(Thank you Debbie for emailing this to us)
Love's Love (Scott) Transcription of The Call Squad CC 8/9
The Call Squad - August 9, 2011
Patriot, Joey, Vic, Tim, Scott, Steve, Diana, Deb, Pam, Yukon
Special Guest: Ty of Dinar Banker
Patriot describes a variety of missions, objectives, style, sources, and intentions of the squad that can be heard at the beginning of every call replayed on the website: www.thecallsquad.com . See very interesting free documents and downloads often referred to on calls, for your edification. Especially look for our ‘Freedom From Intel’. This is an official document which is the Unclassified US State Dept. report called ‘The Iraq Project’. It has been the blueprint for rebuilding Iraq written in 2002. They are still following this plan very specifically, so there is no need for rumors or high placed contacts with so-called intelligence. This is the plan and we help you analyze the news media reporting the steps as they are completed.
The Call Squad broadcasts: Sunday thru Thursday, 8pm to Midnight EST, even after the RV
Or call for Replays of every night’s calls: 760-569-7699, pin 637255# or Backup 194924#
Extra backup pin: 209 647 1600 pin 657770#
To get on the Daily Newsletter The Squad Communicator go to www.thecallsquad.com
Read More button on right
Joey: Lots of talk about government articles, lots of good news:
Iraq does not object to nomination of Obeidi
Slain: Iraq does not object to the nomination of al-Obeidi of the Ministry of Defense, if chosen by the Prime Minister Tuesday 9 August 2011
BAGHDAD - babysit - confirmed member of the Iraqi decent slaves that the list does not object to the Iraqi Khalid Al-Obeidi, if chosen by Prime Minister Kwizera of defense.
The slaves told news public opinion (and babysit) on Tuesday: "If the Prime Minister to choose Khalid al-Obeidi Kwizera to defend and there was a political consensus by the other political blocs by the Iraqi does not object to that." Referring to Khalid al-Obeidi was one of the candidates who Tranhm the Iraqi List, in the previous period. "
She slaves: "that left the security ministries vacant for a long period of time leads to a security violations frequently claim the lives of dozens of innocent people." Indicating that the completion of the vote on the candidates of the security ministries will represent a quantum leap forward, it will contribute to solving one of the points of difference. "
Joey comments: They’re saying that they are busy finishing up Allawi’s position and explaining that it will be Executive as determined by the amendment vote in Talabani’s home July 9th, but also it will be an Advisory position, as well. Sounds like they’re telling us what they’ve already done, but still good confirmation about the positions of key ministers we’ve been watching.
Steve: Thinks Talabani is much like Barzani who is good at brokering and helping mediate or create an even temperament in key meetings. We always look for good things to come out of Talabani’s home.
Patriot: We’ve heard from month from Shabibi, that if he gets the seated GOI, he’ll give the RV; and it does seem we have the all people in their positions, but we’ve seen they’re still doing so much jockeying and shuffling. They’re still determining, who does what, and who has authority for what, and how. It’s our contention that all positions are filled while they figure out what each other is doing without overlap and redundancy….especially as they have pared down the government to streamline it.
Joey: More articles about troops
Kirkuk Governor demands extension of US forces
8/9/2011 7:02 PM
BAGHDAD / Aswat al-Iraq: The Governor of Kirkuk called for an extension of some of the U.S. forces in the province, as well as other parts of Iraq.
In a press conference attended by Aswat al-Iraq, Governor Najm al-Din Kareem stated that "there is a necessity for an extension of some of the U.S.
forces, not only in Kirkuk, but in Iraq as a whole, as allies and helpers."
He announced the formation of anti-terrorism department with the assistance of the Iraqi army and police, as well as the Asayish (Kurdish security) and Peshmerga forces .
Kirkuk city, center of Kirkuk province, lies 280 km north of the capital, Baghdad.
Joey: So when you have men like this asking for troop extensions or presence, you know we’re staying. And with Barzani and Talabani coming right out publicly and stating very clearly that they are staying, it is a major sign for Shabibi that his economy, banking, and monetary plans can be secure in this precarious time of standing up the GOI and private sectors. US Troops security assistance remaining for a time, and the people’s acceptance of this news is very important.
Joey reads: This next article is why the troops extension is so vital and important, among many reasons.
Arms smuggling ongoing on Iraq-Iran borders
Tuesday, August 09, 2011 12:55 GMT
Iraq Ministry of Interior said on Monday that arms smuggling operations thru Iranian borders towards Iraq are still ongoing and stressed that some Iraqi officers are involved in these operations.
Iraq Interior Minister former deputy Adnan Al Assadi told Alsumarianews that smuggling arms from Iran thru Missan Province is ongoing in large quantities in an official and unofficial way and it includes rockets and mortars. He also stressed that arms smugglers are being overlooked.
