Staner: GE all...new here..let me know if this question isn't germain to the current chat...but wondering the effects of neighborhood trading if Iran sanctions are lifted and the rial ri's without the IQD doing same?
Staner: Parliament bk on Saturday?
sczin11: ‹@Staner› YES SATURDAY
Staner: Abadi could still call an emergency meeting prior..
Butifldrm: ‹@Staner› yes and hopefully they have had this LOOOOOONG holiday to hash things out
Staner: Expect committees have been meeting in the interim....
Butifldrm: OOTW, I don't know about that, but because Iraq is not under OFAC sanctions I am sure they could
OOTW: BUTI'S TALKING ABOUT USING SWIFT TO MAKE PAYMENTS
Butifldrm: the good thing is I do believe they are set up electronically for transactions
OOTW: YES SIGOB (DIVISION OF UN WHICH OVERSEES SETTING UP SYSTEMS) HAS BEEN IN IRAQ FOR AT LEAST THE LAST MONTH
Staner: Butifldrm, ditto
Butifldrm: I'm pretty sure the Arab league has their own platforms too
OOTW: I AGREE WITH YOU TOO STANER
OOTW: YES AND XBRL IS ONE OF THEM, TY BUTI
Butifldrm: XBRL I believe give Iraq /meembers more transparency and waht has been Iraq's biggest dowfall????? CORRUPTION
OOTW: YES AND "INVISIBILITY" OR CORRUPTION IN THEIR FINANCIAL DEALINGS AND BANKING TRANSACTIONS IS ONE OF THE REASONS THEY WERE MOVED FROM ART VIII TO ART XIV IN 2005
Butifldrm: Absolutely. OOTW
Butifldrm: This is one thing we have to keep in mind
Butifldrm: What is Iraq's largest export?
Butifldrm: Oil and what is The Currency for oil export?
OOTW: PETRO- DOLLAR
Butifldrm: The dollar
OOTW: OH THANKS..LAWS I CAN DO
Butifldrm: The CBI makes a profit from selling the Dollar
Staner: FYI SWIFT payments are not something new in Iraq...although probably now more widespread
Butifldrm: This is how Iraq the CBI built it's reserves
Butifldrm: The CBI will have to liberalize the private sector in order
Butifldrm: To avail a free market economy
Butifldrm: From this free market economy Iraq would flourish
sczin11: ‹@Butifldrm› ITS ALSO THE ROOT OF ALL THEIR EVIL...MONEY LAUNDERING COUNTERFEITING AND BLACK MARKET
Butifldrm: ‹@Staner› absolutely and there in lies the problem
Butifldrm: Scion sorry
Butifldrm: I'm on iPad lol
OOTW: LOL NO WORRIES HON
sczin11: ‹@Butifldrm› AND HOW WILL THEY LIBERALIZE PRIVATE SECTOR..... INCREASE THE PURCHASING POWER...AND HOW DO THEY INCREASE PURCHASING POWER.....RAISE THE VALUE OF THE DINAR...." RV"
Butifldrm: ‹@sczin11› that is their huge deli a
Butifldrm: Deli a
Staner: sczin11.. Having done business in Brazil, I never thought there would be a more corrupt maze to work within...glad I dont have to figure out this one
Butifldrm: There has to be Rule Of Law
sczin11: ‹@Staner› LOL
Butifldrm: THERE HAS TO BE PUNISHMENT
Butifldrm: THE PRESS HAS TO REVEAL THE NAMES OF THE CORRUPT
Staner: There has to be enforcement
Butifldrm: imo THE BIGGEST BUSINESS IN IRAQ IS CORRUPTION
Butifldrm: AND WHO ARE THE MOST CORRUPT
Staner: Yes.....zero middle class
Butifldrm: ‹@Staner› YES
Butifldrm: THIS IS WHY IRAQCBI CANNOT GET THE SPREAD UNDER CONTROL
Butifldrm: TOO MUCH MONEY LAUNDERING
Butifldrm: AND WHO SUFFERS THE POOR
Butifldrm: IRAQ THE CBI THE GOI THE GOVERNMENT HAS TO CHOOSE TO MOVE INTO ARTICLE VIII
Butifldrm: UNTIL THAT DAY I DON'T CARE HOW HIGH THE IQD RATE IS, WE THE INVESTOR WILL OT SEE A DIME
sczin11: ‹@Butifldrm› HAVE U THGHT THE POSSIBILITY THAT THE LACK OF CBI CONTROL U JUST REFERRED TO, COULD BE A DIRECT CORRELATION TO MALIKI CONTROL, IN ORDER TO STOP MR, AND CAUSE ACCUSATIONS AND FINGER POINTING THROUGHOUT THE GOVT..
