Hi folks,
I hope all is well. Here's a question and answer session at Bond Lady's Corner. I had a lot of fun and people there are great!
Have a great evening,
Scooter
________________________________________________________________________________
Scooters Q & A May 1st, 2012 about 7 pm Tue
[Scooter-EG] How is everybody
[Scooter-EG] I hope everyone is doing well and had a good day
[helend] Scooter-EG hey there scooter!
[Mikey] they are abuz over the latest article
[Scooter-EG] helend helend helend -- Great work with the post !
[Scooter-EG] Well done !
[helend] Scooter will do a miny chat for us with q & a
[helend] can we get everyone to sit on their hands please
[helend] and send me your questions and I will give them to scooter, it will make things very smooth for him and all of us
[helend] Okay, send me your questions and please sit on hands in room, lets give our distinguished guest the floor now
[Scooter-EG] There is one thing that I wanted to say
[Scooter-EG] First
[Scooter-EG] i wanted to extend my appreciation to BL and the crew here
[helend] thanks scooter, we are thrilled to have you
[Scooter-EG] There's a lot of friends from the past
[Scooter-EG] Thank you -- I'm honored to be here
[helend] Scooter-EG we are honored sir
[Scooter-EG] many of these folks i've known for too many years
[Scooter-EG] The team here is spirited and I like that
[Scooter-EG] they seek the truth
[Scooter-EG] and I like that a whole lot better
[Scooter-EG] but as for tonight
[helend] we like it too, very grounded room
[Scooter-EG] Exactly !
[helend] and we have the best members, very nice and lovely ppl here
[Scooter-EG] as for tonight -- I was thinking we would open with Questions -- and i'll see if I can help or answer your questions
[helend] Scooter-EG I got em lining up for ya
[helend] when you are ready let me know
[Scooter-EG] I might not have all the answers but i'll do my best
[Scooter-EG] helend
[helend] Scooter-EG yes sir?
[Scooter-EG] fire the first question -- let's do this
[helend] Scooter-EG awesome, okay men start your engines
[helend] first question
[helend] [luckyintx] does iraq have to have international tradeable currency for any banking transactions?
[Scooter-EG] hmmmm -- how's the best way to answer this one
[Scooter-EG] ok -
[Scooter-EG] leet me ask you a question right now
[Scooter-EG] Are they making international trades right now with their currency
[Scooter-EG] The answer is yes
[Scooter-EG] yes they are
[Scooter-EG] In fact they have been making large purchases
[Scooter-EG] they've been making large durable product purchases for quite some time
[Scooter-EG] in some cases they've been using the derivative market to insure the price point at a certain exchange rate
[Scooter-EG] for example
[Scooter-EG] those 737 Boeing Jets
[Scooter-EG] those are being acquired threw a spot price
[Scooter-EG] now as for banking transactions right now with the international community -- yes
[Scooter-EG] they have been trading --- lightly however
[Scooter-EG] the biggest problem with the current system has been the infrastructure of the Iraqi banks
[Scooter-EG] However
[Scooter-EG] it's a big however
[Scooter-EG] the systems they are deploying are going to be and are remarkable
[Scooter-EG] some of the best technology in the world
[Scooter-EG] here's another way of looking at it
[Scooter-EG] for quite some time, Large banks were exchanging IQD
[Scooter-EG] they have been selling
[Scooter-EG] and some buying
[Scooter-EG] so the question is a good one
[Scooter-EG] largely because of the Rules of Engagement with Chpt 7
[Scooter-EG] I hope that helped luckyintx
[Scooter-EG] In essence -- they have been trading internationally for sometime
[Scooter-EG] It's just not officially being traded throughout the world
[Scooter-EG] some banks recognize the currency -- some do not
[Scooter-EG] next
[helend] [tlm724] scooter, have your views changed since your last chat with us ? thank you
[Scooter-EG] Nope
[Scooter-EG] They are the same -- I think
[Scooter-EG] Iraq had a lot to accomplish
[Scooter-EG] per the list of items set forth by the World Bank and IMF before the restructuring could occur
[Scooter-EG] They've missed the last three years of deadlines
[Scooter-EG] but they're getting there slowly
[Scooter-EG] You have to remember --- my initial thought this was going to a 2013 play when I purchased in 2005
[Scooter-EG] but when the world was going upside down financially
[Scooter-EG] and the fact of the massive debacle inside of Iraq from 2006 - 2008
[Scooter-EG] I went and changed my view of the timing
[Scooter-EG] and bumped up the timeline
[Scooter-EG] see -- truth be known
[Scooter-EG] the IMF indicated the Structural changes were to occur during the Parliamentary elections
[Scooter-EG] but They couldn't move that forward because of the balance sheets at the two largest state owned banks
[Scooter-EG] I know -- unbeleivable
[Scooter-EG] You can find that in the Country Report from 2010
[Scooter-EG] i think it was march 2010 publish date from the IMF
[Scooter-EG] Now --- after reviewing the world bank requirements recently published
[Scooter-EG] that list was very long
[Scooter-EG] they probably have a lot of those items completed -- but one never knows
[Scooter-EG] here -- let me get you a link
[helend] Thanks Scooter
[Scooter-EG] while my other window is searching
[Scooter-EG] here we go
[Scooter-EG] this details a list of items they needed to get accomplished by December 31
[Scooter-EG] http://emerginggeos.blogspot.com/2011/10/scooter-post-world-bank-financial.html
[Scooter-EG] when you get there
[Scooter-EG] simply click on the image
[Scooter-EG] and it will blow up to a full size image for reading
[Scooter-EG] The ultimate question is how much have they accomplished
[Scooter-EG] My standing has always been
[Scooter-EG] they aren't going to change the structure or value of anything
[Scooter-EG] until the balance sheets of the two banks are correctly valued
[Scooter-EG] it has become a major issue
[Scooter-EG] for two reasons really
[Scooter-EG] one
[Scooter-EG] corruption
[Scooter-EG] those two banks were
[Scooter-EG] hmmmm what's a good word
[Scooter-EG] well lets just say they didn't exactlyl conform to international standards
[Scooter-EG] two
[Scooter-EG] they are way overvalued
[Scooter-EG] the Rafaidain bank alone
[Scooter-EG] is still show assets from the pre-Saddam values
[Scooter-EG] so for example -- from memory -- I think they show 377 Trillion IQD
[Scooter-EG] in Assets
[Scooter-EG] however, when you look at the Ernst and Young Audits
[Scooter-EG] the true value is really closer to 40 Trillion in IQD
[Scooter-EG] and the reason is they haven't changed the balance sheets
[Scooter-EG] sorry -- a little long winded
[Scooter-EG] next
[helend] player46] Scooter.. have any investment or consumer laws been passed? TY
[helend] Thanks Scooter
[Scooter-EG] Oh yea
[Scooter-EG] absolutely!