“During the last period, security forces arrested 3 officers who make part of an arms smuggling network one of them works in the ministry of Justice, the other one works in anti terrorism apparatus and the third works in borders troops”, Assadi added.
This revelation comes a month after British Embassy in Baghdad accused Iran in July 10 of smuggling arms t Iraq in order to kill Iraqis and US and discarded any role for Syrian government in the ongoing situation in the country.
Some Iraqi forces accuse Iran of ensuring support and arms for armed groups in Iraq and facilitating their entry in addition to supporting a lot of violence acts. The same sources added that Iraq security apparatuses found Iranian made arms during the last few years but Iraqi and Iranian government didn’t give this issue any importance and deny any interference.
Iran repeatedly asked those who accuse it of interfering in Iraqi affairs to provide proofs and evidence in regards of these accusations the last of which was voiced by Iranian Foreign Minister Ali Akbar Salehi during his visit to Baghdad in August 5, 2011. Salehi had also stressed that Teheran policy during the last 30 years is based on the principle of non-interference in other countries affairs.
Joey: So they said the US embassy in Baghdad accused Iran in July of smuggling. This is why we have to stay. They have our own Iraqi guys in the Ministry of Justice helping smuggle, that’s scary!
Scott: Good thing we’re staying, we’ve been hearing from the press since mid June that they may be staying with articles dripping on the Iraqi people, and every day they give us a little bit more information of possible scenarios or plans that reinforce the day or week before and add to the picture, that the troops must stay. We have to remember that the Iraqi people are the audience, not dinarians. They are banging the media drum loud, clear, and with quick tempo that we need the US Troops to stay. This major campaign is not for the world, but for the people. We were hearing about this back in February that it was already decided, in our US Government. We never get tired of hearing this because we know we need the troops to protect the people and our interests; but the their people need to be conditioned, especially knowing that Sadr will have his own campaign against their staying.
Patriot: There are multiple facets to them staying, and the provincial regions will have some say. Kurds were gassed so they’re very interested in help. Also, UNAMI is staying at Iraq’s request, so a condition was stipulated that Iraq would protect be directly responsible for the lives of the aids, coaches, and counselors in the various range of areas UNAMI personnel are guiding these people, US troops extension is how Iraq can responsibly honor that responsibility. But the politicians also have to save face, and balance the issue in their district with their constituents as well. So the politicians have to do some of their own drum banging as well, whether they intend to have much result or not. They all have to look like they have won.
Joey: Patriot, think about corruption, and UNAMI staying when I read this next article.
Also think about Maliki going to Korea 6 weeks ago when he tried to contract generators for electricity, and other construction things for Iraq’s infrastructure needs; and there was a bid or quote issue that someone raised alarm about that trip…and this is from Allawi.
Posted Today, 04:37 AM
PM Maliki, his Deputy Shahristany, charged by al-Iraqiya Coalition with signatures on electricity contracts
8/9/2011 10:18 AM
BAGHDAD / Aswat al-Iraq: A Legislature of al-Iraqiya Coalition, led by Iyad Allawi, has charged Iraq’s Prime Minister Nouri al-Maliki, his Deputy for Energy Affairs Hussein al-Shahristany and the sacked Electricity Minister, Raad Shallal, with having their signatures on the so-called ‘illusionary’ contracts made public recently.
“The electricity contracts that had created a fuss in the Iraqi mass media recently had carried the signatures of Prime Minister Nouri al-Maliki and his Deputy for Energy Affairs, Hussein al-Shahristany, along with the signature of the Electricity Minister,” Legislature Haider al-Mulla said in a statement, copy of which was received by Aswat al-Iraq news agency on Tuesday.
“If there had been any mistake in those contracts, they can’t be burdened by the Electricity Minister alone, because the mechanism of signing such contracts is discussed in the Energy Committee, led by Shahristany and after that they are signed by the Minister and then raised to the Council of Ministers, to be discussed and signed by the Prime Minister,” Mulla stressed.
“The first person, behind the electric power crisis in Iraq over the past few years has been Prime Minister, Nouri al-Maliki, and if we want to burden responsibility for the crisis, the first official would be Maliki himself,” Mulla said.
He pointed out that “al-Iraqiya Coalition refuses dealing with the electric power crisis in such a simple manner and that the Minister be sacked, according to a proposal by one of Maliki’s close associates.”
“Al-Iraqiya Coalition objects the statement, issued by Legislature Hassan al-Sunaid, about the sacking of the Electricity Minister and leans to the Constitutional mechanism for such measure, in the event of his failure,” Mulla added.
Mulla said that “the contracts, signed by Maliki with the South-Korean STX Company to build up power generators with 2,500 kg for US$3 billions ( and 125 millions, provided that such contract be implemented within 10 months had also been ‘illusionary’ contacts.”
“Maliki wanted, through his announcement about the signing of the contracts to fool up the Iraqis that he was able to settle the electric power crisis, in order to suck-out the anger of the Iraqi street,” Mulla said, adding that “the South-Korean Company had announced its inability to implement the contracts, due to the mechanism of the postponed payment.”
