Post From Wealthwatch.world Chat Room 8-21-15
Wealthwatch Late Evening Chat 8-21-15
chattels: KIRKUK, Kirkuk province — Iraq’s government has approved plans to construct an international airport in Kirkuk province, officials said Friday.
Authorities said Hurriya military airbase on the outskirt of the city of Kirkuk, the provincial capital, will be revamped into a modern airport with international and national flights.
“It is hugely important to us in Kirkuk to have an airport because of business opportunities in the city which are in desperate need of more effective communications,” said Jabar Hasan, a representative with the Kirkuk Investment Board. Hurriya airfield is currently being used as a military base by the Peshmarga forces and belongs to the Iraqi Defense Ministry, according to Kirkuk’s governor.
“Hopefully, the Defense Ministry will soon grant us the permission to build the new airport which an oil city like Kirkuk is very much in need of,” Governor Najmadin Karim told reporters Friday.
Karim said Baghdad had in the past promised to allocate funds to build the much-needed airbase but had delayed it repeatedly because of financial difficulties.
chattels: rudaw.net/english/kurdist... http://rudaw.net/english/kurdistan/210820151
MichelleL: chattels dealing with iraq is like trying to scratch your ear from the opposite side of your head - still dealing with the barzani thing? nothing ever finishes
chattels: From their sandbagged trenches and bunkers, Peshmerga forces peer over Shingal, the Kurdish-Yezidi city in northern Iraq that was overrun a year ago by the Islamic State (ISIS) group.
The extremists still control most of the city, but Kurdish fighters and snipers man the frontlines, keeping a close eye on ISIS activity below. The city sits on a vital ISIS supply route from Mosul to Raqqa. The Kurdistan Region’s Peshmerga and other Kurdish forces engage in daily skirmishes with the militants.
chattels: rudaw.net/english/kurdist... http://rudaw.net/english/kurdistan/210820152
chattels: ‹@MichelleL› I believe that the Kurds will work through it in due course
MichelleL: ‹@chattels› I certainly hope so
MichelleL: is M still there? now thats a silly question, sorry about that lol
MichelleL: hey Sassy! wassup gf?
Sassy: ‹@MichelleL› Glad it is Friday
Sassy: ‹@MichelleL› How about you?
MichelleL: yes Sassy - slow week? you're here early
chattels: WASHINGTON DC – Turkey “understands” Washington’s position on the People’s Protection Units (YPG), the Kurdish force fighting the Islamic State group (ISIS or ISIL) in Syria, a US military official said Friday.
“The focus of the conversation with Turkey is the anti ISIL campaign that we are doing in Syria and Iraq. The YPG has come up in the past and earlier discussions,” Brig. Gen. Kevin Killea, chief of staff for the anti- ISIS military operations, told reporters in a video news conference from the region.
He said the US has made its position about the YPG clear to Ankara, calling the force a “credible reliable partner on the ground in the fight against ISIL in northern Syria.”
“I think the Turkish government understands our position on the YPG,” he added. The YPG has been an effective force against ISIS in Syria, receiving some US and Western weapons, including limited air support by the US-led coalition.
However, the YPG is also the Syrian extension of the Kurdistan Workers’ Party (PKK), with which Turkey is again at war, and which is listed as a terrorist organization by the European Union and the United States.
chattels: rudaw.net/english/world/2... http://rudaw.net/english/world/210820152
MichelleL: tough week Sassy, lots of weather and maybe some damaged flooring
Sassy: ‹@MichelleL› Oh no. It is just hot here
MichelleL: glued to a slab, wood flooring - not easy to fix
Sassy: ‹@MichelleL› There should be a flooring underneath
Sassy: ‹@MichelleL› Did you have a leak?
