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Puk National Council discusses the application of Article 140 (Voice of Iraq) - 04-06-2007 | Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

Today attended June 4 Najirfan Mr. Barzani, head of the Council of Ministers of the territory Kurdstan accompanied by Dr. Mohammed Ihsan, Minister for areas outside the region, the National Council Puk, to discuss the question of the application of Article 140 of the Federal Constitution of Iraq.

, Praised the Prime Minister's efforts every good citizens of this nation and seriousness to move ahead towards building Irak federal preserves the rights of everyone, He pointed out in his speech the issue of the persistence Alcord subject of Kirkuk and other areas contending that preceded it and that included changing national policy and administrative basis of restitution of rights not only of Cord but for all nationalist and religious spectra affected by the policy of the previous governments. He stressed that the ground tireless Alcord them to participate in building the new Iraq and contribute to the success of the government establishment of a federation in which all political forces was based on the recognition of the rights of the people of Kurdstan, including the issue of Kirkuk and other disputed areas as a result of this prior agreement has been laid item 140 in the Iraqi Constitution, We therefore insist on the application of safeguard and respect for the sanctity of the Constitution.

This was introduced by Dr. Mohammed Ihsan, Minister for areas outside the region and the territory of Kurdstan representative of the implementation of Article 140 at the beginning of the opening session of the National Council, file work of his ministry and the mechanism of the implementation of Article 140 of the peace these files, which included normalization file and the file administrative demarcation of the territory, taking into account the reality of population and geographical, historical and even existing resources under the ground in order to avoid a future of the conflict and wasting rights for discussion and ratification.

The damage of the dollar glut
Money printing to prop up the U.S. economy has spawned more of the same around the world, fueling a global boom and an inflation spiral.
Latest Market Update
June 04, 2007 -- 14:30 ET

By Bill Fleckenstein
We're in the midst of a leveraged-buyout mania and a worldwide stock frenzy, running the gamut from just plain wild to completely out of control.
From time to time I find myself wondering: How did we get here? So today, I'm sharing my thoughts on that subject because if you don't know how you got to where you are, it's hard to be prepared for what may happen next.
In the beginning . . .
To make a long story short: The process was started by money printing in America to bail out the last bubble.
That induced money printing in much of the world because so many countries had linked their currencies to the dollar. More importantly, the very regions that were primed to grow -- think Asia, India and the Middle East -- exploded, in no small part, thanks to money printing. Thus, America's housing boom kept our economy growing. Growth in the other parts of the world I just mentioned, together with the attendant commodities boom, conspired to create the worldwide growth (and inflation) that we have experienced.
A lot of what's transpired has been a function of absurdly low interest rates, given the level of inflation around the world, and the collapse in risk premiums, aided by ratings-agency alchemy, which has allowed debt -- from moderately risky to total garbage -- to be spun into high-quality credit structures. In other words, the debt markets have acted as unindicted co-conspirators in the frenzy.
Stuffed to the gills with dollar bills
A major reason why our Treasurys market has traded as well as it has stems from the accumulation of dollars by the aforementioned regions and their desire to keep their currencies weak against the dollar. (China, Japan, South Korea, Taiwan and India have accumulated more than $2.5 trillion in less than 10 years, according to the May 23 Financial Times.)
The trillions of dollars printed "forced" those countries to print trillions of dollars' worth of their own currencies to keep them from appreciating too quickly. After they printed their currencies to buy ours, they wound up buying mostly Treasurys with those electronic greenbacks (that is, until recently).

Thus, currency-suppression techniques and blind reliance on formulas on the part of ratings agencies, combined with organic growth, plus the madness of the crowds, have brought us to where we are. But important changes are under way that at some point will derail the process I've just described.
First of all, Kuwait's dollar de-linking and China's sliding of the band (to pick the two most recent examples) will, at the margin, require less dollar buying and ultimately less Treasurys buying. Additionally, it appeared the Chinese were already spending fewer of their dollars on Treasurys and more on commodities, even before they took a flier on the Blackstone purchase. This is a roundabout way of saying that the world's bond markets might finally experience rising rates as the ranks of buyers thin out.
LBOs: Gorge now, regurgitate later
One of the unwritten beliefs of folks in the leveraged-buyout (LBO) crowd is that they'll be able to finance any wild idea they can come up with. So far, that has been the case. But we are going to hit a point where the cumulative effect of all this exchanging equity for debt will swamp the debt market, and the LBO party will be over. It's not possible to predict when speculative forces finally will choke the debt buyers, though that moment should be recognizable as it occurs.
Lastly, I believe that the world economy's growth will at the least be tested, if not completely undermined, because U.S. economic growth is in the process of slowing down. I think it will continue to slow as consumers are tapped.

