Wednesday, August 7, 2013

HOW HAS IRAQ BEEN ABLE TO PAY OIL CONTRACTORS AT $3.44??

HOW HAS IRAQ BEEN ABLE TO PAY OIL CONTRACTORS AT $3.44??


Forward rate agreement

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This article's factual accuracy is disputed. Please help to ensure that disputed statements are reliably sourced. See the relevant discussion on the talk page. (June 2010)
In finance, a forward rate agreement (FRA) is a forward contract, an over-the-counter contract between parties that determines the rate of interest, or the currency exchange rate, to be paid or received on an obligation beginning at a future start date. The contract will determine the rates to be used along with the termination date and notional value.[1] On this type of agreement, it is only the differential that is paid on the notional amount of the contract. It is paid on the effective date. The reference rate is fixed one or two days before the effective date, dependent on the market convention for the particular currency. FRAs are over-the counter derivatives. A FRA differs from a swap in that a payment is only made once at maturity.
Many banks and large corporations will use FRAs to hedge future interest or exchange rate exposure. The buyer hedges against the risk of rising interest rates, while the seller hedges against the risk of falling interest rates. Other parties that use Forward Rate Agreements are speculators purely looking to make bets on future directional changes in interest rates.[citation needed]
In other words, a forward rate agreement (FRA) is a tailor-made, over-the-counter financial futures contract on short-term deposits. A FRA transaction is a contract between two parties to exchange payments on a deposit, called the Notional amount, to be determined on the basis of a short-term interest rate, referred to as the Reference rate, over a predetermined time period at a future date. FRA transactions are entered as a hedge against interest rate changes. The buyer of the contract locks in the interest rate in an effort to protect against an interest rate increase, while the seller protects against a possible interest rate decline. At maturity, no funds exchange hands; rather, the difference between the contracted interest rate and the market rate is exchanged. The buyer of the contract is paid if the reference rate is above the contracted rate, and the buyer pays to the seller if the reference rate is below the contracted rate. A company that seeks to hedge against a possible increase in interest rates would purchase FRAs, whereas a company that seeks an interest hedge against a possible decline of the rates would sell FRAs.

Contents

Payoff formula

The netted payment made at the effective date is as follows
 \mbox{Payment} = \mbox{Notional Amount} * \left( \frac{(\mbox{Reference Rate}-\mbox{Fixed Rate}) * \alpha }{ 1 + \mbox{Reference Rate} * \alpha } \right)
  • The Fixed Rate is the rate at which the contract is agreed.
  • The Reference Rate is typically Euribor or LIBOR.
  • \alpha is the day count fraction, i.e. the portion of a year over which the rates are calculated, using the day count convention used in the money markets in the underlying currency. For EUR and USD this is generally the number of days divided by 360, for GBP it is the number of days divided by 365 days.
  • The Fixed Rate and Reference Rate are rates that should accrue over a period starting on the effective date, and then paid at the end of the period (termination date). However, as the payment is already known at the beginning of the period, it is also paid at the beginning. This is why the discount factor is used in the denominator.

FRAs Notation

FRA Descriptive Notation and Interpretation
Notation
Effective Date from now
Termination Date from now
Underlying Rate
1 x 4
1 month
4 months
4-1 = 3 months LIBOR
1 x 7
1 month
7 months
7-1 = 6 months LIBOR
3 x 6
3 months
6 months
6-3 = 3 months LIBOR
3 x 9
3 months
9 months
9-3 = 6 months LIBOR
6 x 12
6 months
12 months
12-6 = 6 months LIBOR
12 x 18
12 months
18 months
18-12 = 6 months LIBOR
How to interpret a quote for FRA?
[US$ 3x9 - 3.25/3.50%p.a ] - means deposit interest starting 3 months from now for 6 month is 3.25% and borrowing interest rate starting 3 months from now for 6 month is 3.50% (see also bid–offer spread). Entering an "payer FRA" means paying the fixed rate (3.50% p.a.) and receiving a floating 6-month rate, while entering a "receiver FRA" means paying the same floating rate and receiving a fixed rate (3.25% p.a.).

References

WHICH TYPE OF BANK ACCOUNT FROM THE LIST BELOW DO MOST WEALTHY PEOPLE USE TO PROTECT THEIR MONEY?

WHICH TYPE OF BANK ACCOUNT FROM THE LIST BELOW DO MOST WEALTHY PEOPLE
USE TO PROTECT THEIR MONEY?
A. COMMAND ACCOUNTS
B. MONEY MARKET ACCOUNTS
C. BROKERAGE ACCOUNTS
D. NON INTEREST BEARING ACCOUNTS
E. MULTI CURRENCY ACCOUNTS
F. MULTIPLE CURRENCY ACCOUNTS
G. SWEEP ACCOUNTS
H. CHECKING ACCOUNTS
I. SAVINGS ACCOUNTS

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Cracking the Czars

from American Thinker
August 7, 2013

Cracking the Czars

As expected, Obama's second term has deteriorated into a welter of scandals unmatched by any previous administration, including those of Richard Nixon and Bill Clinton. Watergate was a minor scandal that simply grew amid the hothouse of D.C. politics and media, while most of the Clinton scandals involved either skirt or money grabbing. The Obama scandals uniquely strike at the heart of American democracy, based as they are on Obama's attempt to transform the nation to reflect his Augustan image of himself.

