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rockfl9

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About rockfl9

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  1. The GOI needs $6Bn per month just to cover basic operations. At the current price and rate of production revenue is only $3Bn per month. They have been borrowing from the CBI all this year to cover the difference , now the CBI says it cant dilute the reserves any more. Iraq's credit is too bad for any other bank to take the risk. We will soon read that they will not be able to pay all the Sept. salaries as promised. Some employees and contractors will get STIFFED.! The only real solution is full austerity, but the people who have been lied to for so long may not take it . D
  2. Resorting to the White Paper approach tells me that Kazimi recognizes that the disorganized approach the previous governments used were the root of the current problem. Problems were solved simply by throwing money at it, fine ?? as long as the money was there. Comming out of a dictatorship they were not prepared to do anything else. Now the money is gone . It is time for belt tightening . I am not sure the average Iraqi understands. I see a withholding tax is proposed AND it applies to everyone. The 15% top rate is a start ,
  3. White papers dont actually DO ANYTHING. They are a framework document or list of objectives for specific functions to work on. It is a little more broad than a plan. In one instance of the Iraq white paper the objective is to gradually reduce the cost of government to 25% of GDP. Right now it is 120% of GDP.. Maybe more as the numbers posted vary depending on which article you believe. To get there they must reduce the number of employees instead of just adding more just to solve the unemployment/poverty problem. The Working Groups assigned to each function would be required to def
  4. Hi SD, I havent seen a silver coin in 15 years...I know back then people were buying bags of unsorted coins and finding silver . But I dont think that is profitable any more. Mine is stored in a pickle jar.
  5. Banks do not ever really OWN a foreign currency. They broker it with a third party. Here's thecatch. If the bank has an agreement with an agent, that agent is the one making the purchase and bank performs a service of counting packing and sending it to the agent .. In most cases you wil not be paid until it is received and cleared by the agent. US banks only have counting machines for dollars and few have people that could validate dinar on sight.
  6. If you read the latest Economist posts it should be evident that the solution to the only solutions are to get rid of 20% of employees or change the rate to get 20% more dinar per dollar. They need a rate of at least 1500:1 . or both. The economist proposes a rate of 2000:1 and to use the excess to fund revenue producing projects to absorb unemployment . That is an IDEAL solution BUT it will require Iraqis to take some PAIN for 2 or 3 years. Kazimi cant do that without the help of parlament and I dont think that will be easy.
  7. The Kurds have announced a currency at 1228 IQD per USD !!!!! That is a reduction of 3.1 %... WHY did they do that ?? I think Because they need DOLLARS. AND maybe this will get some out of the mattresses. But will the citizens take the bait ?
  8. The quote by someone that US banks will buy dinar and get USD from the US Treasury is totally false and shows a lack of understanding of the US financial system. The Treasury and the FED only use dollars. Also banks dont buy foreign currency ,,,, they broker it . But they dont even have to do that if they dont want to. It is optional. Iraq is having a hard time getting enough dinar to pay salaries. Even in Iraq the GOI must give up USD to buy dinar and they dont have enough dollars to do so. They will resort to print more notes without any reserve backing . What Sadam did to d
  9. It appears he is not a banker , economist or finance person. ? He might do nothing for a while as he learns the job OR He may shake up the banking system. The CBI cannot afford a lop. Printing the new batch of currency will cost $35-40M . The condition Iraq is in the printer would want the money up front. So RVers are safe there.
  10. Right ! It is a high risk ?? speculation based on a well fabricated rumor ( lie ) that the cbi has a plan to increase the value , overnight with a giant increase .... there is no guarantee of a profit OR that they may never get any money back. Iraq is broke or going there fast. We must wait for the settlement of salaries for the rest of the year to see what they can do.
  11. No! Dinarians PAID for IQD with their local currency . Mostly to dealers who made a good profit. It was not an investment in Iraq. The dinar taken out of the IRQA ECONOMY AND held in shoeboxes caused the CBI to print more than would have been normally required it was an added expense. Not a investment in the country. They would be better off if it stayed in Iraq.
  12. I think a lot of Dinarians think that they actually INVESTED in Iraq by buying IQD and Iraq OWES them a profit. Actually they caused harm to the Iraqi economy. The dinar held in shoeboxes etc. outside of Iraq messed up the banking system. They can't go International without taking the risk that all that IQD will flood back in causing an oversupply ( i.e. a deflation ) that they dont need. WHY would they want to buy any back??? A carefully managed redenomination is needed but they cant afford it now, .It would be a scramble to get your IQD back to Iraq. It would be a great risk for a bank or
  13. Volunteering has to be almost a passion. Some people get it some dont. Many times people think they dont have anything to contribute. That is where leaders come to play. I have been in scouting , JA , and STEM . My employer at the time encouraged and made allowances for the time and effort. By nature I could not just watch , I have to get involved or get out. As far as the Covid Conspiracy goes. We are learning as we go thru this. We dont understand a lot of what we read or hear. A lot of it is misinterpreted or plain wrong. Like Drs misstating cause of death on purpose , or doub
  14. 165 K and counting dead people is what we are looking at .Sure the first 10 K were mainly elderly and had known health problems . Would have died soon anyway . But now those numbers are dwarfed by the number of young healthy individuals with no other symptoms but Covid. Masks dont prevent an infection ithey just give a level of protection., If DJT would show leadership and set an example by wearing one we would have mandatory mask rules across the country.sooner, Would have saved many lives .
  15. I read KristiD's Latest on Breitling. He is a pumper and ignorant one at that. The CBI IS ON SWIFT. Oil money is posted to Iraqi accounts in London or New York . Then when An Iraqi importer wants to buy goods a SWIFT transfer moves the dollars between accounts.. There is no other way to do it efficiently. Then he says everybody will want dollars. Not true , they may want Euros , Swiss Franks or even yen depending on where they trade. BUT THEN what happens to the IQD ??? Indirectly he is saying there will not be a DEMAND for IQD. I do think he has that one correct , But I dont
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