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SocalDinar

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SocalDinar last won the day on September 23 2015

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    All is well and riding the comet!

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  1. This thread is all over the place. ¿???? ¿
  2. SocalDinar

    Kicking The Can Down The Road.

    Silver and gold are pretty good buys right now.
  3. Iraqi Oil Ministry Bans Kurdish Language In Documents https://oilprice.com/Latest-Energy-News/World-News/Iraqi-Oil-Ministry-Bans-Kurdish-Language-In-Documents.html By Irina Slav - Aug 16, 2018, 9:30 AM CDT The Iraqi Oil Ministry has banned the use of Kurdish words in official documents, threatening Kurdish employees with lawsuits if they violate the ban, Kurdish media report, citing a document issued earlier this week by a senior Oil Ministry Official. “There are Kurdish terms used in most of the documents the NGC submits which is against the motion issued in 1968 to maintain the safety of the Arabic language,” Hamdan Uwaij Rashid, General Inspector at the Oil Ministry said in the statement, which was addressed to the North Gas Company. Apparently, the document is a follow-up on another one, issued by the Iraqi Secretariat of the Council of Ministers, which was circulated to all Iraqi institutions in August 2017. Interestingly enough, this was before the historic Kurdistan independence referendum that heated up relations between Erbil and Baghdad and eventually led to Iraqi forces retaking control of the city of Kirkuk and the surrounding fields from the Kurdish Peshmerga. The Kurdistan Regional Government estimates local crude oil reserves at some 45 billion barrels—this puts Kurdistan ahead of Nigeria in terms of reserves and what’s more, this oil is cheap to pump. According to figures for 2016, Kurdistan pumped about half a million barrels daily, which was expected to rise to above 600,000 in 2017. Most of this is exported to Turkey, but since the Iraqi government took over the Kirkuk fields, some 300,000 bpd in production has been shut in. Earlier this week, Kurdish officials said Iraq cannot export the Kirkuk oil to Turkey without first inking a deal with the KRG, following reports that Iraq’s Haideer al-Abadi and Turkey’s Recep Erdogan had struck an agreement for the resumption of Kirkuk oil exports to Turkey. The message from Erbil suggests relations between the central government and the Kurdistan authorities have yet to settle. By Irina Slav for Oilprice.com
  4. SocalDinar

    I am getting Married!!!

    Have a great day... And Congratulations... Money is nice but not needed to be happy.
  5. SocalDinar

    Has anyone used - GoldMoney or GoldSilver

    I usually buy direct from local dealers but i have had good luck with JM Bullion online Metals are way down so I've been stocking up too.
  6. SocalDinar