[Scooter-EG] there's been some good ones lately too
[Scooter-EG] They've been going back to the older laws and modifying them to include Privatization
[Scooter-EG] it's actually remarkable how many they have passed over the past year
[Scooter-EG] I usually goto this site for the law library http://translate.google.com/translate?langpair=auto|en&rurl=translate.google.com&twu=1&u=http://www.iraq-lg-law.org/en%3Fpage%3D1
[Scooter-EG] Law of Governorates not organized in a region No. 21 of 2008 amended
[Scooter-EG] Law of the Ministry of Tourism & Antiquities number (13) for the year 2012
[Scooter-EG] Fund Act No. recovery of Iraq's money (9) for the year 2012
[Scooter-EG] That last one is interesting
[Scooter-EG] they are talking about recovering their lost assets
[Scooter-EG] and the other funds from around the world
[Scooter-EG] next
[helend] DDF] So if Iraq was to have an hybrid what does that mean for us
[Scooter-EG] HYBRID
[SMOOTH] TOYTOA
[Scooter-EG] A HYBRID is a couple of things
[Scooter-EG] not a Toyota
[Scooter-EG] in Iraq's case -- people have been talking about RD vs RV
[helend] Scooter-EG thank God!
[Scooter-EG] now in Iraq's case
[Scooter-EG] they appear to going down the traditional road of both actions
[Scooter-EG] the RD and the RV
[Scooter-EG] see in 2009 and 2010
[Scooter-EG] Iraq came out with a new CPI
[Scooter-EG] consumer price index
[Scooter-EG] well they haven't been able to really deploy it because of the several reasons
[Scooter-EG] one being that the structural changes have never occured
[Scooter-EG] now with that said -- every country is unique in itself whenever they make structural changes like this
[Scooter-EG] in Iraq's case they will deploy both actions methodically at the same time
[Scooter-EG] In fact, just my opinion, I think they will see multiple hits to the value of the dinar over a period of 0 - 24 months
[Scooter-EG] see -- they have to be careful that they don't wrangle the currencies equilibrium point
[Scooter-EG] why you ask
[Scooter-EG] well it could be catastrophic for exports if they goto high
[Scooter-EG] or if they stay the same -- they will never produce that middle class they are searching for
[Scooter-EG] it's one of the biggest problems China is facing right now
[Scooter-EG] they intentionally kept their currency value low
[Scooter-EG] and undervalued
[Scooter-EG] and never thought to increase the wages of their employees and workers
[Scooter-EG] now -- they have a reverse bubble
[Scooter-EG] and inflation is somewhat out of control
[Scooter-EG] the news will tell you that they changed the value because of the US pressure
[Scooter-EG] no
[Scooter-EG] they had to increase the strength and tighten the supply of money before inflation went through the roof
[Scooter-EG] I don't know if anybody has been following gold
[Scooter-EG] the reason gold never broke through the resistance points is because the Chinese populace were selling off all their precious metals
[Scooter-EG] ok -- off topic
[Scooter-EG] but Iraq will in my opinion
[Scooter-EG] have their unique hybrid and methodically come out at certain strike points
[Scooter-EG] but
[Scooter-EG] this is a big one
[Scooter-EG] they do it in conjunction with deploying the new CPI for the lower denoms and
[Scooter-EG] they maintain the fidelity of the equilibrium price based on the economic growth of the country
[Scooter-EG] wow
[Scooter-EG] did I just write that
[Scooter-EG] that's pretty good
[Scooter-EG] hmm
[Scooter-EG] JK
[Scooter-EG] next
[helend] [3-BALL] Scooter do you think they get released from Chapter 7 in June when the UN has a vote? reasons yes or reasons no ?
[Scooter-EG] I hope they do
[Scooter-EG] it would certainly open the doors to diversifying their economy.
