SWFloridaGuy

All I've seen so far is the broad, generalized talk. No specifics. The meat is in the details as far as I'm concerned because this regulation contains so much. Check out this PDF: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2003:169:0006:0023:En:PDF

Butifldrm, let's try to get our hands on a copy of the exact wording and legal ramifications this will have so we don't have to speculate. This could be possibly better than we originally thought. Wish I could find it.

EXACTLY Butifldrm. That's where my head's at as well. Great post.

I think we're all cautiously optimistic at this point but like you said, things seem to be going in our favor. Iraq's promising economic future has taken stage over their political bickering.

From what I can gather Regulation 1210, which was just amended to favor Iraq, is a long regulation that has many subcategories. It has been amended to aide in the manumission of frozen funds, further promote trade with Iraq and free up financial and economic resources. They are using this measure in order to promote the economic reconstruction of Iraq and the restructuring of its debt. Remember just a couple weeks ago we heard the Finance Committee and the CBI stating that they had some plans to do this. Not sure if it's related yet. I believe EU amended these sanctions to promote economic and financial relations between the European Community and Iraq. These sanctions also included specific restrictions applying to the proceeds from all export sales of petroleum, petroleum products, and natural gas from Iraq. The press release mentioned that "this will permit the transfer of frozen funds to the successor arrangements to the DFI put in place by the GOI under the conditions set out in UNSC." The Official Journal of the EU says that when they set this up that member states made provisions to eventually transfer frozen funds, which they appear to be doing now. Unfreezing these economic resources will also help Iraq obtain funds. I would very much like to get my hands on the exact language and legal structure of how they amended these sanctions because it could have great implications for Iraq's financial future. This is great news for us.

Yes, exactly. That was a seperate issue that was pushed down the road and they just mentioned that it was another decision that had been reached. Only first part was applicable and also very encouraging. Good post by the way.

I completely agree with you Doc. I don't know why others can't see that. Obviously, no reasonable human being would post so irresponsibly. It's painfully obvious his motivation. I personally know of some of his mods who are having their bills paid by him (rent, elec, water etc.) to keep the rumors flowing and supporting him.

Good job Socal. That was worth retyping, so I did. EU Amends Iraqi Sanctions: EU amends sanctions regulation on Iraq. The EU Foreign Ministers Council meeting here Thursday announced that it has amended regulation 1210/2003 concerning certain specific restrictions on economic and financial relations with Iraq. This will permit the transfer of frozen funds to the successor arrangements to the Development Fund for Iraq put in place by the GOI under the conditions set out in UNSC resolutions 1483 (2003) and 1956 (2010)," said the short statement without giving any details. The Council also extended the sanctions against persons responsible for the misappropriation of Tunisian state funds, including former Tunisian President Zine El Abidine Ben Ali, by 12 months, i.e. until 1-31-2014.

This is exactly why I like to step away from this for days at a time. I come back and read this nonsense and it's exactly the same as when I left. It's very hard to be tolerant with these people and their ludicrous predictions. They just don't learn do they?

Thanks Yota. That totally makes me feel like crap though. This investment is just a financial game to me and look what our troops and the Iraqi people sacrificed. Really puts things in perspective. Great story thanks.

This is the right section for his post and if people didn't share anything here it would be an empty site. I spend my time in the articles section but do come here off and on. Hoosier isn't Hammerman or Okie and he's not saying rates are appearing, pinging, auburn etc. Thanks for sharing Hoosier1470.

We all already recognize Iraq's potential if you look at their history. 1949 - US$4.03 = 3.58134g gold Iraq. Then they changed the rate changed from fixed to a hard peg. 1967 - US$2.80 = 2.48828g gold. 1971 - UK£1.166 = 2.48828g gold (nominally). Gold convertibility for all countries ended in practice when the United States abandoned the gold standard on 15 August 1971. So, Iraq unpegged from the USD and remained to the pound until December when they repegged to the USD after the United States devalued the dollar against gold. 1972 - US$3.04 = 2.48828g gold (nominally). Switched to the USD as the anchor currency. 1973 - US$3.3778 = 2.48828g gold (nominally). Did not follow the devaluation of the US dollar on 13 February 1973. Since 1995 we've seen a rise from 3,000 to 1,164-1,166 which is pretty significant. The 2007 IMF international compact with Iraq raised interest rates in an attempt to allow a gradual appreciation of the dinar in an attempt to fight dollarization of the Iraq economy but of course they would never advertise that they had plans of a more significant rise and I don't think they should have released any plans to the public. Just like I can't understand why Turki would say anything other than delete the zeros. That's what I would do. I doubt they'll go international until the rate is much higher but that's just my opinion. What's interesting about their earlier years that they had a registered gold parity with the IMF. Since then, the Bretton Woods system has collapsed but they can still do a PEP or broad based commodity peg. Harvard, Yale and independent studies have all referenced this as a possibility and good option for them. My point is that gold and oil are very important to Iraq's economy, which is convenient for us because they have such large amounts of both. This is why they are the fastest growing economy in the world.