    Where's the money going to come from???/

    I would love to get $10,000 for my $100 investment! Even after taxes that's $6,000 net. Just won $500 on a $5 scratcher and thats tax free
  7. Iraqi man cheated out of IQD 10 million by Khaliji scam artist Kurdistan 24 |http://www.kurdistan24.net/en/culture/28749d88-de33-4ac6-916e-fc066f85df4a 3 hours ago Share share The Karbala Police had previously arrested three members of a group in the al-Iskan neighborhood of the city who attempted to trick another Iraqi with the same scheme. (Photo: Archive) Karbala Iraq Counterfeit Currency Fraud A+AA- ERBIL (Kurdistan 24) – Scammed by a man with an accent most associated with Gulf countries (Khaliji), an Iraqi man has lost the equivalent of USD 8,400 in the city of Karbala by accepting counterfeit foreign currency, local police stated on Wednesday. In the statement, Karbala Police said they had earlier received a complaint from a citizen in the city claiming that a middle-aged man speaking with a Khaliji accent scammed him at the currency exchange market with banknotes he did not know were counterfeit. Security authorities have long warned citizens in Iraq of people who engage in fraudulent activities, dealing foreign notes that are either fake and worthless in the country’s currency exchange markets. The fraudster was in possession of “60 banknotes,” and told the man from Karbala that “the value of each note was 200,000 Iraqi Dinars (IQD), nearly USD 168, which he wanted to change to Iraqi currency as soon as possible,” according to the statement. The owner of the foreign notes had told the victim that he had intended to distribute the amount in dinars to poor people in the region. The police did not reveal the identity of the fraudster or the type of counterfeit currency he was peddling. The statement added that “the citizen, in good faith, brought IQD 10 million and accepted the foreign notes belonging to the other person.” “After the Karbalaii returned to the currency exchange market, he found out his notes were worthless, an unknown currency to the traders,” the Karbala Police explained. The Karbala Police had previously arrested three members of a group in the al-Iskan neighborhood of the city who attempted to trick another Iraqi with the same scheme.
  8. Read these over and over and 100% sure what this is saying??????????? Is The Central saying it will accept pre 2006 US $100s Can anyone translate this translation LOL Thanks Yota
  9. Surviving Daesh, Iraq is grabbed by debt spiral With 150 billion barrels of oil reserves, Iraq ranks third among world’s top oil producers home > world, economy, todays headlines, middle east 04.08.2018 By Idris Okuyucu Already fragile and is largely dependent on oil revenues, Iraq’s economy has sustained a great damage after the rise of the Daesh terrorist group and simultaneous falling oil prices. As a result, Iraq’s debts have almost doubled for the past four years. With its 150 billion barrels of oil reserves, Iraq ranks third among the world’s top oil producers. Despite violence that is taking place in Iraq, the country’s oil production is now three times more than that of 2003. In addition to its oil reserves, Iraq has some 3.744 billion cubic meters of natural gas, according to OPEC. The International Monetary Fund (IMF) believes that Iraq’s oil-dependent economy has not made much progress due to insecurity and difficult work environment. Baghdad uses approximately 80% of its oil revenues, obtained through exports, to pay salaries. Compared to other oil-exporting countries, basic services such as health, education and electricity in Iraq are below average. The violence and challenging working climate have adversely affected the development of the private and financial sectors. An earlier report by the World Bank cited power cuts, political instability, corruption and access to fiscal sources as the most prominent reasons preventing Iraq from developing. Iraq's debt history starts in 1980 In 1980, former Iraqi president Saddam Hussein launched war against Iran, which lasted for nearly eight years and brought both economic and humane destruction upon both countries. According to official estimates by both Iraq and Iran, more than 500,000 have been killed during the war. With $35 billion in cash, Iraq, before the war, was one of the countries that provided loan for other countries. But the country’s economy began to plummet as a result of the war. The heavy cost of war and falling oil prices back then further weakened Baghdad. Paris Club, an informal grouping of creditor nations, provided credit worth $21 billion, but the amount grew to reach $40 billion in 2003 as a result of the interest rates. In addition to the Paris Club, Saddam Hussein also borrowed from banks and countries with the amount reaching $41 billion. Having lost $35 billion as a result of the war, Iraq's debt to international creditors, Paris Club and Gulf states reached $80 billion in 1990. Figures, however, did not give a clear picture about Iraq’s debts during the country’s war with Iran. A letter sent by the now-defunct Baath Party to the UN in 1990 pointed out that Iraq had a debt of $42 billion. IMF data, however, showed that Iraq’s war with Iran, the Iraqi occupation of Kuwait and war reparations have cost the country some $120 billion as of 2003. Following the 