[Scooter-EG] they would be allowed to proceed with WTO assencion
[Scooter-EG] and several other economic barriers would be eliminated
[Scooter-EG] but to answer your question
[Scooter-EG] I would venture to say yes -- but nobody really knows
[Scooter-EG] I still think
[Scooter-EG] we don't have all the details of this
[Scooter-EG] there's numbers we don't have access too nor will we ever.
[Scooter-EG] I hope that answered your question 3-ball
[3-BALL] TY
[Scooter-EG] YW
[helend] thanks scooter
[Scooter-EG] There's another item
[Scooter-EG] you bet
[Scooter-EG] There's a new banking law that is somewhat interesting
[Scooter-EG] http://cbi.iq/documents/ordinance%20to%20regulate%20the%20operations.EN.pdf
[Scooter-EG] Ordinance to Regulate the Operations of Small and medium Enterprise Financing companies
[Scooter-EG] that's the name of it
[Scooter-EG] now why is this interesting -- here's whey
[Scooter-EG] give me one second
[Scooter-EG] my cut and paste isn't working properly right now
[Scooter-EG] hmmmmm -- so i'll wing it
[Scooter-EG] ok
[Scooter-EG] with this new rule
[Scooter-EG] Iraq will now be open to having the big boy banks come and play on their turf
[Scooter-EG] remember -- their banking sector is very very weak and young
[Scooter-EG] what this rule allows is for the Bank of America's and Suisse, or HSBC to partner locally with the iraqi banks
[Scooter-EG] all in the pursuit of achieving massive growth to the small to medium size businesses
[Scooter-EG] but
[Scooter-EG] they may have sme's borrow from Iraq
[Scooter-EG] and foreign banking systems
[Scooter-EG] including banks that particpate in it capital as a stockholder
[Scooter-EG] not to exceed 300% from the company captial a
[Scooter-EG] now why is this so important
[Scooter-EG] because they be able to leverage the massive captial from BoA's One Trillion dollar balance sheet at any time
[Scooter-EG] that's a lot of loans to small to medium size business they never had access to before
[Scooter-EG] largely because the beauracracy
[Scooter-EG] I just thought that was interesting
[helend] awesome
[Scooter-EG] anythingk else
[Scooter-EG] I have gone over my hour
[helend] I have three more questions, if you are not up to it, we can do it another time
[Scooter-EG] hmmmmm
[Scooter-EG] is this a trick question
[helend] Scooter-EG whoops actually four more
[DDF] Scooter-EG
[Scooter-EG] no way
[helend] Scooter-EG popular man scooter
[Scooter-EG] ok -- we'll keep the answers short and sweet
[helend] Scooter-EG ok, here comes the next one
[helend] [dddnnaarr] He might have answered this before I came in...what does he think of this news article
http://www.bondladyscorner.com/t42509-central-bank-of-iraq-s-new-currency-soon-to-market#68109
[helend] guess you will need to click on that one it isn't long
[Scooter-EG] I'm clicking but it's not moving for some reason
[Scooter-EG] hmmmm
[Scooter-EG] I think I blew a service on my laptop
[helend] Scooter-EG hang on one sec will bring it i
[Scooter-EG] not sure
[Scooter-EG] ok
[Scooter-EG] thanks
[helend] Central Bank of Iraq's new currency ... soon to market **TY Bob/Kaperoni at Dinar Alert** MP from Kurdistan Alliance bloc Mahma Khalil, for contracting the Iraqi Central Bank with (4) known international companies for the printing of new currency for the printing of the new national currency after you delete the zeros of which, describing the project to delete the three zeroes from the currency as "successful" and the time is ideal for replacing them. Khalil (of the Agency news) on Sunday: The project to delete three zeros from the local currency is one of the important projects and at all levels, whether for economic or security to the country, pointing out that the topic of the program by the central bank and a good time to replace the ideal currency, which will be early next year. He pointed out: that the central bank has contracted with (4) well-known international companies, and solid in the field of international currency printing, without giving their names or nationalities, saying: that it is too early to announce the nationalities of those companies. Khalil added: The new currency will be a high specification and have the properties of security is very high is not as easy to be forged, in addition to the federal government has (25) organ The allergic and high distinguishes new currency counterfeit of good as well as import (25) another ATM by the central bank to detect counterfeit currency, calling for attribution and support this project because it will reform the Iraqi currency by reducing the money supply raised in the local markets. The Attorney-Khalil: The new currency will consist of the categories (1, 2, 5, 10, 25 and 50, 100, 200) dinars, as well as small metal groups (50 and 250) fils. As revealed deputy governor of the Central Bank of the appearance of Mohammed in favor of the existence of safety properties of high-tech and scientifically advanced in the new Iraqi currency after deletion of zeros of the three of them. Saleh said in an earlier statement that the Central Bank of Iraq h
has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.
[Scooter-EG] WOW
[Scooter-EG] did that come out today
[helend] Scooter-EG kaperoni posted that one tonight
[helend] Scooter-EG yes it did
[Scooter-EG] Here's the interesting part of that
[helend] Scooter-EG it was all interesting to us lol, we want to see what your take is
[Scooter-EG] nope -- still not working
[Scooter-EG] the last sentence
[Scooter-EG] and after obtaining approval from the federal government to implement
[helend] Scooter-EG yes, that ws the one I noticed the first time I saw this
[helend] Scooter-EG as if it is done
[Scooter-EG] that's very interesting indeed
[Scooter-EG] yea
[player46]
[helend] Scooter-EG it is posted in our forum too if you want it for later
[Scooter-EG] other than that, it's a great, stong, positive article
[!bubbies] and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.