The boom in leveraged buyouts is rallying the stock market, but it could spell trouble for bond investors -- especially those who own investment-grade bonds. MSN Money's Jim Jubak explains how to check your portfolio to prevent big losses.
The main engine that kept them going after the last stock bubble was the real-estate ATM, which is now broken. Further, the recent tightening of credit standards and increasing interest rates in the bond market -- not to mention the high price of gasoline -- will compound the problem.
A sanguine state of rationalization
In the meantime, it's been onward and upward for stocks, thanks to the blind faith in LBOs and a never-ending global boom, and a market that "acts well" (reinforcing the belief that market action never lies about what the future holds), factors that lull folks into a sanguine state of rationalization. Ultimately, I believe that market action will fool people. The one thing that I am most certain of is that there is going to be a dislocation -- because never have so many rationalized so much with so much leverage.

The damage of the dollar glut - MSN Money

Originally Posted by Inscrutable

Thanks Lunar,

Looks like we might start seeing other countries peg to the SDR, this including Iraq with the notice of SDR in their charts yesterday.

Thanks again.

You're welcome and I agree with you Inscrutable. I'll watch for articles regarding other countries doing the same.

The banking sector is one of the fundamental pillars for the economic advancement of any country, as banks and investment went hand in hand to make the process of growth and development on a solid and sustainable, especially that the banking sector is a major financing channel for Lanchth investment in Iraq and in other developing countries .. . Nabil Jaafar Abdel consent Economics professor in the Faculty of Administration and Economy / Basra University researcher meaning Haorenah banking affairs in this respect as we said : the government sector owns 90% of the banking activity, the total assets of the banking sector in Iraq is estimated at 2 billion dollars according to World Bank estimates,

