Post From Wealthwatch.world Chat Room -- Mid Morning 7-12-15
sczin11: ‹@chattels› ARE YOU UP FOR A SHORT CHAT RE THE FC RELEASE I POSTED EARLIER ABOVE?
chattels: ‹@sczin11› I am willing, but may not have a lot to offer :)
chattels: ‹@sczin11› Whachu thinkin' ?
sczin11: 04:44:28 AM] sczin11: Finance Announces ways to revive the Iraqi economy [07/12/2015 04:44:54 AM] sczin11: 08:51 07/12/2015 Parliamentary Finance Committee endorsed the issuance of a new currency of high denominations, pointing out that this process will contribute to the revitalization of the Iraqi economy and reduce dependence on foreign currency,
while stressed economist, said the central bank introduced a new currency a Saeb very help in raising the efficiency of the payments system and shorten the amount of exchange-traded ~~~.
chattels: Do you think that " ....... the issuance of a new currency of high denominations, ....... " means the 50 / 100 thousand notes ?
sczin11: OK...SO THIS PARAGRAPH STATES THE HIGH DENOMS, 50k NOTES NAMELY, WILL HELP REBILD THE ECONOMY
sczin11: ‹@chattels› NO OPINION NOW..LETS GO THRU THIS
sczin11: IT CONTINUES TO STATE, THE NEW 50K NOTES WILL DIMINISH THE NEED FOR THE USD
sczin11: IT CONTINUES TO STATE IT WILL IMPROVE THE PAYMENT SYSTEM AND SHORTEN THE AMOUNT OF ECHANGES
Donnie: "THE NEW 50K NOTES WILL DIMINISH THE NEED FOR THE USD" and how will this work?
sczin11: CAN U OPINE ON REALLY WHAT THE HECK THIS MEANS? ARE THEY REALLY SUGGESTING THAT A LARGE NOTE WILL BE A QUICKER TRANSACTION IN THE EXCHANGE CENTER,
AS OPPOSED TO A HIGH VOLUME OF NOTES, AND THUS THE GREAT IDEA OF THIS NEW LD? WE JUST SAW THE 0 CASH NOTED FOR YESTERDAYS AUCTION....
HOW MANY TRANSACTIONS OF THAT SIZE ARE DONE WITH MONOPOLY MONEY..
JT.Colorado: Is it still holding the 50 coin will come out by the end of the year?
sczin11: NOW WE CONTINUE, HOW DOES A LARGE NOTE IN DINAR, DIMINISH THE NEED FOR USD? THEY STILL NEED USD TO PAY FOR IMPORTED GOODS, UNLESS/UNTIL THE DINAR BECOMES INTL ACCEPTED. RIGHT?
chattels: ‹@sczin11› Maybe they are trying to put a positive spin on a negative ?
sczin11: SO FAR, NOT SURE HOW THIS REBUILDS THE ECONOMY AS STATED FIRST SENTENCE
sczin11: ‹@chattels› CRAZY.. BEFORE I BRING THE NEXT PART, ANY QUESTIONS/COMMENTS.??
chattels: just what i stated above
sczin11: ‹@chattels› LETS FINISH THE ARTICLE FIRST, IF YOU DONT MIND...IT GETS BETTER
sczin11: Finance Committee member Jabbar Abdul Khaliq said, "that the" big issue currency category will reduce dependence on hard currencies in economic activities, "
pointing out that" one of the solutions proposed by the central bank to reduce the differences between the dinar and the dollar started. "
He said Abdul Khaliq that "Iraq's reserves of foreign and local currency Iraq was able to issue new coins and large groups," noting that the recent meeting between the Finance Committee and the Governor of the Central Bank was on the oscillation winning Iraqi currency against the dollar and the main solutions adopted by the central bank in order to reduce the difference ".
chattels: if the " IMPROVE THE PAYMENT SYSTEM AND SHORTEN THE AMOUNT OF ECHANGES " is garbage than maybe they are saying it is positive to maintain confidence in the currency which is, IMO undermined by the introduction of larger notes
chattels: ‹@sczin11› " BEFORE I BRING THE NEXT PART, ANY QUESTIONS/COMMENTS.?? " ............... ??
chattels: I can / will wait, but i thought you wanted me to speak
sczin11: FIRST, THE LD WILL REDUCE THE NEED FOR USD....AND CBI PROPOSES THE LD WILL REDUCE THE SPREAD IN THE DINAR USD EXCHANGE RATE... HOW???
