Thanks to Kimbadream for the Notes from the Conference Call Jan 28, 2014...We appreciate you.....
Government News
LJ Najafi Speech Source
LJ…..One of the best things happened to insure whether or not I was on the right path, Osama Nujaifi addressed the Brookings Institute regarding the true layout of the Iraqi predicament. As they introduced him they pronounced his name, NUJAYFEE, going forward that is what I will call him. Here we have the Iraqi Parliament’s Speaker airing out the dirty laundry of the current Iraqi situation; and as there is nothing more confirming than to listen to the perspective of one of Iraq’s leaders provide commentary on circumstances in the country to ascertain relevance and truthfulness that offers us a glimpse so that we may gauge the proximity of the change of their monetary policy. In his address he informed the Institute of the current situation in Iraq then he took Q&A. In an attempt to measure my understanding of where we are I would pause after each question posed, provide an answer and then listen to his response. His response to the question and my response were identical, providing a sense of confidence that we at the IQD Team Connection truly comprehend the goings on.
I’m going to paraphrase what he said. As he stood he identified with Iraq’s potential as having a future full of prosperity through a thriving democracy, but that it has faced obstacles and that they rushed the constitution and the constitution was not being adhered to nor implemented. The rule of law was not being implemented as the court is being controlled by Maliki combined with things going on in Anbar Province and Kurdistan. He said things could spiral Iraq downward that would thwart and oppose prosperity that everybody is looking for.
He was extremely revealing, so much so, that if you thought Iraq’s economic picture could improve you would definitely readjust your position. Mike and LJ have been saying what Nujaifi revealed for 2 years. The started questioning on the subject of the constitution. I have always said the Constitution was not being honored as if it did not exist. It has been set aside due to the subjective nature of the government’s interpretation, as they select the area of Constitutional law they will utilize while reducing other items as non-relevant as they pick and choose what is Constitutional and what is not. Any mandate that approaches the acceptance of Sunni Arabs, Kurds or any other faction in the supposed anticipated partnership constitutionally doesn’t fit and is rejected as law. Nujaifi said the Legislative house has determined 251 laws but as the Federal Court is under the thumb of the Government most of their accomplishments have been opposed then appealed; thus reducing the viability of Parliament and the stagnation of Iraq. — Kimberly, Today 2:22 PM
Mike
On the CBI side you have to understand their goal is to get there internal and external exchange rates within 2% of each other, and if you look at the auctions every day you can see that the internal rate is around 1200 and the external rate is around 1166 and they have a way to go. Why do they have to do that? Because they signed onto the IMF agreement that says they have to keep their currency in that trading range before they can really do anything with the currency as they move forward. Well they have tools at their hands to try to balance these things, one of them is they need banking laws inside the country so they can get the rate and put regulations on people, trading, moving things, etc. It’s very important to understand that they don’t have the ability to do much of that, so the auctions are just about all they have to do. They’re talking about wanting to sell bonds and gold as a means to help balance their economy, but they don’t want to do anything until the budget is passed because a lot of people feel that’s going to bring stability to the country and they can go ahead and move forward.
But they really need to come to a political center and say “this is what I need to have done. This is what I need to have put on the agenda, and can we do that?” For the most part, they can’t do that right now, they can’t even agree on much of anything when they go to congress, so it’s very difficult for them to do what they need to do.
First article… Dinar to the inside window of foreign currency: the ultimate goal of price stability, the central bank… Dr. Shabibi always tells us how things work, He comes out every now and then and defends the Central Bank and the banking polices. This is the 4th article in a series from Dr.
Shabibi on the auctions. That’s how they work, there is nothing mystified.
He defended the process because they’re always coming out and saying the money laundering and thefts going on and the CBI is using theft, and what he’s doing is basically educating the people who are interested on how the process works. There’s nothing mystical about it, they take in dollars, and they back the Dinar with the reserves in the banks. It tells what there trying to do and what there trying to achieve which is the price stability we talked about… So if you just search Dr. Shabibi on our web site there’s tremendous articles where he has gone through each and every time explaining how it works, what needs to happen and the mechanism’s that they use. It’s very difficult for them to anything else but this right now… The next phase will be selling some bonds and gold… All they have to protect the dinar is the reserves and they have lots of reserves, almost 80 billion dollars which is more than what we have in our reserves for our currency… And they will do a good job of doing it if they follow the instructions. So understand that what the Central Bank is really trying to do is maintain stability so they can add some value to the price… You can’t add value when you have an internal and external rates that are different because your people are subject to being ripped off by the currency traders inside. Dr. Shabibi at one time had the currency traders… There’s banks and there’s currency’s companies, think of them as money exchangers. They have money exchanging businesses… Well the money exchanging businesses are in the business to make money, so they’ll buy it at 1166 and they’ll sell it as 12-whatever and they’
ll make all this money… Well the banks can only buy it at 1166 and they can ’t charge more than 5 dinar for exchanging… which puts them at a disadvantage. It puts the currency at risk when you have these money changers.