..This represents only 8% of GDP in Iraq, reflecting the marginal role played by this sector in the performance of its traditional functions in mediation between savers and investors and the financing of capital accumulation, especially in the private sector .. اذ لم له..It did not sink Rafidain and Rasheed any active role in lending to the productive sector sector during the past three decades, and it supports the conclusion that the value of loans in the budget Rafidain Bank did not exceed 8% of the value of the assets, and Mainahez 60% of the lending went to institutions and public sector companies. He did not go only a small part of it is lending to the private sector, and we find that scrutiny when 66% of the assets of the Rafidain Bank, 50% of the bank's assets consist of remittances governance treasury, which was issued by the former Iraqi government to fund the public sector and providing Alaalanlt and support him ..
* هل الخاص؟Q : Does this mean that the bulk of the Iraqi banking activity have always been devoted to financing the public sector, not the private sector?
نعم ..Yes .. .Thus deprived the private sector of the financing necessary for the accumulation of capital which is the source of growth and development, which impacted negatively on fixed capital formation (which retreated in constant prices) from 1497 in 1990 to 160 million dinars in 1999.
* : What on government banks and specialized banks eligibility?
_ ._ In the case of banks, specialized government, which is supposed to provide Sanda role for the private sector but the fact is, when analyzing industrial bank assets example, we find that 70% of its assets consist of cash and miscellaneous government bonds, while only a small part goes to the very private loans, The Iraqi private banks that have arisen in the 1990s, has all arisen in the form of joint-stock companies whose capital consists through public subscription to the public, despite the limited capital base of these banks, but they have played a role in financing private sector activities in a relatively exceeded what was done by government banks combined, with private banks in Iraq loans in 2001 amounted to 110 billion dinars, the equivalent of $ 74 million.
* كيف : How do you assess the performance of the banking sector during the last four years?
- عانى..- Banking sector suffered after the fall of the former regime state of decline, the government had exploited the banking sector in financing projects unproductive state-owned, and the accumulation levels of external debt .. 400 4 .The lack of a sense of safety because of the war and accessories led to a significant growth in bank deposits and then swelled liquidity to the banking system of the new deposit accounts, She estimates that in 2003 was with the Rafidain Bank, the largest state banks liquidity estimated slightly less than 400 million dollars and net loan portfolio worth $ 44 million only. .. ..The banking sector in Iraq and is always based on the granting of loans guarantees kind, and this is what led to the exclusion of 95% of the population of borrowing from formal financial institutions, which form brake heavily to the development of the private sector .. ..The banking sector, whether public or private, to the traditional banking standards in its lending policy, with varying degrees of caution .. وعةIn general, the banking sector continues, rigid and largely in granting loans avoiding any degree of risk, making it difficult to access bank loans to small investors and businessmen, because of the unwillingness of banks risk of long-term loans and guarantees for the project cash flows are essential, with some limited safeguards estate, and for this reason the inability of small investors who are the overwhelming majority in the private sector to benefit from the banking sector because of their inability to provide real assurances
* ما تحديد؟Q : What is suffered by the sector specifically?
- يعاني ) ..- Suffer this sector debt problem nonperforming For many reasons (not to apply to banks founded when extending credit, as well as significant expansion in the granting of credit and provide liquidity to banks and high competition, and the wide powers granted to the managers of the branches) .. ..After the political and economic changes in Iraq, the monetary authority has taken serious measures designed to strengthen and support the banking sector in Iraq ..
* ؟* Did Mamkrtmoh represents all of the challenges facing the banking sector work?
- لا طبعا ..- No, of course .. اذ..Since the banking sector is facing many challenges, which comes in the forefront of instability, insecurity and economic .. .Failure to keep abreast of developments and technological as well as industrial breakthroughs, and the entry of institutions and non-banking financial companies in the area of banking services, so that the traditional banks compete in the provision of services, and the urgent need to raise the capabilities and skills of the work force in Iraqi banks to ensure that the exploitation of the techniques and modern information systems.
* وما : What reforms required?
- .- Restructuring and rehabilitation of government banks, encouraging mergers among banks, especially smaller ones, and applying an actor on Banking Supervision and develop local control, the introduction and development of a market for government securities, and expand the base of ownership of banks, raising the ceiling of paid-in capital hits, and the creation of a comprehensive statistical uniform, identify efficient and full of the financial infrastructure, including the ability to conduct electronic payments in both inside and outside Iraq.
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A security source announced today, Monday, for unknown gunmen assassinated by one of the Directors of the Central Bank of Iraq and his brother, south-west of Baghdad. A security source said "that gunmen opened fire at Iyad Shihab Ahmad periodic and director of the Central Bank and his brother in the morning today, Monday, in the Amiriyah Street popular action pointing out that" gunmen to run fled to an unknown destination after the implementation process. "
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Finance Minister convene a "rally" with the directors of private banks
ذو الفقار علي - 04/06/2007م - 2:40 م | عدد القراء: 102Zulfiqar Ali-06/04/2007 - 14:40 | readership : 102

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اكد .Mr. Zubaidi Baqir Jabr Finance Minister on the importance of the contribution of private banks and the private sector in the economy Iraqi This came during a meeting with the Expanded Gentlemen managers of private banks and 33 banks in addition to the Rafidain and Rashid bank and the Central Bank of Iraq and advisor to the Minister of Finance for the banks.

جانبIt was during the meeting, a thorough review of the work of private banks and the obstacles that hinder their work as Mr. Minister praised the role of the banks, stressing "the importance of dealing seriously with them through the conversion of the opening credits to expand employment and direct the implementation of major projects in Iraq and support ministries and departments in the opening credits for contributing players to re - Iraq's reconstruction and expansion of private sector participation in this aspect
ودعا .He invited Mr. Minister to develop standards to be agreed upon in the development of the banking sector in Iraq based on a free market economy and revitalize the Iraqi economy on a large scale for Aikv when certain limits, but that the investment in Iraq is the largest of any state in the region because of the "need for Iraq to the rehabilitation and building projects and infrastructure development therein.

