Elmerf123456: Folks the good news is there isn’t bad news. The pain for most is the wait. We have seen such an enormous transition in this process when things go quite it tests ones resolve. Quiet in this case is a wonderful thing because there is so little to do….. You know more than most. Trust and embrace the wait. Smile all!
Understand that the country of Iraq has invested deeply and has undergone an amazing change to be able to be a part of the world stage. You are a part of their plans and will enjoy the fruits of their labor. The Future is so bright and the good news the future is now!
When you look at blueprints and renderings like the new planned Central Bank of Iraq, new development in Basra, new Airports, Grand Faw Ports/largest and most modern in the Region, and of course the Largest New City Bismayah,
keep in mind the planning of these take a long time.
A wise man once said: what the mind can conceive and believe, the mind can achieve! Control your Thoughts and Emotions and you will ordain your Destiny!
Two things! The Button isn’t lost nor is our RV. That’s all we should need to know! I remain patient, purposeful, poised, and soon prosperous!.
JDbaby : Is it true a three letter agency is holding this up. If so which one?
Elmerf123456 : I know who’s running it also and yes we best not go there. The good news is money is power and that unmentioned has the funds which will bring us the first three letters of the word funds.
ChampagneLife: if the rates are on the screen, there’s no pending, no date, why can’t we go? what’s the hold up?
Turkeyhunter: champagne, you should know that that kind of info will not be given out even though there are many opinions of why its held up. we have no control over this investment and we can only wait patiently and enjoy the fruits of it when it does become public. just be ready and have plans made.
Progress is made in the big back rooms and progress is also made in the public marina but not the critical mass we need for individual exchanges.
My one wish for all is that we not take this on a personal level, that we not see it as some grand rescue. That makes us a victim and we give all our power away.
Bamaltc: IKO thanks. And thanks for pointing us to the Forex chart. From a high level, it does show the trend….
TotallyBlessed: Iko you are SO RIGHT. We made a wise investment taking only what we could afford to lose and believing that someday it would be something for ourselves and our kids, grandkids and generations to come. No victims here.
Gtov725 : Iko – Do you think it will ever reach us?
Iko Ward : Gtov, of course it will, and it may even reach us tonight. Waiting is the name of the game now; frustration the dominant thing.
Uenvoy: Here is my good morning report: Gold is at $1081 per ounce, Silver @ $14.17 , Dow is @ 161.62 and the IQD is floating has been sense Aug 15th. and is now 1112 -$ forex is showing 1086.2 so we are moving in the right direction.
once this thing goes, and we are at the banks, gold is going to shoot up,, because everyone will be buying a little bit of it. or allot of it…….Hoping for this Weekend to get the 800#$ so we all can be at the bank.
G8way2k: Uenvoy So you don’t think we’ll see an Rv until gold hits $350
Uenvoy: g8way2k>> no I think the RV will be first, but dont rush to exhange the Dinar, wait a few days on that currency,, Zim, Dong, Rupiah exchange as soon as you can.. the only way I will rush to the bank with my dinar is if it is about $4
Tuttles: Police Bust largest underground banking case in China
China busts largest underground banking case
NOVEMBER 19, 2015 (From Xinhua)
HANGZHOU–Police in east China’s Zhejiang Province have busted the country’s largest underground banking case, which involved transactions totalling 410 billion yuan (64 bln U.S. dollars), the Ministry of Public Security said Thursday.
A total of 100 suspects from eight gangs have been detained since the police launched the investigation in September last year.
Police say the gangs were loosely united by a ringleader, Zhao, who operated dozens of shell companies in Hong Kong. The companies were involved in foreign exchange transactions and money laundry.
In December 2014, arrest warrants were issued for 56 suspects and more than 3,000 bank accounts were frozen. It took almost a year for police to sort through the over 1.3 million suspicious transactions.
One gang boss, Yang, told Xinhua that many customers wanted to avoid China’s strict supervision on foreign exchange trade. The gang could earn over 50,000 yuan a day thanks to this.
China has faced an “increasingly arduous and complicated” problem with unapproved financial institutions often used for laundering money obtained from corruption, online gambling and fraud, the ministry said in September.
Police have shut down 37 such banks since August, according to the ministry.
Also on Thursday, police in south China’s Guangdong Province said they had busted 10 unapproved banks, responsible for 51.6 billion yuan in illegal transactions, earlier this month.
Harambe: CNBC: Do you know what keeps wealthy people up at night? (11/19/15)
Do you know what keeps wealthy people up at night?
It’s often assumed that financial planning for high-net-worth individuals is all about sophisticated investments and complex strategies that are either too expensive or otherwise off-limits to the general public. However, experts who deal with wealthy clients say those are rarely the focus.
What these financial plans tend to revolve around are fairly basic strategies, such as developing cash-flow models, maxing out retirement accounts, minimizing taxes and creating plans for clients to pass on both their wealth and values to future generations.
