March 4, 2012
Highlights/Summary & Replay of CC
Thanks to Mark for the summary
Conference Call Replay -
March 4, 2012
or 760-569-7699 Pin 769478#
"Straight Talkin" Mike summarizes tonights News:
We talkd about the CBI and whats going on
We talked about the Warka Bank being taken over by the govt....
they were insolvent..this is what happens to banks in our country
the govt comes in and takes them over ..transfer their deposits to people..they get another bank to come in and take over and thats basically whats going on with the Warka Bank..They are having a difficult time loaning money just to the people in Iraq who dont have a whole lot of money to do anything at this particular point in time until it RVs and the banking laws are such that these banks really can't participate alot in the business sector and its hurting them..
This is one of the 1st casualties that you see...
We have read articles in the past about them needing to get banking laws passed and even Shabibi talked about the banking laws that needed to be changed to let them do other things.....get into investment banking and other areas they can make money at to sustain what they need to to in order to have their cash reserves there
Now remember as they got into the banking system and
establish the banking system over there ...just like our banking system banks in order to be banks have to have so much money on reserve and have to have that on deposit with the Central Bank so that they can guarantee their deposits...make sure that everything can transact the right way
Well as the banking system was growing Dr Shabibi raised his rates and in order to do that you have to have alot more lending on the other side so they were kinda pushing a little bit and Warka Bank was trying to get itself sold and taken over and that fell thru so they were not able to do that
They will come out of this in the end either as a new bank or someone will buy them up and do what they need to do in order to get themselves whole and moving forward..they have enough assets & ATM's over there that they are going to need to be a viable bank in the system once it moves forward
Dr Shabibi has been adamant that the counterfeiting that is going on and in the newspapers is not whats going in in the real world and he would like them to please be quiet about the amount of counterfeiting going on out there because its not as widespread as they are reporting and its damaging the economy because its getting people not to want to hang onto their Iraqi dinars...
He doesnt want them to use dollars - he wants them to use dinars and if they are afraid of their dinars they will use their dollars
and it hurts him in the long run because he then has to really get people educated and hooked back on the dinars...give them a reason why they are there..
He needs to add value to them...more value than the dollar ..he needs to get people to trust the dinars and When there are people talking about counterfeit currency every day he gets very upset as we do because we know its not as widespread as they are saying its just the newspapers hyping maybe one or two incidents
HE SAYS THE CENTRAL BANK HAS A VERY GOOD HANDLE ON WHATS GOING ON OUT THERE WITH ALL OF THIS....SO DO NOT WORRY ABOUT THAT
We talked about the project to delete the zeros needing the approval from the CBI...
We talked about the old articles coming out..
WE TALKED ABOUT TWO WEEKS AGO IT LOOKS LIKE THEY HAVE EVERYTHING THEY NEED FROM PARLIAMENT AND ANYTHING THAT THEY NEED SHOULD BE VOTED ON VERY QUICKLY FROM THE FINANCE COMMITTEE BECAUSE THE FINANCE COMMITTEE UNDERSTANDS AND KNOWS EXACTLY WHAT THEY NEED TO DO
So we are getting alot of smoke and mirrors with these type of articles coming back out...
We want to make sure you understand these are old articles trying to dilute us from seeing where they are in the process...This
phase that thev've got going on BECAUSE ITS NEAR COMPLETION FOR THEM
Articles coming out about Sept...October...blah blah blah...
all pretty much smoke and mirrors because he needs to keep the value out there - he needs to get this out there to stop this counterfeit craze from taking hold much longer
So he needs to move as quickly as he can to keep his currency in tac and making sure he can do his exchange for the currency
the dropping of the zeroes which is the exchange of the currency and then doing an RV - remember these are two separate events
The dropping of the zeroes is not the RV.....its just the process they are using to bring in the currency and move forward to RV from that point forward once they have all the lower bills in they can go ahead and RV.....they will exchange those bills so that everybody has equal value..so if you bring in 25K note you get 1000 25 notes
There's also other articles that there are symposiums going out there
that talks about the good the bad and ugly of how this going to effect the economy...These are ECONOMISTS...Look at these articles with common sense..look at where they are coming from...who is putting them out there?
