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Parliamentary Finance: Iraq's debt stood at $ 119 billion and its benefits to the people
one hour ago Last updated 02:41 PM BAGHDAD / tomorrow Press:
detecting an MP for the parliamentary finance committee, Majida al - Tamimi, that Iraq 's debt stood at $ 119 billion, of which external estimates of $ 80 billion, and the rest is internal debt, noting that the loans go into the pockets of corrupt people and bears interest on the loans.
She said Tamimi's "Tomorrow 's Press," that "there are negative indicators on monetary policy as well as non - corrupt accountable , " indicating that " the loans they take Iraq went to the corrupt and the people bear their benefits."
She pointed out that " the apparent corruption through lack of investment loans properly and mostly fake and thefts to the pockets of the corrupt , " adding that " the figures that previously borrowed and squandered the money they borrow and their partners today and they have a certain pedigree."
She added that "there are a lot of files have been forwarded to the integrity, but there is no deduction for those files and if I stayed in the integrity of the year as possible to escape the corrupt out of Iraq and not be held accountable , " indicating that "Iraq is required payments of up to $ 119 billion, including debt Foreign worth 68 billion to 12 billion but increased by the recent German loan for a total of $ 80 billion. "
She explained that "Iraq 's debt to the Gulf countries reached $ 40 billion, including $ 4.6 billion of Kuwait was postponed repaid until 2018 because of financial commitments crisis , " indicating that " the debt is treated and that have not been claimed in the present time amounted to 40 billion dollars."
She stressed that "these figures were taken by the General Director of the debt after a request made by the knowledge of Iraq 's debt , " adding that "there is an internal debt of the government borrowed from the Central Bank, as well as bonds and debt peasants and others."
While Hillarious is running off at the mouth about Trumps $900 million loss, The Donald is once again having to defend himself. Most people don't understand this aspect of the tax code which Trump took advantage of and think he cheated on his taxes that allowed him to pay little or no taxes on the subsequent years.
No matter how you feel about this, Trump had every right to claim a large loss for the 1998 tax year there by allowing him to legally take a credit loss each year till it zeros out. In this case it took about 18 years to zero out.
i know this because I used the same carry over credit on my taxes on a home that I owned while living in Las Vegas about ten years ago. This was about the time of the housing bubble as I got caught up in it. In 2006 I decided that I was going to move back to upstate N.Y. On a July afternoon when the temperature got up to 117 that day. The heat was just to much for me to stay there any longer. By April of 2007 I had a moving truck outside of my new home of 3 years loading up my worldly possessions. I had made arrangements for a management company to handle the renting of my home in northwest Vegas. My mortgage payment on that home was about $1,300.00 a month. Later in 2007 the Vegas economy started to tank. As time went on it became more difficult to keep tenants in my home and harder to find new ones.
it wasn't to much longer before I started getting behind on my mortgage payments. I went to consult a CPA for advice and he laid the cards out on the table. Under his advice I decided to walk away from the mortgage and let the bank take the house. When I bought the house it was worth $295,000.00. and after laying out $100,000.00 for the down payment I still owed the bank about $195,000.00. You know the old saying "You can't get blood out of a stone." and this is the way it was for me. 2008 was a rough year and by the end of the year, the bank was demanding all the money I owed. I basically threw my arms up and said I give up.
The $100,000.00 down payment and the monthly payments I made to the bank till I couldn't pay anymore came to about $125,000.00 in losses. According to the tax code I was able to claim $25,000 against my income taxes starting in 2009 until the balance reached zero. I legally paid zero income taxes to the federal and state government. Trump did the same thing on his losses for 1998 that I did in 2009. The tax code is so complex that there are possibly many thousands of people that are not aware of the many legal loopholes. Therefore, there are a lot of people that cry foul when they hear about Trump using this legal loophole.
There are also many middle income people that can use this tax doge but are unaware of it. Also, it is important to know that this code gives many rich people like Trump the ability to claim the loss while giving them the chance to start over by building up a new business that will hopefully employ people. I consider this whole situation with Trump and his $950 + million loss all moot now. Let's move on to something else now.
hello again my friends. its your bud here with another worth of a take on what i see happening within the borders called iraq. and it is really good news from my vantage point! the topic of this opinion piece is the '6 major factors that influence an exchange rate'. i will cover each factor briefly in reference to iraq and hope to derive whether or not those invested are either in a good or bad position.
as many know, the importance of an exchange rate revolves around one country's trading relationships with other nations. trade relationships is the sole purpose of an exchange rate. where there is no international trade, an exchange rate tied to a currency has no domestic significance. with this in mind lets peer into the 6 factors of exchange rate influence between iraq and its trading partners.
1) Inflation - iraq has done a fantastic job steering its inflation rate. the latest report (aug 2015) has inflation at 2.2%. some economists would mark this as the ideal inflation rate. this places iraq is a great position with trading partners for determining a strong exchange rate to the iqd.
