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Don Paul

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Posts posted by Don Paul

  1. their biggest problem is with the securities and exchange commission.

    it is incredibly regulated, even for legitimate say.. oil ventures and offerings, you have to have all your dots and t´s crossed, but

    NON EXISTENT hedge funds and NON EXISTENT placements, well you are really asking for trouble

    im not sure how people lost 23 million on dinar sales... that could be stipulation by the reporter thinking dinar is not internationally recognized so

    you cannot recoup your money ...

    and doing ANYTHING across state lines brings you into the big boy pen

  2. this is disturbing if correct. got it from A.C.

    can someone verify / dispell

    Central Bank of Iraq and the Government

    Central_Bank_of_Iraq-300x188.jpgCentral Bank of Iraq

    The Iraqi courts have already ruled that the Central Bank of Iraq is under the jurisdiction of the Iraq government specifically the Prime Minister’s Cabinet. Prime Minister Maliki is attempting to reshape the Central Bank of Iraq starting with upper management. The hard currency in Iraq which is the U.S. dollar is appreciating against the local currency as merchants are continuing to buy and sell in U.S. dollars.

    Governor Shabibi is negotiating his departure from the Central Bank of Iraq along with other senior members of the CBI. We will see departures in the management of the CBI by the end of the year. It is rumored that they will be leaving the country.

    The Iraqi dinar is being seriously undermined by Iran and Syria who are in need of U.S. Dollars to skirt the international sanctions. You will see a continued weaken Iraq dinar in the months ahead.

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  3. from AC:

    Central Bank of Iraq and the Government

    Central_Bank_of_Iraq-300x188.jpgCentral Bank of Iraq

    The Iraqi courts have already ruled that the Central Bank of Iraq is under the jurisdiction of the Iraq government specifically the Prime Minister’s Cabinet. Prime Minister Maliki is attempting to reshape the Central Bank of Iraq starting with upper management. The hard currency in Iraq which is the U.S. dollar is appreciating against the local currency as merchants are continuing to buy and sell in U.S. dollars.

    Governor Shabibi is negotiating his departure from the Central Bank of Iraq along with other senior members of the CBI. We will see departures in the management of the CBI by the end of the year. It is rumored that they will be leaving the country.

    The Iraqi dinar is being seriously undermined by Iran and Syria who are in need of U.S. Dollars to skirt the international sanctions. You will see a continued weaken Iraq dinar in the months ahead.

  4. hello my friend. firstly the usd is what is termed FIAT currency. it is valued by DECREE and not by SUBSTANCE. a dollar is a dollar and has the value of a dollar because it has been decreed to have the value of a dollar by those who created it. 1933 and FDR (Roosevelt) and the federal reserve began the change of monetary policy into what is observed today. FIAT, money by decree.

    FIAT money dominates the global monetary policy. i strongly suggest you watch the video "money as debt". it will literally change your world view after 45 minutes of audience and 3x watching it until it finally sinks in. 5 years ago i my brother introduced it to me and i can truly attest to how it began me down a road of complete transformation in how i view the world. next i suggest reading up on the petro dollar. it is the measure of control by the united states and its military industrial complex to control its interest in the global economy by denominating global oil reserves in united states fiat currency. this too will change your world view. i suggest ordering "Petrodollar Warfare: Oil, Iraq and the Future of the Dollar".

    the IMF, World Bank, WTO, Bank of International Settlements et al. work in the realm of fiat currency and has established a system of money for the world around these guidelines. it is a system that is removed from substance money and essentially common law courts (substance courts) into a world of "colorful" courts or commercial courts ruled by non-substance and governed or regulated by bills, notes and bonds (insurances). this is a study in and of itself. if you ever get a chance, read up or google the uniform commercial code. this IS the new law of lands over which the world banking system now rules.

    i think i have given you enough to begin your educational digging.

    be blessed my friend.

    To make matters more complicated, there is a 10 to 1 ration of digital dollars to real ones. All part of taking cash out of our hands and controlling world money flows. There isnt 15+ trillions of dollars worth of gold in fort knox.. you should use logic on that one. If we ever go to a Gold standard we are just as bad off, since there is not enough physical gold to back that many dollars. Silver is a much more viable option. At least Dinars do have a good backing of oil (reserves=theoritical value) to them since Dinars are artificially low at this time and are not market adjusted.