The scandals have not yet had the impact they should, due largely to media manipulation, public inertia, and serious fumbling among Republicans and conservatives -- for instance, Darryl Issa allowing the odious Lois Lerner 5th Amendment protection she was not entitled to.

The only solution is to continue the pressure. Watergate required nearly eighteen months of simmering before it boiled over. The same is likely to be true here. This leads us to the question as to why one of the most potentially fertile fields for administration scandal, the Obama czars, has been so far overlooked.

As with everything else, the concept of the czar -- extra-constitutional public officials hired by the Executive branch to spearhead particular efforts on an emergency basis -- has been abused by Obama. Czars go back to FDR's "dollar-a-year" men appointed to oversee various aspects of the war effort. The concept was revived in the 1960s to attack drug abuse, presented as a crisis situation not amenable to ordinary solutions.

In truth, the "drug czars" were no more than a PR gimmick. Drug smuggling could have been (and still could be) shut down utilizing already existing resources. This has not been done for a number of reasons, including relations with Mexico, criminal infiltration of law enforcement and politics, and the fact that many leading political families - the Kennedys and Gores, for example -- have drug addicts in their ranks. It would be going too far to assert that thousands have died, a criminal class has been nurtured, and American cities crippled to assure that David Kennedy had a steady supply of heroin and cocaine, but that factor can't be overlooked either.

The drug czars were a method of making it appear that something was being done without actually going to any real effort. This remained true as the concept was expanded to include other "intractable problems" such as race relations, health care, and housing. By Bill Clinton's term, their number had expanded to eight, not a single one of whom is on record as having accomplished anything.

In his genius for sleaze, Obama saw something else in the position of "czar": a means of overcoming the limitations of the system of checks and balances that would enable him to carry out programs under the radar and without oversight by Congress -- or anyone else either. The czars were tailor-made for Obama's cards-in-sleeve method of government. A more fitting example of the perils of monkeying with the constitutional order could not be devised.

Obama has applied the concept of czar with alacrity unknown to previous administrations. He began with 32, shortly expanded to 39, and thereafter to the mid-40s. The numbers have shifted but have always remained within that range.

How many are there now? That's difficult to say. So opaque is the cloak of bureaucratic secrecy surrounding these positions that there is no complete, accurate, and up-to-date list of Obama czars active in 2013. The administration has played a consistent game of three-card monte all down the line, abolishing some positions only to reestablish them under other names, consolidating some into a single position while spinning off others, and every other conceivable bureaucratic trick.

What have the Obama czars accomplished? We don't know. They don't report to anybody (except perhaps the Chicago Augustus himself). They don't testify before Congress. They don't publish. We don't know how many personnel are involved, or who they might be. We don't know how much has been spent by them, and on what. We don't know, to paraphrase Donald Rumsfeld, what we don't know.

We do know the names (well, some of them). While a few are well-known figures of weight and achievement such as Paul Volcker and Ashton Carter, most are political and academic hacks of the progressive type who share in Obama's vaporous ideals and, much like him, have never directed or managed anything in their lives.

And like their master, a number of them have been involved in scandals.

Vivek Kundra - Obama's first "infotech czar" (excuse me -- Federal Chief Information Officer) was appointed in 2009. In between leaving his previous job as chief tech consultant for D.C. and taking up his new federal post, his business was raided by the FBI and two of his staffers, including his right-hand man Yusuf Acar, were arrested. Acar had been steadily promoted by Kundra to positions of increasing responsibility. Along with Sushil Bansal, he had formulated a scheme combining bribery and kickbacks utilizing ghost employees and forged time sheets. Kundra went on leave for five days before it was confirmed that he was not under suspicion, whereupon he ascended to czarhood. For the next two years, American infotech was given to the oversight of a man who had no idea that a vast fraud was being run out of his own office.

Nancy-Ann DeParle, erstwhile health policy czar, could serve as a revolving-door poster girl. After a stint as Medicare chief for Bill Clinton, she departed government for the health-care industry, where she earned something on the order of six million dollars from various directorships and boards. Unfortunately, many of those companies wound up under investigation or worse. Several were involved in kickback and related billing schemes, others violated federal quality standards, (including one that "neglected" to issue warnings about a flawed implanted heart defibrillator responsible for 12 deaths), while still others were hit with whistleblower lawsuits. One company, Boston Scientific Corp., received no less than five state or federal subpoenas during a single year. While it can be argued that as a director DeParle was not directly responsible for operations, we could also paraphrase Oscar Wilde to note that while sitting on the board of one corrupt company might be a misfortune, sitting on the boards of six seems a little... careless.

Adolfo Carrion was Obama's original "housing czar", or "Head of the White House Office of Urban Affairs." While serving as Bronx borough president, Carrion benefited from tens of thousands of dollars in donations from development companies that coincidentally received borough contracts worth hundreds of millions shortly afterward. An architect who renovated Carrion's City Island home magically ended up working on three Bronx housing projects, though he didn't actually get paid for the work he did for Carrion until questions arose surrounding Carrion's nomination. Funny how New York politics looks so much like Chicago politics, isn't it?

