Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by cigarman

Well gang, I've read 5 different articles today about Iraq being in the beginning stages of a civil war. We can only hope that the present government can calm the people down alittle until they get things done and moving. I would think that if they would hurry up and reval the people would settle down and give democracy a chance. I know that the media blows things out of proportion most of the time, but some Iraqi officials are even stating it looks grim. Everybody hold your breath and pray that they can get this done before anything terrible happens.

I've been hearing in-depth reports that it's actually been a civil war for a while. It's kind of like Yugoslavia, as long as Tito was there to keep the lid on, the centuries old enmities just simmered. The Shi'ites and the Sunnis have been at each other's throats for hundreds of years, and evidently see the time now as ripe for settling old scores. The US tends to leap into situations like this, lands with ancient ties and bitternesses too complex to even begin to unravel, with both feet. We seem to think that some gunpower, some bullying tactics and sunny (pardon the pun...) optimism that it will all end happily ever after. I'm all for optimism, but the sheer amoral savagery that is taking place there is truly stomach turning. I'm not sure what the answer is, but we'd better pray, because a few souls that have been on the ground there say it's pretty much coming apart. If it does peg soon, I would happily consider turning some of it back to any authoritative agency that could have an effect on the violence. If there is such an agency. Any input, anyone?

Well, I certainly don't have the answer. It would seemthat a reval might settle things down for a while. Maybe Mike could talk with his Kurdish contact and see what the mood in Iraq really is right now. Also, maybe Adster could inject some of his knowledge as well.

Oh, by the way, there are still positive articles coming out of Iraq so maybe all not lost yet. Man I need a drink!

Originally Posted by ourhouse37

I've been hearing in-depth reports that it's actually been a civil war for a while. It's kind of like Yugoslavia, as long as Tito was there to keep the lid on, the centuries old enmities just simmered. The Shi'ites and the Sunnis have been at each other's throats for hundreds of years, and evidently see the time now as ripe for settling old scores. The US tends to leap into situations like this, lands with ancient ties and bitternesses too complex to even begin to unravel, with both feet. We seem to think that some gunpower, some bullying tactics and sunny (pardon the pun...) optimism that it will all end happily ever after. I'm all for optimism, but the sheer amoral savagery that is taking place there is truly stomach turning. I'm not sure what the answer is, but we'd better pray, because a few souls that have been on the ground there say it's pretty much coming apart. If it does peg soon, I would happily consider turning some of it back to any authoritative agency that could have an effect on the violence. If there is such an agency. Any input, anyone?

To start with, I think that politicians saying Iraq is in a state of civil war is absurd and is only stated as political fodder to critize the current administration with the view of usurping power for themselves.

Never think that the United States Government, regardless of which party is in power ever leaps into a sitiuation that it has not thought through very thoroughly and consulted with manifold experts. That's not to say that things always go as planed but it's impossible to consider every possible variable in any given circumstance.

There's an old say, "if brute force doesn't work, you're not using enough of it". The problem in the Middle East is that there is a minority of fanatical *****s that don't give a rip about anyone or anything but their own idiology and they are willing to kill and die for that. The majority of people everywhere, no matter what there up bringing, just want to live nomal lives in realitive peace.

Once enough brute force is applied, as ugly as it is, it will quell these murdering *****s.

Originally Posted by cigarman

Well, I certainly don't have the answer. It would seemthat a reval might settle things down for a while. Maybe Mike could talk with his Kurdish contact and see what the mood in Iraq really is right now. Also, maybe Adster could inject some of his knowledge as well.

I don't believe that a reval will change anything in regards to a civil war. Remember that extremist muslims (islamists) do not think the way we do in the west. Life and comfort mean nothing to them...death, martyrdom, holy wars, forcing their way of life on us infidels or killing us, and afterlife virgins are what they crave. Extremist Sunni's and Extremist Shiites hate each other and money changes none of this almost "genetic" hatred and insanity. Lets just hope these insane morons don't tear Iraq apart before we have a chance to cash in our dinars at a good rate of return. Thankfully not all arab muslims are extreme or hate each other and the non islamic world.

danny

Originally Posted by danny51

I don't believe that a reval will change anything in regards to a civil war. Remember that extremist muslims (islamists) do not think the way we do in the west. Life and comfort mean nothing to them...death, martyrdom, holy wars, forcing their way of life on us infidels or killing us, and afterlife virgins are what they crave. Sunni's and Shiites hate each other and money changes none of this almost "genetic" hatred and insanity. Lets just hope these insane morons don't tear Iraq apart before we have a chance to cash in our dinars at a good rate of return. Thankfully not all arab muslims are extreme or hate each other and the non islamic world.

danny

Interesting,

This is one of those questions which does not have an answer. You make some valid points, but also keep in mind the majority of killings were for money. They are so poor they would offer themselves up to receive money for family, these were the first to become suicide terrorists, but yes, it has created unrest and revenge killing which has nothing to do with money.