[Scooter-EG] WOW
[Scooter-EG] They talk about the categories and small metal groups
[Scooter-EG] what's interesting is that when you goto the founding document of this project
[Scooter-EG] they actually show the pictures of those bills
[Scooter-EG] way back in 2002
[Scooter-EG] and it's identical to that plan
[helend] Scooter-EG hmmm, that is very interesting
[Scooter-EG] Yep -- the original plan called
[helend] the bill they show in the article looks like it is the 1973 1 dinar
[Mikey] yup, thats the 73 note
[Scooter-EG] for the improvement of living standards for the Iraqi People
[Scooter-EG] one the worlds wealthiest countries
[Scooter-EG] but the people are living on $2.00 a day
[helend] Scooter-EG crazy isn't it?
[Scooter-EG] it is
[Scooter-EG] next
[helend] redvette] Scooter - What do you think of the 2 state banks merging?
[Scooter-EG] hmmmm
[Scooter-EG] that's an interesting concept
[Scooter-EG] I haven't really thought about those two -- Rafadain and Rasheed -- merging
[Scooter-EG] hmmmmm
[Scooter-EG] they can't do anything until their books are cleared up
[Scooter-EG] that's one
[Scooter-EG] but if you noticed
[Scooter-EG] recently, Rasheed and the state Bank of Iraq want to merge
[Scooter-EG] largely because they need to increase their capital
[Scooter-EG] i would have to think about that concept before making coment
[Scooter-EG] comment
[Scooter-EG] but a very interesting questions
[Scooter-EG] How about you give me
[Scooter-EG] a week and then re-ask that question
[helend] Scooter-EG got two more, you game?
[helend] Scooter-EG
[Scooter-EG] I'll have more data points
[Scooter-EG] sure
[helend] gemini5] has anyone asked Scooter.....Will they back have to back the RV dollar for dollar or will they use fractional banking...It will take a lot more reserves to back it dollar for dollar
[Scooter-EG] hmmmmm --- first of all -- anything is possible in this event
[Scooter-EG] and nobody knows
[Scooter-EG] with that said ---
[Scooter-EG] They would need to increase their reserves significantly and change the structure of the money supply
[Scooter-EG] as compared to the current listing of finances
[Scooter-EG] typically -- the note that is issued and sent out
[Scooter-EG] to circulation will need to have some backing
[Scooter-EG] in terms of fractional banking --- that new ordinance is pretty much insuring they will be doing quite a bit of that
[Scooter-EG] see not only do they have the problem of the reserves being too low right now
[Scooter-EG] but they don't have enough to sustain that figure
[Scooter-EG] now
[Scooter-EG] with that said
[Scooter-EG] nobody knows what they have in their back pocket
[Scooter-EG] nor do we know anything about the amounts of the Proxy countries
[Scooter-EG] next
[helend] okay last one, you are incredible scooter, thank you so much for your time, here it is
[helend] [player46] Scooter you mentioned that you have changed your view on the 2013 timing. Could you elaborate. TY
[Scooter-EG] good question -- it's been stumping a lot of us
[Scooter-EG] um -- I've changed my view from the original time i invested
[Scooter-EG] in fact I've changed twice so far
[Scooter-EG] at least strategically
[Scooter-EG] for example
[Scooter-EG] originally back in 2005
[Scooter-EG] I took a look at typical Fibronaci growth rates for a country that size
[Scooter-EG] and determined ..35 by 2013
[Scooter-EG] then
[Scooter-EG] came the 2009, 2010, 2011, 2012 budgets
[Scooter-EG] heck -- even all the way back to 2006 budgets
[Scooter-EG] they were stockpiling the drainage funds on top of having two separate budgets
[Scooter-EG] then came the Ministry of Planning document
[Scooter-EG] and the IMF Country Report
[Scooter-EG] but the big one was the world Bank DPL
[Scooter-EG] DPL -- Development Plan
[Scooter-EG] They were all saying the same thing in harmony
[Scooter-EG] and that's odd
[Scooter-EG] see, I don't believe any document is truly reflecting what's going to occur until three sources are saying the same thing
[Scooter-EG] that puts the information at the 96% percentile
[Scooter-EG] now back to today
[Scooter-EG] when I look at all those listed items fromt he world bank --- and they aren't done yet -- at least on paper
[Scooter-EG] and
[Scooter-EG] on top of that
[Scooter-EG] they are outwardly showing a HYBRID scenario with the news of the three zeros
[Scooter-EG] every other day
[Scooter-EG] then i go back to the multi tiered approach
[Scooter-EG] time specifically with increases in value jumps at significant spots of their economic growth
[Scooter-EG] I hope that answered that question
[helend] and that was the last one scooter
[Scooter-EG] ohhhhh man
[helend] thank you so much
[Scooter-EG] You are so welcome
[Scooter-EG] my pleasure
[Scooter-EG] those were great questions
[Scooter-EG] well folks -- I must depart
[Scooter-EG] but once again
[Scooter-EG] I enjoyed my time here at the BL's place
[helend] Scooter-EG please don't be a stranger, don't we have the bestest group of members, they were wonderful
[Scooter-EG] Indeed !!!
[Scooter-EG] thanks again !
[Scooter-EG] cioa for now
[Scooter-EG] poooooooooooooooooooooof
I hope all is well. Here's a question and answer session at Bond Lady's Corner. I had a lot of fun and people there are great!
