Investigate, Question & Deliver
Thursday, Sept 6, 2012
Highlights/Summary & Replay of Conference Call
Conference Call Replay - Sept. 6, 2012
760-569-7699 Pin 769478#
Recap of the News tonight & analysis
(Listen to the recording for all of the detailed analysis of the articles discussed after each news article listed below - the following are just a few Highlights)
CBI/ECONOMY - Highlights & Recap
STRAIGHT TALKIN MIKE
Mike does a recap before the news starts as we welcome Tim back
"The Central Bank of Iraq: money laundering comes from its dollar buying dinar, not from selling the dollar"
We have people out side the country who need this legitimately - Remember lets go thru the process that happened here
About a month ago we had a surprise happening, the Central Bank shut down the money changers out on the street - what was happening is these money changers had various connections to the various people who could supply them with these dollars...say Maliki or prominent people in the Parliament who ran these money shops because they knew they could make money and remember this is what sticks in my mind - they talk about counterfeiting and money laundering - who counterfeits money that is worthless - If you want dollars I guess you can because you are getting dollars on the back end of that - that makes a little bit more sense because you are getting the dollars but the money changers were the ones that were in the way of taking all this counterfeit and giving it back & coming back and saying look we don't want to take a loss...
well when the Central Bank cut out all the of the middle men the banks became the # 1 place for them to get money - now they are talking about Know your customer rules...we call it the banking laws here that you have to know who is getting the money - how much they are getting, etc - they are saying it is a little bit of a headache but most of the banks are doing a good job with this and these idiots at the Finance Committee probably had their fingers in a lot of this type stuff now can no longer get their fingers into it and they are pretty ticked off at the Central Banking System because of that
Well it certainly needs to be said here is that what Saleh is saying is that all of this is in place...we now know where the money is going - I think that is scaring people because they can't get what they were getting before although there is still large sums of money going out - they are saying that all the money that is going out might not be necessarily because of corruption - you may have legitimate people who are trading dinars that may need those dollars when they are outside out of the country to do those type of things - you may have legitimate reasons why companies have come to do business there - they may need to take them out of the country and need money back from them now.....you've got a number of reasons that this could be happening and not necessarily the reason being that there is money laundering going on and the Central Bank has always had a good answer to anything that the Finance Committee has come out and said and what this tells me it that they are getting an idea of where this money goes
Now Remember they are taking in dinar and we talked about on the last call if you want to do an RV these auctions are quite large - they are taking in trillions of dinars and giving out millions of dollars - they have the ability to do that and not really lose their reserves so they are not really being hit pretty hard and as we discussed on the last call with Mark it was a great idea - if you think about it he takes in all the dinars and makes money - gives out dollars they are making money and when they RV they take back the dollars and give out the dinars - its like making money on both ends of the spectrum so they really have a good way of doing this and the Central Bank is able to take advantage of that because they control the money supply and they have large reserves- one of the things the reserves are counting on is the oil sales and they are going well at this point in time but they have been warned a couple of times from outside sources - they need to have more than just the oil sales - they need to develop their economy inside and they are working diligently to do that....we always see these articles come from Central Bank in defense of what is going on just so the people know they have control over it and they do
"Central Bank underlines its procedures on Iranian banks in Baghdad"
One of the things we can get from this article is the UN is now coming into to help them on these particular situations and giving them guidance on how to deal with this particular situation so that they dont have issues with the security Council having to put sanctions on Iraq itself - so we talk about all the help they are getting from the IMF....The World Bank..etc - everybody giving them guidance on what they really need to do and how they need to go thru all of this - I think this is important - you have people helping the Central Bank making sure they are doing what they need to do which is to keep itself out of any type of financial issues with the international community because it is very important that they walk slowly and carry a big stick here and have the backing of the international community but when you have the UN Security Council coming in and helping out and you have people telling them what is going on - look we want to walk you thru the situation - we want to make sure you are doing all of this - we know that you have to have these banks there because you were doing trades with them and all of that good stuff but we want to walk you thru this minefield that could be out there and keeping you straight and when I look at this it tells me that the Central Bank is getting help from everywhere that it needs and this is just well appreciated help from the UN to come in and say heh this is whats going on and this is whats going out there
Good stuff...not much blazing Central Bank news out there but I thought these were two really good articles that kinda gives us an idea of whats going on and how they are defending themselves and the help that they are getting
Lots of great articles we could have read tonight but they are all rehashed articles we have already discussed...Credit cards...ATM's..reserves........all the great news we have already discussed....its all Cool and It's All Good!!
"MasterCard has first swipe in Myanmar" (Thanks Kel @ Going Global)
Great article about Myanmar who revalued several months ago and now they are just getting there banking system going at a very slow pace - As we have discussed, Iraq already has their banking systems in place and are so far ahead of this and how far Shabibi has taking his country .....great discussion about this article and the comparison - listen to recording
As the government turns.....Reforms....Parliament - people holding meetings....Talabani due back soon...Status quo - we are still about the same place as we were the last time we talked - lot of rehash of the articles we went over on Tuesdays call - we are here still talking about reforms...we still can question Maliki at any moment...Nufaifi trying to head that off trying to do some talking right now to get all of that taken care of - so lots of negotiations going on
Maliki and Nujaifi talking - they were not even talking before and all of sudden these two are talking - Certainly you see a heightened sense of urgency with Nujaifi getting in there wanting to move things - he's the guy that needs to be engaged in the process - you want to see in there to get these two sides talking and going with Talabani not in the major picture....so very good he is getting involved.....nice to see people talking - lets get all 4 of these in guys in one room - lets get them all to talk and get the differences hammered out and Get It Done........"come together in the coming days"
Preparations for a meeting to pass the oil and gas law
We talked about this the other night - rehash of whats going on - they are talking - there are meetings - you have negotiations going on from three sides - internal Parliament people who can move things along saying look we will get these things done - we will get it replaced - we will do what we need to do - we will put something new in front of you if thats what you want but it is going to be a combination of what everybody likes and its going to be signed and implemented - it is nice to see them working on the things we know that need to be done - we know the things that need to get done are the ministers, Article 140 and oil and gas - those are the 3 things we need done in the formation of the power sharing but those are the primary things we are looking for and again it is nice to see them working on this as we discussed on the last call...which it was quicker but it is what it is.
"Al-Maliki's decision: Parliament agreed to hold meetings to resolve differences"
"Qubad Talabani becomes KRG minister for Council of Ministers' Affairs"
Listen to recording for these two articles - great discussion about both
And there you have it...
Straight Talkin' Mike On The Straight Talk Express Bringing You Another Night of Positive News!
The I.Q.D. Team's News Coverage
for Thursday - Sept. 6, 2012
CBI / ECONOMY
The Central Bank of Iraq: money laundering comes from its dollar buying dinar, not from selling the dollar
Central Bank underlines its procedures on Iranian banks in Baghdad
MasterCard has first swipe in Myanmar (Thanks Kel @ Going Global)
Preparations for a meeting to pass the oil and gas law
Al-Maliki's decision: Parliament agreed to hold meetings to resolve differences
Qubad Talabani becomes KRG minister for Council of Ministers' Affairs
NEWS ARTICLE LINKS
What a great night of news, analysis and discussion and Q & A - Listen to the call for all the rest of the news shared and more during the Q & A
We are getting closer every day......GET R DONE!!
Conference Call Replay - Sept 6, 2012
760-569-7699 Pin 769478#
As Always.... Discussion and Analysis of the Latest Iraq, Dinar & RV News....Pre & Post RV Information...Q & A
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