  5. I don't know if it will happen THAT fast or not, but I know it can't happen until after Feb. 1st. China (along with most of central Asia) is on holiday until about the 27th of January for the lunar new year.. and when they holiday.. they don't do ANYTHING. There won't be any 'global action' requiring China's involvement until after the new year holiday..

    So.. sit back, have a <<preferred beverage>> and wait for the Dragon.. by the way.. the coming year is the year of the dragon. Keen business people all over the world are watching to see what will happen in China this year.. you may want to keep that in mind if you are a 'serious' investor.

    ..now back to my congee.

    China is not going to do very well if the EURO and US zone take a hit. China sells to the world, and if the world cant buy they are in just as deep crap as everyone else.

    Youre best to look at emerging areas such as Burma or Mongolia or Brazil than you are with China, and its all a roll of the dice.

    take a look at what Jim Rogers has to say:

    http://www.dogstarmist.com/

    Agreed! The streets of Iraq have been flushed with USD and Euro since the initial swap, duh! The recent uptick in daily auctions seems to be the black market and all the USD being smuggled to Syria and Iran because of the sanctions and cash shortages. Means nothing to an imminent RV. The sky is blue today, must mean imminent RV mentality.

    .

    Iran officially has shut down Dollar traders. But that only means the black market for Dollars just took on a whole new profitability.

    Their (IRAN) currency has devalued 40-59% since the threat of sanctions and everyone in Iran is trying to hoard dollars (one source>Iraq and CBI auctions) to stop the bleeding. Doesnt mean that Dinar is going to RV because of it.

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  6. will illegal aliens get a pass on this one too?

    well, I doubt there are too many illegal alliens swimming across the border with extra Dinars in their jeans considering it takes 3-4 years savings to pay the coyote just to pass them across...

    What if you purchase something in another country?

    funny that now the question at the border isnt if youre carrying over 10,000 in cash, but 'any financial instrument'.... guess that was to cover the 50 dol face value of a gold eagle coin ... hehehe - cause if you didnt declare 10,000 or less in face value , thats a LOT of gold... like about 360,000 dollars worth at 1800 an ounce

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  7. Is there a link to the article? Is there anything in it about foreigners abiding by the same rules, or will illegal aliens get a pass on this one too?

    I think wiring limitations will apply across the board as long as the wire is initiated from the US. Not sure what other countries are imposing as capital controls, but wouldnt doubt broke countries would follow suit. Greece has an occurence of about 25% that dont pay tax, followed by 22% by Italy and Spain and Portugal hover around 19%...

    Guess it would make you think to only cash in the country you plan to plant a flag on... but limiting any movement thereafter

    What if you purchase something in another country?

    Guess it will be your decision to declare when you come back, as you know the new customs reporting rules have changed dramatically.

    Then you start the game from there...

    Also new IRS rules state you must declare any accounts anywhere

    From what I understand, US citizens are the only ones in the world that are taxed regardless where they live/work anywhere in the universe.

    Ill quote Mr S Black :

    "the United States is on a one-way collision course with its financial judgment day; the country long ago passed the historical point of no return-- the point at which it has to start borrowing money simply to pay interest on the money it has already borrowed.

    Throughout history, countries that passed this point of no return soon defaulted on their debts, entered into extended periods of severe inflation, or both. This is nothing new-- the idea of a government going bankrupt is practically as old as the concept of government itself.

    Along the way as they slide down the slippery slope of economic calamity, governments typically hit the accelerator by resorting to financial repression; rather than making the economy open and attractive to talented people and investment capital, they instead confiscate, inflate, and overregulate.

    These tactics include oldies but goodies like civil asset forfeiture, capital controls, and a host of whacky new taxes. Like a Christmas Tree tax, for example.

    Sumptuary laws (regulation and taxes over lifestyle habits) are quite common, dating back to the Renaissance period 'beard taxes'. If you wore a beard during the time of Peter the Great in Russia, or Henry VIII in England, you paid a tax to the government for the privilege.

    There are many modern day equivalents of the beard tax-- taxes on cigarettes, mobile phones, vehicles, luxury goods, etc. We should expect the introduction of even more-- a national sales tax, an Internet tax, a carbon emissions tax, and a financial transactions tax.