Have a great evening,
Scooter
________________________________________________________________________________
Scooters Q & A May 1st, 2012 about 7 pm Tue
[Scooter-EG] How is everybody
[Scooter-EG] I hope everyone is doing well and had a good day
[helend] Scooter-EG hey there scooter!
[Mikey] they are abuz over the latest article
[Scooter-EG] helend helend helend -- Great work with the post !
[Scooter-EG] Well done !
[helend] Scooter will do a miny chat for us with q & a
[helend] can we get everyone to sit on their hands please
[helend] and send me your questions and I will give them to scooter, it will make things very smooth for him and all of us
[helend] Okay, send me your questions and please sit on hands in room, lets give our distinguished guest the floor now
[Scooter-EG] There is one thing that I wanted to say
[Scooter-EG] First
[Scooter-EG] i wanted to extend my appreciation to BL and the crew here
[helend] thanks scooter, we are thrilled to have you
[Scooter-EG] There's a lot of friends from the past
[Scooter-EG] Thank you -- I'm honored to be here
[helend] Scooter-EG we are honored sir
[Scooter-EG] many of these folks i've known for too many years
[Scooter-EG] The team here is spirited and I like that
[Scooter-EG] they seek the truth
[Scooter-EG] and I like that a whole lot better
[Scooter-EG] but as for tonight
[helend] we like it too, very grounded room
[Scooter-EG] Exactly !
[helend] and we have the best members, very nice and lovely ppl here
[Scooter-EG] as for tonight -- I was thinking we would open with Questions -- and i'll see if I can help or answer your questions
[helend] Scooter-EG I got em lining up for ya
[helend] when you are ready let me know
[Scooter-EG] I might not have all the answers but i'll do my best
[Scooter-EG] helend
[helend] Scooter-EG yes sir?
[Scooter-EG] fire the first question -- let's do this
[helend] Scooter-EG awesome, okay men start your engines
[helend] first question
[helend] [luckyintx] does iraq have to have international tradeable currency for any banking transactions?
[Scooter-EG] hmmmm -- how's the best way to answer this one
[Scooter-EG] ok -
[Scooter-EG] leet me ask you a question right now
[Scooter-EG] Are they making international trades right now with their currency
[Scooter-EG] The answer is yes
[Scooter-EG] yes they are
[Scooter-EG] In fact they have been making large purchases
[Scooter-EG] they've been making large durable product purchases for quite some time
[Scooter-EG] in some cases they've been using the derivative market to insure the price point at a certain exchange rate
[Scooter-EG] for example
[Scooter-EG] those 737 Boeing Jets
[Scooter-EG] those are being acquired threw a spot price
[Scooter-EG] now as for banking transactions right now with the international community -- yes
[Scooter-EG] they have been trading --- lightly however
[Scooter-EG] the biggest problem with the current system has been the infrastructure of the Iraqi banks
[Scooter-EG] However
[Scooter-EG] it's a big however
[Scooter-EG] the systems they are deploying are going to be and are remarkable
[Scooter-EG] some of the best technology in the world
[Scooter-EG] here's another way of looking at it
[Scooter-EG] for quite some time, Large banks were exchanging IQD
[Scooter-EG] they have been selling
[Scooter-EG] and some buying
[Scooter-EG] so the question is a good one
[Scooter-EG] largely because of the Rules of Engagement with Chpt 7
[Scooter-EG] I hope that helped luckyintx
[Scooter-EG] In essence -- they have been trading internationally for sometime
[Scooter-EG] It's just not officially being traded throughout the world
[Scooter-EG] some banks recognize the currency -- some do not
[Scooter-EG] next
[helend] [tlm724] scooter, have your views changed since your last chat with us ? thank you
[Scooter-EG] Nope
[Scooter-EG] They are the same -- I think
[Scooter-EG] Iraq had a lot to accomplish
[Scooter-EG] per the list of items set forth by the World Bank and IMF before the restructuring could occur
[Scooter-EG] They've missed the last three years of deadlines
[Scooter-EG] but they're getting there slowly
[Scooter-EG] You have to remember --- my initial thought this was going to a 2013 play when I purchased in 2005
[Scooter-EG] but when the world was going upside down financially
[Scooter-EG] and the fact of the massive debacle inside of Iraq from 2006 - 2008
[Scooter-EG] I went and changed my view of the timing
[Scooter-EG] and bumped up the timeline
[Scooter-EG] see -- truth be known
[Scooter-EG] the IMF indicated the Structural changes were to occur during the Parliamentary elections
[Scooter-EG] but They couldn't move that forward because of the balance sheets at the two largest state owned banks
[Scooter-EG] I know -- unbeleivable
[Scooter-EG] You can find that in the Country Report from 2010
[Scooter-EG] i think it was march 2010 publish date from the IMF
[Scooter-EG] Now --- after reviewing the world bank requirements recently published
[Scooter-EG] that list was very long
[Scooter-EG] they probably have a lot of those items completed -- but one never knows
[Scooter-EG] here -- let me get you a link
[helend] Thanks Scooter
[Scooter-EG] while my other window is searching
[Scooter-EG] here we go
[Scooter-EG] this details a list of items they needed to get accomplished by December 31
[Scooter-EG] http://emerginggeos.blogspot.com/2011/10/scooter-post-world-bank-financial.html
[Scooter-EG] when you get there
[Scooter-EG] simply click on the image
[Scooter-EG] and it will blow up to a full size image for reading
[Scooter-EG] The ultimate question is how much have they accomplished
[Scooter-EG] My standing has always been
[Scooter-EG] they aren't going to change the structure or value of anything
[Scooter-EG] until the balance sheets of the two banks are correctly valued
[Scooter-EG] it has become a major issue
[Scooter-EG] for two reasons really
[Scooter-EG] one
[Scooter-EG] corruption
[Scooter-EG] those two banks were
[Scooter-EG] hmmmm what's a good word
[Scooter-EG] well lets just say they didn't exactlyl conform to international standards
[Scooter-EG] two
[Scooter-EG] they are way overvalued
[Scooter-EG] the Rafaidain bank alone
[Scooter-EG] is still show assets from the pre-Saddam values
[Scooter-EG] so for example -- from memory -- I think they show 377 Trillion IQD
[Scooter-EG] in Assets
[Scooter-EG] however, when you look at the Ernst and Young Audits
[Scooter-EG] the true value is really closer to 40 Trillion in IQD
[Scooter-EG] and the reason is they haven't changed the balance sheets
[Scooter-EG] sorry -- a little long winded
[Scooter-EG] next
[helend] player46] Scooter.. have any investment or consumer laws been passed? TY
[helend] Thanks Scooter
[Scooter-EG] Oh yea
[Scooter-EG] absolutely!
