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

Originally Posted by cigarman

This may shock you.

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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.

The Import Export Bank

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"Here are some quotes and summaries from the finely created book by Becker & McClenahan, two experts on the Exim Bank, about the EXPORT IMPORT BANK, 1934-2000, published by Cambridge Books in 2000.

* 1938 -- ITT, International Telephone and Telegraph, became a big part of Exim Bank and got yet another $10 million loan to provide phone lines to nearly all the South American countries that requested them, since they [ITT] controlled all the telecommunications knowhow at the time. ITT controlled and owned the phone lines and the connecting brain centers for North and South America at this time, as well as for half of Mexico, all of Romania, Shanghai, and many many other nations.

* Exim Bank's role in WW2 was massive and no one could have foretold then such a development would have emerged befo*****d! This convenient development led to Exim Bank playing a major leading role in the MARSHALL PLAN for the Reconstruction of many parts of Europe after we had bombed it [we did not loan money to build up bombed and ransacked Russian cities on any near comparable scale].

1940 -- Exim Bank makes a $40 million loan to China.
1945 -- Exim becomes a part of the Federal Loan Agency. The Chairman of the Federal Reserve is even beholden to them.
1984 -- many satellite deals for Intelsat with loans from Exim continue on and on. Westinghouse and General Electric are perhaps traditionally the two biggest beneficiaires of Exim Bank, besides the DoD.
1991 -- the Foreign Credit Insurance Association, aka FCIA [aka the Great American Insurance Company], spins off the FCIAM, the "privatized" version of the FCIA.
Credit Insurance Applications and Related Business Forms - Global Commercial Credit

Who are the two biggest 'front men' agencies for the Exim deals and who in addition benefit the most from Exim, besides the arms dealers and manufacturers, and their software jockeys?? "

The link HOW OUR U.S. TREASURY WAS ROBBED

"Foley is in Amman as part of a three-nation trip to Jordan, Iraq, and Kuwait to advance Ex-Im Bank's efforts to support Iraqi reconstruction. During the trip, she is to meet with Iraqi, Middle Eastern, and Western business, financial, and government leaders.

Ex-Im Bank's Trade Bank facility, which became operational last month, utilizes two forms of short-term insurance: Bank Letter of Credit Insurance Policies: Ex-Im Bank will insure letters of credit issued by the Trade Bank and confirmed by a commercial bank. This provides comprehensive coverage to the confirming bank against the failure of the Trade Bank to pay the confirming bank under an irrevocable letter of credit. Financial Institution Buyer Credit Insurance Policies: Ex-Im Bank will provide comprehensive coverage on short-term credits extended to the Trade Bank by an insured bank."

The Link Export-Import Bank To Support Iraqi Reconstruction




Key Points
"Although little known outside corporate circles, Eximbank is a major instrument of U.S. foreign policy.
While many elements of the government have suffered cutbacks, Eximbank has expanded. Bank exposure rose from $12 billion in 1980 to $53 billion in 1995.
Most Eximbank financing backs the exports of large transnational corporations like Boeing, GE, and Westinghouse. Small businesses account for only 12-15% of Eximbank's total financing.
The Export-Import Bank (Eximbank) is an “independent,” wholly owned government corporation that assists U.S. corporations with financing exports of U.S. goods and services. In 1934 the U.S. Congress established Eximbank to increase employment in the export sector.

Although little known outside corporate circles, Eximbank is a major instrument of U.S. foreign policy. The executive branch frequently employs Eximbank financing to reward countries that adopt policies serving U.S. political and economic interests."

"Although often justified as a component of U.S. foreign aid, Eximbank financing is primarily a subsidy offered to U.S. corporate exporters. Most of this financing backs the exports of large transnational corporations (TNCs), including Boeing, General Electric, and Westinghouse (See In Focus: Controlling TNCs). Air transport is Eximbank’s leading industrial sector, closely followed by oil and gas extraction and power generation. More than 50 percent of Eximbank’s long-term loan guarantees are for the aviation industry. Small businesses in the U.S. receive only 12-15 percent of the Eximbank’s total financing."