2003 U.S. invasion of Iraq, the Paris Club wiped off 90% of Iraq's debt; but, the other debts remain to grow even after 2003. Current debt stands at $122 billion A 2017 Iraqi financial report showed that the country’s debts reached $122 billion, noting that the debt could reach $132 billion by the end of 2018. The report suggests that war-weary Iraq has $74 billion of external debt, which could be examined under four different points. Firstly, Iraq owes $41 billion to the Gulf countries, which was given to the Saddam Hussein regime during the Iraqi-Iranian war. Secondly, Iraq owes $6 billion to the Paris Club and this debt is restructured to be paid within 28 years. Thirdly, between 2006 and 2017, Eurobond provided $4.7 billion worth of loan to Iraq in three phases. Fourthly, Iraq, after 2014, got $22 billion worth loan from IMF, the World Bank and other creditors. In 2014, the Iraqi economy suffered from two issues: The emerge of Daesh terror group and the falling oil prices, which dropped from 102 dollar per barrel to 45 dollars. These developments have caused to increase Iraq's external and internal debt, which jumped from $74 billion in 2013 to $122 billion in 2017. According to the UN, five million Iraqis have been internally displaced since the rise of the Daesh and the number of needy Iraqis in the country reached 11 million. Iraq’s GDP decreases According to estimates by the Iraqi government and IMF, Iraq’s GDP was roughly $234 billion before Daesh seized one-third of the country’s territory. The Iraqi GDP, however, regressed to only $192 billion in 2017 as a result of Daesh attacks and falling oil prices. The per capita income in 2013 was $7,000 while it hit below $5000 in 2018. Fourth in oil reserves According to OPEC data, with its 150 billion barrels of oil reserves, Iraq ranks fourth as of oil reserves, after Venezuela, Saudi Arabia and Iran. Iraq also ranks third when it comes to easy oil extraction after Kuwait and Saudi Arabia, thanks to the country’s soil structure. According to the IMF and World Bank, the lowest oil production in Iraq was recorded during the country’s occupation of neighboring Kuwait in 1991. Due to the UN-imposed embargo, Iraq was capable of producing less than a million barrels per day. On the other side, the same reports suggest that, following the ouster of Saddam Hussein, oil production in Iraq gradually increased, reaching nearly five million barrels per day in 2018. Today, Iraq exports 3.8 million barrels via pipelines and tankers. Corruption Among 180 countries that face corruption, Iraq ranks 12th, according to the Berlin-based Transparency International organization, which monitors corruption worldwide. The organization claims that the Iraqi government is grabbed by corruption in almost every sector. Hence, even the provision of basic needs can't be conducted properly, posing a great threat to national security. According to the World Bank, one in every five Iraqis live on the breadline despite that Iraq achieved financial development between 2008 and 2012. https://www.aa.com.tr/en/economy/surviving-daesh-iraq-is-grabbed-by-debt-spiral/1222685
  10. All politicians are corrupt to some point. My small town is no exception. The last police chief here with a population of 22,000 retired at 55 Years old making $460,000 per year. City has to pay out 90% of that for life in pension. Total BS IMO a 1 cent RV would cost approx $700 billion if I'm doing my math right.
  11. Analysing Growth Trends in Public Sector Employment in Iraq by Ali Al-Mawlawi An Iraqi army soldier stands guard at a checkpoint in the Sadr district of Baghdad, Iraq, April 19, 2008. Photo: Tech. Source: Sgt. William Greer, United States Forces Iraq, Flickr. The illusive nature of long-term stability in the Middle East necessitates a strong commitment by Iraq’s political leaders to develop a sustainable economic and fiscal regime that can absorb future shocks to the system. In 2014, after a third of the country fell under the control of the Islamic State (IS), the Iraqi government was faced with the challenge of wresting back territory from transnational terrorists in the midst of an emerging fiscal crisis that threatened to upend the military campaign. With the crash in oil prices and the unlikely prospect of a return to the days of $100/barrel, policymakers have been preoccupied with trying to find ways to rein in public spending to adapt to the shortfall in oil revenues. Central to this challenge is the need to better control the growth of the public wage bill in order to reorient spending toward much-needed capital investment and social services in order to address the country’s pressing post-war priorities. The wage bill represents the single biggest item of spending from the state treasury. Each year, parliament passes a federal budget bill that allocates government spending for all state ministries and independent bodies. Budgets are divided into recurrent spending, which includes salaries for public sector employees; and capital spending, representing the investment portion of the budget. Recurrent spending is largely determined by the number of budgeted employees within each ministry and independent body. This figure naturally increases year-on-year as the number of people entering the job market far outweighs retiring public servants. A historical