Millionday Monday Roundtable 2/14/14 Part 1
Welcome to Monday Roundtable with Millionday!
[millionday] i dont know if you have seen this but it from cbi
[millionday] Baghdad confirmed Iraqi Central Bank Governor Abdul-Basit Turki, Monday, that the talks lasted over two days between the representatives of Iraq and the IMF and the World Bank on the subject of protection of Iraqi funds abroad and the end of its period of international protection
[millionday] He said Turkish for "tomorrow's Press," said that "Iraq was held over the past two days of meetings with the IMF and World Bank Aldollin while still discussions going on between the Ministry of Finance and the Central Bank with financial advisers and legal international to put the necessary arrangements for the fact that Iraq is solely responsible for the protection of his own money.
[millionday] note -- finally over and the end of protection -- love it smile
[millionday] He stressed that "the twenty-second of the month of May will be the next expiry date of the international protection of Iraqi funds," pointing to "the need for a complete mechanism to ensure the protection of Iraqi funds Iraq by addressing the Government of Iraq to the outstanding issues inherited from the previous regime and settled for files debts and claims of financial and commercial contracts.
[Florida Country Girl] What does finally over and end of protection mean for them
[h-spot] Florida Country Girl hopefully not the same as soon lol
[Florida Country Girl] lol
[millionday] note -- this is fantastic -- they will now have all control of their money and this is a step that takes them to a market economy and also stops the outside protection of oil proceeds and starts distribution
[millionday] h-spot lol
[millionday] Turki confirmed that "the results of the talks so far reassuring, and there is no danger to the money. The Minister of Finance and serenity net debt agency said on Monday that the issue of protection of Iraqi funds abroad will discuss with both the IMF and the World Bank during the spring meetings of the two in Washington, pointing out that Iraq does not intend to extend the protection to his money abroad.
[hstrymknwmn] millionday the way I understand rv is not waiting on that right?
[Florida Country Girl] So looking at a back wall of May 22?
[millionday] so they are planning on paying their debts as normal agreements made
[millionday] i would say i cant imagine it being smart to pay at anything but a reality rate -- or they would be wiped out in the future as their currency is put at the reality rate
[millionday] we read on saturday that they have accounts set up that the funds will be going to -- very good news
[mydinar100] But, do they have to pay their debts right away?
[millionday] total control would require them to pay their debts as if they were just released from bankruptcy -- either they pay them or they will be in court - as normal or their money will be frozen to pay them etc -- so they will have to arrange the payment of what is left to pay
[risk] Why can't they pay debt in USD which means they dont need a reality rate yet
[risk] dfi funds are in usd
[millionday] because they are using dinar -- we dont know who or what they will pay in usd or in dinar -- they have just left the meeting -- they have just moved their money so we have to see what they do with what and where their accounts are -- they have not said where or how they are going to pay per agreements
[millionday] but - they are also going to be distributing to citizens and paying contracts etc -- that will be in dinar -- their national currency
[msidaho] Is this saying they are released now (the DFI Protection) and now in charge of their own money or that they will let it expire on May 22nd and take over at that time?
[Florida Country Girl] But doesn't their constitution state they must use Dinar for law purposes
[risk] millionday ..Ok let's see what this week brings..thx
[millionday] yes they have to pay all benefits and oil proceeds to citizens tin dinar
[risk] But dinar is not internationally accepted yet
[Florida Country Girl] msidaho good?
[millionday] right and it will have to be --
[ol lar] Florida yes all Gov't transactions in Dinar only
[h-spot] risk we hope it is all going to happen together at once
[millionday] citizens are abroad as well dont forget it will have to be exchangeable
[msidaho] 11:46 AM Is this saying they are released now (the DFI Protection) and now in charge of their own money or that they will let it expire on May 22nd and take over at that time?
