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Trinity's Take: The World Bank's Playbook - An Egyptian Perspective


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as some of you know, i have formed a new friend with a guy from egypt fluent in arabic.  today we spent some time going over the new cbi regulation for the auction process and i HAD to rush back to share with you all the insights.  what is interesting is as he was translating for me, he chuckles as says, "that is the same thing egypt did back in the day....in the golden years around the nineties."  

so now he had my full attention but let me start you all from the beginning of our conversation and i will write all that i can remember.  so he starts reading the new auction policy:

 

"Instructions for Foreign Exchange" and here are the notes i took while he was explaining:

  • the CBI is going to support all banks willing to deal in foreign exchange supporting the balances with their foreign agencies to finance the exchange
  • the balances will be supported in US dollars by putting the equivalent in IQD in the banks account
  • banks participating in the foreign exchange must establish money laundering units to supervise the transactions 
  • there must be separate accounting books kept for the registering of the foreign exchange transactions
  • sellers of currency and those exchanging currency at the banks will no longer have a requirement of listing the names of these individuals
  • buyers of currency must have their names listed

okay, so pretty much this is not new to us.  i know the recent stryker blog post that blew up interpreted something completely differently but i think this was more along the lines of what this new auction process was speaking to.  it really has nothing to do with the united states.  this does however have EVERYTHING to do with where the country is headed.

 

so let's cut to the chase and to the part where i had literal chill bumps.  he tells me this is exactly what happened in egypt before they floated their currency.  he said that the country placed tight restrictions on the currency and any entity or person dealing with currency exchange outside of the banking structure was imprisoned.  there was a huge black market because of the law.  the market was huge because tourism in egypt is profound and then there are millions of egyptian citizens living outside of the country as well.  restrictions on how much an individual can exchange over a certain window of time really kept tight controls of things and generated a healthy black market.  

 

the world bank and the imf was working with the government on monetary reform (sound familiar?).  then, he says, one day egypt decided to float the currency which killed the black market, stabilized the economy and unfortunately cheapened the egyptian pound.  he explained to me how he was directly effected personally by what the government had done.  essentially, (and this is where there is a similitude to iraq) the economy boomed.  businesses opened up everywhere.  trade was happening between local businesses and foreign countries.  this of course produced jobs and opportunities and in the market place commodity prices stabilized.  a shirt going for $10 today might drop to $9.90 later but there were no huge fluctuations in the market place.  this changed egypt.  

 

so we began to discuss what is happening in iraq and agreeing on some key points.  my friends, the world bank is working with the CBI and working the plan to open up iraq's economy to a market economy just as the WB did with egypt.  everything they are doing now is empowering and capitalizing the private banking industry and non-bank financial systems.  we see what they are doing with the new auction rules where the CBI is going to begin taking a more supportive and oversight role while allowing the private banks to conduct foreign exchange processing.  along with the auction process there is a change coming with trade and letters of credit whereby private banks will be allowed to issue LOC between local and foreign entities.  this ability was strictly and solely given to the Trade Bank of Iraq, but now it is being released to the private banks.  please go back and re-read this article and you will see exactly what is happening here.  heck, the committee on economic affairs in its bullet items list request that resolution #495 be applied from 11/2014 granting the private banks the ability to deal in letters of credit up to $10M without involving the TBI.  

 

my egyptian friend says to me, "wow, if they do this and keep corruption out, the economy is going to boom.  this will produce a market economy."  and this is exactly what they intend to do.  the WB tried to help maliki's regime get it done but he and his buddies were too busy stealing all the wealth.  abadi appears to be a different sort and according to his works, he fully intends to liberate iraq's economy.  this playbook is not new my friends.  the plan has already been developed.  the CBI is turning the private banks loose and this is a key indicator to us making the money we have always hoped for.  keep looking for articles of banking and economic reform.  the WB has already suggested that the IQD must be unpegged from the USD and its nominal rate in order for iraq to attain more capital.  this is what they fully intend to have happen as soon as their economic restrictions are lifted from financial sector.  

 

we are almost there!!  go abadi!  stay alive long enough to enact impactful change....please.....

Edited by TrinityeXchange
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Very interesting. Thanks Trinity.


as some of you know, i have formed a new friend with a guy from egypt fluent in arabic.  today we spent some time going over the new cbi regulation for the auction process and i HAD to rush back to share with you all the insights.  what is interesting is as he was translating for me, he chuckles as says, "that is the same thing egypt did back in the day....in the golden years around the nineties."  

so now he had my full attention but let me start you all from the beginning of our conversation and i will write all that i can remember.  so he starts reading the new auction policy:

 

"Instructions for Foreign Exchange" and here are the notes i took while he was explaining:

  • the CBI is going to support all banks willing to deal in foreign exchange supporting the balances with their foreign agencies to finance the exchange
  • the balances will be supported in US dollars by putting the equivalent in IQD in the banks account
  • banks participating in the foreign exchange must establish money laundering units to supervise the transactions 
  • there must be separate accounting books kept for the registering of the foreign exchange transactions
  • sellers of currency and those exchanging currency at the banks will no longer have a requirement of listing the names of these individuals
  • buyers of currency must have their names listed

okay, so pretty much this is not new to us.  i know the recent stryker blog post that blew up interpreted something completely differently but i think this was more along the lines of what this new auction process was speaking to.  it really has nothing to do with the united states.  this does however have EVERYTHING to do with where the country is headed.