    After this, the next mind-boggling category of taxes that will be introduced are 'social taxes'. In other words, you get taxed on what everyone else is doing... like an anti-terrorism security tax, or better yet, national healthcare where you pay for other people to go to the doctor.

    During the Tokugawa period in feudal Japan, they called this 'honto mononari'. Village peasants were taxed by the local daimyo on the basis of the entire village's rice yield for that season. Even if you didn't grow a single grain, you still paid.

    Perhaps the most heinous forms of taxes to come, though, are asset taxes. And at roughly $5 trillion in total value, individual retirement accounts (IRAs) are the lowest hanging fruit that the federal government can grab.

    It's not that far-fetched. Argentina has done it. Hungary and Ireland have done it. Even France passed a law last year authorizing the government to use pension fund assets to pay off its debts. And if you recall, the US Treasury raided public pensions this year to tide itself over during the budget debacle.

    The next step will be for the government to nationalize a portion of IRA assets. They'll wait for a severe market downturn that wipes a huge chunk from most IRA accounts, blame capitalism for the failure, and then pass a law requiring that X% of IRA funds be held in the 'safety and security' of government debt. "

    You really need to plan this out VERY CAREFULLY > FROM BEFORE WHERE AND WHEN YOU CASH IN because moving it from there will cost you dearly... just saying...

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  8. November 10th, 2011

    Starting January 1, 2012, Form 1099s will become a means of reporting

    to the IRS the purchases of all goods and services including precious

    metals such as gold coins and bullion.

    Furthermore, the HIRE Act passed in April 2010, effective January

    1, 2012, requires banks to withhold 30% of any dollars being

    transferred/wired offshore to another country and remit it to

    the IRS.

    You can get it back when you file your tax return "IF" you tell

    the IRS where it went and that you are paying taxes on it. And

    banks cannot be held liable for making a mistake. Want to place a

    $50,000 down payment on a property in Panama? You'd better wire

    $75,000. Your daughter is on study-abroad and needs $4,000?

    You'll need to send your daughter $6,000.

    think about it...

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  9. Lets put it in simple terms:

    $500 for a chance at say 200,000 dol (same risk as investing in the non-honest accounting of Wall Street BS)

    or

    keep 500 to spend on cigs, beer, movies, or other

    If you cant afford to put 500 dol aside, then you're in deep doodoo either way

    • Upvote 1
  10. My son in law is a trusting investment advisor. I'll have him invest for me in tax free or tax deferred.annuities. Annuities are safer than the markets. The potential to grow is not there but the risks are minimal. Annuities also also better returns than guaranteed fixed investments. You usually stay up or ahead of inflation. The banks are only giving .025% interests. Also consider city & utility bonds.

    I will diversify into Life Settlements (been paying around 12% for 10 years average and are NOT subject to market, oil or war swings) then some split annuities with the option of being able to annuitize, so money can be turned into a guaranteed income when I want it, and the capital is totally judgement proof once you annuitize. Start a small business for which I already have a proprietary invention for, etc.

    Safety is not having a home address listed on ANYTHING. I use only a local PO box.

  11. Its been rumored two people committed suicide last october over this guru hype, and one person is waiting to do some sort of brain operation based on all this.

    I dont think its very responsible for someone like Okie considering his following, who many are probably just a hairline away from the same above or worse to childlessly and unverified a claim of an RV.

    Just irresponsible, highly unprofessional, and just reckless.... and for what? You cant call it 'entertainment' for those on the edge...

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  12. Gold scramble starting?

    The comments below are not mine, but I completely agree with them. THIS IS POTENTIALLY BIG NEWS. (but I bet you wont hear much about it in the news...)

    I would only add that the action taken by Venezuela is the equivalent of a howitzer shell going off in the New York/London money changers camp.

