Maynard57

Thanks Ron, very encouraging. Maynard

dflake, dude you are the all-pro GURU of the week. This is BIG. Really, Really,Really,Really, BIG. If it turns out to be less than true, than I guess its not so big. For now, its um, big. They have had accounting geeks trying to uncook their books, like, forever. Not likely to retrieve all the money that was stolen, but now they have the basis to put up some safeguards in their bookkeeping commensurate with Generally Accepted Accounting Principles. Very important pre-RV prerequisite. NICE find. Maynard

Yeppirs. One batch of Security Mins, comin' up. Hold the mayo. Maynard

I don't really have an opinion as to whether or not Okie is a liar, and I try to give him the benefit of the doubt. But with these last rounds of 'announcements' it seems he is pretty unconcerned with the people he hurts with his reckless disregard for the truth. That's nasty **** in itself. Maynard

That's right, Texan, my friend. But we are SO GONNA get there. I have such confidence in this investment I can't tell you! Maynard

Look folks, I don't think any of you need a dumbed-down version of what I posted. You are all plenty smart. The language I quoted was from the WTO itself. In a sense, there may not be a specific law requiring an RV or a "tradable currency" so to speak, in order to join. BUT, this whole thread really has the question backwards. It is not a matter of whether Iraq can join the WTO - its a matter of whether the freaking WTO is gonna let them in. Go read the philosophy statement of the WTO for your first hint. A big part of what they do is to foster similar understandings amongs members in conducting international trade. It is in everybody's interest to play fair, let the unfettered market forces have their way and refrain from things like predatory dumping and manipulating CURRENCY so everybody can be on a level playing field. So, the real question for RV purposes, at least in my view is, if Iraq knocks on the WTO door with less than a tenth of a penny dinar - how is that gonna go over? Seriously? Look how the US is getting it up the chute from China? You really expect WTO is gonna bring Iraq into the foldwith its toilet paper currency so it can export goods and services cheaper than anyone in town and pound the snot out of everybody else? Sure, you can fill out your WTO application. You can also apply for the starting quarterback position for Green Bay or the Patriots, and best of luck with all that. But the WTO states specifically that they are going to review your currency, what resemblance it bears to its real value, whether it is going to be usable in international trade, and yada yada in finitum. If they want in to WTO, they are gonna have to RV. I can't imagine any way of getting in otherwise. Maynard

