Precious] IMF Spokesman Comments on U.S. “Fiscal Cliff” Measures Press Release No. 13/01 January 2, 2013 Mr. Gerry Rice, Director of External Relations at the International Monetary Fund (IMF), issued the following statement today: “We welcome the action by the U.S. Congress to avoid sudden tax increases and spending cuts, including through an extension of unemployment benefits during 2013. In the absence of Congressional action the economic recovery would have been derailed. “However, more remains to be done to put U.S. public finances back on a sustainable path without harming the still fragile recovery. Specifically, a comprehensive plan that ensures both higher revenues and containment of entitlement spending over the medium term should be approved as soon as possible. In addition, it is crucial to raise the debt ceiling expeditiously and remove remaining uncertainties about the spending sequester and expiring appropriation bills.”
[SWFloridaGuy] Looking back over 2012 we see that Iraq is making much progress economically. Despite the fact that Iraq needs to overcome some challenges relating to investment in infrastructure, institutional reform, the hydrocarbons sector, political stability and security.
[SWFloridaGuy] Real GDP growth for 2012 was 11.1% Reuters reported that Iraq is the 2nd fastest growing economy in 2012 with $170 billion. Excluding the oil sector the economy is expected to grow by at least 9.4%. The latest report to US Congress forecasts Iraq's GDP growth 3x that of the next strongest MENA economy. In the 70s when Iraq's currency held a much higher value GDP only ranged from $2 billion - $8 billion.
Read More Link on Right
[SWFloridaGuy] The IMF reported that economic activity was "picking up" and forecasted "robust" growth, following higher oil production and a recovery in non-oil activity. Iraq will be one of the wealthiest countries in the world. Its 143 billion barrels of proven oil reserves place it second in the world behind Saudi Arabia.
[SWFloridaGuy] Estimates are that current proven reserves could nearly double. In a world of approaching peak oil demand, these reserves have great strategic significance. Iraq is perhaps the only major oil producer in the world that will continue to be able to increase production when demand starts to rise again.
[SWFloridaGuy] Iraq has proven oil reserves of 143 billion barrels. The majority of the known oil and gas reserves in Iraq form a belt that runs along the eastern edge of the country. Iraq has 9 fields that are considered super giants (over 5 billion barrels) as well as 22 known giant fields (over 1 billion barrels). According to independent consultants, the cluster of super-giant fields of southeastern Iraq forms the largest known concentration of such fields in the world and accounts for 70 to 80 percent of the country’s proven oil reserves.
[SWFloridaGuy] Iraq currently has $60 billion in foreign currency reserves. In the 70s, when their former currency boasted a much larger value, Iraq's foreign reserves were only 35 billion. As CBI reserves grow, so does their credibility. There is a huge differential between the current value of the NID and previous values of the IQD. Iraq is clearly showing economic promise never before seen and (in my opinion) their exchange rate is on the path to eventual reclamation.
[SWFloridaGuy] Ok that's it. Sorry it was long, I did my best to summarize.
[Precious] good article
[BOBGETZ6] SWFloridaGuy Is Vietnam the fastest growing in the world?
[heartfelt] SWFloridaGuy Good write up. Thank you.
[BOBGETZ6] We have a rather sigificant supply of oil ourselves, but our ignorant government won't open it up to drilling.
[SWFloridaGuy] BOBGETZ6 Fastest growing economy is Niger but another report say that Iraq will emerge as the world's fastest growing economy in 2012 and 2013, according to Bank of America Merrill Lynch (BAML).
[SWFloridaGuy] BOBGETZ6 I don't see much hope for Vietnam short term at all. Just guru hype.
[SWFloridaGuy] BOBGETZ6 The latest predictions for growth in Veitnam are for 2025.
[BOBGETZ6] SWFloridaGuy I will not be cashing in the VND I hold unless it is significant. China's Yaun will eventually have t go up and the VND will move in lock step with it.
[willietrader] SWFloridaGuy alot of the hype on Veitnam comes from China banks there
[SWFloridaGuy] BOBGETZ6 China doesn't seem willing to comply. Not in their best interest.
BOBGETZ6] SWFloridaGuy No, they don't, but I respect some of Clinton's stuff and about eight months back he was on Letterman. China came up and he said that they will, I forget the period of time, have to or will go up.
