R.V./GCR May 11, 2015 at 3:59pm Todays disscusion question ….Iraq selling international and domestic bonds mean what to your Rv/GCR???
R.V./GCR May 11, 2015 at 4:00pm Imho.....BONDS PAY OUT TONIGHT....WATCH
R.V./GCR May 11, 2015 at 4:06pm Why are they going to suspend trading in Iraq on Wednesday? , HOLIDAY.....YES THATS IT.
R.V./GCR Bottom line…… If the Usa does not produce a Usa Tradeable currency Gold backed before August ….the Usa will not be able to purchase fuel unless a gold factoring agreement is developed …as such the war is still heavy on both sides ….the world bank, Bis, nato, imf cabal factions refuse to stop using the petrol federal reserve note.
In the mean time… dont blink ….cause by Friday things are said to be ramped up .....we will see......PT
Awake-in-3D May 11, 2015 at 2:03pm Russia Asks Greece To Join BRICS Bank
May 11, 2015 As if the discussions in Brussels and Athens were not mired in enough uncertainty, Bloomberg reports that a Greek official confirms:
*STORCHAK ASKED TSIPRAS FOR GREECE TO JOIN BRICS BANK: OFFICIAL
The pivot appears to continue. Reportedly, Tsipras was pleasntly surprised by the proposal.
As Bloomberg reports,
Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters.
Tsipras said keen to discuss matter in St. Petersburg Economic Forum June 18-20, with leaders of BRICS countries.
Tsipras was pleasantly surprised by proposal.
No Deal: Eurogroup Concludes Meeting On Greece, No Further Fund Disbursement
As expected, today's Eurogroup meeting concluded without an agreement between Greece and its creditors as both sides cited "progress" and regurgitated familiar rhetoric around the need for a "comprehensive list of reforms", and a universal desire for a favorable outcome. Despite this, Athens claims it will make a €750 million payment to the IMF on Tuesday even as it isn't at all clear where the money will come from
jdtolle » May 11th, 2015, Make progress today
You can make a whole lot of progress today. So let yourself do it.
You can be free of your doubts, your worries, and the limiting assumptions that have held you back. Decide to make progress, and act on your decision.
You can handle the challenges and find a way to address each problem. See yourself doing it, and then do what you see.
You can discard the excuses and put an end to your hesitation. Remind yourself of the great value in what you can do, and get busy doing it.
Instead of slipping backwards, instead of just getting by, you can make progress today. Do yourself and everyone else a great big favor, and do what you know you can do.
The time, the energy and the resources are here now for you to use. Choose to use them now, and make some great new progress today.
Ralph Marston Wishing All a safe and blessed afternoon and evening JDT
P.S. The difference between the impossible and the possible lies in a person's determination. -- Tommy Lasorda
Highlights from DC on todays TNT CC via Adept1:
DC: I understand there are some special listeners today. Some are convinced that this is all baloney. That is Tony, and he started this about five years ago, and I’m Winston or DC and I’ve been helping out for two years. I undersrand that there are some new listeners who have been briefed by the banks that this is really happening.
We start from East to West, out of respect for Iraq.
In Iraq, they exchanged another big group of people. That is different than exchanging in the US, where we take dinars into the bank and get dollars. In Iraq, they bring currency into the banks and that is credited to their accounts. Iraq hasn’t used banks much in the past and they don’t have a lot of currency in the streets, so it’s not as vast an operation as in the US.
Iraq paid another tranche of military people in the provinces. It doesn’t mean the entire country has RVed, because it has not. We are still waiting. It’s a complicated, sticky position. Iraq did this last big tranche last week expecting the US would allow it to go through, so they did it, and then the US said, “Wait, we want X, Y, Z.”
Banks ramped up across the world, ready to get going with another tranche exchanging in the Iraq. It’s more converting your bank accounts there, and that went through on Saturday morning, which is why we got calls on Friday night saying that it was going down.
Another couple went through over the weekend, and they plan to exchange more today. Quite a few have exchanged, but it’s not the whole country. A lot of people at the CBI and the Iraqi government are now up a creek because they expected to have the global announcement and now they are up a creek.
On television they are saying the same they have said for a month, and in the mosques they said it would happen this weekend; they are all saying this is part of the economic reform, and to push it forward.
