Legal Tender Status of United States Notes & Federal Reserve Notes
.Legal Tender Status -- United States Department of the Treasury
United States Notes & Federal Reserve Notes
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services.
Legal Tender Status -- United States Department of the Treasury
United States Notes & Federal Reserve Notes
I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn't this illegal?
The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled "Legal tender," which states: "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues."
This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services.
Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.
Federal Reserve Notes
How Are They Different From United States Notes?
Federal Reserve notes are legal tender currency notes. The twelve Federal Reserve Banks issue them into circulation pursuant to the Federal Reserve Act of 1913. A commercial bank belonging to the Federal Reserve System can obtain Federal Reserve notes from the Federal Reserve Bank in its district whenever it wishes. It must pay for them in full, dollar for dollar, by drawing down its account with its district Federal Reserve Bank.
Federal Reserve Banks obtain the notes from our Bureau of Engraving and Printing (BEP). It pays the BEP for the cost of producing the notes, which then become liabilities of the Federal Reserve Banks, and obligations of the United States Government.
Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue.
The idea was that if the Congress dissolved the Federal Reserve System, the United States would take over the notes (liabilities). This would meet the requirements of Section 411, but the government would also take over the assets, which would be of equal value. Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them.
Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.
To continue reading, please go to the original article here:
https://www.treasury.gov/resource-center/faqs/currency/pages/legal-tender.aspx
Randy Koonce Update 11-16-19
.Randy Koonce Update 11-16-19
Emailed To Dinar Recaps
Randy Koonce: I am adding a date to archive..Saturday, November 16, 2019
To All Hopeful Citizens in Dinarland: How are you makin it. ?
I wish I had known, when I won the Nigerian Princess lottery (7 times) that I should have saved some of that money to buy more dinar. None of us knew that the Dinar Days of our Lives was going to run this long!!
As I have said many times before, none of us ever anticipated the political football this 'project' has become. There is an abundance of evidence that this 'event' should have taken place many years ago. But, here we are. Still punting the dinar football!
The latest information that has come to me indicates that we are, once again, in a very hot window. This window is open as we speak, and will remain open and hot through the end of the year. Please pay attention!! Now. To the end of the year. And I am hoping 'sooner than later.' It is my understand that President Trump wants this done 'now'. But we do not know how long 'now' might take to complete.
Randy Koonce Update 11-16-19
Emailed To Dinar Recaps
Randy Koonce: I am adding a date to archive..Saturday, November 16, 2019
To All Hopeful Citizens in Dinarland: How are you makin it. ?
I wish I had known, when I won the Nigerian Princess lottery (7 times) that I should have saved some of that money to buy more dinar. None of us knew that the Dinar Days of our Lives was going to run this long!!
As I have said many times before, none of us ever anticipated the political football this 'project' has become. There is an abundance of evidence that this 'event' should have taken place many years ago. But, here we are. Still punting the dinar football!
The latest information that has come to me indicates that we are, once again, in a very hot window. This window is open as we speak, and will remain open and hot through the end of the year. Please pay attention!! Now. To the end of the year. And I am hoping 'sooner than later.' It is my understand that President Trump wants this done 'now'. But we do not know how long 'now' might take to complete.
It is entirely possible that Thanksgiving 2019 could be one for the books. But, as we ALL have learned, things can change the direction of this in a heartbeat. So, while we have very good information right now, it is important that everyone remain grounded and focused on the long game.
While we could have a lot to be thankful for at Thanksgiving this year, it also could be a New Year's to remember. We just need to remember that at some point, in the very near future, we are going to have a lot for which to be very grateful.
Please. While I do appreciate how hard it is waiting for this to happen, please understand that I cannot, and will not, answer the thousands of emails and texts from everyone. I am not going to even try. When I get information that puts us in a good window, I will let you know.
I am like you, and working every day, waiting for this to happen. I know that it is hard, with so many differing opinions being given every day. Many of the 'gurus' are taking information from others and rewording it. Some are just giving their uneducated opinions. Iraq is NOT going to do a LOP. Forget any talk about a LOP.
What I know for a fact is that President Trump is trying to get this released, in spite of tremendous opposition from the Democrats, who do not want this to happen. The reason for the 'extended' window is because of our current political environment.
Do not get discouraged and think that this is never going to happen. This is a currency, whose value prior to the Iraqi war was worth $2.65. It will be worth that again, and more because there are more assets in Iraq now than before. This is going to happen! The only question is when.
The unrest in Iraq is not a factor in when this is going to be released. It is not going to stop it, and President Trump recognizes that the only way to stop the unrest . . . Is to release the RV. He's working on it!! Know that!! The controlling factor in when this is going to happen is the US. Nothing else matters. US!! Period.
Breathe. Several times. Be wise. Be smart. Do not be rash. Make good decisions.
Do not give your dinar to anyone except a bank. Get professional advice. Invest wisely. Learn to say 'No'.
God bless all of you. It has been a journey none of us ever expected, but we should all be grateful to have been included in it.
Check www.cbi.iq every day to see if it has changed... do not take a guru or a post about in country RV or any thing else do not be fooled just check the CBI
Do not let your emotions get to you.
Blessings. Randy Koonce
The Invention of Money
.The Invention of Money
By John Lanchester July 29, 2019
When the system buckles, how do we know what money is really worth?
In three centuries, the heresies of two bankers became the basis of our modern economy.
When the Venetian merchant Marco Polo got to China, in the latter part of the thirteenth century, he saw many wonders—gunpowder and coal and eyeglasses and porcelain.
One of the things that astonished him most, however, was a new invention, implemented by Kublai Khan, a grandson of the great conqueror Genghis. It was paper money, introduced by Kublai in 1260. Polo could hardly believe his eyes when he saw what the Khan was doing:
He makes his money after this fashion. He makes them take of the bark of a certain tree, in fact of the mulberry tree, the leaves of which are the food of the silkworms, these trees being so numerous that whole districts are full of them.
