golfguy

It's Official - America Now Enforces Capital Controls Submitted by Tyler Durden on 03/28/2010 14:27 -0500 President ObamaSwitzerland It couldn't have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration's millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A

Since 2004, Iraq has successfully completed three economic reform programs supported by the International Monetary Fund (IMF): one under the Emergency Post Conflict Assistance (EPCA) facility and two (precautionary) Stand-By Arrangements (SBA). During this period, Iraq has made considerable progress under very difficult circumstances, including a very challenging security situation. Iraq has successfully reduced inflation, showed fiscal discipline, and started rebuilding our economic institutions. These achievements have helped us to obtain generous debt relief from Paris Club and other creditors that has substantially improved our external position. These hard-won gains of recent years could be undermined, however, by the large drop in oil prices from their peak levels of mid-2008. After reaching a high in July 2008, when Iraqi crude oil sold for $124 per barrel, prices fell to a low of $35 per barrel in January 2009, before slowly recovering to a level of around $68 per barrel in the second half of 2009. The average export price in 2009 was $57 per barrel, well below the average export price of $92 per barrel in 2008. In addition, due to dire infrastructural problems, the volume of oil exports in the early months of the year fell below 2008 levels (to 1.75 million barrels per day (mbpd) in the first five months). Iraq has been working to address these problems and oil exports reached 2 mbpd towards the end of 2009, bringing the average for the year to 1.88 mbpd. As the proceeds from oil exports account for the bulk of our total export receipts, and for the majority of government revenues, the lower oil prices are posing considerable challenges to our internal and external economic stability. To maintain macroeconomic stability, and foster growth and employment, Iraq has adopted an economic adjustment program for 2010

change it around from US dollar into iqd to iqd into US dollar and it will say =.000858. I have fallen for that before myself

Iraqis will have to budget for coming era Nation will survive this phase only if corruption at government level is controlled By Mayada Al Askari, Staff Writer Published: 00:00 March 7, 2010 Something good is buzzing in Iraq today, a feeling of freshness to come. After seven blood drenched years, Iraq is on the threshold of change. Image Credit: GUILLERMO MUNRO/ Gulf News Something good is buzzing in Iraq today, a feeling of freshness to come. After seven blood drenched years, Iraq is on the threshold of change. Sadly, Iraq will remain in the "waiting mode" even if the best people are elected to put together a government to serve their purposes and fulfill their aspirations as a result of the government budget for 2010. After a few delays the Parliament passed its 2010 budget on January 26. The new 2010 budget of $72.4 billion (Dh265.7 billion) is a substantial increase over the previous $58.6 billion. It is also the largest amount authorised since Iraq regained its sovereignty in 2005. However, around 70 per cent of the spending will be on operational costs, which go towards salaries, pensions, the food rationing system, in addition to other consumption expenses, while 30 per cent will be for investment in infrastructure and development projects in the capital budget. This in itself tells us a sorry state of affairs, as one political analyst said: "The budget is a sure indicator that the current government does not intend to rebuild the country". One cannot help but remember the analyst's words while reviewing the new budget that will prove to be a major burden on the shoulders of the new government, that will take office after the elections. Estimating Iraq's income for 2010 according to oil prices on the international market, the number will be around $52.78 billion. This means Iraq will suffer a deficit of $18.531 billion to start with. Astonishingly, the greater part of the 2010 budget deficit is to be covered by loans from both the World Bank and the International Monetary Fund as stated by Ali Al Dabbagh, the Iraqi government's spokesman. The IMF will loan Iraq $7 billion, and the Japan-ese government according to Iraqi sources will lend $4 billion,both amounting to $11 billion, leaving the budget $8.3 billion or 10 trillion Iraqi dinars short. The danger of this situation lies in the fact that the new government, which is expected to lead Iraq into a new era of independence and sovereignty, will have an economy that is reliant on external sources, leading to new political obligations. Looking at Iraq's current status quo, oil is still the leading source of national income. But without seriously establishing transformational oil industries, little progress will be achieved. Oil-related industries will cover the domestic needs of these products, while exporting the manufactured products will secure additional national income. Once upon a time not long ago Iraq had industrial establishments that produced food, clothes and other commodities. Nothing compared to Iraq's date processing industry, and Iraq's leather products were sold in major Arab markets. Iraq's poultry establishments covered domestic needs, and the 13 years of UN sanctions taught Iraqis how to make spare parts for every imaginary machine from photocopiers to spare parts used in hospitals, agricultural tractors and even cars. The Shaikh Omar market for repairing broken cars worked wonders throughout the years of sanctions, which is a serious indicator of the potential creativeness of Iraqis