Steven Rattner, Obama's car czar, was actually nudged out of office due to scandal. His previous investment firm, the Quandrangle Group, came under SEC scrutiny so intense that not even an offhand word from the Chicago messiah could avert it. The company wound up paying $12 million in fines due to a kickback scheme involving a New York State pension fund -- a scheme in e that among several dozen handpicked Obama goofs, operating in complete secrecy and under Chicago rules, there is no mischief going on.
;serif"; font-size: 13.5pt;">● Then there's Carol Browner who... well, we actually have no idea what Carol might have done. You see, when selected as Obama's climate czar, the first thing she did was order all electronic records of her previous government service as EPA chief, including hard drives, to be destroyed. She also refused to use email under any circumstances. It seems that an email involving a department she once worked for had been subject to some kind of "misinterpretation." All perfectly understandable -- if somebody working for the government didn't want to use phones, or writing, who would ever object?


And the others? See Rumsfeld, Donald. We don't know, and nobody -- in the Congress, the media, or anywhere else -- has bothered to ask. (And I'm not overlooking Van Jones -- being a communist is an abomination, not a scandal.) But nobody is going to tell me that among several dozen handpicked Obama goofs, operating in complete secrecy and under Chicago rules, there is no mischief going on.

The czars represent rich pickings for any congressman with a spine of titanium and a suitable committee seat. Staffers and investigators need to be dispatched like Bolshies storming the Winter Palace. Obama will doubtlessly squeal "executive privilege," but it would be worthwhile in and itself to establish once and for all just how far that extends. If necessary, the courts can be utilized, with subpoenas aimed at where the funding for these positions came from, who got how much, and where it all went. I guarantee you that rocks will start to flip over, with all kinds of interesting specimens wriggling out. Those with the power of speech will start to talk. Who knows -- one of them may even have an old hard drive of Carole B. in its mandibles.

Hitting the czars would open a valuable second (or third, or maybe fourth, if anyone's counting) front in the scandal campaigns against Barack Obama. Increase the weight and pressure and eventually something will give.


Read more: http://www.americanthinker.com/2013/08/cracking_the_czars.html#ixzz2bK9nR6wp
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Unmasking the embassy threat

Unmasking the embassy threat

hagmann080313
 



Image courtesy of Canada Free Press

By Douglas J. Hagmann

Please comment on this article at Canada Free Press

3 August 2013:
There is one thing certain about the publicized threat to our embassies; it is not what it is presented to be. To accept the official explanation of a nebulous threat from al Qaeda as the reason for closing our embassies across the Middle East and North Africa is being dangerously naive and simplistic. This is much more serious than what we are being told, but not for the reasons we are being given.


We are seeing the consequences of a long running “Cold War” on two major fronts of political conflict that could escalate into military engagement with proxy nations of world super powers. The world, and life as we know it, could change in an instant should we awaken one morning to the news of bombs flying across the Middle East. That is a very real possibility, as we are now in a heightened proxy war environment. We are standing in a thick forest of dry tinder, and the smallest of sparks could ignite a conflagration the likes of which we have never before seen.

How we arrived here

“The farther back you can look, the farther forward you are likely to see.”
This quote attributed to Winston Churchill is applicable to our current situation as it is a consequence of our policies and actions in the Middle East and north Africa.

First, it is important to understand that the so-called Arab Spring did not start on December 18, 2010 as a spontaneous revolutionary wave of demonstrations by people to rid themselves from the shackles of governmental oppression. It was planned many years ago by the globalist power brokers, with the latest incarnations perhaps sketched out in the bowels of a Saudi mansion or an estate owned by a cabal of central bankers, partly to change the geopolitical power structure of the Middle East, and partly as a “jobs program” for the military-industrial complex.

This was confirmed by a 1300 word e-mail dated June 8, 2008, sent by former British Ambassador to Libya Sir Vincent Fean to Tony Blair, just shy of a year after Blair stepped down as prime minister. The e-mail consisted of a briefing on the state of relations between Great Britain and Colonel Muammar Gaddafi in advance of a visit by Blair to see Gaddafi. His June 10, 2008 visit with Gaddafi would be one of six made by Blair after  leaving office and just three years before Gaddafi was deposed by the U.S. and UK led interests and ultimately murdered.

Exactly what was the purpose of this meeting as well as the others made by Tony Blair on behalf of the Crown? According to the confidential information obtained by The Telegraph, it was about a prisoner transfer agreement that would be signed once Libya agreed to purchase an air defense system to the tune of about £400 million. The prisoner? Lockerbie bomber Abdelbaset al-Megrahi. Who would provide the air defense system? MBDA, a missile developer and manufacturer with operations in the UK, France, Germany, Italy, Spain and the United States. They provide products and services for over 90 militaries worldwide. They are a world leader in missiles and missile systems, and employ about 10,000 people in France, the United Kingdom, Italy, Germany and the United States, and produced about 3,000 missiles and missile systems last year alone.

