The IQD Team Conference Call
Sept. 4, 2011
"Joey, Vic, Diana, Tim, Debbie & Yukon"
As Always.... The Latest Iraq/Dinar Discussion and Analysis
CC Replay Sept. 4, 2011
209-647-1699 Pin 880162
This is abbreviated information from the Call Last Night...Listen to the 60 minutes of the call above to hear all the News shared and the comments by The IQD Team.
Great News Day Guys:
Joey asks Diana to start with a Key Article she read on Aug 10 - this article is the basis for watching Iraq open up their currency......and will tie in with all of the CBI articles out in the last few days..
Iraqi Govt to Announce $Billions of Opportunities in London
Joey comments about the KEY words in this: Iraq Mining 2011 has been organised in conjunction with the National Investment Commission of Iraq (NIC), whose role is to support Iraq’s substantial RE-ENGANGEMENT with investors from around the world.
After decades of underinvestment, due to conflict and SANCTIONS, Iraq is now ACTIVELY SEEKING international investment and expertise to help rebuild its world-class mining, mineral, and material industries.”
Joey: Shabs heading to London to tell the world just how rich his country really is
Joey: Opec urged to boost role in world economy
While a new global economic system will take many years to shape, developments over the past few years have highlighted the significant role emerging economies can plan in the new system,
“It is evident that a shift from an existing global economic system into a new one does not happen overnight. It requires several years and is usually accompanied by significant political, military and economic developments.
He said all these are indications of the important role that emerging countries have tended to play in the international economy, necessitating that any new economic system should take into account the role and influence of these emerging countries.
“It is beyond doubt that oil-producing countries are able to play a greater role in the international economy considering changes taking place on the global stage.
Joey: Goes over the KEY items from the CBI & Bank Articles she has read since Thursday especially over the last 48 hrs. with the so MANY KEY important points from each. (Not all listed below)
Just the Highlights and FAVORITES:
Joey: One of her FAVORITES
It does't get any plainer than this....(the two most important sentences only below)
Central Bank and the project to delete the zeros
Saturday 03 September 2011 10:02 GMT
It seems that the project to delete the zeros of the Iraqi currency has reached its final stages with the arrival of the study and the draft resolution to the Council of Ministers coming from the Iraqi Central Bank, who says he will not be limited to the deletion of zeros, but it also will change in the structure of the Iraqi currency to provide the currency significantly.
.. this issue if it continues like this with the development of the economy and growth claimed to be disabled and therefore must re-structuring currency .. the two projects to delete the zeros and the restructuring of the currency in that one, " Under this project, the circulation of coins will return to the life cash Iraqi .. The categories of paper Veseljo the central bank to print to the global institutions.
Joey - one sentence will knock your socks off...
Deletion of Zeros from Iraqi Dinar Health Economic Evidence
Since the central bank announced a plan to the deletion of three zeros from the Iraqi currency minting a coin to the banknotes currently in circulation.
He reviewed the Central Bank at the time, the difficulties caused by the current Iraqi currency Pfiadtha led by a handful of zeros in the trade. He pointed to the harassment caused by the currency of the citizen who should be used as bags packed stacks of dinars to purchase goods is simple.
Also, dealing with piles of dinars in daily life in this way preclude the use of automated teller machines, which have become common in other countries but still is a process in Iraq.
Due to the intrusion of zeros the Iraqi dinar to the days of hyperinflation that brought the value of national currency as a result of previous wars and the subsequent UN sanctions destroyed Iraq's economy and sent the currency of Iraq to the paper was printing the former regime, issued in large quantities without the lid.
But the relative stability of the national currency and the return link Iraq to the global economy and the availability of foreign exchange reserves, thanks to oil exports, the central bank are all encouraged to think in the deletion of zeros. But the conviction displayed by officials in the bank this measure met with reservations from officials in the government and put a question mark on the feasibility of such a move and its timing.
