Excerpt/Recap From Backdoc
WITH PARLIAMENT MEETING MONDAY, RECENT HOLIDAYS THAT CAME OUT OF NOWHERE, MOSUL IN CONCLUSION, CBI DISRUPTIONS, THE IMPLEMENTATION OF THE TARIFFS AND TAXES, AND AUCTION CHANGES, I’M VERY OPTIMISTIC ABOUT THE PROGRESS OF THE MONETARY REFORM...
IRAQ HAS FOLLOWED THE LETTER OF INTENT TO THE TEE. VERY SOON IRAQ WILL BE ALL ABOUT DIVERSIFICATION OF THEIR ECONOMY AND THEY WILL BE ON THEIR WAY TO A HUGE SUCCESS.
ALSO, WE HAVE TO REMEMBER THAT U.N. OPERATIONAL RATES ARE PUBLISHED ON EVERY 15TH OF THE MONTH!
THESE ARE VERY EXCITING HOURS WHILE WE WAIT FOR THE COMPLETION OF MOSUL! ...KEEP ALERT AS ALWAYS!
Full post here: The Big Squeeze
Samson: Parliamentary Finance: today the delivery date for the government's budget to the parliament in 2017
Parliamentary Finance: today the delivery date for the government15.10.2016 12:17
Parliamentary finance committee, announced that on Saturday , October 15 handover of government to draft federal state for the 2017 fiscal budget bill to the House of Representatives.
A member of the Commission, Sarhan , Ahmad, told all of Iraq [where] "We have not received so far , the budget bill is assumed by the contexts used and the instructions in the past years that we receive this day ,October 15." However , "but this does not prevent the delayed schedule , has received the budget in 2015 in the month of January of the same year and in 2016 also delayed and this delay does not result in any penal action , "adding" we need to discuss the budget and this does not go beyond the month and I expect approval later this year. "
he attributed Sarhan" delayed budget to the continuation of discuss the government in regards to the price of oil and the agreement between Baghdad and Erbil , in addition to technical matters in arranging the budget tab , "pointing out that" to reduce the budget deficit of 32 trillion dinars to 14 trillion within the government's plans to cut costs and therefore the deficit is reduced. "
the Prime Minister Haider al - Abadi revealed on the fourth of October for reducing the amount of the deficit in the budget for fiscal 2017 from 32 trillion dinars to 15 Trliuna.
Samson: The U.S. Dollar Is Zimbabwe's Main Currency, And It's Disappearing Fast
October 11, 20165:08 AM ET
Zimbabwe's riot police clash with protesters who oppose the introduction of bond notes by the country's Reserve Bank, in the capital, Harare, on Aug. 17. The bank says the notes will be equivalent to the U.S. dollar, which serves as the country's main currency. But the announcement has prompted many to withdraw their U.S. dollars from banks.
The last time Zimbabwe went into economic freefall, in 2009, inflation was a mind-boggling 200 million percent. Shoppers had to carry the colorful bank notes, in billion- and trillion-dollar denominations, in bags to pay for basics.
To address the crisis, President Robert Mugabe's government abandoned Zimbabwe's own currency and adopted the U.S. dollar as legal tender. That helped end hyperinflation and helped stabilize Zimbabwe's economy.
But today, the economy is again in a tailspin and the country is in desperate need of a new solution. U.S. dollars are still the main currency, but they are in critically short supply.
A visible sign of the latest crisis is evident in the long, winding lines outside all banks and ATMs in the capital, Harare, where customers are desperate to withdraw cash. Audrey Munemo says she's been waiting since dawn.
"I have been here in the queue at the bank for about four hours, ever since morning, and the banks are saying they don't have money," she says. "I was just trying to withdraw all my money before these bond notes start circulating, because we don't know what these authorities are planning to do."
Last week, local and foreign-based banks reduced cash withdrawal limits to a maximum of $50 a day, though some bigger banks allowed withdrawals of up to $200. Yet many frustrated customers left banking halls and ATMs empty-handed after waiting for hours.
Munemo is talking about the Zimbabwe Reserve Bank's plan to bring in new bond notes at the end of October.
