MEDIC and ASTRO GUY and BUTTERFLY Chat: DS - 12/25/2010 @ 8:00 PM CST

[ronscarpa]

MEDIC and ASTRO GUY and BUTTERFLY Chat: DS - 12/25/2010 @ 8:00 PM CST

Posted on zzz

Astro Guy says to (20:30:48):

hi

The foot-dragging on enacting a 2010 budget to give effect to the UNSC/IMF requirement on the monetary policy changes/goals was inexplicable.

That was last years left over.

now this year ..

But now, for 2011 budget, one would think they almost seemed to be acting effective though, considering especially that they were let off the sanctions without any quid pro quo from all these participating/governing international institutions, it is all the more important for them to prove that they are different from the last year.

With regard to achieving the restructure mof their national currency, First, it seems the CBI administration toyed with the idea of amending the existing tools, while the stakeholders (MPs) may have pointed out that the big steps need a big change in fundamentals and that compliance with it may warrant a new legislation or at least an approval from the people's representatives namely the MPs.

Med says to (20:37:06):

ASTRO

THAT WAS EXCELLENT

AND IS MY THOUGHTS

I HAVE ANOTHER

IF YOU DON'T MIND GIVING AN ANSWER ON IT

Astro Guy says to (20:38:27):

If one must consider the impact of this economic splash that will be created a by this magnitude of a monetary tsunami, For instance, the definition of ‘zero deletion' stands enlarged to cover all long-term effects that may or may not hinder equal and effective economic recovery and development in society.

Please go ahead med

Med says to (20:39:01):

FIRST A COMMENT THEN A ?

THAT IS WHAT KIND OF MIFFED ME

WHEN CBI HAD CONTINUALLY SAID DIRECTLY

WHEN ALL OF THIS POINTED TO AN ENTIRELY NEW GOVT

BEING IN PLACE

AND WITH THE REMOVAL OF THE UNSC SANCTIONS

AND THAT MALIKI TOLD SHABIBI

FIND A WAY TO PROTECT OUR ASSETS ABROAD

DID HE NOT KNOW HE WAS GOING TO HAVE TO EXPLAIN

TO THE MOF AND THE PARLIAMENT

AND MOST LIKELY AS HE WAS WARNED

HE HAD TO GO TO PARLIAMENT FOR THIS TO HAPPEN

NEXT IS MY ?

OK THEY ARE DOING THE BUDGET BASED ON ALL APPROPRIATIONS AND SUBSIDIES ETC

AND THE RATION CARD SUBSIDY IS VERY EXPENSIVE

COULD THIS POSSIBLY BE A REASON FOR A WAIT BY CBI

AS THE IMF

HAS TOLD THE GOI IT MUST GO

AND IF IT GOES THEN THERE IS NO MORE HELP

FOR THE IRAQI STREETS

Astro Guy says to (20:44:50):

First your read on relating this to the asset, that’s a classic explanation i never thought of.

With regard to subsidies’ being embedded in the budget, most developing countries do so irrespective of imf and other such world lending institutions conditions. That always find ways to do so

In Iraq’s case i suspect these conditions will wade once the sanctions lifted and they find their income of almost 1.5 billion a week directly coming to them instead of going into oil for food scheme.

I think also one another thing.

No clear definition seems to be available on these strategies yet. Some architect of such policy (zero deletion) may also have thought that this may require extending legal protection to such steps that are usually not covered by the existing laws that govern CBI

At the outset this may at least be tied to the third read of the budget as a passage and get approved (something similar to the so called extras attached to the bills in us).

In this case it may very well be related implicitly to bring the required balancing.

If the GOI had requested a loan repeatedly from CBI for covering the imbalance of the budget, then the CBI has to come up with a solution to it, instead of simply saying "no" alone.

Having said that the best solution may seem to put in place a monetary policy that will give the required to torque to get their stalled economic engine restarted to full speed.

