Bgg roundtable 8/24/15
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    Bgg roundtable 8/24/15

    WELCOME TO BGG ROUNDTABLE AT DINARUPDATES.COM



    BGG: Any of our other esteemed News Hounds ?? Got an interesting News piece to start us off with??

    MYDINR: A while back BGG had heard that there may be a short term RV at a lower rate to tide Iraq over. Since so much time has gone by do you think that they will still do a short term lower rate or just go for an RV? Since they have made it this far without a short term remedy

    BGG: No clue - but with oil prices falling and their budget based on a 58.00 per barrel projection their need for some "big fix" gets more desperate by the day...
    BGG: as of today oil is at 38.00 per barrel.
    BGG: and falling...


    ghost: I have seen the mention variously about Abadi’s PA man discussing the separation of the executive / judicial branches. Last night you mentioned that you read it as the PM saying that he will not interfere with the criminal trials of current / former leaders. My first thought was about noninterference with the personnel within the judiciary. Any thoughts?

    BGG: like I said a while back - they were already pointing out at least a 35-45 Billion shortfall - and I said that was just a starting point - it would be lots worse before it's all over. Here we go!!

    BGG: I see Abadi letting himself off the hook by saying the judges will handle it... however, there is HUGE pressure to sack some crooked judges before they rule on Maliki (is the way I read it... the situation - that is).

    diane1: i had heard earlier that possibily Alak may have handed in his resignation.? That would be super dooper!

    BGG: I have heard the same - and yes, that would be SUPER DUPER!!

    paul-o: TY Mrs. BGG THE ECONOMIC REFORMS HAVE BEGUN -- THEY ARE TO SATISFY THE CITIZENS AND ALSO ADDRESS NOT ONLY THE DOMESTIC -- BUT THE GLOBAL SCALE." ...that was supposedly released to the citizens Sunday am with 48 hours to implement. Is this news correct and if so if its to satisfy on a global scale could this be pointing to a rate change?] YES THAT'S CORRECT.." BGG, what is your opinion on this?)

    BGG: according to news out this AM - didn't happen and I haven't seen why yet.
    BGG: Lemme' go get you the article...

    BGG : Newspaper: Abadi decide to stop reforms

    BGG: Newspaper, "news" of Lebanon, on Monday, Prime Minister Haider al-Abadi suspended "temporarily" the launch of the reform packages because of the objection of some Shiite political blocs, while suggesting to the satisfaction of reference "caution" to those reforms.
    The newspaper said in a report on its issue today and seen by / information /, that "at a time of mounting protest demonstrations and mobility popular to demand that Iraqi Prime Minister Haider al-Abadi further reforms that exceed the frames formalism, Abadi decided to cease further decisions and packets reform temporarily to prepare to fight the implementation of those decisions and packages that may collide objections of the political blocs which began mass «Badr» which called on him yesterday, to provide an explanation to exempt a number of ministers. "

    BGG: The newspaper quoted a source close to the al-Abadi said, that "there is no reform packages will be launched in the coming period or in a cabinet session scheduled for tomorrow," attributing the cause to "beams reform launched by the government need to implement that and to take the legal course because it includes Diwaniyah orders ". The source did not deny Abadi subjected to pressure by political parties, as well as the existence of obstacles to «the march of reform», but he stressed that "al-Abadi past in the application of the reform packages announced by, and launch more of them in response to the desire of the street." aid a source close to the religious authority in Najaf, according to the newspaper, "satisfaction and optimism Top cleric Ali al-Sistani« cautious »of reforms Abadi and decisions to reduce officials privileges in the three authorities, and the abolition of some ministries and merge the other to each other," noting that "reference has not intervened so far in details but merely draw the outline. "
    The source pointed to "receive and reference offices contacts directly and indirectly by the political and international and regional parties, stressing that more than one party and personal Repertory tried to contact him or persons close to him in order to understand the position of the reference, which gets the next steps." Finished / 25

    BGG paul-o: Sounds - like just a temporary bump in the road while getting some Shia segments on board, mainly the Badr Bloc - which shouldn't hard since they have clearly broken with Tehran.

    BGG: shouldn't be hard...
    BGG: especially in light of Hadi Ameri's comments yesterday (and being lined up with Hakim)...

    diane1: without having a permanent CBI in place who is qualified will this hold up RV/economic reform or is there another alternative?

    BGG: I don't see it as a "hold up" just a step in the process.
    BGG: there are a number of more qualified candidates.


    diane1: WHEN WILL THE INTERNATIONAL BONDS BE SOLD IS THERE A DATE SCHEDULED?

    BGG: Not sure - Tman had a great post about that on the OBSERVER today.

