Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by dinarntx

"The law is passed in order to push forward the economic and social process, bring expertise and scientific expertise, develop human resources and create jobs for Iraqis," the text said.

Under the law, a National Committee on Investment will be formed under the prime minister's office to set Iraq's broad economic strategy and priorities for investment.

A second panel, dubbed the Committee for Investment in the Provinces and Governorates, will issue licences to foreign investors and maintain offices in Iraq's 18 provinces.

"Regardless of his nationality, the investor shall enjoy all merits and facilities and shall be subject to the obligations hereby mentioned," the 16-page law stipulated.



Some politicians had expressed concern that foreigners might buy up vital assets in Iraq's potentially lucrative oil sector at fire-sale prices amid the post-war chaos, but the final draft was broadly welcomed. [email protected] afp/rarCOPYRIGHT

Just wanted to repost this last paragraph from artical, if there happy with the prices then we should be too, patience is the key. Knowing there currency value in the past if everyone is happy thats a big deal. Good things are coming.

Here is another post from Oaynes1 at IIF



"Today, "Federal Reserve notes" are officially recognized as "SDR's" -- Special Drawing Rights under the amended Bretton Wood Agreements Act, Public Law 94-564. [See: Legislative History, Senate Report No. 94-1148, October 1, 1976] Quoting from the Legislative History, to wit"

"Preceding the de facto transition, a number of other things had occurred. Pursuant to 22 USC 286, the President was authorized to accept membership for the United States in the International Monetary Fund ("The Fund"), and in the International Bank For Reconstruction and Development ("The Bank"), provided for by the "Articles of Agreement of the Fund" and the "Articles of Agreement of the Bank", as set forth in the "Final Act of the United Nations Monetary and Financial Conference" dated July 22, 1944, which are deposited in the archives of the Department of State. These Acts are commonly known as the Bretton Woods Agreements. They are international agreements. The Articles of Agreement assert that those holding.............

"On March 18, 1968, Congress passed "An Act to Eliminate the reserve requirements for Federal Reserve Notes and for United States Notes and Treasury Notes of 1890", Public Law 90-269, 82 Stat. 50. This Act was designed to remove the remaining reserve requirements on circulating notes and obligations. $1.3 billion in gold was "pledged" against "gold certificates" and held as reserves against circulating notes and obligations. Under this Act the gold certificates would be withdrawn and retired, then the gold would be considered as "free gold" and paid out to foreign interests at $35 per ounce. The monetary reserves of gold and gold certificates ......

This was the start of the petro dollar float with Saudia Arabia.

The operations of the Exchange Stabilization Fund and now the SDR's are under the "exclusive control of the Secretary of Treasury" and "are not reviewable by any other officer of the United States". Anything in the ESF remains in the Fund, for the use of the Fund. This new program is subject to the Articles of Agreement of the IMF in accordance with Section 3 of the SDR Act of 1968. Of course, the "Secretary of Treasury" is, in reality, the "Governor" of the IMF, and is not an officer of the United States. [See: Public Law .......................

The "Secretary of Treasury" [Governor-IMF] issues an international letter of credit called a "Special Drawing Rights Certificate" to the Federal Reserve Banks "in such form and in such denomination as he may determine". The SDR is deposited in the Federal Reserve Banks which in turn credits the account of the Exchange Stabilization Fund (ESF) with Federal Reserve Notes in an amount equal to the value of the SDR certificate. SDR's became the "collateral security for Federal Reserve Notes". The "Secretary of Treasury" [Governor-IMF] issues an international letter of credit called a "Special Drawing Rights Certificate" to the Federal Reserve Banks "in such form and in such denomination as he may determine". The SDR is deposited in the Federal Reserve Banks which in turn credits the account of the Exchange Stabilization Fund (ESF) with Federal Reserve Notes in an amount equal to the value of the SDR certificate. SDR's became the "collateral security for Federal Reserve Notes..........................................

Holy crap Batman did you see that.

link The Truth About Money

I did post this to make a political statement because the title might offend someone. This is information that proves how easily it would be to revalue the currency and I willing to bet there are alot of people who dont know this.