[millionday] Iraq getting back control of all of their currency is what we are seeing right now -- and it hasnt been this way for many years
[risk] millionday ...It's all good...And if their going to pay debt with dinar...It's all over
[millionday] they gain control of it may 22nd for sure but does this mean they have control of it now ? it appears to -- they have already met with them and it states here that they have regained control
[clay] so they have funds now not may? wonder y b4 elections
[millionday] yes they were put in the us to protect them because they had regained their funds but had not revalued etc and they could have them protected here
[clay] I know that but y give them control early b4 elections IYO
[millionday] the release of chapter 7 put them at risk of people taking their currency for debts owed -- they have paid many debts so they now have moved their money and are not meeting for control but for loss of protection
[clay] got ya thanks
[millionday] they are going to not have their funds protected from debt collectors so now it needs to be at reality rate and trade -- distribution-and market can begin at their reality rate so they dont lose -- in a big way make sense --?
[millionday] not anything but protection lost - so they want it to be at the value it should be or when it becomes that value -- they will be wiped out smile
[Richard Incrocci] Now that they have control and also need to make payments in Dinar, and it has to be tradable, do they have a time frame planned to get these payments out, the internationally recognized payments? Payments to citizens and contracts
[millionday] i dont see one released -- the agreements -- the budget -- the announcement of pay and all of those things are going to tell us
[millionday] i bet they dont want to wait long -- they are having safety issues at this time smile
[Richard Incrocci] Even thought the Kurds are stalling on the budget, presumeably waiting for M to leave office, could this still all happen before?
[Richard Incrocci] At a loss for what they are trying to do and when they want to do it
[millionday] i know they have said that when the budget is done they will be able to begin contracts -- distribution -- etc -- i know it makes no sense to us that they cant do it now but they seem to be doing it all at once
[Richard Incrocci] Ok, thx MD
[millionday] turki being gone and now returned with instructions is what i am excited about
[tourman] in the mean time that country is hemorrhaging $ out the wazoo
[Richard Incrocci] what instructions does he have?
[millionday] he has said that the meeting will result in all that is said there to take two days after his return to get done -- we should see huge movement or at least press meetings to the citizens etc
[Richard Incrocci] Cool. Maybe Wed we will see something significant
[bashley4] This is the most exciting news I have heard in weeks. I have always believed that they would have to made to do the RV.
[millionday] we should see a lot in the next days -- lots of news and movement progress etc
[millionday] this is huge preparation time for the market
[millionday] me too !! brb with more
[millionday] The Acting Minister of Finance, Safa al-Din al-Safi and the Governor Iraqi Central Bank, Abdul- Basit Turki discussed with the deputy head of the International Monetary Fund IMF, Shino Hara Iraq's debt settlement , in a series of spring meetings of the IMF and the World Bank held in Washington.
[millionday] A source in Safi's office told NINA "The two sides discussed the development of Iraq's relations with the International Monetary Fund in the areas of monetary and financial."
For his part, Shino Hara expressed "the IMF's readiness to provide support and technical assistance to Iraq in the areas of improving financial management and building capacity so as to improve the financial performance in Iraq.
[millionday] so now is the time for iraq performance --- smile they need a reality rate to move forward and all ducks are getting in a row
[millionday] imagine if someone told you that every dollar you had was worth a penny today but was going to be worth a dollar in a month and people you owed money to knocked on the door wanting paid
[millionday] smile - dont answer is my advise
[tourman] i would be skeered
[millionday] lol right
[bashley4] everything is lining up. looking very positive.
[millionday] brb with more news - oh yes looking good
[millionday] MP for the Kurdistan Alliance bloc pro-Tayeb said the committee formed by the House of Representatives to discuss the obstacles to the adoption of the budget will , today Monday, 04/14/2014 , to Arbil .
Added Rep. pro-Tayeb , spokesman for the Kurdistan Alliance bloc through a special permit for PUKmedia: The Parliamentary Committee on the issue to address the problems that hinder the adoption of the budget law will arrive today to Arbil and will meet with the President of the Kurdistan Regional Government , pointing out that the Commission acts as Alosth between the Kurdistan Regional Government and the federal government reached an agreement on the outstanding issues .
[millionday] note -- have arrived in Kurdistan
[millionday] The House of Representatives has decided to form a committee to discuss the problems that hinder the adoption of the budget .