    Nationalization of the Venezuela gold mining industry is "small news." There is only one small gold mining company operating in Venezuela. The real news is that this is an extreme vote of no confidence in the international monetary system. It is also an act of economic warfare against the money power in London by Hugo Chavez, a Venezuelan nationalist. It will be interesting to see what ensues. Will the banksters refuse to deliver? If they do it could cause a stampede of other countries demanding delivery of their gold. (that will probably happen anyway). That should be fun... Will the banksters FAIL to deliver? Very likely. Odds are they don't have the goods. Geez... Wonder where the gold went? If they make delivery will they deliver real gold bars, or fake tungsten bars coated in gold? After what happened to the Chinese you can bet the Venezuelans will be looking at the inventory very carefully.

    The central bank/fractional reserve, usurious, bankster racket could be on the verge of cratering. Whether you have investments or not, this action will affect everyone in the western world.

    We live in interesting times.

    no way in hell Chavez quietly takes a cash payout instead of bullion)

    The game is over in all but name, as of right now....

    The controlled demolition of the financial system has begun, started by no other than hugo chavez.....

    http://www.zerohedge.com/news/chavez-pulls-venezuelas-gold-jp-morgan-great-scramble-physical-starting

    As Chavez Pulls Venezuela's Gold >From JP Morgan, Is The Great Scramble For Physical Starting?

    08/17/2011

    In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.

    • Upvote 3
  13. Dinar Banker has 500 dinar notes and are selleing them but it costs much more to ship 10 million 500 notes of dinar than it does 10 million 25k notes that is why it costs more it has nothing to do with revalue!!

    I agree, Just because Dinar Banker is gouging the price of notes, it has nothing to do with RV or pre_Rv

    Has ANYONE SEEN or have proof of lower denoms circulating in the Iraq general public??

  14. From what I have researched, the Iraq situation already had a plan for restructuring LONG before we went there or declared "war"

    See the government unclassified report about the step by step plan they already had in place.... and which is the most accurate step-timeline

    you can review right now - forget the intel BS you're being fed -

    go to https://www.yousendit.com/dl?phi_action=app/orchestrateDownload&rurl=https%253A%252F%252Fwww.yousendit.com%252Ftransfer.php%253Faction%253Dbatch_download%2526batch_id%253DcnJnUGhVdGp0TWxFQlE9PQ

    there is credible sources that state that ONE of the reasons we decided to "fix" Iraq was because Hussein and Kadaffi (Libya) were planning on coming out with ther own super dinar for petroleum purchases and thus sink the dollars place in the world, and very possibly cause a mayor havock in the world currency markets... you can sort of envision the chaos it would of caused... not to mentioned US was loosing "control" of Hussein, one of their previous chronies, just like Noriega... remember him?

  15. think the only "predictor" that will be 10% accurate will be when we get confirmation that the lower denom's are in general public hands...

    as it stands now, a 1 dinar coin is worth less than one tenth of a penny (the making of the coin cost 10 times that) so

    it stands to reason that these coins are only there for one reason only.

    RV has to be at or close to that event...

    you cant have an RV without being able to get change for even a 50 dinar note...

    and you you have to have the lower denoms in the hands of the convenience store clerks at least the day BEFORE dinar RV's

    so, if you want to narrow it down to one event 100% - there you have it

    • Upvote 5
  16. Bernie's Bombshell

    (Snowflake, AZ) Oh oh, Senator Bernie Sanders (Vermont's lucky) has issued a major statement on how the Fed engineered $16 trillion to bail our not only US but also foreign banks. His website reports in part:

    "The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study.

    "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

    Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.

    The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.

    For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed.

    Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs. In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds.

    One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest. To Sanders, the conclusion is simple. "No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed's board of directors or be employed by the Fed," he said. "

    If this hasn't raised your blood pressure high enough, how about clicking over to the offishul GAO report which suggest that "...opportunities exist to strengthen polices and processes to manage emergency assistance..."

    A nice way of explaining we've been screwed again by the privately controlled not really Federal Reserve and it's about the most disgusting account of financial raping and pillage as you'll find.

    Yet, Congress, on the corporate dole, especially with the growing "throw the bastards out" cries increasing around the country, is unlikely to do anything more than weasel and waffle. But, come to think of it, why am I not surprised?

    Gold star for Sanders for being forthright..bit he's got 99 colleagues left to work on....

    Now to see how the financial universe REALLY works, couple in this next story...

    TARP and the Great Circular Reference

    We're all supposed to be happy as hell that banks are paying back their TARP money, right? All the hype and hoopla about what a grand and glorious thing this is just won't stop.