[Scooter-EG] there's been some good ones lately too
[Scooter-EG] They've been going back to the older laws and modifying them to include Privatization
[Scooter-EG] it's actually remarkable how many they have passed over the past year
[Scooter-EG] I usually goto this site for the law library http://translate.google.com/translate?langpair=auto|en&rurl=translate.google.com&twu=1&u=http://www.iraq-lg-law.org/en%3Fpage%3D1
[Scooter-EG] Law of Governorates not organized in a region No. 21 of 2008 amended
[Scooter-EG] Law of the Ministry of Tourism & Antiquities number (13) for the year 2012
[Scooter-EG] Fund Act No. recovery of Iraq's money (9) for the year 2012
[Scooter-EG] That last one is interesting
[Scooter-EG] they are talking about recovering their lost assets
[Scooter-EG] and the other funds from around the world
[Scooter-EG] next
[helend] DDF] So if Iraq was to have an hybrid what does that mean for us
[Scooter-EG] HYBRID
[SMOOTH] TOYTOA
[Scooter-EG] A HYBRID is a couple of things
[Scooter-EG] not a Toyota
[Scooter-EG] in Iraq's case -- people have been talking about RD vs RV
[helend] Scooter-EG thank God!
[Scooter-EG] now in Iraq's case
[Scooter-EG] they appear to going down the traditional road of both actions
[Scooter-EG] the RD and the RV
[Scooter-EG] see in 2009 and 2010
[Scooter-EG] Iraq came out with a new CPI
[Scooter-EG] consumer price index
[Scooter-EG] well they haven't been able to really deploy it because of the several reasons
[Scooter-EG] one being that the structural changes have never occured
[Scooter-EG] now with that said -- every country is unique in itself whenever they make structural changes like this
[Scooter-EG] in Iraq's case they will deploy both actions methodically at the same time
[Scooter-EG] In fact, just my opinion, I think they will see multiple hits to the value of the dinar over a period of 0 - 24 months
[Scooter-EG] see -- they have to be careful that they don't wrangle the currencies equilibrium point
[Scooter-EG] why you ask
[Scooter-EG] well it could be catastrophic for exports if they goto high
[Scooter-EG] or if they stay the same -- they will never produce that middle class they are searching for
[Scooter-EG] it's one of the biggest problems China is facing right now
[Scooter-EG] they intentionally kept their currency value low
[Scooter-EG] and undervalued
[Scooter-EG] and never thought to increase the wages of their employees and workers
[Scooter-EG] now -- they have a reverse bubble
[Scooter-EG] and inflation is somewhat out of control
[Scooter-EG] the news will tell you that they changed the value because of the US pressure
[Scooter-EG] no
[Scooter-EG] they had to increase the strength and tighten the supply of money before inflation went through the roof
[Scooter-EG] I don't know if anybody has been following gold
[Scooter-EG] the reason gold never broke through the resistance points is because the Chinese populace were selling off all their precious metals
[Scooter-EG] ok -- off topic
[Scooter-EG] but Iraq will in my opinion
[Scooter-EG] have their unique hybrid and methodically come out at certain strike points
[Scooter-EG] but
[Scooter-EG] this is a big one
[Scooter-EG] they do it in conjunction with deploying the new CPI for the lower denoms and
[Scooter-EG] they maintain the fidelity of the equilibrium price based on the economic growth of the country
[Scooter-EG] wow
[Scooter-EG] did I just write that
[Scooter-EG] that's pretty good
[Scooter-EG] hmm
[Scooter-EG] JK
[Scooter-EG] next
[helend] [3-BALL] Scooter do you think they get released from Chapter 7 in June when the UN has a vote? reasons yes or reasons no ?
[Scooter-EG] I hope they do
[Scooter-EG] it would certainly open the doors to diversifying their economy.
[Scooter-EG] they would be allowed to proceed with WTO assencion
[Scooter-EG] and several other economic barriers would be eliminated
[Scooter-EG] but to answer your question
[Scooter-EG] I would venture to say yes -- but nobody really knows
[Scooter-EG] I still think
[Scooter-EG] we don't have all the details of this
[Scooter-EG] there's numbers we don't have access too nor will we ever.