In this context, he noted adviser to Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge in a special interview for Radio Free Iraq that the rampant corruption in state institutions and the low level of efficiency and economic situation in general at this time not in favor of lifting of the zeroes, according to his opinion.
However, Advisor to the Governor of the Central Bank of the appearance of Mohammed Saleh described the system of cash payments current system, where the miserable largest denomination in which not more than twenty dollars worth pointing out that this provision is the installation of the Iraqi currency issued by the Central Bank continued to study after five years.
Adviser to the Prime Minister for Economic Affairs Abdullah Hussein Al-Anbuge warned his part to the bumps that will change the currency, and the deletion of zeros, including the risk of fraud and increasing the demand for goods and for reasons arising from the payment of fake dinars instead of the thousand dinars, as now.
But the adviser to the Governor of the Central Bank of the appearance of Mohammed Saleh considered that the fear of fraud rings reflects the look bleak reminder that other countries in deciding to switch its currency and dropped them zeros, such as Turkey, Romania and Brazil, without being of its economy to shocks and therefore, Iraq is not engaged in water unknown or walking in the way of did not knock him one before.
Adviser to the Prime Minister for Economic Affairs pointed out the high costs of re-printing of new currency, stressing that attempts will be made to persuade the central bank plans to slow down in this regard.
But the adviser to the Governor of the Central Bank explained that the currency exchange and deletion of zeros decision taken by the executive branch and approved by the legislature and that the project will not be implemented hastily, but will be taken among other factors to consider before you start to implement it, including the date of the financial year and the strength of the national economy, among other indicators.
And the appearance of Mohammed Saleh expressed optimism about the prospects for the development of the Iraqi economy, stressing that the currency reform is strongly linked to the economy and that the goal of such a move is to restore the Iraqi dinar to the previous strength.
Economic analyst Bassem Jamil Antoine believed that the switch to hold the Iraqi currency is not inevitable and called for meeting the conditions necessary for the implementation process, particularly the security and political stability.
Over time until the mid-eighties the Iraqi dinar was equivalent to more than three U.S. dollars. It is estimated that raising the three zeros will lead to the exchange rate of one dollar per dinar.
Joey: Kinda throws the lop theory out the window huh guys?
Joey Deb & Tim discuss the CBI articles Shabibi and the change in the wording and the intensity of the many CBI articles
Vic: Talks about the London Summit, and its relation to our investment.
Joey: More Great CBI articles - Just several below:
Expert for the citizen: the Iraqi dinar will recover after the lifting of the zeroes and reduce the price of the dollar
On: Saturday 03/09/2011 20:18
Central Bank: The rise of foreign currency reserves to 58 billion dollars
BAGHDAD - Mostafa Hashemi
Confirmed the economic expert Dr. Sumaisem peace that there is an intention to change the exchange rate for the Iraqi dinar against the dollar through the adoption of the Central Bank policy of reducing the dollar value of cash against the dinar to the extent that it is now (1200 dinars per $ 1). As the committee said that Iraq's parliamentary Ghaderaly improve the status of the dinar and adopt it as part of international reserves, as Iraq has more than (80 to 90) billion dollars in central bank reserves and this is positive for the benefit of the Iraqi dinar.
She's Sumaisem (citizen) that he is supposed to drop the price to equal the dollar more than the Iraqi dinar after deleting three zeros from the currency and thus we have achieved two goals of this procedure, first raise the value of the dinar against the dollar and the second is the restructuring of the Iraqi currency. Confirmed that the current exchange rate flexibility has to do with the market and the volume of loans and the volume of foreign remittances and bills of exchange rate discount in addition to the political orientation of the state.
RE-EVALUATION OF THE IRAQI DINAR!!!
And the effect on inflation this measure Sumaisem explained that this measure has to do with the reduction of inflation in Iraq, that if the improvement rate of the dinar and raised the zeros from the currency will be easy to absorb the inflation part of the restructuring of the economy as a whole in addition to the RE-EVALUATION of the Iraqi dinar.