More to come.
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Gen. Casey Outlines Iraq Situation in News Conference
October 12, 2006 01:25 PM EST


American Forces Press Service

WASHINGTON, Oct. 12, 2006 – Army Gen. George W. Casey Jr., commander of Multinational Force Iraq, and Defense Secretary Donald Rumsfeld briefed media in the Pentagon yesterday. Following is Casey's opening statement:


"It's been about three and a half months, I think, since I've been back here, and I just wanted to give you an update of where I see us in the mission here and then take your questions.

"I think it's no surprise to anyone that the situation in Iraq remains difficult and complex.

"What makes for that difficulty, complexity, a couple of things. One, since the elections in December and, more particularly, since the bombing of the Samarra mosque last February, we have seen the nature of the conflict evolving from an insurgency focused against us to a struggle for the division of political and economic power among the Iraqis.

"Secondly, there are several groups that are working to affect that process negatively. The first, the Sunni extremists, al Qaeda, and the Iraqis that are supporting them. Second, the Shiia extremists, the death squads and the more militant militias. In my view, those represent the greatest current threats in Iraq. The third group is the resistance, the Sunni insurgency that sees themselves as an honorable resistance against foreign occupation in Iraq. And lastly, the external actors -- Iran and Syria. And both Iran and Syria continue to be decidedly unhelpful by providing support to the different extremists and terrorist groups operating inside Iraq.

"If you add the intensities of Ramadan and the fact that the new government is just standing up, this makes for a difficult situation, and it's likely to remain that way for some time.

"That said, violence and progress coexist in Iraq, and we shouldn't be distracted from the positive things that are going on there amidst all the violence. I'll remind you that 90 percent of the violence takes place in five provinces, and those five provinces represent a little less than half of the population. And that said, while we're -- we and the Iraqi government -- are not comfortable with the levels of sectarian violence in the center of the country, we continue to move forward together there and around the rest of the country.

"Let me make a couple of points.

"First of all, the new government has been in the job a little less than 150 days. And this is the third government that I've seen now take over in Iraq. And, as you can imagine, it takes everyone a little -- a few months there to get their legs under them. They're working hard to build unity, security and prosperity for all Iraqis. And when I talk about those three priorities with the prime minister, he fully recognizes that if you want prosperity, if you have to have security, and if you want to have security, you have to have unity. And he's been making a very significant effort on the reconciliation front.

"Some examples:
-- "He's been working with political leaders from all the different sectarian groups on the four-point program to reduce violence in Baghdad. He's done that over the last week or so.
-- "Last Saturday, he had a meeting with political leaders from Anbar province to gain their support for government programs in Anbar province.
-- "He will be conducting, before the end of the month, the third in a series of four conferences on national dialogue and reconciliation. This one is on civil society.
-- "He's been working with political leaders and our ambassador to craft a political timeline for where the political leaders would agree to coming to grips with some of the more difficult issues dividing the country: the oil revenues, federalism, militias, items of those nature.
-- "And he's working with the international community on building an international compact that would drive investment and growth for all Iraqis.

"All of these initiatives are going to take some time to come to fruition, but the energy and the commitment is there.

"Second, we also continue to make progress with the Iraqi security forces. Right now we have six of the 10 Iraqi divisions -- 30 of the 36 brigades and almost 90 of the 112 Iraqi battalions in the lead. Nine months ago, for perspective, there was one division, four brigades and 23 battalions.

"Now I'd like to remind everybody of where that puts us in the overall process. The overall process of building the Iraqi security forces is a three-step process.

"The first step: train and equip. You organize them into units. You give them the individual training, and you equip them and you put them in a position where they are ready to go out and conduct operations.

"The second step: you make them better. And for the army, that means you put them in the lead. And our strategy is to put the Iraqis in the lead with our continued support so that they learn while doing rather than learn while watching us.

"And the third step is you make them independent, and that's what you'll see going on here over the better part of the next 12 months. We've said all along that we wanted to give the Iraqis the capability to conduct independent counterinsurgency operations, and that is the program that we are currently on.

"I would also say that we continue to make progress with the Ministry of Interior and police forces. Now, the police have a bad reputation in Iraq and, from my view, that's undeserved. Broadly, it's undeserved. There are units within the national police forces that deserve that reputation, and I think you just saw recently where one of those units was actually pulled off line by the minister of interior for complicity in some sectarian violence.

