Millionday Chat

[Tankwalker]

I know Millionday chats are always long but are mostly comprised of very good articles and then a little member chat and opinions about them.  I also don't view Millionday as one of the typical gurus...she doesn't seem to pump like most do.  

 

Millionday News 8/2/13

    [millionday] Economic researcher said aidid sheyaa Awad, the importance of maintaining the balance of the money supply in circulation by withdrawing Iraqi dinar surplus local market needs and stabilize the exchange rate. 

Pointing to the need for toviralsiolh cash in foreign currency for traders and businessmen to cover the needs of the Iraqi market of imported goods and services at a time when the country is suffering from a lack of production as a result of the decline of the productive sectors, stomatitis and exact weaknesses in the national economy

    [millionday] He said in an interview for (morning) that the Central Bank of Iraq is part of the economic solution system for the value of the Iraqi dinar and not the entire solution, 
...
Read More Link On Right

 

  especially that he was only being addressed in the economic arena and has made achievements in cash cash and his duty in the devaluation of the Iraqi dinar exchange rate against US dollar in the local market (JD/$ 1,700) to (1210 JD/$), 

through his open-market operations in selling foreign currency and pumped through a daily auction to meet the requirements of Iraq imports and market needs, It is the only monetary tool of monetary policy instruments

    millionday] note -- so not only is cbi responsible but the auctions and other tools to maintain the exchange rate or stabilize the inflation rate   -- just enough i hope  smile

    Papatom] millionday does this seem to you that Lagarde is talking about the adjustments in the world economy that will result as the RV takes place???? in a round about way???

    [wmawhite] Papatom .........like China is going to do what anybody asks them to do..............I doubt it.........

    [millionday] i think it says a lot more -- let me see

    [millionday] And that can not study the stability of the value of the currency in isolation from the facts of economic reality and its components essential, and that the most important merits it is based on four pillars basic 

It is like building a box that is based on the four columns or pillars lever that must be integrated and harmony among them as a package in the movement to grow and evolution even contribute to these policies in the pace of consistency in the lift and raise the value of the currency (purchasing power).,

 and pointed out that any imbalance in that lead to an imbalance in the balance of the value of the currency and purchasing power, these columns are monetary policies, financial and development policy, in addition to the political skills of any stability political, social and security and management capabilities in the management of the country and employment policies, human and material wealth.

    [millionday] He could not study the stability of the currency value in isolation from economic realities and its basic, most important tenets are based on four fundamental pillars is more like building the box based on the four columns or pillars of the lever which must integrate and harmonise with each other as one package in movement growth and development to contribute to those policies in consistency in raising and value (purchasing power) to any imbalance that leads to an imbalance in currency value and power Purchasing power, these columns are monetary and fiscal policies and development policy, in addition to the political skills of any political and social stability, security and management capabilities in the management of the country and employment policies and material and human resources.

    [millionday] If we say that the reality of the Iraqi economy is a rentier economy one-sided in its core resources on oil export revenues, and that there is a structural imbalance prevailing among all sectors, 

there is no clear economic plan has under its wings and work towards their goals and ambitions, and there is a vague about the future of the economy, no one knows where we are going on our train, 

as well as a weakness in coordination and compatibility among them up often By contrast, the intersection in each direction and that goes towards loosely coupled is different.

    [millionday] Awad called the creation of a plan or policy development in the true sense aiming for comprehensive economic development, productive economic sectors (industry, agriculture) in full retreat and constitute only a proportion (2%) of GDP, with the deterioration of basic utilities for life (electricity, drinking water, sewage, municipal services and the environment) corresponding financial resources and annual budgets of large numbers exceeded total total around 500 billion dollars during the period (2003-2012) and more (70 percent) than custom 

For operational budgets and more than half the investment budgets of the provinces shall be returned to the Ministry of finance for the poor implementation of the projects, while the Iraqi citizen will not touch any positive improvement on the ground

    millionday] He noted that fiscal policy is in a Valley, it is also seems to operate according to economic theory that the increase in government consumption expenditure leads to increased demand for domestically produced goods and services, and thus the prosperity of local productive sectors, 

pointing out that this conceptual approach may apply to countries which reached a certain development and production bases and has a clearly defined economic, 

which in turn does not apply to the case of Iraq in the current situation characterized by weak production sectors and the deterioration of infrastructure and Iraq is an open market and fully open to the outside to import all its needs from the machines and heavy equipment to fruits and vegetables.

    [[millionday] that next to last paragraph looks like they are showing how it is going to be calculated

    [millionday] this report is great

    [Papatom] millionday this current report IS great.... i'ts almost a chronological report of what has happened and what's to happen....  how and why things got so bad....

