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Maliki, The Iraqi Elections and a Warka Recovery


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Elections for Prime Minister of Iraq are supposed to have happened by the end of April 2014, but with all the possible arguing about who really got elected (and how) and then the subsequent appeals and Supreme Court Decisions lasting for several months afterward we might not really know for sure who the new dictator is ~ and it may even be sometime into 2015 before the final winner is declared.

 

Kind of like some Amrikan elections (Bush vs Gore) turn out like ~ only different.

 

In the end it will be Maliki or whomever the cabal of ruling International Oil & Gas Corporations figure will do them the most good in that part of the world.

 

Maliki is a known “weak dinar” advocate and because of that it’s quite possible that he will be elected again for a third term because a weak dinar in fact is good for the economy of Iraq.

All of Maliki’s financial advisors should be telling him that a weak dinar is good for the economy of Iraq ~ because it really is.

 

If Iraq maintains the cheapest dinar in a region where the Dinar is often the official currency, then other countries outside of the region will prefer Iraqi exports; including of course, Iraqi Oil.

 

A prime and on-going example of a country keeping its own currency “weak” with respect to the dominant currencies such as the USD, JPY, GBP, etc. is China.

 

We are constantly hearing stories of one politician or another reprimanding China for artificially keeping its currency value low so that China continues to be the world’s #1 exporter.

 

At one time in history, the USA was considered to be the world’s #1 exporter because its currency was considered “weak” against others, but during that time the entire country prospered and USA companies expanded globally ~ just as China is flourishing and Brand China is expanding now.

 

Another reason Maliki may be elected again is that for at least the last 30 plus years the Iraqi citizens have been under the thumb of one strong man or another.

Maliki is familiar to them, because he is acting like a modern day strong man; but manages to keep that thin veneer of duly elected Prime Minister in place for the west and where it needs to be when he’s back in Baghdad.

 

His moves are familiar to the populace (including his opponents dying in accidents and/or getting snuffed legally), but this time around most Iraqi’s realize that the whole world is still watching for the result of this very peculiar social experiment of sprouting and supporting a western “citizen rule” style of government right smack down in the middle of kingdoms run by hard men for the benefit of only themselves and their immediate families and any other royals relatives (as long as those other royals remained loyal to the king).

 

This whole idea of actually giving peasants a say in how things are done around here, just isn’t done around here ~ if you know what I mean.

 

Because more Iraqis are now more aware that the world is watching, they have the option of acting for their constitutional rights and (possibly) getting away with it; however, as that kind of protest usually has to express itself in armed conflict in Iraq, any protest can’t last very long before it will be suppressed.

 

At the top of the heap now, and in order to blend in with his fellow strong-arm rulers, Maliki needs the freedom to throw his weight around to get what he wants and so far all the Iraqi politicians are allowing him to get away with whatever he needs to do so long as they get to keep their posh jobs and gated compounds with armed escorts to and from work and play.

 

Maliki seems to want to comply with the New World Order where peasants don’t get to have a voice anymore (including in Amrika, Canada, The UK or any other supposedly sovereign region) and therefore will probably be supported internationally; but only as long as he can continue to control the Oil Flow and the rowdy peasants in Iraq.   

 

Maliki has almost single handedly managed to defy the Western Constitution imposed on Iraq by culling the GOI down to a disorganized and highly fractionalized and tribalized Iraqi Council of Representatives (like the US House of Representatives or the British House of Commons) plus his own self appointed (and loyal) Council of Ministers (like the US President’s Cabinet or the British Prime Minister’s Council of Ministers) acting in place of the never established Federation Council (think US Senate or British House of Lords).

 

Maliki’s got a pretty good grip on the process now; and also the vanity to want to put his stamp on Iraq before he retires to behind the scenes control as he becomes the “Henry Kissinger” of the Middle East.

 

A couple of books, a few speaking tours and it’ll be the 7 Star life in Dubai for ole Maliki.

