Post From Dinar Updates 2-19-16
Chat Room Excerpts & Highlights
Dinar Updates Friday AM Chat 2-19-16 Part 3 of 3
rcookie says Article 20 Governor as chief executive
1 The Governor shall, as chief executive of the CBI, be responsible for the implementation of the decisions of the Board. The Governor shall conduct the day-to-day operations of the CBI and may exercise any powers delegated to the Governor by the Board.
2 The Deputy Governors shall assist the Governor in conducting the day-to-day operations of the CBI.
3 The Board may establish provisions regulating the extent to which the Governor may delegate any of his powers to other members of the Board or to senior staff of the CBI, including whether delegation may be made to a single person, or to two persons jointly.
4 The Governor shall appoint and terminate the appointment of the employees, agents and correspondents of the CBI, within the general terms and conditions of the personnel plan and other gu
rcookie says Article 23 Immunity from legal action
1 No member of the Board, employee or agent of the CBI shall be personally liable in damages for any act or omission taken in the discharge or purported discharge of official functions within the scope of his employment or engagement under this Law.
2 The CBI shall indemnify a member of the Board, employee or agent of the CBI against any legal costs incurred in the defense against legal action brought against such person in connection with the discharge or purported discharge of official functions within the scope of his employment or engagement under this Law, provided that no such indemnification shall apply if such person has been convicted of a crime arising out of the activities that are covered by such legal action.
rcookie says THIS IS THE ARTICLE THAT WAS JUST CHANGED IN LAST 45 DAYS...
rcookie says Article 26 Prohibition on lending to the Government1 The CBI shall not grant any direct or indirect credits to the Government or any other public agency or State-owned entity, except that the CBI may provide liquidity assistance under Article 30 to government-owned commercial banks that are subject to the supervision of the CBI, provided that such assistance is granted on the same terms and conditions as would be extended for the benefit of privately-owned commercial banks.2
The CBI may purchase government securities provided that such purchases are only made in the secondary market and are only made in connection with market operations.
3 Nothing in this Article 26 shall be construed to prohibit the use of government securities in connection with any aspect of open market operations or as collateral for standing facilities.
larrykn says moving forward :)
rcookie says THEY CAN LEND DIRECTLY TO GOI OF PREVIOUS BUDGET OVERAGES..OR UNUSED FUNDS...NOT FROM CURRENT YEARS BUDGET..
larrykn says so what they don't use in prevous budget they can use in the current budget?
larrykn says some of those budgets were never opened, they were passed but not opened right
rcookie says YES..OR SURPLUSSES...LOL
larrykn says surplusses in Maliki pocket :D
R&R says to rcookie There an article out from Parliamentary Finance, today, calling out the GOI and stating that they have borrowed over 2 trillion dinars indirectly from the CBI using "other" banks....
R&R says to rcookie The MP is questioning the GOI's ability to pay salaries, considering there is an ongoing monthly budget deficit this year because Kurdish monthly oil revenues don't come close to covering the salaries...and it gives documented evidence and raw numbers to prove it...
rcookie says HERE IS THE LINK TO THE ENTIRE DOCUMENT...
COALITION PROVISIONAL AUTHORITY ORDER NUMBER 56 CENTRAL BANK LAW 2004
rcookie says THERE IS MOUNTAINS OF INTERESTING INFO ABOUT CBI STRUCTURE...ROLES AND ACTIONS IN THERE....
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says Amazing work rcookie. This also restablishs the CBI as a totally independent government entity that sets monetary policy without any outside political influence?
rcookie says MANAGEMENT OF FOREIGN RESERVES...OPEN MARKET OPERATIONS...RESERVE RQUIREMENTS...LENDER OF LAST RESORT...PAYMENT SYSTEMS...SUPERVISION OF BANKS...CURRENCY PRINTING & MINTING...
rcookie says to David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo YES IT DOES...
BookumDano says to rcookie To me it shows that the CBI laws were not followed by Maliki when he removed Shabibi. So the question is when are they going to inforce their own laws?
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says Who will be the dealers of the Iraqi treasury bonds. The banks.
rcookie says to R&R YES ...WHICH IS FUNNY..BECAUSE WHERE WERE THOSE SAME CALLS TO ADDRESS THE DEPLETION OF THE DFI FUNDS OF ABOUT 38 BILLION...
