One last note: I am not saying for one second or mean to imply any wrong doing it the overall picture of what had to be done in Iraq in dealing with Sadden Hussein. The methods could have been a bit different and more thought out (such as chosing Maliki for a second term and the reconstruction efforts).
So you see Iraq so far had plundered much of its wealth over these last 4 years. Sure they increased their CBI reserves but have the people benefited to the extent possible? Has the much needed reconstruction happened? What are they waiting for?
So the PTB steps in and says enough is enough! It’s now time to move this country forward to protect our interest since our interest is at jeopardy with constant unrest and bombings. How can investors come into Iraq in such a state of unrest? This is the real key. They also need a stable government to administer the country, mainly the security forces for protection…….and have they do it themselves and pay for it themselves. Imagine the cost of having some foreign coalition constantly occupy Iraq to keep it secure. It would be cost prohibitive to the PTB. How would they ever make a serious return on their investment?
Again I say it is all nice and comfortable to claim that all this newly found effort is about the people of Iraq but you and I know differently. In reality it is all about protecting the financial interests of the PTB. The benefit to the people is simply a side benefit, a good notion nonetheless. They already tried it the other way over the last 4 years and we witnessed the evidence of the results. It simply will not work letting another dictator take control. It simply will not work unless something significant is given back to the people. The PTB can’t simply attack a country and begin extracting it’s riches without some consequences. This could all have been avoided if giving back to the citizens was a priority from the start and planned into the plan.
I believe they would have let Maliki stay had he done the work they needed. He was their new puppet. But he failed miserably and it is now time to switch gears and try something else. This in a nut shell is the transition now taking place. When the transition is over they will no longer need the “carrot” and allow the RV to go.
The question we all have is - How long will this take?
We can summarize most of the laws needed for stability and to enhance their government are in fact already completed. Some are just waiting in the wings for other laws to catch up and be implemented together. A lot of work has been done since September timeframe but remember most of these laws were in fact already written and just never voted on and implemented. The USA is now forcing the issue, as I stated above.
Update on the Currency Reform Project
In my last news letter I talked about members of the parliamentary Economic and Finance Committees, making requests for implementation of the “project to delete the zeros” from the currency. Pointing to the existence of some of the obstacles that have prevented it’s implementation . That this Committee would host the CBI governor to learn practical steps for the implementation of the project to delete the zeros from the currency and in coordination with the Central Bank to determine the most prominent problems that hindered the implementation of the project. I have learned that this meeting would take place sometime this week.
This week the meeting I described did take place as planned. I am hear now to tell you what was reviewed in this meeting, as it was told by the news media in Iraq.
So on Tuesday in the Baghdadi News, a member of the parliamentary Economic Committee, Jawad al-Bolani, told us a bit more about the results of the meeting this took place.
He said that the main drive of the process of deletion of zeros from the Iraqi currency will be during the next two years, indicating that the assets of the Central Bank of hard currency convergence of the 74 billion dollars, meaning there are now ample funds in the reserves needed for such a project.
He added that the CBI is to implement a strategy for the deletion of zeros from the currency of Iraq during the next four years, that is to have the new category of currency (the newer lower denominations) totally free of zeros by 2016 or 2017 or at least at the latest period by the end of 2018 (the four year mark).
The technical side of the CBI does not face any problems regarding the printing of a new currency for this purpose, and the remainder is up to the approval of the political blocs in the House of Representatives, which I believe will not oppose this measure because of its great benefit to the stability of the currency of Iraq in the face of the dollar exchange rate.
He explained that “The meeting also addressed a number of other things that maintain the stability of the critical process in Iraq, as an organization process of the dollar in private banks as well as providing these banks to graduate eventually to set up projects that will contribute effectively in building the Iraqi economy, which has seen some volatility in the recent past which was contributed to the instability of prices, the sale of oil in addition to the political and security problems suffered by the country.
He went on to say that the CBI and the Economic Commission agreed to take some steps to deal with the work of private banks with respect to transfers of the dollar, as well as put an end to money laundering operations in Iraqi banks in the future and detect money laundering operations that have taken place in the past and the prosecution of those responsible for it. He pointed to some new laws that will be submitted to the House of Representatives by the Central Bank for a vote, that will protect the assets in Iraqi banks and the CBI.
I believe these are some of the 27 reforms they are referring to in this new brief. Reforms that would restrict any future raids or attempts to raid the reserves of the CBI (74 billion dollars ) or the funds of the Financial ministry, like we saw during the Maliki administration. Do you see how this is all interconnected and now why they are first going ahead with the reforms prior to any continuation of the RV project? This is hard proof of what I’ve known to be true, is true still is true.
So today I send you an update of the latest news. It is all amazing news once again.
I am hoping by now that you are realizing that there is not some mythical entity holding back this RV or that there is a conspiracy. You only believed this because you are constantly hearing this news from a selected number of intel providers. It is you choice to believe this nonsense and be all stressed out over and over again or you can buckle down and learn the truth and accept it.
I have tried my best over the last 10-12 news letters to bring you explanations of the reasons for the delays in the RV. This information is not guessing it is all factual. If you wish please go back and re-read them. They are very informative. (CLICK HERE for the Mnt Goat Category at Recaps.)
What is happening is simply that the PTB are not yet ready to let go of the “carrot” they are using as leverage to get what they want out of Iraq. What they want is to be satisfied that the new government, laws and security measures are in place and they are going to assure that their investment is safe guarded and will produce income generation for them for many, many years to come.
They have spend much of their own resources to bring Iraq to where it is today and they are not going to just walk away quietly now if this does not succeed to their expectations.
The USA led coalition has received approval to send in more troops as “boots on the ground” to fight ISIS. It is my understanding of the situation that the new strategy will kick into high gear sometime within the next 10 days.
As far as the budget passing. I believe it has to occur very soon if not already to fund the war effort. There are also other laws too interconnected with the budget law since they are funded by it and the numbers have to be approved first by the laws then placed in the updated budget. It is hard to separate them. I am not going to dwell any more on this issue in the future. It is obvious they are holding back any real news of the budget implementation for a reason.
This week I totally expected to hear some news that the currency reform project will be restarted and a tentative implementation completion date given to us. This is in fact exactly what was given to us in the news this week and I detailed it out for you from the Iraqi news. Was it not amazing news?
I will now go out on a limb once again in this news letter and tell you I believe we are on the verge of getting the final rollout of the RV possibly this coming week. From all the news I am hearing of the progress I do not believe they will go to mid November or even past October without a Revaluation or a Reinstatement happening of some kind to start the process.
Then when can we expect the RV?
I want to emphasize once again this final announcement of the IQD going international will not happen until the USA feels the country of Iraq and its government is stable, secure, non-sectarian and is a functional government. This is has been the plan all along. They may have wavered a bit on how the plan was implemented but the overall plan guidelines have not changed. This I know now as fact not rumor.
Note: I am no longer saying fully formed government as criteria since I believe this requirement has now been completed. It is the very first “fully” seated government for Iraq since the invasion of 2003. Congratulations to the Abadi government !
Peace and Luv To Ya All,