Thanks GeorgeH For sending this to us tonight:
UU6841 –“ Here It Comes Again“ by Mnt Goat
Hello Everyone, I am only reporting on these articles and trying to make sense of them just like you are. So let’s work together and see if we can make any sense of this latest news and what it means to our investment and this ongoing R V saga.
Sometimes we get into a mind set for many reasons as to when this RV is going to occur. Sometimes it is not reality but a fictional world sensed by everyone searching for the same truth….Truth is knowledge -plain and simple.
Today is Monday November 30th the last day of the month and “who ever thought we would still be here”. Really? …lol…lol….Well I thought we would be here and I have proved it to you over and over again..lol...
This is not the kind of news you might expect to get today….lol…lol… however there is a lot good news and its is all still pointing us in the right direction. It can only get better as time progresses. Like a detective searching for clues this RV saga can be exciting too. Let’s see what happens next as we enter the last month of December and then 2016.
[Update: Currency Reform]
I want to keep all of us focused on the truth always and nothing but the truth.. So let me bring to the newsletter today once again an article that was published from Iraq about mid November. This article is telling us so much about the timelines with the CBI and currency reform process. Do you remember this article?
In this article they are TELLING US THE TIMELINE! Are you listening or so hyped up for this weekend RV your ears are closed?
I quote from the article – “Iraq also revived a long-delayed plan to redenominate the Iraqi dinar by knocking three zeroes off the nominal value of its banknotes, said Ihsan Shamran al-Yassiri, the head of Iraq Central Bank Issuing and Vaults Department. The plan is set to be implemented by 2017 after restructuring dinar by issuing two large banknotes -- a 50,000 dinar note before the end of this year and 100,000 banknote next year and canceling small ones”.
I quote - “The plan is set to be implemented by 2017 after restructuring dinar by issuing two large banknotes -- a 50,000 dinar note before the end of this year and 100,000 banknote next year and canceling small ones”.
I quote – “This move by Iraq's Central Bank helps to move the country away from the U.S. Dollar and begin to use their own currency for day-to-day transactions”
So what does this tell us?
It tells us they are right on track with their plan for currency reform when the 50k notes was launched (in November just before the end of “this” year - 2015) it became very obvious to us. We expected it to happen and it did. But here is the good part of the article.
They are telling us they plan to cancel the small ones (meaning the ones smaller than the 50k and 100k notes (10k, 25k etc..) and this statement also confirms as FACT once again that the newer 50k and 100k notes will be remaining as part of their “permanent” currency.
It also tells us the plan includes getting off the USD which we know for a FACT is now nearly 80-90% of their currency in circulation. So for anyone who thinks Iraq is going to be a USD economy- think again, its not!
CENTRAL BANK OF IRAQ PRESS RELEASE ON NEW 50,000 IRAQI DINAR NOTES TRANSLATED
A Central Bank of Iraq (CBI) press release discusses the recently printed new 50,000 denomination banknotes for the Iraqi Dinar currency. Earlier this year, the 50 denomination Iraqi Dinar banknotes were removed from circulation due to their low value.
Tempe, United States - November 18, 2015 /PressCable/ --
The Central Bank of Iraq (CBI) has recently printed new Iraqi Dinar banknotes in the 50,000 denomination, the largest in the history of the country. Since the removal of Saddam Hussein's portrait from the currency in 2003, new banknotes were produced in the denominations of 50, 250, 500, 1000, 5000, 10000, 25000 and now 50000. This move by Iraq's Central Bank helps to move the country away from the U.S. Dollar and begin to use their own currency for day-to-day transactions.
A complete translation of the press release, which contains the original Arabic language as well as English, is available at the following website:
Here are some details concerning these new notes:
The notes were printed mainly for the purposes of having a larger value banknote in circulation. As of the writing of this press release, this new 50,000 Dinar banknote has an exchange rate of $44.84. Iraq's ultimate goal will be to use their own currency for daily transactions instead of the United States Dollar, which is the primary currency used in the country for larger transactions. The Central Bank of Iraq will release a 100,000 Dinar banknote by the end of 2016, but the actual release date is subject to change, and could be delayed until mid to late 2017.