.The Minister stressed the importance of a greater awareness of the correspondent banks and advisers to promote the creation and Commercial Bank of Iraq is ready to cooperate in this area because any support for these banks is the support of the Iraqi economy is heading towards a strong pace of building a new Iraq based on a scientific basis advanced where everyone contributes without because Iraq exception of Aybene without investment, we affirm that these banks of Dorkabbir (33), actor in the process of advancement and comprehensive development. لذا.Why should adopt controls and standards for the granting of opportunities opening credits to private banks. The involvement of the minister's private banks training courses held in and outside Iraq in order to upgrade the capabilities of its workers and have played an important role in the development process.

.At the conclusion of the meeting was to discuss the issue of participation in Allarboeh banks that contribute significantly to attract investment, especially the "many traders wished to invest according to these criteria was to discuss the experience bank in the country to adopt this experience and success in investing in major projects in the provinces of Karbala and Babil provinces and the rest
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Announced the launch selling CDs for citizens
Date : Tuesday, June 05
Page name : the latest news on the Iraqi arena
(125) stabilizing factor temporary staffing Gas Filling Company
Baghdad-Sabah.
The company decided to mobilize public gas, which is one of the companies affiliated to the Ministry of Oil Stabilization 125 workers paused first batch of permanent staffing, announced launch sale of liquid gas cylinders for citizens at (40) thousand dinars, and start a campaign to clean up the CDs in circulation.

He said the company's general manager, Amer Abdul-Jabbar said in a press statement : that the company decided to consolidate the first batch of workers Alouguetein the Permanent owners will be fixing their peers in other subsequent payments of their priorities after scrutiny by a committee of competent jurisdiction in this matter.
Abduljabbar added that the shots were selling gas cylinders of liquid in the gas filling plants scattered throughout the regions of the country (40) at the rate of one thousand dinars for a cylinder, and the sale of non gas pipeline with a price of rubber (25) thousand dinars, of a kind (Manan) Dane origin, as well as the sale of gas organizer with the low price of rubber tube (10) thousand dinars.
The general manager of the company that decides to launch a comprehensive campaign to clean up the gas cylinders in circulation by citizens starting from the beginning of the current month of June that not less than 10% of the daily production rate. pointing out that the campaign will continue for six months, using paints with colors (red, green, blue, yellow, and black), respectively, pointing out that there were committees of the control and inspection of the company and the Office of the Inspector General at the Ministry, will oversee the campaign.

Amendment controls on loans for industrialists
Date : Tuesday, June 05
Page name : the latest news on the Iraqi arena
Baghdad-Taha Hussein
Chamber decided Industrial Development at the Ministry of Industry and Minerals Amendment controls for granting industrialists soft loans, thus obtaining the greatest number of these loans.

An official source in the ministry said in a press statement : The Development Service waived the requirement guarantor guarantor of the loans also abolished the requirement of the presence of the project in order to allow the practice of granting loans necessary flexibility. The source explained that the development continues to receive requests for loans where treatment was completed 150 of the 500 treatment will be direct owners to grant loans allocated to them in the near future. He added that the Rasheed Bank and all its branches is preparing to start working out delivery, which will be covered by loans for the three categories of 25, 20 and 15 million dinars in Baghdad are delivered exclusively with the special requests will be studied by a committee of legal and technical indicators for the study of the project should be available to note Akayam industrial machines and the type and energy products OWNING project and the land of the project and the number of working with a database in electronic calculators.

