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Scooter 5/22 Good stuff!

idplzr

By idplzr,
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idplzr

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[scooter-EG] ok -- I'm not sure if I can answer all your questions -- but if I don't know the answers tonight -- I'll let you know ---

[scooter-EG] Hit me up

[helend] With all the new arts lately about the banking sectors, the World Bank delegation visiting Iraq, the single window system, E-banking, etc... do you feel Iraq is further along with the restructuring and things that they had to do within the banks than previously thought? ty luckyintx..

luckyintx..

[scooter-EG] hmmmmm

[scooter-EG] I think Iraq is much farther along

[scooter-EG] based on the 12/31 document

[scooter-EG] from the world bank outlining task to be completed

[scooter-EG] see

[scooter-EG] what you have to remember is that these documents are distributed and released to the public

[scooter-EG] with timing in mind

[scooter-EG] Here's what I mean by that

[scooter-EG] When the IMF or World Bank release their annual CR's

[scooter-EG] Country Reports

[scooter-EG] they might have a "stinging" review

[scooter-EG] in the document

[scooter-EG] and the document may have been released just two weeks ago

[scooter-EG] but the date of the published internal doc

[scooter-EG] may have been released four months ago

[scooter-EG] With that said

[scooter-EG] lets take a look at the World Bank document released on Iraq's Financial Sector

[scooter-EG] that could have easilly been the case

[scooter-EG] whereby those task with a 12/31 deadline

[scooter-EG] could have easilly been accomplished

Scooter-EG] here's the good news --the world bank delegation is visiting Iraq

[scooter-EG] they don't send a delegation just to visit

[scooter-EG] they will only send a delegation to show something is completed

[scooter-EG] so perhaps some of those bigger items have been completed

[scooter-EG] sorry

[scooter-EG] one of my employees just came into my office

[scooter-EG] ok

[scooter-EG] now with that said

[scooter-EG] but I do know that Iraq's banking

[scooter-EG] is going to be one of the most sophisticated in the world

[scooter-EG] and they are well underway with this project

[scooter-EG] they will be leveraging some unique mobile applications in combination with the smart cards

[scooter-EG] there's a company out of South Africa supplying these cards

[scooter-EG] now why is that important

[scooter-EG] well -- imagine having a brand new CPI get rolled out to the 30 million people

[scooter-EG] Bread, milk, basic neccessities

[scooter-EG] are now priced completely different

[scooter-EG] and now we have this one smart card

[scooter-EG] which contains more information than what your wallet or purse

[scooter-EG] can hold

[scooter-EG] it has all your insurance, banking, and personal demographic on it and i can now use it to purchase products

[scooter-EG] now combine this with

[scooter-EG] new pricing, cost , financial transactions for the consumer

[scooter-EG] and it's very compelling

[scooter-EG] the last I heard

[scooter-EG] is that over 2.0 million have been distributed according to this firm

[scooter-EG] i did a write up on that about four months ago

[scooter-EG] and I'll get the link for you afterwords

[scooter-EG] now to the E-Banking

[scooter-EG] the big one to watch for in my opinion is how they get integrated with the surrounding neighbors

[scooter-EG] for example kuwait, Saudi Arabia, Jordan

[scooter-EG] etc...

[scooter-EG] it's not so much the in country transactions that we should be looking at but the electronic transfers out side the country

[scooter-EG] wow

[scooter-EG] now that's a diatribe

[scooter-EG] ok -- Thanks for the question lucky

[scooter-EG] next

[helend] Thanks Scooter, you are awesome, we appreciate your time..... here is the next question: [campdav] First Scooter let me welcome you: I know on the low side what you have in the past purported what is it possible given the abundant resources could the IQD come out at on the high side?

[scooter-EG] OK ---

[scooter-EG] I say this every week and every chat

[scooter-EG] and I appreciate the question

[scooter-EG] Anything can happen with these structural changes

[scooter-EG] and I mean anything

[scooter-EG] here's the reason

[scooter-EG] I say this

[scooter-EG] We don't have all the facts in front of us

[scooter-EG] we don't know if there's any proxy countries supporting this event

[scooter-EG] and we don't know how much they have in all the accounts world wide

[scooter-EG] so with that said

[scooter-EG] YES -- Iraq has abundant resources

[scooter-EG] but

[scooter-EG] the question i ask myself is this

[scooter-EG] Why would I jeopardize illiquidating my country if my GDP doesn't support that rate

