" The Dinar Daily ", Thursday, 10 October 2013 - Page 3
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Thread: " The Dinar Daily ", Thursday, 10 October 2013


    
  1. #21
    Economist: Evolution of economic activity led to fluctuation in inflation rates; Calls for advisory council for guidance toward transforming to free market economy
    Posted: October 10, 2013 in Iraqi Dinar/Politics
    Tags: Council of Ministers, Council of the European Union, Economic, Economic policy, Economy of Iraq, House of Representatives, Iraq, National Development Plan

    Economist: evolution of the economic activity of the country led to a decline in inflation rates

    09/10/2013 04:58 PM

    The economic expert, contrary goldsmith, it is among the factors that led to the low rate of inflation is the evolution of economic activity in Iraq, and the presence of regional and international confidence in Astaqrarath.

    The jeweler said (of the Agency news): The large number of investment projects included in the National Development Plan, and projects that belong to the Ministry of Labor and Social Affairs, which reduced unemployment rates, led to a low rate of inflation.

    He added: The lack of economic activity has implications on the level of demand for goods and services, and thus lead to higher prices for capital goods and increase the rate of inflation. The annual inflation rates are in Iraq rose slightly due to increased food prices and real estate in the country. To a confirmed member of the Economic Commission MP / National Alliance / Hussein المرعبي, the need to establish an advisory council for economic policy-making, to adjust the legislative path toward economic transformation from holistic Central to the free market.

    He said المرعبي (of the Agency news): This Council works on the growth of companies and economic channels of Ministries and Government and Customs, as well as the House of Representatives and the Council of Ministers and the Supreme Judicial Council as it is to be her supervisor economically. He continued: Council the right to access to economic laws and reflect on the add or delete some of the material for matters pertaining to the House of Representatives in the interest of the Iraqi economy.

    He added: that the law set up an advisory council to develop economic policies will be presented to the House of Representatives to read and voted on in the coming days. Noted that this subject has been operating by the government before more than two years has been the establishment of the Coordination Group policy in Iraq in the General Secretariat of the Council of Ministers based on the Council of Ministers Decision No. 140 of 2012, which was considered the first task of the tasks of the Secretariat is to coordinate the contexts of public and follow-up plans and programs to all government institutions, evaluation and continuous submission of periodic reports to the Council of Ministers.

    https://bit.ly/19Bt1mP



  2. #22
    Currency Auctions

    Announcement No. (2500)

    The latest daily currency auction was held in the Central Bank of Iraq on the10-Oct-2013 . The results were as follows:

    Details Notes
    Number of banks 21
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 178,224,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 178,224,000
    Total offers for selling (US$) -----
    Exchange rates

  3. #23
    *** I AM POSTING WHAT APPEARS TO BE U.S. NEWS IN THIS THREAD BECAUSE THE SUBJECT IS THE LOAN OF MONEY BY A CENTRAL BANK TO IT'S GOVERNMENT AKIN TO A IRAQI NEWS ARTICLE TODAY ***

    Will Lew, Bernanke break laws to save the US?
    By Michelle Celarier

    October 9, 2013 | 5:30pm
    U.S. Secretary of Treasury Jacob Lew, left, and former Federal Reserve Chairman Ben Bernanke

    Jack or Ben may have to break the law to save the country.

    Barring a breakthrough in the debt-ceiling debacle that began to show some signs of hope late Wednesday, Treasury Secretary Jack Lew and Federal Reserve boss Ben Bernanke are up against it trying to keep the US from defaulting, experts said.

    If Lew decides to thumb his nose at Congress and issue more debt to pay its creditors, it might violate the Second Liberty Bond Act of 1917, said Garrett Epps, a constitutional law professor at the University of Baltimore.

    “Because the debt-ceiling law says we can’t borrow more money, then he’s breaking that law,” Epps said.

    Some Washington insiders and Wall Streeters are talking about a second option to avoid a default: looking to Bernanke to lend money to the Treasury.

    But, it turns out, under normal circumstances, lending to the US Treasury is illegal under the Federal Reserve Act.

    But Cullen Roche, founder of the Orcam Financial Group and an expert on monetary policy, believes that in this emergency Bernanke could play a get-out-of-jail-free card.

    “If the options are default or no default then I think the Fed should exercise what’s called the ‘exigent circumstances’ clause [of the Federal Reserve Act] and lend directly to the US Treasury,” said Roche.

    “They did this with Bear Stearns and AIG [in the 2007-2008 financial crisis] so I think saving the US government is a bit more important than those two entities.

    “By having the Fed lend to the US Treasury, you circumvent having the Treasury issue more bonds. In this case the Fed is just issuing loans and crediting the Treasury’s account. And it puts the Fed in the hot seat by being the entity creating the agenda here rather than having the Treasury sell bonds in a normal auction process, thereby breaching the debt ceiling.”

    Of course, Lew does have a third option, albeit much less palatable: letting the US default on the debt.

    But even that could be illegal under the 14th Amendment, which holds that “the validity of the public debt” of the US “shall not be questioned.”