What they take is a certain fine white bast or skin which lies between the wood of the tree and the thick outer bark, and this they make into something resembling sheets of paper, but black. When these sheets have been prepared they are cut up into pieces of different sizes.
All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver; and on every piece a variety of officials, whose duty it is, have to write their names, and to put their seals.
And when all is prepared duly, the chief officer deputed by the Khan smears the seal entrusted to him with vermilion, and impresses it on the paper, so that the form of the seal remains imprinted upon it in red; the money is then authentic. Anyone forging it would be punished with death.
That last point was deeply relevant. The problem with many new forms of money is that people are reluctant to adopt them. Genghis Khan’s grandson didn’t have that difficulty.
He took measures to insure the authenticity of his currency, and if you didn’t use it—if you wouldn’t accept it in payment, or preferred to use gold or silver or copper or iron bars or pearls or salt or coins or any of the older forms of payment prevalent in China—he would have you killed. This solved the question of uptake.
The Invention of Money
By John Lanchester July 29, 2019
When the system buckles, how do we know what money is really worth?
In three centuries, the heresies of two bankers became the basis of our modern economy.
When the Venetian merchant Marco Polo got to China, in the latter part of the thirteenth century, he saw many wonders—gunpowder and coal and eyeglasses and porcelain.
One of the things that astonished him most, however, was a new invention, implemented by Kublai Khan, a grandson of the great conqueror Genghis. It was paper money, introduced by Kublai in 1260. Polo could hardly believe his eyes when he saw what the Khan was doing:
He makes his money after this fashion. He makes them take of the bark of a certain tree, in fact of the mulberry tree, the leaves of which are the food of the silkworms, these trees being so numerous that whole districts are full of them.
What they take is a certain fine white bast or skin which lies between the wood of the tree and the thick outer bark, and this they make into something resembling sheets of paper, but black. When these sheets have been prepared they are cut up into pieces of different sizes.
All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver; and on every piece a variety of officials, whose duty it is, have to write their names, and to put their seals.
And when all is prepared duly, the chief officer deputed by the Khan smears the seal entrusted to him with vermilion, and impresses it on the paper, so that the form of the seal remains imprinted upon it in red; the money is then authentic. Anyone forging it would be punished with death.
That last point was deeply relevant. The problem with many new forms of money is that people are reluctant to adopt them. Genghis Khan’s grandson didn’t have that difficulty.
He took measures to insure the authenticity of his currency, and if you didn’t use it—if you wouldn’t accept it in payment, or preferred to use gold or silver or copper or iron bars or pearls or salt or coins or any of the older forms of payment prevalent in China—he would have you killed. This solved the question of uptake.
Marco Polo was right to be amazed. The instruments of trade and finance are inventions, in the same way that creations of art and discoveries of science are inventions—products of the human imagination. Paper money, backed by the authority of the state, was an astonishing innovation, one that reshaped the world.
That’s hard to remember: we grow used to the ways we pay our bills and are paid for our work, to the dance of numbers in our bank balances and credit-card statements. It’s only at moments when the system buckles that we start to wonder why these things are worth what they seem to be worth.
The credit crunch in 2008 triggered a panic when people throughout the financial system wondered whether the numbers on balance sheets meant what they were supposed to mean.
As a direct response to the crisis, in October, 2008, Satoshi Nakamoto, whoever he or she or they might be, published the white paper that outlined the idea of Bitcoin, a new form of money based on nothing but the power of cryptography.
The quest for new forms of money hasn’t gone away. In June of this year, Facebook unveiled Libra, global currency that draws on the architecture of Bitcoin. The idea is that the value of the new money is derived not from the imprimatur of any state but from a combination of mathematics, global connectedness, and the trust that resides in the world’s biggest social network. That’s the plan, anyway.
How safe is it? How do we know what libras or bitcoins are worth, or whether they’re worth anything? Satoshi Nakamoto’s acolytes would immediately turn those questions around and ask, How do you know what the cash in your pocket is worth?
The present moment in financial invention therefore has some similarities with the period when money in the form we currently understand it—a paper currency backed by state guarantees—was first created.
The hero of that origin story is the nation-state. In all good stories, the hero wants something but faces an obstacle. In the case of the nation-state, what it wants to do is wage war, and the obstacle it faces is how to pay for it.
To continue reading, please go to the original article here:
https://www.newyorker.com/magazine/2019/08/05/the-invention-of-money
The RV, the Story of Patience and the Prophet Noah
.The RV, the Story of Patience and the Prophet Noah.
By Muhammad Ali
Many of us have been waiting years and some even over a decade of waiting for the RV. The question that keeps coming up over and over again is WHEN? WHEN! WHEN!
I too have asked myself that question and I certainly wish that I could answer it.
All that we can be assured of is that it is coming and to have patience.
Now seems like a great time to remind ourselves about the story of Prophet Noah.
I suggest that many of you compare your level of faith to that of Prophet Noah.
You know if we look closely at the story of Prophet Noah, there are some very good lessons to be learned.
We know that he was around 480 years of age when he received the guidance to build the ark.
How did that guidance come? Did God come down and talk to him face to face? No
Did Angel Gabriel come down and talk to Prophet Noah. With the instructions to build the ark? Maybe
Or was it just a voice in Prophet Noah’s head to build the ark? Another possibility.
My point is that Prophet Noah only had 1 source of information...yet he believed.
The RV, the Story of Patience and the Prophet Noah.
By Muhammad Ali
Many of us have been waiting years and some even over a decade of waiting for the RV. The question that keeps coming up over and over again is WHEN? WHEN! WHEN!
I too have asked myself that question and I certainly wish that I could answer it.
All that we can be assured of is that it is coming and to have patience.