. -------------------------------------------------------------------------------- Ahmed Chalabi emerges as key player in Iraq election after falling-out with US Ahead of the March 7 Iraq election, Ahmed Chalabi, who helped convince former President Bush to invade and create a democracy at peace with Israel, is promoting a regional alliance that would include US adversary Iran. Iraqi Shiite politician and the candidate of Iraqi National Alliance bloc, Ahmed Chalabi, speaks at a campaign rally Friday. The Iraqi elections are scheduled for March 7. Saad Shalash/Reuters Enlarge -------------------------------------------------------------------------------- By Dan Murphy Staff writer / March 5, 2010 Boston Ahmed Chalabi, the man who helped convince former President George W. Bush that invading Iraq would transform the Arab world into a haven of democracy at peace with Israel, is back as a key player in the Iraqi election. Skip to next paragraph Recent posts 03.05.10 Ahmed Chalabi emerges as key player in Iraq election after falling-out with US 03.05.10 Timbuktu, the birthplace of blues 03.05.10 Confusion over Chile earthquake death toll sparks frustration 03.05.10 Rwanda grenade blasts signal unrest ahead of elections 03.05.10 World's longest-serving leaders: Where does Mugabe rank? Related Stories Iraq bomb before election has some fearing new civil war Blog: Suicide bomb killing 12 rattles Anbar ahead of Iraq elections Shiite pilgrims targeted as Iraq bombings intensify Iraq - All coverage Iraqi voters show preference for can-do over creed Mr. Chalabi, a member of a slate of electoral candidates mostly drawn from Islamist Shiite parties, was deeply involved in a de-Baathification committee that disqualified about 500 secular candidates from running in the election and briefly had some Sunni politicians inside Iraq considering a boycott. While the boycott won't happen, Chalabi's role in the disqualification of candidates from rival parties

do we have a link to this? what is the source?

Please note this post is from a news article in al jazeera from 6-12-2009 i tried to edit it and i timed out! Its old news!! Sorry

N Koreans worried over worth of won The new North Korean won will be worth only one hundredth of its previous value [Reuters] North Korea's government has reportedly sparked panic buying by its citizens after it announced plans to redenominate the won. North Koreans have been given until Sunday to exchange their old currency for the new one, but the government has limited the maximum number of notes that can be converted, according to media reports. The devaluation, which will see two zeros knocked off the nominal value of banknotes, will wipe out the value of people's savings. North Korea informed its citizens and foreign embassies on Monday that it would be redenominating its currency. The move has reportedly been met with massive discontent, with the Associated Press reporting that North Koreans were burning piles of bank notes in anger. Currency concerns South Korean media reported that inside the North the announcement led to a sharp drop in external trade and caused sharp increases in prices for essentials such as rice. Other reports said that North Korea had ordered its border guards to open fire on anyone who crosses its border without permission, and speculated it could be an attempt to thwart defections by people disgruntled over the currency reform. The Chosun Sinbo, a Japan-based publication with close ties to the North's leaders, quoted Jo Sung-hyun, the North Korean central banker, as saying people were changing currency at hundreds of locations. He defended the government's move, saying: "The reason for this [renomination] is to promote currency distribution and building a stronger country. Also it will support the rights of the labourers and better their lives," Jo was quoted as saying. Jo said the move would strengthen order inside the country and denied it was a move to encroach on the free market system. The amount each person could exchange was limited to 100,000 won (about $740 at the old official exchange rate). Analysts have said the move could be a way of clamping down on merchants. Business people who have acquired cash from outside the official economy could face punishment if they reveal hoarded wealth by converting currency. http://english.aljazeera.net/news/asia-pacific/2009/12/20091261139278734.html

Auction #'s For Tuesday March 2nd Announcement Number D91 02-FEB-2010 The Central Bank of Iraq issues CBI bills and has adopted a mechanism that will be applied periodically. The results will be announced at 11 am after the closing time of the auction which is at 10 am. The auction No. D91 for Central Bank of Iraq bills based on a uniform price auction for IQD 100'000'000'000 par value concluded on the 02-FEB-2010. The total public bidding is IQD 226'850'00'000 and the cut-off yield (the highest yield of a successful bidder) determined by the auction was 5.50%. it does state feb 2 2010 i have highlighted it in red.

good news this "present" were giving them. now its time for us to receive ours- rv!!

the link will take you to UN treasury site. you will click on the 2010 spreadsheet and wait for it to open then scroll to Iraq. notice that there was a rate posted for Jan. and none for Feb. but now one has been updated for March at 1170. interesting? http://www.un.org/depts/treasury/

AWB to settle Australian class action on Iraq By Peter Smith in Sydney Published: February 15 2010 08:11 | Last updated: February 15 2010 08:11 AWB has agreed to pay A$39.5m (US$35m) to settle a shareholder class action brought against the Australian wheat exporter after it was caught paying A$290m in kickbacks to the former Iraqi regime of Saddam Hussein. The class action, which had initially sought more than A$100m, was brought by investors who suffered losses on their AWB holdings after a 2006 inquiry found the group failed to disclose the payments made to Iraq between 1999 and 2003. EDITOR

great news!! unfortunately i have had mine for less than a year.

Schedule of Press Briefings and Speeches by Senior IMF Officials Last Updated: February 23, 2010 All Times are Local Date Event Reverse Chronological Order Wednesday, March 03, 2010 No Public Engagements Tuesday, March 02, 2010 No Public Engagements Monday, March 01, 2010 No Public Engagements Sunday, February 28, 2010 No Public Engagements Saturday, February 27, 2010 No Public Engagements Friday, February 26, 2010 IMF Managing Director Dominique Strauss-Kahn will deliver a speech on

al-maliki gambles on the deficit niqash | Mayada Daood | tue 23 feb 10 Iraq