In theory, they will be on par with the U.S. dollar. But Zimbabweans have no faith that this will be the reality.
Fiscal mismanagement and a crippled economy have driven many to frantically ship their cash out of the country and have left dollars in short supply.
As cash runs out, talk of the new notes has caused panic, despite assurances from Zimbabwe's Reserve Bank governor, John Mangudya. He says the incoming bond notes are intended to help increase exports and are backed by a $200 million loan from the Africa Export-Import Bank.
"The purpose of bond notes is to deal with an incentive for exporters, but I think people are now confusing that the bond notes are to cater for cash shortages. No. There is no relationship. It's purely an export incentive scheme," says Mangudya.
Zimbabweans stand in line for hours outside an ATM at a bank in Harare in order to withdraw U.S. dollars from their accounts. Many fear they will lose access to their dollars when the government introduces new bond notes it says will be equivalent to the U.S. currency.
Zimbabweans are not convinced. The governor's announcement has led to a run on the banks.
Patricia Sharaunga, a mother of three, is wearing a large purple hat, a matching dress and sneakers, as she stands in a long line outside a bank. Like the others, she hopes to withdraw as many U.S. dollars as she can from her account.
"It is frustrating, because I should be in the bank 20, 30 minutes, I take my money, I go home and I shop for my children. I've been four hours here," she says.
Like many Zimbabweans, Sharaunga juggles several jobs. She teaches schoolchildren road safety and also sells whatever she can – tomatoes, onions, goats — to look after her family.
"We are surviving hand to mouth," she adds. "No more luxuries these days, it's just basics. Pay rent, buy electricity, pay school fees for the children. That's it."
There have been increasing numbers of protests, in the streets and on social media, calling for Mugabe to go. His government is still struggling to pay government workers, and says the economic problems should be blamed on the West.
Zimbabwe's President Robert Mugabe inspects the guard of honor at Parliament on Oct. 6. During his 36-year rule, the country has endured multiple economic crises, which the government blames on Western sanctions.
"Every country has its own economic problems," says Home Affairs Minister Ignatius Chombo. "You are fully aware that Zimbabwe is under sanctions from the West, so [protesters] should be demonstrating at Western embassies, where those sanctions are coming from."
In 2002, the U.S. and other Western governments slapped individual sanctions on Mugabe, his family members and loyalists for violations of human and democratic rights. But the president and his supporters see it as part of a larger effort to undermine the government.
"That is exactly the impact of the sanctions which you are calling selective," says Chombo. "They are just sanctions imposed on Zimbabweans so that Zimbabweans can rise and remove a legitimately elected government."
Economist Prosper Chitambara says the government must rein in profligate spending, woo potential investors and rethink its priorities if Zimbabwe's economy is to recover.
"We need some serious fiscal austerity," he says. "We also need to rationalize the bloated structure of our government so that it's in line with the population of Zimbabwe and also with the size of the economy of Zimbabwe. And that could entail, for example, reducing the cabinet, reducing the size of parliament, firing deputy ministers — we have ministries for almost everything."
Zimbabwe, a country of about 16 million, has a cabinet that includes 41 ministers and 20 deputy ministers.
There are calls for an international conference to help ease Zimbabwe's foreign debt problem. Yet there are also critics of the president who oppose any such bailout, saying it would only prop up a president who has presided over multiple financial crises during his 36 years of rule and must go.