Now seems like a great time to remind ourselves about the story of Prophet Noah.
I suggest that many of you compare your level of faith to that of Prophet Noah.
You know if we look closely at the story of Prophet Noah, there are some very good lessons to be learned.
We know that he was around 480 years of age when he received the guidance to build the ark.
How did that guidance come? Did God come down and talk to him face to face? No
Did Angel Gabriel come down and talk to Prophet Noah. With the instructions to build the ark? Maybe
Or was it just a voice in Prophet Noah’s head to build the ark? Another possibility.
My point is that Prophet Noah only had 1 source of information...yet he believed.
He did not have overlapping sources of confirmation that proved to him beyond a shadow of a doubt that building this ark was not the right thing to do nor did he have any geological surveys or weather forecasts saying that major heavy rain warnings ahead.
So again, Prophet Noah had only 1 source of confirming information and nothing black and white, just hearsay....yet he believed.
Remember guys, it took Prophet Noah 75 years to build the ark. What patience this man and his sons had with the town’s people mocking him and his family. This was not 4 or 5 people. This was hundreds of people, every single day for 75 years. This alone will drive someone to insanity.
Once the ark was completed, God Almighty sent the rains and flood but 50 years later. What patience this man and his sons had with the town’s people still continuing to mock him and his family.
The mocking would be now more severe and intense. God strengthen Noah and his family in faith because they believed and put their trust in God.
So a total of 125 years went by from start to flood. This is true test of patience of any man. So regardless of how long you have waited for the RV and the tests you have gone thru, it would be incomparable to that of Prophet Noah and his family.
For some of you in this investment the wait has been long and for some, very short, yet you still keep asking when? When? When?
Some have endured great tests during this waiting time for RV and some have not shed a sweat or tear.
True faith in God is having patience in His timing. Because of this waiting many of you have been able to get more currency. I know I have. My wait has been, now going into 13 years, however, the amount of currency I have now as compared to 2012 is considerably a lot more. So God is great!
God has strengthen my belief in this investment as he did with Prophet Noah or else, I would have stopped posting years ago and just stayed quiet as with many of the previous Intel.
The RV will happen in God's timing and then the second test will begin, the test of readiness. Are you truly ready? That is the question? Time will tell.
I hope my article has been of some interest to you.
Any questions please send me an email to currencyexchangeplanner@gmail.com
I am the creator of the Currency Exchange Planner, an excel spread sheet, which is the most advanced and affordable planning tool for the Dinar Community.
Try the FREE Download version to test run or BUY the full version for a One-Time low price of $25. This includes free updates in the future.
My website is www.CurrencyExchangePlanner.com
Thank you so much, Muhammad Ali
https://www.currencyexchangeplanner.com/article-12-prophet-noah
A Brief History of Veteran’s Day In The United States
.A Brief History of Veteran’s Day In The United States
11 | 07 | 2019
Every year on November 11, people in the United States celebrate Veteran’s Day. It’s a special time dedicated to honoring those who have served in the armed forces. While it’s sometimes confused with Memorial Day, there are distinct differences between the two.
Veteran’s Day is more than just scoring a three-day weekend off from work. It has a significant history deeply rooted in the honor and sacrifice of those who have served. Here is a brief history of Veteran’s Day and why it’s so important.
A Brief History of Veteran’s Day In The United States
11 | 07 | 2019
Every year on November 11, people in the United States celebrate Veteran’s Day. It’s a special time dedicated to honoring those who have served in the armed forces. While it’s sometimes confused with Memorial Day, there are distinct differences between the two.
Veteran’s Day is more than just scoring a three-day weekend off from work. It has a significant history deeply rooted in the honor and sacrifice of those who have served. Here is a brief history of Veteran’s Day and why it’s so important.
The First Veteran’s Day
Historical photo of crowd in Berlin at the end of World War 1, November 10, 1918
Credit: Everett Historical / Shutterstock
![13-1-Everett-Historical-shutter[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1573520491001-WXTTZMB83F8J30U86YMS/13-1-Everett-Historical-shutter%5B1%5D.jpg)
The very first Veteran’s Day was celebrated in 1938 to honor the end of World War I. While the Treaty of Versailles officially ended the war in June of 1919, an armistice, or ceasefire, began earlier on November 11, 1918. Originally, Veteran’s Day was called Armistice Day in honor of the ceasefire and the end of the violence. It was created to celebrate the brave people who fought in WWI.
Changing With The Times
By 1954, the United States had participated in both World War II and the Korean War. Armistice Day was intended only to celebrate WWI veterans, and all of the new veterans didn’t have a much-deserved holiday of their own. Congress passed a bill changing Armistice Day to Veteran’s Day as a way of extending the celebration to include veterans of any war.
In 1968, Congress passed the Uniform Monday Holiday Bill, which gave government employees the much-loved three-day weekends for historical holidays like Washington’s Birthday, Memorial Day, and Veteran’s Day. Because November 11 sometimes falls on the weekend, the act also changed Veteran’s Day to the fourth Monday of November.
This wasn’t a popular change. Not only did it confuse everyone, but it also took away the historical significance of November 11. Finally, in 1975, President Ford returned Veteran’s Day to its rightful date where it has remained ever since.
Memorial Day vs. Veteran’s Day
The main distinction between Memorial Day and Veteran’s Day is that Memorial Day is for commemorating the soldiers who have lost their lives in battle while Veteran’s Day honors those who are still living.
Memorial Day was born of the Civil War when people needed a way to remember the family members that they’d lost. After WWI, it grew to include those lost in all wars. Memorial Day was celebrated differently in every state until it was made an official federal holiday in 1971.
To continue reading, please go to the original article here:
https://www.triviagenius.com/a-brief-history-of-veterans-day-in-the-united-states/
Everything You Want To Know About Veterans Day
.Everything You Want To Know About Veterans Day And More!