MichelleL: there isn't Sassy, glued right to the slab, no sub flooring
Abadi website Statement Aug 20 2015 Based on the package of reforms presented by the Prime Minister Dr. Haider al-Abadi and endorsed by the Council of Ministers and approved by the Council of Representatives the following executive orders and directives were issued:
1. a large reduction in the security details for officials and the presidencies and others, up to 90% percent, and the abolition of the battalions of special security for the VIPs, returning them back to the Defence and Interior ministries as per their designation, to be trained and prepared to do their national duties in defense of the homeland and the protection of its citizens.
This decision relieves from the state budget more than twenty thousand security officers, with their salaries exceeding 250 billion Iraqi dinars annually.
2. restructuring the battalions of special protection for the three presidencies and the offices of the Vice-Presidents of the Republic and the offices of the Deputy Prime Ministers that were abolished, and define their duties and subordination and the transfer of their assets so they can assume their security functions to protect the country.
3. the Prime Minister orders the re-allocation of the budgets of the offices of the Vice-Presidents of the Republic and the offices of the Deputy Prime Ministers that were abolished to the public treasury of the state.
4. a) the formation of an expert committee to remove the differences in salaries through the reform of the salaries and allowances system and the abolition of the special provisions for all of the Presidencies, the commissions, and state institutions and their pensioners, taking into account fairness and professional competence, and to provide a new system within one month of the issuance of this order.
b) Lowering the upper limit of the pensions of officials and drafting a decree within a week that deals with the wrong decisions taken previously.
AuntieMame: part 2)) 5. the formation of a supreme committee tasked with the selection of candidates for senior positions under the chairmanship and membership of a number of specialists from the Integrity Commission and the Ministry of Planning and experts from development centers in the private sector and consultants and academics.
6. the formation of a supreme committee to hold the Ministries and departments not associated with a ministry to accountability through evaluation programs designed for this purpose and the committee is tasked with submitting periodic reports (quarterly and annual) to the Prime Minister.
7. the Prime Minister Dr. Haider Al-Abadi instructs that recommendations be made by the Office of Financial Supervision and the Integrity Commission to activate the role of inspectors general and provide benchmarks for their staff needs to make them more efficient and to remove the excess in addition to providing criteria for evaluating the performance of audit institutions by no later than 31 August.
8. determine a date no later than 31 August for the implementation of abolishing all positions of external advisers in the ministries, whether fixed or temporary, and limiting the advisors of the three Presidencies to 5 advisors per Presidency. PM Media Office 20-8-2015
TxBrand: Sajad Jiyad @SajadJiyad · 2m2 minutes People want reform. Who says the regime either tucked or a traitor or clueless. The reform of our country into a real democracy and a fair society is the goal
TxBrand: I didn't know they were a democracy
chattels: ‹@TxBrand› Yes.
chattels: democracy definition. A system of government in which power is vested in the people, who rule either directly or through freely elected representatives. Democratic institutions, such as parliaments, ....
TxBrand: England has a parliament and they are not considered a democracy
chattels: England is a democracy. Democratic institutions, such as parliaments, may exist in a monarchy.
TxBrand: I have to disagee with respect A democracy is direct government ruled by the majority (mob rule).
chattels: ‹@TxBrand› then we will agree to disagree :)
TxBrand: A Republic is representative government ruled by law (the Constitution). A democracy is direct government ruled by the majority (mob rule). A Republic recognizes the inalienable rights of individuals while democracies are only concerned with group wants or needs (the public good).
TxBrand: people use the term loosely ...not knowing what they are saying
TxBrand: and they are wrong
chattels: The England form of Government is a constitutional monarchy, which combines a monarch head of state with a parliamentary system.
While many consider the England form of government a democracy, which it is in practice, the Queen of England has many titular roles and is officially the head of state, although in practice, she has little political power or influence. The true influence and power in the England form of government comes from the prime minister and the Parliament.
chattels: The English Parliament is elected by the people.
