Thanks Memphis for sending this to us today:
MEMPHIS: Original press unedited:
A) scheduled to travel a senior government delegation, including ministers, officials and experts in the financial and economic affairs,next week, to the United States and Britain to discuss the issue of Iraq sovereign bonds,
B) “The source said, "The delegation will include government and finance ministers, oil and Governor of the Central Bank and the consultants and experts in economic and financial Shan officials to discuss the process of issuing sovereign government bonds in the global financial market."
MEMPHIS: As I read these two sentences regarding bonds it seemed there was enough value to warrant a deeper look and I agree it is significant.
Now this is very subjective and we are all largely disqualified (as objective thinkers) because we are holding dinar so let's try and have a look at these quotes with pragmatism and the foreknowledge that some details here are missing.
OK..... so when I take the two sentences (pasted above) and combine, re-order, and paraphrase them (trust me for now...) this is what comes out the other end:
"A delegation [of] senior government officials and experts [is] scheduled to travel to the United States and Britain next week to discuss the issue of Iraq sovereign bonds.
The delegation will include [the] Governor of the Central Bank, [various] government officials [most notably the] ministers of the [departments of] oil and finance and consultants and experts in economic and financial affairs.
[The delegations stated purpose is] to discuss the process of issuing sovereign government bonds in the global financial market."
A few things we can conclude from this with confidence:
1) They will be traveling to the two key money centers of the world. The places where such agreements and their particulars are decided.
Despite all our discussions of "China this" and "Shanghai that" the present day reality is that major debt issuances in USD are settled thru the West and not only that but in the very two places listed in their itinerary.
2) The names listed for this trip are at the top of the food chain for Iraqi finance. There could be no better representation than the ones listed above.
Had the CBI Governor been omitted here then the press release would still be of interest but it is VERY noteworthy that he and all below him who matter will be in attendance.
3) Had the press release simply stated "issuing sovereign bonds" we might easily let it slide by with little notice but it did not stop there. It expressly stated much more; that the purpose, the intent, for this rather long multi leg trip with a considerable entourage in tow is to do WHAT exactly?
To issue debt that will be on offering externally "in the global financial market".
BASED ON THESE THREE (3) POINTS OF CONFIDENCE , We can now list points of opinion as we now SPECULATE (with less confidence):
1) It is unlikely that these meetings will conclude without some signatures. Delegations as they are calling this (in their own words) denote special purpose and intent.
2) If they 1st go to New York and THEN the city of London 2nd? Might we conclude that point #1 is even more true? That they are "inking the deal"?
3) If however we agree that signatures are not a reasonable expectation then we must somehow explain away the need for the CBI Governor to be in attendance. He has his think tank already going there right? Could not these "consultants and experts in economic and financial affairs" iron out the kinks and simply report back?
Final point, the words given: "discuss the process" simply do not seem....complete.
4) Why the minister of oil (energy)? Did that seem odd to anyone? No deep thoughts here but perhaps along the lines of offering collateral?
5) While on the one hand we must concede that Iraq might simply be jumping on board here as emerging market countries have issued nearly $9 trillion worth of debt denominated in dollars in the past 8 years to save on interest expenditures, there is an important distinction that is key to our perspective.
As outlined by Nova, these bonds will be denominated in (paid out in) USD but purchased in what? IQD. This "process" to take place in N.Y. and London might very well include the needed steps to facilitate the PURCHASE.
Taking all if the above, it seems at least remotely possible that Iraq is about to do more than just "talk about the process" and is in reality actually selling these bonds next week (signatures) in the "global financial market" that is located where exactly? NY and London.
I see real intent here as a real possibility and if Nova's position holds true (and it seems sound to me) that the dinar needs a change in status to allow ALL of the above?
Conjecture and speculation? yes.
Entirely possible? you decide.
This is meant to foster debate, provoke further thoughts, but not meant to " beat a dead horse" as I also agree with ML that we wait for further information/confirmation.