By Meera Dolasia
On Friday, November 11, Americans will celebrate Veterans Day. The federal holiday honors the brave men and women of the armed forces who risk their lives to protect our freedom. They include members of the US Army, Navy, Marine Corps, National Guard, Air Force, and the Coast Guard.
There is often confusion between Veterans Day and Memorial Day, which is celebrated on the last Monday of May. Though both honor our military personnel, Memorial Day, is set aside to remember and pay tribute to soldiers that died in battle or from a wound sustained in one.
Everything You Want To Know About Veterans Day And More!
By Meera Dolasia
On Friday, November 11, Americans will celebrate Veterans Day. The federal holiday honors the brave men and women of the armed forces who risk their lives to protect our freedom. They include members of the US Army, Navy, Marine Corps, National Guard, Air Force, and the Coast Guard.
There is often confusion between Veterans Day and Memorial Day, which is celebrated on the last Monday of May. Though both honor our military personnel, Memorial Day, is set aside to remember and pay tribute to soldiers that died in battle or from a wound sustained in one. Photo Credit: Publicdomainpictures.net
![veterans-day-2016[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1573499019125-H2DTHN0ICESKEP4EDIDK/veterans-day-2016%5B1%5D.jpg)
Veterans Day on the other hand, recognizes ALL those who served honorably in the military, during war or peace. Its primary purpose however, is to thank the living veterans for their bravery and contribution to our national security. Image Credit: popularresistance.org
The holiday, formerly called Armistice Day, was first celebrated on November 11, 1919 to honor World War I soldiers. The date was selected because it was on this day at 11:00 AM in 1918 that the Allied Nations and Germany reached a cease-fire, or Armistice, which led to the end of the ‘Great War,’ as it often called.
![armistice-day-e1415721942127[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1573499414501-FIKBZZ7UBSJRGGUDT9QA/armistice-day-e1415721942127%5B1%5D.jpg)
US President Woodrow Wilson, who began the commemoration, encouraged Americans to celebrate the day with parades and public meetings. Businesses were also urged to suspend work for a few minutes at 11:00 am to honor World War 1 veterans. In 1954, after America’s engagement in World War II and the Korean War, US officials changed the name to Veterans Day, so that all military personnel could be honored.
Pittsburgh Veterans Day Parade (Photo Credit: By Sgt. 1st Class Michel Sauret Public domain via Wikimedia Commons
![pittsburgh_veterans_day_parade_111111-a-ti385-093[1].jpg](https://images.squarespace-cdn.com/content/v1/5d5222a44813620001d89582/1573499486180-OIPC4JXY0LAUFI837GKD/pittsburgh_veterans_day_parade_111111-a-ti385-093%5B1%5D.jpg)
In 1968, to enable Americans to enjoy a longer weekend, US lawmakers moved three holidays — Washington’s Birthday (Feb 22), Memorial Day (May 30), and Veterans Day (November 11) — from fixed dates to designated Mondays. However, the first Veterans Day celebration under the new law, observed on October 25th, 1971, resulted in much confusion.
Additionally, most Americans were not happy with the change, due to the date's historical and patriotic significance. In 1975, President Gerald Ford finally succumbed to public pressure and reinstated the celebration back to the original November 11 date.
The US is not the only country that observes the holiday. It is also celebrated in the United Kingdom, France, Canada, Australia, Malta, and South Africa.
While each country commemorates the event differently, the purpose is the same — to thank the brave men and women who put their lives on the line to protect others. So this Friday, be sure to seek out and thank the amazing veterans whose tremendous courage and sacrifices have enabled us to maintain our freedom. https://www.youtube.com/watch?v=oqgrkeZZe3g
https://www.dogonews.com/2016/11/8/everything-you-want-to-know-about-veterans-day-and-more
All Set for a Stable Zim-Dollar
.All set for stable Zim-dollar
November 10, 2019
As the Reserve Bank of Zimbabwe releases $2 coins into circulation tomorrow ahead of the introduction of $2 and $5 Zim-dollar notes, Finance and Economic Development Minister Professor Mthuli Ncube is convinced all fundamentals are now in place to ensure a stable local currency.
The finance chief said in two years, the US dollar overhang among individuals and businesses will be over as measures put in place will stabilise the Zimbabwean dollar, thereby making it the currency of choice.
He said that the new coins and notes are not a new currency as misconstrued by some sections of the media and society. Rather, a new currency was introduced in June when Government outlawed the use of multi-currencies.
All set for stable Zim-dollar
November 10, 2019
As the Reserve Bank of Zimbabwe releases $2 coins into circulation tomorrow ahead of the introduction of $2 and $5 Zim-dollar notes, Finance and Economic Development Minister Professor Mthuli Ncube is convinced all fundamentals are now in place to ensure a stable local currency.
The finance chief said in two years, the US dollar overhang among individuals and businesses will be over as measures put in place will stabilise the Zimbabwean dollar, thereby making it the currency of choice.
He said that the new coins and notes are not a new currency as misconstrued by some sections of the media and society. Rather, a new currency was introduced in June when Government outlawed the use of multi-currencies.
The $2 coins as well as the $2 and $5 notes will be interchangeably used at par with existing bond notes and coins.
Minister Ncube said austerity, which has run its course, had delivered what it was meant to deliver, that is a balanced budget. The new thrust is now on consolidating the gains and job creation.
He said the issuance of the paper money completes the monetary sector reforms, which saw Government introducing a raft of measures to rein in Zimbabwe’s economic woes.
The Finance Minister stressed that Government is committed to currency stability and is aware that cash unavailability has been instrumental in pushing prices up, hence the need to bring in the new notes and coins, albeit in a non-inflationary way that will see RTGS balances being swapped with the cash.
Prof Ncube was speaking to the media in the capital on Wednesday.