He said that “over 2 months have already passed on the signing of the said contracts and not even a nail had been struck in those contacts, because they had been commercial and not manufacturing companies.”
Noteworthy is that Member of the Parliament’s Integrity Committee, Talal al-Zuba’e, has stated on Monday that “information had reached his Committee, confirming that the Canadian Company, charged with having signed ‘illusionary’ contracts with the Ministry of Electricity “had been steered by a high-level Iraqi official.”
“Urgent reports had reached the Integrity Committee, stating that the Canadian Company, charged with signing ‘illusionary’ contracts with the Electricity Ministry, is steered by a high-level Iraqi official carrying the Canadian Nationality as well,” he said, adding that “the Parliament’s Integrity Committee is holding a meeting nowadays to discuss the issue of the Electricity Ministry and the stealing of US$1.7 billions (.”
Iraq’s Electricity Minister, Raad Shallal, is member of al-Hal (Solution) Block, belonging to al-Iraqiya Coalition, led by former Prime Minister, Iyad Allawi.
Noteworthy is that Iraq is suffering from an intensive electric power crisis, under high summer temperatures, exceeding 50 degrees Celsius, while power cuts reach 18 hours in most Iraqi provinces.
Joey concludes: So they tried to slip $1.7 Billion Dollars to non existent companies of electricity. Everyone was able to see these contracts. Shahal is a member of the Electricity Minister council, but they think he is a scapegoat and that this deal went all the way to the top, Maliki. The good people want the corruption to be done, over, and behind them. So it is very important that UNAMI advisors and administrators stay to help mediate and control administration or teach the business and political office people how to manage fairly, according to law, and with proper integrity as all have opportunity to earn and gain. With the future of Iraq, there is no need for the old ways any more. For now, then the US troops need to stay to protect UNAMI personnel; they are all interconnected, advisors, trainers, and security protection troops is all one big team.
They’re putting out 15 Billion dinar to fix the corruption and get this electricity crisis under control.
Deb: is so saddened and disappointed at how the poor people are being taken advantage of and abused.
Patriot: reminds of a recent news story about an embezzlement of a bank for 1 Billion dinars, or about a million dollars, and this is why Shabibi is on a tirade to get things cleaned up in all sectors, and it’s no easy task to catch the crooks after years of practice with little or no law enforcement. Read The Iraq Project from our website that emphasizes how important this corruption clamp down must be. A few days ago we saw a picture of guys handcuffed, who knows, maybe they were trying to siphon off money but got caught, and they could be funding terrorism. And yet we hear that many people are turning in their weapons, as we weed out the corruption at the root. They’re confiding that they’re getting older into the prime of their life, they sense the opportunities that are succeeding in Iraq, and they just want a common, simple, and quality life with their families. They want to put down their arms, quit fighting, quit following violent leaders, and join in with the democratic tide that is sweeping their new nation and all the benefits of jobs, income, safety and security that most people desire to enjoy.
Joey reads: Revival of Banking Sector in Iraq & Kurdistan Region
Posted: 9/8/11 07:00 GMT
By: Shwan Zulal
Kurdistan Region and Iraqi economists' were convinced that Iraq was immune from the recent Global banking crisis after Lehman's collapse on Wall Street. The Kurdish banking sector was close to none existence at the time, therefore it was thought that Iraq would not be affected, but the reality was far from it. Looking at the investment figures from last couple of years and comparing it with this year's can be a testament as investment in Iraq and Kurdistan is on track to double as the world economy recovers. It is needless to say that the security situation in Iraq has improved which has also contributed to improving investors sentiment.
Traditionally Iraq has had a private banking sector that was nationalized in mid 1960s and ever since the state owned banks have dominated the market. Although in the last two decades, there has been a revival of the private sector but so far they have not won the public's trust and their business is on the margins and largely consists of retail deposits. However, it has to be said that theses Banks are the main staple diet of Iraqi stock exchange and they have attracted foreign investors in droves, as the potential for growth is enormous.
Kurdistan Region has been running its own affairs for over 20 years now and the banking problems are even greater than Iraq's. This is partly due to the fact that Kurdistan Region remains part of Iraq and never had fiscal and financial regulatory independence. However, the other portion of the blame can be directed at the KRG's polices because it has failed to grasp the need for sound banking sector in the Region.
There are more than 50 private banks operating in the region mainly from Middle-Eastern countries like Lebanon and they have somewhat filled the gap in the market, however, economists believe they have not added much value to Kurdistan region's economy. Moreover, there are Kurdish private banks in the Region but they remain largely unnoticed with limited operations.
In the latest development this week; Iraq, Iran and Turkey agreed to establish a bank as a joint venture with an initial capital of $200 billion, Fars News Agency reported. This Bank would give businesses in Iraq and elsewhere accesses to, much-needed financing but it remains to be seen if Kurdistan Region Business will have similar access to the funds.