It is not merely the military-industrial jobs program alone, however. According to the confidential memo, a key objective of Great Britain was to force Libya to invest its £80? billion sovereign wealth fund through the City of London. Additionally, the Department for International Development was also eyeing another Libyan wealth fund worth £130 million “to pay for various schemes in Sierra Leone and other poverty-stricken countries.”

Concurrent with the machinations of the UK, former French minister for Foreign Affairs Roland Dumas shed additional light on plans relating to Libya and Syria in an interview with the French TV station LCP:

“I’m going to tell you something. I was in England two years before the violence in Syria on other business. I met with top British officials, who confessed to me that they were preparing something in Syria. This was in Britain not in America. Britain was organizing an invasion of rebels into Syria. They even asked me, although I was no longer minister for foreign affairs, if I would like to participate. Naturally, I refused, I said I’m French, that doesn’t interest me.” [emphasis by this author]

Dumas added: “The only thing I know [about French Leaders] is that they have gone crazy. President Sarkozy hosted Gaddafi a few months ago at the Élysée Palace, with a red carpet and all the grandiose honors. Two months later, Sarkozy is leading a crusader war, at the head of NATO, which has become a pawn serving international politics. This has been going on for a long time.” He further stated that “I regret to see my country, to which I belong with spirit, blood, and life, leading an instrument such as NATO to come and destroy an entire people and attack its leaders.” [emphasis by this author]

 Due to the role of Mr. Dumas in the French government, he could not reveal France’s role in the British plan as he would be exposing himself to prosecution for revealing state secrets, thus explaining his statement “I’m French, that doesn’t interest me.”

It should be clear that the Arab Spring, including the NATO action taken against Gaddafi’s Libya followed by the rebels attacks against Assad, is part of a globalist agenda rather than a spontaneous uprising that has become the official historical narrative for the naive.

Benghazi exposed

It was shortly after the September 11, 2012 attack in Benghazi that I wrote in explicit detail the actual reason for that attack. Thanks to a highly placed source in the intelligence venue, readers learned the truth ten months before the corporate media finally acknowledged that the compound in Benghazi was the operations center for a large CIA weapons smuggling operation where Libya was being used as a weapons storage depot to arm the anti-Assad “rebels.”

The attack at Benghazi was described by this administration and the Clinton State Department as a spontaneous protest over an internet video, although that narrative was proven to be a lie. It was a lie they continued to stick with to hide the fact that the U.S., in conjunction with other NATO allies, were actually doing the work of Saudi Arab to be extended. Now the anti-Assad rebels are “on the ropes,” and they are being beaten with every passing day, having lost much of the covert assistance of the CIA.

This is the reason the true account of Benghazi has yet to be told to the American people, and the reas oil. It would be helpful to understand the role Aramco and other oil interests played in the establishment of the Saudi power structure.

As the Obama regime continued forward to advance this Saudi-globalist agenda, Russia’s Putin warned the U.S. that the insanity of destabilizing Syria was not in their best interests, and certainly not in ours. When the warnings were not heeded, proxy groups for Russia, Syria and Iran, in the form of Ansar al Sharia and AQIM launched a deadly assault on the CIA operations center in Benghazi.

The continued pressure of possibly exposing the true nature of the activities in Benghazi, from the illegal arms trafficking in violation of international law to the attack itself, became a serious annoyance to the globalist planners and the Obama subjects to the Saudi royals. The assistance to the anti-Assad rebels was interrupted, albeit temporarily, by this exposure. Consequently, the plans for Syria did not go off as intended, and the timetable had to be extended. Now the anti-Assad rebels are “on the ropes,” and they are being beaten with every passing day, having lost much of the covert assistance of the CIA.

This is the reason the true account of Benghazi has yet to be told to the American people, and the reason that the official accounts are continually being pushed in place of the truth.

Today

If you have understood how we arrived here by the short summary provided, then you will see that we are standing on the brink of not just a regional war, but a global war. Those in power do not want you to know their plans until there is nothing anyone can do to stop them.

It is vital to understand that the embassy closures are a signal of the rapidly escalated intervention in the region by the US. It is a modern day equivalent to the Bay of Pigs, except Barack Hussein Obama is no John F. Kennedy. Those old enough might recall that the CIA trained and inserted a group of “freedom fighters” into Cuba to oust Castro. Exactly like the rebels in Syria, those fighters could never overthrow Castro without direct U.S. military intervention and assistance. The situation is exactly the same in Syria today.

The difference is that Kennedy saw the plan for exactly what it was – a globalist plan not to defeat communism, but to engage us in a larger war to the benefit of the globalists and the military-industrial complex. He refused to take the bait and in so doing, bought the world time by avoiding World War III.

Unlike Kennedy who became his own man while in office, Obama continues the globalist agenda by supporting the CIA trained and backed anti-Assad rebels, and is now leading us to the brink os the truth.

We are seeing the beginnings of the transformation from a cold war to a hot war at the nation-state level. We are about to see a trigger event, after which nothinCuban locals. Nothing that we are being told even remotely approaches the truth, yet few seem to grasp the seriousness of what is unfolding before our very eyes.

