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Scooter Chat February 16 0600

Riley

By Riley,
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Riley Newbie

Riley

Posted
Posted

[scooter] good morning ---- i hope all is well ---

[scooter] G

[scooter] O

[scooter] O

[scooter] D

[scooter] M

[scooter] O

[scooter] R

[scooter] N

[scooter] I

[scooter] N

[scooter] G

[scooter] D

[scooter] I

[scooter] N

[scooter] A

[scooter] R

[scooter] V

[scooter] E

[scooter] T

[scooter] S

[merry1] good morning

[merry1] I'm good, so tell me what did you think of the article about the world bank and iraq not having the systems in place before 2013?

[scooter] so -- sounds like it's an important week and month for the country of iraq

[scooter] merry1 that's partially accurate

[merry1] http://www.microsofttran ··· d%3D1296

[scooter] the original banking reform program was targeted for october 2010

[scooter] however two things occurred that forced the program to be extended

[scooter] ONE

[scooter] when the terrorist came into the cbi they destroyed one of the 3 main transaction hubs

[scooter] there's approximately 33 sub hubs in the country

[scooter] 3 of them are major ones

[scooter] BUT

[scooter] the units and software have already been replaced

[scooter] the second reason for the delay is one of a rules and regs issue

[merry1] as in?

[scooter] see -- iraq and the world bank were having problems getting sub contractors to agree on their

[scooter] short term contracts

[scooter] the shortest period for most of those contractors is a year

[scooter] they only needed 6 months at most

[scooter] there's an updated world bank summary that states this specifically

[scooter] nothing to worry about

[scooter] would you like me to get the post

[scooter] give me a minute and i'll get it

[merry1] yes, but what you're saying doesn't negate that article, in that the restructuring has been postponed

[scooter] un momento

[scooter] let me get the latest statement -- then i'll address that part

[scooter] because you are correct when it comes to projects like the pfm and a couple of others

[scooter] also, let me read that article all the way to make

[scooter] sure we're talking the same items -- sorry -- the early morning thing

[scooter]

[scooter] brb -- merry1 brought a great question

[[scooter] MERRY1

[scooter] http://i894.photobucket. ··· SION.png

[scooter] i posted that here at dv for fishman back in october

[scooter] Scooby Doo not hibernation buddy -- just running through airports

[merry1] Scooter I see what you saying about the extentions but I still don't see where that changes anything. If the systems aren't in place to support the international banking and exchange. how does that not affect an rv

[merry1] Said Majid picture unit manager project management of the Prime Minister and Advisor to the World Bank he was supposed to complete the plan by October, in October 2010 but postponed to June 2013 because of the security situation in Iraq and delayed measures the signing of contracts by the World Bank and the Iraqi government. He said the external debt and internal Bank of Iraq $ 28 billion debt, while Rasheed Bank, one billion dollars. The government borrowed most of the foreign debt owed by the banks. He said that the picture of contracts restructuring programs and training has been delayed about six months because the experts were not ready to come to Iraq because the security situation. He added that the program crashes also because of the failure of policy makers to take decisions on the actual implementation of the plan.

[scooter] whoa ---- two steps back for just one second ----

[scooter] you are correct --- partially

[scooter] FIRST

[merry1] The World Bank loans money for restructuring emerging countries and economies. They aren't going to loan the money to iraq, I'd say this is a huge deal. Maybe I'm missing something

[scooter] there were several systems deployed in several segments that were meant key to the deployment of the rv

[scooter] OR

[scooter] structural changes as the imf calls it

[scooter] ohhh yes they are

[scooter] and they are continuing to do it

[scooter] that's where the two -tranche strategy came from

[scooter] NOW

[scooter] we have to take a look at this from public finance, private finance, and the banking institiutions

[scooter] FIRST

[scooter] rafadain and rasheed had three very suspicious suspence accounts

[scooter] that couldn't be closed or tracked down

[scooter] many thought they accounts that maliki was controlling

[merry1] yes i remember this

[scooter] hence the delay in re-capitalizing those two banks

[scooter] NOW

[scooter] the imf has already, as well as the paris club members cleared the debt

[scooter] PLUS

[scooter] the imf has accounts

[scooter] setup specifically for those two banks to be recapitalized

[scooter] in fact, i think it's already been completed

[scooter] when the 2009 audit came out

[scooter] earnst and young

[scooter] lambasted the ministry of finance and the cbi

[scooter] for these outstanding acccounts

[scooter] the audit was brutal

[scooter] in fact, in normal circumstances -- they would have never ever passed the test

[scooter] at that point --- two things started to occur within iraq

[scooter] ONE

[scooter] full and complete transparency to everything financial

[scooter] if you notice the ministry of finance website

[scooter] and look under all the budgets

[scooter] and banking information ----

[scooter] within two months

[scooter] all the disclosures were made for the public

[scooter] NOW

[scooter] they got smart

[scooter] because everyday

[scooter] I go up there and look for those spreadsheets of the this budget

[scooter] AND ONE

[scooter] they are posting them in kurdish arabic

[scooter] or hybrid

[scooter] and every translator on earth can't read the dern things

[scooter] ANYWAYS

[scooter] the second big item that they are referring to is pfm

[scooter] you may have seen that acronym

[scooter] now the pfm

[scooter] it was deployed

[merry1] I know I have but can't remember what it means

[scooter] public finance management

[merry1] right

[scooter] it's a multi million dollar system

[scooter] oracle databases

[scooter] transactional systems all throughout the country

[scooter] when iraq was compared to other middle east countries

[scooter] regarding their pfm

[scooter] they received a "d" grade

[scooter] the system wasn't being used properly

[scooter] and they couldn't find employees technically trained to use the system

[scooter] HENCE

[scooter] much simpler interface

[scooter] and they have improved that system

[scooter] now -- with that said

[merry1] Scooter so all the time we thought they were being trained they actually weren't hence the article that said for the next six months they will be concentrating on training

[scooter] the pfm in the working order that it's in right now

[scooter] will not affect the revaluation of the currency

[scooter] that article that you provided has a date of 2/15/2011

[merry1] Well I thank you for answering my question. that would be yesterday

[scooter] i can show you other articles almost verbatim

[Linda Bower] Scooter In your oppinion what are the key issues that are impeding the implimentation of rate adjustments in Iraq?

[scooter] from the world bank and imf

[scooter] from 18 months ago

[scooter] HMMMM

[Linda Bower] Scooter toes aren't tingling yet???

[scooter] how do i answer that question

[scooter] NO

[scooter] just nerves

[scooter] that's a very good question

[Linda Bower] what's to be nervous about?

[scooter] and based on the schedules and task laid out

[scooter] we should be good to go

[Linda Bower] but....

[scooter] BUT

[scooter] exactly

[scooter] there's some items that can't be confirmed

[scooter] simply because they haven't made it public

[Linda Bower] imagine that!

[scooter] one of those items has to do with what merry1 brought up

[scooter] have the funds for recapitalization

[scooter] been moved

[scooter] and we won't know that until the next cbi audit

[scooter] which should be this month actually

[Linda Bower] which is????

[scooter] SECOND

[scooter] that budget needs to be completed!!!!!!!!!!!!!!!!!1

[pluMmet] security ministries?

[scooter] pluMmet that could very well be

[scooter] honestly ---- with this investment --- i can't say what else is required --- i don't think anybody knows the full details either

[scooter] simply because of the behind closed door deals

[scooter] with all that said

[Winkie] scooter so good to hear from you a lot of reasons for no rv we missed your info sorry you were so busy thank you for the up dates keep in touch safe flying

[scooter] i can only tell you what i think -- not based on published docs or imf or world bank -- i think we are at the end of this game --- i really don't think this can go any longer than june --- in fact --- march 31st

[scooter] that's a very important day for the us

[scooter] winkie -- thanks -- much appreciated

[scooter] it's also the day the united states has to make a very important decision

[scooter] we hit our debt limit

[scooter] if we extend the debt

[scooter] we seriously jeopardize our credit rating

[scooter] if that happens

[scooter] we don't want to think about that

[scooter] just stock up on alot of water and food items

[scooter] that's all i'll say

[scooter] SO

[scooter] if this shindig occurs at the beginning of march

[scooter] the us continues running -- reduces the debt to sustain --- and those in washington dc we call a congress --- need to balance the checkbook just like every other american

[Linda Bower] we will all be dancing!!!

[scooter] sorry for the name calling

[scooter] won't happen again

[Linda Bower] oh sorry I thought you meant the rv

[scooter] we will be dancing linda

[scooter] last thing before i leave

[scooter] the world bank had a plan for a double "tranche" for iraq

[scooter] essentialy -- put in basic terms --- two economic explosions timed specifically to inject and move to economy

[scooter] now what does that mean to us

[scooter] it could mean a double rv

[scooter] it could mean a double rv

[scooter] so --- my point being -- when this occurs --- have a strategy for both scenarios

[scooter] just a suggestion

[scooter] OK

[scooter] scooter diatribe complete

[scooter] we'll cya all later and i hope you have great DAY....

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kjwayne Newbie

kjwayne

Posted
Posted

[scooter] i can only tell you what i think -- not based on published docs or imf or world bank -- i think we are at the end of this game --- i really don't think this can go any longer than june --- in fact --- march 31st

Read more: http://dinarvets.com.../#ixzz1E7y8FFFY

That , I can agree on! If Iraq is dumb enough t let the DFI come out of protection before the RV, then they should get sued! I,WE, don,t know what is going on behind closed doors over there, but it is not about the rate and date of a RV! It,s more like ,Who,s on first and what,s on second

and my dad can beat up your dad and on and on! IRAQ needs new leadership from some of thier younger grads that want to come into politics. Vent, OVER! ENUFF SAID!

I assume the double RV thing would be like coming out at say $.86 and in 3 months come out again at $2.49 or something like that! If they come out any where around $1, I'll be gone like last Sundays paper.