Kurdish Public is very skeptical about the local banks due to lack of rigors regulations and proper financial authorities to give the banks heath checks. The lack of regulation and historically weak banking culture has promoted cash economy, which has hindered the investments and funding needed to rebuild the country. The failure of policy and lack of political will to revamp the banking sector in the Region has had a significant impact on the pace of development.
Many Kurdish officials complain that despite having very lax regulation frame works and genorous tax incentives for foreign investors, they are still struggling to attract the amount of inverters they would like to come to the Region. The absence effective banking has undoubtedly contributed to the lack appetite by foreign investment.
Establishing a strong banking sector is a key to a successful economy. It would help the government in measuring and quantifying economic activity in the Region. Relying on cash economy may be convenient for some businesses, but it makes the KRG almost blind as to how to target investment and tackle fiscal challenges on a macroeconomic level.
Banking and the introduction of fiscal planning must take priority if the KRG intend to become a credible political force in the region and a government that investors can trust. Investors like certainty and do not want to invest in an environment that the rules and regulations are not clear. Failing to recognize the need for a strong banking sector and ignoring the need for the Region to enter the world financial markets would only contribute to its exclusion from the much-needed financing and investment.
KURDISH VIEWS http://www.huffingtonpost.co.uk/shwan-zulal/revival-of-banking-sector_1_b_919311.html
Joey comments: One of the last things they work on in emerging economies is finance and banking sectors before attempting to RV any currency. They have to be able to support the new value, do business, make loans, process payments, extend commercial lines of credit and all the investment options we enjoy….and also they need steady electricity to make those banks with electronic systems and computers function properly. Could this be one of the obstacles the CBI articles mentioned they’re trying to time just right?
Scott reminisces: They don’t Need with a capital ‘N’. Kuwait didn’t have any of those sectors or systems setup at the time they RV’d, and Shabibi has learned from some of Kuwait’s chaotic or fumbled experiences, not to do what Kuwait did. Iraq is an excellent student learning from the recent successes in the world.
Diana adds: Iraq is learning from the best experts in new national economic development today. Recently they went to Viet Nam to learn about maximizing agriculture, which is known to be a shining star example to follow. Articles have mentioned nearby Turkey’s monetary policy success recently. Shabibi is smart to follow successful examples, modeling what is working elsewhere.
Joey reads: Capital Bank to expand business in Iraq
Tue, 09 Aug 2011
Amman, Jordan: 2 hours and 58 minutes ago
Capital Bank recently held a top management meeting to discuss its overall and sector-specific strategies for the remainder of the year, with its main focus on expanding business in Iraq.
The bank aims to expand its business in Iraq by leveraging its 72 percent controlling stake in the National Bank of Iraq, enabling it to offer a comprehensive set of banking and commercial services in both Jordan and Iraq.
The bank’s chairman Bassem Khalil Al-Salem led the meeting which was attended by the bank’s general manager, senior management and department heads.
After reviewing the bank’s achievements during the first half of 2011, Al-Salem reaffirmed the bank’s local and regional expansion goals, which will be met by providing target markets with quality corporate and personal banking services. - TradeArabia News Service
Joey adds: We’ve read about other International Bank Corporations coming in also, which has been essential for Shabibi’s private sector development projects to have already established, experienced banking options able to setup quickly and begin doing business with all the contractors needed to help rebuild the country. The Iraqi banks will grow and mature in some time, and the articles like this Jordanian bank coming is very encouraging and helpful.
Deb reads: Industrial Bank capital increased to 150 billion dinars
8/9/2011 8:07 PM
BAGHDAD / Aswat al-Iraq: The Iraqi Economic Commission approved today the increase of the Industrial Bank capital from 25 billion Iraqi dinars to 150 billion.
In a statement issued by Deputy Premier Roze Nouri Shawees, as received by Aswat al-Iraq, the increase shall be allocated in 2012 budget.
It added that a certain sum of money shall be added annually to support the private industrial sector, and facilitate granting the loans and means and terms of retrieving them.
Deb comments: Another similar key point was the stock exchange that Joey was talking about the other day, and the ISX suspended 20 corporations that didn’t submit the necessary reports on time, and they shut them down. It seems like they are really getting their act together in finance and banking…
Patriot: adds that they are making sure they get paid back
Joey: Iraqi Banking Group
August 9, 2011; 8 AM YAHOO
BAGHDAD (Reuters) - After fighting for more than a year to get paid for reconstructing a government building in Baghdad, Iraqi businessman Abu-Deema says he is throwing in the towel and packing up for a market where he won't drown in bureaucracy.
His patience finally wore out when his paperwork was put on hold for a month while the senior account manager he was dealing with in the government went overseas on vacation.
"We are getting killed by red tape," he said. "It is in the personnel who implement these laws. They have to change their style of doing business."