The link Foreign Policy In Focus | Policy Brief | Targeting Eximbank Subsidies

"In the short term, through the Development Fund and the Export-Import Bank programs, the Iraqi peoples’ oil will finance U.S. corporate entrees into Iraq. In the long term, Executive Order 13303 protects anything those corporations do to seize control of Iraq’s oil, from the point of production to the gas pump - and places oil companies above the rule of law."

The link Protecting U.S. Oil Interests in Iraq.

As you can see the Export Import bank serves only the interest of the big transnational corporations such as Haliburton , Ge, Exxon Mobil, Bp , Boeing, Carlye Group, Etc. These handful of men dont care weather some one dies or not as it is seen in Iraq on a daily basis, all they care about is money. They want to arm the country of Iraq and drag out the war as long as possible so that they can get Iraq so far indebt thru the World Bank and IMF that they will have to mortgage thier oil reserves in order to rebuild thier country using transnational companies that they have stakes in. Once they Mortgage thier Oil reserve they have effectively Gain control of Iraqs resources. Unreal isnt it.
The export import bank acts as a Revolving Credit line for Iraq to the reconstruction done by Transnational companies. No wonder all the Oil companies are clamoring to get into Iraq.

Iraq to lose up to US $194 billion in oil "rip-off"

Control of Iraq's future oil wealth is being handed to multinational oil companies through long-term contracts that will cost Iraq hundreds of billions of dollars, according to a new report published today.

Crude designs: the rip off of Iraq’s oil wealth, reveals that current Iraqi oil policy will allocate the development of at least 64 per cent of Iraq’s reserves to foreign oil companies. Iraq has the world’s third largest oil reserves.

Figures published in the report for the first time show:

the estimated cost to Iraq over the life of the new oil contracts is US $74 to US $194 billion, compared with leaving oil development in public hands. These sums represent between two and seven times the current Iraqi state budget.
the contracts would guarantee massive profits to foreign companies, with rates of return of 42 per cent to 162 per cent.
The kinds of contracts that will provide these returns are known as production sharing agreements (PSAs). PSAs have been heavily promoted by the US government and oil majors and have the backing of senior figures in the Iraqi Oil Ministry. Britain has also encouraged Iraq to open its oil fields to foreign investment.

PSAs have been metioned in other articles concerning some of the agreements with Iraq on thier Oil.

The Link Iraq to lose up to US $194 billion in oil "rip-off"

The GOI of Iraq wants control of the DFI by December 31,2006.

http://www.iamb.info/pdf/iraq_confirm.pdf

I know this has probably been posted on the forum and I am sorry if this is a duplicate but when they do this the GOI will be on Thier Own as far as controlling thier Money. The International Compact and the Hydrocarbon Law as well as the Forigen Investment law will all have to active when this happens. At this point they will substantially increase the Exchange rate of the dinar because it will be Internationally supported by the world largest economies. Are you reading this DAVE DINAR. They are removing large quantities of Dinar to get ready for a Large revalue. The larger the revalue the more indebted Iraq will become an therefore cause them continue Mortgaging their Oil to pay back the reserves that were used. I really dont think Iraq wants a higher revalue I think the lenders will require it.