    Except according to this article here, the way theses banks have paid back the 'right pocket' is by borrowing from the left!

    You got it: Take TARP money, they borrow more money from the Fed, then pay back TARP (cue the spin machine to rerun Happy Days) and while the public attention is distracted, they borrow from el Fed and pretend the situation is fixed.

    Ah, the foxes are still in the hen house just the same. But, I repeat myself too much. We need some financial Charmin to clean such bs happy talk up...

    ---

    Depressions are like enemas for the rich and it may be getting on time for one to clean up the malinvestment, now being papered over with promissory notes which indenture our children and their children, too....

    Is repudiation of debt to manipulative dishonest scum a bad thing? A good ponder for the weekend, for sure.

    ---

    Got gold? More critical: Got a plan to click out with gains before it gets called this time around as it may be?

    In Washington's Center Ring...

    ...meantime, we keep hearing about how compromise is close. Or not.

    Much more useful than getting whipped up in the media frenzy is the Fact Check discussion of the federal budget mess.

    It spending 24.1 percent of GDP against income of only 14.8 percent sustainable?

    My, what math majors we've got looking after us in Washington.

  17. You sound like you know what you are talking about Mr. Don Paul... Now......May I ask you a question?

    Since you mentioned travelling.... Do you maybe share the concept of PT ( Perpetual Traveller)? Just curious..

    Many years ago I read some of W.G.Hill " PT" series books.... I concede that concept , if one is capable enough to make it come true, is fascinating.

    Yes, I do count myself amongst them. I am european born, and luckily was able to secure a second passport, something I recomend anyone with at least a foreign born granparent could probably acces.

    I would like to quote Simon Black latest posting:

    In March 2010, President Obama signed into law one of the most arrogant, unfeasible bills ever to hit the books.

    Known as FATCA [Foreign Account Tax Compliance Act], it was enacted as part of the inappropriately titled HIRE Act; the law requires that foreign banks must disclose personal account details for their US clients, essentially agreeing to get in bed with the US government.

    If a foreign bank does not agree to disclose information on all of its US customers, then the law further requires that noncompliant banks withhold a 30% tax on all payments that may have originated from the United States.

    The arrogance of this law is overwhelming. It would be as if the Saudi King issued a decree forbidding US grocery store chains to sell pork to Saudi citizens while on US soil. Crazy, right? Americans would be up in arms-- who do those Saudi's think they are, trying to control a US company on US soil?

    But that's exactly what FACTA does. Needless to say, the international banking scene has been up in arms since March 2010 when the law was passed. Those cries have largely fallen on deaf ears... until late last week when the US government granted a brief extension for the law to take effect.

    This is important, and I'll explain why.

    We're in the early stages of what I call the Age of Turmoil-- a tumultuous time in which governments turn to increasingly desperate, authoritarian measures in order to maintain the status quo.

    The drive their economies into the ground, generate painful inflation, and destroy the livelihoods of millions, even hundreds of millions... and when you don't like it, they turn their police forces after you to ensure they still get to live a life of power and privilege on your dime.

    We've already seen these people in action-- they've seized pension accounts, turned the nation into a police state, ruined the economy with corrupt, reckless spending programs, inflated the currency to dangerous levels, and made it extremely difficult to do basic things like establish a business or even open a bank account.

    There are a few things you can try to do about it. The default option for most people is to do nothing. They'll stick their heads in the sand as things continue to get worse and their families' livelihoods get eaten away by public policy.

    Others think they can 'vote the bums out,' only later to realize that the brand new crop of politicians is just as bad as the old batch.

    I've long been an advocate of the internationalization approach-- diversifying your assets and interests overseas to reduce the control that one single government has over you.

    If you live, work, bank, invest, own property, store gold, operate a business, etc. in the same country of your citizenship, you are truly putting all of your eggs in one basket.

    What about tax free municipal bonds as part of the portfolio. I know they are not exciting, but currently you can get AAA rated bonds tat yield 4-4.5% with payouts every six months.

    I personally think you should analyze your risk tolerance and age and figure a formula going from solid "boring" to risky with a decreasing percentage.

    Im sorry to say that I dont feel fund managers are the answer anymore. You should address investments in fields which are not market, war, or politically sensitive if possible.