"With respect to the Ministry of Interior forces, two of the 18 Iraqi provinces now have already assumed Iraqi control in their province.

"What that means is that the police forces in that province are capable of maintaining domestic order without routine coalition support, and in Muthanna province and Dhi Qar province that is happening. I would expect to see six or seven Iraqi provinces under provincial Iraqi control by the end of the year.

"We are about 90 percent through building the police and border forces that we said we were going to help the Iraqis build, and we expect to complete that by the end of the year. We've also, with the Iraqis, started a national police reform program, where we'll take a whole Iraqi national police brigade offline, move them to a training base and give them three weeks of police training and loyalty training, so that we change not only ... their abilities but the ethos of the unit. That will go on at about one brigade a month here until it's completed in the August timeframe.

"Finally, we have -- because our goals here are to help the Iraqis over the long term -- we have instituted, helped them institute two professional development courses for junior and mid-level officers this year, and we will put it -- and help them put in place a course for senior officers and non-commissioned officers over the course of next year.

"And lastly, as some of you have seen this, but the minister of interior himself has instituted a ministry reform program. He announced it at the Council of Representatives. He emphasizes loyalty, accountability and operational performance. And, as part of this program, his inspector general and his internal affairs divisions have already processed over 3,000 corruption cases -- are investigating 3,000 corruption cases and almost a thousand human rights cases, and he's taken action already in relieving over 1,200 officers, including a few general officers.

"So lots of work to do with the police and still with the army, but the progress you're seeing there is heartening.

"Now, another way to look at progress to help you get some perspective on this is take a look at what one of our divisions accomplishes in Iraq over the course of a deployment. In this case, I'll talk about the 101st Airborne Division, who was responsible for an area in northwest Iraq, was there from November 2005 until just this last September.

"Over that period, they detained over 150 high-value individuals, each one of these a painstaking intelligence collection and development effort that led to the capture of an individual.

"They secured over 200 polling sites for the December elections and allotted 1-1/2 million Iraqis to vote in those provinces.

"They moved two Iraqi divisions, nine brigades and 35 battalions into the lead. They brought five provincial and 11 district police headquarters up to the second-highest level of preparation. They oversaw the training integration of over 32,000 police. They supported the development of two strategic infrastructure brigades with 14 battalions.

"They supervised the building of 100 police stations, 130 border forts and improved seven international ports of entry ... along the borders. And, as a result of that progress with the Iraqi security forces, they were able to reduce a two-star headquarters, two coalition brigades, a total of 10,000 coalition forces, and they closed 25 bases over the course of that time.

"Looking back, it's not insignificant what a division can get done by taking small steps every day. And that's what we say: 'We make progress in Iraq every day, small steps at a time.'

"So bottom line? Tough situation in Iraq. And I suspect that through Ramadan and over the next couple of months, it's going to continue to be difficult.

"That said, we continue to make progress across the country every day. It's a tough business, but the soldiers, sailors, airmen and Marines of the coalition and their Iraqi colleagues are well up to the task, and they do a magnificent job under difficult circumstances.

"In closing, I think it's important for the American people to know what a magnificent job their servicemen and -women are doing in a very, very difficult environment. And we and then the Iraqis continue to move forward against very divisive forces that are trying to deny the Iraqi people the prosperous future that they so well deserve after 35 years under Saddam Hussein. And we will succeed in Iraq, but it will take patience, and it will take will.

"Finally, I'd like to recognize the sacrifices of the families who've lost loved ones, and I'd like to particularly recognize the family of (Iraqi) Lieutenant General Hashimi, who was murdered yesterday. I served with him -- he was the first chief of the Iraqi armed forces -- served with him briefly in the early days in Baghdad. And I'd also like to recognize the families of deployed soldiers, who make great sacrifices every day in support of their deployed soldiers. Both these groups are in our thoughts and prayers."

Gen. Casey Outlines Iraq Situation in News Conference

Bush: Falling Public Support for Iraq War Will Not Cost Republicans Control of Congress







VOA
Octubre 12, 2006, 15:19 EDT



President Bush says he understands that Americans are anxious about Iraq. He told reporters at a Rose Garden news conference that the continuing violence there is tough on the American psyche.