 

As long as he continues to play ball with the International Oil Companies that now have quite a substantial say in how politics are done in Iraq, he can stay Prime Minister as long as he likes and treat his fellow Iraqis however he likes ~ at least as far as those CEO’s are concerned.

 

Just don’t let anything interrupt the ‘Oil Flow’ or he’ll be out on his ear, Mate.

 

The dinar can certainly be redenominated and/or revalued against the USD and still remain “weak” relative to the USD.

There’s plenty of room between the current rate of US$0.0008576 per dinar and the possible future rate of US$0.85 per dinar (after the CBI re-denominates the currency) to call any re-denomination movement a simultaneous re-value movement.

 

Even at US$0.85 per IQD there is still room to move up to close to an on-par exchange rate of close to 1 to 1; yet still remain “weak” relative to the USD.

Examples of that happening today are the Japanese Yen and the Canadian Dollar both of which hover around 1 to 1 with the USD. Friends and neighbors, eh?

 

Those of us with Warka accounts will automatically benefit from any increase in the exchange rate especially any above US$0.85 per IQD and then any upwards movement to 1 to 1 and beyond.       

 

Howsomever, Bail-Out Barry and his fellow knuckleheads haven’t quite finished yet with the original agenda that they started with as soon as he took office; because, in 2010 H.R. 2847 The Foreign Account Tax Compliance Act was signed and goes into effect July 2014. 

 

The FATCA requires full disclosure by all Foreign Banks holding accounts held by U.S citizens outside the US Federal Reserve System.

Offshore financial institutions will be required to provide a 1099 form to the IRS for any of their American Customers.

 

Who needs a Military to conquer the world when you have the FED and the IRS?

 

Under FATCA, all banks (including any Foreign Banks outside of the direct control of the Federal Reserve System) will be forced to submit information on total assets, account balances, transactions, account numbers and other personal identifying information.

 

A person has to wonder about the force of the FED when it comes to its ability to by-pass foreign governments in order to directly pressure any other foreign financial institution/central bank it chooses to; including the IMF, The World Bank, and The Bank of International Settlements (BIS).

 

As any Warka account holder knows, Warka Bank holds a substantial bit of personal information on all of its depositors just as any other bank in the world does, but I’m betting Warka has strict privacy standards due to the international blend of its depositors and will very reluctantly be bullied into giving up that information.

 

When Warka gets going again, the Bunnia Family with its 56% stake in Warka can do some substantial shoving back of its own. They just beat the CBI in a lawsuit all the way through the Iraqi Financial System Supreme Court; and including all appeal processes, so I’m of the opinion that they can hold their own if it comes to Court decisions on their own turf.   

 

Regardless of how all that goes, we may take some small comfort in knowing that we small time depositors aren’t exactly alone in this IQD deal.

 

Apparently, the US Army, which also wants its dough back from Warka, will also be under IRS scrutiny when it comes to having accounts in foreign Banks ~ or then again, maybe not.

Whatever the case, check out this article:

 

________________________________________________________________

Warka May Cost US Army Millions

Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.

According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.

The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.

The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspector General said, “Because she believed she would recover these funds in the future.”

About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.

http://www.iraq-businessnews.com/2014/04/18/warka-may-cost-us-army-millions/

 

________________________________________________________________

 

As far as I’m concerned, instead of being scary, this article represents a positive outlook on recovering our USD investments from Warka.

 

The US Army is not going to want to be stiffed out of $5.2 Million especially as US DOD budgets tighten up; and I doubt if the Bunnia Clan will want to be known as the only outfit that publicly stiffed the US Army in Iraq.

Not a very good way to attract foreign investment; especially for a bank that calls itself Warka Bank for Investment and Finance.

 

Just the fact that the US Army has such a substantial account (which will continue to earn a minimum of US$364,000 per year until it is withdrawn) I think will be enough pressure for the CBI and Warka to eventually start to ‘act right’ when it comes to repaying depositors; especially when you consider that they are obligated to treat all depositors the same.