Consists of four people are Deputy Speaker Qusay al-Suhail and Aref Tayfur , deputy Speaker of the House , MPs Haider al-Abadi , Adnan al-Janabi . This committee will discuss the differences that exist between the federal government and the province of Kurdistan , and to report on its findings to the House of Representatives
[bashley4] Gotta get that budget passed.
[millionday] they seem to think they have to have it done so they are there getting it at least resolved to find what will make it pass
[tourman] The fab four - Suhail,Tayfur,Abadi and Janabi
[millionday] dream team smile so they will then call a meeting about the budget right away brb
[MsDiva] great news
[Smokey Mtn. Dinar] Turki should tell the GOI he is going to Revalue with or without a budget. Maybe THAT would put a fire in their turban's!
[wmawhite] Smokey Mtn. Dinar Smokey Mtn. Dinar .....why do that.............the investment portion of the budget does not work without an improved rate. Turki is holding the keys to the car..the budget is the car.
[tourman] need someone to hotwire that sucker
[dovi] wmawhite lol
[Smokey Mtn. Dinar] wmawhite Hmmmm Whose buying the gas? Lol tourman lol
[MsDiva] wmawhite budget car rental
[dovi] tourman hotwire Turki
[MsDiva] or rv
[millionday] now thats good wmawhite lol
[wmawhite] Smokey Mtn. Dinar ........look in the ground.it is everywhere.
[clay] MsDiva MsDiva MsDiva
[millionday] welcome to roundtable hun brb with more everyone
[wmawhite] millionday .....ty
[Smokey Mtn. Dinar] wmawhite I know, just being funny/sarcastic
[wmawhite] Smokey Mtn. Dinar ....no problem..............lol
[millionday] The source told all of Iraq that "al-Suhail went this afternoon on a visit to Arbil to meet with Kurdish leaders, where he chairs the committee in charge of the Quartet to discuss with the Kurdistan region to resolve the problems in the export of oil in addition to the possibility of approving the budget."
He added that al-Suhail Nechirvan Barzani will meet in secret meetings after intensive meetings held with the Deputy Prime Minister Hussein al-Shahristani, in order to end the outstanding issues in the file of oil and exported quantities of oil by the Kurdistan region.
The source said there is a possibility because Suhail reach a solution to the problematic relationship between the center and the region.
[wmawhite] Seriously folks............so many of Iraq's announcements.....such as the Houston trade office do not work without a change in the status of the IQD. -- oooopps
[clay] wmawhite agree
[millionday] note -- there is where i read that they will then meet and pass if -- if they make an agreement they will hold a meeting right away and can pass the budget through at that time if they want to
[millionday] i agree -- there is so much going on -- too much to not find ourselves in a great position
[wmawhite] millionday ....very true!!!!
[sczin11] wmawhite problem is, furniture and ofice supplies for houston office have been ordered from walmart/in IRAQ, and dinar not world tradable as yet, so they cant pay for furnishings, until the RV- which comes first chicken or the RV?
[clay] sczin11 lol
[tourman] there is such a plethora of item that wont work without a tradable currency. why they wait is beyond me!
[wmawhite] sczin11 .........almost totally correct.......
[millionday] sczin11 lol
[sczin11] millionday wmawhite lol
[millionday] wow they have a terrible manager
[clay] tourman yep
[steamcleaner] Just got a call from someone saying poppy mentioned a "date"??
[dovi] sczin11 just pluck that chicken
[larrykn] what is to say they can't put this off till after elections
[millionday] isnt there a walmart in Houston lol
[clay] millionday lol
[wmawhite] sczin11 .....how can Iraq get their IQD into the USA and converted into USD to operate the office unless it is exchangeable????
[tourman] millionday lol
[sczin11] steamcleaner tomorrow
[clay] wmawhite true
[wmawhite] millionday sEe my explanation
[millionday] hold on a minute
[steamcleaner] Wow....we will never know the date...... ?
[sczin11] wmawhite how is halliburton paying their employees who have been in IRAQ since july 30 2013?
Comments may be made at the end of Part 2 Thank You