"I fully understand the American people are seeing unspeakable violence on their TV screens," he said. "These are tough times in Iraq. The enemy is doing everything within its power to destroy the government and to drive us out of the Middle East."



Public-opinion polls show falling support for the war. A survey by the newspaper USA Today says two-thirds of Americans disapprove of the way President Bush is handling that conflict.



That has raised concerns among those in the president's political party that opposition to the war could cost them control of the Senate or House of Representatives in next month's elections.



The USA Today poll says 52 percent of voters believe opposition Democrats would do a better job handling Iraq. The war is likely to be on voters' minds as they go to the polls, with 86 percent saying Iraq is an extremely or very important part of deciding how they vote for Congress.



President Bush says he is confident that those voters will return Republican majorities to both the House and the Senate because the economy is strong and Americans know what is at stake in Iraq.



"I firmly believe that the American people understand that this is different from other wars because in this war if we were to leave early before the job is done, the enemy will follow us here," he said. "And so I believe we will maintain control because we are on the right side of the economic issue and the security issue."



President Bush says Americans want to know if he has a plan to win in Iraq. He says that plan includes constantly changing military tactics and continuing support for Prime Minister Nouri al-Maliki, who the president says is bringing Shi'ite and Sunni leaders together to stop sectarian violence.



President Bush says that plan for success stands in sharp contrast to what he calls, "the cut-and-run approach of many Democrats who feel the war in Iraq is not worth it."



Democratic leaders say the president unfairly portrays them as wanting to abandon Iraq. Party chairman Howard Dean says Democrats want the Iraqi people to take more responsibility for their own security.



He says Democrats want the president to focus more on protecting America by boosting border security and inspections of cargo at U.S. ports.
RedBolivia :: Bush: Falling Public Support for Iraq War Will Not Cost Republicans Control of Congress

Whatever they do they better do it before elections.............nuff said

As 99% of the stuff I've been posting doesn't belong here I'm gonna move over to the crazy room . . .

PM opens Erbil’s largest shopping mall, urges business and investors to drive economy
By Erbil, Kurdistan
12 October 2006 (KRG)

Kurdistan Regional Government (KRG) Prime Minister Nechirvan Barzani today opened the largest shopping mall in Erbil – the New City Mall. In another sign of the Kurdistan Region’s continuing economic growth and stability, the New City Mall opened for business today, creating new market opportunities for the citizens of Erbil, and bringing at least 250 quality jobs to the local citizenry. Instead of cutting the traditional ribbon, the Prime Minister officially opened the New City Mall by turning on the Mall’s huge electronic billboard - a first for Erbil and the Kurdistan Region.

In his remarks the Prime Minister noted that, “The historic opening of the New City Mall is a further sign of economic progress here in the Kurdistan Region. It brings important new jobs to the people, offers greater consumer freedom and encourages lower prices through greater market choice and competition.” The Prime Minister praised the investors and operators of the New City Mall for their vision and confidence and said, “The private sector must be the engine for job creation in our region. Government has an important role in providing stability, security and a constitutional structure, but the private sector – both local and foreign investors – will drive the future economic growth of the Kurdistan Region, just as it does elsewhere in the world.”

The Prime Minister issued a new call for private businesses to join with the government to look for new ways to invigorate the agriculture and food processing industries, and to adopt a “can do” attitude when it comes to investing in Kurdistan. “We are slowly seeing the emergence of products manufactured in our region, but there is much, much more to be done. The KRG is providing new laws and guidelines for investment and is further developing a legal and constitutional structure which will promote and protect private sector development. But we need business to do more to develop badly needed industries. We are a patient but strong-willed people, and I know that the partnership between private industry and government can bring new benefits and a bright new future to the people of the Kurdistan Region.”

PM opens Erbil’s largest shopping mall, urges business and investors to drive economy | Iraq Updates

12 October 2006 (Al-Bayan)
Dr. Mahdi Al-Hafiz, member of the Parliament and former minister of planning, said that it is obvious to have divergent views and opinions on foreign investment, which is not confined to Iraq, but extend to other countries. They are the themes of a debate between experts and the economic policy makers in the world; therefore, objective discussions on the subject need to be encouraged. They need to be approached according to an intact context that gathers economic and political considerations at the same time, in order to reach a sound attitude towards encouraging foreign investment law which is presented before the Parliament now.