[scooter-EG] If the numbers are where they stand right now

[scooter-EG] there would be an immediate retracement

[scooter-EG] 50% to 62.5% retracement

[scooter-EG] so to answer that question properly --- I'm going to stick with

[scooter-EG] Anything can happen -- This is still a volatile economic environment and anything can change -- and very quickly

[scooter-EG] The resources are outstanding but think about this for a moment

[scooter-EG] if the country valuates at 75 Trillion -- I'm just guessing at that --

[scooter-EG] and there's 30 Trillion IQD out

[scooter-EG] or more

[scooter-EG] I need to see the latest CBI Financial indicators

[scooter-EG] but nevertheless

[scooter-EG] when the CBI issues that currency

[scooter-EG] it becomes a liability on the books

[scooter-EG] now if they come out at a high rate like some have said

[scooter-EG] or heck --

[scooter-EG] let's say a 1.00 for square numbers

[scooter-EG] that would mean the CBI's liabilities on the books would essentially become 30 Trillion dollars worth

[scooter-EG] That in comparison to all the currency combined worldwide

[scooter-EG] that's a big chunk of change

[scooter-EG] now

[scooter-EG] I'm not saying they won't do that -- but again -- we don't have all the numbers in front of us

[scooter-EG] nor

[scooter-EG] will that solve Iraq's problem for the people of Iraq

[scooter-EG] Remember the original goals of this shindig

[scooter-EG] to help the livelyhood of the citizens of Iraq

[scooter-EG] by providing them with more purchasing power

[scooter-EG] remember they were going to have several tranches

[scooter-EG] or economic blast in key areas of the economy

[scooter-EG] infusing mountains of capital into the marketplace to cause a ripple effect upon the economy

[scooter-EG] big launches like that have a tremendous effect

[scooter-EG] and the wirlwind of economic activity thereafter

[scooter-EG] so to answer your question my friend

[scooter-EG] I honestly don't know

Scooter-EG] long winded way to answer I know

[scooter-EG] sorry about that

[campdav] Profound, thanks

[scooter-EG] I'm not sure if that was a compliment or not

[scooter-EG] lol'

[helend] Thanks for answering our questions as thoroughly as you do... next question sir: [oogie] Scooter: What if anything do you think is happening with Rasheed & Rafidian Banks right now? It seems that they are suddenly very much in the news again!

[scooter-EG] Yes! yes they are

[scooter-EG] Have you noticed that Rasheed is looking to merge with another bank

[scooter-EG] if you have

[scooter-EG] here's my take

[scooter-EG] You can't merge with another bank until your books are clean

[scooter-EG] so this goes back to the first question

[scooter-EG] perhaps they are farther along on that juncture than we thought

[scooter-EG] and remember -- they try to re-adjust these banks on June 30th

[scooter-EG] at least they have for the past three years

[scooter-EG] so to answer your question oogie -- YES !

[scooter-EG] I have notice the activity

[oogie] Scooter-EG ty ty

[scooter-EG] and I think it's positive

[scooter-EG] yw

[scooter-EG] next

[helend] Scooter you are "the man" ........ next question..... [luckyintx] scooter, what is ur overall impression of why shabibi flooded the streets with the $ all of the sudden? ty luckintx

[scooter-EG] He did -- or the banks inside of Iraq brought them in

[scooter-EG] I read an article today

[scooter-EG] that indicated the USD was coming from the commercial banks inside of iraq -- at least the majority of them and the CBI is denying any involvement

[scooter-EG] was that correct/

[scooter-EG] ?

[scooter-EG] I think they are in extraordinary

[scooter-EG] circumstances right now, particularly since nobody can get enough USD around the world

[scooter-EG] oil prices are high

[scooter-EG] the petro dollar demand engine is in full swing

[scooter-EG] the neighboring countries like Iran and Syria could be a factor in that as well

[scooter-EG] Just not certain

[scooter-EG] can't really answer that question in regards to shabs

[scooter-EG] Good question -- Thanks lucky

[luckyintx] ok ty

[scooter-EG] next

[helend] [therealbubbie] scooter ... they need the tariffs july 1st or no wto and they need to remove chapter 7 in june or no international investment coming in the country ,no reason to keep them under chapter 7 correct !?

[scooter-EG] hmmmm --- one of the last compelling reasons they are still in Chapter 7 is Kuwait and the demarkation lines

[scooter-EG] remember those oil wells on the border

[scooter-EG] who owns them

[scooter-EG] are they jointly owned?