R&R says to rcookie Thanks rcookie... I am still trying to understand it all
rcookie says to BookumDano AGREED...THEIR CATASTOPHIC FAILURE IN OVERSIGHT OF AUCTION PROGRAM AND ITS CORE VALUE PURPOSE WILL BRING ACCOUNTABILITY AND CONSEQUENCES...IMO SOONER THAN LATER..
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says This is creates a Western indusrial banking structure with monetary authority and the MOF is equivilent to the T Dept whio issues and refunds sovereign debt?
BookumDano says to rcookie When is the CBI going to get a new Sherriff?
rcookie says to BookumDano YOU SEE...ONE OF THE MOST AMAZING REVALATION THAT HAS COME TO SURFACE..IS THE FACT THAT THE MOF OWNS THE 2 STATE BANKS THAT ARE BEING IMPLODED AQND PRIVATIZED...
rcookie says WHICH WS VERY INTERESTING WHEN RECENT SUGGESTIONS OF MOF TAKING OVER CURRENCY AUCTIONS FROM CBI....
R&R says to rcookie I will give you a link to the article I referenced, but here's a snippet talking about the "trick" the goverment is using to borrow from reserves:
rcookie says WHEN THAT PRIVATIZATION CONCLUDES...THERE WILL BE A COMPLETELY DIFFERENT LANDSCAPE .... FUNCTIONALITY AND EFFICIENCE TO THE BANKING SECTOR IN IRAQ...
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says Amazing when you think about the fact that this is so Western and Abadi followed the blueprint and got all the people to go along. Some needs to buy the documentary rights to this story. Oscar a layup
R&R says to rcookie He said (Ahmend Haji Rashed) the decision of the Finance Committee, "If we have noticed will disclose that the Iraqi government had borrowed half of its revenues, but indirectly, it has the central bank to give a loan to other banks, and the government has to borrow money from the banks,
because the central bank has decided to give loans to banks, and the equivalent of 7 trillion dinars so that the government can borrow from these banks and this is one of the tricks used in the present time. "
R&R says to rcookie "You see how long will the Iraqi government borrowing from the reserve, would one day also ends this reserve, and how the government will be able to provide salaries of up to 860 billion dinars, at the time of imports of oil exports in the Kurdistan region of 550 carefully dinars ?, Iraq now can not believe his employees' salaries, according to oil imports, which is sold out. "
R&R says to rcookie http://www.iraqpressagency.com/?p=187267&lang=ar
rcookie says RIGHT...THEY DONT TECHNICALLY GIVE (LEND) DIRECTLY TO GOI...
BUT FLOAT LOANS TO BANKS FOR INVESTMENT & DEVELOPMENT PROGRAMS TO THE SMALLER BANKS THAT ARE BEING SUPPRESED BY THE 2 BIG STATE BANKS THAT DOMINATE 90% OF IRAQS ASSETS ...
MAKING THE SMALLER BANKS IMPOTENT IN FUNCTIONALITY
rcookie says THEY HAVE BEEN DOING THIS TRANSPARENT SHELL GAME FOR A LONG...LONG TIME..AS DO MANY COUNTRIES....
rcookie says BUT AT SOME TIME GOTTA PAY THE PIPER...GONNA GET YOU IN THE WASH...OR THE RINSE....
rcookie says to R&R AND THOSE KURD SALARY NUMBERS HAVE RIGHTFULLY BEEN REQUESTED TO BE VETTED FOR ACADEMIC CREDENTIALS AND SALARY STUCTURE...EVEN PESHMERGA FOR HIGH SCHOOL DIPLOMAS....
R&R says to rcookie Thanks rcookie. Lots of mistrust to go around, but at least their greivances are being addressed. Better late than never I suppose! (y)
rcookie says to R&R KURDS DONT EXACTLY HAVE PRISTINE TRACK RECORD IN THAT REGARD.."GHOST" PESHMERGA LISTINGS FOR YEARS....
rcookie says to R&R AGREED.....GREAT ARTICLE R & R!!!!!!
R&R says to rcookie I remember that article about ghost payrolls right after Abadi took office. Money being dispersed to field commanders to pay thosands of non-existent soldiers
clay says to R&R yep
clay says to R&R just like here
rcookie says to R&R BTW THAT LINK ABOUT CBI ACTUALLY HAS ENTIRE SECTION DEDICATED TO GOI TRANSACTIONS..