 

so let's cut to the chase and to the part where i had literal chill bumps.  he tells me this is exactly what happened in egypt before they floated their currency.  he said that the country placed tight restrictions on the currency and any entity or person dealing with currency exchange outside of the banking structure was imprisoned.  there was a huge black market because of the law.  the market was huge because tourism in egypt is profound and then there are millions of egyptian citizens living outside of the country as well.  restrictions on how much an individual can exchange over a certain window of time really kept tight controls of things and generated a healthy black market.  

 

the world bank and the imf was working with the government on monetary reform (sound familiar?).  then, he says, one day egypt decided to float the currency which killed the black market, stabilized the economy and unfortunately cheapened the egyptian pound.  he explained to me how he was directly effected personally by what the government had done.  essentially, (and this is where there is a similitude to iraq) the economy boomed.  businesses opened up everywhere.  trade was happening between local businesses and foreign countries.  this of course produced jobs and opportunities and in the market place commodity prices stabilized.  a shirt going for $10 today might drop to $9.90 later but there were no huge fluctuations in the market place.  this changed egypt.  

 

so we began to discuss what is happening in iraq and agreeing on some key points.  my friends, the world bank is working with the CBI and working the plan to open up iraq's economy to a market economy just as the WB did with egypt.  everything they are doing now is empowering and capitalizing the private banking industry and non-bank financial systems.  we see what they are doing with the new auction rules where the CBI is going to begin taking a more supportive and oversight role while allowing the private banks to conduct foreign exchange processing.  along with the auction process there is a change coming with trade and letters of credit whereby private banks will be allowed to issue LOC between local and foreign entities.  this ability was strictly and solely given to the Trade Bank of Iraq, but now it is being released to the private banks.  please go back and re-read this article and you will see exactly what is happening here.  heck, the committee on economic affairs in its bullet items list request that resolution #495 be applied from 11/2014 granting the private banks the ability to deal in letters of credit up to $10M without involving the TBI.  

 

my egyptian friend says to me, "wow, if they do this and keep corruption out, the economy is going to boom.  this will produce a market economy."  and this is exactly what they intend to do.  the WB tried to help maliki's regime get it done but he and his buddies were too busy stealing all the wealth.  abadi appears to be a different sort and according to his works, he fully intends to liberate iraq's economy.  this playbook is not new my friends.  the plan has already been developed.  the CBI is turning the private banks loose and this is a key indicator to us making the money we have always hoped for.  keep looking for articles of banking and economic reform.  the WB has already suggested that the IQD must be unpegged from the USD and its nominal rate in order for iraq to attain more capital.  this is what they fully intend to have happen as soon as their economic restrictions are lifted from financial sector.  

 

we are almost there!!  go abadi!  stay alive long enough to enact impactful change....please.....

 

When you say that we are almost there.  What are you thoughts? Do you think that we will see a change in value whether a float or something else in 2015?  Just curious what you think?  Thank so much for keeping us well informed. You are awesome. 

Edited by OregonMan
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When you say that we are almost there.  What are you thoughts? Do you think that we will see a change in value whether a float or something else in 2015?  Just curious what you think?  Thank so much for keeping us well informed. You are awesome. 

thank you my friend for those kind words.  all i know is that a lot of time was lost under the guidance of al-maliki.  anything is possible, but should we expect to see a currency revaluation before they have the financial infrastructure in place to handle it?  heck, people wait 2-3 months just to get warka bank to answer 1 email.  this is a direct reflection on current regulations and policies.  can a country rife with financial corruption because of the lack of transparency through general accounting principles be entrusted with 1000x greater?  unfortunately for us, i just don't think so.  i truly hope i am wrong and that they just rv and let the chips fall where they may so we can cash out and be done with it.  would that be good for iraq?  i don't think so.  i really think they should modernize first and that would be good for the country.  

 

but what do i know??  :shrug:

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Thanks TX...Here some articles on the CBE Blackmarket Issue you are referring to, if anyone interested ...seems they have put limits on  currency sales as well...

 

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The process to accomplish the RV is more indepth then one can imagine and requires many moving pieces to yet fall into place. One thing is clear, Maliki had what it looks like, no intention to redefine and restructure the Iraqi banking system and did the exact opposite, pilfer and line the pockets of himself, family members and accomplices. The more I understand what is taking place over there, the more clear it is that we are still perhaps are a ways away from our goal.

Thank you TrinityeXchange for you input and thoughts into this, a level headed approach and illustrated in a format that does not twist the truth is refreshing, much appreciated.

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The process to accomplish the RV is more indepth then one can imagine and requires many moving pieces to yet fall into place. The more I understand what is taking place over there, the more clear it is that we are still perhaps are a ways away from our goal.

 

Im afraid I have yo agree with you on this one Wiljor.     Too many pieces yet to fall in place.    