Butifldrm: UNLESS YOU ARE OR CAN FLY TO IRAQ TO CASH IN
Butifldrm: THE LASK OF CONTROL OF THE RATE IS A CBI PROBLEM COMPOUNDED BY THE GOVERNMENT
Butifldrm: WE ARE SEEING A FLIGHT OF CAPITAL FROM IRAQ TO COUNTRIES WHO HAVE SAFER BANKING SYSTEMS
Staner: I am no longer concerned about the long arm of Maliki..but I do think it's taken time to unwind his control
Butifldrm: THIS IS ANOTHER LAW THAT IRAQ MUST PASS AND THAT IS THE ABILITY TO PROTECT/INSURE ACCOUNTS
Butifldrm: ‹@Staner› TRULY THE SHIA ARE STILL IN CONTROL
Staner: Butifldrm: I believe that has been happening for the past 10 yrs...Jordan is a neighbor
Butifldrm: HOW CAN IRAQ BUILD THEIR BANKING RESERVES WHEN 80% OF THE PEOPLE DO NOT TRUST THE BANKS
Butifldrm: EVEN THE GOVERNMENT EMPLOYEES HAVE MONEY DEPOSISTED INNTO THE STATE OWNED BANKS AND WHAT DO THEY DO?
Staner: Agree Butifldrm
Staner: FYI on iPad ...UG
Butifldrm: WITH DRAW THE DINAR AND CASH IT INTO THE DOLLAR
Butifldrm: THIS IS SAD
Butifldrm: BUT WE HAVE TO UNDERSTAND THAT ALL THE BAKS ARE UNDER STRICT CONTROL OF THE CBI
Butifldrm: IN TODAY'S SOCIETY WE ARE SEEIN A WAR ON CASH, BUT NOT IN IRAQ
Butifldrm: CASH IS KING
Butifldrm: OK WELL i BETTER GET SOME THINGS DONE GOOD NIGHT YA'LL SWEET DREAMS
Staner: Butifldrm: it simply takes trust in their system...which will be aided greatly with a reval to their currency..will take a little time...but probably not much once an RI
sczin11: ‹@Butifldrm› GN AND TY ONCE AGAIN
Butifldrm: ‹@Staner› i DO BELIEVE IF AND WHEN THE DINAR EITHER BECOMES ON PAR OR GREATER THAN THE DOLLAR WE WILL HAVE SEEN THE TRUST
Butifldrm: ‹@sczin11› LUV YA
Butifldrm: OOTW AND ALL HERE
quicktolegit96: BUTI I AGREE
Donnie: Fed to adopt new capital surcharges for eight largest U.S. banks EconomyJul 20, 2015 04:46PM GMT
Donnie: By Douwe Miedema and Michael Flaherty WASHINGTON (Reuters) - The Federal Reserve will meet on Monday to adopt a new rule for the eight largest U.S. banks to hold more equity capital, amid fears on Wall Street that the measure may make it less profitable.
The rule was largely similar to when it was proposed in December, when the U.S. central bank said the banks would face a surcharge of between 1 percent and 4.5 percent of their assets.
The Fed also gave numerical estimates of what the rule would mean for each of the banks. The numbers were in line with an estimate by Goldman Sachs (N:GS) analysts in December.