A member of the Committee of Economy and Investment parliamentary Abdul Hussein Abtan "It is certain that Iraq is able to adopt the dinar as part of international reserves, especially that he has a big supplier in the field of oil and more than (80 to 90) billion in Central Bank reserves and this affects positively on the Iraqi currency against the dollar and makes the dinar as its currency position as was previously the global currency. "
Alabtan called the Central Bank to improve the status of the dinar against the dollar, and (1200) dinars to the dollar is not the right thing.
For his part, said the central bank increase its reserves of hard currency to the $ 58 billion, attributing the increased demand for foreign currencies by the Iraqi banks and the lack of offers to rent the economy of Iraq.
The adviser said the Bank of the appearance of Mohammed Saleh for "Alsumaria News", the central bank's reserves of foreign currency amounted to $ 58 billion after the $ 50 billion at the end of last year, 2010, "noting that" the Bank was able during the last period of trade finance to the private sector and maintain market stability and curb high inflation that existed during the periods of years. " Saleh pointed out that "increased demand for foreign currencies by the Iraqi banks and the lack of offers for foreign currency in daily auction conducted by the Iraqi Central Bank of Iraq's economy back rent, which depends on oil imports in the general budget." Saleh said that "the State offers foreign currency to the Central Bank of Iraq to finance its expenditures in Iraqi dinars to the Central Bank, in turn, to meet the market need of foreign currency," noting that "the State is that supply of foreign currency, while the market is a student of foreign currency to cover the financing of foreign trade." Saleh pointed out that "Iraq does not receive external financial flows due to not send the Iraqi workers overseas savings of Finance to the country, in addition to the lack of investment companies large foreign workforce in Iraq." And said the central bank adviser earlier that the Iraqi dinar is not currency international reserve until it is handled in the outside, adding cash as a policy we aspire to be part of the Iraqi dinar and the precautions that needs to be a long time. The appearance of Mohammed Saleh said that the Iraqi dinar is the local currency convertible to other currencies, that is unlikely to deal in Iraqi dinars externally at present evidence is that the instructions do not allow the central bank to bring the Iraqi dinar, but the limits of (200) thousand dinars for the traveler. The central bank stressed the value of the dinar is not affected by high inflation rates in the country, denying the existence of any economic risks for the country as a result. The World Bank called Bank of Iraq and the Finance Ministry to take action to prevent increasing the persistence of high monthly inflation.
Saleh said that "fears of international financial institutions of high rates of inflation, monthly and annual amounts where it is under the control of the Central Bank of Iraq and there is no threat to cause deterioration of the value of the Iraqi dinar."
Iraq has seen a rise in inflation for the month of July in 2011 compared to the same month of 2010 by 7.1% after it was last year's 2.4% due to higher prices, housing rent allowances.
Saleh pointed out that the "dollar crisis and high prices, rents and higher wages for electricity and the main reasons behind the persistence of high inflation in the country." He explained that "the central bank adopts a policy of successful in reducing the rate of inflation and reduction in line with prices, demand and supply on the Iraq dinar and increase the monetary value."
Known that excessive inflation in the general level of prices and rising incomes in cash or a component of cash income such as wages or profits as well as high costs and over-the creation of cash balances. Fear and a number of economists from the continuing high rates of inflation in the country in the absence of mechanisms to limit the height of the government institutions involved in the management of the economy in the country.
Experts: Economy sober works to support the dinar and attract global investment
Order to make it part of the international financial reserves
BAGHDAD - morning
Strengthen the economies of the currency's strength sober in their countries, if it contributes to lifting of material value in the global markets and economies, the International Albroosat sober important factor in attracting foreign investment, which will be safe in the economic environment was calm and enjoy the solid financial strength.
In Iraq, after years of hard work to pay the dinar towards the rise, but he was still unable to keep up the dollar, for example, where the recorded language of the figures that the rate of sale of the dollar against the Iraqi dinar is equal to 1200, a large number before the country's currency oil is important, and attribute the economists reasons for this are the obstacles which affect the Iraqi economy and the other from time to time, especially inflation and unemployment, poverty and the decline in exports and many other factors that led to the value of the dinar to fall off the rest of the foreign currency and other Arabic ..