sczin11: ‹@chattels› THOUGHT U WERE REFERRING TO MY OPINION AND THGHTS FROM ABOVE, SORRY
chattels: i do not see how the larger denominations will reduce the spread
sczin11: ‹@chattels› ‹@chattels› [09:16:09 AM] chattels: if the " IMPROVE THE PAYMENT SYSTEM AND SHORTEN THE AMOUNT OF ECHANGES " is garbage than maybe they are saying it is positive to maintain confidence in the currency which is, IMO undermined by the introduction of larger notes
sczin11: I DO AGREE WITH UR STATEMENT HERE....
sczin11: ‹@chattels› exactly my point above, HOW.? REGARDING THE SPREAD
chattels: it is nonsensical to me
sczin11: HERE IS NEXT PART OF ARTICLE
sczin11: And on the draft raise zeros from the currency, Abdul Khaliq pointed out that "the project could not be implemented at this time because of the economic, political and security situation that prevailed in the country,"
noting that "the proposed thoughtful but is waiting execution time and the central bank is determined that". While Counting Finance Committee member Sarhan Sylvana central bank's decision to issue the 50 Alpha class end of the year, as the recovery of the Iraqi economy.
chattels: i certainly agree that the " economic, political and security situation " negatively impact currency reform
sczin11: THE ABOVE TO ME STATES THE USUAL RHETORIC OF STABILITY NEEDED FOR THE ZEROES PROJECT, AND CONTINUES TO STATE THE 50K NOTE WILL RESCUE THE ECONOMY.... REALLY?????
sczin11: He explained Sylvana, a press statement, that "the issuance of a new class of Iraqi currency requires the presence of the assigned from the central bank reserves of foreign currency,"
stressing that the central bank reserves at the moment, according to what the Governor of the Bank on the Keywords, enough for the issuance of class 50 000 dinars ".
chattels: i do not understand how the alpha class currency rescues the economy
sczin11: ALL I CAN SAY, IS STAY TUNED FOR THE REST OF THE ARTICLE...ABOVE HE IS CLAIMING THAT THE RESERVES ARE STRONG ENOUGH TO SUPPORT THE ISSUANCE OF THE LARGE 50K NOTES
sczin11: PLEASE REMEMBER THIS SECTION OF THE ARTICLE ...IT IS QUITE IMPORTANT TO MY COMPLETE ANALYSIS
sczin11: Here is the rest of the article
chattels: i am inclined to subscribe to the Chalibi / Allawi school of thought as to the competence of Ali Allaq as governor of the CBI
sczin11: On a related matter, said economist Majid picture: that a central bank currency issue of class 50 thousand dinars and 100 thousand dinars a very true and does not harm the economy of the picture Alsoq.ooodh" morning ", that" this measure as regards the payments system help raise the efficiency of the payments system and shorten the amount of cash in circulation, "
asserting that" the issuance of a large currency denominations will not lead to any inflation in the market. " Suri said, "The government is asking large sums and instead be a small payment currency will be the big currencies,"
noting that the move does not mean increasing the trading currency, but the process of replacing banknotes and other papers. "
sczin11: SO THE ECONOMIST STATES THE LARGE DENOMS, DO NOT HURT THE ECONOMY, IMHO, REFERRING TO INFLATION POTENTIAL
chattels: there is the possibility that the alpha class currencies may somehow assist with the collection / retirement of the older currency
sczin11: HE CONTINUES, WILL MAKE THE PAYMENTS MORE EFFICIENT, AND REDUCE THE CASH IN CIRCULATION
sczin11: NOTE.... REDUCE THE CASH IN CIRCULATION
sczin11: DOES NOT, NOT, INCREASE THE TRADING CURRENCY
sczin11: JUST WILL BE USED TO REPLACE THE BANK NOTES
sczin11: TAKE IN TWO TWENTY FIVE K NOTES, GET ONE FIFTY K NOTE
sczin11: SO PLEASE EXPLAIN FROM ABOVE, WHAT THE MUCK DO THE RESERVES HAVE TO DO WITH THIS WHOLE ISSUANCE OF THE NEW LARGE DENOMS?
sczin11: ‹@chattels› NOW I WILL ANSWER YOUR VERY FIRST QUESTION FROM WAY ABOVE....
sczin11: I HAVE FROM THE VERY BEGINNING THESE NOTES WERE TALKED ABOUT, FELT IT WAS GARBAGE, A KIND OF STALLING PROCESS WAITING FOR THE COMPLETION OF THE MONETARY REFORM
sczin11: I HAVE FELT THERE WOULD BE CHANGES IN THE CBI AND OTHER MINISTRIES AND POSITIONS
sczin11: I STILL FEEL THAT WAY
sczin11: THE TALK EVERY OTHER DAY ABOUT LD'S, COUNS, THIS MONTH, END OF YEAR, EVEN 2017 IS ABSOLUTELY RHETORIC
sczin11: DESIGNING PUCTURES FOR THE NOTES
sczin11: VOTING ON THEM
captl1: So if I have 5 5000 notes I would turn it in for 1 25,000 note thus reducing the note count. They can't be serious!