A month ago the Secretary General of the UN said that regarding compensation, "The Board of Directors of the Compensation Committee of the UN noted Iraq's commitment to fulfilling its obligations," and expressed that appreciation continued to the GOI and the Committee of Financial Experts Iraqi for their continued cooperation with the Compensation Committee. We can look at that in 2 ways, it's either saying they're just going to continue to work with them as they have been or they are working with them on a plan right now. The timing sure does feel good for them to make a move now. Whether that's a small move or a drastic one, who knows.

Thanks ReVbo, Stryker and OOTW. They already have revalued. The question is if they are going to do it again and how high of a rate they can support. Thanks ReVbo, Stryker and OOTW.

That song is the reason I learned to play guitar. I heard it when I was a kid and thought, man I have to learn how to play that.

Yeah I totally agree. He was great at filling the void between lyrics with improv also. The whole band really was amazing though. John Paul Jones was understimated, John Boham was one of the greatest drummers to ever pound away and of course I don't have to say how talented Jimmy Page is. You wanna watch something funny, check out this Jack Black video of him begging Led Zepplin for song rights. http://www.youtube.com/watch?v=vlk8DhHYDNw

1-24-13 SWFloridaGuy: This Saturday could be a huge day for Iraq's Finance Committee/CBI/GOI/CoR. Today a committee member said that they are going to approve the budget in the next week and that they had agreed to extinguish the debt of the final accounts for the previous years between the CBI & Finance Ministry. Although there is no direct correlation to a new, revalued IQD rate referenced anywhere in budget numbers, we do believe that there will be a provision made for it. This is the budget proposal that Maliki initially opposed when he pushed for the introduction of the new infrastructure bill but it now appears that within the next few days that Iraq will approve their most prodigious budget ever. Now keep in mind, this is also why we are seeing concerns being raised over how they will be able to operate under the burden of a large amount of newly acquired debt. But it appears that the CBI has a plan to not only address this but also previous accounts held as well, which to me is extremely encouraging if true. Here is a new article released a few hours ago describing this development. http://www.alhalnews.com/index.php?page=article&id=1310329078 I want to make it clear that this next portion is strictly just my opinion after having researched this extensively over the past couple of years. I believe that it would advantageous for Iraq to have a more valuable currency at this time if they are truly serious about moving forward with a national economic reform and recovery (like they are claiming) while also extinguishing debt without creating inflation. The 17 private banks and two main state banks were hurt by embargos just before the turn of the century but more recenently have removed restrictions on international bank transactions and freed up the CBI from government control. The CBI has said Iraq’s large foreign reserves, which have risen to a record $60 billion on the back of high oil prices, will shield its financial system from damage. Their economy is still very centralized but I am looking for early 2013 as a great opportunity for those investing in Iraq. I see a large currency appreciation on the horizon for the IQD in the very near future but if it's a historic revaluation (50% - 100,000% or higher) then most likely the CBI will struggle to sustain those measures and stability in the long run. But this is of little consequence to us because we'll be long gone by then and will have converted our IQD into other forms of currency. Barring further legislative changes and assuming they stick to the currency reform plan, I see things progressing relatively quickly and a good first step would be to pass these reforms over the next week. This would also be a great opportunity for Iraqi leaders looking to consolidate support for upcoming elections. Should be very interesting, stay tuned. Sorry that was so long. I know I have a tendancy to ramble on (as Led Zepplin would say).

They've had so many great hits over the years.

Thanks, I like hearing from Stryker.

This was a great read guys, thanks.

Thanks Butifldrm and good mornin.

Thanks Yota

It does actually and thank you.