Med says to (20:49:07):

WHICH IS WHAT THE IMF SAID

THAT THE ECONOMIC POLICY WAS INADEQUATE

AND WE ALL KNOW

THAT THE IRAQI ECONOMY

IS NOT ONE BIT ADVANCED FROM LAST YEAR THIS TIME

IN FACT IF WE LOOK AT THE INCREASED POVERTY

AND UNEMPLOYMENT

IT IS WORSE

NOW THE GOI HAS REQUESTED FROM THE IMF

TO GRANT MORE TIME ON STOPPING THE SUBSIDIES

THAT THEY FEEL IT IS NOT TIME TO DO SO

WELL WE KNOW THAT THIS PROBABLY IS OUT OF FEAR

THAT THEY DON'T HAVE THE CONFIDENCE IN THE PEOPLE

TO DEVELOP THE PRIVATE SECTOR

AND I AM WONDERING IF THEY FEAR ANGER TOWARDS THE GOI

IF IT DOESN'T MOVE QUICKLY ENOUGH

NOW WE KNOW

THIS IS NOT GOING TO GO WITHOUT OUT GROWING PAINS

AND PROBABLY HARSH ONES

BUT AT SOME POINT IN TIME

THEY HAVE TO CROSS THAT LINE

AND ABOUT 15 MONTHS AGO

IRAQ WAS IN AN EXCELLENT POSITION TO DO SO

BECAUSE THEY WERE GETTING SOME LEGITIMACY

AND THEN WITH WHAT TRANSPIRED

OVER THE LAST YEAR WITH THE ELECTION LAW

THE ELECTION ITSELF

AND THEN THE INCREDIBLE BS THAT TRANSPIRED POST ELECTION

AND THEN WHEN MALIKI GOT HIS CHANCE

IT PROVED THAT ALL THOSE MONTHS THEY SAID THEY WERE ACTUALLY SETTING THINGS UP TO BE ABLE TO FORM QUICKLY

I WAS NOT SO

MALIKI WAS NOT PREPARED AND IF HE WAS

THEN THERE WOULDN'T HAVE BEEN PROXY MINISTRIES

AND THE REAL WEAKNESS OF MALIKI'S VICTORY WAS SHOWN

WHEN ALLAWI RECEIVED ALMOST THE SAME POWERS AS THE PM

THE SAME SALARY

AND THEY TOOK ONE OF THE TWO PRIZE MINISTRIES

IN THE MINISTRY OF FINANCE

WHICH TO ME IS THE MOST IMPORTANT MINISTRY POSITION

AND PERSONALLY I DON'T THINK MALIKI HAD MUCH OF A CLUE

OF THE IMPACT OF THE VALUATION OF THE DINAR

IN ALL HIS TIME AS PM

ONCE HE STATED LAST MARCH

I THINK IT MIGHT BE GOOD

THAT WE HAVE A REEVALUATION

NOW DO YOU THINK

THE USNC 661 REMOVAL

THROUGH A MINOR WRENCH IN THINGS

BEING IT REALLY INCREASED

THE REASON FOR A FOREIGN EXCHANGE CURRENCY

THANKS IN ADVANCE ASTRO

Astro Guy says to (20:59:30):

Let me try one by one. On its part, the government will have to act with a greater sense of urgency to put the new legal framework or vote in place "atonce" because it is a basic requisite for the disabled economics to improve their productive capacities and claim full fruition of their legitimate aspirations to live a normal life after 20 plus years of struggle.

If they are reading some of these chats they will get the feedback from a third person's view of their handling the monetary issues and put in place corrections to address some of these.

I think the prolonged battle to form gov’t between factions and the unexpected marginal victory of A's group and subsequent international support for such over these 9 months weakened M's ability to muscle up.

Reg, the subsides I am not sure and it appears as such they want to copy the models of other oil rich countries that do similar.

Reg 661 removal, yes it does imply such

Med says to (21:01:35):

ONE THING

YOU AND I BOTH KNOW THEY ARE YEARS AWAY

FROM SOCIALIZED WELFARE

LIKE KUWAIT

IRAQ HAS 30 MILLLION RESIDENTS

KUWAIT 3 MILLION

AND BOTH PRODUCE THE SAME AMOUNT OF OIL PER DAY

AND IRAQ IS EATING UP ALL THEIR REVENUES

ON AN OVERPAID GOVT

AND PROJECTS THAT NEVER GET OFF THE GROUND

I.E.