He added that foreign investment is one of channels or external sources of financing economic and service activities or projects of in other countries. Economically known, that there are channels or several sources of external financing for the economic and service activities and projects in different countries. They include investment, aid, private and official loans "external debt", all of which are remittances or financial flows entering the country and they differ in terms, nature, burdens and benefits to the country.

He continued: "However, the most important characteristic of foreign investment, compared to other financing sources, is that it does not burden the beneficiary country with debts. The financial flows in the form of foreign investment do not constitute a debt to that country as the case for foreign loans. They are not combined to any political commitments as is the case for some grants and foreign aids.

He explained: in fact, there are two types of foreign investment: the foreign direct investment and Foreign Indirect Investment. The difference between the two is that the first is a real, long-term investment in the productive and service sectors of the national economy, like industry, agriculture, energy, tourism, communications and others. The second type, the indirect foreign investment, is concentrated in the financial markets where foreign bodies, individuals and companies, own the shares and stocks, private or governmental and circulate them o achieve profit.

He said: it is noted that some of the international financial institutions consider the investment indirect in the case it possesses of the proportion of less than 10% of the shares in the financial market, which is a matter of debate, as the ratio does not constitute an essential criterion in the classification between direct and indirect. Usually, the standard of a certain field, sector or activity where remittances or external financial flows are used, is taken into consideration.

He continued: "What concerns us in Iraq is the research in the benefits of foreign direct investment, and concentrate at its benefits as an external funding source for economic and service projects in the framework of the national development strategy and its priorities. The truth is that the benefits of foreign direct investment are clear and of significant importance for the remarkable development experiences in many countries such as China, India, Malaysia, Mexico and Brazil and other countries in the world, in all continents. They are the acquisition of modern technologies, the fight against unemployment (creating job opportunities), the development and diversification of exports and the variation of the productive base of the national economy and others. This is what Iraq needs, more than ever, in the framework of his policies and orientations to reform and diversify the economy, reconstruction, tackling the problem of unemployment and improve the quality of services and expand them. It is an urgent necessity imposed by the significant lack of internal financial resources, compared to the high estimated cost to achieve these programs and projects.

He said: that foreign direct investment is today the focus of fierce international competition, where countries compete to earn foreign investments by providing incentives, exemptions and inducements designed to achieve that goal. Countries from both sides of the world, developed and the developing are engaged in the task. It is noted that China, in the framework of its new economic policy, has been successful in attracting the highest proportion of foreign investments, without compromising its interests and national sovereignty, which is a remarkable phenomenon and worthy of study and follow-up on our part. It also has a very useful intellectual and economic significance for the debate aroused currently on the law of investment in Iraq and the fears that it may cause for national sovereignty, in the eyes of some.

The investment law seeks to enhance the competitive capabilities of the Iraqi economy | Iraq Updates

Ministry of Finance specifies one billion dollars to support the unemployed and lend those who want to build houses between 20 - 30 million iraqi dinar
12 October 2006 (Al-Sabaah)

The Ministry of Finance announced that it will specify one billion dollars to support the unemployed through a social protection network, and started promoting applications of real estate loans to assist the citizens to build houses for themselves.

In the meantime, the Ministry of Commerce announced that it started supplying whoever wants with imported construction materials at subsidized prices.

This falls in line with the orientations of Al-Maliki government to ease the burdens imposed by the circumstances upon the citizens, like unemployment and the housing crisis that could be regarded as the most important problems facing the population. The government started the project of social protection to keep off hazards from families who suffer from poverty. Politicians and citizens say that the status of these families is resulted from the lack of employment opportunities provided for their sons.

A source in the Ministry of Finance stated that Mr. Jabr Al-Zubaidi declared, during his meeting with the Minister of Labor and Social Affairs Mahmmoud Al-Sheikh Radi, the decision of his ministry to specify one billion dollars (that is, one trillion and 500 billion iraqi dinar to help the unemployed set up small projects for themselves to provide a decent living for their families. He said: work of this project will start with the beginning of next year.

