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

Originally Posted by cathyb

Could the CBI simply be waiting for the start of a new fiscal year .... JANUARY 1, 2007 before they rv??

BINGO!!!!!!

Originally Posted by cathyb

Could the CBI simply be waiting for the start of a new fiscal year .... JANUARY 1, 2007 before they rv??

Do you know if their 2006 budget officially ends tomorrow?

Originally Posted by worf

As Mike would say, interesting.

I can't say for sure but it would appear to me that they are going to continue "dribbling dinars" for the rest of the year until they get close to their magic number of 1350 or whatever it was. Before some of you start in attack mode, this isn't what I want or prefer, it just appears to me what is happening currently. I am no economist nor does it make any sense to me why they keep dribbling dinars while their economy, heck their entire country is on the brink of disaster, it appears to me to be financial suicide.

"If its broke then you need to fix it"

It has been said that removing dinars from the economy and raising interest rates will reduce inflation. Well if the dinaraholics are right and the cbi have been removing dinars since either last summer or early fall plus the fact they have raised interest rates again to 16% and still the "reported" interest rate is the highest it has ever been, it should be painfully obvious to them their plan is not working.

It reminds me of the guy that keeps hitting his hand over and over again with the hammer and then complains about his hand hurting. If you don't want your hand to hurt, quit hitting it with the hammer! If iraq wants to stop inflation and actually reverse it, then they need to act aggressively in a bold decisive way.... r/v in a bold way... raise the dinar exchange rate to at least the Saddam (actual not reported)/yazzman (Saddam black market) level.

Can you imagine the riots and blood shed in American streets if the govt all of a sudden devalued the dollar by 30,000% overnight!!!??? The blood would flow like a river in the main streets in America. If the average American's 401k was reduced to pennies instead of hundreds of thousands of dollars overnight, the people would freak out and not stand for it. Yet in Iraq, the cbi evidentally in collaberation with the IMF, World Bank etc. continue to artifically hold down the dinar's true exchange rate by tens of thousands percent and then have the guts to say "Inflation is out of control and we need to do something about it". This isn't rocket science here. Just adjust the rate to it's actual worth (or at least .30 on the dollar to start), open the flood gates for foreign investment, quit facking around, and get out of the way! Things will take care of themselves with out the unfair, painful, artifical manipulations from the cbi. Water tends to seek its own level if not artifically tampered with. I think the dinar would do the same if left somewhat alone.

Now I can understand some sort of reasonable dinar peg for the first 3 - 6 months then allow the dinar to move up where it needs to. Dinaritize the oil, the gold and reserves. Adjust it to at least .30 usd, open the flood gates for foreign investment, and allow the market to work it's magic. It is a win win situation for the Iraqis and the foreign investment companies. IMO

So eventhough I think the above scenario would work, I fear the cbi is too timid to do what is really needed at least in the next couple of weeks. It would appear to me that they are going to continue to dribble out dinar and complain about inflation until sometime next year. When they see their country being feasted upon by the foreigners with all of their money, then they might act. This is what appears to me to be what is happening currently.

This isn't what I want to happen.
What I want to happen is a big fat r/v by this weekend!!!

worf

PS "the return of normal circulation" = adjust dinar to the current market (1350 - 1400 dinar = 1 usd) and ease off the aggressive removal of dinars and see what happens. If this is what they intend to do, it will fail miserably and they will continue to lose ground in their battle against inflation IMO

"offical exchange rate to be equal with market rate" = adjust rate as mentioned above. I like everyone else here would love it to mean that they are going to adjust it to the stated rate in 2004 but honestly I don't think that is what they are saying, (darn it!) At least not yet....

I believe Susie and/or Willima commented on this yesterday, (I think) and I agreed with their assessment that, since the "local market" (consider this the 'black market') was buying the dinar from locals and then exchanging it at the bank for a greater value, thus making a "local market" profit, this is what is actually being referred to in this particular quote by an 'official'...isn't it? Seems we sometimes take a snippit of a quote we want to comment on (just like I'm doing here!) so as to build our case and, like the old game 'telephone' at the end of the line the message has changed dramatically.

I too really want to believe that a huge RV is just hours/days away...I practically need guy wires now to keep me from bumping my head against the ceiling....so I won't use a big 'but' here...Instead, let me posit this: what entity/who continues to gain any advantage at all by this delay? There HAS to be a bigger picture that we are just not yet privilege to...someone/something who is able to view this whole play on a stratospheric level and who is constantly weighing all options is making these decisions and when it is revealed who/what this is, we are probably all gonna sit back and say: "ohhhhhh! Shoulda seen that one comin'!!!" I'm sincerely asking because I just don't know: who/what gains?