The banknotes contain an image of the waterwheels of the Euphrates and palm trees in the middle of the note, along with an image of one of the waterfalls in Kurdistan on the right side of the face of the note. The banknotes are written in Arabic, Kurdish, and English. The new notes are 65 mm in width, 156 mm in height and predominantly colored light brown other than the border decorations which have a darker color.
Clipped security thread having 4 mm width in its middle containing animated effects changing color from green to blue when tilting the banknote, having the phrase "The Central Bank of Iraq" written on it.
Advanced security mark known as "transparent window" on the right side of the face of the banknote (the upper left side on the back as well) showing the graphic of the Twisted Minaret in Samarra when putting it on a white background, and showing the number (50000) when putting it on a dark background.
The note was painted with a protective paint to increase the note's lifespan and protect it from dirt and dust.
Low oil prices have affected the budget of Iraq as over 90% of their budget is based on the sales of oil. Fitch, the top bond rating agency, finally gave Iraq their 1st rating, a B minus along with a stable outlook. Fitch predicted a double digit fiscal deficit for 2015, due to the lower oil prices as well as much higher military spending and war costs. "Iraq scores the worst of all Fitch-rated sovereigns on the composite World Bank governance indicator, reflecting not only insecurity and political instability but also corruption, government ineffectiveness and weak institutions," Fitch said.
During the reign of Saddam Hussein, one Iraqi dinar was worth over $3, however, the economy began to suffer when economic sanctions were started in August 1990. Due to excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, U.S. $1 was valued at 3,000 dinars. Today, it's about 1,166 dinars to $1. Annual inflation in Iraq is currently about 2 percent.
Iraq also revived a long-delayed plan to redenominate the Iraqi dinar by knocking three zeroes off the nominal value of its banknotes, said Ihsan Shamran al-Yassiri, the head of Iraq Central Bank Issuing and Vaults Department. The plan is set to be implemented by 2017 after restructuring dinar by issuing two large banknotes -- a 50,000 dinar note before the end of this year and 100,000 banknote next year and canceling small ones.
So over this weekend we learned the “Progress of Development Policies Institute” hosts on Saturday Governor of the Central Bank for the purpose of discussing monetary policy. See article below.
PROGRESS OF DEVELOPMENT POLICIES INSTITUTE IS HOSTING TOMORROW'S CENTRAL BANK GOVERNOR TO DISCUSS MONETARY POLICY
The progress of development policies Institute hosts on Saturday Governor of the Central Bank for the purpose of discussing monetary policy.
According to a statement of the Institute received by all of Iraq [where] a copy of it "will be hosting the Governor of the Central Bank on the Keywords tomorrow in the Institute building at 10:30 am to talk about monetary policy and the reserve is located, and other files related."
He added that the symposium which will join the elite of finance and economy experts.
So what did they talk about in this symposium?
Well what we do know shortly after the end of the meeting they began talking about the project “to delete the zeros” once again. They also talked about reforms needed for the money auctions. Could the corruption in the money auctions be a part of the halting the 50k notes?
Remember late last week it seemed everything was being put on hold until next year. We are assuming “early” next year as I can not imagine going far into 2016 and opening the budget without some kind of currency reform, but that is only my opinion.
Then out pops three more articles on currency reform shortly after this symposium. Wow! Three more articles in only two days? Better pay attention if we see this much talk in such a short period of time. Something is going on.
So lately we hear the completion of the auditing process of 50 private banks throughout Iraq. The results show that 40 out of 50 where involved in money laundering to some degree. Mostly associated with the money auctions. Could this also be a reason why they halted the project to delete the zeros until next year? Can they correct the situation and quickly more forward again?