Our involvement in the Middle East and North Africa is so large that it would be difficult not to telegraph our actions in advance. Therefore, is it possible that the unspecified al Qaeda threat is actually a cover story for some anticipated action in the region?

We are watching brinkmanship at multiple levels on a global chess board. We have done much to destabilize whatever relative peace might have existed in the Middle East through our actions at the hands of our globalist power brokers. Russia, Iran, Syria and China are not amused, and are not looking the other way. The time clock for the anti-Assad rebels is quickly running out. This administration and every elected official who has signed on to do the work of the Saudis and their handlers have painted us into a corner from which there is little hope for escape. We cannot trust anything we are being told, and nothing we are being told even remotely approaches the truth.

We are seeing the beginnings of the transformation from a cold war to a hot war at the nation-state level. We are about to see a trigger event, after which nothing will be the same.

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The Cab Ride

This is a pleasant reminder of what is important in life.  Thanks for that reminder!

 The Cab Ride
If you are not touched; your heart needs special attention!


Sometimes it's the smallest gesture that leaves a great impression.


The Cab Ride


I arrived at the address and honked the horn.
after waiting a few minutes
I walked to the
door and knocked. 'Just a minute', answered a
frail, elderly voice. I could hear something
being dragged across the floor..


After a long pause, the door opened.

A small woman in her 90's stood before me.
She was wearing a print dress
and a pillbox hat with a veil pinned
on it, like somebody out of a 1940's movie.


By her side was a small nylon
suitcase. The apartment looked as if no one had
lived in it for years. All the furniture was
covered with sheets.


There were no
clocks on the walls, no knickknacks or utensils
on the counters. In the corner was a cardboard
box filled with photos and
glassware.


'Would you carry my bag
out to the car?' she said. I took the suitcase
to the cab, then returned to assist the
woman.


She took my arm and we walked
slowly toward the curb.


She kept
thanking me for my kindness. 'It's nothing', I
told her.. 'I just try to treat my passengers
the way I would want my mother to be
treated.'


'Oh, you're such a good
boy, she said. When we got in the cab, she gave
me an address and then asked, 'Could you drive
through downtown?'


'It's not the
shortest way,' I answered
quickly..


'Oh, I don't mind,' she said.

'I'm in no hurry. I'm on my way to a hospice. '


I looked in the rear-view mirror.

Her eyes were glistening. 'I don't have
any family left,' she continued in a soft
voice.. 'The doctor says I don't have very
long.' I quietly reached over and shut off the meter.


'What route would you like me
to take?' I asked.


For the next two
hours, we drove through the city. She showed me
the building where she had once worked as an
elevator operator.


We drove through the neighborhood

where she and her husband had lived
when they were newlyweds She had me pull up in
front of a furniture warehouse that had once
been a ballroom where she had gone dancing as a girl.


Sometimes she'd ask me to slow
in front of a particular building or corner and
would sit staring into the darkness, saying
nothing.


As the first hint of sun was
creasing the horizon, she suddenly said, 'I'm
tired. Let's go now'.


We drove in
silence to the address she had given me. It was
a low building, like a small convalescent home,
with a driveway that passed under a
portico.


Two orderlies came out to
the cab as soon as we pulled up. They were
solicitous and intent, watching her every move.
They must have been expecting her.


I opened the trunk and took the small suitcase to
the door. The woman was already seated in a
wheelchair.


'How much do I owe you?'
She asked, reaching into her
purse.


'Nothing,' I said


/>
On a quick review,

I don't think that I have done anything
moI bent and gave her a hug.

She held onto me tightly.


'You gave an
old woman a little moment of joy,' she
said.
'Thank you.'


I squeezed her
hand, and then walked into the dim morning
light.. Behind me, a door shut. It was the sound
of the closing of a life...


I didn't
pick up any more passengers that shift. I drove
aimlessly lost in thought. For the rest of that
day, I could hardly talk. What if that woman had
gotten an angry driver, or one who was impatient
to end his shift?
What if I had refused to take the run,

or had honked
once, then driven away?


On a quick review,

I don't think that I have done anything
more important in my life.


We're conditioned to think

that our lives revolve
around great moments.


But great
moments often catch us unaware-beautifully
wrapped in what others may consider a small one.


PEOPLE MAY NOT REMEMBER EXACTLY
WHAT YOU DID, OR WHAT YOU SAID ~BUT~THEY WILL
ALWAYS REMEMBER HOW YOU MADE THEM
FEEL.


You won't get any big surprise
in 10 days if you send this to ten people. But,
you might help make the world a little kinder
and more compassionate by sending
it on and
reminding us that often it is the random acts of
kindness that most benefit all of us.


Thank you, my
friend...



Life
may not be the party we hoped for, but while we
are here we might as well dance
















 


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WHICH LLC FROM THIS LIST PROVIDES THE MOST BENEFITS & ADVANTAGES FOR ASSET PROTECTION?
1. NEW MEXICO LLC
2. WYOMING LLC
3. NEVADA LLC
4. DELAWARE LLC
5. WISCONSIN LLC
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WHICH TRUST FROM THIS LIST DO MOST WEALTHY PEOPLE USE FOR ASSET PROTECTION?

