Post From Dinar Updates 2-2-16
Excerpts & Highlights
Dinar Updates Member Afternoon Chat 2-2-16 Part 1 of 3
tman23 says(): ERBIL, Kurdistan Region - With an estimated $130 billion in external debt as of December 2015, Iraq’s economy will likely see further stagnation this year after plunging oil prices crippled its finances last year, according to government aides in Baghdad.
Advisers to Prime Minister Haidar al-Abadi told Rudaw the central government finds it increasingly difficult to pay the over $4 billion monthly wages to state employees without a “significant rise in oil prices” in the months ahead.“We may not be able to pay full salaries in April this year, if the revenues remain low,” ......
tman23 says(): The KRG owes an estimated $15 billion in external debts, according to Kurdish lawmaker Firsat Sofi, who also estimated the regional government had $4 billion in national loans.
The Iraqi central government has so far been able to pay monthly wages to its employees, in part because it has had access to its $78 billion international reserve assets.
According to the International Monetary Fund (IMF) the country’s reserves have fallen to $66 billion since the end of 2013.The government has borrowed relatively small amounts of cash in 2014 and 2015 when millions of people were displaced following an ISIS offensive.
Finance Minister Hoshyar Zebari told Rudaw last month the country had managed its salaries with an external loan of nearly $12 billion.
tman23 says(): 78 billion international reserve assets........Zebari says they were avle to pay salaries because they borrowed 12 billion in external loans......
IMF says country reserves have fallen to 66 billion......78 billion minus 12 billion equals 66 billion.......Which all indicates that they are living off of the CBI reserves.......So why speak of needing a law in Parliment to borrow from the CBI......looks like they have been doing it all along
clay says to tman23(): makes sense
jarhead says to clay(): shup u just as confused as the rest of us lol
clay says to tman23(): seems as if they are going to eat up the reserves
clay says to jarhead(): 4 sure lol
tman23 says to clay(): They had an article that said they would support the government for 6 months which may take the reserves down to 35 billion.......so that is equal to 4 billion per month to make up the GOI shortfall........... and the CBI said if the reserves went to 35 billion they would then devalue the IQD.......
clay says to tman23(): wow
clay says to tman23(): not good IMO
jarhead says(): sounds smart
Pablo says(): Seems like they want to do everything except the one thing they need to do.
clay says to Pablo(): it sure does
Pablo says(): Crazy!!!
clay says to Pablo(): or is it smoke who knows
wmawhite says to Pablo(): The reason they are doing all of this "other stuff" is because the CBI in conjunction with the IMF are preparing to enter the economic markets. So, yes. They do want to do all the other stuff.....but they are doing them because of what the IMF told us previously.
mudder says(): Reading the articles one has to assume this information is coming from the Kurds... The Kurds have never had nothing nice to say about the GOI...
They may have the right to, however they have always said WHAT ABOUT ME and always threaten to walk.... IMO you give the Kurds the world and they still wouldn't be happy....
tman23 says to clay(): From everything they have done and not implemented regarding laws......The Abadi reshuffle appears as equal to rearranging the deck chairs on the Titanic while it is sinking....... The Supreme Religous Leader Sistani calling for a replacement to Abadi sure isn't smoke....
Pablo says to wmawhite(): Isn't burining through the reserves a bad idea?
wmawhite says(): Something else, folks. Many members of parliament do not get the "big picture" when it comes to long term strategy and competing on the world economic stage.
Then ther are others that get part of the "big picture", while are very small number are actually involved in this actually process. And believe me.......that small number ignore the "drunks in the stands."
wmawhite says to Pablo(): And the IMF told you, me and the world what will stop that.........what was it?
clay says to tman23(): saw that he needs to wake up or get booted clay says to wmawhite(): thnaks
clay says to wmawhite(): by June clay says to wmawhite(): but does that include rv
clay says to wmawhite(): or realistic rate clay says to wmawhite(): whatever that may be
wmawhite says to Pablo(): The move away from Multiple Currency Practice (MCPs).
wmawhite says(): Folks.......honestly...you ought to drop the term RV................concentrate on what will bring the change in the value of the IQD....and that was told to you by the IMF.
clay says to wmawhite(): or are we assuming that
wmawhite says(): Folks........if you had to start buying and selling outside of the USA using your own money and you had to use $1182.00 each time you purchased one small item that would normally cost $1, wouldn't you start using your money smarter?
wmawhite says(): If you had 91 tons of gold and 100s of years of natural assets......wouldn't you arrange deals with other countrys so that you would not have to pay $1182 for thet $1 item? Instead, you would explain how you were more valuable and your one dollar was worth much more.
wmawhite says(): This is what will take place when Iraq enters the economy market.
clay says to wmawhite(): (y) thanks again
wmawhite says(): yw
Wyomingbill says(): I still believe when we have enough control over Isis in Mosul we will have an RV, and that can be anytime in the next few weeks
subgirl says to clay(): OK :)
Hecht says(): There is a build up of troops into Japan now that are going onto Iraq in the near future. Niece's son is in Japan now. Although Genel & Gulf Keystone are getting paid for Kurdistan oil going through Turkey. Mosul needs to be cleared out..
jarhead says(): as ive said u send 500 marines without alchohol or a girlfrieng it'll get cleared out quickly!
tman23 says(): The opinion was that Iraq needed a stable government to revalue it's currency......