AS FAR AS PRIOR DEBT REDUCTION BY THE PARIS CLUB AND OTHERS THE CREDIT HOLDERS COULD NOT HOLD A OCCUPPIED COUNTRY RESPONSIBLE FOR THE DEBTS OF A DETHRONE DICTATOR. THEY HAD TO HAVE A SOVERIGN GOVERMENT TO HOLD ACCOUNTABLE. IT WAS IN ALL THESE COUNTRIES BENEFIT TO RELIEVE DEBT BY WRITING IT OF BY SETTING BENCHMARKS FOR IRAQ TO ACCOMPLISH IN CERTAIN TIME PERIODS TO ACCOMPLISH. IN THIS PROCESS THEY ARE GOING TO FORGIVE BILLIONS OF DOLLARS AND LOOK GOOD IN THE INTETRNATIONAL COMMUNITIES EYES. HOWEVER THEY ARE GOING TO REAP TRILLIONS OF DOLLARS IN THE FUTURE
BY TAXES, EXCHANGES OF CURRENCY, ANOTHER CENTRAL BANK TO HOLD DOLLARS, AND MOST OF ALL SOME CONTROL OVER IRAQS OIL.

I expect to see a large revalue of a $1 or more because of the International Support. Dont forget that every country involved with the International Compact has a Stabilization fund to stabilize currencies. I hope I have hepled someone to realize what is going on.

Paynes1

The rest of it.

I expect to see a large revalue of a $1 or more because of the International Support. Dont forget that every country involved with the International Compact has a Stabilization fund to stabilize currencies. I hope I have hepled someone to realize what is going on.

Paynes1

Well, as on top of things that you are, I think i'll believe your at least 1 dollar quote. lol. I truely value your comments because they are backed up with facts. Do you have a guestamated date?

Originally Posted by Vipor

My coworker just told me he picked up his NID from Chase. A nice large stack of 1K notes.

Wow a stack of 1K notes? I only get 25K notes when I order from Scotiabank here. Hmmm...maybe I should try and place another order tomorrow asking for lower denoms again and see what they come up with this time!

Originally Posted by cigarman

I expect to see a large revalue of a $1 or more because of the International Support. Dont forget that every country involved with the International Compact has a Stabilization fund to stabilize currencies. I hope I have hepled someone to realize what is going on.

Paynes1

Well, as on top of things that you are, I think i'll believe your at least 1 dollar quote. lol. I truely value your comments because they are backed up with facts. Do you have a guestamated date?

I do not know when they will revalue thier currency all I have been doing is proving how they could do it. I follow this forum religiously to because there is alot of hard research that points to a revalue as soon as the stars align and allow these three things to happen. 1. The International Compact is Implemented 2. The fil is implememted 3. The hydrocarbon law implemented.

Thats the ticket.

Originally Posted by neno

Ok, After trying eyes and serious thought (and 100's of Complaints). I believe it is best to raise the Standards of Posting in this Thread NOW!!!!! From here on out any Post that is not with in the Topic and is less then 50 plus Words, it will be moved to either Archive or the Crazy threads. And I or the other Mods will Only move so many times. Thanks to all you posters, but put more effort into your post. I Thank you all for your Input and Comments. But I feel this needs to be done NOW as Hopfully we are Closing In. if you just want to go Off Topic and just Post to be Posting, Please Utilize the other Threads from here on out. And use the Thanks Button instead of these 1 and 5 word post.

37 Post Today. Moved to Crazy Thread.

Originally Posted by wellwishes

Michael16 numbers are actually low....

In early November 2006 the CBI and I believe USAID released a report stating that from August 2006 til October 19, 2006, the amount of IQD in circulation went from just under 20 trillion to just over 14 trillion. They released this report during the time everyone was focusing on the Iraq media blitz regarding the FIL, HCL, Compact, Debt relief and security. Good Karma or "GK" has also mentioned this report and I believe posted the link in the Rolclub history thread.

The CBI removed over 5 trillion IQD in 3 months, from right under our noses, just as a few have suggested. Since Oct 19th, they have removed, at least, 2 trillion more IQD...Probably more if you include these mysterious Securities auctions that appear on and off the CBI site, but clearly remove chunks of IQD. I believe H2O or Susie mentioned a few of these additional auctions that appear, sometimes weeks after the fact. I only noticed them in October and I find it strange we cannot access most of the details of October in the CBI's history. Something significant happened in October.