A lot of people are stressed out and angry because they are in this weird position and the US has not acquiesced yet. It should have gone over the weekend but the US has asked for it be delayed until this week. So that is what we are waiting for, again.
DC: The early numbers are to lessen the impact. There is a plan, and Tony and I will debate the plan of whether to go for the $1-2 rate or start to the $3.22 rate.
DC: We don’t know which will happen, although Tony and I have opinions based on smart people we are talking to. On the higher rate, the major plan has always been to come out at $3.22 or above. Changing it this late in the game creates a major mess and it doesn’t really save Iraq that much money in terms of their overall budget.
The folks who originally designed the $3.22 or over are still in charge and directing things. It’s their baby and they are not going to change the way the baby is.
A lot of the budget and projections are based on the rate being above $3.22, which was the old rate before Saddam Hussein. They want to bring it in close to what it was before. The financial implications also need it to be about that rate, and it’s close to rates in the surrounding currencies.
Overall, they potentially want to set up some kind of shared currency like the Euro. It’s important to have those rates up for that reason, and also it’s a matter of pride. Iraq wants to be the wealthiest country in the world.
Dr Shabibi has handled this extremely well, both with the rate increases, during Maliki’s reign, ISIL and the price of oil. It’s a lot of very skilled work and execution of a plan, so why would they screw up all that by changing this at the last minute?
That’s the debate on both sides; we just want you to understand what is going on. The $1-2 rate came up from the GOI and Parliament, in the minority parties. Those influential people make up the Federation Council, and they represent their parties.
This has come up because several influential folks say that the higher rate will make too many people wealthy. The Finance Ministry explained in painful detail that those wealthy people would not damage Iraq, and those calling for that lower rate don’t understand what Shabibi is doing.
DC: In the US, all the bankers were really expecting this to go, and everyone was in the right place, ready to go… and lo and behold, it didn’t go through. They are all let down and highly agitated.
They kept their technical staff on hold, and they were told early this week so they are calling their people. We understand that the US asked for the delay over the weekend, and I have not been able to get a straight answer as to why. I have heard a lot of speculation, but we cannot figure out what is going on. Like most Monday mornings, it’s slow ramping up on the information.
650 caller: You used the word ‘exchange’ a lot, even in-country. What is being exchanged?
DC: It’s all a part of switching out their existing notes with lower denominations and fils (the new coins). It’s mainly government and larger companies who are able to handle these changes; they are switching out their accounts so that where they had 3,000 dinar, they might get one dinar at a higher rate. Some have a small amount of dinar cash that they are now putting into their bank accounts.
Caller: I cannot find pictures of the lower denominations or coins. Can you provide a picture?
DC: They were online a year ago, and articles by the CBI and Finance Ministry explaining that online. Even if you cannot read Arabic, you can see the pictures. Look for ‘dinar training’ that has those pictures.
DC: Different banks and government departments have training videos that you can watch. I know they are out there because I’ve seen them. The vast majority of the markets have not switched over.
Caller: Regardless of what happens internationally, why not just complete the internal RI?
DC: They could have done that 20 years ago, but cannot do it now. Even with normal shopping habits, Iraq has a very international market for foodstuffs, technology, and with more of an import-export focus than the US has. They move a ton of oil and other assets out of the country. So exchanging these tranches of people is a forcing function to move along this process that we have all agreed to. It’s causing a lot of tension. How do you exchange a group of retired teachers, and how do they buy things in the local market? How do you pay local suppliers at $3+ and international suppliers at 1166? It’s bizarre. You cannot go to the $3+ rate internationally and not in-country, or vice versa.
Caller: What are they showing as the international rate, if they are exchanging in-country at $1.16?
DC: The international rates are still $4-3; there are still a lot of cards at $3.58, or $2, or $1.16. Some still have their bank accounts at 1166. It’s a huge cluster-f**k.
609 caller: I’m a new caller. I’m just trying to understand how the process goes. There are about six million people holding dinar? How will they be paid? That’s a lot of money.
DC: There are Dinar 101 articles I urge you to read. This is based on oil credits over 50 or 100 years. The rate was based on $3.22 before the US invaded Iraq. We devalued their currency with the intent to revalue it later once there was a stable government.
The government holds dinar, and through the purchases of speculators, the Iraqi government has pulled in the old currency and now has reserves of dinar, oil, gold and assets, they can revalue dinar to the old rate. The money for you will come from whomever exchanges you.