2) Interest Rates - iraq has maintained a steady interest rate of 6% over the last 5 years. compared to other nations, it is a phenomenal rate. the importance here is the attractiveness it has to foreign investors. should iraq sure up the security situation with daesh and clean up political corruption, foreign investors might feel confident enough to pour funds into iraq at these rates.
3) Current-Account - iraq has done quite well between trading partners and has held a positive current account balance (exports vs imports) over the previous 9 years except for 2010. oil is its primary export and it has been strong enough a commodity to keep iraq experiencing gains in its current accounts. as iraq build its non-oil sector through the plan for increased industry and agriculture, exports should increase and it will be reflected in the current account.
4) Public Debt - this is where the hidden gem is revealed and the reason for the title of my opinion piece. everything in the papers speak to iraq's "deficit financing". however for some reason it appears to be seen in a negative light. my opinion is much different. not all debt is good but in this instant i definitely believe it is. when most developing nations look to expand its economic markets as iraq is doing, there will be an inevitable deficit to fiscal policy (the budget). in the short term, this is a very very good thing! where most under developed nations utilize deficit financing for payment of domestic and foreign loans, this does not hold true for iraq. iraq is using this tool as developed nations would, for capital formation for economic growth and boosting the private sector. this type of debt is the best stimulate for the economy in the short term. (here is a good slide-show presentation explaining deficit financing.)
5) Terms of Trade - balance of trade for iraq is simply outstanding and last reported at approximately $40B usd ($44B previous year). compared to turkey (-$6B usd), japan (-$268B yen), germany $24B eur. i would say that iraq comparatively has a case for a strong dinar. its current accounts and balance of trades are unbeatable (maybe a little exaggeration there).
6) Political Stability & Economic Performance - well, you can't shine everywhere . unfortunately this important piece is dragging iraq down.....and i mean wayyyyyyyy down. nobody in their right mind want to stick hundreds of millions in an environment like this. this area alone is holding iraq back the most. all things considered, if this one area is corrected there is no reason why foreign investment wont flood the country and the domestic currency surge in demand.
there you have it gang. hopefully this piece wasn't too long. this should give us all a solid overview of the factors that influence the dinars TRUE exchange rate the most. from it we should be able to make a sound judgement on where the currency is headed and whether or not we want to remain involved.
Posted on May 16, 2015by Martin Armstrong
This Sovereign Debt Crisis is the nature of the beast we face. Understanding that crisis is half the battle for after the business cycle turns, there will be a lot of finger-pointing but you can bet it will never be pointing at government. It does not matter what country we are from, the people are the same. The audience last night in Warsaw was articulate, understood, and the audience made it known that they too distrust government. It really matters not our nationality. People never start wars, only governments which are not the people.
It is also never private debt that causes the end of a nation, it is the debt of government. When people default, their assets are seized and they were often thrown in debtors prison. When government defaults, you get revolution. Adam Smith called this the highest impertinence of kings to pretend to watch over the debts of the people and not their own. This cycle of political change is about 309.6 years. The last wave began in the 1600s and culminated in the late 1700s, The wave before that is where capitalism began during the 14th century with the reintroduction of wages and taxes following the Black Death of 1346-1353.
The American people were not in support of the revolution until the very end like a Phase Transition. Those who wanted to leave Britain were only about 33%. Then a writer issued a pamphlet by the name of Thomas Paine entitled Common Sense. Paine explained that the nation or society is only the people and that government views itself as the nation yet is entirely different right from its origin. He further explained that “Society is produced by our wants, and government by our wickedness; the former promotes our POSITIVELY by uniting our affections, the latter NEGATIVELY by restraining our vices. The one encourages intercourse (cooperation of people creating an economy) the other creates distinctions. The first a patron, the last a punisher.”
We can see that despite the American and French Revolutions, government reverts always back to the dominant punisher assuming the very same power against which the people revolted to begin with. We can see Thomas Paine’s words are applicable today. The US government called Snowden a traitor for telling the people the government was illegally searching and seizing everything. It was irrelevant that he informed the people about the illegal acts of government. It was treason by their definition because he revealed what they were doing illegally to the people. That reflect what Paine said – they see themselves as the nation not the people who they exploit for their own survival.
Understanding who is the enemy is the very first step in the reform process. About every 309 years we reach a crisis in government. This has been resolved unfortunately with violence for whoever is in power never goes quietly into the light. The late 1700s was of course the American and French Revolutions and today the people of both nations have less rights than existed when they rose up in their respective revolutions. Both were sparked by a debt crisis.
In Britain, George III needed money so badly, he was taking Spanish coins and counterstamping his own image and making them English. The Assignates were paper money issued by the French that was back by confiscating the property of the Catholic Church. The Crown had bailed out the debt of the Mississippi Bubble of 1720 and that imposed harsh taxes upon the French people. We are in the very same position of a Sovereign Debt Crisis once again that is turning to confiscating everything we have as well as government is always driven by debt.