    Each person has as different a risk tolerance and "patriotic" influences as belly buttons. One could not possibly give you advice without a thurough personal interview.

    I do however suggest looking at venues outside of those offered by people whom you think are 'trustable' because they go to the same church you do and the like.

    (I think you should do a research on the sate of municipal debt and who rates them very diligently)

    • Upvote 1
  18. Adam, I do somewhat agree that those little added "details" are subject to a narcisistic review. However, knowing how negative this guys has been in the past, I find his latest opinion, especially where "Shabibi has the redenomination paper ready to go" a 180 degree turn for even AC

  19. (Though Ive quoted this not-so-popular gentleman who is actually IN Iraq, unlike most other 'gurus' out there, I personally hold a more positive view of this speculation, the primary being that Iraq is NO WAY worth 3500 times LESS than Kuwaitt, period.)

    • Upvote 2
  20. It appears that my last post may have caused some confusion amongst

    a few readers and I would just like to begin by clarifying

    something. Dr. Sinan Shabibi is NOT under house arrest. That is not

    the case and it appears that I was once again, misquoted. Dr.

    Shabibi can not leave the country for the time being. That is all.

    This is not the same as house arrest. How long this order will be

    kept active is anyone's guess. I have no other information on this

    only that I have witnessed him being served with the order. The

    Arabic Translation from the written order in English stated "Forced

    Residency". This order was given after the meeting with the

    Council of Minster on June 19th. This was when Dr. Shabibi was

    advised not to leave the country. It is important to note that Dr.

    Shabibi is one of two people in the CBI that will be asked to

    present the Re-Denomination report to the Council of Ministries

    when asked in the future.

    When I recently wrote that Dr. Shabibi did not attend the 2011

    International Arab Banking conference in Rome, Italy I stated that

    because it is FACT. He was NOT there. The only thing I can tell you

    is to look at and review all the news articles that came out in

    regards to that meeting and I challenge anyone of you to find even

    one article quoting Dr. Shabibi from the Arab Banking Summit.

    Anyone saying he was there is mistaken. The confusion might stem

    from all the news articles prior to the Arab Banking Summit listing

    him as a guest speaker. However, you will discover that there is

    not one article quoting him at the Summit event. It is customary

    for him to speak at these meetings when he is an attendee. Dr.

    Shabibi was quoted in prior Summit meetings in 2008 and 2009.

    Chapter Seven

    Contrary to what a few keep saying, Iraq and Chapter Seven will

    most likely continue till the next review by the United Nations, in

    December 2011. In another twist, Kuwait's newly planned port, will

    more than likely obstruct the commerce of Iraq's only main deep

    water port. The Kuwait government has assured the United Nations

    that the new port would not violate the sovereignty of Iraq. This

    will continue to be an issue in the months to come as Iraq is

    challenged again to be released from Chapter Seven. The Iraqi port

    has yet to be expanded and rebuilt due to lack of funding.

    There is a lot of disinformation in regards to the Erbil agreement.

    The word out there is that PM Maliki has to give up power and

    this is just not true. PM Maliki does not have to give up his

    power he just has to conduct Power Sharing with the al-Iraqiyah

    list leader Iyad Allawi. PM Maliki is against the sharing of power

    at this present time.

    The Development Fund for Iraq

    Some people appear to be confused in regards to what is happening

    with the DFI fund. The account which the funds are located are in

    the Federal Reserve Bank of New York and will remain for years to

    come. The fund will most likely have a name change although the

    name has not been revealed as of yet. 5% of the proceeds coming

    from the oil sales each month goes to a special account the United

    Nations has set up to pay for the reparations for Kuwait. Iraq

    still owes 25 billion dollars to Kuwait.

    Contrary to what some are claiming, Dr. Sinan Shabibi has never

    said that he will RV the currency to meet the Iraq budget.

    Another false statement made, the Iraq inflation rate is currently

    7% and is rising due to increase in import prices not because they

    don't have a tradable currency.

    Regardless of all the disorganization and pace of a snail, Iraq

    continues to make progress and strides in the banking sector as

    well as the overall economy. I am hopeful that we will be able to

    speak more positively in the coming months about all the

    advancements and progress being made.

    • Upvote 1
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