While security remains a central concern for businesses more than eight years after the U.S. invasion, complaints about an ingrained culture of bureaucracy from the Saddam Hussein era highlight new risks as Iraq recovers from the worst of its sectarian conflict.
Registering and licensing a business in Dubai takes a week while in Iraq, it takes six to 8 months as applications are lost in a blizzard of duplicated paperwork, one foreign businessman at a U.S. enterprise pointed out.
The cost of goods soars as bureaucracy delays inspection of goods at port, he said. He struggles even to get some officials to use their email to communicate.
"They are trying, but the government still lacks public technocrats," he said. "Saddam has gone but his ways of conducting business are still entrenched in government. They are not embracing new governance methods, office technology or more open ways of doing business."
THE CASE OF THE TRADE BANK OF IRAQ
The battle between Iraq's state-run planning mindset and its desire to join the global economy may have erupted into the open with the recent dismissal of Trade Bank of Iraq chief Hussein al-Uzri, who fled the country after being accused of wrongdoing at an institution that is praised by foreign investors.
Uzri, a U.S.-educated banker, was accused by the Iraqi government of committing "multiple violations" related to bad debts costing millions of dollars. He went into exile in early June but denied the allegations as "unsubstantiated" and "fabricated."
Cabinet Secretary Ali al-Alaq, a top aide to Prime Minister Nuri al-Maliki, said at that time that authorities moved against the bank because its leadership was suspected of violating banking regulations and issuing improperly secured loans.
But some Iraqi senior bankers with knowledge of what happened behind the scenes said the charges against Uzri are unfounded.
Instead, they said, he was seen by some officials as a maverick who rocked the boat, making the bank a success story by multiplying its capital base four- or five-fold in a few years.
Uzri shook up the bank's culture, paying large salaries to reward executive successes and riding roughshod over internal bureaucracy. He also ran into opposition from government critics who saw him amassing power inside the state-run bank, some senior bankers said.
"Uzri's problem was the Western mentality that he has, and his Western style in running the bank," said a senior government banker on condition of anonymity. "This does not suit Iraqi officials or the prime minister, who wanted Uzri to run the bank with their Iraqi... mentality and Iraqi standards."
Iraqi executives say those like Uzri imperil their jobs by pushing for a more modern way of doing business.
"I wish I could act as he used to do at TBI. But I can't," said one Iraqi private bank president, who asked not to be named for fear he would be expelled. "There are some rules or ways of doing things, and we can't just drop them. But you know these have become old fashioned and they should be changed."
CENTRALISED UNDER SADDAM
Under Saddam's Baath Party, Iraq had one of the most centralized political systems in the world, riddled by red tape, favoritism and corruption, with Baath members dominating government posts.
And as in many other emerging markets, many Iraqis still speak bitterly of unchecked malfeasance they perceive from the lowest to the highest levels of government.
Iraq has good anti-corruption laws, but aggressive enforcement has yet to take place. The country ranks among the world's most corrupt nations in Transparency International's annual corruption perceptions index.
It also still suffers from dilapidated infrastructure and feeble power generation forcing residents to rely on generators.
Global oil companies are undeterred and have flocked to Iraq to help develop its world-class energy reserves.
But other firms are wary.
The banking sector, for example, is dominated by two large government controlled banks, Rafidian and Rashid, and a centralized system forces government offices to deal exclusively with government banks, hobbling the private sector.
"Such things always happen at the beginning when a country witnesses a big change," said one foreign investor, asking that his name not be used because of the sensitivity of the subject. "But I think it will be a matter of time."
"As more and more companies come to Iraq... things will improve and change and there will be an acceptance from both sides," he said. (Editing by Patrick Markey and Sonya Hepinstall)
Joey summarizes: Mr. Deema is throwing in the towel and going back to where he won’t have to deal with this unbearable bureaucracy. He claims, “We’re getting killed by red tape…they have to change their style of doing business from Saddam era.” A week takes 8 months, too much duplicated work. Cost of goods soars when bad business occurs. It’s a sad story of the reality of the long term impact of tyranny such as Saddam’s regime that is absorbed by the people as they survived under him. Change is never easy, and short cuts seldom work. It will take time for the people of Iraq to learn to operate business at a level like Mr. Deema’s. Don’t you think they would want to keep a guy around who can increase his capital the way he did in just a few years? During times of change, the old guard is often threatened by the arrival of experienced ones in the new ways of a new world.
Patriot: Once again the corruption is here and it is holding up business, if not the RV. Again, look at
The Iraq Project, the 20th or last section is all about what it’s going to take to get an RV.
Deb asks: Joey, wasn’t the Trade bank that our friendTariq, the one who was with the Trade Bank?