    Holly1: Abadi's office denies the issuance of directives prohibiting the sit-ins 08:13: 08/24/2015 Khandan - denied the office of Iraqi Prime Minister Haider al-Abadi, the issuance of guidance from the latter prohibiting the sit-ins. Ebadi said Office in a brief statement, he denies the issuance of directives by the Prime Minister and Commander in Chief of the Armed Forces prohibiting the sit-ins. The statement noted that al-Abadi, "with the right peaceful demonstration which is guaranteed by the constitution and the protection of citizens and their property. "
    http://www.xendan.org/arabic/drejaA....ra=14630&Jor=2

    BGG: I have seen this reported several times so far - could just be Abadi encouraging them... kind of like a "political straw man" denying against no one... ??

    Holly1: well I do have lots of news but it is very long Articles . so I will go do my dishes until RT is over ... and TY Mr. BGG

    BGG: the sit-ins have helped him immensely - why would he issue directives to end them?? Or be harsh with people?? Makes not sense.

    BGG: further - the Dawa and SLC are the ones who are known for this tactic... and they are the biggest target of such "demonstrations".

    BGG Holly1: thanks so much!!
    BGG Holly1: we always appreciate your input.



    itsaboutjesus: it's actually 2 things I want to bring up .....


    1) CBI today's announcement...
    Gentlemen Directors General managers and commissioners for banks (the salaries of employees and retirees)08/24/2015


    2)I have been monitoring their CBI's "new pending" site since they went up last Tue, everything seems to stay the same .... UNTIL this morning .... in their "recent update module", it indicated a whole list of new pages added and updated; and I just checked them that, they were not there last weekend
    This is just F.Y.I.

    BGG: Thanks for the input!! Very curious timing.


    diane1: WHEN THE WORLD BANK GAVE IRAQ ULTIMATUM TO GET EVERYTHING DONE DID THAT INCLUDE ECONOMIC REFORM AKA R/V BEFORE OCT 1

    BGG: No - it was only an Anti-Money Laundering Law (as I recall)... the addition of an Investment Law would not hurt Abadi's case - however, while this is a quick and simple answer...

    diane1: OK but if they are going to implement tariffs again wouldn't they want a rate of some kind.

    BGG: the whole complexion of such an ultimatum is essentially directed RIGHT AT MALIKI and his clowns... and elimination of corruption on the financial sector.

    mose2911: My first time on this chat - Why do you think Malaki Jr came back to Iraq & was arrested ? Doesn't this put even more pressure for an arrest of Malaki ? Can't believe it is taking so long to get rid of him. He must still have a lot of support

    BGG: Welcome Mose - first, he does still have a significant base of support. Second - I haven't heard that Ahmed al-Maliki actually did come back and was arrested. I know the order was given to arrest him IF he came back.

    mose2911: Thanks - I saw that somewhere - might not have been correct information -

    BGG: I think my characterization is accurate.
    =========================

    BGG: Let's do a "Lightning Round" - I've got a few things to cover and not much time to go...

    BGG: Sadr calls for followers to take part in a demonstration next Friday to demand the reform of the judicial institution

    BGG: http://www.dinarupdates.com/showthre...l=1#post128157

    BGG: I was a little worried about Sadr being so quiet - hard to get a read on which side of the Shia argument he would land on... it appears he is still on the HAKIM (and our) side of the fence.

    BGG: Keywords: conditions are ripe to reconsider the Iraqi financial system

    BGG: Qurtas News / Baghdad - He stressed Governor of the Central Bank of Iraq on the Keywords, Monday, that the current conditions are in place so that there is a reconsideration of the Iraqi financial system. Keywords and said in a statement the "Ply News" that "the crises facing Iraq today, including the financial crisis, which reflected negatively on the economic imperative that there be efforts to confront and address them in accordance with the fast and accurate mechanisms and methods."
    BGG: Keywords and added that "the conditions are ripe to reconsider the financial system in Iraq through the state budget preparation," pointing out that "classified on the basis of operational and investment expenses is inaccurate tab punctuated by a lot of observations that give impressions and analysis is incorrect."Keywords predicted that "the financial system contributes to the amendment to the financial correction process and put them on the right path, which develops the economy and makes it the most powerful arm in Iraq to create a live well for his children."

    BGG: All I can say is - STUNNING!!
    BGG: maybe - just maybe - Ali al-Alak will play ball after all??


    ==================================

    BGG: Iraqi demonstrators tearing pictures "Khamenei" sweeping the social networking sites

    BGG: Saw last Friday, the fourth week of demonstrations that increase the severity and impact in Iraq, represent important variable in increasing the security deployment and tearing pictures of Iranian Supreme Leader Ali Khamenei and chanting slogans against Tehran.

