GREEN, CPA

50 dinars, what's it worth?

Dozens of people have signed up for tax consultations with me over the years looking for a windfall profit on the U.S. government revaluation of the Iraqi dinars back into U.S. dollars.  In other words, these were people holding dinars who were hoping they could exchange them for dollars again.

Most dinar investors are current and ex-military, warzone contractors and now speculators. A cottage industry of promoters has sprung up on the Internet promising dinar “get rich” schemes. Many have invested, say, $5,000 and they hope to make millions. I’ve always thought it was a scam, as it sounded too good to be true.

These people ask me about their potential large tax bills. Most hope for long-term capital gains tax rates, currently up to 15 percent. I have to give them the bad news: holding physical currency is considered ordinary gain or loss in Section 988 (foreign currency transactions). Unlike forex traders, who don’t hold physical currency and don’t take or make delivery, they can’t file a capital gains election to opt out of Section 988 and into short- and long-term capital gains treatment.

That means no lower 60/40 futures tax rate either (Section 1256). At least, it’s not considered a personal loss which otherwise can’t be deducted, as is the case when a person returns from a vacation and exchanges his left over currency from that trip. Investors in dinars can deduct ordinary losses in Section 988, but few expect a loss.

Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed is about how the four leading central bankers from the U.S., U.K., France and Germany navigated in and out of WWI and financed recoveries and German reparations. These central bankers went off and on the gold and new dollar standards by manipulating their exchange and interest rates and much more. This is how money and power (military and otherwise) go hand in hand.

Our current situation begs the question: Did the Bush administration plan on, and is the Obama administration still considering, paying for part or all of the Iraq war by collecting taxes from the revaluation of the dinar?

If this scheme has any resemblance of reality, it could be an interesting revenue raiser for the government, and I know the government is hunting for revenue raisers and closing of tax loopholes.

Maybe the story here is just that it’s a scam. But, if rumors in the marketplace are true, and the dinar does revalue and allow conversion for most to pre-war levels, what are the ramifications for the government, Iraq, the military, investors and taxpayers?  Also, what’s holding up the revaluation? Can Iraq handle it?

It does sound like a happy ending which makes me suspicious.  How much tax revenue do U.S., state and local governments stand to collect? How many former and current military personnel and contractors stand to become millionaires overnight?

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