Joey remembers: Mr. Maliki and someone else invited Mr. Uzri to tea and explained to him a nice story about how he had this and that going on, and some opportunities over here and there, and concluded by asking Mr. Uzri for an unsecured loan. Mr. Uzri responded directly explaining that his credentials were impeccable, his bank was impeccably clean after repeated audits, and he questioned Maliki’s contract authority with S. Korea, since it was to have been bid submission process. Mr. Uzri refused to deal under the table and wouldn’t loan Maliki the money, nor commit fraud. The next day, Mr. Uzri was walked out of the bank under arrest warrant allegations that he stole money from the bank though his oversight and auditing records were absolutely spotless from International Auditors. He had never lost a penny. He ran the cleanest banking operation in Iraq. He was setup and run out by Maliki, yet the replacement Maliki assigned to that bank was a lady with all sorts of reputation of being very friendly with many men in government and banking. Her own previous bank had had charges dropped of $300 Million Dollars that came up missing while she was running another bank. Mr. Maliki defended her saying those charges were not true.
UNAMI special council and Troops need to stay, and keep on eye on Mr. Maliki.
Deb reads: Shell and Mitsubishi to modernize Basra area
By Shehab A. MakahlehStaff Reporter
Published: 00:00 August 10, 2011
Dubai: Iraq will this week ratify a liquefied gas agreement with Shell and Mitsubishi to modernize energy facilities including a gas-to-liquid project in southern Iraq's Basra province.
The agreement covers $13 billion (Dh47.7 billion) investments spanning 25 years, with the first phase to be completed in 10 years. According to a statement by the Iraqi Ministry of Energy, the Basra Gas Co will help increase energy production, especially for the cities in south Iraq. This will also generate $30 billion in returns for Iraq.
"The project will turn Iraq into one of the leading producers of liquefied natural gas in the region," the statement said.
Gaining importance.The project will help Iraq export liquefied natural gas to world markets. This will reduce gas imports from Iran and other countries and will help run gas turbines to provide electricity to southern parts of Iraq.
The 25-year joint venture project will utilize 7,000 metric tons of gas to produce 4,500 megawatts of power, the Ministry said. "The project will help Iraq make use of more than 700 million cubic feet per day of gas which is being burnt in southern oilfields — Rumaila, Zubair and West Qurna," the Ministry statement said.
It showed that Iraq will hold 51 per cent of the project, Shell 44 per cent and Mitsubishi five per cent.
A Dubai-based gas industry expert, Thomas Curtis, told Gulf News Iraq would now benefit from the burnt gas to develop its energy sector and to join liquefied natural gas exporters.
Curtis voiced his optimism that the Iraqi government would endorse the long-awaited deal.
"This deal will help meet the rising demand for gas and manage power shortages and [Iraq] will join the key liquefied natural gas producers which will save the financial resources of the country. These will be channeled to modernizing plans and development projects in Iraq." He said Basra Gas Co was a "strong company with investments amounting to $17 billion". He added Iraq was facing a major challenge with developing the gas sector which produces about 1.5 billion cubic feet per day out of its gas reserves which are estimated at 112 trillion cubic feet.
Deb summarizes: This agreement covers 13 Billion with the first phase to be completed in 10 years; it will generate 30 Billion USD for Iraq, and will become one of the leading Liquified Gas producers in the region. This is a 25 year joint venture. Development is growing in all sectors. Just as Shabibi was instructed by the IMF, he is achieving the necessary conditions for a successful RV. Could this be a timing obstacle?
Patriot: now they are just dealing with flaring where they are burning gas off wastefully. They intend to capture that gas and make is usable and portable to sell as valuable energy. All is going as planned, they are doing what they need and have intended to do, within the time they had been allowed to do it. You have to grab a copy of The Iraq Project. Many of you simply don’t know all that has to be done and that may be a part or source of our frustration. But as you familiarize yourself with the plan, and then cross reference with the daily news, you begin to see the path they are on, and the timeframe. Get it! Got it? Good!
The Call Squad: Part 2
August 9, 2011
Special Guest Speaker: Ty Founder, Dinar Banker (DB)
Patriot gives The Call Squad recording disclaimer, with tonight’s date and time, and explains that our optimism and the information we are about to present and the information or analysis we describe is in no way an endorsement or inducement to purchase dinar. That responsibility is your own; do your own prudent diligence and decision-making. In all areas where you are not competent, confident, or qualified, seek out your own local advisor or counselor and diligently explore the facts or hearsay about which we speak here.
Transcription Disclaimer: This transcript of a recorded phone conversation has been compiled by an amateur volunteer and in no way, shape, or form should be used as basis for any legal fact. There is absolutely NO assurance of the ‘verbatim’ accuracy of this representation, especially with regard to the regulated nature of these topics, and the impromptu style in which this Q&A occurred. Though attempt to fully capture complete information was made, only general summaries of statements should be expected. For the most accurate depiction, access the audio recording of this dialog for a limited time at:
760-569-7699 pin 637255#. Or contact the representative at www.dinarbanker.com to determine proper applications of facts to your specific situation.