    BGG: Whaaaaaaaa????
    BGG: I said there was a strong Nationalist and "anti-foreign" interference theme with people in the street - but I didn't realize it was quite this visceral. WOW.
    BGG: which means (very angry)
    BGG: or at least just "very" whatever...

    ================================================

    BGG: Abadi instructed to take immediate measures to stimulate the private sector

    BGG: BAGHDAD / Obelisk: instructed Prime Minister Haider al-Abadi, Monday, to take immediate action to stimulate the private sector and reduce unemployment, as called for the development of policies that respond to winning the decline in oil prices. Ebadi said Office in a statement, that "the crisis cell held its sixth meeting under the chairmanship of Prime Minister Haider al-Abadi," noting that "al-Abadi said in the beginning of the meeting on the need to pursue the economic and financial situation and the development of policies to respond to these conditions with the decline in oil prices."
    BGG: The statement added that "the cell heard a presentation for the development of oil production and the potential for improvement with emphasis on the fulfillment of mutual obligations with international oil companies and to secure better working conditions for them."It recognized the crisis cell, according to the statement, "lending program which is funded by the Iraqi Central Bank in the amount of five trillion dinars distributed evenly on industry, agriculture and housing sectors to be seen in that light of the success rates in the sectors mentioned in the investment of the amounts allocated to them. "The Prime Minister instructed to "direct immediately necessary so as to provide real opportunities to activate and reduce the unemployment rate of the private sector actions."

    BGG: And there it is... the long awaited or (BGG predicted - or relayed info) "Scramble-o-matic procedures"

    BGG: "How to bridge a 50 Billion Dollar budget deficit in the middle of a crisis" manual


    BGG: Good article right on the heels of the current Gov of the CBI also talking about such measures. Good news.

    ghost: This might seem to be dinar101 to many, so apologies. I fully understand why there must be a proper currency that is free to move is needed for Iraq to take a prominent place upon the world stage; however, I am unclear as to how a higher rate helps the Iraq domestic economy (beyond encouraging international participation). Essentially, all the GoI will be doing is purchasing a commodity … their Dinar … Why would they not drain their reserves as much by just letting it adjust to what the marked will bear? Undoubtedly, they will buy some at $.50, then more at $1.00, and so on. I believe that I read that the $3.22 that we see often was just a point that Saddam selected because of the Kuwaiti rate — is that correct?

    BGG: Essentially - (and for ease of answering completely in this forum) they benefit the same way you and I do - the GOI (seperate from the CBI) sells their oil in "petro dollars" - they turn around and buy Dinar from the CBI to use internally.
    BGG: if there is any change in the interim (while they are holding Dinar) they are able to meet their 50 bil (and climbing) budget shortfalls almost overnight...



    Separate topic: I have seen that there are a number of Arab states that love the idea of seeing the separation between Iran and it’s “little brother”. They see Tehran’s forced showing their hand as a golden opportunity….

    BGG: on your second point regarding Iran - so true and AGREED!!.


    diane1: so maybe Alak will play ball after all but i thought Alkak was interim? Unless he has discounted himself from Maliki, I am not sure i would trust Alak especially when he his a Maliki goon.

    BGG: I agree with you - still murky and obviously not sure where his loyalties lie.

    missouri: apologies BGG way off topic. Y should I send Dinar Corp any order info that they already have on file. sounds odd to me . thanks


    BGG: Do as you see fit for yourself. I simply relayed info from their legal council that people had been asking for... but the technical reason them asking for as much - is they don't likely have control of their own data (currently) the Feds do.

    jd: Get the 50 billion from Maliki. Just pocket change for him.

    BGG: Good luck.

    itsaboutjesus (IAJ): can I have the link for this? Thx!! [1:15 PM] BGG: Abadi instructed to take immediate measures to stimulate the private sector

    BGG:http://almasalah.com/ar/news/59114/%...A%D8%A9-%D9%84

    BGG: it's not in our forum yet. I'll post it later.

    wilson6060:...Does that sound like they are telling Abadi to Revalue their currency

    BGG: WILSON!!!!!

    BGG: I don't know for sure - BUT I like the sound of that!!

    thomas1: how long done you think that have be fore they realize they need to RV or you think they are to stupid and will let all this hard work go down the drain, just asking

    BGG: I think they are dealing with the "over-arching" concerns of the WB/IMF right now - which is CORRUPTION.
    BGG: and no - I don't think they are stupid. However, if they spent half as much time on legit plans as they do on "hinky embezzlement schemes" they wouldn't have a care in the WORLD!!
    BGG: they can be SO SLICK!!