Sistani just called for the replacement of Abadi which only shows that the Supreme Leader has lost confidence in Abadi........ A citizen uprise against the government is not favorable.......
The talk of not being able to meet salaries come April is not favorable....... This is not to say that Abadi doesn't have the plan in motion to revaluation......or the IMF for that fact..........
BUT Sistani has spoken and now they don't have time to play or delay.......That goes for both Abadi and the IMF if a revaluation is truely in the plans......
Pablo says to wmawhite(): Iraq people are getting impatient.
jarhead says(): so am i
wmawhite says(): It has been known through the history of this country.......these two phrases always went together:......."the Marines have landed"......."everything is now under control." Fact.....plain and simple fact.
tman23 says(): I am sure the citizens of Iraq are thrilled that one of their country men were able to purchase the most expensive house in the world........and the sitting government replies with......taxes, tariffs, salary cuts and spoiled rations.......
wmawhite says to Pablo(): that still has nothing to do with the process that the IMF, CBI and GOI are following............the heart patient laying on the table with his chest cut open might be impatient, but the surgeon has a process to follow. Or maybe the surgeon should stop what he is doing because the patient is in a hurry.
larrykn says(): your right wmawhite there is a plan that needs to be followed and that is what they are doing, as we see this is moving forward not backwards so all we can do is watch and wait , our time is a coming :)
wmawhite says(): In the beginning was the word, and the word was God. In the beginning was God and all else was darkness and void, and without form, so God created the heavens and the earth.
He created the sun and the moon, and the stars, so that light might pierce the darkness. The Earth, God divided between the land and the sea and these He filled with many assorted creatures.
wmawhite says(): And the dark, salty, slimy creatures that inhabited the murky depths of the oceans, God called sailors. And he dressed them accordingly. They had little trousers that looked like bells at the bottom. And their shirts had cute little flaps on them, and they wore funny looking hats.
He gave them long sideburns and beards, nicknamed them "squids", and banished them to a lifetime at sea, so normal folks would not have to associate with them. To further identify these unloved creatures, He called them "petty" and "commodore" instead of titles worthy of red-blooded men.
wmawhite says(): And the flaky creatures of the land, God called soldiers. And with a twinkle in His eye, and a sense of humor only He can have, God made their trousers too short and their covers too large. He also made their pockets oversized, so that they may warm their hands.
And to adorn their uniforms, God gave them badges in quantities only a dime store owner could appreciate. And he gave them emblems and crests and all sorts of shiny things that glittered, and devices that dangled. (When you are God you tend to get carried away.)
wmawhite says(): On the 6th day, God thought about creating some air creatures for which he designed a Greyhound bus driver's uniform. He discarded this idea during the first week, and it was not until years later that some apostles resurrected this theme and established what we now know as the "wild blue yonder wonders".
wmawhite says(): And on the 7th day, as you know, God rested. But on the 8th day, at 0530, God looked down upon Earth and was not happy. God was just not happy! So He thought about His labors, and in His divine wisdom, God created a divine creature. And this He called Marine.
And the Marines, who God created in His own image, were to be of the air, and of the land, and of the sea. And these He gave many wonderful uniforms. some were green, and some were blue with red trim.
wmawhite says): And in the early days, some were even a beautiful tan. He gave them practical fighting uniforms, so they could wage war against the forces of Satan and the evil.
He gave them service uniforms for their daily work and training. And He gave them evening and dress uniforms.....sharp and stylish, handsome things, so they may promenade with their ladies on Saturday night and impress everybody. He also gave them swords, so that people who were not impressed could be dealt with accordingly.
wmawhite says(): And at the end of the 8th day, God looked down upon the Earth and saw that it was good. But was God happy? No! God was still not happy.
Because in the course of his labors, He had forgotten one thing. He did not have a Marine uniform for himself. But He thought about it, and thought about it, and finally satisfied Himself in knowing that, well.......................not everybody can be a MARINE!!!
sagecanyon8 says(): Love that wmawhite! Thank You! And Thank You Marines!!
wmawhite says(): Fact folks,...........just plain and simple FACT!!!!
jarhead says(): AMEN
wmawhite says(): Remember, the last four lines of the Marine Corps Hymn is: If the Army and the Navy Ever look on Heaven's scenes, They will find the streets are guarded By United States Marines.
wmawhite says(): And,......................those streets are of what? Gold.
quicktolegit96 says(): SF IS ARMY AND SEALS ARE NAVY (lol)
Comments may be made at the end of Part 3 Thank You Part 2