8-22-2012 Tony: They were given target dates to have certain things accomplished and those dates are not November, December or January. They are trying to get this done a whole lot sooner. We have known ever since June that the problem was where the money is flowing to.
If we do this right now is it getting into terrorist's hands? Is it getting into Communist country's hands? So all of that has to be stopped or at least managed before this can happen. We don't have to wait until it is all done [with Iran and Syria].
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We just have to wait for something to be in place and a plan of action worked out for this to happen. Talabani has been back in Iraq since last Thursday, They have already had meetings. They have already signed off on agreements. It has not been made public yet but there are some announcements that are supposed to be made later this week. Everything I am looking at is that it is sooner rather than later.
The article that came out of Iraq yesterday said, "The CBI can agree with the Economic Committee of the Iraq Parliament to introduce the new bank notes in September 2012, which will be used in parallel with the current bank notes for a year.
The CBI will completely withdraw the old bank notes by September 2013...There is an initial agreement between Parliament and the CBI to start the process of removing three zeros in September and it will take a year to complete...
The CBI will introduce three new bank notes – 50 dinars, 100 dinars, and 200 dinars. The CBI will also issue 1 dinar and 2 dinar coins which Iraq currently does not use. " This just came out in the last 24 hours.
8-22-2012 Gary: We have been told that all the banks have been expecting this, they are pulling their people in, keeping them from going on vacation, people coming in preparing for scheduled appointments, etc.
Are the banks being lied to? No, I believe that they are being told by the higher ups that everything is ready to go but Iraq is still dealing with things over there (e.g., ministers, Maliki, smaller denominations beginning next month).
But we've got one scenario that has created a critical issue and that is their neighbor [Iran]. They have to wait until that is all taken care of.
There are sanctions going to be issued over there and the impact of those sanctions are going to have are going to be pretty serious and so even though everybody was expecting this to be completed here pretty quickly we are kind of in a holding pattern.
The UN is also getting involved. This is going to take a little longer than a couple days.