Article #1 and #2 below is the CBI speaking out from the findings and recommendations of the symposium held on Sunday (see article above) about actions necessary to protect these money auctions. The governor of the CBI is telling us they will continue the money auctions but they need laws (legislation in place) as to how they will be conducted (they already have the anti-money laundering act but this is only catching the corruption after the fact). However, remember they also told us a couple weeks ago they intend to slowly decrease these auctions and eventually they will go away (probably post RV).
I quote from the article - "the meeting took a series of recommendations, including work to enact clear legislation that unambiguously to protect the decision-makers and those with the powers of the employees of the Central Bank
I quote from the article – “the meeting of the meeting was to face questioning random accusations made against the Bank's work campaigns Central by some of the non-professionals, which found its way into the media and involved a great deal of inaccuracies and misunderstandings, and may entail negative effects on the stability of the market and investor expectations, which could be extended to damage to the financial and banking transactions at home and abroad”.
Article #3 below is yet more commentary and opinion of economists on this subject of past successful monetary reform programs in three countries: Germany 1923-2002 with the Reich Mark to Deutsch Mark to Euro, also talked abut the Bolivian Pesos 1960-1986 and its conversion from hyperinflation 1 million pesos per 1 new pesos issued, then also the Sudanese currency and its conversion 1957-2006 from the pound to the dinar converted 1 pound sterling to 100 dinars.
The point in telling you this in article #3 is they are now studying the success stories of other countries who were in similar situations and needed major currency reform. Are they struggling with finding the appropriate solution for Iraq? Are they are doing this to make the citizens more comfortable with what they have in plan and to also let them know Iraq is about to go through the same kind of a process?
Do they need to help the citizens feel comfortable with this upcoming process in the midst of the recent 50k distribution efforts and all the criticism and accusations towards the CBI. I know from my sources in Iraq that there was major complaints and criticism for the launching of the new 50k notes. They claim they do not want yet more of the intermediate 3 zero notes. What the people want is a permanent solution and to get out of this post war currency. They want VALUE to their currency. So did the 50k project also flop?
In other words they are prepping the people. So we know they are coming up with a plan and we know it will be successful just like in Germany, Bolivia and Sudan. Same idea just a different plan.
Article #1 Begins
CENTRAL BANK PUTS THE MECHANICS OF ACTION TO ENSURE THE STABILITY OF THE EXCHANGE RATE AND PREVENT SPECULATION
OUR ECONOMY / BAGHDAD
Central Bank of Iraq, announced on Sunday, for his quest to enact legislation to protect the decision-makers of the accusations, stressing continuity in the working mechanisms to ensure exchange rate stability in the markets.
The governor of the bank on the Keywords in a statement the agency "our economy" has received a copy of it, on the sidelines of a meeting with a large number of academics and relevant experts on international reserves and window sale of foreign currency at the central bank, that the meeting of the meeting was to face questioning random accusations made against the Bank's work campaigns Central by some of the non-professionals, which found its way into the media and involved a great deal of inaccuracies and misunderstandings, and may entail negative effects on the stability of the market and investor expectations, which could be extended to damage to the financial and banking transactions at home and abroad.
He added that "the meeting took a series of recommendations, including work to enact clear legislation that unambiguously to protect the decision-makers and those with the powers of the employees of the Central Bank of the charges and conjectures that are harmful to their reputation and the reputation of their institution ancient and issued by some parties, either because of ignorance, or political self-interest motives ,. and give them legal immunity enjoyed by their counterparts in the world's central banks. "
"The recommendations approved the continuation of the central bank in its direction and working mechanisms to ensure exchange rate stability, and to prevent speculation, and the removal of the big differences from the official price, and the adoption of full transparency in sales by selling the currency window", adding that "Among other recommendations adoption.
The study submitted by the governor, as a general framework for the work of the Central Bank and the options available to him, and distributed to professionals and the media in order to shed light on the facts, and dispel the image blur on the work of the Central Bank mechanisms. "
Article #1 Ends
Link to Part 2