 

The CBI has already been ordered to lift the “Guardianship/Custodianship” status from Warka, to pay back the dough necessary to get Warka solvent and operating normally again and finally to fix Warka’s public reputation as a stable, reliable, safe financial institution worth investing in.

That was in September 2013; but as of April 2014, all the CBI has done so far is to lift the Guardianship censure in Iraq and in the Lebanon ~ Beruit.

No word yet on when Warka can expect to get an IQD or a USD deposit from the CBI.

 

Ramadan is early this year, just as Easter was late.

  

Ramadan starts at Sunset June 28 and ends at Sunset July 28 ~ approximately.

So there’s still a little over 2 months yet before Iraqi politicians can use the Ramadan excuse for not getting anything done.

 

If us private investors and the US Army can’t get our dough out of Warka before the end of June at least we’ll all still get our 6 month infusion of savings account interest.

 

Don’t forget to keep up with your online password renewal every 3 months as part of Warka’s upgraded security measures.

There’s no more authorizing for a IQD15,000 annual fee (if in fact that fee was ever really taken); but, Warka still requires us to renew/change the password every 3 months now and from now on.

 

It used to be that you could log on to your Warka Account and from the menu displays on the left side of the page choose Inquiries.

The drop down menu displayed used to include the option of transferring funds from your USD Account to your IQD Account and back again ~ it doesn’t anymore.

 

At the very bottom of that same menu display used to be a tab with which to view you ISX Account ~ it’s not there anymore.

 

Basically, everything is frozen at Warka except the renewal of passwords with which to view your account.

 

Sure would be nice to buy an IQD CD, or an ISX Stock, or to transfer a few bucks out in order to buy some gold bullion right now.

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Elections for Prime Minister of Iraq are supposed to have happened by the end of April 2014, but with all the possible arguing about who really got elected (and how) and then the subsequent appeals and Supreme Court Decisions lasting for several months afterward we might not really know for sure who the new dictator is ~ and it may even be sometime into 2015 before the final winner is declared.

Kind of like some Amrikan elections (Bush vs Gore) turn out like ~ only different.

In the end it will be Maliki or whomever the cabal of ruling International Oil & Gas Corporations figure will do them the most good in that part of the world.

Maliki is a known “weak dinar” advocate and because of that it’s quite possible that he will be elected again for a third term because a weak dinar in fact is good for the economy of Iraq.

All of Maliki’s financial advisors should be telling him that a weak dinar is good for the economy of Iraq ~ because it really is.

If Iraq maintains the cheapest dinar in a region where the Dinar is often the official currency, then other countries outside of the region will prefer Iraqi exports; including of course, Iraqi Oil.

A prime and on-going example of a country keeping its own currency “weak” with respect to the dominant currencies such as the USD, JPY, GBP, etc. is China.

We are constantly hearing stories of one politician or another reprimanding China for artificially keeping its currency value low so that China continues to be the world’s #1 exporter.

At one time in history, the USA was considered to be the world’s #1 exporter because its currency was considered “weak” against others, but during that time the entire country prospered and USA companies expanded globally ~ just as China is flourishing and Brand China is expanding now.

Another reason Maliki may be elected again is that for at least the last 30 plus years the Iraqi citizens have been under the thumb of one strong man or another.

Maliki is familiar to them, because he is acting like a modern day strong man; but manages to keep that thin veneer of duly elected Prime Minister in place for the west and where it needs to be when he’s back in Baghdad.

His moves are familiar to the populace (including his opponents dying in accidents and/or getting snuffed legally), but this time around most Iraqi’s realize that the whole world is still watching for the result of this very peculiar social experiment of sprouting and supporting a western “citizen rule” style of government right smack down in the middle of kingdoms run by hard men for the benefit of only themselves and their immediate families and any other royals relatives (as long as those other royals remained loyal to the king).