    “If he didn’t pay the debt, he’d be breaking the 14th amendment,” Epps said. “And he’d be violating any number of laws directing him to pay the debt. Anybody having claims against the US would be able to sue the US.”

    “They have to break a law. Full stop,” a recent Morgan Stanley economics research report concluded when addressing how Lew or Bernanke can deal with coming debts in light of a frozen debt ceiling.

    Epps and many other scholars think there could be a fourth path around the debt ceiling issue: a presidential edict that claims a default is not permitted.

    But that’s a long shot, Epps said, because it’s fraught with danger.

    If President Obama were to try to override Congress to fulfill that commitment, he would likely face impeachment charges from Congressional Republicans, he said.

    https://nypost.com/2013/10/09/hard-ch...-bernanke-lew/

  4. #24
    Nationalism and the Kurds
    By DAVID ROMANO

    On October 6th, Egyptians marked the 30th anniversary of their 1973 war with Israel. The Egyptian government hoped that public rallies and celebrations to mark the anniversary might help unite a polarized nation. Since Morsi’s ouster, of course, Egyptians seem more divided than ever before. Focusing the nation’s emotions on an external enemy to help unite it is an old strategy, and every Egyptian government since 1973 has held similar events on October 6th. Nationalism remains a very useful tool for governments, and nations who feel proud of themselves and their accomplishments also tend to develop a stronger sense of citizenship and public virtues that can prove useful.

    This year’s Ocober 6th celebrations and rallies in Egypt ended in violence, unfortunately. Pro-Morsi demonstrators clashed with Pro-General Sisi ones and security forces, and several city blocks in many of Egypt’s cities descended into armed melees. It seems even a day meant to temporarily focus Egyptians’ attention on their exploits against an external group was not enough to make them set aside their differences.

    Perhaps it was also never a good idea in the first place to celebrate a war Egyptians essentially lost against an enemy they went on to sign a peace treaty with. Maybe glorifying armed conflict and hatred of the other only breeds internal conflict and hatred. Perhaps governments and society’s elites, via the anniversaries they choose to celebrate and the themes they decide to focus on, promote either destructive nationalisms or productive nationalisms.

    If this is true, I think the Kurds might be doing relatively well for themselves. Like every group, of course, they have their martyrs and their commemorations of important revolts and battles. Commemoration of the revolts and the armed conflicts seem more often somber affairs, however, as they remember the pain and suffering endured during those times. Commemoration of uprisings that led to freedom, such as the March 5th 1991 Uprising that began in Ranya or even the Newroz Spring Equinox holiday (and its legend about a simple blacksmith’s uprising against a cruel king), are happier affairs.

    What I see Kurds taking the most national pride in, however, has little to do with military exploits or the defeat of their enemies on the field of battle. The Kurdish national discourse today seems to attach much greater importance to other things, such as free and fair elections in Iraqi Kurdistan–starting in 1992, in the very first weeks of autonomy and still in the shadow of Saddam’s regime. When they feel boastful, I rarely hear Iraqi Kurds talk of things like the 1966 battle of Hendrin, when their outnumbered peshmerga mauled a much larger Iraqi military force and pushed it out of their mountains with its tail between its legs. Instead, I hear them talk about how persecuted Iraqi Christians from Baghdad, Basra and other parts of Iraq have found refuge and safety in Kurdistan. I hear them talk about how the Turkmen in Kurdistan have their own schools, their own newspapers and their own community organizations that all function freely in the Turkmen language. I hear them point out how the Kurdistan Democratic Party of Iraq and the Patriotic Union of Kurdistan never, even after the darkest days of defeat (such as in 1975 and 1988), resorted to terrorism against Iraqi Arab civilians.

    This last observation about eschewing terrorism seems true of all the modern non-Islamist Kurdish parties except the Kurdistan Workers’ Party (PKK), in fact. It’s hard to find any accounts of groups like Komala, the Kurdistan Democratic Party of Iran or even PKK-affiliated groups in Iran and Syria targeting civilians. There are a few instances here and there, but even these often appear ambiguous. The PKK also came to renounce its 1990s policy of attacking the families of pro-Turkish state village guards, and at least goes to the trouble of denying bomb attacks on civilian targets in Turkey (whether or not the denials are always convincing is another matter). At the very least, one never hears a discourse of ethnic hatred towards Turks from the PKK. Several of the PKK’s founders were in fact ethnic Turks, and the movement’s hatred seems reserved for the Turkish state and the old Kemalist ideologies. In the same vein, one never hears the various Iranian Kurdish parties dehumanize ethnic Persians or Azeris or others. The same can not be said of too many armed groups and nationalist movements in the world, unfortunately.

    If I am not too biased and far off the mark in my assessment of Kurdish nationalists, then the Kurds and other national groups of Kurdistan may have a bright future ahead of them. Not dehumanizing their enemies may even help them manage their own disagreements more peacefully in the future.

    David Romano has been a Rudaw columnist since August 2010. He is the Thomas G. Strong Professor of Middle East Politics at Missouri State University and author of The Kurdish Nationalist Movement (2006, Cambridge University Press).

    https://rudaw.net/english/opinion/101....nadH47L3.dpuf

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