Iko ward: Once again we begin the evening at 1166 across the board. Let's see what we get tonight. Last night it was 1107.2.
Iko Ward: Yes, all this fun memory talk but there is some serious stuff happening tonight. This Forex rate of 1105.7 is historic. It means they are trying to get this done. Maybe not tonight, but I sure feel good about the weekend.
Iko Ward: OK guys, if Forex polls flat at 1105 I’ll check back in. Should be around 10 EST
Update: Iko Ward: OK, we are already 1105.7 across the board on Forex. Back in January and April when we were all convinced it was going to go Forex also posted 1105 pollings.
Let's call this major hopium, but with everything else going on I'm superfantastic. If it wasn't for 9/11 constraint, I'd bet on it for tonight. Best of luck, everyone, remember our fallen countrymen tomorrow.
Mangelo: Iko Bruce was saying it might have been trying earlier this morning but can not confirm it...interesting
JersyBoysFaninMN: Insight from The Big Call(Bruce) .... Iraqi bonds became available to purchase here in the US tiday. A reality rate occurrred. Certain people have exchanged already. We are sort of on an any day basis.... not likely to go tomorrow.
Are hopeful for early to mid next week. Meetings next week.
UN operational rates should be available of the 15th.
Things are looking very very good. Attempts are said to have been made as recent as this morning.... rates are good everything is solid. things may actually turn out better than we thought they would. Is feeling very confident right now.
More Tidbits From The Big Call Tonight
JerseyBoysFaninMN : 850 ... if things don't go this month, will they extend the zim? Have been told to expect the zim to be exchangeable untiil 3 -5 weeks after the RV.
JerseyBoysFaninMN : Rates on the dong and the rupiah are still very strong. Dong over $2, Zim is still $.22
JerseyBoysFaninMN : 253... got a tweet from Abadi... we are so close to this. Today is the last day that Iraq is gonna be broke. On CNN Last night confronted China about the markets dropping... Chinese President said they are not worried about it... becasue of the upcoming Currency revaluation.
JerseyBoysFaninMN : 916... derivatives... asking about Mellin banks... under our new banking system, derivatives are not going to be a problem. They are now limited.
[gary1964] harvey57 Thanks Harvey I truely do appreciate all your prayers
JerseyBoysFaninMN : 816... Today would be Iraq's last day being broke. Some are saying no for the 11th... others are not. Anything is possible. Might be inapporpriate day to be celebrating.... but might be the right thing to do too.
JerseyBoysFaninMN : As far as we know, taxes are NOT a factor. Woooooo hoooooooo!
Ecci519: 9-12 thru 9-16 looks good
SassyD: Iko... Maybe that IS the code..... 1105.7 ---- 1plus1plus5= 7...... 7.7 !!!!!!!
EF: If the fed was to raise interest rates at this moment it would not be good it would cause turmoil. There is too much volatility in the market right now as we speak
Sallypuff: The Fed is in a terrible position regarding interest rates. They are dammed if they do, and dammed if they don't. They are caught between a rock and a hard place. They created the mess and now don't have a remedy to correct it.
EF: I personally think things get real exciting tomorrow in the marketplace with the news we got today with the fern let's see what happens !
However I love the RV chances as it does apply to the overall markets. The current daily system is failing and I believe the hand is being forced to change that system back to an asset backed policy.
That bodes well for a currency holder when currencies will Revalue according to a new system.
Tishwash: Iraqi government pays the salaries of 4 million employees, says Abadi
(IraqiNews.com) Iraqi Prime Minister, Haider al-Abadi, announced on Thursday, that the number of employees who earn salaries from the state is more than four million people, which is nearly 20 percent of the country’s workforce by an estimated population of 36 million people.
Abadi said, “We have a country with more than 4 million employees”, in a speech during a workshop on economic reform, broadcasted on television channels.
According to a spokesman for the Ministry of Planning Abdul-Zahra al-Hindawi, the ministry’s estimate of the number of Iraq’s population currently is 36 million people
Walkingstick » September 10th, 2015,
Which Country Will Devalue Their Currency Next?
Oil dependency and yuan devaluation already forced Kazakhstan's hand
September 10, 2015 — 8:35 AM EDT
They're small, hopelessly devoted to oil and at risk of dropping their currency pegs.
Meet Equatorial Guinea, Libya, the Republic of Congo and Oman.
When Kazakhstan abandoned its dollar peg in the wake of China's shock yuan devaluation it warned other oil-producing countries would have to do the same as the world enters a “new era” of low oil prices. Here's a quick look at the economies in those four nations.
Equatorial Guinea and Congo
The economic fortunes of Equatorial Guinea changed overnight with the discovery of oil in the mid-1990s. The former Spanish colony the size of Massachusetts was transformed into one of the world's fastest-growing economies, yet also left dangerously reliant on a single source of revenue at a time crude price are tanking. Energy accounts for nearly 90 percent of its gross domestic product and virtually all of its exports.
What could tip Equatorial Guinea over the edge is that the Central African CFA franc it shares with five other countries is pegged to the euro, preventing them from weakening enough to offset the oil decline.
"Options for relief include a departure from the monetary union, an adjustment of the rate at which the single currency is hitched to the euro, or a break of the peg altogether," writes David Powell, an economist at Bloomberg Intelligence in London.
The resource curse strikes again with the Republic of Congo, which is also latched on to the CFA franc. Oil rents — the profits from that industry — totaled 56.8 percent of GDP at the end of 2013 — the second-highest in the world, after Kuwait, according to Powell. What gives Congo a veil of protection is hefty international reserves, among the highest in Africa.
Since the 2011 overthrow of dictator Muammar Qaddafi, oil-rich Libya has descended into a state of lawlessness that has drawn comparisons to Somalia. It's part of a club dubbed the "fragile five" reserved for OPEC members mired in political turmoil that are slashing social spending in response to lower crude prices. The collapse in oil revenue is forcing Libya to deplete foreign currency reserves — a quarter of it just last year — to keep the country running.
After a 2002 devaluation aimed to boost its competitiveness, Libya pegged the dinar to the International Monetary Fund’s Special Drawing Rights to give it stability. Will that be enough?
The second-smallest economy in the Persian Gulf happens to be the biggest Middle East oil producer outside OPEC. Its currency is pegged to the dollar. That's not unusual. So is Saudi Arabia's. Interestingly, Kuwait was the first country in the region to drop the peg in 2007 in response to spiralling inflation.
Again, it's the combination of a small-ish economy and dependence on oil that could send the rial into freefall. After years of comfortable surpluses, the country last year reported a budget deficit of 600 million rials ($1.56 billion). That will widen to 8 percent of GDP if oil prices average $75 a barrel, the government predicts. Analysts surveyed by Bloomberg are far more pessimistic, anticipating the deficit will widen to 13 percent of GDP. Between May and July, expenditure soared by 40 percent.