Regulators want U.S. banks whose failure could threaten markets to fund themselves more with shareholder equity, and less with borrowed funds.
They also want to discourage banks from relying on unstable short-term borrowing, a key contributing factor to the demise of Lehman Brothers at the height of the financial crisis in 2008. JPMorgan Chase & Co (N:JPM) faces the highest surcharge at 4.5 percent, followed by Citigroup (N:C) at 3.5 percent.
All the firms were on their way to meet the surcharges over the three-year period during which they will need to implement the measure, the Fed said. Seven already meet it now.
Only JPMorgan faces a shortfall of $12.5 billion at the moment, Federal Reserve staff said on a conference call. In December, that number still stood at some $20 billion. The company said in February that it would do "whatever it takes" to keep the surcharge below 4.5 percent.
The rule does not require the firms to meet the surcharges in the Fed's so-called stress tests, an annual health check during which banks have to run through a simulated severe economic and financial crisis.
But the Fed later this year would look at changing the stress test procedures to better address systemic risk arising from the largest financial institutions, Fed Governor Daniel Tarullo said in a statement.
"While incorporation of some or all of the capital surcharges would be one way to account for those risks, it is
Donnie: BANKRUPTCY OF THE PLANET ACCELERATES – 24 NATIONS CURRENTLY FACING DEBT CRISIS Published: July 19, 2015
Donnie: SOURCE: MICHAEL SNYDER There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.
As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books.
That breaks down to about $28,000 of debt for every man, woman and child on the entire planet.
And since close to half of the population of the world lives on less than 10 dollars a day, there is no way that all of this debt can ever be repaid. The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.
As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out.
The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.
Even if some “permanent solution” could be crafted for Greece, that would only solve a very small fraction of the overall problem that we are facing. The nations of the world have never been in this much debt before, and it gets worse with each passing day.
According to a new report from the Jubilee Debt Campaign, there are currently 24 countries in the world that are facing a full-blown debt crisis… ■ Armenia ■ Belize ■ Costa Rica ■ Croatia ■ Cyprus ■ Dominican Republic ■ El Salvador ■ Gambia ■ Greece ■ Grenada ■ Ireland ■ Jamaica ■ Lebanon ■ Macedonia
■ Marshall Islands ■ Montenegro ■Portugal ■ Spain ■ Sri Lanka ■ St Vincent and the Grenadines ■ Tunisia ■ Ukraine ■ Sudan ■ Zimbabwe
Donnie: And there are another 14 nations that are right on the verge of one… ■ Bhutan ■ Cape Verde ■Dominica ■ Ethiopia ■ Ghana ■ Laos ■ Mauritania ■ Mongolia ■ Mozambique ■ Samoa ■ Sao Tome e Principe ■ Senegal ■ Tanzania■ Uganda
So what should be done about this? Should we have the “wealthy” countries bail all of them out? Well, the truth is that the “wealthy” countries are some of the biggest debt offenders of all.
Just consider the United States. Our national debt has more than doubled since 2007, and at this point it has gotten so large that it is mathematically impossible to pay it off.
Donnie: Europe is in similar shape. Members of the eurozone are trying to cobble together a “bailout package” for Greece, but the truth is that most of them will soon need bailouts too… All of those countries will come knocking asking for help at some point.
The fact is that their Debt to GDP levels have soared since the EU nearly collapsed in 2012. Spain’s Debt to GDP has risen from 69% to 98%. Italy’s Debt to GDP has risen from 116% to 132%.
France’s has risen from 85% to 95%. In addition to Spain, Italy and France, let us not forget Belgium (106 percent debt to GDP), Ireland (109 debt to GDP) and Portugal (130 debt to GDP).
Donnie: read the rest here: www.blacklistednews.com/B...
Donnie: 5 years ago on July 15, 2010 Gold was at 1208.10 per oz. - currently Gold is at 1103.42 per oz. A new 5 year low.
OOTW: THANKS FOR EVERYTHING DONNIE!!