    Loop: Parliamentary economy outweigh the difficulty of paying employees' salaries during 2016 August 24, 2015 BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - likely a member of the economic and investment commission in the House of Representatives Najiba Najib, on Monday, that the government will face difficulty in providing the employees' salaries over the next year, pointing out that oil prices lead to lower revenues and the government gives priority to the fight against terrorism and the provision of services for the displaced. She said Najib's (IMN) said that "the employees' salaries in the country estimated at five trillion," pointing out that "this amount is not easy for the government by providing over the next year."
    Loop: Parliamentary Legal Committee and confirmed in the middle of this month, that the legal and parliamentary finance committee will work on the study of the budget next year, pointing out that the legal representative recommended that the ministries of planning and finance the completion of the budget in 2016 and sent to Parliament before the end of the month of December next. She member of the economic and investment commission in the House of Representatives Najiba Najib that "the Federal Government to take some action to rely on the private sector by the budget for next year does not bear the implementation of projects." Najib noted that "oil revenues will not be sufficient to pay the employees' salaries over the next year, to follow up" on the central bank to provide liquidity by the economic confrontations facing the state. "The parliamentary finance committee and revealed earlier, a tendency to reduce the ministries, agencies and government entities expenses to the lowest level in order to reduce the fiscal deficit in the federal budget size. http://cente

    Loop: http://www.dinarupdates.com/showthre...l=1#post128160

    Loop: What struck me about this article was that even with all the staffing cuts they are doing. Finance is still predicting a shortfall and liquidity issues.

    BGG: and here is the key phrase...
    BGG: ...to follow up" on the central bank to provide liquidity by the economic confrontations facing the state. "...
    BGG: read thru that one more time...

    Loop: That was the part the stood out to me as well.

    BGG: Thanks so much for that Loop

    jd: That could be only loans from the CBI not a RV.

    BGG: Sure could - but if they loaned very single cent the CBI had - it would get the GOI thru about December. Every penny of reserve...
    BGG: it has to be a better plan that "borrow me rich"...
    BGG: that NEVER works...
    BGG: and they better get on the stick because every day that goes by Maliki steals more CBI reserves. They are down from 100 Bil or so to around 59 Billion...

    GrannieAnnie: How is Maliki STILL stealing more CBI reserves?

    BGG: how are their reserves down from 100 bil (or 80-90) whatever the real number was - to 59 Bil in a year or less??
    BGG: Did the CBI fund a new airport or something??
    BGG: (more like a new PROVINCE)


    BGG : OK gang - tune in for News Time this evening 7:30PM EST with Millionday


    THE BLOG - Dinar Daily NEWS Blog - http://www.dinarupdates.com/blog/

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  2. #2

    Re: Bgg roundtable 8/24/15

    He said Mahabs told {Euphrates News} today that "there are a number of important laws to now see the light and will not be at a standstill in the corridors of the House of Representatives for many years between the executive and legislative Alsultatin".
    He noted that "it is time to approve oil and gas law because of its great importance in the organization and management of oil wealth in the country, especially as there is a lack of harmony between Baghdad and Erbil."
    He said the "approval of oil and gas law was a major achievement and an urgent need to organize oil Altherorh administration", urging "the political blocs to overcome their differences over oil and gas law and approval by the House of Representatives."
    The oil minister, Adel Abdul-Mahdi, said earlier that the approval of oil and gas law, will contribute to the achievement of social justice through the provision of investment opportunities great, and Sacefr differences associated with the adoption of the general budget, adding that the law would give wide latitude for the oil sector, to grow and implement planned projects . M ended ALFORAT NEWS ARTICLE TRANSLATED FROM TODAYS WEBSITE

  3. #3

    Re: Bgg roundtable 8/24/15

    He said Mahabs told {Euphrates News} today that "there are a number of important laws to now see the light and will not be at a standstill in the corridors of the House of Representatives for many years between the executive and legislative Alsultatin".
    He noted that "it is time to approve oil and gas law because of its great importance in the organization and management of oil wealth in the country, especially as there is a lack of harmony between Baghdad and Erbil."
    He said the "approval of oil and gas law was a major achievement and an urgent need to organize oil Altherorh administration", urging "the political blocs to overcome their differences over oil and gas law and approval by the House of Representatives."
    The oil minister, Adel Abdul-Mahdi, said earlier that the approval of oil and gas law, will contribute to the achievement of social justice through the provision of investment opportunities great, and Sacefr differences associated with the adoption of the general budget, adding that the law would give wide latitude for the oil sector, to grow and implement planned projects . M ended ALFORAT news website article translated from today.

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