And aspiring professionals is that the financial affairs of the adoption of the Iraqi dinar as part of international reserves, through the establishment of a strong economy enhances the value of local currency.
He justified the adoption of the Iraqi trader specialists when importing his goods dealing in foreign currencies and the dollar, the euro, the weakness of the Iraqi economy, which led to the unwillingness of countries to deal in dinars.
The expert explained the economic reasons for non-peace Sumaisem traded Iraqi currency in foreign dealings, the weakness of the Iraqi economy and overburdened by debt, noting that the Jordanian dinar and have become powerful because of their economies, as well as the lack of debt and internal problems.
And khat Sumaisem in a statement made by the Agency (news): that the Iraqi trader himself has refused to deal in Iraqi dinars when the import of goods because it would not be desirable abroad.
For his part, central bank adviser said the appearance of Mohammed Saleh: that the Iraqi dinar is not an international reserve currency until it is handled in overseas and we as a policy the central bank and monetary aspire to be the Iraqi dinar is part of international reserves, and this needs to be a long time.
Saleh added: that the Iraqi dinar is the local currency convertible to other currencies, that is unlikely to deal in Iraqi dinars externally at present evidence is that the instructions do not allow the central bank to bring the Iraqi dinar, but the limits of (200) thousand dinars for the traveler.
The central bank adviser that all countries in the world dealing in currencies neighboring countries, but narrowly and not on any large scale to deal with a small cross-border transactions and not the means of payment to finance a large foreign trade.
And most likely a member of the Economic Commission parliamentary Amer Fayez Speaking for the Agency (news) that is near the horizon, according to economic policy, vision, and clear to make the Iraqi dinar Bmsaf currencies stable countries, stressing that there is no law forcing the Iraqi traders to deal in Iraqi currency abroad because the issue is not related to the merchant, but related to the global market.
He said the parliamentary economic committee member: the idea now is to delete the list of three zeros from the Iraqi currency, and this project will hopefully contribute to give power to the Iraqi currency to foreign dealings.
JOEY: How long have we waited to hear this kind of news? How safe, secure, confident, happy etc we all should be with all the news shared in these articles....Very
She heard revalue the currency.....for international trade........over and over in these articles
They are shouting "Our country is the most important, expensive, powerful currency in the Middle East"
Look out world here we come...this is Mr. Shabs at his very best
Vic: Discusses Moody, S & P, Warren Buffett & Reads from The CRC Report from Congress
and relates it to Shabibi
Deb: No return to 5-Party talks without implementing Barzani's resolutions
Iraq: the upcoming meeting of the leaders of political blocs, Talabani will be home next week
Baghdad, September 4 / September (Rn) - A spokesman for the Kurdistan Alliance bloc, Sunday, that the third meeting expected to be the leaders of political blocs, the home of President Jalal Talabani will be next week, pointing out that he can not delay meeting over this period.