Kurds .. new political front split the national grade
(Voice of Iraq) - 04-06-2007
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Good collided with former Prime Minister Iyad Allawi to form a new political front, the Kurds, who reject the Front attacked and accused of existing Iraqi Accord Front, hard-grade national and causing cracks in the march of democracy in Iraq.
A statement issued by the political offices of the Kurdistan Democratic Party headed by Masoud Barzani and the Patriotic Union of Kurdistan, led by Jalal Talabani, an end to reports that the two Kurdish parties had jointly a new political front comprised an alliance of political parties and movements, including the National Accord Movement headed by Iyad Allawi, the Iraqi Islamic Party headed by Tariq Al-Hashmi and the people of Iraq headed by Adnan Al-Dulaimi and the National Dialogue Council headed by Khalaf Al-Alyan and dialogue Front headed by Saleh absolute and Islamic Union of Kurdistan, in addition to political parties and movements, and other political figures.
A statement by the two main Kurdish parties, "the meeting, which emerged from this political front engineered intelligence foreign countries", describing it as "anti-democracy march to the Iraqi people and seeking to undermine the constitutional achievements."
Kurds and across statement of regret and utter amazement to accept a strong Iraqi national and friendly (including the Islamic Party and the National Reconciliation Movement) "submitting to the will of intelligence and foreign countries holding the meeting and announce political front under its supervision."
He appealed to the two Kurdish parties from both the Iraqi Islamic Party and the Iraqi List, the Islamic Union of Kurdistan "to return to class and the broad alliance withdraw from the political front suspicious and hostile to the achievements of the Iraqi people's democratic and constitutional."
For his part, the spokesman for the Iraqi Accord Front of the Iraqi Islamic Party, Salim Abdullah, "accusing President Jalal Talbani Islamic party seeking to thwart the political process of the return to a monopoly of power and" He denied that the Iraqi Islamic Party, or Accord Front seeking to build alliances in order to stand together in good annexation Kirkuk to the territory and stressing the legality of such alliances.
In turn, president of the National Dialogue Front absolute benefit to President Jalal Talabani and accused him of "racial and sectarian charging" revealing the Iraqi Islamic Party's reluctance to enter alliance said, pointing to the existence of more than one front table in the Iraqi arena.

Letter General Commander of the Multi-National Forces
(Voice of Iraq) - 04-06-2007
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Alaa Hadi
[email protected]
Letter General Commander of the multinational forces in Iraq to the Iraqi people. Aziz to the Iraqi people : I address you as a partner in your efforts to secure and stable Iraq. That our common goals have not changed, namely : a unified Iraq, and the government is responding to all its citizens and provide them with security and basic services and apply the rule of law and respect the freedoms of the citizen. In this month of last year, the current government was formed and that this government can point to some significant achievements, but everyone recognizes that there is still more work to be done great. The government's efforts in the coming months will be decisive for the success of this endeavor. You Telaboa an effective role in the birth of new Otankam. I ask you to refuse violence and sectarianism, which feed. I ask you to back Iraq citizens live in amity, understanding and common respect. The relaxation and work in this pivotal time will lead to failure. The employees of multinational forces working hand in hand and tirelessly with their brothers in the Iraqi armed forces to cleanse all the cities and towns of Iraqi extremists, regardless of their ethnic and Ttheradh cities and towns of Al Qaeda in Iraq. We need your help to eradicate the violence. Tofferwa not enemies any sanctuary or shelter but provided information on their whereabouts. Be Vkhurien Bquatcm armed supporters. Also please understand that the restrictions in the movement you are to protect your markets and Chuarakam and Mdarscm and neighborhoods where you may live. The security barriers disappear and the same speed that up with the improvement in the security situation, and you can return to exercise in your daily life conditions safer and more natural. Rajai that refuse violence and Thtinwa reconciliation. It is time for all Iraqis to unite and chart a promising future for all. The future does not include extremist groups, but the future includes Arabs and Kurds, Turkomen and Alcldoachorien, Sunni and Shiite Muslims, Christians and Alayazdiin and liberty and bands, all living with each other, respecting their privacy and ethnic tribalism and sectarianism, and everyone supports the government serve all Iraqis. The alliance will help you to achieve this goal, but in the end, success in reaching this goal depends on you. We have given me the opportunity last week to wandering in the streets of Baghdad and met Iraqi children filled with joy despite their faces challenges. The vision of these children renewed in myself feeling more dedication and work. The children of Iraq, as their parents and grandparents deserve to live in a country free from fear and full of hope. Now more than ever is the time to unite Iraqis and Ihtinoa reconciliation instead of confrontation. The time to choose peace. Sincere David Patraeus first-team American army commander General of the Multi-National Forces in Iraq