Harvestime: » August 5th, 2015, I have 2 questions... When Iraq goes to international status, simultaneously, will the currency go up in value? Does the country have to be international to sell the international bonds? Sorry if these questions seem stupid. Thank you for answering.
Iggy: imo...thats what we are hoping for...yes they must be international to sell bonds internationaly...
Frank26: If it does not offer an International Rate of Interest ......... Not even a skeleton will buy these dry International Bonds of Iraq. KTFA Frank
another mailman :Hi Frank! Does your team still think that the International Bonds will go on sale August 18th? Thanks.
Frank26: That is 365 days for A to keep his promise that if not fulfilled will trigger M to react against him.
As for DB ( Domestic Bonds) .......... iMO ......... The FIRST of them are being sold NOW.
There are places to go see this evidence. Do we teach this?.......... NO.
There are only so many water holes to LEARN from in this frustrating MR of the IQD........... So we protect them.
It is the logical thing to do .......... It is not necessarily a selfish posture.
walkongstick :Finance Committee: Iraq's imports during the first half of this year amounted to 25 trillion dinars
Frank26: UNBELIEVABLE !!! 1166 IS A SICK INSULT TO ALL !!!
DELTA » August 6th, 2015, 12:18 am URGENT FROM IRAQIA TV:
CBI WILL HOLD A CONFERENCE NEXT SAT AT 10 AM AT SHERATON ISHTAR HOTEL.
Adsfbike Interesting! Do you know what it will be about?
Frank26: Yesnomaybe ........ No one knew of THIS "CBI" MEETING ........ Nor will they understand it on Saturday nor Sunday........................ But we will explain it to YOU on YOUR MONDAY CC.
Tell me .......... When was the last time YOU saw a CBI meeting?
And B 4 the 18th ......... KTFA Frank
HisKingdomFirst: When I saw this, I was wondering whether this can possibly be the official announcement of DRS as the CBI governor!
Alan: » August 6th, 2015, 7:36 am I really don't know what to think about Delta's post. The CBI could be meeting about anything. Could they be introducing S as the CBI governor? Could they be talking about the introduction of the taxes and tariffs? Why would the CBI have a meeting at a hotel and not at the CBI?
Tomsrunners: IMO...With dinar goggles on it could be to prepare Iraq people for monetary change......With goggles off it' could mean anything
Clare: » August 6th, 2015, 8:02 am
The central bank will announce the launch of 5 trillion dinars in loans to banks
The Central Bank of Iraq, Thursday, ready to announce the launch of five trillion dinars loans to banks, "industrial, agricultural, real estate."
He said the central bank in a statement received (WAM) a copy of that "will be announced the launch of 5 trillion dinars loans to banks Bank convened a press conference on Saturday."
"The conference will be attended by Deputy Prime Minister for Economic Affairs Rose Nuri Shaways and Governor of the Central Bank and the ministers of" financial, agriculture, industry, housing, "and members of the Finance Committees and the economy Alniabaten, businessmen and investors." LINK
Alan: There we go Saturdays meeting agenda. Thank you.
Thunderhawk » August 6th, 2015, 12:35 am Backdoc Alert
VIDEO: Commodities Are Crashing Like It's 2008 All Over Again
Attention commodities investors: Welcome back to 2008!
The meltdown has pushed as many commodities into bear markets as there were in the month after the collapse of Lehman Brothers Holdings Inc., which spurred the worst financial crisis seven years ago since the Great Depression.
Eighteen of the 22 components in the Bloomberg Commodity Index have dropped at least 20 percent from recent closing highs, meeting the common definition of a bear market. That’s the same number as at the end of October 2008, when deepening financial turmoil sent global markets into a swoon.
A stronger U.S. dollar and China’s cooling economy are adding to pressure on raw materials. Two of the index’s top three weightings -- gold and crude oil -- are in bear markets. The gauge itself has bounced off 13-year lows for the past month.
Four commodities -- corn, natural gas, wheat and cattle -- have managed to stay out of bear markets, due to bad weather and supply issues.
Hedge funds are growing more pessimistic as the year has gone on. Money managers have slashed bets on higher commodity prices by half this year, anticipating lower oil and gold prices.
Thunderhawk » August 6th, 2015, 1:39 am
Why Puerto Rico attracts billionaires despite economic woes
Puerto Rico is in default, its economy is tanking and the government is rationing water.
Puerto Rico is trying to lure wealth from the mainland U.S. with generous tax exemptions or cuts on corporate taxes, personal income, capital gains and other sources of profit.
The approach is sort of working. About 250 people with a net worth of $1 million have moved to the island since the law was introduced in 2012. Billionaire John Paulson is leading the charge of Wall Street wealth bound for Puerto Rico.
However, one of Puerto Rico's biggest problems is its shrinking tax base as thousands of Puerto Ricans leave for Florida or Texas in search of a better economy. Welcoming wealthy mainland Americans with tax breaks would appear to be at odds with one of the island's dire needs: tax money.
Related: Hedge funds wants Puerto Rico to close schools
Still, some say the tax exemptions could make Puerto Rico the next Singapore -- an extremely wealthy tax haven.
Peter Schiff moved his asset management firm from Newport Beach, Calif., to San Juan in 2013. Schiff has bought a house in the Ritz Carlton compound just outside San Juan and water is not a problem for him. He plans to move there once his son graduates from high school. Individuals must live in Puerto Rico for 183 days a year to qualify for tax breaks.
But his company is already enjoying financial benefits, paying a low corporate tax rate of 4%. In California, Schiff's firm had to pay the U.S. corporate tax rate, which is about 35%. He says tax breaks like those encourage him to create more jobs, which Puerto Rico badly wants.
"I'm saving a lot of money," says Schiff, CEO of Euro Pacific Capital. "It's the closest thing to renouncing your U.S. citizenship without actually doing it...You're still an American, you're just out from under the IRS."
For Puerto Rico, the point of the tax breaks is to make the island a home for the rich and their businesses so they'll spend their money there.
Puerto Rico needs cash fast. The island's government has about $70 billion in outstanding debt. It defaulted on Monday after it failed to make a small payment on its debt owed mostly to ordinary Puerto Ricans, who own the bonds through local credit unions called "cooperativas."
The Puerto Rican government will present a restructuring proposal to its creditors by the end of August.
For now, default isn't deterring the mega-rich from Puerto Rico's tax-free business environment.
"Let's say you want to start a business. Just start it in Puerto Rico. Why would you start it anywhere else?" says Schiff.