[Scooter-EG] I hope that answered your question 3-ball
[3-BALL] TY
[Scooter-EG] YW
[helend] thanks scooter
[Scooter-EG] There's another item
[Scooter-EG] you bet
[Scooter-EG] There's a new banking law that is somewhat interesting
[Scooter-EG] http://cbi.iq/documents/ordinance%20to%20regulate%20the%20operations.EN.pdf
[Scooter-EG] Ordinance to Regulate the Operations of Small and medium Enterprise Financing companies
[Scooter-EG] that's the name of it
[Scooter-EG] now why is this interesting -- here's whey
[Scooter-EG] give me one second
[Scooter-EG] my cut and paste isn't working properly right now
[Scooter-EG] hmmmmm -- so i'll wing it
[Scooter-EG] ok
[Scooter-EG] with this new rule
[Scooter-EG] Iraq will now be open to having the big boy banks come and play on their turf
[Scooter-EG] remember -- their banking sector is very very weak and young
[Scooter-EG] what this rule allows is for the Bank of America's and Suisse, or HSBC to partner locally with the iraqi banks
[Scooter-EG] all in the pursuit of achieving massive growth to the small to medium size businesses
[Scooter-EG] but
[Scooter-EG] they may have sme's borrow from Iraq
[Scooter-EG] and foreign banking systems
[Scooter-EG] including banks that particpate in it capital as a stockholder
[Scooter-EG] not to exceed 300% from the company captial a
[Scooter-EG] now why is this so important
[Scooter-EG] because they be able to leverage the massive captial from BoA's One Trillion dollar balance sheet at any time
[Scooter-EG] that's a lot of loans to small to medium size business they never had access to before
[Scooter-EG] largely because the beauracracy
[Scooter-EG] I just thought that was interesting
[helend] awesome
[Scooter-EG] anythingk else
[Scooter-EG] I have gone over my hour
[helend] I have three more questions, if you are not up to it, we can do it another time
[Scooter-EG] hmmmmm
[Scooter-EG] is this a trick question
[helend] Scooter-EG whoops actually four more
[DDF] Scooter-EG
[Scooter-EG] no way
[helend] Scooter-EG popular man scooter
[Scooter-EG] ok -- we'll keep the answers short and sweet
[helend] Scooter-EG ok, here comes the next one
[helend] [dddnnaarr] He might have answered this before I came in...what does he think of this news article
http://www.bondladyscorner.com/t42509-central-bank-of-iraq-s-new-currency-soon-to-market#68109
[helend] guess you will need to click on that one it isn't long
[Scooter-EG] I'm clicking but it's not moving for some reason
[Scooter-EG] hmmmm
[Scooter-EG] I think I blew a service on my laptop
[helend] Scooter-EG hang on one sec will bring it i
[Scooter-EG] not sure
[Scooter-EG] ok
[Scooter-EG] thanks
[helend] Central Bank of Iraq's new currency ... soon to market **TY Bob/Kaperoni at Dinar Alert** MP from Kurdistan Alliance bloc Mahma Khalil, for contracting the Iraqi Central Bank with (4) known international companies for the printing of new currency for the printing of the new national currency after you delete the zeros of which, describing the project to delete the three zeroes from the currency as "successful" and the time is ideal for replacing them. Khalil (of the Agency news) on Sunday: The project to delete three zeros from the local currency is one of the important projects and at all levels, whether for economic or security to the country, pointing out that the topic of the program by the central bank and a good time to replace the ideal currency, which will be early next year. He pointed out: that the central bank has contracted with (4) well-known international companies, and solid in the field of international currency printing, without giving their names or nationalities, saying: that it is too early to announce the nationalities of those companies. Khalil added: The new currency will be a high specification and have the properties of security is very high is not as easy to be forged, in addition to the federal government has (25) organ The allergic and high distinguishes new currency counterfeit of good as well as import (25) another ATM by the central bank to detect counterfeit currency, calling for attribution and support this project because it will reform the Iraqi currency by reducing the money supply raised in the local markets. The Attorney-Khalil: The new currency will consist of the categories (1, 2, 5, 10, 25 and 50, 100, 200) dinars, as well as small metal groups (50 and 250) fils. As revealed deputy governor of the Central Bank of the appearance of Mohammed in favor of the existence of safety properties of high-tech and scientifically advanced in the new Iraqi currency after deletion of zeros of the three of them. Saleh said in an earlier statement that the Central Bank of Iraq h
has reached advanced stages of preparations for the mission logistics project to delete the three zeroes from the Iraqi currency, and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.
[Scooter-EG] WOW
[Scooter-EG] did that come out today
[helend] Scooter-EG kaperoni posted that one tonight
[helend] Scooter-EG yes it did
[Scooter-EG] Here's the interesting part of that
[helend] Scooter-EG it was all interesting to us lol, we want to see what your take is
[Scooter-EG] nope -- still not working
[Scooter-EG] the last sentence
[Scooter-EG] and after obtaining approval from the federal government to implement
[helend] Scooter-EG yes, that ws the one I noticed the first time I saw this
[helend] Scooter-EG as if it is done
[Scooter-EG] that's very interesting indeed
[Scooter-EG] yea
[player46]
[helend] Scooter-EG it is posted in our forum too if you want it for later
[Scooter-EG] other than that, it's a great, stong, positive article
[!bubbies] and after obtaining approval from the federal government to implement it will be working on a larger scale because it is a legitimate strategic interest to the general of the Iraqi people.