[heartfelt] willietrader So you think it is being hyped up as well!!! I thought that all along when all the dong was being passed around
[willietrader] heartfelt I do feel the VND was HYPED by the guru's a few weeks ago because of the forex screens
heartfelt] willietrader I never bought into the hype. Probably one of the only that never made a purchase all during the hype
[SWFloridaGuy] BOBGETZ6 Yeah I hear ya but China’s engine of growth is exports. The lower the value of the Yuan, the better it is for China’s exporters. Basically, if 1 Dollar buys 7 Yuans, and a exporter sells a Chinese Shirt for 10 dollars – he pockets 70 yuans. But if one Dollar was worth only 5 Yuans, the exporter would only be able to pocket 50 yuans. Estimates suggest it's only undervalued between 15% – 40%. Who knows, I do think it will be a good sign for Vietnam if China also starts to see more realistic levels.
willietrader] SWFloridaGuy your right on that count on the Yuan China has held it down for many years Just as Japan did their Yen
LATE THURSDAY NIGHT:
keiji] gtabdinar what say ye? Is this the time?
[gtabdinar] keiji Hi!!!! It is time..........be ye ready!!!!!!
shining: Pray for a better existence for all and for our beautiful earth to bring us abundance as it should be. Free of chemicals that are making us all sick, creating disease in the world. Expand your thoughts, outside yourself and realize we need REAL change, not just a change in our own finances.
The RV is coming as well as many other wonderful things for everyone. January will be a very important month and many things are happening to ensure we live happy fulfilled lives. DO YOUR PART!!
Don't forget about the world after you recieve your blessing or we will be right back down that rabbit hole wondering where it all went. Love Peace and Joy to each and every soul on this earth,
[chrivers] Sooo Many Good things aligning, and pointing Iraq to their new position in the world!! :)
[diverdown] WCW cut to the chase, What are you hearing?
[WCW] diverdown it looks like what everyone is hearing. u haven t heard?
[diverdown] WCW no been out all day
[flashing] sananddan24 just three kings day
[WCW] diverdown get ready to party
[okrocks] the rumors are all falling in line again, I do wonder what is the deciding factor? just what is it that finally makes it a GO???
[crossways] WCW Do we have new intel?
[WCW] crossways tonight thur tomorrow
[spiritfilled] flashing Sounds like you, Shining, and WCW are all in agreement on the basics of it coming...so midnight express tonite you think??
[sananddan24] Flashing seem the rumors get hot and heavy for the weekend and the such a let down on Monday
[flashing] spiritfilled could be anytime now but rumors are saying the sunday midnight express
[dwg14] WCW im just hearing this tonight tomorrow... well better hurry up on call at work really want to go home
[WCW] dwg14 when it pops we will know
[sananddan24] Wcw will we get the codes before it goes public?
[WCW] sananddan24 we wait and see
[deb2blessed] I feel our waiting is coming to an end
redhead1] We are making some progress - just saw on CNN that Iraq now has their first big IPO - Asiacell is going to raise $1.3 billion - they started this process when the war began - that is a long time.
richc] redhead1 yeah, offering at 22 dinar per share. how in the world do you raise that revenue with 22 per share? Hmmmmmm
[Jester] redhead1 that info has been out for a bit... the questions is will they be able to do it if they rv and do they know one way or the other... if they rv then will they have to refile the offering... or do they know what is really going on..
[richc] redhead1 maybe they waited this long for economic reform in the form of stronger currency
[redhead1] richc - it was very brief - no discussion other than this is the first IPO for the exchange
[richc] redhead1 yes, a ton has been written in the last month on this. makes you wonder, why now? do they know something we dont?
[geoworld] Jester -The only way they can buy that stock at 22 dinar at a mininum 100000k is send them there dinar = I would like them to send the dinar to me .
[redhead1] I did not like Poppy's post regarding the VND - I am going to disagree with him on the analysis he gave because I do not think China will wait after the RV.
[Dinarblessed] redhead1 Think they will all go together..... jmho
[hardtorecall] "So close you can feel the breeze"
[hardtorecall] "So close you can smell the camel"
[hardtorecall] "it is done"!
[xyz] hardtorecall very hard to recall camel's smell
[hardtorecall] xyz try harder
[Kini] "You've gotta DANCE like there's nobody watching, LOVE like you'll never be hurt, SING like there's nobody listening, LIVE like it's heaven on earth, and SPEAK from the heart to be heard.” — William W. Purkey