FRANK26: In Iraq -business that trade out of Iraq has to do everything in dollars. Auctions allow for them to buy dollars and then purchase the products from outside of their country. That is because they are not international and currency is worthless.
Now they have letters of credit like you and me with any bank, so they have more time to pay the debt ie 30 days net, instead of cash when they order. This does eliminate the dual currencies which the iMF wants them to do and become a member of WTO,
This all means they may have time to pay but they need to pay with their own currency and not the dollar. Which IMO leads then to RI/RV the dinar, and not much time to do it by the way.
NO BODY IS GOING TO GIVE IRAQ AN LOC IF THEY ARE NOT GOING TO PAY IN DINARS.
This is what We got and it is in our OPINION.....
Don961: That is quite an opinion !!! .... Thank you Frank
GGC: News and announcements
Gold bullion coins that will be on sale under which the prices Tuesday 2016 / 9 / 6 this week
Samson: G20 leaders told 'avoid empty talk' by China's Xi Jinping
China President Xi Jinping: 'Risks and challenges' face world economy
China's President Xi Jinping has urged leaders of the world's 20 largest economies to avoid "empty talk" as they look to quicken economic growth.
World leaders are at the annual G20 economic summit, which is being hosted in China for the first time.
President Xi said the global economy was at a "crucial juncture" due to volatile markets and feeble trade.
Also discussed on the first day of the G20 were the global steel crisis, trade barriers and the UK's Brexit talks.
President Xi said: "Against risks and challenges facing the world economy, the international community has high expectations of the G20 in the Hangzhou summit."
German Chancellor Angela Merkel said the G20 leaders had agreed they need to work together to increase economic growth.
However, it is unlikely a major deal will be struck, particularly as the most productive discussions are taking place one-on-one, said BBC Asia Pacific editor Celia Hatton.
President Xi urged his counterparts to avoid empty talk in their attempts to boost trade, but his "critics might raise an eyebrow at this: China is often accused of putting up trade barriers, not tearing them down," she added.
Leaders from 20 major economies are in the Chinese city of Hanghzou for the G20 summit
Ahead of the meeting, the International Monetary Fund (IMF) warned it was likely to downgrade its forecast for global economic growth again this year.
The IMF has already reduced its global outlook after the Brexit vote, cutting forecasts for world GDP growth to 3.1% for 2016 and 3.4% for 2017.
'What Brexit means'
It is the final G20 summit for US President Barack Obama and the first for British Prime Minister Theresa May.
President Obama said US trade talks with the EU would come ahead of talks with the UK
At a joint press conference, President Obama said the first task for Britain following the EU referendum was to "figure out what Brexit means with respect to Europe".
He added that the US would prioritise its trade talks with the EU - known as the Transatlantic Trade and Investment Partnership (TTIP) - ahead of talks with the UK.
Mrs May will be explaining at the two-day summit in the city of Hangzhou what the British decision to leave the EU might entail.
It comes as Japan's government has issued a stark warning about the possible impact of Brexit on the country's firms operating in the UK.
Mrs May has also defended her surprise delay in making a decision on the £18bn Hinkley Point nuclear power project, saying she would "look at the evidence and consider it properly".
"I've been very clear that I will be doing that and will be taking a decision sometime this month," she added.
Hinkley Point will be discussed by Theresa May and Chinese President Xi Jinping
The Prime Minister is due to discuss the project with President Xi amid heightened diplomatic tensions over her perceived concerns about Chinese involvement in Hinkley Point.
China's continued production of cheap steel was also an issue on the opening day of the summit.
European Commission President Jean-Claude Juncker said China must address its problem of industrial overcapacity, saying it was "unacceptable" the European steel industry had lost so many jobs in recent years.
"Overcapacity is a global problem but there is a particular Chinese element," Mr Juncker said.
He also defended the EU commission's decision to hit tech giant Apple with a €13bn (£11bn) bill for unpaid taxes, saying it was not aimed at the US.
"We are basing our decisions on facts and on the legislation," Mr Juncker said. "This is not a decision against the United States of America."
Dinara: I have heard many say that there doesn't need to be a three day weekend for this to happen so I look for it to happen at any time however Tues, Wed, Thurs are better banking days and also Sat. night when all markets are closed
WallStreetGirl: Dinara - that sounds like a good possibility as well. It is really hard to squash a rumor once it gets started. I am all for cancelling the rumor of the three day weekend being needed so we can do this any day of the week.
BuckeyesFan: The 3 day weekend theory has had many rushing through years looking for those holidays, not sure that matter sits proven to be so we wait.
Robert001: I read that tourists are up 500% in Iraq. However how can the Iraqies travel with the value of thier money .??
CharlieOK: Just read Eccl's comments re the ridiculous value of some of the ME currencies. How can the Libian Dinar and Syrian Lira be worth more than the Iraqi dinar? Who does that make sense to? What is the value of the Iraqi dinar paying for all the real estate construction in Iraq as reported by Elmer. I believe DAZ's take is correct and this thing is just slowly rolling out.
Quote: "Eccl519: The Libian Dinar is more than Iraqi Dinar! The Syrian Lira is worth more than IQD...look at the entire list and see the worthless countries that have money worth more than Iraq's money. It doesn't take a World Economist to figure out that Iraq is on a program rate!! This can be great encouragement if you let it. Iraq is about to explode"
AdminBill: NO WORD OF ACTIVITY AS YET TODAY. PARIS TREATY SAID TO TAKE EFFECT TODAY. THAT'S IT SO FAR.
Emailed to Recaps:
Dr. Mark: I have spent this labor day...laboring! I promised the Mrs. I would paint the dining room. I guess she is truly a literalist in that "labor" day is for labor! :)
One thing I noticed when I was painting is that when I am done and I look back thinking I have finished one wall I see little spots that bled into the wall and the paint wasn't covering.
So, I added more until the wall was complete.
I see the RV/GCR as the same thing, when they finish all they think is required they look back and see something is just not quite right so they go back and fix it.
I believe the last strokes are coming and the wall will be a completely new color. So will our world!
Then we get to the fun part...but I still have to do the baseboards and crown molding...ugh!!
But I am smiling while doing it.....because I KNOW what it will look like when I am done and the Mrs. has a smile on her face!!! It will be worth it all!!
If all the cars in the United States were placed end to end, it would probably be Labor Day Weekend. ~Doug Larson
Labor Day is a glorious holiday because your child will be going back to school the next day. It would have been called Independence Day, but that name was already taken. ~Bill Dodds