TxBrand: A Mrs. Powel of Philadelphia asked Benjamin Franklin, "Well, Doctor, what have we got, a republic or a monarchy?" With no hesitation whatsoever, Franklin responded, "A republic, if you can keep it."
chattels: The England form of government, like all parliamentary systems, is a party system. The citizens elect a party into power, and the head of the party becomes the Prime Minister. Sometimes coalition governments are formed by more than one party.
TxBrand: just because they are elected doesn't mean its a democracy
chattels: Iraq is modeled on the Westminster parliamentary form i believe.
TxBrand: A democracy is direct government ruled by the majority (mob rule).
TxBrand: This misquote is a serious one, since the difference between a democracy and a republic is not merely a question of semantics but is fundamental. The word "republic" comes from the Latin res publica — which means simply "the public thing(s)," or more simply "the law(s)."
"Democracy," on the other hand, is derived from the Greek words demos and kratein, which translates to "the people to rule." Democracy, therefore, has always been synonymous with majority rule.
TxBrand: the people want to believe they rules... but we follow laws made by the people they elect
chattels: majority rule is not " mob rule".
TxBrand: when you commit a crime... say murder... then if a mob hangs you the you have a democracy ...if you go to court and a jury decides ... then you have a Republic
TxBrand: ruled by Laws is a republic
TxBrand: we are a republic
TxBrand: the majority decided to hang the guy... not the laws
TxBrand: majority is mob rules lol
chattels: America: Republic or Democracy? by William P. Meyers
chattels: www.williampmeyers.org/re... http://www.williampmeyers.org/republic.html
TxBrand: if we lived by a democracy... the people would change the laws daily lol
] TxBrand: this is in your article ----> So, on the whole, the first federal government that met in 1789 was a republic with only a fig-leaf of democratic representation. This is what today's commentators mean when they say America is a republic, not a democracy.
chattels: ‹@TxBrand› this is not 1789 is it ?
chattels: " the dominant trend over the last two centuries has been to make it into a democracy as well, a representative democracy, also known as a democratic republic. "
MichelleL: plato's republic, oligarchy to democracy to tyranny - democracy leading to mob rule - what fun!
chattels: we are a nation of laws
MichelleL: ergo democratic republic
TxBrand: if your saying we have lost the Republic that our founding fathers gave us... yes... but we are NOT totally a democracy only... you would have to throw out all of our laws
TxBrand: Our military training manuals used to contain the correct definitions of Democracy and Republic. The following comes from Training Manual No. 2000-25 published by the War Department, November 30, 1928.
DEMOCRACY: •A government of the masses. •Authority derived through mass meeting or any other form of "direct" expression. •Results in mobocracy.
•Attitude toward property is communistic--negating property rights.
•Attitude toward law is that the will of the majority shall regulate, whether is be based upon deliberation or governed by passion, prejudice, and impulse, without restraint or regard to consequences.
•Results in demogogism, license, agitation, discontent, anarchy.
•Authority is derived through the election by the people of public officials best fitted to represent them. •Attitude toward law is the administration of justice in accord with fixed principles and established evidence, with a strict regard to consequences.
•A greater number of citizens and extent of territory may be brought within its compass. •Avoids the dangerous extreme of either tyranny or mobocracy.
•Results in statesmanship, liberty, reason, justice, contentment, and progress. •Is the "standard form" of government throughout the world.
TxBrand: The manuals containing these definitions were ordered destroyed without explanation about the same time that President Franklin D. Roosevelt made private ownership of our lawful money (US Minted Gold Coins) illegal. ‘
Shortly after the people turned in their $20 gold coins, the price was increased from $20 per ounce to $35 per ounce. Almost overnight F.D.R., the most popular president this century (elected 4 times) looted almost half of this nation's wealth, while convincing the people that it was for their own good.
Many of F.D.R.'s policies were suggested by his right hand man, Harry Hopkins, who said, "Tax and Tax, Spend and Spend, Elect and Elect, because the people are too ** dumb to know the difference".