[Scooter-EG] WOW
[Scooter-EG] They talk about the categories and small metal groups
[Scooter-EG] what's interesting is that when you goto the founding document of this project
[Scooter-EG] they actually show the pictures of those bills
[Scooter-EG] way back in 2002
[Scooter-EG] and it's identical to that plan
[helend] Scooter-EG hmmm, that is very interesting
[Scooter-EG] Yep -- the original plan called
[helend] the bill they show in the article looks like it is the 1973 1 dinar
[Mikey] yup, thats the 73 note
[Scooter-EG] for the improvement of living standards for the Iraqi People
[Scooter-EG] one the worlds wealthiest countries
[Scooter-EG] but the people are living on $2.00 a day
[helend] Scooter-EG crazy isn't it?
[Scooter-EG] it is
[Scooter-EG] next
[helend] redvette] Scooter - What do you think of the 2 state banks merging?
[Scooter-EG] hmmmm
[Scooter-EG] that's an interesting concept
[Scooter-EG] I haven't really thought about those two -- Rafadain and Rasheed -- merging
[Scooter-EG] hmmmmm
[Scooter-EG] they can't do anything until their books are cleared up
[Scooter-EG] that's one
[Scooter-EG] but if you noticed
[Scooter-EG] recently, Rasheed and the state Bank of Iraq want to merge
[Scooter-EG] largely because they need to increase their capital
[Scooter-EG] i would have to think about that concept before making coment
[Scooter-EG] comment
[Scooter-EG] but a very interesting questions
[Scooter-EG] How about you give me
[Scooter-EG] a week and then re-ask that question
[helend] Scooter-EG got two more, you game?
[helend] Scooter-EG
[Scooter-EG] I'll have more data points
[Scooter-EG] sure
[helend] gemini5] has anyone asked Scooter.....Will they back have to back the RV dollar for dollar or will they use fractional banking...It will take a lot more reserves to back it dollar for dollar
[Scooter-EG] hmmmmm --- first of all -- anything is possible in this event
[Scooter-EG] and nobody knows
[Scooter-EG] with that said ---
[Scooter-EG] They would need to increase their reserves significantly and change the structure of the money supply
[Scooter-EG] as compared to the current listing of finances
[Scooter-EG] typically -- the note that is issued and sent out
[Scooter-EG] to circulation will need to have some backing
[Scooter-EG] in terms of fractional banking --- that new ordinance is pretty much insuring they will be doing quite a bit of that
[Scooter-EG] see not only do they have the problem of the reserves being too low right now
[Scooter-EG] but they don't have enough to sustain that figure
[Scooter-EG] now
[Scooter-EG] with that said
[Scooter-EG] nobody knows what they have in their back pocket
[Scooter-EG] nor do we know anything about the amounts of the Proxy countries
[Scooter-EG] next
[helend] okay last one, you are incredible scooter, thank you so much for your time, here it is
[helend] [player46] Scooter you mentioned that you have changed your view on the 2013 timing. Could you elaborate. TY
[Scooter-EG] good question -- it's been stumping a lot of us
[Scooter-EG] um -- I've changed my view from the original time i invested
[Scooter-EG] in fact I've changed twice so far
[Scooter-EG] at least strategically
[Scooter-EG] for example
[Scooter-EG] originally back in 2005
[Scooter-EG] I took a look at typical Fibronaci growth rates for a country that size
[Scooter-EG] and determined ..35 by 2013
[Scooter-EG] then
[Scooter-EG] came the 2009, 2010, 2011, 2012 budgets
[Scooter-EG] heck -- even all the way back to 2006 budgets
[Scooter-EG] they were stockpiling the drainage funds on top of having two separate budgets
[Scooter-EG] then came the Ministry of Planning document
[Scooter-EG] and the IMF Country Report
[Scooter-EG] but the big one was the world Bank DPL
[Scooter-EG] DPL -- Development Plan
[Scooter-EG] They were all saying the same thing in harmony
[Scooter-EG] and that's odd
[Scooter-EG] see, I don't believe any document is truly reflecting what's going to occur until three sources are saying the same thing
[Scooter-EG] that puts the information at the 96% percentile
[Scooter-EG] now back to today
[Scooter-EG] when I look at all those listed items fromt he world bank --- and they aren't done yet -- at least on paper
[Scooter-EG] and
[Scooter-EG] on top of that
[Scooter-EG] they are outwardly showing a HYBRID scenario with the news of the three zeros
[Scooter-EG] every other day
[Scooter-EG] then i go back to the multi tiered approach
[Scooter-EG] time specifically with increases in value jumps at significant spots of their economic growth
[Scooter-EG] I hope that answered that question
[helend] and that was the last one scooter
[Scooter-EG] ohhhhh man
[helend] thank you so much
[Scooter-EG] You are so welcome
[Scooter-EG] my pleasure
[Scooter-EG] those were great questions
[Scooter-EG] well folks -- I must depart
[Scooter-EG] but once again
[Scooter-EG] I enjoyed my time here at the BL's place
[helend] Scooter-EG please don't be a stranger, don't we have the bestest group of members, they were wonderful
[Scooter-EG] Indeed !!!
[Scooter-EG] thanks again !
[Scooter-EG] cioa for now
[Scooter-EG] poooooooooooooooooooooof
No comments:
Post a Comment