The higher exchange rates come from China; they need three times the oil they have in-country, and this allows them to buy at a discount rate (like coupons), somewhere from $22-48 depending on the contract rate. If you are getting it from the US Treasury, it’s based on an agreement with the Central Bank of Iraq (CBI).
Those who exchange directly with the CBI will put them on their balance sheet as long notes paid out based on already-accounted-for expected currencies.
Dong was supposed to happen several years after the dinar, and Zim a few years after that, but because dinar is taking so long, and because Tony told people about dong and zim, they had to bump those up to be revalued at the same time as Iraqi dinar.
It’s a different situation when you have millions making money off this rather than a few thousand (as with the Kuwaiti dinar). They are trying to get ahead of the speculators.
Also, the Bush administration designed this plan, and when the Obama administration came in, they folded in several currencies, making it a global event rather than just Iraqi.
Caller: How do I get an SKR from a bank?
DC: You can find banks who will do that, but it’s not necessarily a good idea because the contracts we have seen say they can change the rate whenever they want to. We wouldn’t want the currency to leave our hands.
617 caller: DC, you said on the last call that the caps are going to be done according to your SS number or EIN.
DC: Yes, and also for the zim.
Caller: What are the zim and rupiah rates now?
Tony: Rupiah is $1.18, and zim is 19 cents minus six zeroes, cap of half a billion USD.
828 caller: DC, you said that you didn’t think they could hide this past Sunday.
DC: Yes, one of the people in the process said it would be public by Sunday. That was a direct quote from someone in the process.
Caller: But now you are saying it’s the US administration asking for a delay? Why would they not be saying the same in a few more days?
DC: You can take it in a negative light and anticipate delays until 2017. However, I’m talking to a lot of people in the Obama administration who want this to go through right now.
If you can understand what they are after, you can understand this better. The last month has been about minor tweaks to the entire process. The conspiracy theorists may say this is to keep down the middle classes, but I’m not going there.
They have done some pretty big tranches and it’s pretty common knowledge in Iraq that some have exchanged and some have not. How long do you think that will fly in a country that is dealing with ISIL and all the rest. They really don’t have the option to ignore what ‘s going on in Iraq because someone in the US is nitpicking and ignoring the bomb going off.
I think they will have to let it go. Many elder statesmen around the world are trying to motivate people to get this done, not least for the humanitarian funding that will ensue. This is a great way to expand the global economy and do good things. They are trying to deal with an integrity problem.
703 caller: How much longer? When is enough , enough?
DC: I think we are all at the point of disbelief. Even the most positive folks on here would be frustrated with this stop and start. It drives us all crazy, and I’m shocked they can do this… and these are the people doing this!
The actual governing people are saying “I don’t know how to do this, how else this can be done.” The next response has to be “Sir, why don’t you just do it?” And if they could, they would, so there must be issues we cannot go into.
Caller: Have you heard anything about the US military exchanging in Iraq, on bases?
DC: Pam asked us to look into that; I cannot confirm or deny it.
Caller: I love the US, but I wish they would butt out and let Iraq do its thing.
DC: We talk to the people actively trying to carry this out. They are not waiting, they didn’t make all the calls they made in the middle of the night to bankers and presidents so that they could do this in late June.
A lot of the laws are very important, and yes, they need to support HCL, the National Guard, some loan stuff that has to get done.
Abadi has said that there will be no holidays until these laws are passed. That’s good leadership but it’s not related to the RV. Many seem to be confusing the HCL royalty issues with the RV.
That is a different issue – the government will pay onto people cards, and they need the RV and the oil revenues in hand to do that. They need the taxes coming in to pay out the various welfare programs.
So until the RV happens, those other things will not go forward. There is a confusion with the Arabic translations and also in the press. We are talking to people doing this, and they are dealing with every 1-2 days. It’s constantly being done.
It could go on until June or January… but I don’t see it. Everyone in this entire process is stating that Iraq has made tremendous progress since August, and they have to give Iraq the respect it deserves.
Caller; US, please let this go – we need the money.
DC: They are ramping back up, banks are taking appointment, and everyone is ready to go through. They are putting Iraq in an embarrassing situation and it’s a constant tension between the CBI, IMF and BIS. I hope everyone has a good couple of days and if it goes through we will let you know.