This whole idea of actually giving peasants a say in how things are done around here, just isn’t done around here ~ if you know what I mean.

Because more Iraqis are now more aware that the world is watching, they have the option of acting for their constitutional rights and (possibly) getting away with it; however, as that kind of protest usually has to express itself in armed conflict in Iraq, any protest can’t last very long before it will be suppressed.

At the top of the heap now, and in order to blend in with his fellow strong-arm rulers, Maliki needs the freedom to throw his weight around to get what he wants and so far all the Iraqi politicians are allowing him to get away with whatever he needs to do so long as they get to keep their posh jobs and gated compounds with armed escorts to and from work and play.

Maliki seems to want to comply with the New World Order where peasants don’t get to have a voice anymore (including in Amrika, Canada, The UK or any other supposedly sovereign region) and therefore will probably be supported internationally; but only as long as he can continue to control the Oil Flow and the rowdy peasants in Iraq.

Maliki has almost single handedly managed to defy the Western Constitution imposed on Iraq by culling the GOI down to a disorganized and highly fractionalized and tribalized Iraqi Council of Representatives (like the US House of Representatives or the British House of Commons) plus his own self appointed (and loyal) Council of Ministers (like the US President’s Cabinet or the British Prime Minister’s Council of Ministers) acting in place of the never established Federation Council (think US Senate or British House of Lords).

Maliki’s got a pretty good grip on the process now; and also the vanity to want to put his stamp on Iraq before he retires to behind the scenes control as he becomes the “Henry Kissinger” of the Middle East.

A couple of books, a few speaking tours and it’ll be the 7 Star life in Dubai for ole Maliki.

As long as he continues to play ball with the International Oil Companies that now have quite a substantial say in how politics are done in Iraq, he can stay Prime Minister as long as he likes and treat his fellow Iraqis however he likes ~ at least as far as those CEO’s are concerned.

Just don’t let anything interrupt the ‘Oil Flow’ or he’ll be out on his ear, Mate.

The dinar can certainly be redenominated and/or revalued against the USD and still remain “weak” relative to the USD.

There’s plenty of room between the current rate of US$0.0008576 per dinar and the possible future rate of US$0.85 per dinar (after the CBI re-denominates the currency) to call any re-denomination movement a simultaneous re-value movement.

Even at US$0.85 per IQD there is still room to move up to close to an on-par exchange rate of close to 1 to 1; yet still remain “weak” relative to the USD.

Examples of that happening today are the Japanese Yen and the Canadian Dollar both of which hover around 1 to 1 with the USD. Friends and neighbors, eh?

Those of us with Warka accounts will automatically benefit from any increase in the exchange rate especially any above US$0.85 per IQD and then any upwards movement to 1 to 1 and beyond.

Howsomever, Bail-Out Barry and his fellow knuckleheads haven’t quite finished yet with the original agenda that they started with as soon as he took office; because, in 2010 H.R. 2847 The Foreign Account Tax Compliance Act was signed and goes into effect July 2014.

The FATCA requires full disclosure by all Foreign Banks holding accounts held by U.S citizens outside the US Federal Reserve System.

Offshore financial institutions will be required to provide a 1099 form to the IRS for any of their American Customers.

Who needs a Military to conquer the world when you have the FED and the IRS?

Under FATCA, all banks (including any Foreign Banks outside of the direct control of the Federal Reserve System) will be forced to submit information on total assets, account balances, transactions, account numbers and other personal identifying information.

A person has to wonder about the force of the FED when it comes to its ability to by-pass foreign governments in order to directly pressure any other foreign financial institution/central bank it chooses to; including the IMF, The World Bank, and The Bank of International Settlements (BIS).

As any Warka account holder knows, Warka Bank holds a substantial bit of personal information on all of its depositors just as any other bank in the world does, but I’m betting Warka has strict privacy standards due to the international blend of its depositors and will very reluctantly be bullied into giving up that information.