  • WHICH TRUST FROM THIS LIST DO MOST WEALTHY PEOPLE USE FOR ASSET PROTECTION?
  • Constructive trust. Unlike an express trust, a constructive trust is not created by an agreement between a settlor and the trustee. A constructive trust is imposed by the law as an "equitable remedy." This generally occurs due to some wrongdoing, where the wrongdoer has acquired legal title to some property and cannot in good conscience be allowed to benefit from it. A constructive trust is, essentially, a legal fiction. For example, a court of equity recognizing a plaintiff's request for the equitable remedy of a constructive trust may decide that a constructive trust has been created and simply order the person holding the assets to deliver them to the person who rightfully should have them. The constructive trustee is not necessarily the person who is guilty of the wrongdoing, and in practice it is often a bank or similar organization. The distinction may be finer than the preceding exposition in that there are also said to be two forms of constructive trust, the institutional constructive trust and the remedial constructive trust. The latter is an "equitable remedy" imposed by law being truly remedial; the former arising due to some defect in the transfer of property.
  • Directed trust. In these types, a directed trustee is directed by a number of other trust participants in implementing the trust's execution; these participants may include a distribution committee, trust protector, or investment advisor. The directed trustee's role is administrative which involves following investment instructions, holding legal title to the trust assets, providing fiduciary and tax accounting, coordinating trust participants and offering dispute resolution among the participants
  • Dynasty trust (also known as a generation-skipping trust). A type of trust in which assets are passed down to the grantor's grandchildren, not the grantor's children. The children of the grantor never take title to the assets. This allows the grantor to avoid the estate taxes that would apply if the assets were transferred to his or her children first. Generation-skipping trusts can still be used to provide financial benefits to a grantor's children, however, because any income generated by the trust's assets can be made accessible to the grantor's children while still leaving the assets in trust for the grandchildren.
  • Express trust. An express trust arises where a settlor deliberately and consciously decides to create a trust, over their assets, either now, or upon his or her later death. In these cases this will be achieved by signing a trust instrument, which will either be a will or a trust deed. Almost all trusts dealt with in the trust industry are of this type. They contrast with resulting and constructive trusts. The intention of the parties to create the trust must be shown clearly by their language or conduct. For an express trust to exist, there must be certainty to the objects of the trust and the trust property. In the USA Statute of Frauds provisions require express trusts to be evidenced in writing if the trust property is above a certain value, or is real estate.
  • Fixed trust. In a fixed trust, the entitlement of the beneficiaries is fixed by the settlor. The trustee has little or no discretion. Common examples are:
    • a trust for a minor ("to x if she attains 21");
    • a life interest ("to pay the income to x for her lifetime"); and
    • a remainder ("to pay the capital to y after the death of x")
  • Hybrid trust. A hybrid trust combines elements of both fixed and discretionary trusts. In a hybrid trust, the trustee must pay a certain amount of the trust property to each beneficiary fixed by the settlor. But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries.
  • Implied trust. An implied trust, as distinct from an express trust, is created where some of the legal requirements for an express trust are not met, but an intention on behalf of the parties to create a trust can be presumed to exist. A resulting trust may be deemed to be present where a trust instrument is not properly drafted and a portion of the equitable title has not been provided for. In such a case, the law may raise a resulting trust for the benefit of the grantor (the creator of the trust). In other words, the grantor may be deemed to be a beneficiary of the portion of the equitable title that was not properly provided for in the trust document.
  • Incentive trust. A trust that uses distributions from income or principal as an incentive to encourage or discourage certain behaviors on the part of the beneficiary. The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee.
  • Inter vivos trust (or living trust). A settlor who is living at the time the trust is established creates an inter vivos trust.
  • Irrevocable trust. In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical or unwieldy to administer, under normal circumstances an irrevocable trust may not be changed by the trustee or the beneficiaries of the trust.
  • Offshore trust. Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident. However, the term is more commonly used to describe a trust in one of the jurisdictions known as offshore financial centers or, colloquially, as tax havens. Offshore trusts are usually conceptually similar to onshore trusts in common law countries, but usually with legislative modifications to make them more commercially attractive by abolishing or modifying certain common law restrictions. By extension, "onshore trust" has come to mean any trust resident in a high-tax jurisdiction.
  • Personal injury trust. A personal injury trust is any form of trust where funds are held by trustees for the benefit of a person who has suffered an injury and funded exclusively by funds derived from payments made in consequence of that injury.
  • Private and public trusts. A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. In order to qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education, carrying out some religious purpose, etc. The permissible objects are generally set out in legislation, but objects not explicitly set out may also be an object of a charitable trust, by analogy. Charitable trusts are entitled to special treatment under the law of trusts and also the law of taxation.
  • Protective trust. Here the terminology is different between the UK and the USA:
    • In the UK, a protective trust is a life interest which terminates on the happening of a specified event such as the bankruptcy of the beneficiary or any attempt by him to dispose of his interest. They have become comparatively rare.
    • In the USA, a protective trust is a type of trust that was devised for use in estate planning. (In another jurisdiction this might be thought of as one type of asset protection trust.) Often a person, A, wishes to leave property to another person B. A however fears that the property might be claimed by creditors before A dies, and that therefore B would receive none of it. A could establish a trust with B as the beneficiary, but then A would not be entitled to use of the property before they died. Protective trusts were developed as a solution to this situation. A would establish a trust with both A and B as beneficiaries, with the trustee instructed to allow A use of the property until they died, and thereafter to allow its use to B. The property is then safe from being claimed by A's creditors, at least so long as the debt was entered into after the trust's establishment. This use of trusts is similar to life estates and remainders, and are frequently used as alternatives to them.
  • Purpose trust. Or, more accurately, non-charitable purpose trust (all charitable trusts are purpose trusts). Generally, the law does not permit non-charitable purpose trusts outside of certain anomalous exceptions which arose under the eighteenth century common law (and, arguable, Quistclose trusts). Certain jurisdictions (principally, offshore jurisdictions) have enacted legislation validating non-charitable purpose trusts generally.
  • Resulting trust. A resulting trust is a form of implied trust which occurs where (1) a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets; or (2) a voluntary payment is made by A to B in circumstances which do not suggest gifting. B becomes the resulting trustee of A's payment.
  • Revocable trust. A trust of this kind may be amended, altered or revoked by its settlor at any time, provided the settlor is not mentally incapacitated. Revocable trusts are becoming increasingly common in the US as a substitute for a will to minimize administrative costs associated with probate and to provide centralized administration of a person's final affairs after death.
  • Secret trust. A post mortem trust constituted externally from a will but imposing obligations as a trustee on one, or more, legatees of a will.
  • Simple trust.
    • In the US jurisdiction this has two distinct meanings:
      • In a simple trust the trustee has no active duty beyond conveying the property to the beneficiary at some future time determined by the trust. This is also called a bare trust. All other trusts are special trusts where the trustee has active duties beyond this.
      • A simple trust in Federal income tax law is one in which, under the terms of the trust document, all net income must be distributed on an annual basis.
    • In the UK a bare or simple trust is one where the beneficiary has an immediate and absolute right to both the capital and income held in the trust. Bare trusts are commonly used to transfer assets to minors. Trustees hold the assets on trust until the beneficiary is 18 in England and Wales, or 16 in Scotland.[17]
  • Special trust. In the US, a special trust, also called complex trust, contrasts with a simple trust (see above). It does not require the income be paid out within the subject tax year. The funds from a complex trust can also be used to donate to a charity or for charitable purposes.
  • A Spendthrift trust is a trust put into place for the benefit of a person who is unable to control their spending. It gives the trustee the power to decide how the trust funds may be spent for the benefit of the beneficiary.
  • Standby Trust or Pourover Trust. The trust is empty at creation during life and the will transfers the property into the trust at death. This is a statutory trust.
  • Testamentary trust or Will Trust. A trust created in an individual's will is called a testamentary trust. Because a will can become effective only upon death, a testamentary trust is generally created at or following the date of the settlor's death.
  • Unit trust. A unit trust is a trust where the beneficiaries (called unitholders) each possess a certain share (called units) and can direct the trustee to pay money to them out of the trust property according to the number of units they possess. A unit trust is a vehicle for collective investment, rather than disposition, as the person who gives the property to the trustee is also the beneficiary.[18]