Is there any possibility that the fiscal year-end means that it would just be simpler to separate and to remember the date of the re-val for accounting purposes? Naw! Too simple!

It must be gettin' close to party time: I drink rarely, but last night I had a Margarita!

Originally Posted by postcon

Didn't someone state that the fiscal year starts on Dec 15th? Or is it Jan 1st? Either way, no one has a clue when it comes to the behaviour of the CBI!

Fiscal is January 1st/ Calendar year. I posted it the other day, here again


https://www.cia.gov/cia/publications...k/geos/iz.html

This entry identifies the beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).

Originally Posted by Big Beaut

[/COLOR][/INDENT]

I believe Susie and/or Willima commented on this yesterday, (I think) and I agreed with their assessment that, since the "local market" (consider this the 'black market') was buying the dinar from locals and then exchanging it at the bank for a greater value, thus making a "local market" profit, this is what is actually being referred to in this particular quote by an 'official'...isn't it? Seems we sometimes take a snippit of a quote we want to comment on (just like I'm doing here!) so as to build our case and, like the old game 'telephone' at the end of the line the message has changed dramatically.

I too really want to believe that a huge RV is just hours/days away...I practically need guy wires now to keep me from bumping my head against the ceiling....so I won't use a big 'but' here...Instead, let me posit this: what entity/who continues to gain any advantage at all by this delay? There HAS to be a bigger picture that we are just not yet privilege to...someone/something who is able to view this whole play on a stratospheric level and who is constantly weighing all options is making these decisions and when it is revealed who/what this is, we are probably all gonna sit back and say: "ohhhhhh! Shoulda seen that one comin'!!!" I'm sincerely asking because I just don't know: who/what gains?

Is there any possibility that the fiscal year-end means that it would just be simpler to separate and to remember the date of the re-val for accounting purposes? Naw! Too simple!

It must be gettin' close to party time: I drink rarely, but last night I had a Margarita!

I agree with you someone or something is gaining by the delays. It could be as simple as debt releif or something so hidden as the US companies in country right now that would be displaced when the flood gates open and the world comes in. We all assume its iraq holding up the RV but what if its the US and Bush ? Does he have ties to the company(s) that are in make gains now ? Just food for thought is all ... I am heading for cover now

This may shock you.

--------------------------------------------------------------------------------

Mortgaging Iraq's Oil
"Already in the works by this time, was a plan developed by Halliburton, Bechtel and others, to mortgage future Iraqi oil revenues to pay for their reconstruction contracts. The plan, contained in a U.S. Export-Import Bank memorandum dated May 28, is that the Ex-Im Bank or another facility would issue bonds secured by future oil revenues, and use the proceeds of the bonds to pay for reconstruction contracts, i.e. to pay Halliburton and Bechtel. The June 19 Wall Street Journal reported that the plan "has the enthusiastic endorsement" of Halliburton and Bechtel, who are also operating through the "Coalition for Employment Through Exports." This was also confirmed to EIR by sources at the Ex-Im Bank."

"The oil-revenue grab was outlined in the Ex-In Bank's May 28 memorandum "Financing the Reconstruction of Iraq." Under the caption "Securitizing Future Oil Revenues," it noted that, under UN Resolution 1483, some 95% of Iraqi oil and gas revenues are to be deposited into the Development Fund for Iraq, and that there will be many competing demands on these revenues. If investments are made to upgrade Iraqi oil industry facilities, estimated oil revenues could reach $10-15 billion a year, so the question is, how to seize these funds—in advance—for the contractors who will do the reconstruction? The mechanism proposed, is "securitization," issuing bonds against the anticipated future revenues. According to one account, this would be managed through an "Iraq Reconstruction Finance Authority."

Yet, there were still a few flies in the ointment, namely legal ones. There was the question of the existing contracts between Iraq and foreign oil companies, largely European and including Russia. Then there was the even bigger question, of who has the authority to void the old contracts, and enter into new contracts? Traditionally, only a recognized, sovereign government can do so."

Immunizing the Oil Grab
What they came up with, was a sweeping scheme to fence off the revenues from any legal action or seizure. This was done in two steps:

UN Resolution 1483, drafted by the United States, provided immunity from legal process for the revenues from oil sales deposited in the Development Fund. Specifically this protects the funds from claims by creditors or those with claims against the previous Iraq regime.