    [millionday] last part>>>>> He concluded by saying that the list goes on and expanding imports annually, according to the expansion and development of the needs and requirements of the Iraqi society, in 2004 the volume of imports from Iraq 8 billion dollars in 2007,

 up to 24 billion dollars, and then to jump those imports the year 2011 to nearly 48 billion dollars. 

And qualitatively, Iraq imports (only) of the tomato up to more than 100 million dollars a year despite the presence of more than 7 plants for the production of tomatoes covered domestic demand but it is disabled entirely, and petroleum products accounted for one-third of Iraq during the period imports akiam above.

    [millionday] this reads to me as the monetary and economic reform info - part of the plan is to raise the value of the dinar as we see

    millionday] and they seem to be telling us they are calculating it by how it will be after this process -- but this is iraq so we have to wait and see -- it is such a strange translation

    [Auntie] millionday So they are saying they are open to the outside market......just no recognizable currency?

    [millionday] let me look at another and see if it looks different in any areas

    [Papatom] millionday i noticed the first statement says they can't determine the stability of the currency with out looking at all these areas.....

    [millionday] yes its like they have not used the agriculture if i guessed  let me look and i will brb

    [Papatom] and what do they really want for the currency....so the ISX can trade internationally?????? STABILITY OF VALUE

    [Papatom] yeah...only oil.... agriculture has been in RETREAT.... that's sad - poor implementation of the projects... (in the past....not going forward)

    [Papatom] the tomatoes are an example....7 production plants completely disabled...so it costs them 100 million dollars...just for tomatoes....!!!!

    [Papatom] hope i'm not talking to much.... the different sectors have not worked together....they've not harmonized...so Oil has sprung up as the one supporting industry and you need them all for the peoples sake....so they have to bring it all together as they raise the value of the dinar...currency....so they don't have to import everything.

    [Papatom] it's like the currency will be the lever that will harmonize all these areas together... to build Iraq into the place it SHOULD be.... with all the industries working together....not like it's become...the worlds customer of everything.

    [Papatom] and THAT will show the true value of the currency.... but that awad guy says now that there is an economic plan....it's going to change....  there's a TON above Millionday...that report is pretty complete! so much more every time i look....

    .

    [millionday] The Director of the International Monetary Fund urged Christine Lagarde on better cooperation in global politics and economic reforms help in addressing the challenges identified in the advanced economies and the emerging. 

Lagarde said: after the outbreak of the financial crisis, there was a global collaboration «capacitor really» industry policy in the years 2008 and 2009, but after the crisis and the world economy began to recover, reduced frequency of urgent demands collaboration. 

Lagarde said at the symposium that there was a recommendation for specific economic reform for all IMF members the 188, adding that States should specify different steps for fiscal consolidation and reform priorities. the LaGarde to developed economies, including the euro area, continues to face "a potential threat and serious and must be structural reforms and banking unit" in a comprehensive manner in the cluster with a single currency

    [millionday] Papatom i agree

    [millionday] , the United States and Japan to install medium-term fiscal consolidation plans, including the reform programmes, for Provide a degree of security in the medium term, said Lagarde, Lagarde noted that emerging market economies grew slow lately, and that every economy to develop policies, countries like India must have more investment and structural reforms to address bottlenecks that curb their economic growth.

 LaGarde also said that the process of rebalancing economic "is clearly in China, noting that in the past two years, there was a political movement in China to adjust the economic growth engine of domestic investment to domestic consumption, but we need to see the continuation of this movement.

    [millionday] Lagarde said that "the banking sector in China should be kept under strict control by the authorities.

    Papatom] so lagard is supporting the maintenance of the EURO and tellin the U.S. and Japan to correct their Mid term or medium term consolidation plans...  I bet she doesn't like Q E.

    Papatom] and china is the KEY to economic balance? guess she want's teh Yuan to come up in value

    Papatom] millionday does this seem to you that Lagarde is talking about the adjustments in the world economy that will result as the RV takes place???? in a round about way???

    [wmawhite] Papatom .........like China is going to do what anybody asks them to do..............I doubt it.........

    [millionday] i think she is saying that all will be in the basket -- sdr but i have a weird way of looking at it -- i believe she is saying one reflection of the basket and then a result in all exchange rates that flucuates with basket -- but that is just a way i was looking at it not necessarily the plan

    [millionday] flux -- lol

    [Papatom] millionday it's like she's calling for a plan from everyone...even the BIG boys.....( or girls)

    [millionday] i know there are many that different views on what the changes are that are coming up due to the fiat currencies and how unstable the usd has been-- the thing is this -- if they are going to change the way they present the values -- it will be further down the road in my opinion

    [Papatom] millionday i agree with you. why would those in power over the central banks...just give up their power? not gonna happen....