“This is how we are declaring that this era of intense tough reforms and austerity is over. We are now switching over to productivity and job creation,” he said.
Speaking on the twin deficits that have plagued Zimbabwe’s economic reforms for a long time, Prof Ncube said Zimbabwe is on course to reduce its budget deficit to 4 percent of Gross Domestic Product (GDP) by year-end.
“We have been running surpluses. We know that by year-end, we are going to be in deficit. The twin deficits are now under control, you have no reason to worry. The current account and fiscal deficit needs to be contained so that we can support stability. If you have problems with those two areas, that will contribute to currency instability for sure.”
Zimbabwe has met its critical target of dealing with the fiscal and current account deficits, with the first half of the year recording consistent fiscal surpluses and a substantial improvement in the current account balance.
For the first time since 2009, the country’s current account registered a surplus of $196 million in the first quarter of the year.
However, the twin deficits are not the sole panacea for currency stability.
Government has therefore also managed to stop the central bank’s quasi-fiscal operations such as providing direct funding for projects. It has also managed to rein in several of its own expenses.
“Our target has been not to touch the RBZ overdraft window. We have not borrowed a single cent from the RBZ. We are not interested, give the RBZ its independence, we do not use the RBZ as a cash box,” declared Prof Ncube.
Government’s financial discipline has enabled it to embark on major infrastructural projects through locally generated resources.
Since the declaration of the state of disaster on our roads in 2017, Government has been on a blitz to spruce up both urban and rural roads, including the Lupane-Nkayi Highway, the Bulawayo-Victoria Falls Road and the Kamativi-Binga Road, among many others.
Among other social protection programmes that are again funded from the local purse, Government has acquired buses for the mass public transport system and more are on their way. On Friday, President Emmerson Mnangagwa commissioned 79 new Zupco buses to add on to the fledgling fleet.
It is particularly important to note that all these developments are taking place as the country is smarting from the effects of a devastating drought as well as Cyclone Idai, which ravaged some parts of the country earlier this year.
Prof Ncube further said the 2 percent intermediated trnasfer tax, which he said will be maintained as it continues to avail funds for the aforementioned projects, medical drugs and fertilisers. The 2 percent tax has also solved compliance issues with regards to defaulting corporates and those in the informal sector.
For proper functionality, an economy requires cash in circulation to be between 10 and 15 percent of the broad money supply. Currently, the cash in circulation is significantly lower at about 4 percent of the money supply, hence the RBZ’s move to gradually increase the supply.
“The circulation target is about 15 percent but we can’t get there in one year. We have to control the gap in money supply,” said Prof Ncube.
RBZ Governor John Mangudya has said injecting the cash will be done gradually over the next six months.
The new notes and coins are expected to thwart the growth in cash premiums that have been eroding the value of electronic money.
Meanwhile, the Finance Minister has said good times lie ahead.
“On the prices, please be patient. I know that prices are not very stable and the wages are not where we would want them to be. But we have to bear in mind that we have tried to do currency reforms at high speed, we therefore should expect bumps.
“But Government finances are in good hands, that I can assure you. The bumps will ease soon.”
Prof Ncube will present the 2020 National Budget on Thursday. He is expected to prescribe a host of policies that will give oomph to the economy and build the local populace’s confidence in the new currency.
https://www.thezimbabwemail.com/economic-analysis/all-set-for-stable-zim-dollar/
Thoughts From DJ "Controlled Opposition" Late Sunday PM
.DJ: DID YOU KNOW?
Recently, one of our readers steered me to an interview with G. Edward Griffin, author of “The Creature From Jekyll Island”. It inspired some simple thought revelations like “hiding in plain sight” and “controlled opposition”, things I had been aware of but had not applied to some nagging questions that linger in the back of my mind.
Mainly the question of, what will be the true outcome of a GCR/RV ? What will be the real end scenarios of post-RV?
Throughout history, almost all Governments have used the technique of “controlled opposition” to trick, subdue and divert attention away from the actual opposition, aided and abetted by the complicit mainstream media. In recent times most are now aware of the complicity of mainstream media, which has taken a major hit from the confidence factor of the viewing public.
DJ: DID YOU KNOW?
Recently, one of our readers steered me to an interview with G. Edward Griffin, author of “The Creature From Jekyll Island”. It inspired some simple thought revelations like “hiding in plain sight” and “controlled opposition”, things I had been aware of but had not applied to some nagging questions that linger in the back of my mind.
Mainly the question of, what will be the true outcome of a GCR/RV ? What will be the real end scenarios of post-RV?
Throughout history, almost all Governments have used the technique of “controlled opposition” to trick, subdue and divert attention away from the actual opposition, aided and abetted by the complicit mainstream media. In recent times most are now aware of the complicity of mainstream media, which has taken a major hit from the confidence factor of the viewing public.
This lack of confidence in the public of the “truth in reporting” has migrated to alternative media via internet. But, make no mistake, the bigger and more popular the alternative media organization is, the more the more the possibility of controlled opposition.
No matter the media outlet, the primary goals are to dominate, lead and control the 'opposing narrative' and divert the public’s attention away from the facts i.e. it is not opposition in any way, shape or form. Rather, it is manufactured opposition designed to look like real/true opposition.
As an example, did you know, that once the Federal Reserve Act was created in 1913 and submitted to congress by Senator Aldrich it had to be sold to the American people? Remember the Federal Reserve is a cartel. A cartel of bankers. Just like there are shipping cartels, oil and trade cartels.
It is any group of individuals or companies with similar interest who join together to control prices and limit competition. When the Fed was attempting their sell campaign to the public, to be the ones who would control and print currencies, actual members of the bank cartels came out and lobbied against its own agenda.
The public then viewed it as “well if the bankers don’t want it, and bankers are all crooks, then it must be good for us”.