Ty is introduced by Yukon.
Clarifies how we pronounce the word: Dinar (there are various pronunciations)
Yukon: Please introduce yourself, background, how and why you got into dinar
Ty: Graduated from Air Force academy in CO Springs, CO1988 and started flying C 130 planes as pilot in Savannah, Georgia for Air National Guard and was activated for service in 2003 & 2004. So many of my friends were buying dinar but I was extremely skeptical as a personal investment. But after researching and study, I made my first purchase in Kuwait City. After returning home, and talking with some advisors and friends, learning and strategizing since IQD wasn’t really available at a good price so we started Sterling Currency Group with a partner in 2004 with a Fincen License in Georgia. I started out just wholesale selling currency to major dealers. Then in 2007 we saw some things we didn’t like as far as compliance, bank secrecy acts, and other standards. So we started Dinar Banker.Com in 2007 with videos and educational information so people that were interested, from wherever they lived, could understand what questions to ask and to look for reputable licensed dealers. We really wanted to put some quality standards behind the dinar opportunity for people. So in the past several months there have been a lot of changes and evolution. We’ve launched a new website, and modified site for providing a better quality service, support, and options for our clients. Thanks for patience as we grow and adapt. I still do the Air Guard thing, so I have a lot of stories to share with Yukon who was an air traffic controller.
Yukon: I guess you probably hate the holding patterns
Ty: Yea, especially when I mess up that causes it
Yukon: We got a lot of emails, or copies of emails from DB in response to a questions, but also say they’ve gotten phone call discussions from DB and received the same information. So we think we might be able to help you head off some FAQ’s. Having said that, during the period that someone might have a reserve in place, and an RV happens midstream during the term of that reserve, the question that often is asked is, if they pay that reserve off, can they come in and pick it up in person? The answer they consistently got is that you will not allow a personal pickup, and that the order would be delivered by Fed Ex or US Mail service but not necessarily insured other than maybe a thousand dollars.
TY: I can start there. That’s absolutely NOT true. A person CAN come in to pickup the dinar. Anything we ship is always insured. Believe me, we’ve eaten a couple $20,000 mistakes by careless or unscrupulous shipping folks. We always make sure the customers get whatever they purchase and if there is a significant change in value there is no problem with them coming to do that.
I do want to talk about our Layaway; you called it a ‘reserve’. As you were talking at the beginning of this call about being well informed, making good diligent decisions, the layaway we offer is an opportunity for someone to come in, put a down payment to get a locked in price and the expectation that someone is going to take delivery of that order by coming later to pay in full. This is not option trading or any other type of commodity or financial plan. That type of risk or gambling is not what this is for, because nobody knows the date or rate when the dinar will change in value. I don’t want someone gambling or taking risk. If someone does layaway deposit down for a dinar purchase, and the value of the IQD changes in value, I think we will be one of the first to know because we have direct contact with the Middle East, and also we have suppliers, and dealers that are demanding and sharing information for transactions, so we will know very soon. We have our thumb on what’s happening with the prices, what’s happening with supply and demand and those types of things. One of the first things that will happen if there’s a significant change in the value, is we’ll stop taking orders. Transactions will shut down awaiting an official announcement and publishing from the CBI… that’s the site to go to see any change. We could be wrong on that, it may come from higher up, but that’s what we’re looking for. If there is a significant change in value, any orders paid for at that time or locked in by the terms and conditions, those orders will be locked in; those orders will be set aside ready for delivery. Any outstanding Layaways at that point will be locked in as well. Let’s say for instance Friday night at 11:00 pm it’s posted out, it is some type of official notice from Iraq, if a Layaway is expiring at midnight that night, even if we’ve not received payment for it, that order will be locked in and at that point going forward we will be looking to basically settle up with anybody that has orders with us… in terms of, one, flat out pay for it to wantin’ delivery, to see how you want to do that; or…. if you want to come pick it up…or exchange there? Anyone that has an outstanding layaway we will be coordinating with them as fast as we can to see how they would like to receive payment….in terms of how to take either delivery of the dinar, or come, or make appt to pick up the dinar, of if they just wish to pay the balance of what they owe us either with dinar, or uh, US currency, wire, check, or whatever to payoff the layaway so we can pay them what we owe them, ya know, exchange at the new value at that time. So that’s pretty much how that process is going to go.
Yukon: I want to identify with something you said, or to make a statement about the original question just for clarity, you can simply answer yes or no. If prior to or during the pre RV time, someone is paying off the layaway, because it is PRE RV, it would be assumed that they would need to take delivery by Fed Ex or some delivery, but they would not be able to walk in to your office to pickup the dinar during the PRE RV time, right?
Ty : So far, that is correct so far, to a degree. Currently, we just don’t do face to face retail for security reasons unless over $15,000 USD worth or 15 million IQD whichever is less; so for that amount we will do face to face, but it’s entirely for security.