    [millionday] oh i am sure -- this is talked about all the time but have seen no changes in anyway that the world of trade or the currency market is

    [Papatom] millionday i think they will allow reform as long as it doesn't challenge their control.... and that will mean a continuation of fiat currencies..

    [millionday] we have so many issues right now I don't know how we would change anything lol

    [Papatom] i agree completely millionday

    [millionday] anyway -- smile -- brb with more 

    [millionday] then the remaining of those grades will be awarded to applicants for new graduates. mention that the prime minister ordered earlier install all contracts and daily wages on the permanent staffing has initiated several ministries and agencies implement this decision.

 in the meantime, he said, Associate Director Majeed Airways Amiri: The Transport Ministry has formed a specialized committee to accept the 200 Advanced for vacancies in the airline according to the conditions and legal controls.

    [millionday] Ameri said in a statement the "Center Brief for the Iraqi Media Network," that "it is one of the conditions for admission to be the forerunners of graduates Forums English." 

The Iraqi Council of Ministers authorized in the month of April, the Ministry of Transport contract on the purchase of civilian aircraft. Iraq is seeking to develop a fleet of air through his contract with the competent companies in the aircraft industry.   [millionday] very interesting

    [millionday] i think most of you probably have seen this -- Washington decided to shut down their embassies in Baghdad and some Arab capitals other on Sunday as "a precautionary measure for the purposes of security and safety." 

Said a statement issued by the U.S. embassy in Baghdad, said that "the U.S. State Department instructed some U.S. embassies and consulates to remain closed or to suspend its work on Sunday next corresponding to August 4, 

"explaining that" the ministry has asked its employees and visitors and nationals Americans use caution when coming to their facilities, and stressed the need for attention to these steps precautionary. 

"and suggested the embassy, ​​in a statement, that" there is a day shut down extra and it depends on our analysis for the position, "saying in this regard:" accordingly will be closed the U.S. Embassy in Baghdad on Sunday, "calling Americans who need assistance to contact the phone numbers of the consulate at the embassy.

    [ROBINREDHED] al quaeda

    [millionday] i don't expect this to happen at all so we will wait i am sure it will be cancelled

    [ROBINREDHED] most arab embassies are closed fri sat from what I read earlier

    [Papatom] smoke??

    [millionday] exactly -- let me say something about the news we have seen tonight

    [ROBINREDHED] okokokokokokokokokokok    listenin

    [millionday] the balance in the country`s monetary supply to match the condition of the country has to be joined by the reality rate so lets wait and see if they move forward with the reforms -- this is iraq and you know how i feel about just words -- we need action   [millionday] smile

    [sager] millionday may I share an article?

    [[millionday] Sager of course -- lets see it hun

    [sager] ok hold on

    [millionday] thank you

    [sager] Attempts to undermine the regional economy and the Reserve Bank:

    [sager] The Head Office of control of the money and the Iraqi Central Bank Governor Abdel Basset Turki said that regional States seek in one form or another to destroy the Iraqi economy through financial and banking  war.

    [sager] He noted that Iraq today largely reassured after the reserve amounted to approximately $ 80 million of hard currency.

    [sager] Turki said that the Bank still did not reach the full 100 percent control over the validity of transactions of sale in auction, indicating that the Bank has a problem now and is in control, there is not enough control to continue

    [sager] selling dollars because the Bank only has 3 staff to monitor sales and documented 33 private banks and hundreds of millions of dollars in addition to a specialized Committee on accounts to audit only and there is no documentary proof,

    [sager] pointing out that he began work on the documentation now via three Windows validation document sales process including a third bank from which the transfer is to ensure that documentation in three places

    [sager] Turkish revealed that reserves of hard currency in Iraq now exceeds $ 80 billion, including 30 tons of gold and Bank's disposal is deposited in banks, including the International Monetary Fund

    Sager] and the bank guarantees at the global level, we monitor the level of dealings and while we feel that one dropped their dealings we transfer the deposit to the Bank safer so that we are

    [sager] assured that Iraq is capable of economic stability and that is what we seek.

    [sager] http://www.microsofttran ··· 983.html

    [sager] Now here are some thoughts form a member.. and I'd like your opinion on it:

    [sager] BMWMan: AWESOME POST!!!!!! I don't care what excuse they use, but deciding to stop selling Dollars (ie. de-Dollarize the country) is EXACTLY what we have been looking for from them!