The concern arises that “we the people” are the opposition and are we being controlled with the constant bombardment of narratives being delivered in the GCR/RV arena? These narratives talk a lot of truth because if they didn’t, they would be easily identified.
If a large number of people know about the RV, it is most likely because they want us to know it. We are being systematically groomed into a new financial system. But who will be in charge of the new system?
No one asks the question because we are so frustrated and over the old system we readily accept the new one. We are the opposition and we are being controlled. We all want to jump off the burning ship, (and the banks started the fire) with no thought that the waters we are jumping into could be shark (bankers) infested.
There are examples throughout history where the powers- to- be create the problem only to arrive with the solution. The housing crisis, the great depression, most every war that has been fought and now a global financial meltdown. They create a solution then look for a problem to apply it to.
They create a cure for a disease and if there is no disease. they create one and they have the vaccine. If you want to apply this to today’s environment, look at the QFS.
Quantum mechanics has been around for decades but it did not have the capacity to integrate with working systems. Mainstream technology had to catch up. A solution looking for a problem! No problem? Create one! Controlled opposition!
The global money supply (printing of money) has been expanding at unprecedented rates. That money is then converted into hard assets ie: gold, silver and real estate. When the old system collapses who will be holding all the hard assets?
So overprint non-asset backed currencies, imbed non-secure financial systems through a gambit of mechanisms and institutions globally that were destined for failure.
hen let the people know, who in turn will overwhelmingly oppose it and be more willingly to accept a new system presented to them that is secure and asset backed. But who will hold those assets, and thereby control the new system?
The point to all this is “be aware”. In the past, at the times we the public were being manipulated, we were unaware of it. Only years later when we look back do we see what actually happened. Do not be complacent and keep a vigilant eye on things that are presented as too good to be true.
There is always a hidden agenda and the more awake that you are, the easier it is to recognize one of them. It is an on-going process of awakening. Don’t be so quick to drink the Kool-Aid.
Secure a portion of your new-found wealth in hard assets, so no matter what trickery, hidden agenda or system that will ultimately surface, you will be positioned to integrate seamlessly.
Remember "half the battle is knowing you’re in a fight”. DJ
CBI Rate Conversion Chart US Dollar Against Dinar
.CBI Rate Conversion Chart US Dollar Against Dinar
#9 By Muhammad Ali
How will the CBI list the rates of the US Dollar against the Dinar on their website?
This article, written by myself, was emailed to Dinar Recaps and posted on their site this past June 14th, 2019.
Dear Recaps, I hope this little bit of clarification will shed light on many souls.
I believe, something very, very interesting is happening at the Central Bank of Iraq.
I will give you some history so you understand clearly what is happening.
Btw, so far no Intel gurus have picked up on this, I may be the first.
Many of you will start to remember, back in August 2017, the CBI had a "second" website (cbi.3eyon-host.net), which was linked thru the statistics section of the main website.
What was interesting and important to note back then, was the rate listed on the second website was $1usd = 1.20 dinars.
CBI Rate Conversion Chart US Dollar Against Dinar
By Muhammad Ali
How will the CBI list the rates of the US Dollar against the Dinar on their website?
This article, written by myself, was emailed to Dinar Recaps and posted on their site this past June 14th, 2019.
Dear Recaps, I hope this little bit of clarification will shed light on many souls.
I believe, something very, very interesting is happening at the Central Bank of Iraq.
I will give you some history so you understand clearly what is happening.
Btw, so far no Intel gurus have picked up on this, I may be the first.
Many of you will start to remember, back in August 2017, the CBI had a "second" website (cbi.3eyon-host.net), which was linked thru the statistics section of the main website.
What was interesting and important to note back then, was the rate listed on the second website was $1usd = 1.20 dinars.
Then the 2 websites merged and this rate disappeared and was never to be heard of or seen again.
......... Until yesterday. .... Boooom!!!!
Yes, very interesting, that the Central Bank of Iraq has mentioned this $1 USD = 1.20 Dinars rate.
This is the first time since 2017.
And this has me, really excited!!!!
Yesterday, Dinar Recaps made the post and KTFA Millitia Man commented on this as well.
So the question you need to ask; is why are bringing this up again when they hid it since 2017???
I believe the reason why is that the rate is about to change. God willing.....booooomm!!!! I love saying that word!!!! Hehehehe.
Now, just as reminder of how the CBI will list the rates.
1.20 Dinars = $1 USD
So remember how it works as the value of dinar decreases against the US Dollar, the value of the US Dollar increases.
So if the value of the Dinar now is 1.20 Dinar to $1 USD, and it drops to 0.50 Dinars to $1 USD.
If means the base rate will be $2 USD per 1 Dinar. So making an IQD 25,000 note = $50,000 USD. Got it? Is it getting clear to you?
So do not get confused with rates that are posted by Intel. You have to question and ask yourself where did they get that rate from?
Was it direct from the CBI? Or from XE?
XE will list the rate as $2USD = 1 Dinar (IQD), whereas the CBI will list it as $1 USD = 0.50 Dinar.
These are not two different rates; they both mean the same thing.
I added the chart below for your reference. Save this chart...or print it and keep it handy as when the CBI finally makes the change this is how they will list the rates.
$ Rate = CBI's website rate conversion.
$ .86 = 1.162
$ 1.00 = 1.000
$1.17 = 0.854
$1.86 = 0.537
$2.00 = 0.500
$2.50 = 0.400
$3.00 = 0.333
$3.22 = 0.310
$3.46 = 0.289
$3.50 = 0.285
$3.86 = 0.259
$4.00 = 0.250
$4.10 = 0.243
$4.40 = 0.227
$5.00 = 0.200
Ok, I hope this explanation helps you to get excited and understand the process.