On May 22, the same day that Resolution 1483 was adopted by the UN Security Council, President Bush signed Executive Order 13303, which gives U.S. oil companies and contractors blanket immunity from any liability or claims arising from anything to do with Iraqi oil. The EO was published in the Federal Register on May 28, and went unnoticed for weeks. The EO is entitled "Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest." In it, President Bush declares that "the threat of attachment or other judicial process" against the "Development Fund for Iraq, Iraqi petroleum and petroleum products, and interest therein, and proceeds, obligations, and any financial instruments of any nature whatsoever" related to the sale or marketing of such petroleum or petroleum products, "constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States," such that Bush even felt bound to declare "a national emergency" to deal with this threat!

Many observers were simply bowled over by the sweeping nature of this declaration. Oil companies, etc. are given immunity for anything relating to Iraqi oil and the revenues derived therefrom.

Said a spokesman for another watchdog group, the Goverment Accountability Project (GAP): "In terms of legal liability, the Executive Order cancels the concept of corporate accountability and abandons the rule of law." GAP accurately describes it as "a license for corporations to loot Iraq and its citizens."

Meanwhile, on June 24, Representative Waxman had sent a letter to the U.S. Army Corps of Engineers—which oversees private contractors—asking for information about "U.S. plans to mortgage Iraq's oil to pay for contracts with private companies like Halliburton and Bechtel."

Waxman wrote, "For many months, opponents of the war in Iraq have been arguing that the real purpose of the war was to obtain control for the United States over the vast oil fields of Iraq. In response, the Administration has consistently said that Iraqi oil belongs to the Iraqi people."

the link Cheney's Carpetbaggers: Looking for the Loot at the End of the Tunnel

Here is list of Independent agencies or commissons that operate in the United States. The Federal reserve, the World Bank, the Imf, the International Bank for Reconstruction and develpoment, The treasury, and the Import Export Bank and have the status of International Immunity.

Federal Agencies & Commissions

Now that we have the players nailed down in this scheme let us investigate what is happening. The fed prints money and puts into circulation we earn it at our respective jobs and then are taxed on it and it is deposited directley into the Federal Reserve System and is making a small number of people wealthy ex Jp Morgan , Chase, lehman brothers ETC.
The reason they have become even wealthier is because of the fact of the US dollar is the worlds reserve currency and any country that wants to buy oil has to do so in Us dollars. That makes every central bank in the world hold United States Dollars. Therefore, every currency in the world will be charged a exchange fee to buy a US Dollar. Can you see why some Godless people might want to start a war to Protect thier Interest of printing money out of nothing, taxing all of us to death, and collecting additional revenue the exchange fees. No wonder Jesus was so harsh with the money changers in the temple that he over turned the tables called them a den of thieves.
Anyway we have established one fact that the world economy is dominated by a few super elite people that make a fortune of of peoples bad luck.
These super Elite have been causing depressions and wars for decades and it has all been about the control of money and keeping those around them in thier circle in the money so they can infleunce laws in our congress and in other countries to further thier agenda.
The Export Import bank which was used in the marshall plan is a key to how they will pull this caper off.

More to come today.

Originally Posted by postcon

Any hindrance to economic progress is a direct result of political inefficiency. I say this because Iraq is sitting on a pot of gold, which it refuses to utilise to further economic progress and aid prosperity for the entire nation. Wrangling amongst the politicians who actually bother to turn up in Parliament has stalled progress. It just doesn't make sense why it hasn't RV yet. It's like having the winning lottery ticket but refusing to cash it in!

I realize the Iraqi parlament is like the Keystone Cops on speed, but I (being a conspiracy theorist by nature) think some one with a lot more brains is calling the shots offshore, behind the scenes. I just don't get their angle. If Iraq passes all the laws and opens up their oil fields, and their stock market, then the shadow people stand to make a lot of money. I doubt if it is in their interest to have Iraq fail when they have come this far.... but then again I am not a shadow person.

If you are not a conspiracy theorist, can you explain logically and factually how they can continually miss the obvious solution time after time? Incompentance, political inefficency you say? They must be trying for a world record!!!

worf

Originally Posted by cigarman

This may shock you.

--------------------------------------------------------------------------------

Mortgaging Iraq's Oil
"Already in the works by this time, was a plan developed by Halliburton, Bechtel and others, to mortgage future Iraqi oil revenues to pay for their reconstruction contracts. The plan, contained in a U.S. Export-Import Bank memorandum dated May 28, is that the Ex-Im Bank or another facility would issue bonds secured by future oil revenues, and use the proceeds of the bonds to pay for reconstruction contracts, i.e. to pay Halliburton and Bechtel. The June 19 Wall Street Journal reported that the plan "has the enthusiastic endorsement" of Halliburton and Bechtel, who are also operating through the "Coalition for Employment Through Exports." This was also confirmed to EIR by sources at the Ex-Im Bank."