TxBrand: "Tax and Tax, Spend and Spend, Elect and Elect, because the people are too ** dumb to know the difference
TxBrand: ‹@chattels› im not aiming that at you ... just letting you know how it happened
Donnie: good evening people
Donnie: 10 Currencies That May Follow Tenge in Tumble Triggered by China Paul Wallace Srinivasan Sivabalan August 20, 2015 — 12:17 PM EDT
Donnie: On most days, Kazakhstan finds itself in the backwaters of financial markets. Yet, it’s this central Asian nation that has delivered the latest shock to global currency trading.
Thursday’s 22 percent plunge in the tenge after Kazakhstan abandoned control of its exchange rate revealed a sense of urgency among policy makers: they had tried a managed depreciation just a day earlier.
The escalation signaled to investors that it has become too costly for developing nations to defend their currencies. Vietnam also devalued the dong, while freely traded currencies such the South African rand and Turkey’s lira extended losses.
The trigger for the wave of depreciations was China’s decision to weaken the yuan on Aug. 11, leaving countries competing with the world’s second-largest economy in export markets and those selling goods to it at a disadvantage.
That added to the woes of emerging markets already reeling from a looming increase in U.S. interest rates and weakness in oil prices.
Some, like the countries of the former Soviet Union, face an additional problem: the ruble’s continued weakness puts them in an unfavorable position in their trade with Russia.
Here’s a look at the currencies that are among those most at risk from this conflux of global developments: * Saudi Arabia’s riyal: Armed with $672 billion in foreign reserves, Saudi Arabia, the world’s largest oil exporter, has enough capacity to hold the peg, according to Deutsche Bank AG.
Nonetheless, speculators are betting on a break of the currency regime as crude oil tumbled to a seven-year low. The forwards, contracts used by traders to bet on or hedge against future price moves, fell to the weakest since 2003, implying about a 1 percent decline in the riyal over the next 12 months.
Donnie: read the rest here along with pictures: www.bloomberg.com/news/ar...
Donnie: IMO this global currency issue is what will pull Iraq in to changing its pegged value. I doubt Iraq will de-peg from the dollar anytime soon but can change the value to something better thus making the Dinar stronger.
Donnie: Please read the above article to gain more insight into what is happening to other currencies around the world. Click the link. They even have pictures :)
Donnie: Take your Dinar blinders off so you can see what's going on all around the world. Then you "may" come to realize that the world doesn't revolve around Iraq and the Monetary Reform.
TxBrand: ABC News Politics @ABCPolitics · 3h3 hours ago A 15-year-old presidential candidate is beating Hillary Clinton in Google searches
Donnie: This selloff is about China and emerging markets, with a dash of Fed Published: Aug 21, 2015 6:00 p.m. ET
Donnie: This selloff is about China and emerging markets, with a dash of Fed Published: Aug 21, 2015 6:00 p.m. ET
Donnie: U.S. stocks were slammed Friday in a global stock selloff that one well-known macro strategist argues is about China and weakness in emerging markets, with a dash of Federal Reserve rate-hike fear thrown in.
“It looks like we’re seeing something akin to the taper tantrum developing at the moment with global markets in a fragile way.
It’s difficult to assess how much is Fed related and how much is China though,” wrote Jim Reid at Deutsche Bank. Given that the Fed funds futures market continues to tamp down the probability that interest rates will rise in September—down to 32% from 48% on Monday—”China and the impact on EM is the overriding driver.”
The Dow industrials DJIA, -3.12% plunged more than 500 points on Friday, pushing the blue-chip index into correction territory. The Dow and the S&P 500 SPX, -3.19% both posted their steepest weekly declines since September 2011.
Donnie: The problem is that while China’s currency move saw the yuan fall by “only” 3%, the action has caused other emerging-market countries to allow their currencies to fall either deliberately or via market pressure.