Government News
LJ Najafi Speech Source
LJ…..One of the best things happened to insure whether or not I was on the right path, Osama Nujaifi addressed the Brookings Institute regarding the true layout of the Iraqi predicament. As they introduced him they pronounced his name, NUJAYFEE, going forward that is what I will call him. Here we have the Iraqi Parliament’s Speaker airing out the dirty laundry of the current Iraqi situation; and as there is nothing more confirming than to listen to the perspective of one of Iraq’s leaders provide commentary on circumstances in the country to ascertain relevance and truthfulness that offers us a glimpse so that we may gauge the proximity of the change of their monetary policy. In his address he informed the Institute of the current situation in Iraq then he took Q&A. In an attempt to measure my understanding of where we are I would pause after each question posed, provide an answer and then listen to his response. His response to the question and my response were identical, providing a sense of confidence that we at the IQD Team Connection truly comprehend the goings on.
I’m going to paraphrase what he said. As he stood he identified with Iraq’s potential as having a future full of prosperity through a thriving democracy, but that it has faced obstacles and that they rushed the constitution and the constitution was not being adhered to nor implemented. The rule of law was not being implemented as the court is being controlled by Maliki combined with things going on in Anbar Province and Kurdistan. He said things could spiral Iraq downward that would thwart and oppose prosperity that everybody is looking for.
He was extremely revealing, so much so, that if you thought Iraq’s economic picture could improve you would definitely readjust your position. Mike and LJ have been saying what Nujaifi revealed for 2 years. The started questioning on the subject of the constitution. I have always said the Constitution was not being honored as if it did not exist. It has been set aside due to the subjective nature of the government’s interpretation, as they select the area of Constitutional law they will utilize while reducing other items as non-relevant as they pick and choose what is Constitutional and what is not. Any mandate that approaches the acceptance of Sunni Arabs, Kurds or any other faction in the supposed anticipated partnership constitutionally doesn’t fit and is rejected as law. Nujaifi said the Legislative house has determined 251 laws but as the Federal Court is under the thumb of the Government most of their accomplishments have been opposed then appealed; thus reducing the viability of Parliament and the stagnation of Iraq. — Kimberly, Today 2:22 PM
Mike
On the CBI side you have to understand their goal is to get there internal and external exchange rates within 2% of each other, and if you look at the auctions every day you can see that the internal rate is around 1200 and the external rate is around 1166 and they have a way to go. Why do they have to do that? Because they signed onto the IMF agreement that says they have to keep their currency in that trading range before they can really do anything with the currency as they move forward. Well they have tools at their hands to try to balance these things, one of them is they need banking laws inside the country so they can get the rate and put regulations on people, trading, moving things, etc. It’s very important to understand that they don’t have the ability to do much of that, so the auctions are just about all they have to do. They’re talking about wanting to sell bonds and gold as a means to help balance their economy, but they don’t want to do anything until the budget is passed because a lot of people feel that’s going to bring stability to the country and they can go ahead and move forward.
But they really need to come to a political center and say “this is what I need to have done. This is what I need to have put on the agenda, and can we do that?” For the most part, they can’t do that right now, they can’t even agree on much of anything when they go to congress, so it’s very difficult for them to do what they need to do.
First article… Dinar to the inside window of foreign currency: the ultimate goal of price stability, the central bank… Dr. Shabibi always tells us how things work, He comes out every now and then and defends the Central Bank and the banking polices. This is the 4th article in a series from Dr.
Shabibi on the auctions. That’s how they work, there is nothing mystified.
He defended the process because they’re always coming out and saying the money laundering and thefts going on and the CBI is using theft, and what he’s doing is basically educating the people who are interested on how the process works. There’s nothing mystical about it, they take in dollars, and they back the Dinar with the reserves in the banks. It tells what there trying to do and what there trying to achieve which is the price stability we talked about… So if you just search Dr. Shabibi on our web site there’s tremendous articles where he has gone through each and every time explaining how it works, what needs to happen and the mechanism’s that they use. It’s very difficult for them to anything else but this right now… The next phase will be selling some bonds and gold… All they have to protect the dinar is the reserves and they have lots of reserves, almost 80 billion dollars which is more than what we have in our reserves for our currency… And they will do a good job of doing it if they follow the instructions. So understand that what the Central Bank is really trying to do is maintain stability so they can add some value to the price… You can’t add value when you have an internal and external rates that are different because your people are subject to being ripped off by the currency traders inside. Dr. Shabibi at one time had the currency traders… There’s banks and there’s currency’s companies, think of them as money exchangers. They have money exchanging businesses… Well the money exchanging businesses are in the business to make money, so they’ll buy it at 1166 and they’ll sell it as 12-whatever and they’
ll make all this money… Well the banks can only buy it at 1166 and they can ’t charge more than 5 dinar for exchanging… which puts them at a disadvantage. It puts the currency at risk when you have these money changers.