During his talk with the Minister of Labor, Azzubaidi said that the amount is enough to cover the expenses of 50 thousand projects whose owners could pay back the loans over 15 years without interest.

The Ministry of Labor and Social Affairs noted that the project would contribute to develop the economic status in Iraq on one hand and to achieve self-sufficiency for the families included in the social protection network.

Officials noted in earlier times that this network needs to be supported with financial surpluses resulted from the increase in selling prices of fuels. It has not been possible for "Assabah", though, to know whether this amount is a deduction of the savings achieved by raising prices of petrol to 250 dinars per liter. On its part, the Ministry of Labor formed a committee, consisting of representatives from the ministries of Finance and Planning to control the grants given to beneficiaries and to decide whether the proposed project needs financial support.

In order to confirm the ministry's quest for supporting community and alleviating the oppressive conditions, it started receiving requests from citizens who wish to build houses for themselves. An official source in the Ministry of Finance stated to "Assabah": The loans range between 20 - 30 million dinars. They are granted to anyone who has a piece of land and wishes to build it, repaid over a period of 20 years at an interest of 6% of the loan value. He explained that the bank will grant loans ranging between 8-12 million dinars for those wishing to add another building, repaid over a period of 15 years.

He pointed out to the granting of 20 million for those who wish to build on an area of 75m-100m, 25 million dinars to the area ranging between 101m-125m and 30 million dinars for constructing an area of more than 126m.

The instructions for granting the loan conditions to present a pledge to pay back the amount through the deduction of salary if the receiver is an employee or cash if not, it also conditions that the receiver and his wife do not have a land plot any were in the provinces or that he and his minor children have no real estate in any province. Also, there should be a guarantor available.

Ministry of Finance specifies one billion dollars to support the unemployed and lend those who want to build houses between 20 - 30 million iraqi dinar | Iraq Updates

12 October 2006 (Soma)

The US is not going to continue to foot the bill for Kurdistan for much longer. And putting the Kurdish future into the hope that oil revenues from Kirkuk will pick up the tab is potentially a disaster.
The United States of America is the world's largest economy and it is also a very strong economy. One of the biggest differences between the American economy and the Kurdish economy is that the American economy has a foundation. It is the foundation of the American economy that enables the rest of the country's economy to grow and prosper. Unlike the Kurdish economy, which has no internal foundation, the foundation of the American economy is protected and well taken care of by the federal government.

Though industry, manufacturing, international technology, mass communications, etc. are all part of the American economy, they are not the foundation. These various parts of the American economy are what the rest of the world sees and enjoys. But these other parts can only exist because of the foundation that is in place.

The hopeful thing is that within Kurdistan there are similar resources as to what the economic foundation in America is built upon.

What is this foundation? It is agriculture. That's right. America feeds itself and exports surplus food all over the world.

Unless the KRG comes to understand it is their responsibility to help Kurdish farmers build a strong foundation that is capable of feeding itself and is not dependent on the outside world, the rest of the

Kurdish economy will never prosper. That is the bottom line. You may want to read it again.

What exactly am I talking about? In America, the rural school system is every bit as good as the urban centers. Farmer’s children across the United States enjoy the same advantages as do the children who live in the cities.

The homes of American farmers all have water and electricity. These are the basics. But American farmers also receive tax benefits and are heavily subsidized by the federal government as the American people and the congress understands that farming under girds the whole American economy. That may sound ncredible but it is true.

And putting all of the Kurdish future into the hope that oil revenues from Kirkuk will pick up the tab is unwise at best and potentially a disaster.

It is now extremely vital that the Kurdish government does everything it can to persuade farmers to come out of Erbil, Slemani, Kirkuk, and Duhok where they have been for the last 10 years and go back onto the land or the Kurdish economy simply will never have the necessary foundation to grow and develop.

What is needed? First would be the construction of new primary schools in strategic agricultural areas. Farmers in the city need to see that their children’s education will be taken care of if they move back onto the land.

The KRG needs to realize it would cost less than US $20 million to fulfill such a plan, giving inspiration to Kurdish farmers, boosting the present economy, and in the end providing over a thousand jobs for teachers and administrators. To even the most casual observer it is obvious there is enough money to build these schools.