THE REASON FOR 29 TRILLION DINAR THEY POCKETED

IN THE BANK OF IRAQ

ONE THING I WAS LOOKING FOR ASTRO

WAS IN THE MEETINGS WITH PARLIAMENT

CBI'S FIRST MEETING WHICH I BELIEVE WAS THE 5TH SESSION

IT OPENLY DISCUSSED THE REMOVAL OF THE ZERO'S

AND DID NOT CALL IT THE MONETARY POLICY

WHICH YOU AND I BOTH KNOW

IS THE REMOVAL OF THE ZERO'S

ALONG WITH OTHER ISSUES

AND ON WEDNESDAYS MEETING

IT WAS THEY DISCUSSED THE MONETARY POLICY

AND NO MENTION OF REMOVAL OF THE ZERO'S FROM THE NOMINAL VALUE

WHEN WE KNOW FOR CBI, THIS IS THE MAJOR ISSUE THEY HAVE IN HAND RIGHT NOW

NOTHING MORE THAN THIS IS OF GREATER IMPORTANCE OR IMPACT

ON THAT COUNTRIES MONETARY POLICY

THAN MOVING TO A FOREIGN EXCHANGE CURRENCY

DO YOU THINK I AM ON TARGET HERE

OR DO YOU HAVE ANOTHER OPINION

THANKS BRO IN ADVANCE

Astro Guy says to (21:08:08):

Yes. i saw they mover away from such. it looked like a course correction than planned sequence of action plan in laying this out.

Reg subsides, Iraq is lot more populated than those in the region with such subsidies. it will take a lot of time to get their social welfare schemes in place as equal to others. Some 5 to 10 years if they rule without much corruption and chaos.

I think their time is running out and their policy whatever it is have to be in place before EOY 2010.

Med says to (21:10:26):

I THINK SO ALSO

TIME IS RUNNING OUT

AND THE TWO BIGGEST ISSUES TO BE SETTLED

Astro Guy says to (21:10:47):

I would assume that such is absolute deadline by imf and other world institutions prior to removing them from all sanctions

Med says to (21:11:09):

I AM GLAD SOMEONE ELSE SAID IT BESIDES ME

TY

ARE THE BUDGET AND THE MONETARY POLICY

AS YOU AND I BOTH KNOW

NO COUNTRY THAT ASPIRES TO BE AN ECONOMIC POWER

DOES NOT HAVE A TRADABLE CURRENCY

AND THE LONGER THEY GO WITH OUT IT

THE LESS CONFIDENCE THE PEOPLE ON THE STREET HAVE IN IT

AS WE KNOW ALSO

PEOPLE ARE DUMPING DINAR

butterfly says to (21:12:56):

Ok, I have a question that several people have asked me about and I wanted to ask you two if I may. When you are done....

Med says to (21:12:59):

TO MONEY CHANGERS

SURE GO AHEAD

butterfly says to (21:13:39):

Is there ANY possible way, that they can RV and only honor the money inside iraq and declare all else null and void?

Med says to (21:13:54):

YES THEY COULD BUT

IT WOULD MEAN THEY HAD DESTROYED ANY POSSIBILITY OF DOING BUSINESS WITH ANY COUNTRY IN THE G20

AND THEY WOULD HAVE TO DEAL ONLY WITH CHINA FOR AS LONG AS IRAQ SURVIVED AND THEN THE U.S.

WOULD IMMEDIATELY REMOVE THE PROTECTION OF ALL THOSE MILLIONS IN THE U.S.

AND LEAVE IT TO WHOMEVER THEY OWED

AND I AM SURE THAT THE ISSUE OF KUWAIT

WOULD DRAG OUT FOR 6 MONTHS AND THEN THE 360 BILLION THEY OWE

TO THE ENTIRE WORLD WOULD BE UP FOR GRABS

SO AFTER SAYING THAT

I WOULD SAY 99.99999999999999999999999999999999999999999999999 99999999999999999999999999999999999999999999999999 999999999999999999999999999999999999999999999% NO

Astro Guy says to (21:16:56):

Actually i just understood more from your conversation now med. Iraq depends on every grain of rice and wheat and cereal and fruits from outside world.

Med says to (21:17:15):

THEY SURELY DO

RIGHT NOW

THEY COMPLAIN THAT THEY ARE UNDER THE THUMB OF CHINA

BUYING INFERIOR GOODS

FOR HIGH PRICES

butterfly says to (21:18:47):

I would also doubt our banks would sell it if they thought that it would be worthless....