TNT: (Late Friday Night)
Yada: I still dont think the release is waiting for Mosul,,Mosul is business they are taking care of but the RV is released already and filling every level above us,,,phils and low denoms about to be seen on the streets and the UN and IMF are a go to get it done,,
If you listen to Rays info from his sources,,they have been more right than wrong,,the timing has been a mystery to us but considering the progress,,,we are there,,why? What the UN said to do 2 weeks ago and now the report that was sent to the IMF excs that Iraq met all requirements and ready to go,,,
Debritt: If it was correct that when this project of the rv of the Iraqi dinar was passed on to this new Administration, they added a few more countries into the mix, which changed the whole scenario, then I feel The President won't leave office without effecting it…. That's my take, but time will tell all
Hawkman: Gary from PTR just reported Dr.Todd saying "his people' are saying any moment now, all is done. Frank26 went on Red alert Wednesday night…. I realize its not proof, but still Dan on PTR is saying he believes before the election..as so Frank is saying also... I like to hear about Dr.Todd as his level is quite a bit higher and says all is done
SassyD: German Government Has Ruled Out Taking Stake in Deutsche Bank... Officials told lawmakers last week state support for lender was ‘inconceivable’ -- Oct 14,2016 -- http://www.wsj.com/articles/german-government-has-ruled-out-state-help-for-deutsche-bank-1476459873
Angel: 'Economic Bubble'? Spain Nears 300 Days Without a Govt
OCT 14, 2016 FOX NEWS
MADRID – Spain is about to pass 300 days without a government. But guess what? Few Spaniards seem bothered by that as the country's economy roars ahead.
Spanish cities are boasting of packed cafes and restaurants, thriving fashion shops and art galleries, plenty of tourists. The overall impression is of a bustling, vibrant country.
So who needs a government?
"I'm not especially worried about it," said retiree Goyito de Camacho. "I see it on the TV and in the papers but (politicians) are all the same. They're all scum who don't care about the people."
Two inconclusive elections on Dec. 20 and June 26 have left the conservative Popular Party running a caretaker government for the past nine months — Saturday will be its 300th day. The party won both elections but lacked a majority and now has until Oct. 31 to muster support to form a minority government or Spain will face a third election.
There's no sense of panic, however. A CIS survey this month showed Spaniards' chief worry — by far — is the country's 20 percent unemployment rate. After that, those questioned expressed concern about corruption and disappointment with politicians and political parties. The absence of a government came in fifth.
"Politics in Spain is chaotic, the parties are only interested in themselves" said 52-year-old computer technician Jose Luis Alfonso. "They say it's not affecting the economy, although I imagine it is. Maybe we'd be better off without a government."
But economics professor Jose Ramon Pin of the IESE Business School and other experts warn that the impression that Spain is doing just as well without a government is deceptive.
"It's true that a country can maintain itself without a government. The problem is if it goes on for too long," said Pin.
Spain's case is by no means unique. Belgium set a European record with a massive 541 days needed to form a government following a 2010 election.
As it stands, Rajoy has the support of 170 lawmakers in the 350-seat national parliament — 137 of them from his own party — but he needs other parties' votes, or abstentions, in a confidence vote if he wants to form a minority government.
But Spain has never had a coalition government and its political parties seem incapable of making deals. Speculation, however, is rife that the leading opposition Socialist party, whose leader has quit amid the stalemate, may abstain if a vote is held this month.
Meanwhile, Spain is one of the European Union's fastest-growing economies. The International Monetary Fund says Spain will grow 3.1 percent this year, just as strongly as when it had a fully functioning government last year.
There are clouds on the horizon, however.
Spain's central bank is warning that the political deadlock could have negative economic effects as key reforms to ensure long-term growth aren't being introduced.
Pin, the economics professor, notes that a key reason for continuing growth is that Spain's 2016 budget was passed before the political paralysis set in.
"The problem will be in 2017, because there's no budget yet and public investments, fiscal policy or money distribution won't be known till then," he said. "This produces uncertainty."
He said "the main issue is investor confidence, national and foreign," predicting that, once a new government is formed, there should be a surge in investment.
Another potential problem is the EU's threat to impose sanctions on Spain if it doesn't curb its bloated budget deficit.
Spain's central bank says the deficit for this year and next will be 4.9 percent and 3.6 percent of annual GDP, respectively — well above the 3 percent level permitted by the EU. Any sanctions could eat into economic growth and investor confidence.
Pablo Simon, a political science professor at Madrid's Carlos III University, believes Spain is in an economic bubble and has failed to make the necessary reforms to consolidate growth.
"There been absolutely no legislation passed," he said. "We have lost precious time and we don't realize it because it looks like the economy is going well. But we are going to notice it in one or two years."