So the question will be, is there the leadership and political will to do so? It is fine that there is going to be fancy schools like in Europe for the wealthy who are going to live in Dream City. But what the wealthy people who presently have access to the funding coming in from the outside need to realize is that this outside money they are living off of will one day stop and without the foundation of a new Kurdish economy to fall back on, they will go bankrupt and become weak with the rest of the people.

But it is not just the politicians and privileged people who need to wake up. How about the farmers themselves? Yes, they need and deserve financial assistance from the government, but they too must see the essential role they play in the future of Kurdistan and want to be a part of the future.

Socialism does not create wealth. Listen again. Socialism is not a system that creates wealth. God gives men the ability to work hard and create wealth and without farmers who are willing to work Kurdistan will remain weak and dependent on its neighbors.

Where is the will and determination of the Kurdish people? The socialism now practiced in Kurdistan is a dead end street. The whole nation must wake up and seize the economic opportunity now at hand.
In the last century, Germany lost two world wars and at the end of World War II had been reduced to ashes. But only 40 years later, Germany had become the third strongest economy in the whole world. How could this be? Though their nation and economy were in ruins at the end of World War II, the German foundation was still in place. And so through hard work (historically known as the Protestant work ethic), Germany began to build its economy again upon this foundation.

It is not likely that in the near future that Kurdistan is going to replace Singapore, Hong Kong, or Tokyo, in the manufacturing, telecommunications, or international technology industries.

So what is the future for the Kurdish economy? One thing is certain. Without a foundation, other parts of the Kurdish economy, what ever they might become, will have little chance of succeeding.

The Americans are not going to continue to foot the bill for Kurdistan for much longer. And putting all of the Kurdish future into the hope that oil revenues from Kirkuk will pick up the tab is unwise at best and potentially a disaster.

The Kurds need an economic foundation that is renewable and has an infrastructure to support it. A little forethought on the part of Kurdish decision makers can go a long way.

Rick Leatherwood has lived in Kurdistan for four years and is the Director of KRDI, Kairos Relief & Development Inc.


The building blocks of an economy | Iraq Updates

Iraq envoy: U.S. oil investment waiting on legal changes

PrintE-mailDisable live quotesRSSDigg itDel.icio.usLast Update: 6:06 PM ET Oct 9, 2006


HOUSTON (MarketWatch) -- U.S. oil companies are slowly building their relationships with the Iraqi government in anticipation of a new legal regime that will allow them to invest there, the Iraqi ambassador to the U.S. said Monday.
"I see very strong interest from U.S. energy companies in Iraq," Ambassador Samir Shakir Mahmood Sumaida'ie told Dow Jones Newswires after a speech in Houston.
The companies "have visited me at the embassy and expressed that interest," while "waiting for things to be put in place," he said.
The passage of a new investment law in the next two or three weeks and a new hydrocarbons law "within this year" will create the right conditions for major U.S. investments, he said.
U.S. oil companies are "already building up their relationship with the ministry of oil" and providing training to Iraqi technicians, said Sumaida'ie, who added that he would meet with Exxon Mobil Corp. (XOM) executives on Monday.
The Iraqi oil sector has suffered from the turmoil that has submerged the country since a U.S.-led coalition overthrew Saddam Hussein's regime in 2003. Violence and the lack of a federal petroleum law has kept foreign companies at bay.
But oil majors are reportedly discussing investments in the Iraqi Kurdistan, where the security situation is better than in other areas, the region's oil minister said recently.
Baghdad, however, has long held that deals not approved by the federal government are null.
In the speech Monday, which was hosted by the Bilateral U.S.-Arab Chamber of Commerce, Sumaida'ie advised oil executives to "get a foot in the door" in the areas that are currently safe, and "work your way outward."
The benefits of oil, however, belong to the entirety of the Iraqi people, he pointed out. Revenues will be allocated according to the regions' needs.
Any reconstruction efforts would be impeded by a U.S. retreat from Iraq, Sumaida'ie said. A withdrawal "would create a security vacuum" and "would suck in regional powers," he said.
-Contact: 201-938-5400

GOOD INFORMATION.....LINK


http://www.marketwatch.com/News/Stor...93C6DFE654F%7D