“A lot of high-net-worth clients aren’t just about getting the best returns,” said Mitchell Kraus, a certified financial planner and owner of Capital Intelligence Associates. “They’ve built their wealth and want to make sure it’s preserved.
“An extra 1 percent on $100 million isn’t going to change their life,” he added. “Our clients want to pay less in taxes and get good investment returns, but their real goal is to make sure the next generation is prepared.”
According to experts, the following strategies are on the top of the priority list when dealing with wealthy clients.
1. Creating a cash-flow model. Neil Waxman, a CFP and managing director of Capital Advisors, said his first course of action is to develop a good cash-flow model to show his clients’ expected inflows and outflows and how their current asset base could be affected by their asset allocation.
The model “typically illustrates to clients the probability of reaching and maintaining their financial goals,” Waxman said, adding that it then protects capital by preventing clients from making panicked decisions when markets become volatile, or trying to increase returns by moving outside the risk/return parameters of their portfolio.
2. Maximizing retirement contributions. Not surprisingly, tax planning is among the most significant components of financial planning for these clients, and experts say one of the biggies on that front is maximizing contributions to tax-deferred accounts.
While this may seem obvious, Charles Bennett Sachs, a CFP and principal of Private Wealth Counsel, said “it’s more impactful than many people think.”
“There are multiple [tax-deferred] buckets you can fill up, [and] … a lot of people don’t realize how much money they can actually defer,” he said. Sachs explained that when Mitt Romney ran for president in 2012 and disclosed his individual retirement account was worth $20 million to $102 million, people wondered how that could happen. This is how.
In addition to maxing out a 401(k) and traditional IRA, Sachs said, people who are self-employed or generate outside income may be eligible to contribute to a SEP IRA, a solo 401(K) or a defined benefit plan. If you’re an entrepreneur, you could potentially transfer your company’s stock into an IRA.
3. Doing backdoor Roth conversions. Another popular strategy for wealthier people who are ineligible to contribute to a Roth IRA is a “backdoor Roth IRA conversion,” in which you contribute money annually to a traditional IRA and then convert it to a Roth.
With Roth IRAs, you pay taxes upfront, so withdrawals are tax-free. You’re also not required to take distributions, so the money can continue to grow. (Backdoor conversions are legal but fairly controversial, and many expect they will be outlawed sometime soon.)
4. Lowering income and capital gains taxes. Another focus for Waxman at Capital Advisors is lowering income and capital gains taxes. “With higher tax rates on most forms of income, we have become even more vigilant at minimizing capital gains tax paid by clients via diligent tax-loss harvesting at all times,” he said. (Tax-loss harvesting involves selling certain securities at a loss in order to offset gains elsewhere.)
Additionally, he said, “We place active managers in retirement plan accounts when available, find high-quality dividend-paying companies … and increase municipal bond holdings, given the higher tax-effective yield.”
Using appreciated stocks to make charitable contributions, as opposed to giving cash, is another tactic that lets you avoid paying the capital gains taxes you would incur if you sold the stock.
5. Avoiding estate taxes. Estate taxes are a thorn in the sides of many high-net-worth clients. However, Sachs at Private Wealth Counsel said that by lowering the value of an estate, this could lessen (or avoid) the blow. And he explained that there are numerous ways to do this. Gifting is one.
Current laws allow an unlimited number of gifts, each totaling up to $14,000 a year, tax-free. For example, you could have 10 friends to which you give $14,000 each, thereby giving away $140,000 without ever having to fill out a tax form. (For 2015, the estate tax exemption is $5.43 million per individual.)
There are also various trusts that can be established to remove assets from an estate. Irrevocable trusts are often used to transfer out life insurance policies, while Grantor Retained Unitrusts (or Grantor Retained Annuity Trusts, which are similar) allow income-generating assets such as stocks or real estate to be put into trust, although they allow the creator of the trust to continue receiving income from the asset(s).
If a family business is involved, a limited liability company or family limited partnership is an option that transfers the business to the owner’s heirs while allowing the owner to retain control.
6. Focusing on philanthropy. Kraus at Capital Intelligence Associates said philanthropy tends to be very important to his clients, many of whom are just as concerned with passing on their values to their heirs as they are their wealth. Charitable remainder trusts (CRT), charitable lead trusts (CLT) and donor-advised funds (DAF) are vehicles that can help accomplish that.
A CRT is an irrevocable trust that is usually funded with appreciated assets. The assets are effectively removed from the estate, which allows for an immediate tax deduction. The grantor (or whomever they choose) can receive income from the trust throughout their life and when the grantor dies the assets go to a nonprofit organization of their choosing.
A CLT is set up similarly; however, a grantor-selected charity receives the income, either for a set number of years or throughout the grantor’s life. When the grantor dies, the trust assets are passed on to their heirs.
A DAF is like a savings account that’s used for charitable donations. Kraus said it’s often a better alternative to a private foundation, which is more complex and costly. Contributions to a DAF warrant an immediate tax deduction, and the donor (and their family, if applicable) has the ability to decide where, when and how much to give.