Some tend to dispute whether the CBI is removing significant amounts of IQD from circulation, even though they have repeatedly stated their policy to do so. However, this report is fact, so at the very least, over 5 trillion has been removed over a 3 month period.

I believe, like a few others, the CBI has approximately 10 trillion in it's coffers. From what is "known" I count over 7 trillion and I strongly suspect there is alot of removal we do not know about. Also, they have stated they are not printing more currency. This means, either the CBI has the lower denominations or the banks already have them. If the CBI has them, we can add several more trillion to what is in their coffers.

Regardless, they have over 7 trillion. But I believe the CBI has accomplished a goal of having 1 IQD in their control for every 1 IQD in circulation. Thus they can revalue at whatever rate they choose without a drop of oil needed for support.

I know this is my first post...Wanted to wait until after the reval. I have been lurking the various forums for over a year now. With all the doubts about removal of currency, I just wanted to mention this report I felt was too significant to overlook.

Best regards to everyone.

If this your first post, then welcome. Your information causes us old dogs to sit back and think. Please join us more often and keep up the impressive work. Thank You.

December 14, 2006



Iraqi parliament to make absent legislators pay heavily



By Santa Michael

VOI



Baghdad, Dec 14 – Weary of repeated absence of its members and canceling sessions for lack of quorum, the Iraqi parliament decided to deduct 500,000 dinars (about $340) from the monthly allocations of legislators for each day of absence without a valid excuse.



Each Iraqi parliamentarian gets a total of 17 million dinars monthly.



The parliament also threatened to publish the names of the often-absent members in the media.



“Realizing the danger of this phenomenon as is hampers the House of Representatives in carrying out its duties, the presidency of the House decided to deduct the amount of half a million dinars from frequent absentees,” Mohannad Jabbar, head of the parliament media office, told the independent news agency Voices of Iraq (VOI) by telephone on Thursday.



The House of Representatives has failed to hold its 59th session for fives times during the last two weeks for lack of quorum. The legal quorum is half the members plus one meaning that at least 138 members should be present to hold a formal session out of the total is 275 members.



The House presidency would freeze the money allocations of frequent absentees, publish their names in newspapers and other media and urge their parties to hold them accountable.



Last week, Shiite cleric Ayatollah Muhammad al-Yaaqoubi issued a fatwa prohibiting members of the Iraqi parliament from performing the annual hajj (pilgrimage) rituals this year to avoid adjourning parliamentary sessions.

Originally Posted by postcon

Totally agree with you. I did state the same theory last week. Of course, when you write something that people don't want to hear, then it's straight to attack mode. I wish for this RV to happen NOW. I've got some serious financial issues myself and a RV would relieve me from a lot of problems. However, I would prefer to be realistic about the RV and do believe that this slow trickle down in the dinar rate is probably a ploy to adhere to the IMF guidelines of 1345 by the year. This target rate also fits in with recent statements by officials claiming that the dinar will increase in value by 10% and 13%.

This ploy of shaving off 2 or 3 dinars a day i.e., approx 15 a week is totally meaningless given the pressing economic situation in Iraq. They have ample reserves to support a higher value. The question is : why are they not going for a bold adjustment? Why do they seem hellbent on meaningless deductions of 2 to 3 dinars a dady? There must an underlying reason for this.

It's a trial run at the real thing. They want to carefully measure all the financial impacts of increasing the value. The best way to do that is make slow adjustments. You are correct in that they have $15 Billion in reserves and with a 25% reserve coverage requirement they could make one quick move to 800 IQD to 1 USD. More likely they will move into that range at the slow pace. Keep in mind merchant prices will be easier to monitor and move at a slower pace than a "shock" one huge move. Also keep in mind the Iraqis neighbors have to adjust their prices and return expectations as the IQD moves up. This is a complex issue, not something that we should want them to rush. Getting it done right is better than fumbling it fast. Isn't slow growth better than NO growth???