The pro- good for the Kurdistan News Agency (Rn) that "the Kurdistan Alliance bloc is keen to end the differences between the political blocs, especially the coalition in Iraq and the state of the law," noting that "he should be named minister of security, to be after that for their views on that." He said good "The recent statements issued by the leaders of Iraq and the rule of law show that the agreement between the parties is still far away," stressing that he "can not prolong the period of the meeting to more than this limit." "The House will resume its sessions on Tuesday and the leaders of the blocks will be present in Baghdad to attend the meeting, which is supposed to be during the next week. " The coalition led by Prime Minister Nuri al-Maliki announced on July 29 last postponement of a meeting that was supposed to be held at 30 from the leaders of political blocs because of the death of the mother of Kurdistan leader Massoud Barzani, prompting the heads of the blocks to go to Erbil to participate decrees consolation, while accusing the coalition of the Presidency of the Council of Representatives of stalling on the law to reduce the salaries of the three presidencies. The leaders of political blocs to a meeting on June 20 last at the home of Talabani, who attended the recent addition to the Prime Minister Nuri al-Maliki and representatives of political blocs and lose sight of the leader of the Iraqi List, Iyad Allawi and the Kurdish regional President Massoud Barzani, the head of the National Alliance Ibrahim Jaafari. The leaders of the blocs met in the ninth of this month again at the home of the President in the presence of the leader of the Iraqi List, Iyad Allawi, has resulted in continued work of the committee charged with resolving differences. It was agreed that the leaders of Iraqi political blocs last November on the initiative of the President of Kurdistan Region Masoud Barzani, which focused on renewing the mandate of Prime Minister Nuri al-Maliki by forming a government of national partnership. and agreed political blocs within the initiative on a number of points, including the commitment to the Constitution, and to achieve both harmony and balance, and end the work of the accountability and justice, and activation of national reconciliation and the formation of a government of national partnership. because the agreement included within the initiative Barzani, which resulted in the formation of the government, given the position of prime minister of the National Alliance and the formation of a new council called the "Council strategic policies "shall be vested in his list of Iraq, specifically, Iyad Allawi, who decided earlier abandonment of the position. with feet Barzani another initiative to resolve the political crisis in September / September include the formation of a committee, consisting of 8 to 12 representatives of the political blocs to start talks on forming a government anticipated and work to resolve outstanding differences, as well as meetings of the expanded leaders to resolve the issue of the three presidencies. indicated that the differences are between the Iraqi List and the National Alliance on some of the terms of the Erbil, including the draft Law on the Council strategy policies and higher, and most important of these differences mechanism of selection of the President of the Council, While demanding Iraqi List to be the mechanism of choice in the House of Representatives, calls for the National Alliance to be in the body are within the National Council for strategic policy and, among other differences, named President of the Council general secretary or president, and the powers entrusted to it. There are also differences between the parties on the nomination of candidates for office security vacancies in the government, was identified as the Iraqi List, the uniqueness of Maliki's nomination of candidates is a repudiation of the agreement Erbil, which gave the Iraqi list the full right according to the political consensus that oozes from it deems appropriate for the post of defense minister, saying it would refuse to vote on the candidates, al-Maliki rejected categorically. of weighing Shammari, the Open: Peace Baghdadi
Baghdad and Erbil, tend to resolve outstanding issues
Joey: Wants to read from two very important articles.......How urgent the times are that Iraq is living in now..need to get things done now.
MP-Kilani: The chances of the Iraqi spring, millions to go out demonstrations is not a joke but the fact
Haider Ali Jawad - 03/09/2011 M - 3:50 PM | Hits: 149
MP for the Iraqi List, Jamal al-Kilani, events that are likely to come out next Friday, it is not a joke. He said: "The government is in tight at the moment, and that time is not in their favor, because the chances of spring Iraqi out demonstrations of millions to not a joke but the fact ". and expected Kilani acceptance of Prime Minister Nuri al-Maliki, any name provided / Iraq / to fill the defense portfolio due to public pressure, but also expected to be treated this minister as he was treated and Electricity Minister resigned Raad waterfall ". / as he put it /. He added: "Despite the political agreements which was held in Erbil, which was formed on the basis of which the current government, the / State of Law / still object to the formation of high politics, which Amni he is not serious in implementing these agreements. " The Sadrists announced that he will come out of the demonstrations described Balumblyonah, after the end the six-month deadline set by the current leader Moqtada al-Sadr for the government to carry out repairs
Allawi: Iraq can't be left to fail
World must exert political pressure on Maliki
By Ayad Allawi
Special to The Washington Post
Posted: 09/02/2011 01:00:00 AM MDT
As the Arab Spring drives change across our region, bringing the hope of democracy and reform to millions of Arabs, less attention is being paid to the plight of Iraq and its people. We were the first to transition from dictatorship to democracy, but the outcome in Iraq remains uncertain. Our transition could be a positive agent for progress, and against the forces of extremism, or a dangerous precedent that bodes ill for the region and the international community.