Any questions please send me an email to currencyexchangeplanner@gmail.com
My website is www.CurrencyExchangePlanner.com
Thank you so much, Muhammad Ali
Will The Dinar Come Out 1 To 1?
.Will The Dinar Come Out 1 To 1?
# 10 By Muhammad Ali
Will The Dinar Come Out At 1 To 1? I think not! And here's why...
The question on everyone's mind is will the dinar come out at 1 to 1?
Based on my opinion and the following evidences, i think not!
Let's talk about what a 1 to 1 in country rate really means.
There is a misunderstanding about what this means, even among the Intel.
At first sight, you will think it is 1 Dinar = $ 1 USD.
Firstly, if you think logically, an in country rate makes no sense at all. How do you have an in country rate? There is no such thing.
So this is the first thing I need to clarify.
Will The Dinar Come Out 1 To 1?
By Muhammad Ali
Will The Dinar Come Out At 1 To 1? I think not! And here's why...
The question on everyone's mind is will the dinar come out at 1 to 1?
Based on my opinion and the following evidences, i think not!
Let's talk about what a 1 to 1 in country rate really means.
There is a misunderstanding about what this means, even among the Intel.
At first sight, you will think it is 1 Dinar = $ 1 USD.
Firstly, if you think logically, an in country rate makes no sense at all. How do you have an in country rate? There is no such thing.
So this is the first thing I need to clarify.
I'll use the Malaysia Ringgit as my example. Mainly because, I live in Malaysia, but what I am about to explain pertains to everyone regardless of what country they are in.
If I walk into the bank with an RM50 note and ask the bank teller to change it for me.
The teller will give me, 2 x 20 + 1 x 10 =RM50 or another possibility,
5 x 10 = RM50 or
1 x 20 + 3 x 10 =RM50
There are all kinds of combinations that the bank teller can give me. But the key point I want you to realize here is the teller will only give me up to RM50...that is the meaning of 1 to 1.
I gave the teller RM50; the teller must give me back the equivalent to RM50. This is 1 to 1.
If I gave the teller an RM50 note and they gave me RM100 back, then that is not 1 to 1. More like 1 to 2.
If I bought a drink for RM5 and gave the cashier an RM20 note, they will give me back RM15 in change. This is 1 to 1.
So the 1 to 1 just means...1 dinar = 1 dinar.
Secondly, if we look at the bigger picture, we must remember that there are 2 processes taking place. What will happen in the country of Iraq and what will happen outside of Iraq?
For the Iraqi citizen, they will take their 25,000 dinar note to the bank and the bank will change it to 25 Dinar note. This will be 1 to 1. However, the new 25 Dinar note will be at an increased purchased power.
Once their RI (re-instatement) happens, all the prices of goods and services will be re-adjusted. For example, if a loaf of bread cost now at 1000 Dinars then after the RI it will be 1 Dinar.
If a car was 1,000,000 Dinars, then after the RI, it will be 1,000 Dinars.
In Malaysia, if you go to the store to buy a loaf of bread and the price tag says RM3.00; would you take out your calculator and start calculating the rate of exchange??? Of course you would not.
You take the bread to the cashier and give them an RM 5 note and they give you back RM2 in change. There is no rate of exchange and no calculating. That is 1 to 1.
So for the local Malaysian citizen, he will never phantom the concept of an exchange rate, his whole life will be around the Malaysian Ringgit and the Ringgit only.
So this goes for the local Iraqi citizens.
So please use your own country as an example to understand what I am saying.
Now, outside of Iraq, the 25,000 Dinar note will remain as 25,000. No zeros will be deleted.
So this brings us to the question of will Iraq LOP (Loss of Profit) the Dinar?
In the past, countries who suffered from hyper-inflation did cut zeros from their notes.
Iran and Iraq have inflation but they are not suffering from hyper-inflation. This is why they can still retain the full value of their notes.
The highest denomination in Iraq is a 50,000 Dinar note and in Iran is the 100,000 Rial note.
Turkey, for example, in 2005 cut zeros from their notes. They did a LOP, because they had hyper-inflation. Turkey had up to 10,000,000 million Lira denomination bank notes.
And once again, Iran and Iraq does not have hyper-inflation. These are two of the world’s wealthiest countries.
To understand why there must be two processes an in-country process and an out-country process, let’s look at it from a different perspective.
Remember, outside of Iraq 5% of the world is holding Iraqi dinars... 95% of the world is not... That means 5% will become millionaires.
However, inside Iraq, 100% of the citizens are holding Iraqi dinars. If 100% of the citizens become millionaires the entire country will stop working. It would basically shut down to a halt.
Who wants to work when you're a millionaire???
So Iraq must have a different process for their citizens.
Remember also, that the Central Bank of Iraq is speaking to its citizens. They are educating their citizens. The CBI does not care about you or me; they are not talking to us. They will not tell you there are two processes. That will only just confuse the citizens.
This is why dinar land is confused. Because they do not realize the fact that the CBI is not talking to you (us) but to their citizens. The CBI is only telling the process that is of concern to their citizens.
So remember this when you read news from the CBI or from Intel. The CBI is not talking to you (us).
Now, another reason why I believe this concept of a 1 Dinar = $1 USD rate is wrong, the CBI is about to re-instate the Dinar.
Think about what that means? Re-instate.
If we look up the meaning of the word re-instate in the dictionary. It says: restore (someone or something) to their former position or state.
So let me give you some evidence to this fact.
Here is an article linked directly to the United Nations website.
http://www.un.org/en/ga/search/view_doc.asp?symbol=S/PRST/2014/20
The date of the Article is 19 September, 2014.
The relevant part is on the second page and the second last paragraph.
It states: …”and further recognizes the importance of Iraq achieving international standing equal to that which it held prior to the adoption of Resolution 661 (1990).”
United Nations has said officially stated that they recognize the importance of Iraq achieving international standings equal to that which it held prior to 1990.
