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Dalite

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About Dalite

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  • Birthday 01/01/1916

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  1. I think everyone is over-complicating things... As long as the Paris Club is managing repayment for unforgiven debt, it is unlikely that Iraq would be allowed to inflate the debt away by arbitrarily increasing the value of funds used to repay the debt. Otherwise, Iraq could print a single note, declare it to be valued the balance of Paris Club debt and inflate the debt to zero. Same for the Kuwait repayment debt.
  2. Knock yourself out; Google is your friend A search for US Treasury Iraq Budget yielded over 10 pages Here are some of the greatest hits (hehe) http://www.treasury.gov/press-center/press-releases/Pages/tg1060.aspx
  3. The CBI has consistently fought to be able to fully back the exchange rate. When they announced that they had 130% of the reserves necessary to back the rate, at that time, they could strengthen the rate by 30%. Every dollar worth of reserves that is siphoned off by the GOI, diminishes the ability of the CBI to increase the value of the dinar. After the GOI appropriates more than 30% of the reserves, the value will start to decrease in proportion to the remaining backing. No foreign country would even think about buying bonds from a bank that is in the process of being nationalized by that country's government, and one with a shrinking monetary value. If they could have sold bonds to back debt, they would have started 8 years ago. All they could have done would be to sell bonds for interest that could be obtained by reinvesting the proceeds at a higher rate. Countries that have to depend on foreign reserves have little to attract foreign bond investors. I could be wrong in my assessment, but have you ever seen a treasury bond from Vietnam Nam circulating in the US? This thing about fractional reserve banking isn't an option for a Central Bank, unless you are a reserve currency, otherwise Greece and the other EU countries facing bankruptcy would be competing with the US in the printing game. Maliki taking any reserves from the CBI, even if it is termed borrowing will lessen any possibility of the dinar gaining value. If they could pay it off, they wouldn't have had to borrow it to cover deficits in the first place. So far, they have not shown a profit, don't have dependable electricity or water treatment, and rely on imports. You can't borrow your way into prosperity . Seeing Shabibi taken out of the equation for a GOI appointee is not a good thing. Time will quickly prove it.
  4. I will predict that on Monday, Nevervary the 32nd one of these freethinkers will get it right
  5. With 60+ billion USD worth of Foreign Reserves to cover he deficits, why wouldn't they approve it. The problem is that for every 10 billion $ USD that they drain from the CBI's reserves causes a 10 billion USD reduction in what they can use to set the exchange rate for any Currency Reform. Budgets, tanks, airplanes, a new Camel..pretty soon you're talking about real money.
  6. The actions affect outside confidence, push the country more towards the dollar, and further erodes the exchange rate. But, if they didn't have the forethought to anticipate this, they certainly won't realize the Dinar augering in until it is late in the game. Also, the apparent moves to nationalize the CBI will dampen the spirits of the international community who were considering investing. For the government to take over the CBI tells the rest of the world that dealing with Iraq could be a costly learning experience, with the GOI deciding which contracts/ promises to honor, based on the PM's mood swings.
  7. Maliki now has over 60 billion USD worth of Foreign Reserves to spend. He can now buy a Military, and a few small uprisings. When you have no plans on backing the exchange rate, you can write checks until the currency is worth nothing, and switch entirely to dollars, or the currency of a neighboring country. It will be interesting (but predictable) to see how the gooroos spin this as an imminent RV.
  8. I didn't check the line-up, but heard some similarities with the group Curved Air. The write up mentioned the use of a melotron; and that dates them somewhat, as the Melotron had a short lifetime before becoming the Chamberlin ( if my memory serves me correctly). If you can find anything from the Phantasmagoria album by Curved Air, it may be worth a listen. I got that album after seeing them open for Deep Purple somewhere in the 70s. Another band that used electric violins.
  9. He joined the ranks of many others that just gave up trying after the general population drove them off the site for being negative. Never mind that they were honest, caring and thoughtful in their posts, which were backed by sound logic. If they didn't sign their post Go RV and promise rainbows and fairy dust, they were quickly voted off the island; along with any true "intel" that was ever brought into conversation. I don't expect the trend stopped with him, or many others. Look at the slaughter that Marcus Curtis faced when he revealed the results of his research. Look at how Sonny1 was treated when the US pulled out and he made a stark post that was "negative" The "Jewels of Denial" win, every time I hope they find there efforts were worthwhile, when it is all said and done. They will have to live with the echos of their words; if they have a single ounce of humanity. Some folks walked away with their dignity and integrity....
  10. You win the prize.. If there is any truth, or follow through on these accusations, the CBI would face take over by the brother-in-law guild of the "financial experts" in parliament. The western world has a term for this chain of events; it is known as " Nationalization ". Maliki gets the opportunity to pilfer $67 billion USD worth of Foreign Reserves, and reprint the currency with his picture on the front. BTW, for those who wonder, this will not trigger a RV. If this happens, the exchange rate we see today, would be a high point. Maliki can "declare" the value to be higher, but the only ones ignorant enough to believe that are members of the Ministry of Finance in Parliament. The rest of the world won't be buying that steaming, hot, pile... We can all hope that this attempt will be the straw that breaks Maliki's Political Back. Hopefully, someone there, who realizes the outcome of this ploy, will "convince" Maliki that this is a bad approach..
  11. This may be like the shipment of vegetable oil that was allowed to spoil because there was not a large enough bribe being offered for it"s release to the citizens. It is possible that some of these foodstuffs spoiled due to corruption, and there being no "highest bidder". There is little to no concern for the welfare of the citizens, when there is a buck of graft to be extorted first.
  12. The RD is the way the Dinar will be on par with the dollar, and only if the exchange rate changes the ratio to 1000:1 first. They will not increase the value of the dinar to a dollar as long as the circulation is in the trillions. The only way it will ever happen, and dedollarization to occur is to drop 3 zeros from the existing currency to reduce the liability of trillions to billions. To the Iraqis, it is value neutral. To the speculators, it will also be value neutral, after you strip the dealer's spread and the Pumper's commissions. It would be very nice if it would increase in value to offset the premium price that was paid by speculators, prior to redenomination, and let everyone start off even. When they release hundreds of press releases saying it will be a value-neutral event, it is a very likely possibility it will be just that. The longer they put off a RD, the better chance there is that some of the spreads and commissions will partially offset. It is what it is.
  13. From the "Flying the Flag" album... Many other great songs on the same album that didn't get AirPlay. Shoud be in everyone's collection..
  14. I think that album had vocals by both Patty Santos as well as Linda and David LaFlame. "Girl With No Eyes", also from the same self-titled album was haunting and also showcased their electric violin work. If you can find a copy of the Marrying Maiden album, give it a listen. Also Anytime/Choice Quality Stuff was another exceptional effort
  15. Actually, I should have said all early albums started with an H...
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