sczin11: LISTEN, IT MAY HAPPEN....BUT I CAN NOT SEE ANY POSITIVE WAY OF LOOKING AT IT
sczin11: THE TRANSLATIONS ARE RIDICULOUS
sczin11: THE BACK AND FORTH WITH DATES OF RELEASE, AND WHICH NOTES WHEN, IS AN ABOMINATION
sczin11: HECK, NOW WE HAD ONE RELEASE TALKING ABOUT 200K NOTES
captl1: This is just old rhetoric resurfacing.
sczin11: I JUST DONT BUY THE WHOLE CONCEPT...NOT WITH HOW FAR THEY HAVE COME
chattels: ‹@sczin11› you use the term " stall " - Why is it a stall as opposed to inability to complete monetary reform due the the political and security circumstances ?
captl1: shorter interterpatation
sczin11: AND THE SILLIEST PART, IS WHAT MAJOR CONTRACTS WILL BE PAID IN ANY OTHER WAY ASIDE FROM ELECTRONICALLY..DIGITAL BANKING..
WITH THE NEWEST AND MOST ADVANCED BANKING SYSTEM IN THE WORLD, NEW IMPROVED INTERNET SERVICES, ETC...
captl1: so much for spell check
chattels: it seems to me that we arguably go out of our way to explain something that has a plain and obvious explanation
captl1: ‹@chattels› first and foremost they only tell us what they want us to know.
sczin11: ‹@chattels› I ONLY SAY STALL, AS YOU KNOW MY OPINION ON THE STABILITY ISSUES...
LIFE GOES ON... SO AT THIS POINT , EITHER THE PLAN IS PROGRESSING AS DESIGNED, OR THERE MAY BE A DELAY AS A RESULT OF UNEXPECTED HAPPENINGS/HITCHES
sczin11: ‹@captl1› Yes u r correct
captl1: The wheel is round. No matter how many ways you look at it it's still round.
chattels: as all know i believe that DAESH is a considerable " hitch "
captl1: I believe they are a small part
sczin11: ‹@chattels› ‹ DO YOU OR ANYONE OUT THERE LURKING SEE ANY VALID STATEMENTS IN THE ABOVE RELEASE? ANYTHING THAT MAKES SENSE?
captl1: I believe they need to clean up the corruption in the government without causing a civil war. This is the big hold up imo.
sczin11: ‹@captl1› SOME WOULD ARGUE CIVIL WAR EXISTS ALREADY
captl1: ‹@sczin11› nothing in Iraq makes sense
chattels: well, despite all of the high sounding rhetoric of progress and intention, we still have an Iraq that is unsafe / dangerous to foreign investment,, divided politically and dysfunctional as a government
captl1: sectarian maybe civil war no
sczin11: ‹@chattels› VERY WELL SAID INDEED....
chattels: ‹@sczin11› i commented along the way as to the article and have nothing further to posit
sczin11: ‹@chattels› AND ALL THAT COULD CHANGE WITH A MOVE TO THE INTERNATIONAL OPEN MARKET ECONOMY
captl1: ‹@chattels› This is the world they live in. They have been fighting and killing each other for centuries. That part is business as usual. Now they have to fit into modern ways of life without losing face or giving into the other religious sects.
sczin11: ‹@chattels› THOUGHT MAYBE A SUMMATION.... BUT YOU JUST GAVE IT..THX
chattels: ‹@sczin11› entirely possible, IF the international community will assign / accept value to the IQD - i do not believe that Iraq can simply say our IQD is worth " x"
captl1: Tie mentality into modern thinking is a major hurdle
chattels: ‹@captl1› : " face saving " / pride can be a large part of the problem in all societies and relationships, eh ?
captl1: Especially when you factor religion in
tourman: ahhh in depth discussion... LOVE IT!!! GM all!
sczin11: ‹@chattels› EXACTLY...THERE IS A FORMULA
tourman: but is that formula too hot or too cold for that IQD baby?
captl1: The hardest task is to figure out how to change their stone age thinking.
tourman: ‹@captl1› they all want a piece of the pie, and dont want any others to get one crumb more than the other
chattels: ERBIL, Kurdistan Region — The Islamic State has executed 10 ex-Iraqi military officers on espionage allegations, claims a well-placed source inside the ISIS stronghold city Mosul. The unnamed source at the Jumhuriyah Hospital in Mosul told Rudaw that the hospital morgue received the bodies of the slain officers after the execution. The source added that they were all shot dead. Separately, ISIS executed former Iraqi Parliament candidate Ebrahim Saleh Badraniyeh.