    [sager] I see this as absolutely excellent news. They are not going to tell us they are going to stop selling Dollars because they are going to RV on X date at X time. IMO this is the first step in the actual RV process.

    [sager] They stop selling Dollars, then introduce the small denominations at banks while changing the rate.

    [sager] They will then start pulling in the Dollars to get to the IMF mandated single currency in-country by stating that the Dollar will no longer be valid in-country after x days. Only currency traders will take the Dollars after that time.

    [sager] They can't take long to do this either. A country needs currency flow to operate. And, the CBI site section on Dollar sales hasn't been updated since 7-31-2013 also. This looks good. This is all just my opinion and I hope we see more articles to back this up.

    [sager] end

    wmawhite] Papatom millionday .....why would Turki be advertising the CBI's weakest in monitoring the auctions???

    [ROBINREDHED] comments?

    [Papatom] wmawhite the auctions were Shabibi's deal...right? or wrong?

    [wmawhite] Papatom .....correct

    [Papatom] wmawhite would it help to gain some credibility for TUrki if it showed to be a faulty process?

    [millionday] shabibi started the auctions to hold on to inflation and

    myblifeguard] millionday ..the dollar auctions are a form of "quantitative easing" in Iraq...

    [wmawhite] Papatom .....only if he stopped them...........otherwise he is saying we can't monitor so continue ripping us off.

    [millionday] then they were continued to control foreign currency - distribution and inflation ect --- it is now used as a tool for those that fall under new regulations -- its totally different then it was in the beginning

    wmawhite] Question.............is the CBI continuing the auctions or stopping them?

    [millionday] the audits were done today after auction for private banks according to reports and they have said that cbi has theirs done as well

    [Papatom] I was waiting for MD to finish.... I agree that Shabibi started them for inflation control....and morphed into stabilization of currency...

    [millionday] it appears that they are going to use them for banking under strict money laundering regulations

    Papatom] they are not operating in that capacity any longer..... and TUrki won't necessarily stop them...but change direction as the transition their currency  --maybe?

    [tbob] I am confused again, who is in control IMF CBI or Gov

    [ROBINREDHED] cbi///imo

    [millionday] control of the exchange rate ? cbi

    [wmawhite] millionday ....but according to this article Turki is saying he is unable to monitor and control the auctions satisfactorily.

    [Papatom] tbob every central bank is independent...and subject to the REQUESTS of the individual govt.

    [tbob] thats what i thought but then they said gov was in control

    [ROBINREDHED] they?

    [millionday] who said that hun?

    [tbob] millionday control of RV timing

    millionday] i think this is the thing

    [tbob] Sorry it was said on Iraq tv according to a post I read that CBI said RV was in Gov hands now

    [millionday] in order for the currency rate being set and the goi budget and the contracts ect -- to be done successfully -- timing is very important and cant be ignored

    tbob] ah goi that's what I meant

    [wmawhite] tbob .....a little hint...........RV is a term we use......it is not found in the Arabic language.

    [millionday] however -- the control of the rate and the inflation and the policy is what cbi does

    [millionday] tbob smile

    [millionday] no the goi is not in control of the setting of the rate of the currency -- it is part of the control of cbi -  so that is the news for the night -- hope to have the action of it done very fast - smile 

 

[jeepguy]

your right it is a long read but has good components to it ,  like the building a box with the columns ,  I take this, as lay the foundation, use oil as the median , or the base,  now we need a solid riser, { a riser would be something that is , easy to deal with , easy to transport ---  u.s. dollars } it has it`s moments with the flux of the market, but it is solid at this time frame,  now , we need the elevator, so to speak { this would be the i.s.x.  -  or other currency driven markets }  I`m not to keen on this subject, so hang with me please,  the I,s,x,  will bring in the international funding of business, and cash,  remember the oil is already bringing in the u.s. dollar , now it brings the international workers , and all that is with the oil industry, with this -- the columns are starting ,  with the elevation of the markets and the {hopefully the rise in the dinar , we can start to see where the building of Iraq is going } ...  now we need the Iraqi citizen  to get pleanty of work and the banking business side to get lined up with international trading ,  ---- this will seem like ranting , but wait till after ramadon and let see what the g.o.i has in-store for the folks of Iraq ,  maybe they will see the other side of the c.b.i.  conflict come to reason ,  with the release of lower notes <------ now that would be something  

[Tankwalker]

Great thoughts jeepguy...seems like logical thinking.

[sandfly]

THANKS