"The oil-revenue grab was outlined in the Ex-In Bank's May 28 memorandum "Financing the Reconstruction of Iraq." Under the caption "Securitizing Future Oil Revenues," it noted that, under UN Resolution 1483, some 95% of Iraqi oil and gas revenues are to be deposited into the Development Fund for Iraq, and that there will be many competing demands on these revenues. If investments are made to upgrade Iraqi oil industry facilities, estimated oil revenues could reach $10-15 billion a year, so the question is, how to seize these funds—in advance—for the contractors who will do the reconstruction? The mechanism proposed, is "securitization," issuing bonds against the anticipated future revenues. According to one account, this would be managed through an "Iraq Reconstruction Finance Authority."

Yet, there were still a few flies in the ointment, namely legal ones. There was the question of the existing contracts between Iraq and foreign oil companies, largely European and including Russia. Then there was the even bigger question, of who has the authority to void the old contracts, and enter into new contracts? Traditionally, only a recognized, sovereign government can do so."

Immunizing the Oil Grab
What they came up with, was a sweeping scheme to fence off the revenues from any legal action or seizure. This was done in two steps:

UN Resolution 1483, drafted by the United States, provided immunity from legal process for the revenues from oil sales deposited in the Development Fund. Specifically this protects the funds from claims by creditors or those with claims against the previous Iraq regime.


On May 22, the same day that Resolution 1483 was adopted by the UN Security Council, President Bush signed Executive Order 13303, which gives U.S. oil companies and contractors blanket immunity from any liability or claims arising from anything to do with Iraqi oil. The EO was published in the Federal Register on May 28, and went unnoticed for weeks. The EO is entitled "Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest." In it, President Bush declares that "the threat of attachment or other judicial process" against the "Development Fund for Iraq, Iraqi petroleum and petroleum products, and interest therein, and proceeds, obligations, and any financial instruments of any nature whatsoever" related to the sale or marketing of such petroleum or petroleum products, "constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States," such that Bush even felt bound to declare "a national emergency" to deal with this threat!

Many observers were simply bowled over by the sweeping nature of this declaration. Oil companies, etc. are given immunity for anything relating to Iraqi oil and the revenues derived therefrom.

Said a spokesman for another watchdog group, the Goverment Accountability Project (GAP): "In terms of legal liability, the Executive Order cancels the concept of corporate accountability and abandons the rule of law." GAP accurately describes it as "a license for corporations to loot Iraq and its citizens."

Meanwhile, on June 24, Representative Waxman had sent a letter to the U.S. Army Corps of Engineers—which oversees private contractors—asking for information about "U.S. plans to mortgage Iraq's oil to pay for contracts with private companies like Halliburton and Bechtel."

Waxman wrote, "For many months, opponents of the war in Iraq have been arguing that the real purpose of the war was to obtain control for the United States over the vast oil fields of Iraq. In response, the Administration has consistently said that Iraqi oil belongs to the Iraqi people."

the link Cheney's Carpetbaggers: Looking for the Loot at the End of the Tunnel

Here is list of Independent agencies or commissons that operate in the United States. The Federal reserve, the World Bank, the Imf, the International Bank for Reconstruction and develpoment, The treasury, and the Import Export Bank and have the status of International Immunity.

Federal Agencies & Commissions

Now that we have the players nailed down in this scheme let us investigate what is happening. The fed prints money and puts into circulation we earn it at our respective jobs and then are taxed on it and it is deposited directley into the Federal Reserve System and is making a small number of people wealthy ex Jp Morgan , Chase, lehman brothers ETC.
The reason they have become even wealthier is because of the fact of the US dollar is the worlds reserve currency and any country that wants to buy oil has to do so in Us dollars. That makes every central bank in the world hold United States Dollars. Therefore, every currency in the world will be charged a exchange fee to buy a US Dollar. Can you see why some Godless people might want to start a war to Protect thier Interest of printing money out of nothing, taxing all of us to death, and collecting additional revenue the exchange fees. No wonder Jesus was so harsh with the money changers in the temple that he over turned the tables called them a den of thieves.
Anyway we have established one fact that the world economy is dominated by a few super elite people that make a fortune of of peoples bad luck.
These super Elite have been causing depressions and wars for decades and it has all been about the control of money and keeping those around them in thier circle in the money so they can infleunce laws in our congress and in other countries to further thier agenda.
The Export Import bank which was used in the marshall plan is a key to how they will pull this caper off.