Med says to (21:18:54):

I AGREE

OR OUR GOVT ALLOW IT

AND REMEMBER

THE U.S. CITIZEN IS PROTECTED UNDER CPA ORDER 39

AND THAT ORDER HAS NOT BEEN RESCINDED

IT IS PARALLELED WITH PO 13303

DUH

Astro Guy says to (21:20:28):

They are in fact governed by art 14 and they can only change the values to a worse one than we all have now. But that is reverse economy. The TBI is partly owned by American banks i am told. such being the case one can safely say that their not honoring the outside legal tenders will never occur

Med says to (21:20:42):

THAT IS CORRECT

YES

butterfly says to (21:20:57):

well hope that satisfies the worried ones lol

Med says to (21:21:01):

JP MORGAN CHASE

OWNS PART OF TBI NOW

butterfly says to (21:21:15):

thanks guys

Med says to (21:21:19):

YW BF

SORRY WE TOOK SO MUCH TIME

butterfly says to (21:21:34):

it was great

Med says to (21:21:34):

BUT I HAD THNGS ON MY MIND

butterfly says to (21:21:42):

i have been waitin for you to be on to ask that

Astro Guy says to (21:21:43):

Thanks med. great depths you have shown in this chat

butterfly says to (21:21:47):

had several emails on that

Med says to (21:21:56):

ASTRO AND I ARE FRIENDS

BEEN FRIENDS FOR SEVERAL YEARS

AND SPENT PROBABLY OVER THE LAST 3 YEARS

THOUSANDS OF MINUTES

Astro Guy says to (21:22:46):

Sometimes my analytical chess mind lags behind you to think several moves ahead that i am trained to think

Med says to (21:22:49):

DISCUSSING THIS STUFF

I WILL LET ASTRO EXPLAIN

Astro Guy says to (21:23:49):

You have thoroughly analyzed this in depth and gotten every bit of uncertainties analyzed

Med says to (21:24:37):

BUT ASTRO AS YOU KNOW

Astro Guy says to (21:24:40):

One would only wish that they know med long enough in this journey

gator4ever says to (21:24:49):

The? Do the leaders in Iraq understand this?

Med says to (21:24:55):

I NEED A COUNTERPART

WHO CAN DO A POINT COUNTERPOINT WITH ME ON THIS

I AM SURE THAT SHABIBI DOES

REMEMBER

SHABIBI SPENT 20 YRS IN THE U.S.

IN THE UN

AND HOW MANY TIMES HAS HE COME HERE

TO THE U.S. TO BE AT UNIVERSITIES OR CONFERENCES

HE WAS HERE LAST MONTH

gator4ever says to (21:27:13):

Harvard and Colombia

Astro Guy says to (21:27:29):

I remember you saying that S once even replied to you. i am a small by stander in this med. not like you. You know way more than many. And way too much more than myself.

now i have a thought.

Med says to (21:28:21):

OK

Astro Guy says to (21:28:46):

i think they will go ahead and do the restructure in a manner that every dinar will get corrected to a way it only makes a positive effect. meaning assigning a good value to that.

Med says to (21:29:20):

I AGREE

AND THIS IS WHAT HE SAID BACK IN JAN 2010

Astro Guy says to (21:29:35):

and then when the feds take care of the electronic transfers here that pays off many, so that it stimulates the economy here and then over few years they may even write off some.

Astro Guy says to (21:29:57):

That Iraq owes to the m

That may very well be an understanding; just guessing

Med says to (21:30:41):

I SERIOUSLY WE SENT ALL THOSE AUDITORS

FROM OUR TREASURY

AND THE UNITED NATIONS

AND IT NOT BE FOR A SPECIFIC REASON

AND I CANNOT BELIEVE

THAT IRAQ GETTING OUT FROM UNDER ECONOMIC SANCTIONS AND TRADE SANCTIONS

ARE JUST GOING TO SIT ON IT

THEY MIGHT AS WELL STAYED UNDER THE RESOLUTION

THAT WAY PRESSURE FROM THE IMF WOLDN'T BE AS INTENSE

WELL GANG

I AM GOING TO MAKE SOME SUPPER

HAD A LATE LUNCH

Med says to (21:33:49):

SO YOU ALL HAVE A GREAT NIGHT

Astro Guy says to (21:33:50):

good talking to you med

gn

Med says to (21:34:01):

AND TO YOU MY FRIEND

[Brandon2230]

Thanks for the post!

[chris07tibgs]

I will never understand why someone gets a (-) just for relaying info. I give you a (+) to even it out.

Thanks for the post.

Edit: I guess in this Christmas theme, positive shows up as red. That's kind of off.

Edited December 26, 2010 by chris07tibgs