And what was their rate before 1990?
It was 1 Dinar = $3.22USD or 1 Dinar = RM13.50, or 1 Dinar = $4.50 SGD or 1 Dinar = $4.30 Canadian or 1 Dinar = $4.50 Brunei Dollar...and so on.
There are 2 points that I am making here:
First, the dinar will be connected to every currency in the world.
Second, the United Nations has already said that it is important for Iraq to go back to their pre-1990 rate. So how can it be 1 Dinar to $1 USD?
It is the same thing, as if you were to take your Malaysian Ringgit to any money changer and you ask them to convert it to any currency in the world. The money changer will state the buy and sell rate. There is no base calculating rate. There is no in-country base rate in Malaysia.
The rates are based on a central bank in one country and a central bank in another country and what they agreed upon.
For example, the Central Bank of Iraq and Bank Negara Malaysia. Bank Negara Malaysia will instruct the Central Bank of Iraq that if anyone wants to change Iraqi dinars either buying or selling using Malaysia Ringgit this is what our rate will be.
Just understand that the central banks work together to give their rates.
So when you exchange your currency it will be between RM and IQD or if you are in Singapore, SGD and IQD or if you are in Canada, CDN and IQD or if you are in the USA, USD and IQD, etc…etc.
The rates will be fixed by the central banks of each country. Neither by the United States of America nor their Treasury department will have any involvement in the rates.
Now let’s just take this a little further and talk about the $3.22 USD to 1 Dinar rate. The pre-1990 rate.
Many years back, it was stated that the IMF would add 20-30% for Inflation to the Re-Instated rate, from the 20+ years of U.N. sanctions on Iraq.
So this would bring the rate between $3.86 USD to $4.19 USD. So this is what I believe will be the range of the RI rate for the Iraqi Dinar.
Once Iraq completes their RI, the Dinar is already international and we may begin our exchanges.
Once the Dinar is on the international open market, the rate will be pushed up and this is what I refer to as the RV stage.
Some say RD/RV/RI and some say RD/RI/RV, it doesn’t matter and it is not really relevant to debate this issue as it depends upon ones understanding and interpretation of the entire process.
Once Iraq RI’s or RV’s the Dinar, the important thing is… we are done!
So I hope my article helps you to understand the 1 to 1 from my logical perspective.
Any questions please send me an email to currencyexchangeplanner@gmail.com
I am the creator of the Currency Exchange Planner, an excel spread sheet, which is the most advanced and affordable planning tool for the Dinar Community.
Try the FREE Download version to test run or BUY the full version for a One-Time low price of $25. This includes free updates in the future.
My website is www.CurrencyExchangePlanner.com
Thank you so much, Muhammad Ali
10 Lessons from Benjamin Franklin's Daily Schedule that will Double Your Productivity
.TNT: LounDebnc: 10 lessons from Benjamin Franklin’s daily schedule that will double your productivity
Benjamin Franklin is best remembered as one of the Founding Fathers of the United States, but he achieved much more in his lifetime.
During Franklin’s 84 years alive, he invented the lightning rod, made significant discoveries in physics and population studies, wrote best-selling books, composed music and played the violin, harp and guitar at a high level, founded many civic organizations, including the University of Pennsylvania, and much more.
How did Franklin achieve so much more than his contemporaries, given he had the same 24 hours each day to get things done? The answer to this question lies in Franklin’s daily schedule.
From the Dinar Recaps Archives originally posted on 6/2/2019
TNT: LounDebnc:
10 lessons from Benjamin Franklin’s daily schedule that will double your productivity
Benjamin Franklin is best remembered as one of the Founding Fathers of the United States, but he achieved much more in his lifetime.
During Franklin’s 84 years alive, he invented the lightning rod, made significant discoveries in physics and population studies, wrote best-selling books, composed music and played the violin, harp and guitar at a high level, founded many civic organizations, including the University of Pennsylvania, and much more.
How did Franklin achieve so much more than his contemporaries, given he had the same 24 hours each day to get things done? The answer to this question lies in Franklin’s daily schedule.
Here’s how it works, including 10 lessons that will double your productivity this week.
Create a list of values to live by
Before putting pen to paper on his daily schedule, Franklin created a list of virtues to live by.
He referred to these as his 13 virtues: a list of values designed to help guide his daily schedule.
Here’s the list of Benjamin Franklin’s 13 virtues:
1. Temperance: Eat not to dullness and drink not to elevation.
2. Silence: Speak not but what may benefit others or yourself. Avoid trifling conversation.
3. Order: Let all your things have their places. Let each part of your business have its time.
4. Resolution: Resolve to perform what you ought. Perform without fail what you resolve.
5. Frugality: Make no expense but to do good to others or yourself: i.e. Waste nothing.
6. Industry: Lose no time. Be always employed in something useful. Cut off all unnecessary actions.
7. Sincerity: Use no hurtful deceit. Think innocently and justly; and, if you speak, speak accordingly.
8. Justice: Wrong none, by doing injuries or omitting the benefits that are your duty.
9. Moderation: Avoid extremes. Forebear resenting injuries so much as you think they deserve.
10. Cleanliness: Tolerate no uncleanness in body, clothes or habitation.
11. Chastity: Rarely use venery but for health or offspring; Never to dullness, weakness, or the injury of your own or another’s peace or reputation.
12. Tranquility: Be not disturbed at trifles, or at accidents common or unavoidable.
13. Humility: Imitate Jesus and Socrates.
Even though this saves time upfront, it wastes valuable time, willpower and energy, that could’ve been spent working on important tasks straight away.
To avoid this problem, Franklin made sure to clean up his work space and put things back in order before leaving the office each day.
This ensured that Franklin had enough willpower each morning, to tackle the tedious tasks in the long day ahead.
To continue reading, please go to the original article here: