Scooter Chat - Stardogger 6/22/10

[Trimark]

20:22:38 [scooter] Good Evening Folks,

20:22:51 [scooter] I hope all is well! I know the waiting game is grueling particularly with the activities occurring in Iraq. However, I’ve been asked to address one issue that is very important to me particular.

20:23:10 [scooter] I wish to make this very clear — When I do these chats I only provide factual information from reliable banking sources and have never quoted my own RATE or DATE!. Perhaps a range but never a specific rate or date.

20:23:32 [scooter] . During my last chat there was a segment regarding the Equilibrium Real Rate of the Dinar and how it was slightly overvalued at the $3.208 rate. I want everyone to know right now that I was speaking directly from the IMF Document and World Bank DPL Documents and referencing the Ministry of P*****ng Website —- it was an analysis, not gospel.

20:23:53 [scooter] I know you know this already but I was asked to re-emphasize that statement several folks interpreted that incorrectly. For that, I apologize if you left the chat with that feeling.

20:24:19 [scooter] OK, Now to the good stuff

20:24:39 [scooter] For the past two nights, I have been digging into the Ministry of Finance website and comparing to the IMF Doc’s and World Bank Documents.

20:25:00 [scooter] This has been grueling and an exercise that I don’t think I want to do again — lol. The Arabic to English Translation tools for multi-tabbed Spreadsheets are weak at best.

20:25:16 [scooter] But we do have some preliminary quotations from the 2010 – 2011 Budget Estimates. Should be fun!

20:25:41 [scooter] Now tonight I would like to discuss Several items — List is below

20:25:51 [scooter] 1. Review of Schedule – Important Dates to Watch out for

20:26:21 [scooter] 2. Circulation Answer – 70% Liquidity Where did it come from and go? The question will be answered tonight — I hope!

20:26:32 [scooter] 3. Ministry of Finance and 2010-2011 Budget – Quotations Shared

20:26:57 [scooter] To the immediate Schedule

20:27:02 [scooter] June 26 – 27 2010 — G20 Meetings in Toronto

20:27:18 [scooter] EXchange rates are the topic at the meeting

20:27:28 [scooter] Everybody’s exchange rate is the topic

20:27:33 [scooter] Starting with China

20:27:43 [scooter] Middle East

20:27:59 [scooter] and Far East Asia

20:28:08 [scooter] June 30, 2010 — Iraq’s Banks get ReBooted According to IMF and World Bank Docuuments

20:28:24 [scooter] Again — a Rehash

20:28:30 [scooter] 1. The complete restructuring and reform of the Banks whereby balance sheets are completely rebooted.

20:28:40 [scooter] 2. The return of Assets

20:29:00 [scooter] Provided Chpt 7 or that segment is lifted

20:29:04 [scooter] 3. The Debt Relief

20:29:16 [scooter] The Paris Agreements get engaged

20:29:31 [scooter] 80% of their Gov Banks are eliminated

20:29:38 [scooter] 4. New Balance Sheets for two major Banks — With 400 ID and 500ID as the capital starting point

20:29:56 [scooter] Essentially 90% of their banking

20:30:06 [scooter] system will get rebooted

0:30:14 [scooter] Ctrl Alt Delete

20:30:25 [scooter] July 2nd, 2010 — *** JULY 2nd ~ UN HIGH-LEVEL POLICY DIALOGUE – Heads of International Financial and Trade Institutions (World Bank, IMF, UNCTAD and WTO)

20:30:43 [scooter] This is a big time meeting

20:30:53 [scooter] All the major players will be there

20:31:03 [scooter] Remember –

20:31:08 [scooter] There’s 30 contributing countries

20:31:18 [scooter] in this Iraqi ShinDig

20:31:34 [scooter] JULY 2, 2010 HIGH-LEVEL POLICY DIALOGUE The High-Level Policy Dialogue with the Heads of International Financial and Trade Institutions (World Bank, IMF, UNCTAD and WTO) will be held on 2 July 2010. It will focus on major developments in the world economy and international economic cooperation. The event will be moderated by Under-Secretary-General for Economic and Social Affairs, Mr. Sha Zukang, and will feature representatives of UNCTAD, the World Trade Organization, the World Bank and the International Monetary Fund.

20:32:12 [scooter] Here’s a nice document to go with this meeting

20:32:19 [scooter] http://www.un.org/en/ecosoc/julyhls/ … sp10update.pdf

20:32:31 [scooter] July 12th-15th? China de- pegging going to a currency basket (will yuan be part of that basket?) …

20:32:38 [scooter] Question

20:32:57 [scooter] Will the Yuan be a part of the major currency basket at that time

20:33:10 [scooter] Many believe that China’s RV

20:33:17 [scooter] is related to Iraq

20:33:26 [scooter] We will just have to wait and see!

20:33:35 [scooter] Next

20:33:52 [scooter] The circulation and liquidity question that was unanswered

20:33:52 [scooter] last chat

20:34:08 [scooter] Last chat we spoke about the unsolved mystery of 70% liquidity that Iraq was to take out of the market. We’ll I think we found where that’s coming from. Based on Iraq’s monetary policy they have several ways to affect the liquidity – listed below from their Document

20:34:33 [scooter] http://cbi.iq/documents/monetary_policy_en_f.pdf

20:34:40 [scooter] The first two are the important ones

20:34:55 [scooter] That affect this liquidity — and please

20:35:04 [scooter] remember that iraq is allowed

20:35:12 [scooter] to set their own monetary instruments

20:35:25 [scooter] So the first one

20:35:31 [scooter] that affects us is this

20:35:34 [scooter] • Foreign exchange auctions, in which the CBI buys or sells dollars to the market in light of its policy objectives;

20:35:50 [scooter] Has anybody noticed

20:35:59 [scooter] they stopped their auctions recently

20:36:02 [scooter] hmmmmmm

20:36:24 [scooter] Essentially, what they are doing is squeezing that money supply

20:36:27 [scooter] as tight as possible

20:36:38 [scooter] the less money available —

20:36:47 [scooter] the higher the value of the currency

20:36:51 [scooter] Two

20:37:00 [scooter] A reserve requirement regulation that requires banks to hold in relation to their customers deposits: differentiated levels of deposits with the CBI, vault cash, and MOF securities.

20:37:15 [scooter] Essentially

20:37:23 [scooter] They didn’t take the money or cash

20:37:27 [scooter] from circulation

20:37:48 [scooter] They took it from the deposoits and vault cash — oh

20:37:55 [scooter] yea — the securities

20:38:05 [scooter] I’ll show you in a minute

20:38:12 [scooter] Remember they were going to take 70% or 24.8 Trillion from liquidity , which meant there was 35 Trillion to take from – we thought that was money they were taking from general circulation but in fact it looks like — IMO – it went down like this:

20:38:44 [scooter] Bank Reserves – 17,536 Billion IQD

20:38:48 [scooter] Current Account ID — 14,717 Billion IQD

20:38:59 [scooter] And the Vault Cash 2,819 Billion IQD

20:39:06 [scooter] And that’s not the international reserves

20:39:12 [scooter] those are excess reserves

20:39:32 [scooter] Essentially 35,072 Trillion

20:39:46 [scooter] that’s where the 24.8 Trillion was taken

20:39:48 [scooter] from

20:39:57 [scooter] Crafty folks

20:40:23 [scooter] Unbelievable! But this is very good news for all us

20:40:42 [scooter] Now to the Ministry of Finance info

20:41:05 [scooter] The Ministry of Finance is the gov entitiy working on the RV

20:41:15 [scooter] Remember the CBI is not a government entitity

20:41:21 [scooter] I can’t be

20:41:25 [scooter] nor will it ever be

20:41:38 [scooter] so this week

20:41:42 [scooter] we began digging deep

20:41:53 [scooter] into this site to search for the RV

20:41:58 [scooter] I’m sad to say

20:42:06 [scooter] that I don’t have all the information

20:42:19 [scooter] It’s a collosal amount number one

20:42:29 [scooter] but

20:42:36 [scooter] I will have a full report for the next

20:42:38 [scooter] chat

20:42:42 [scooter] in the meantime

20:42:55 [scooter] I did manage to capture some segments to share

20:43:15 [scooter] In the following

20:43:17 [scooter] quotes

20:43:31 [scooter] the Finance Minister is talking from the 2011 budget

20:43:39 [scooter] or 2010 – 2011 budget

20:43:48 [scooter] Here’s some quotes

20:43:57 [scooter] And

20:44:11 [scooter] he’s talking about the whole economic reform policy

20:44:27 [scooter] To achieve the policy objectives of economic reform has to be the transfer of the government administration in the framework of providing services to the supervision and control, organization and this opportunity that will contribute to strengthening the role of the private sector and strengthen the financial and banking system and strengthen the role of government institutions and increase their efficiency through the establishment and implementation of an appropriate framework for regulation of activity Economic and rule of law.

20:44:45 [scooter] I know — long sentence

20:44:55 [scooter] In this regard, it should be noted that the private sector has a role basis, the diversity of the economy and that Maittalb events of institutional changes and legal environment, that any policy reform stems from the philosophy of the efficiency of the market mechanism and to maximize the pros when the pricing mechanism is working properly price is determine the effectiveness of various economic sectors such as trade both its internal and external, and all factors of production, can activate the role of the market economy as an important tool for the right policy through the following:

20:45:28 [scooter] The translation didn’t come over as well as it should

20:45:44 [scooter] But he’s hitting upon Price all over the place

20:45:54 [scooter] here’s some small excerpts

20:46:07 [scooter]  Financial sector reform and allow the free exercise of the banking and restructuring of State-owned banks.

20:46:18 [scooter]  Reform pricing mechanism and remove all administrative prices and reduce the size of support.

20:46:35 [scooter] Monetary reforms through the use of all means contribute to reducing inflation.

20:46:50 [scooter] Labor market reform

20:46:55 [scooter] This one doesn’t look like much

20:46:59 [scooter] but it’s critical

20:47:11 [scooter] Because in their spreadsheets

20:47:21 [scooter] they do show the relationship with the RV

20:47:28 [scooter] in terms of increased wages

20:47:34 [scooter] to the government workers

20:47:44 [scooter] Will report more on that next chat

20:47:59 [scooter]  An increase in gross domestic product

20:48:10 [scooter] One of the best

20:48:15 [scooter] methods to do this

20:48:26 [scooter] is increase the value of their currency

20:48:43 [scooter] Now — Iraq

20:48:58 [scooter] will be moving from a “crawling peg”

20:49:06 [scooter] to a managed Float

20:49:10 [scooter] And the reason is

20:49:17 [scooter] is that they are still an

20:49:25 [scooter] emerging or devleoping

20:49:38 [scooter] the economic swings

20:49:46 [scooter] hence — for the next three years

20:49:53 [scooter] they will be under a managed float

20:50:13 [scooter] So essentially, that is all I have to report tonight

20:50:20 [scooter] I have a suspicion

20:50:42 [scooter] We’ll begin uncovering where that RV is

20:50:50 [scooter] in the meantime

Good info and what seems like a LOT of work on your part. Thanks Scooter!

[quadraph0nic]

Yes thank you scooter and thank you Trimark for sharing

thank you very much.

[hfdmedic]

Once again, good information Scooter, with supporting data.........Thanks

Thanx for posting Trimark!

[lgraham]

Thank you Trimark for bringing this here. Scooter.....you my friend....... are amazing! We have had so many people step up and contribute so much lately.....My endearing thanks goes out to Automag..Doc31....Drox.......Ronscarpa and carlablum. But this is great big thanks to you Scooter. My only question is........why can't we have more of you in here?

All the best,

Lgraham

[mythunter]

Scooter thanks for you all you insight and knowledge about Iraq and the Dinar. Amazing. Trimark thanks for the post.

[utah rock]

Thank you for all your hard work.

[Scooter]

WOW!!!!!!!!!!!!!! Great compliment, thank you lgraham

---- I'm not sure why I haven't been back to the Vet in a while --- but that's a great invitation!!!

Thank you again for the kind words,

Scooter

Thank you Trimark for bringing this here. Scooter.....you my friend....... are amazing! We have had so many people step up and contribute so much lately.....My endearing thanks goes out to Automag..Doc31....Drox.......Ronscarpa and carlablum. But this is great big thanks to you Scooter. My only question is........why can't we have more of you in here?

All the best,

Lgraham

To all the posters --- Your comments are much appreciated and very motivating!!!

Thank you again!

Scooter

[Traconesu02]

Thanks for sharing scooters chat with us Trimark .

[ronscarpa]

20:22:38 [scooter] Good Evening Folks,

re that RV is

20:50:50 [scooter] in the meantime

Good info and what seems like a LOT of work on your part. Thanks Scooter!

Thanks for the Chat SCOOTER - Great info as always...!

Thanks TRIMARK for posting (+) the chat...!

RON

[automag]

I agree Lgraham!!!! We need Scooter over here much more than he has been. He is one hard working son of a gun and I for one enjoy and look forward to his chats posted here. He by far is a better researcher than I could ever be and has shown us all things we need to know and all of it based on fact and not supposition or opinion. Shoot Scooter you are the man.......IMO of course. I am thankful that you share with us your hard work.

Lgraham as always thank you. We are lucky you are here as well.