MichelleL: thanks chattels - seems like business as usual :(
captl1: ‹@tourman› I have a friend that was training Iranian helicopter pilots for Bell back in the days Of the Shah. When one would lose control he would throw his hands in the ari and chant Allah will save us as he slammed into the ground. How do you fix that?
sczin11: JULY 12, 2015
tourman: you cant fix stupid
sczin11: SO MANY POSITIVE PROGRESSIVE NEWS RELEASES...SO MUCH TALK ABOUT THE IMPORTANT LAWS...ACTING CBI GOVERNOR SPEAKING OUT OFTEN...
CITIZENS AND POLITICAL FIGURES CALLING FOR MALIKI TRIAL...ICC APPEARS TO BE INVOLVED...
CORRUPTION BEING CLAIMED IN MANY SECTORS OF GOVERNMENT...PROXY APPOINTMENTS BEING ATTACKED...E-GOVERNMENT PLAN MAKING PROGRESS...
INTERNET SERVICES BEING IMPROVED...NATIONAL CARDS APPEAR TO BEGIN DISTRIBUTION...
SALARIES BEGIN TO BE PAID...INTERNATIONAL SUPPORT CONTINUES...
USA TAX REPORTING COMPLIANCE BACK ON THE FRONT PAGES...ARTICLE VIII ENTRY SEEMS TO BE THE GOAL...AND ON AND ON.....
WHAT IS IT THAT WILL GET IRAQ INTO THE RACE, WITH THE MOVEMENT TO AN OPEN MARKET ECONOMY?...
WHAT IS IT WE WAIT FOR? WHO IS IN CHARGE OF THIS DECISION? IS IT THE CBI OR THE GOI?
IS IT THE IMF OR THE USA?
CAN IRAQ CONTINUE TO OPERATE WITHOUT FULLY FUNDING AND IMPLEMENTING THE ENTIRE 2015 BUDGET LAW?
WHAT IS THE IMPACT OF THE RECENT JUDICIAL DECISION ON TEN LINE ITEMS FROM THE BUDGET BEING UNCONSTITUTIONAL?
THE BUDGET YEAR IS MORE THAN HALF OVER!!! THE TARIFFS ARE SLATED TO BE IMPOSED AUGUST 1 ACROSS ALL BORDERS...
CAN THAT HAPPEN IN AREAS CONTROLLED BY TERRORISTS? WILL THEY BE DELAYED AGAIN?...
IS THERE A DIRECT CONNECTION WITH IRAN?
IS IRAN STILL ATTEMPTING TO CONTROL IRAQ THROUGH MALIKI & COMPANY? IS IRAN READY FOR INTERNATIONAL TRADE AS WELL, AS SWIFT CODES JUST ISSUED TO THEIR BANK?
AS I SIT HERE PONDERING ALL, I AM AMAZED FROM A PURELY FINANCIAL POINT OF VIEW, HOW IRAQ HAS COME THIS FAR, IN THEIR MR AND ER, AND NOT JUMPED INTO THE INTERNATIONAL MARKET, YET!!
SOMEHOW, PATIENCE IS A VIRTUE IN THEIR EYES...THEY ARE WORKING THEIR PLAN....AND OBVIOUSLY, BY THE RESPONSES FROM WORLD AGENCIES AND COUNTRIES, THEY MUST BE ON THE RIGHT PATH...
INTERNATIONAL RECOGNITION AND COMPLIANCE TO THOSE REGULATIONS, MUST BE POINTED THE WAY THE WORLD DEMANDS...
WE ARE HOLDING THE CURRENCY OF A SOVEREIGN DEMOCRATIC COUNTRY, WITH PRIDE, WEALTH, AND TREMENDOUS RESOURCES...AND MOST IMPORTANT, INTERNATIONAL SUPPORT!! WE DONT KNO
chattels: i enjoyed this article
chattels: While the news headlines scream of sectarian violence, many everyday Iraqis tell a different story of cohesion and solidarity in cities where the displaced have gathered. Read more: www.al-monitor.com/pulse/...
captl1: no you can't but duct tape will quiet it down!
MichelleL: captl1 sounds like a friend who tried to take the wheel of my 1964 chevy when we tried a cross country trip during the 70s - I understand she still drives the same way
sczin11: WE DONT KNOW WHAT WE DONT KNOW....BUT WHAT WE DO KNOW, IS INVALUABLE! PEACE, GOOD HEALTH, AND PROSPERITY WISHES TO ALL... sczin11
EdoBini: Maliki days are numbered.
captl1: ‹@sczin11› well said...Have a great Sunday!
captl1: ‹@EdoBini› He is a walking dead man
EdoBini: l wish Abadi is more assertive. He started very well early in his administration.
chattels: Abadi's position is dependent upon a fragile coalition of self important selfish elitist Shiites