The most important articles on this process comes from the CBI
Next most important is from Parliament and the Finance Committe..not somebody elses opinion which would be the economists..they all have opinions...lots of them out there and they all have opinions....you are not going to get all of these economist to agree on this is going to be the best thing for them because thats what economist do....they sit there ..they debate it....etc etc
Make sure you see the frame of reference these articles are written in and who is writing them
Moving on to Parliament...
The Oil & Gas Law needs to be done..they are not deadlocked - they are ready to compromise.....But Maliki has been messing around with the Kurds this week..he has been yelling at them..they've been saying they can secede....the people in Kurdistan do not want to secede...they want a centralized form of govt because they understand how important that is that centralized form of govt needs on decide on whose going to sign the contracts and how much money off of those oil contracts is going to go the Kurds, the regions, the govts, the local govt..federal govt, which would be Baghdad how much they are going to get..
Remember they are just fighting over percentages from this point forward - they are making sure they are going to get what they want
and it is a bargaining chip and it needs to go away..they need to stop it and they need to get ready to go
Remember we read an article three days ago that on the Exxon deal that Baghdad said okay...we signed off on it ...Kurds have signed off on it....lot of smoke and mirrors
We talked about the National Conference...the article said basically once the agenda is approved on by all parties the National meeting will start within 24 hrs - it won't be postponed til after the Arab Summit...they want to have it done before the Arab Summit which makes perfectably good sense to have that and all of your laundry done before your neighbors show up
You Do not want to be caught with dirty bathrooms....not good...get it all cleaned up - get it out there
Tuesday the House of Rep is in session
On the agenda is the Amnesty Law, Banking laws and we get the idea they are going to be passing some custom tariff laws
that are going to be hopefully passed and ready to be implemented at the time that they havent RV'd because you really can't tax things before you have an RV.....it drives inflation up in the country
You want to have some value so you can control some of that inflation..so people have value to have a little of that...to erode with taxes is good...but if you have little value when it erodes you have big problems.... it multiplies exponetially
Last but not least we talked about the oil quotas and the Ration cards - the mechanism to get the oil revenues out there are going to be the ration cards..they are going to put the money on these cards.....people already have some of these cards that are in their hands...they can get it to the poorest people first and that pretty much that whatever they decided is for the people will stay in the "For the people box"
They will not be able to use it back in Parliament for any other budgetary items.....it has to go to the people now that it has been
set aside for the people...so if there are surpluses they will get more and or less...what they do is go thru and estimate all of these things
and oil sales and right now their oil sales are down but oil is up so they are making more of a profit ...so there will be more money in that once they estimate those sales and as oil goes up and stays up then they will take that extra money and distribute it the following 6 months when they get it out to the people..so they are looking at a bigger chunk and continue to get bigger chunks as it comes out of the ground quicker
Arab Summit - saw a couple of articles today....All of the Arab countries security ministers have all signed off...they are okay with the security going on....Iraq has purchased 400 armored vehicles for this event
Everybody seems to be on board for the Arab Summit ....
We do not see any possibility hat this will be cancelled
Everybody has given their final okay...all is good on that front moving forward
Kuwait moves forward with positive news..still getting all of that together for the Maliki visit
There you have it....Moving Forward Full Steam Ahead..."The Straight Talk Express"
The I.Q.D. Team, Ltd.'s News Articles Coverage
for Sunday, March 4, 2012
Iraq places Warka Bank under guardianship
Central: our stats do not indicate any impact of counterfeit currency trading
Project to delete the zeros from the currency-based and will be announced immediately after approval of the Government Vice Governor of Central Bank
Dry calls to end the disputes between the government of the center and the region around the oil and gas law
Deputy for Law expressed his surprise of the demand for a national meeting before the Arab Summit
House of Representatives resumes Tuesday its second reading of the eight projects, including the Amnesty Law
Abdul-Hussein Abtan: the mechanism of distribution of oil quotas will be on the people by the card Altamonana
MILITARY: Obama salutes Iraq war veterans at White House dinner
THE IQD TEAM SALUTES AND THANKS THE VETERANS
NEWS ARTICLE LINKS
What a great night of news, analysis, discussion and Q & A
Listen to the call for all the rest of the news analysis and discussion after each news article.....we are getting closer every day.....
GET R DONE
Conference Call Replay - March 4, 2012
760-569-7699 Pin 769478#
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