analysis of budget allocations to cover compensation for employees since 2003 shows unsustainable growth that poses a burden to long-term fiscal stability. As oil prices and government revenues ballooned, so too did the size of public sector employment, and subsequently the overall wage bill. According to the World Bank, government expenditure as a percentage of GDP averaged at 52 percent between 2005 and 2012, making it amongst the highest in the region. Meanwhile, the public wage bill between 2005 and 2010 averaged at 31 percent of total expenditure or 18 percent of GDP. In 2003, public sector employment was estimated at 1.2 million, and by 2015, figures show that it had peaked at over 3 million. The first genuine attempt to curtail this trend came in 2016 when the government implemented a partial hiring freeze. With the exception of a few essential sectors including health and security services, new employment within the government was suspended. As a result, the total number of public sector employees, as outlined in successive federal budgets, fell from 3.03 million in 2015 to 2.89 million in 2018. An analysis of sector-by-sector employment reveals significant cuts within the military and security services, while growth in higher education and the oil industry was also stunted. 2018 2017 2016 2015 2013 2012 2011 Total 2885716 2885834 2905226 3027069 2907776 2750322 2662608 Ministry of Interior 587011 594991 595000 669798 661914 639485 632760 Ministry of Defence 288242 292327 305000 362331 322297 306614 306475 Ministry of Higher Education 116160 116356 117609 105864 102832 99142 97439 Ministry of Oil 2216 2125 2125 2120 1793 1327 1156 Kurdistan Region 682021 682021 682021 679939 677528 662444 650849 Budgeted public employment numbers, based on author’s analysis of allocations within successive annual federal budgets between 2011 and 2018. The total number of budgeted employees within the Ministry of Interior has fallen by 12 percent compared to 2015, while the Ministry of Defence has seen even bigger cuts, slashing its personnel by 20 percent over the same period. The reductions can be attributed to a number of factors, namely the rooting out of so-called ‘ghost employees’ (people who are on the payroll but do not actually report to work), the casualties sustained by the war against IS and the forced retirement of many senior officers. As a result, the impact on recurrent spending has been noteworthy. Between 2017 and 2018, budgeted spending within the Ministries of Interior and Defence has fallen by 6.5 percent and 15 percent respectively. Within higher education, employment grew by one-fifth since 2011, with only minor reductions to total sector employment since the hiring freeze was implemented. Meanwhile, continued investments in the oil industry has meant that the Ministry of Oil’s core bureaucracy (not including state-owned enterprises) has doubled over the past 7 years. As for the Kurdistan Region, cutting the size of the public sector workforce has posed major difficulties. While the KRG has implemented biometric data to address problems with ghost workers and ‘double dippers’, their total budgeted employees within the federal budget has not fallen, it has remained unchanged at just over 682,000 since 2016. The KRG has an even greater imperative to reduce the disparity in its wage bill, since Kurdistan Regional Government (KRG) employees represent nearly 24 percent of the Iraqi public sector, while its current share of the federal budget, calculated on a per capita basis, amounts to under 13 percent. While reductions in nationwide public employment has meant that government salaries this year make up a smaller share of spending (33.4 percent) compared to last year (35.5 percent), the figure is still far too high. Factoring in state pensions and social support means that half of the government’s budget is spent on cash handouts. Naturally, the biggest obstacle to a major restructuring of the wage bill has been the absence of a conducive political climate. During the run up to the 2018 parliamentary elections, campaign rhetoric by competing parties on government hiring reflected the lack of public appetite for any significant overhaul of the public wage bill. Negative campaigns asserted that the incumbent government was intending to slash salaries within the armed forces, which was fiercely denied. Given the protracted nature of the negotiations to form the next government, it is unlikely that significant progress can be achieved this year. Nevertheless, Iraq’s commitments to international lenders, including the stand-by arrangement with the IMF, should offer sufficient incentive to remain on the right trajectory. A realistic way forward must feature a dual track approach that includes legislative and bureaucratic reforms. The existing legislation that defines public sector salaries dates back to 2008. A thorough revision is required to ensure that employees’ compensation is tightly controlled and hiring through the federal civil service council can be fully established. Additionally, modernising Iraq’s bureaucracy through a public financial management (PFM) approach will be critical, not only to enhance oversight on spending in Baghdad, but to assist sub-national authorities in navigating the ambiguities over decentralisation in the years to come. http://blogs.lse.ac.uk/mec/2018/07/31/analysing-growth-trends-in-public-sector-employment-in-iraq/