But deep down it really does have meaning, for if you had something, even a little money, a home, family, job, etc, would you be as willing to kill yourself? When you have nothing, you are nothing, and this is why these killings go on. The brutal killers deserve to die, so given it is on both sides, it will continue as it always has, so this is nothing new, it is just now being reported in headlines. With the mass graves found back in 2003, this is nothing new, hate between sectarion groups is a way of life, worsened by the poverty, so I will bet it deminishes once economy gets boost from revalue.

My take on this is from personal experience when I was in Kuwait. There was always hate between sects, but not mass killing like we now see, and whenever there was killing, it was always the most poor who were doing the killing. It will be interesting to see how it all turns out, but hate only goes so far, and much of the hate is because of who has more, more money, more power, so nothing new hear, it really comes down to money more than anything else in my opinion.

Good luck to all, Mike

Tiffany and Karinc..
I copied and pasted both those posts, the original and the retraction... and saved them in my tid bits of info. also so here's what I found...I was bumm ed over the re-traction.. libby

Originally Posted by Jetsa1
Copied and pasted...

Correct U.S. Taxation on Dinar

--------------------------------------------------------------------------------

I have been a tax accountant for 29 years and also a financial planner. I own a substantial amount of Iraqi Dinar. Here is how it will be taxed the the IRS. This investment is not tax as regular capital gains are taxed. Foreign Currency is considered a "commodity" by the IRS and is taxed thusly: 60% is taxed at long term capital gain rates of 15%. The other 40% is taxed at ordinary income tax rates. This is all spelled out in Section 988 of the IRS Tax Code.
Combined the rates total 23%.
If you had one million Dinar and they were valued at one million dollars. You exchanged them in for the dollars and the amount you owe Uncle Sam is $230,000. You keep the $730,000 of that million dollars.

But, in order to do this, you must make an election at the time you exchange it and fill out the paperwork. Places that exchange currency know how to handle this. Go to Manchesterfx.com to see how it is explained there. If you don't make this election, then you'll be taxed at the highest current rate of 35%.

The one big advantage of this being classified as a "commodity" is that there is no specified holding period, as there is with long term capital gains. You can hold it one day, one week, one month, etc and it's still taxed at the 23%. If you exchange in a very small amount, then that tax rate would be lower, based on your ordinary tax rate.

Hope this clears up all the tax quesitons on our fortunes to be.


Hi-ya Jetsa

I found where you copied this post from and "taxmama" posted a follow-up so I thought I'd copy it in here...

"I have re-checked the taxability of the Dinar and find I was incorrect when I counted it as a commodity. The person who referenced that for currency futures contracts was correct. The Dinar will be taxed as a capital gain to all of us.
15% tax for holding it over 12 months.
35% (or less) for holding it under 12 months, depending on the amount exchanged.
I do apologize for the mis-statement. There are several view on this, but this morning I called Manchester FX who trades currencies daily worldwide, and in the U.S., hard currency is indeed a capital gain. "

I still say consult a local tax expert in your area...but it was nice for the time it 'worked'! lol!

Well, it looks like it's going to be another long night. Their supposed to pass the law in parliment Saturday so that will be late night for me. I guess I'll stay up and look around for a press release(as long as the beer last). Everyone be sure to pray hard tonight when you go to bed.

Well Mike I guess that jealousy, hatred, lust for power and greed are always the major components that drive such behaviour as we see in Iraq.

danny

By QASSIM ABDUL-ZAHRA
The Associated Press

BAGHDAD, Iraq - A government committee formed to try to unite the country's sectarian and political groups will hold its first meeting this week, a parliament member said Saturday.

The Supreme National Committee for Reconciliation and National Dialogue will be comprised of about 30 members, including legislators, religious and tribal leaders, said Hassan al-Suneid, a Shiite in parliament.

The group also will include tribes from the Iraq's western Anbar province, where insurgents remain active, he said.

The committee was formed in response to Prime Minister Nouri al-Maliki's 24-point national reconciliation plan, which he released shortly after taking office in May. The plan includes an amnesty program for insurgents not involved in killing Iraqis or multinational forces.

Al-Maliki vowed Wednesday that insurgent attacks would not undermine his efforts toward national reconciliation. The committee will hold its first meeting Saturday.

The prime minister will head the first meeting, which will put in place an organizational framework and ask political and dialogue committees to contact armed groups, al-Suneid said.

One of the committee's missions will also be holding a reconciliation conference, he said.

Several insurgent groups have indirectly contacted al-Maliki's office to say they want to join the political process, al-Maliki said. President Jalal Talabani made similar statements.

The committee will be headed by al-Maliki while Minister of National Dialogue Akram al-Hakim will be the director, al-Suneid said.

July 21, 2006 5:58 AM

http://www.phillyburbs.com/pb-dyn/ne...06-686902.html