More to come today.

Cigarman are you reading my thoughts - I'm at the Ex-In Bank's website reading anything that maybe new for iraq right now

NEW PDF FILE THAT I JUST FOUND HMMMMM

INTERNATIONAL COMPACT WITH IRAQ
TERMS OF REFERENCE
Executive Committee
[ADOPTED by Executive Committee – 3 Sep 2006]
Co-chaired by the Government of Iraq (GOI) and the United Nations, the Executive Committee will:
• Work from Iraq National Development Strategy (NDS)’s key economic priorities (which will include consideration of key sectors), to help the GOI to develop reforms and commitments (within the National Development Strategy) that address specific priorities or key sectors.
• Develop from these strategies specific action and investment plans that will highlight reform and restructuring actions and investment plans for the priority sectors. These will be designed to take Iraq towards financial self-sufficiency with wider economic base, and will be detailed against a medium term fiscal framework and timeline for implementation.

• Interact with Government’s Sector Working Groups, chaired by the relevant line Minister, in the preparation of policy, strategy, action and investment plans particular to that sector.

• Identify areas of required donor/international assistance. These will include both technical assistance in the implementation of reform, restructuring and key policy initiatives, and financial assistance where Iraq has made a clear commitment to reform.

• Develop a framework of commitments, both on behalf of the Government and the international community, which will enable the government to work towards economic targets set up in accordance to the reform, restructuring and investment plans mentioned above.

• Develop for the approval of the Co-Chairs draft and final Resolution documents based on the commitments mentioned above.

• Develop the mechanisms by which the Compact Resolution will be implemented after the Compact conference.

1 2
INTERNATIONAL COMPACT WITH IRAQ
TERMS OF REFERENCE
Technical Committee
[ADOPTED by Executive Committee – 3 Sep 2006]
Co-chaired by the Government of Iraq and the World Bank, the Technical Committee will:
• Provide technical inputs for the development of the Compact Resolution

• Draw on the technical resources of the Government of Iraq, the World Bank, the United Nations, the International Monetary Fund, the Arab Fund for Economic and Social Development, and the Islamic Development Bank in fulfillment of its mandate.

• Establish sector and inter-ministerial working groups (where they are not already in existence under the donor coordination structure outlined in the National Development Strategy), to address key policy issues, reforms and commitments within key sectors.

• Facilitate for the Government of Iraq to access technical support from the sector and inter-ministerial working groups as well as the Preparatory Group and other Institutions

• Report on progress and achievements to the Executive Committee

Originally Posted by Inscrutable

Question on the Swiss Dinar, the exchange was 150 old Swiss Dinar to 1 NID and 1 old Saddam Dinar to 1 NID
So if a reval of $1 would happen that means in reality that the replaced Swiss was worth $150.00 to one NID and a $3 reval would make it $450.00 per dinar? Something not balanced here.

Iraq Currency Exchange

Starting on October 15th 2003 a new national currency known as the ‘new Iraqi dinar’ will begin to replace the existing currency, the ‘old dinar’, and the currency used in the North of Iraq, the ‘swiss dinar’. The new Iraqi dinar will create a single unified currency that is used throughout all of Iraq and will also make money more convenient to use in people’s everyday lives.

The currency exchange will last from October 15th 2003 to January 15th 2004. Currency can be exchanged at any time during this three month period. Locations where money can be exchanged will include banks and other official locations, for example post offices, throughout Iraq. No fees will be charged for exchanging currency.



The conversion rates for new Iraqi dinars will be as follows:



one ‘old dinar’ will be exchanged for one new Iraqi dinar;
one unit of the ‘swiss’ dinar will be exchanged for 150 new Iraqi dinars.


Bank accounts and financial contracts in Swiss dinars will also be converted at the rate of 150 new Iraqi dinars for every one Swiss dinar. Bank accounts and contracts in old Iraqi dinar will not change.


The new currency will have a larger number of denominations than the old currency, with 50, 250, 1000, 5000, 10000 and 25,000 dinar notes, making it more convenient to use. The new notes will be of higher quality and durability than those currently in circulation and include many anti-fraud features that will provide important protection against counterfeiting.



How will the exchange occur?

(1) People will come to banks with their currency

(2) Currency will be counted and its equivalent value in new currency will be paid

(3) Old currency will be promptly marked and will then be destroyed

(4) Those with bank accounts will see their balances automatically converted. Salaries will begin to be paid in the new dinar at the earliest available opportunity.

Iraq Currency Exchange


Dinar-Excited