R&R says to clay lol
clay says to R&R lol
rcookie says to R&R YES....AND THE FOLOW UP ON MILITARY ALLOCATIONS REPORTED TO BE FUNNELED TO BARZANI ALONG WITH THE REST OF HIS OBSCENE AMENITY AND PERK ABUSES...
David[X25SNDAUGTUKHUQWI6BTABCMVI@yahoo..] says But it's in Arabic. I gotta work on my language skills
rcookie says YES BUT SOMEONE WILL EVENTUALLY ANSWER FOR THE PURCHASE OF FAKE BOMB SENSING EQUIPMENT THAT RESULTED IN DEATHS OF HUNDREDS OF IRAQI FORCES....
clay says to rcookie wow I remember those...long time ago
rcookie says YEP....DUMMY AMMO...ANTIQUATED WEAPONS...
clay says to rcookie what was that like 2 yrs ago
rcookie says OH MR OBEIDI...YOU GOT SOME SPLAININ TO DO.......
rcookie says YES...
rcookie says HERE IS THAT CBI LINK AGAIN...
R&R says to clay Ans Maliki shelling out billions for old, antiquated MIG aircraft from Russia, and then the Russian pilots flew them in and really didn;t even train them to use them.
subgirl says to rcookie thank you so much for all you do here :)
R&R says to clay I think them even said a lot of the tech on them was so outdated it was almost laughable
clay says to R&R yes I remember and also no spare parts
rcookie says to R&R THERE WERE REPORTS AT BEGINNING OF WEEK OF HUGE SHIPMENT ARRIVING TO IRAQI PORT...WITH MILITARY EQUIPMENT...TANKS..HUMVEES ETC...REPOTEDLY RUSSIAN...
R&R says to rcookie Wow...I didn't know that. Are those bought by Iraq?
rcookie says to R&R THATS NOTHING...TRYING NOT TO LAUGHT BUT....HOW ABOUT F-16'S DELIVERED WITH NO BOMBS OR AMMO....
rcookie says to R&R( YES
R&R says to rcookie LOL probably no flight stick either
R&R says to rcookie( So much money wasted....it surprising they only lost on 75 trillion dinar under Maliki's reign
templejc says MALIKI'S IN TROUBLE - MALIKI'S IN TROUBLE - MALIKI'S IN TROUBLE
Pablo says Have they removed Alaq from the CBI yet?
Woodywoodpecker says I say nothing will be done to Maliki or Hillary
dennis2 says They should be tied to a tall tree & have you peck away at them...
jimplants says to Woodywoodpecker IMO maliki has ticked off our government so he goes the other person is part of our government so she stays i hope i am wrong
dennis2 says to clay I was joking at first but it's actually not a bad idea
Woodywoodpecker says I hope you are too
clay says to dennis2 not at all lol
clay says to jimplants me too
jd says Im praying for a miracle like the rest of you guys,but I have been hammered on the point that Iraq is too inept to run their country without some serious help from the outside.Im beging to wonder if they can really pull off a RV??
jimplants says to Woodywoodpecker unfortunatly they take care of each other
clay says to jd scarey thought
jimplants says to Woodywoodpecker jd that is what the IMF UN and world bank are for as well as UST
subgirl says to jd remember IMO the IMF is involved don't forget and they are ahead of their deadlines for the most part! This weekend IMO will be a good weekend of news!
subgirl says to jd Amesty and Abadi reshuffle... We'll see... :) hang in there!
subgirl says to jimplants (y)
jd says Im still hanging.
subgirl says to jd good!! (y)
jimplants says THEY ARE OUR SAVING GRACE
subgirl says to jimplants yes!! :)
R&R says to jd I was about to say the same. Don't forget the US is there (Embassy, troops, etc.), the IMF is monitoring, World Bank is too, and so is our UST. We have our hands all over this situation....we won't fail.
trout1 says carson on fox talking about the fed and the need to attach our money to something mentioned gold standard
jimplants says this as a bottom line is this is money orientented and we will not fail
R&R says to jd Oh, and don't forget also ..... Sistani issued a fatwa that is an ultimate spiritual decree to care for the citizens. Which also has them on edge to get this done.
R&R says to jd The pot's at full boil....!
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