  12. Iraq has spent more than $700 bn oil wealth since 2005 By AFP PUBLISHED: 09:40 EDT, 31 July 2018 | UPDATED: 09:40 EDT, 31 July 2018 e-mail +1 An employee stands at the Zubair oil and gas field, north of the southern Iraqi province of Basra on May 9, 2018 Iraq has raised more than $700 billion from oil since 2005, but almost the entire amount has been spent, the central bank announced Tuesday. "Between 2005 and 2017, the finance ministry has taken in $706.23 billion dollars in foreign exchange" from oil, it said in a statement. "A total of $703.11 billion, or 99.5 percent of the amount, has been spent," it said. Since Prime Minister Haider al-Abadi declared victory over the Islamic State group last December, marking an end to decades of conflict in Iraq, social grievances have boiled over in a series of protests. After erupting in the oil-rich southern province of Basra on July 8, unrest has quickly spread to several cities, as people have vented their anger over unemployment, high prices, power cuts and a lack of usable water. Fourteen people have been killed in clashes between security forces and demonstrators, frustrated over the lack of basic services in what has been ranked one of the world's most corrupt countries. According to parliament the equivalent of $227 billion in public funds in Iraq, OPEC's second largest crude exporter after Saudi Arabia, has gone missing through shell companies. http://www.dailymail.co.uk/wires/afp/article-6011177/Iraq-spent-700-bn-oil-wealth-2005.html
  13. Iraqis Lose Millions of Dollars Worth of Deposits in Iran’s Banks Monday, 30 July, 2018 - 10:45 A money changer counts out US dollars for a customer in Tehran's business district, Iran. (Reuters) Baghdad - Asharq Al-Awsat A large number of Iraqi citizens lost more than half of their money in Iranian banks due to the current economic crisis in Tehran and the rapid decline of the rial's exchange rate, as the country braces for the re-imposition of US sanctions. Several Iraqi citizens have spoken publicly about losing more than half of their money following the collapse of the Iranian currency and the loss of more than half of its value in recent months. Iranian banks dictate that Iraqi citizens, who want to deposit money, must convert it to the national currency. They cannot withdraw the amount, in Iranian rial as well, until a year after making the deposit. Iraqi politician and investor Mazin al-Eshaiker wrote on his Facebook page about the collapse of the currency: "The price of the note (one hundred dollars) today on the black market reached one million Iranian rials!" Eshaiker predicted that with the implementation of the first phase of US economic sanctions against Iran on August 6, the value of the rial will fall even further. It will continue to collapse in November after the implementation of the second batch of sanctions, which would include a total ban on Iranian oil imports. A merchant working in Baghdad’s Shorja market told Asharq Al-Awsat that many traders have deposited large sums of US dollars in Iranian banks. Regular citizens from Baghdad and various provinces, especially Karbala and Najaf, have also deposited their money there. They are now suffering major losses following the dramatic decline of the rial, he added. “One of my fellow merchants put $400,000 into an Iranian bank and the current collapse in Iran's currency cost him $300,000,” he said. Professor of International Economic Relations at the University of Iraq, Abdul Rahman al-Mashhadani, blamed the government and the Central Bank of Iraq for causing “hundreds, and possibly thousands, of Iraqi citizens to lose their savings and homes because of deposits in Iranian banks”. He told Asharq Al-Awsat that officials should have warned citizens against depositing their money in state banks that are economically unstable, but, unfortunately, they did not. “We have been warning (officials) for more than two years. Nobody listened to us. The 25 percent interest rate given by the Iranian banks is not reassuring,” he added. Mashhadani believed that Iranian banks have committed “fraud in an official way,” adding, however: “You cannot blame a besieged country in need of hard currency, but the Iraqis have a responsibility not to waste their national fortune in such a manner.” Iran’s economy has been suffering from chronic inflation for decades, said Ali al-Moussawi, an economic journalist who spent part of his life in Iran. He explained that the central bank tried to counter the inflation by raising interest rates on the rial to 25 percent for medium-term deposits. “Such high interests have been an irresistible incentive for Iraqi citizens,” Moussawi told Asharq Al-Awsat. He said that “until a few months ago, the situation was fine, but US sanctions have reduced the value of the currency to about a quarter so far, meaning a decrease in purchasing power of the rial received as interest by Iraqis depositing in banks there.” Moussawi said that the collapse of local currency created an economic shock to many of the Iraqi families that relied on these benefits in financial matters.https://aawsat.com/english/home/article/1347766/iraqis-lose-millions-dollars-worth-deposits-iran’s-banks
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