11-8-12 SocalDinar: "A report to the BSA reached the speaker's office, the results of the supervisory and audit the activity of an auction of foreign currency since the beginning of the year 2012 to up to 30 of the month of August, for the existence of administrative irregularities and financial banking transactions for auction sale foreign currency at the central bank."
I just took this to my Syrian friend. He had a lot of customers but briefly looked it over. He said it details the auctions and what banks were involved.
He also said it details individuals and companies also that bought at auction? It said that the currency can only be used for importing goods. He was positive it showed the names of individuals with the highest amount being $140,000 USD
Read More Link On Right
11-8-12 Mountainman: Yet another article this morning about lifting Iraq's Chapter 7 sanctions. The Kuwaiti Foreign Minister said that this year will mark the end of the outstanding problems with Iraq.
If this isn't a clear sign of progress, I don't know what is. We've seen complete international support for their Chp7 removal (UN, Russia, US, China, Kuwait etc.).
It kinda makes you wonder what could be the holdup. A tradeable currency perhaps? I wouldn't doubt for a second that these sanctions remain held over Iraq's head for that reason alone at this stage.
11-8-12 LoriC: I believe Iraq has been ready to go from an economic standpoint for quite some time but they need a power sharing government completed first. They can't risk the projects success.
Politics and economics are related, can't seperate the two. The USD should be worthless. We print it up with nothing to back it up and have a ton of debt but peoples faith in our stability keeps it strong.
First Iraq will resolve some key political issues, then they will be able to move forward economically. This article this morning also says they are connected.
"Political crisis and its impact on the local economy. The implications of political decisions and conditions prevailing are quite clear on the economy negatively, explaining that politics and economics are two sides of the same coin because politics fast-acting in the pressure on the economy and undermine its foundations, an indicator of normal and abnormal."
"It is unreasonable to stabilize the financial situation and pumping investments only with the restoration of conditions local Interior, referring to the lack of indicators of economic stability, including a deficit budget and balance in the lending rate and deposit as well as the exchange rate of the local currency against other currencies, they are mostly data available in the country in terms of origin so as to preclude the absence of any pressure on the citizens if we are eating Thread from an economic angle away from the political crisis." Read more LINK
11-8-12 Mike: You have to remember you have things that were going on before Shabibi was there and supposedly he was dealing with it and if you look at the auctions you can see the differences in the auctions each day - certain amount of money that is no longer moving out and into banks.
So one of two things happened - the banks are deciding not to participate because they do not want to kill the economy or kill the exchange rate and/or the banks that were stealing have decided to back out.
I think when Shabibi comes back and starts to defend himself we will see things. Remember IF he is NOT found guilty he will be put back in. I think when Shabibi comes back he will come back with all of his guns loaded - he always does really really well defending himself. I think the walls are starting to come down all around Maliki.