I posted this elsewhere, seems apt for here: Hey, all. Yep, it's me. Maynard. Got my coffee IV drip going so I'm ready to issue my blasphemous belligerature for the day. As you will recall, there was some debate as to whether accession from observer to member status ala Iraq required that they have a "tradable currency." I think many of us regard that oft-quoted phrase as some official buzz words or statutory vernacular in getting your butt into WTO. I talked to a former International Law Professor regarding admission issues and he considered looking through the statutes or public proclamations of that ilk would not produce a very probing analysis about the relationship between currency and WTO. WTO also works like an administrative agency in certain respects, and they can promulgate substantive rules and effect internal policies you don't necessarily find in a treatise on international law. IF it were only that simple. That being said, I was reading WTO's own stuff regarding accession and offer to you the following excerpt FYI: Economic policies The main aim of this section of the Working Party Report, and the following part dealing with the framework for making and enforcing policies affecting trade in goods and services, is to provide Members with an understanding of the context within which the applicant’s WTO obligations on specific trade policy measures will operate. Certain information requested is relevant to specific WTO provisions. Discussion in the Working Parties has focussed on the following subjects: monetary and fiscal policies; foreign exchange and payments, including balance of payments measures; investment regime; State ownership and privatization; pricing policies and competition policy. Monetary and fiscal policies Experience indicates that information submitted by applicants on monetary policy and fiscal policy should include the objectives pursued, the responsible agencies and the policy instruments used. Summaries of fiscal policies should indicate if any tax reforms have been undertaken and any changes planned. Applicants should also indicate whether they have achieved their objectives in this area and give an account of the present situation. The aspects of taxation covered by the rules of GATT 1994 are the subject of the sections on the application of internal taxes to imports and exports. There are no provisions in GATS on taxation. Discussion of this item in Working Parties has usually been brief and there are no Protocol commitments in this section of their Reports. Foreign exchange and payments Applicants need to describe how their exchange rate is determined, whether their currency is convertible, whether foreign exchange is freely available for trade and payments purposes, whether any regulations exist relating to the retention of foreign currencies, or repatriation or surrender requirements. Applicants should also describe their balance of payments situation. While foreign exchange questions are within the jurisdiction of the IMF and trade policy questions within the competence of the WTO,128 foreign exchange questions and trade policy questions are interrelated. Of most direct relevance to the WTO is whether foreign exchange is freely available in payment for current account transactions, as exporters need to know how they will be paid. The WTO therefore recognizes this interrelationship. The GATT 1994 provides that Members must not, by exchange action, frustrate the intent of its provisions and that they must either be members of the Fund or enter into a special exchange agreement with the WTO.129 GATS provides that Members must allow international transfers and payments for current transactions relating to specific commitments entered into under that agreement.130 Working Parties have been careful to respect the competence of the IMF. While Members have demonstrated an interest in obtaining adequate information on all matters dealt with in this section, they have laid stress on issues of direct relevance to international trade. They have, for instance, focussed on knowing whether applicants are members of the IMF and whether they have accepted Article VIII of its Articles of Agreement which provides that “no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions”. They have been particularly concerned that foreign exchange controls may be used to regulate the level and composition of trade in goods and services. All Working Party Reports but one have been able to note, that the acceding government concerned is a member of the IMF and has accepted its Article VIII obligations. The great majority of WTO Members do not pursue the matter further. In the case of the one applicant that was not a member of IMF, members noted that it would have to enter into “a Special Exchange Agreement as provided for in Article XV:6 of the GATT 1994 incorporating obligations consistent with Fund Article VIII”, which it duly did.131 In one case an acceder responded to concerns that elements of its foreign exchange system provided scope for practices that distorted trade flows by stating that in the context of accession to the WTO, it was prepared to comply with the provisions of Article XV of the GATT 1994 regarding its foreign exchange restrictions.132 Similar concerns were raised in two other cases. The two acceding countries accepted a Protocol commitment that, in accordance with these obligations, and unless otherwise provided for in the IMF’s Articles of Agreement, they would implement its obligations with respect to foreign exchange matters in accordance with the provisions of the WTO Agreement and related declarations and decisions of the WTO that concerned the IMF. They further committed that they would not resort to any laws, regulations or other measures, including any requirements with respect to contractual terms, that would restrict the availability to any individual or enterprise of foreign exchange for current international transactions within its customs territory to an amount related to the foreign exchange inflows attributable to that individual or enterprise.133 One of these acceders stated, in addition, that it “would provide information on exchange measures as required under Article VIII, Section 5 of the IMF’s Articles of Agreement, and such other information on its exchange measures as was deemed necessary in the context of the transitional review mechanism.”134 The other committed not only to implement its obligations with respect to foreign exchange matters in accordance with the provisions of the WTO Agreement and related declarations and decisions of the WTO that concerned the IMF but also with the relevant provisions of the IMF’s Articles of Agreement itself.135 GATT 1994 permits the imposition of quantitative restrictions to deal with balance of payments difficulties, Article XII regulating its use by developed countries and Article XVIII:B its use by developing countries. WTO Members maintaining such measures must consult with the WTO. While not modifying these rights and obligations, the Uruguay Round Understanding on this subject confirmed Members’ commitment to give preference to price-based measures. Only one acceding country actually maintained balance of payments measures at the time of its accession, these taking the form of an import surcharge. Its Protocol commitment on the subject contained a timetable for its reduction and elimination and arrangements for consultations with the WTO.136 In a limited number of other cases Working Parties have judged it necessary to obtain a commitment from applicants on balance of payments measures they might take in the future. Four accepted the commitments along the following lines: “If balance-of-payment measures were ever necessary in the future, [X] would impose them in a manner consistent with the relevant WTO provisions, including Article XII of the GATT 1994 and the Understanding on Balance-of-Payments Provisions of the GATT 1994”.137 They were therefore treated as developed countries. One LDC accepted the same commitment, modified to refer to Article XVIII.138 Curiously, the other LDC to have acceded accepted a commitment to impose any balance of payments measures in a manner consistent with both Article XII and Article XVIII.139 In another case the relevant GATT 1994 provision was not cited but the new Member undertook a commitment to “give preference to those measures referred to in the Understanding on the Balance of Payments Provisions of GATT 1994 as price-based measures to address the situation and [to] maintain any measures only so long as necessary. In the circumstance that [it] must resort to measures that were not price-based, [it] would transform these measures into price-based measures within 6 months after implementing the initial measures. Moreover, any measures taken for balance-of-payment reasons would not be used to provide import protection for specific sectors, industries or products”. <a href="http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c5s2p2_e.htm#fnt140" class="paracolourtext">140 stiamo per essere ricchi