Eco-couple told to pull down their 'hobbit home' made entirely out of natural materials . . . but without planning permission

Eco-couple told to pull down their 'hobbit home' made entirely out of natural materials . . . but without planning permission

  • Family of three is made homeless by planning inspector's decision
  • They built their home from scratch, but have been ordered to tear it down
  • The couple admit they built it without first getting planning permission
  • Their labour of love was branded 'harmful' to the countryside
Homeless: Charlie Hague and Megan Williams, with their only child Eli, have been left homeless by Pembrokeshire County Council's demolition order
Homeless: Charlie Hague and Megan Williams, with their only child Eli, have been left homeless
A young couple have been left heartbroken after planners ordered their unique 'hobbit home' to be bulldozed, effectively leaving them homeless.
Charlie Hague and Megan Williams, both 25, built the roundhouse from scratch with their own hands, using only natural materials.
But the couple lost their appeal today against a planning enforcement notice telling them to tear their pride and joy home down.
Charlie and Megan, who have a one-year-old son Eli, built the house on private land in Glandwr, North Pembrokeshire, last summer.
Locals nicknamed it the hobbit home, although most people did not even know it was there because it is so secluded.
But Pembrokeshire County Council ordered the couple to demolish their home because it was built without planning permission.
Charlie and Megan, who live a self-sufficient lifestyle, fought the decision claiming it had a low impact on the environment because of its unique construction.
Charlie, a sculptor and woodworker, said: 'We built this house to provide our son with a healthy environment to grow up in. 
'We were born in the area, went to school here, and have lived here all our lives. We wouldn’t want to be anywhere else.'
The pair acknowledged their property was built without prior consent but said there was no other way for them to afford their own home. 
Megan said: 'I know it’s not a possibility for everyone, and our situation here is unique, but if young people are to live and work in the area they need somewhere to live.'
 