Thomas Jefferson was highly practical. He wanted the Constitution to automatically expire every 19 years and he was against any government debt. Why? A national debt to Jefferson was taxing the next generation without representation. Indeed, we are being heavily taxed to support the continued rollover of debt.
Without question, this is where we are once again. Jefferson understood looking at history that it repeats because human nature never changes. He saw war was caused by standing armies and once government is paying to maintain such a force, it is like have a car you never drive.
If we look back 309 years from the 1700s, we come to the 14th-15th centuries. In Florence it began with a revolution where they too ran out and hanged bankers. The great series of tax revolts began on that cycle in England and France that finally culminated following the Black Death (1346–53) where capitalism really began with the reintroduction of wages given the shortage of labor.
Perhaps this time we can put pressure for political change in eliminating debts and this viscous cycle of Sovereign Debt Defaults that destroy society. We can prepare for our individual survival by comprehending the nature of the beast. As was discussed in the session in Warsaw, it is true gold is no longer the savior since we cannot hop on a plane with a briefcase full of gold and seek a new start. Gold’s role may be local and in an underground economy, but make no mistake about that, government is well aware of that role as well.
Governments are robbing anything travelers might have these days. There were even signs in Poland warning if you have more than €10,000 in cash or “assets” when traveling it was illegal. They will look for jewelry, stocks, gold, or diamonds. Anything they deem of value they can confiscate.
This is a new age of authoritarianism and is not ending nicely. The idea of crypto-currencies is also rather foolish for nothing can compete against a government that is ruthless and broke. They have the guns and then tanks and will use them against the people. Our hope is to identify the problem and spread the word. Yeltsin stood on the tanks in Russia and asked the troops not to fire on their own people. If the pawns of government refuse to massacre their own people, then we can win. It is critical to understand that police and military will become the tool for both sides.
This is why Brussels is now calling for a European Army. That will be their power and sending Greek troops into Germany will prevent the troops from siding with the people. This is also why there is a mad rush to create robots for war. They have no emotions and cannot be turned. Government understands their weak-link for throughout history it has always been the loyalty of the troops.
That is what we must understand and we must understand that private assets are the means to survive – not pensions or government bonds. Eliminating cash is their way to force people into banks and prevent a bank-run. That will end in the total authoritarian government for you will not be allowed to buy or sell except without the grace of government.
GOP States Are The Most Dependent On Government
The Huffington Post | by Benjamin Hallman If we learned nothing else during the 2012 election, it is that some of us are makers, hard-working folk solely responsible for America's prosperity, and others are takers, who want the federal government to pay for luxuries like food and health care.
What may come as some surprise is where these two warring tribes tend to live. The states with elected officials most likely to espouse anti-taker sentiments -- i.e., Republican-dominated states -- are the most dependent on federal spending, while returning the least to Washington in the way of tax dollars.
That's according to the consumer finance site Wallet Hub, which crunched federal tax and spending data and then ranked states from most to least dependent on Uncle Sam. In the map below, green states are the least dependent, while red states -- appropriately -- are the most dependent.
The "makingest" state, according to the analysis, is Delaware. Delawareans -- this is really what they call themselves -- pay $1 in taxes for every 50 cents they get back from the federal government. Delaware also has the lowest rate of federal contracts received, as a proportion of federal tax dollars paid. And the state has the highest gross domestic product per capita, at $72,642.
The "takingest" states, in a tie, are Mississippi and New Mexico, according to the analysis. Both states take about $3 in federal spending for every $1 contributed in taxes. Both states are highly dependent on federal funding as a percentage of state revenue. And New Mexico, especially, has lots of federal workers.
The state with the lowest return on taxpayer investment is South Carolina. Its citizens pay $1 in taxes per capita for every $7.87 in federal funding received.
The two states that come closest to breaking even are Washington and Georgia. These states get back $1.05 for every $1 in taxes paid.
Wallet Hub tabulated its results using three metrics: taxes paid as compared to federal spending per capita, what percentage of state revenue comes from federal dollars, and the number of federal employees per capita. The first two categories were given more weight than the third.
While the rankings are obviously somewhat arbitrary -- one would get different results using different metrics -- they do broadly correspond to patterns of poverty. States like Mississippi and Alabama, which are hugely dependent on federal tax dollars to help feed, clothe and shelter their citizens, are among those with the largest deficits, in terms of what they get in federal help versus what they give back in tax dollars.
For most of American history, bringing home the federal pork, in extra benefits for citizens or spending projects, was a badge of honor for elected officials. The rise of the Tea Party has changed this calculus. Now in the most conservative states it is seen as a political boon to turn down federal handouts. In essence, they are trying to become less taker-y.
The most obvious evidence of this trend can be seen in the expansion of Medicaid, the health plan for the poor, under the Affordable Care Act. Of the 10 states with the biggest dependency gap, as determined by Wallet Hub, seven -- Alabama, Mississippi, Louisiana, Maine, Montana, South Dakota and Tennessee -- have decided not to expand their Medicaid programs, even though the funding would come from federal coffers.