Debate rages in Baghdad and Washington around conditions for a U.S. troop extension beyond the end of this year. While such an extension may be necessary, that alone will not address the fundamental problems festering in Iraq. Those issues present a growing risk to Middle East stability and the world community. The original U.S. troop "surge" was meant to create the atmosphere for national political reconciliation and the rebuilding of Iraq's institutions and infrastructure. But those have yet to happen.
More than eight years after Saddam Hussein's regime was overthrown, basic services are in a woeful state: Most of the country has only a few hours of electricity a day. Blackouts were increasingly common this summer. Oil exports, still Iraq's only source of income, are barely more than they were when Saddam Hussein was toppled. The government has squandered the boon of high oil prices and failed to create real and sustainable job growth. Iraq's economy has become an ever more dysfunctional mix of cronyism and mismanagement.
The promise of improved security has been empty, with sectarianism on the rise. The Pentagon recently reported an alarming rise in attacks, which it blamed on Iranian-backed militias. The latest report to Congress by the U.S. special inspector general for Iraqi reconstruction notes that June was the bloodiest month for U.S. troops since 2008 and concludes that Iraq is more dangerous than it was a year ago. Regrettably, Iraq's nascent security forces are riddled with sectarianism and mixed loyalties; they are barely capable of defending themselves, let alone the rest of the country.
Despite failing to win the most seats in last year's elections, Prime Minister Nouri al-Maliki clung to power through a combination of Iranian support and U.S. compliance. He now shows an alarming disregard for democratic principles and the rule of law. Vital independent institutions such as the election commission, the transparency commission and Iraq's central bank have been ordered to report directly to the office of the prime minister. Meanwhile, Maliki refuses to appoint consensus candidates as defense and interior ministers, as per last year's power-sharing agreement.
The government is using blatant dictatorial tactics and intimidation to quell opposition, ignoring the most basic human rights. Human Rights Watch reported in February on secret torture prisons under Maliki's authority. In June, it exposed the government's use of hired thugs to beat, stab and even sexually assault peaceful demonstrators in Baghdad who were complaining about corruption and poor services.
Is this really what the United States sacrificed more than 4,000 young men and women, and hundreds of billions of dollars, to build? The trend of failure is becoming irreversible. Simply put, Iraq's failure would render every U.S. and international policy objective in the Middle East difficult to achieve, if not impossible. From combating terrorism to nuclear containment to energy security to the Middle East peace process, Iraq is at the center.
It is not too late to reverse course. Extending the U.S. troop presence will achieve nothing on its own. More concerted political engagement is required at the highest levels to guarantee the promise of freedom and progress made to the Iraqi people, who have suffered and sacrificed so much and are running out of patience.
It is necessary, and achievable, to insist on full and proper implementation of the power-sharing agreement of 2010, with proper checks and balances to prevent abuse of power, and full formation of the government and its institutions on a nonsectarian basis. Malign regional influences must be counterbalanced. Failing these steps, new elections free from foreign meddling, and with a truly independent judiciary and election commission, may be the only way to rescue Iraq from the abyss.
This solution is increasingly called for by Iraqi journalists and political leaders and on the street.
The invasion of Iraq in 2003 may indeed have been a war of choice. But losing Iraq in 2011 is a choice that the United States and the rest of the world cannot afford to make.
Ayad Allawi, a former prime minister of Iraq, leads the largest political bloc in Iraq's Parliament.
JOEY: Talks about how URGENT it is to get things done.
The Iraqi people are saying Govt has the DFI Funds....why have I not been paid my HCL money, etc? They better do something now.....If they do not something in a hurry to change the situation in the country....its about to be lost....How much longer do you think they can put this off. Not any longer.....get it done.
JOEY & DEB: INCREDIBLE NEWS DAY
Q & A follows
Next Call: Tuesday 8PM EST
209-647-1600 Pin 880162# or Back up Pin 361850#