The couple’s appeal was dismissed by planning inspector Iwan Lloyd, who ruled the development harmed the character and appearance of the countryside.
The inspector upheld the council’s enforcement notice, which requires the roundhouse and all associated work, including the timber decking, be demolished.
Middle Earth: Charlie Hague and Megan Williams' home has been compared to a hobbit's. But the couple have been ordered to tear their idyllic dwelling down by a killjoy council
Middle Earth: Charlie Hague and Megan Williams' home has been compared to a hobbit's. The couple have been ordered to tear their idyllic dwelling down
Hobbits: The three-foot tall manlike creatures were made famous in JRR Tolkein's The Hobbit and Lord of the Rings books. Picture here, Martin Freeman as Bilbo Baggins in The Hobbit: An Unexpected Journey
Hobbits: The three-foot tall manlike creatures were made famous in JRR Tolkein's The Hobbit and Lord of the Rings books. Picture here, Martin Freeman as Bilbo Baggins in The Hobbit: An Unexpected Journey
The order gives the couple two months to return the land to its previous condition.
Mr Lloyd’s report stated: 'The character and appearance of the countryside should be protected for its intrinsic sake.
'The benefits of a low-impact development do not outweigh the harm to the character and appearance of the countryside.'
Friends said the couple were half expecting their appeal to be turned down but were still 'devastated' by the decision.
Unique: The couple's front room, complete. They started building their house using only naturally resourced materials last year
Unique: The couple's front room, complete. They started building their house using only naturally resourced materials last year
Treebeard: The couple have used a whole tree as a supporting structure for their home, fondly nicknamed the 'hobbit house' by locals
Treebeard: The couple have used a whole tree as a supporting structure for their home, fondly nicknamed the 'hobbit house' by locals
Killjoy council: The couple have been unable to convince the authorities to let them keep their unique home
Killjoy council: The couple have been unable to convince the authorities of the merits of their eco friendly house
One friend said: 'They are heartbroken - the roundhouse is a thing of great beauty which they put their hearts and souls into.
'They are a young couple who should be applauded for solving their own housing issues by creating a sustainable home out of local materials.
'Instead they are now facing the prospect of watching it being razed to the ground.'
The couple have one last chance - they have applied for retrospective planning permission but their friends said they feared it was a lost cause.
Darkness falls: The lights will go out on the couple's home for good unless they can overturn the Planning Inspectorate's decision
Darkness falls: The lights will go out on the couple's home for good unless they can overturn the Planning Inspectorate's decision


Read more: http://www.dailymail.co.uk/news/article-2382684/Charlie-Hague-Megan-Williams-told-pull-hobbit-home-entirely-natural-materials.html#ixzz2bJrDnN9l
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* Iraqi dinar - recently being said... *

The Rumor Mill News Reading Room 

* Iraqi dinar - recently being said... *
Posted By: hobie [Send E-Mail]
Date: Wednesday, 7-Aug-2013 16:05:34

Hi, Folks -
Found at www.dinarguru.com :
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8-7-2013 Intel Guru TerryK HERE IT IS WED MORNING AND NO RV YET. I GOT LATE, VERY LATE LAST NIGHT THAT ANOTHER EXCUSE CAME UP. ANOTHER SIGNATURE WAS NEEDED ON YET ANOTHER DOCUMENT ...I HEARD THE SIGNATURE WAS OBTAINED. [If the signature was obtained, why didn't it go at that point?I DON'T KNOW THE ANSWER TO THAT OTHER THAN ITS IN THE PROCESS AND READY TO GO.
=====
Found at http://dinaresgurus.blogspot.com :
=====
OKIEOILMAN UPDATE, 7 AUGUST
[..OKIEOILMAN] GOOD MORNING AMERICA, SHIPS AT SEA AND ALL OUR WORLD WIDE FRIENDS.
I THINK A BRIEF EXPLANATION IS NECESSARY CONCERNING THOSE WHO MAY BE MIS-INFORMED.
YES WE ARE THERE AND YES IT IS COMPLETED AND IT SHOULD APPEAR IN DUE TIME WITHIN THE BANKS SCHEDULE.
I KNOW THERE ARE OTHERS WHO MAY DIS-AGREE AND I RESPECT THEIR OPINION BUT I BELIEVE MAYBE THEY ARE A LITTLE BEHIND WITH THEIR INFORMATION.
OTHERS ASSOCIATE RAMADAN AND EID WITH THE TIMING OF THE RELEASE AND THERE IS REASON TO BELIEVE THIS IS AT LEAST A POSSIBILITY.
I STAND BY MY INFORMANTS WHO SAYS IT HAS HAPPENED AND WE SIMPLY AWAIT THE BANKS RELEASE.
I HAVE NO FEARS OR DISAPPOINTMENT THAT YESTERDAYS SCHEDULED RELEASE WAS NOT MET. I FULLY BELIEVE IT CAN OCCUR ANY MOMENT FORWARD.
THIS IS THE WORD DIRECTLY FROM THE BANKING INSTITUIONS.
PLEASE BE PATIENT AS THIS OCCUR'S-----BLESSINGS
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