a most excellent question, Igraham. Good one, I say. Maynard

Somethin's cookin' Smells like roast Parliament. Maynard

As Okie himself recently proclaimed, "even a broken watch is right two dimes a day." Maynard

I've been pretty familiar with the 'what up' in Iraq geo politically, but one day one of my divorce clients, whom I suspect has made a second career for trying to devise creating schemes for paying off $120k of credit card debt he got saddled with, called my office and promised me that the dinar is going international on March 23, 2010 and I'd better put in or I will miss out on some BUKU bucks. Well, needless to say, 3/23/10 has gotten a little ripe, but I did meet some cool people along the way who I would love to have as my friends, and I have also gained enough faith in the investment to belief it is just a question of when. And the rest is history, or will be history shortly . . . . cheers and live strong. You all won't be eating baloney sandwiches (or a little girl who used to like Raman) for long. Maynard

Good bank story Keeps. And let me publicly beg forgiveness for the heinous and outrageous nature of my last attempt to respond on this thread. Yeah, I'd a removed that one too. Maynard

There you go again, Keep! Starting crazy rumors again, you and Oakie. You guys just wanna interpret everything that happens RV-related. Damn pumper!. OK, I'm kidding a little bit. Nice bank rumor dude. Oh, the IRONY. Maynard

http://www.kqrs.com/article.asp?id=2096235&SPID=6546

Very informative, Scooter. Thanks. I've got a lot of good stuff to read now. Maynard

Whoa, buddy! That's some bad JuJu. It'd scare me too. I've locked horns with SEC, they're some nasty folks. They eat their young. My advice is go see your local witch doctor. Immediately. Maynard

I have sleep apnea and I appreciate your concerns. I don't use my machine enough, and I really should. Maynard

Thanks, Ron. If Maliki in fact has a strategy, man it is so way over my head. Why would he just fly to the flame like this? Maynard

Adam: Thanks for the post, you old Cheesehead. As a Vikings (stick a fork in 'em) fan, I find it difficult to share your sentiment on today's game. Maynard

shabibi iraq raise January 22nd, 2011 in USA News The governor of Iraq's central bank, Sinan al-Shabibi has said the country is hopeful it will be able to raise money itself by selling bonds and has not yet agreed on "Discussions are continuing," Sinan al-Shabibi said in an interview in Manama today. Iraq was hopeful it could raise money itself by selling bonds, he said. Iraq hasn't yet agreed on financing from the World Bank to help cover a budget shortfall caused by a drop in oil revenue, the governor of the Iraq central bank said. Stressing that the bank had several measures including raising the dinar exchange rate. Tags: Dinar, IQD, Iraq, Revaluation, Revalue, RV, Shabibi http://www.americann...iraq-raise.html

Not likely, sorry to say. But seriously, why even think about it? Not gonna matter until it RV's here regardless. Maynard

that was a GREAT chat! Thanks, Maynard

Sorry your getting this kind of crap, Ron. Thank you, my friend, for putting this up. Some of us actually get it. Maynard

Thanks for that tryinmybest22. Maynard

Ya know, I got to thinking: If KU wants to pressure Iraq to RV, what better way to do it than to publicly dole out $3,572 to its citizens while the onlooking Iraqi citizens are dumpster diving? Make sense in a cruel, sick way. Maynard