[scooter-EG] I'm not certain but I know that issue is still out there -- at least that's the last I heard about that

[scooter-EG] but remember

[scooter-EG] Iraq gets afforded a lot of protection while under chapter 7

[scooter-EG] granted

[scooter-EG] their accounts are being held at the US Treasury right now

[scooter-EG] but nobody really knows the inner workings as to why

[scooter-EG] they aren't out of Chpt 7

[scooter-EG] now as to WTO --- the

[scooter-EG] If I recall correctly -- there were four laws that were required to be passed to and one them was the tarrifs

[scooter-EG] If I look at the law library they passed that law just recently

[scooter-EG] Checking that one right now

[scooter-EG] While that's searching

[scooter-EG] the July 1st date is always an interesting date in Iraq

[scooter-EG] why

[scooter-EG] because that's the date they have been trying to Revalue/DeValue their assets at those government banks

[scooter-EG] so when I see dates surrounding WTO

[scooter-EG] and July 1st

[scooter-EG] that just elevates that date as one to watch

[scooter-EG] next

[helend] [Mikey] Isn't it true that the more IQD the CBI holds the better for the books for an RV, and flooding the markers with $ and bringing in theirs is a good thing for us?

[scooter-EG] hmmmmm

[scooter-EG] here's the dilemna I have with this one

[scooter-EG] See Iraq will need to generate demand for IQD and do it fast

[scooter-EG] See Iraq will need to generate demand for IQD and do it fast

[scooter-EG] if the market is being filled with USD

[scooter-EG] and inflation is still surging

[scooter-EG] the country could easilly get into a Dollarization mode

[scooter-EG] whereby the people use USD to purchase their goods

[scooter-EG] when this occurs

[scooter-EG] they aren't creating demand for the IQD

[scooter-EG] so I can see a short term play being made to satiate the need of the people

[scooter-EG] by providing USD in the country

[scooter-EG] but it doens't answer the question of creating DEMAND for the IQD

[scooter-EG] Now that was a great question

[scooter-EG] thanks mikey

[scooter-EG] ok -- last question for the night

[helend] [broncorider] Scooter you have followed Shabbi long time and studied his plan, do you think he has accomplished everything in a well planned manner to keep this economy strong for many years to come?

[scooter-EG] what will it be

[Mikey] ty

[scooter-EG] oooo

[scooter-EG] WOW

[scooter-EG] couple ways I could answer that one so lets try and break that dowbn

[scooter-EG] down

[scooter-EG] I think that one of the main objectives of his position was to build a foundation under severe circumstances for the currency

[scooter-EG] to become resilient and strong

[scooter-EG] now when I say strong

[scooter-EG] I don't mean the value

[scooter-EG] I mean it's durabilty

[scooter-EG] sustainability

[scooter-EG] longevity

[scooter-EG] in that regard -- yes -- he's done a fairly decent job

[scooter-EG] now when it comes to moving the process faster for the purposes of helping the people of iraq gain a stronger purchasing power

[scooter-EG] NO

[scooter-EG] No i dont'

[scooter-EG] I think he should of got much more engaged five years ago

[scooter-EG] The CBI has missed far too many deadlines

[scooter-EG] and the task have been critical ones too

[scooter-EG] but I have to remind myself

[scooter-EG] that he was working under extreme circumstances

[scooter-EG] I mean people were blowing up fuel lines

[scooter-EG] and USD was flowing into the country from everywhere

[scooter-EG] and it becomes difficult to account for that in the circulation numbers

[scooter-EG] so again , a half answer -- one YES -- the other NO

[scooter-EG] I hope that answered your question

[scooter-EG] broncorider

[broncorider] Thankyou

[scooter-EG] OK folks -- I unfortunately need to go and buy a car

[helend] Thank you very much Scooter and our awesome Members too! We have the best group of member in this investment, I believe! Thank you all!

[luckyintx] Scooter-EG thank you so very much!

[scooter-EG] You are so welcome

[campdav] Scooter-EG Can't thank ya enough

[scooter-EG] it's truly my pleasure to come in

[player46] Scooter-EG ..Thank you very much for your time and knowledge..

[Mikey] thanks Scooter!!

campdav] Great to have ya here

[scooter-EG] Great group of folks

[helend] Scooter-EG until next week, have a great week and weekend.....Enjoy your Memorial Day Holiday

[oogie] ty scooter-eg

[scooter-EG] I will !! You do the same !!

When we see an r/v I will help drive the economy by driving a new car....

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