I thought I would post the auction results off of the CBI website for October to see if there is a mystery here that the CBI didn't want seen. I did notice
that on several occassions the dinar went up instead of down. I don't recall that happening, does anyone else? Anyway heres the mysterious October Auction from the site.

C.B.I. FOREIGN EXCHANGE AUCTIONS

Date Market Price Auction Price Volume
1-OC 1,486 1,472 56,415
2-OC 1,485 1,472 57,010
3-OC 1,485 1,473 44,875
4-OC 1,486 1,473 49,575
5-OC 1,486 1,472 45,890
6-OC NO AUCTION 0 0
7-OC NO AUCTION 0 0
8-OC 1,487 1,473 74,365
9-OC 1,486 1,472 69,980
10-OC 1,485 1,471 53,010
11-OC 1,484 1,471 53,505
12-OC 1,484 1,470 58,810
13-OC NO AUCTION 0 0
14-OC NO AUCTION 0 0
15-OC 1,484 1,470 43,435
16-OC 1,483 1,470 43,800
17-OC 1,483 1,470 54,420
18-OC 1,483 1,470 50,515
19-OC 1,485 1,470 45,915
20-OC NO AUCTION 0 0
21-OC NO AUCTION 0 0
22-OC 1,489 1,473 50,220
23-OC NO AUCTION 0 0
24-OC NO AUCTION 0 0
25-OC NO AUCTION 0 0
26-OC NO AUCTION 0 0
27-OC NO AUCTION 0 0
28-OC NO AUCTION 0 0
29-OC 1,489 1,471 61,420
30-OC 1,484 1,470 82,560
31-OC 1,484 1,470 80,365

Cheers!
DayDream

treatment plant offers employment opportunities in Iraq


The Gulf Region South (GRS) District of the U.S. Army Corps of Engineers (USACE) Gulf Region Division (GRD) is building a multi-million dollar water treatment plant in Nasiriyah.

The plant – designed to serve more than 500,000 people in the Dhi Qar communities of Nasiriyah, Suq Ash Sheuk, al-Diwaya, al-Shatra and al-Gharraf – is a "world-class facility," Lt. Col. Dale Johnson, Adder area engineer, said, "and the largest water treatment facility in Iraq."
"The project contractor, Fluor-AMEC (LLC) has worked for 26 months without an on-site work accident – that is 4.5 million man hours without a recordable lost work-day accident," Johnson said. "Now we are looking for people to fill the technical employment positions."

The Ministries of Municipalities and Public Works (MMPW) will own the water treatment facility and is recruiting for employment at the plant. Fluor-AMEC, according to the terms of its contract, must provide three months of training for operators and plant staff on all levels, according to Ken Dorr, GRD Project Contracting Office water sector program manager.

"Training for the position is a 30-day block and people interested in employment must attend all 30 days to be eligible for employment," Dorr said. "The positions are for plant operators, the plant manager, maintenance crew, software technicians and laborers."

Fluor-AMEC has successfully held the training in other parts of Iraq, Dorr said, because of support from the local governate.

"This training is classroom and hands-on. We have a three-month operations and maintenance period so that when we are done and the commissioning is complete, we have Fluor technicians working there doing on-the-job training with the local work force."

Johnson added that the training classes at the plant are a "perfect opportunity for Iraqis who have a technical background – in biology or engineering for example – or someone who has a degree to go out, learn a skill and function as a professional."

An Iraqi engineer who works for GRS noted that working at the water treatment facility offers inexperienced engineers an excellent place to begin their careers, and that these kinds of positions are important because they offer skill development.

"The engineering students from the school in Nasiriyah often do internships in the summer, fixing pumps or working on oil generators. But this is an opportunity for a permanent job. And they receive a stipend to attend the training – this only encourages the beginning engineers."

He underscored the need for training, not only in the engineering profession, but also for Iraq's businessmen and potential project managers.

Source: Portal Iraq




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Posted on Thursday, December 14