Memphis Update & KTFA Member Comments 06/28/2013

Papster · June 28, 2013

06/28/2013

Memphis: a day huh?

Are they out of 7 or not? quite the twist. We all have opinions so may as well throw out mine...

Here is what I just sent a friend in email in reply to his asking if it's time to get excited:

"IMO we have just today seen the greatest single piece of news that we could possibly hope for as a marker in our investment.

Excited? yep..." Now to the REAL reason for this post...

...

Occasionally in my study I come across something that sparks a distant memory. Those who remember will recall that I liken this to a blind squirrel out gathering nuts. Even he is rewarded with an occasional find! :happyclap:

Sometimes the significance of a thing lies not so much in WHAT is said but in the timing of WHEN it is said. THIS is important and if not appreciated, the possible import of this post will fall on deaf ears. :thug:

Today WS posted an article that caused me to open boxes in the deepest recesses! What I came out with (yes it's scary in there) is IMO.....a gem.

It begins with a long post that I made in early Sept2012 that spoke to the 'symposium' that had taken place in Baghdad . The expressed purpose of this two day series of speakers was to give understanding (and take questions) about the CBI's project to delete the zeros from their currency.

What I want to do HERE is simply highlight one small statement made by a Mr. Nabi, Iraq's deputy minister of finance.

To make this connection for the reader, let's start with this article from today (post 356 on the thread). I have added highlights simply to draw attention to my purpose here and all [words in brackets] below have been added by me as paraphrase of what IMO is the intended message:

quote="walkingstick";p=310110]

Finance parliamentary recommends to start preparing the budget in 2014 Created on Thursday, June 27 / June 2013 13:42 | |

Image

Baghdad / Orr News

A member of the parliamentary Finance Committee [said] that the Committee agreed with the Finance Ministry on the need to begin to prepare the initial budget for the year 2014. Said Abdul Hussein al-Yasiri "The parliamentary Finance Committee agreed with the Finance Ministry to start preparing the budget in 2014 during the next month."

He explained that "agreed with the Finance Committee to provide an overview of the proposed budget for the Ministry over the next month and then complete them permanently and submit them to the Council of Ministers in September next year."

He continued that "The ministry is in the process of determining the price per barrel of oil, [upon] which will be built upon [then make possible] the [process of constructing the] budget." He explained that "to remove Iraq from Chapter VII will contribute to enhancing [the] vision [and thus provide clarity of thought to then facilitate the] drawing [drafting of] the general budget for the year 2014."

It is hoped that the Security Council vote tomorrow evening to get the Araka of Chapter VII after the recommendation of the UN Secretary-General Ban Ki-moon in his report to the Security Council, in which he said that Iraq has fulfilled all its international obligations.

http://www.uragency.net/index.php/2012-03-11-16-31-52/2012-03-11-16-33-57/21833-3322[/ quote]

Memphis: So we have just today seen an amazing development with Iraq's Ch7 status and by coincidence on the same day we have press that speaks to the Ch7 release 'fueling' the momentum for the 2014 budget AND the very clear headline that states their intent to now 'roll up their sleeves' and get to into the meat of next years budget. Let's now look at the deputy finance minister's words from Sept2, 2012.

And if you are L@@King for the chance to connect dots? This is it:

"We cannot change the Iraqi money in 2013 because the Iraqi budget was estimated with [and based upon the] current money."

He also said: “If [the] Central Bank has any intention to change the money [from it's present denomination] then it must do the process soon [and more to the point I would define soon as,] before [we begin] calculating 2014's budget.”

Memphis: So....

a full ten (10) months ago we were told that there is and must be an order to things. This is common sense true? The process of writing the budget for any given F.Y. must begin with certain things in place.

One of these requirements is a determination on the price per BBL of oil that will be used for calculations. Another requirement? The currency must be fully defined in value (and denomination) BEFORE calculating the budget.

And when do they plan to start the process of preparing Iraq's 2014 budget? ummmm.......July. :popcorn:

I see many dots here guys. I leave it to others to connect them as they see fit.... :pompom:

The full article (taken from my Sept post) is below. Blessings, Memphis

by DLR » September 2nd, 2012, 12:12 pm •

http://aknews.com/en/aknews/2/324333/

Zeros cannot be removed from Iraqi dinars during 2013, says Iraqi Finance Ministry

02/09/2012 17:36

ERBIL, September 2 (AKnews) – Iraq's deputy minister of finance said the zeros cannot be removed from Iraqi dinars during 2013 because no preparations have been made.

The Iraqi Central Bank and people have been saying for four years that the zeros in the Iraqi currency will be erased and the money will be changed. But the money cannot be changed because prior work for the process has not been executed. He sounds like some of us here with his frustrations in the wait...

Nabi said: "Reducing the zeros is the Central Bank's authority. As the Finance Ministry we are against the change and removal of the zeros, but the bank insists on removing the zeros.

"We cannot change the Iraqi money in 2013 because the Iraqi budget was estimated with current money."

He also said: “If Central Bank has any intention to change the money then it must do the process soon before calculating 2014's budget.”