The laundry list includes Kazakhstan, which saw a 26% devaluation after abandoning its trading band, as well as Russia, Ghana, Guinea, Colombia, Belarus, Turkey, Malaysia and Algeria. On top of that, the Turkish lira USDTRY, +0.0926% fell past three to the dollar on Thursday for the first time ever, the South African rand USDZAR, +0.2714% is trading at a level last seen in 2001,
the Russian ruble USDRUB, +1.2623% is trading at its lowest level since February and the Malaysian ringgit USDMYR, +1.6177% is on its way to a 17-year low, Reid noted. Given that fragile backdrop, markets “will surely now have to firm up considerably for the Fed to pull the trigger [on a rate increase] next month,” he said. Donnie: www.marketwatch.com/story...
Donnie: the Turkish lira USDTRY, +0.0926% fell past three to the dollar on Thursday for the first time ever
Donnie: Oh... and this article also has pictures :)
Donnie: Nasdaq plunges 3.5% for biggest one-day loss since June 4, 2010
Donnie: The market lost 725 billion dollars today. It lost 1.4 trillion this this week
Donnie: Isis fight sends Iraq to debt markets 21 August 2015 1:44am
Donnie: Baghdad plans to raise $6bn as ongoing battles with militants have decimated infrastructure. Iraq is heading to the bond markets with hopes of raising billions, as low oil prices and the fight against Isis eat into state finances.
Deputy governor of Iraq’s central bank, Zuhair Ali Akbar, confirmed the country will issue $6bn (£3.9bn) in dollar-denominated debt, in its first bond issue for nearly a decade. Citi, Deutsche Bank and JP Morgan are understood to be working on the offering.
Donnie: CLAMOUR FOR YIELD The glaring question is how successful the debt sale will be. Iraq’s 2028 bonds are currently trading at a yield of 8.54 per cent, after their price dropped from 92 cents per dollar to 79 cents.
There is an insatiable demand for yield and in recent years investors have clamoured for esoteric fixed income assets that would have historically been no-go areas.
But loaning money to Iraq may be a step too far for some professional investors. “It’s just off the scale,” says Haig Bathgate of Turcan Connell. Clients may also shy away from the notion. “
The thought terrifies me,” says Gary Reynolds of Courtiers Investment Services. “If you put Iraqi bonds into a fund, what would you tell a client?
Donnie: read more here: www.cityam.com/222803/isi...
Donnie: WHY ARE THESE MIDDLE EAST COUNTRIES SELLING DEBT: JORDAN, SAUDI ARABIA, EGYPT, OMAN, DUBAI, BAHRAIN, ETC.
Donnie: It's one way of getting international investors to be able to invest in these countries.
Donnie: Get ready for yuan in IMF basket
Donnie: Internationalization of Chinese currency picks up pace with clearing centers around the world It came as no surprise recently to read that the Chinese yuan, or renminbi, as it is also widely known, is set to replace the Japanese yen to become the fourth international currency within two years.
Such is the rise of the yuan that eclipsing the yen in the short term is an absolute inevitability.
Donnie: Indeed, since November last year the yuan overtook both the Canadian and Australian dollars to rank as the world's fifth-largest payment currency worldwide.
Breaking into the top five world payment currencies is a key milestone and signifies an unstoppable internationalization momentum.
This confirms the yuan's transition from an "emerging" to a "business as usual" payment currency. European industry should be aware of the rapid rise of the yuan and be more prepared than ever to do business in this currency, and not just when dealing and trading directly with Chinese companies.
The global rise of the yuan has been happening for years. Since last year a total of eight new offshore renminbi clearing centers have been established, fueling further international growth.
The almost exponential rise in the internationalization of the yuan can be appreciated by the whopping 321 percent leap in the value of yuan-denominated payments since December 2012. During this time payment growth denominated in all other currencies on the top 10 list grew by less than 50 percent.
Donnie: read the rest here: europe.chinadaily.com.cn/...