Yukon: So the second part of this question of time then, is if it is during the POST RV time frame; if the course of events has a reserved Layaway with you when the RV occurs, then you would most likely NOT want it just sent in the mail, but you would want to make an appointment with DB to do the pickup..
Ty: I think that would be a prudent way to go, to make an appt; but we can do secured delivery as well if that is preferred.
Yukon: If someone wanted to pay off the balance of a Layaway, do you have any acquaintance with a depository to ship to?
Ty: In terms of us being able to ship it, Yes, we’ve done that before; I just can’t think of names off the top of mind, and it is a possibility to ship to safekeeping warehouse, I know there is one in DE.
Yukon: Is there not 3 different formulations that you have for paying off a reserve
Ty: Yes, 1. Wire payment or check, normal way of receiving payment. 2: A layaway customer can send in existing dinar notes that they currently have, but of course this not before an RV, only after the new RV, with whatever the new value that the dinar may be RV’d to, they can send in their previously purchased and newly valued (RV’d) dinar notes to pay for a reserve 3. We can send the customer a form, which is basically a third party payment agreement that is going to pay the balance of the layaway for the customer, and that money will be taken out of what we owe the customer, before delivery of the layaway. And that is probably going to be the easiest to do it, but it’s up to the customer
Yukon: How much time after the RV do you intend to be in operation
Ty: Depending on a couple things, we have a massive team and state of the art operation, so a lot will depend on conditions or restrictions that are placed on us, at the time of any announcement that may coincide with the rate change. For example the CBI or Iraq might have some type of hypothetical delay. But as soon as we can exchange, we want to do that. There are so many variables that we cannot anticipate how soon we can begin to exchange. For instance, if there would be an RV late Thursday night late; Mideast banking is shut down, Friday and Saturday, and we’re shut down in the US, on weekends, so nothing will happen till Tuesday, for example.
Yukon: Clarifies, the question was about long term intentions
Ty: We expect to be in business for a long time, we have significant holdings in dinar, both personally and the business. We have a lot of customers and we want to do business with our customers.
Yukon: Wire Transfers, lots of questions, you can wire to any bank, it doesn’t have to be one of the big 4, right?
Yukon: Many people have a strong concern that wire transfers can be bad, or risky, so will exchanging into a Cashier’s checks be an option? Also will there be cash available?
Ty: Rumors of wires for a couple years now, and I’ve never heard of any large wires being held up. As long as you have made a legal purchase, they can’t hold it without reason. I think it’s the very safest way to go. It cannot be held up as long as you’ve made a legal transaction. If they did decide to hold it up , in terms of taking deposit…you’ve shown your dinar, the receipt, and it’s just unimaginable that the wire will be held up. It’s released within about 24-48 hours.
Yukon: How much cash at exchange?
Ty: Cash? We don’t want to risking the Security risk of having cash available; we don’t expect to be offering or handling cash. We’re not looking to do that for the paperwork, or visibility and security.
Yukon: What ID do people need and other ORIGINAL documents, receipts, gift letters, other papers to bring to cash out.
Ty: The answer to most of those questions are yes. Let me explain: with the economy, the banking system, The Patriot Act, with terror activities, that continue to get modified and defined, and tighter and tighter. Our Money Service Business, requires that bank secrecy act gets our business audited by UST, twice now, and we’ve come thru with flying colors. We talked with Dinar Trade and compared notes to see what changes are coming. What we see happening is that they are requiring more visibility on all transactions. If the Dinar has a new significant value, we know currently the compliance and information they want, and how transactions must be done. So with that in mind, we always tell people that you buy from a very legitimate licensed business and a good operation. Keep receipts, or at least cancelled check or bank check. Show proof of purchase. Always order in your name, and if you gift it, make sure it is done properly. Just like when you try to deposit a $100,000 dollars worth of cash, good luck. Banks don’t have to take it and often won’t without a lot of documentation of where it came from. Be prepared to answer a lot of questions.
Bring ID, Driver license, Social Security Number, the Fincen Form is specific. Have bank address, and home address for the wiring or banking instructions with account and routing numbers. Make sure the Home address matches the ID address. Have POA if needed. Government wants full visibility and disclosure and transparency in all transactions to prevent money laundering or terrorist funding.
Yukon: You mentioned Affidavit and Power of Attorney, Let’s say someone orders a million dinar, and they have the receipt. But they gave out of the kindness of their heart, a 5,000 IQD note to the family landscaper, with a gift letter.
Ty; If that landscaper comes to Dinar Banker, with the the gift letter and the 5,000 IQD note, as long as the gift letter has the contact information of the giver and is verifiable, then the giver does not need to disclose the amount of the giver’s purchase quantity and other details of confidentiality about the transaction.
Yukon: Elderly transactions wanting to do third party or POA
Yukon: Multiple orders, can people get multiple wire transfers?
Ty: If one comes in and wants to wire to several different places, not a problem.