 

So we wait,,,,,,,,, :rocking-chair: ,,,,,,,,,,and wait........... :confused2:

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As a newbie, not should where or if, I should put this. 

I have been in this for 8 years. Been checking the dinar vets site for about a year. When I started to check this site out most everyone said when the budget, and this and that is done, it would happen.

Then about 3 months ago when these things stated to happen everyone started to say SOON. Some even said ANY MINUET.

Even you, Adam, in the last month or so have said SOON a couple of times.

NOW, the last few days there are a lot of post saying , even though all this good stuff has happen, we may be looking at months and even some say 2016, or 2020.

And Adam, on one of your Weds you said it was all looking good and could be soon,  but then said you were opening enrollment again for a short time. Why, if it was Soon? 

And Adam, you said you owned a piece of the Packers. Would it of been more honest to say you have some stock in nthe Packers? After all, it is the only football club that HAS NO OWNERS. 

  1. The Green Bay Packers Board of Directors is the organization that serves as the owner of record for the Green Bay Packers of the National Football League (NFL). The Packers have been a publicly owned, non-profit corporation since August 18, 1923.
  2. I know I am going to get creamed on this whole post. GOOD. At least I will get some answer, I hope. 
  3. God Bless each and every one of you and all of yours. 
  4. Rev. Roy Freeman

Like I said I am a newbie. Don't know why the numbers 1, 2, 3,and 4 showed up. Guess I should get back in my rocking chair and watch the boob tube. (or boobs) LOL

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hi Roy and thanks for posting.  if i may offer a suggestion, it is to stay on target with your questions.  to go from the "soon" question to inquiring about Adam's portfolio, makes it difficult for anyone to help you or take you seriously.  

 

as far as the investment goes, NO ONE KNOWS.  if you are listening to multiple gurus give their take on things, that is a mistake because they will continue to lead you around corners where just around the next bin is the revaluation of the iraqi dinar.  if you are frustrated, at some point it is only yourself to blame.  the Bible says that you know a prophet of God because what they say will come to pass.  people telling you that the next budget posted to the gazette means our rv, saying this every year, means one thing; they are false.  you don't keep listening to someone proven themselves to be false.  the Bible calls it the itchy ear syndrome.  to listen to someone because they are telling you what it is you want to hear eventually reflects your own character.  (i am not saying this in a offensive way....i am saying this to be helpful and offer introspection).  

 

in Adam's defense, he does not give dates or rates.  he tells us that certain milestones, if passed, will have tremendous meaning for our investment.  the HCL being one of them.  nobody in their right mind believes that passing a budget = revaluation.  but let me challenge you with this question. 

 

What do you think about the revaluation?  What indicators are you looking for?  After 8 years of being a dinar speculator I would certainly hope that you have done enough of your own homework to know what it is you are looking for FOR YOURSELF and not through what the next guy is telling you, right?  So please share, what indicators are you watching for signs of a promising revaluation of the currency?

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As a newbie, not should where or if, I should put this. 

I have been in this for 8 years. Been checking the dinar vets site for about a year. When I started to check this site out most everyone said when the budget, and this and that is done, it would happen.

Then about 3 months ago when these things stated to happen everyone started to say SOON. Some even said ANY MINUET.

Even you, Adam, in the last month or so have said SOON a couple of times.

NOW, the last few days there are a lot of post saying , even though all this good stuff has happen, we may be looking at months and even some say 2016, or 2020.

And Adam, on one of your Weds you said it was all looking good and could be soon,  but then said you were opening enrollment again for a short time. Why, if it was Soon? 

And Adam, you said you owned a piece of the Packers. Would it of been more honest to say you have some stock in nthe Packers? After all, it is the only football club that HAS NO OWNERS. 

  1. The Green Bay Packers Board of Directors is the organization that serves as the owner of record for the Green Bay Packers of the National Football League (NFL). The Packers have been a publicly owned, non-profit corporation since August 18, 1923.
  2. I know I am going to get creamed on this whole post. GOOD. At least I will get some answer, I hope. 
  3. God Bless each and every one of you and all of yours. 
  4. Rev. Roy Freeman

Like I said I am a newbie. Don't know why the numbers 1, 2, 3,and 4 showed up. Guess I should get back in my rocking chair and watch the boob tube. (or boobs) LOL

 

Well put Trinity, I'm sure all logical people agree with you 100%.

 

If that don't help you out freeroy, please fill out the following report & submit to your supervisor.

 

5927b9487dbc47951c3136df099461db.jpg

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The Green Bay Packers Board of Directors is the organization that serves as the owner of record for the Green Bay Packers of the National Football League (NFL). The Packers have been a publicly owned, non-profit corporation since August 18, 1923. The corporation currently has 360,584 stockholders, who collectively own 5,011,557 shares of stock after the last stock sale of 2011–2012. There have been five stock sales, in 1923, 1935, 1950, 1997, and 2011. Shares in 1923 sold for $5 apiece, while in 1997 they were sold at $200 each and in 2011, $250 each.


I know it is a wiki post, but I think it is pretty accurate


http://en.wikipedia.org/wiki/Green_Bay_Packers_Board_of_Directors

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