When Warka gets going again, the Bunnia Family with its 56% stake in Warka can do some substantial shoving back of its own. They just beat the CBI in a lawsuit all the way through the Iraqi Financial System Supreme Court; and including all appeal processes, so I’m of the opinion that they can hold their own if it comes to Court decisions on their own turf.

Regardless of how all that goes, we may take some small comfort in knowing that we small time depositors aren’t exactly alone in this IQD deal.

Apparently, the US Army, which also wants its dough back from Warka, will also be under IRS scrutiny when it comes to having accounts in foreign Banks ~ or then again, maybe not.

Whatever the case, check out this article:

________________________________________________________________

Warka May Cost US Army Millions

Like a replay of the Great Depression, a bank in Iraq went under in 2010, nearly taking millions of American dollars with it.

According to a report from the Washington Times, Iraq’s Al-Warka Bank was already having stability problems when the U.S. began to close all its accounts as part of the withdrawal of troops from Iraq.

The Pentagon’s internal inspector general has said that since the bank was placed in receivership in November 2010, the US Army has been unable to readily withdraw cash.

The estimated loss of $5.4 million is only now coming to light because the disbursing officer in charge of the funds never reported the loss, the Inspector General said, “Because she believed she would recover these funds in the future.”

About $1.1 million has been repaid so far by the bank, inspectors said, but not getting the proper Defense Department debt payment experts involved immediately puts the rest of the cash — $5.4 million — at risk.

http://www.iraq-businessnews.com/2014/04/18/warka-may-cost-us-army-millions/

________________________________________________________________

As far as I’m concerned, instead of being scary, this article represents a positive outlook on recovering our USD investments from Warka.

The US Army is not going to want to be stiffed out of $5.2 Million especially as US DOD budgets tighten up; and I doubt if the Bunnia Clan will want to be known as the only outfit that publicly stiffed the US Army in Iraq.

Not a very good way to attract foreign investment; especially for a bank that calls itself Warka Bank for Investment and Finance.

Just the fact that the US Army has such a substantial account (which will continue to earn a minimum of US$364,000 per year until it is withdrawn) I think will be enough pressure for the CBI and Warka to eventually start to ‘act right’ when it comes to repaying depositors; especially when you consider that they are obligated to treat all depositors the same.

The CBI has already been ordered to lift the “Guardianship/Custodianship” status from Warka, to pay back the dough necessary to get Warka solvent and operating normally again and finally to fix Warka’s public reputation as a stable, reliable, safe financial institution worth investing in.

That was in September 2013; but as of April 2014, all the CBI has done so far is to lift the Guardianship censure in Iraq and in the Lebanon ~ Beruit.

No word yet on when Warka can expect to get an IQD or a USD deposit from the CBI.

Ramadan is early this year, just as Easter was late.

Ramadan starts at Sunset June 28 and ends at Sunset July 28 ~ approximately.

So there’s still a little over 2 months yet before Iraqi politicians can use the Ramadan excuse for not getting anything done.

If us private investors and the US Army can’t get our dough out of Warka before the end of June at least we’ll all still get our 6 month infusion of savings account interest.

Don’t forget to keep up with your online password renewal every 3 months as part of Warka’s upgraded security measures.

There’s no more authorizing for a IQD15,000 annual fee (if in fact that fee was ever really taken); but, Warka still requires us to renew/change the password every 3 months now and from now on.

It used to be that you could log on to your Warka Account and from the menu displays on the left side of the page choose Inquiries.

The drop down menu displayed used to include the option of transferring funds from your USD Account to your IQD Account and back again ~ it doesn’t anymore.

At the very bottom of that same menu display used to be a tab with which to view you ISX Account ~ it’s not there anymore.

Basically, everything is frozen at Warka except the renewal of passwords with which to view your account.

Sure would be nice to buy an IQD CD, or an ISX Stock, or to transfer a few bucks out in order to buy some gold bullion right now.[/quote

I think interest is being paid on Warka Accounts..

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