My opinion is they come out between the EURO and Baharain! IMO.

That,s $1.35 and $2.66.

I forgot , Thanks Scooter for all your hard work!

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Dogmatic1 Newbie

Dogmatic1

Posted
Posted

Thank you Scooter! Banking reform was the one topic, I was worried about. I remember reading last year about the reforms due date in October 2010 and saw where a checklist of things to be done, most of which were not done. I thought at that time, how can an rv go down when the banks are in such a mess! This is the one subject that has remained with me and has made me wonder, if this is, one of the main reasons for the stall of the rv.

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caz1104 Newbie

caz1104

Posted
Posted (edited)

what a nice thing to come into DV to this am! Thanks Scooter and Riley!!!

wondering what is meant by "double RV" though!?

I agree 100% but with a twist "what a nice thing to come to DV" period! Scooter I'm refering to. The man has no agenda other than offering his help & knowledge to those needing clarity for this investment. He is one of those that people that will be remembered for all the right reasons..........................................GO RV 2011 BABY!!!!!

Edited by caz1104
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blueskygal Newbie

blueskygal

Posted
Posted

Regarding the double RV,

havent we seen some theories floating around that say the RV will be at 3.22 - we all cash in then the govt takes all of our dinars and cashes in at 5.+ ? I have no knowledge of what the rate may be just wondering if this could be the double rv scenario. Thanks for the post!

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Tubbs Rookie

Tubbs

Posted
Posted

I agree 100% but with a twist "what a nice thing to come to DV" period! Scooter I'm refering to. The man has no agenda other than offering his help & knowledge to those needing clarity for this investment. He is one of those that people that will be remembered for all the right reasons..........................................GO RV 2011 BABY!!!!!

I second this shout out to Scooter, thanks for your input

Have a Greaty RV :woot:

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Jim1cor13 Explorer

Jim1cor13

Posted
Posted

[scooter] if we extend the debt

[scooter] we seriously jeopardize our credit rating

[scooter] if that happens

[scooter] we don't want to think about that

[scooter] just stock up on alot of water and food items

[scooter] that's all i'll say

Thank you Riley for posting this :)

Please, everyone should pay attention to Scooters remark regarding

the above quote...he is NOT joking and we should not take this advice lightly.

One can smile at these comments, and think it will never come to this...I would

say to you you are wrong. Understanding where we are at right now...and that

the USTreasury via Tim Geithner has quietly warned Pres. Obama that anywhere

between March 31 and May 16, the US faces default.

Now this statement will do one thing...they WILL raise the debt ceiling again, so take Scooters

advice and learn simple ways to prepare as stated. This problem is NOT going to go away,

so even with a good revaluation, before jumping on the spending bandwagon, please take thought

for the daily needs, as some items, food, clean water, etc., may become a very difficult item to

acquire as things continue to decay. There is much for all of us to consider...even with an eventual RV,

rough times ahead. Do not allow anyone to fool you, and take necessary precautions and pray for wisdom

during these times. We all need it. The U.S. out of control spending is not going to stop anytime soon.

Thank you Scooter for the info and your thoughts :)

All my best! :)

Jim

---

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newbie Newbie

newbie

Posted
Posted

[scooter] if we extend the debt

[scooter] we seriously jeopardize our credit rating

[scooter] if that happens

[scooter] we don't want to think about that

[scooter] just stock up on alot of water and food items

[scooter] that's all i'll say

Thank you Riley for posting this :)

Please, everyone should pay attention to Scooters remark regarding

the above quote...he is NOT joking and we should not take this advice lightly.

One can smile at these comments, and think it will never come to this...I would

say to you you are wrong. Understanding where we are at right now...and that

the USTreasury via Tim Geithner has quietly warned Pres. Obama that anywhere

between March 31 and May 16, the US faces default.

Now this statement will do one thing...they WILL raise the debt ceiling again, so take Scooters

advice and learn simple ways to prepare as stated. This problem is NOT going to go away,

so even with a good revaluation, before jumping on the spending bandwagon, please take thought

for the daily needs, as some items, food, clean water, etc., may become a very difficult item to

acquire as things continue to decay. There is much for all of us to consider...even with an eventual RV,

rough times ahead. Do not allow anyone to fool you, and take necessary precautions and pray for wisdom

during these times. We all need it. The U.S. out of control spending is not going to stop anytime soon.

Thank you Scooter for the info and your thoughts :)

All my best! :)

Jim

---

I totally agree with Jim. Here is the question everyone should ask themselves: What do I absolutely NOT want to live without? Assume there was a serious truck strike, or rail strike, or all the crops FROZE, or a drought. You get the idea. Or what if the dollar dropped drastically in value? And you knew the costs were spiraling upward? What would you buy? What would you sacrifice today so you have what you need tomorrow?

Food? Water? Shoes/clothes for your growing kids? Fuel to stay warm in winter?

I think Americans are living in a fantasy world. We are on the fast track to the Greater Depression. Electricity is going to cost you 10x what you pay now, once O's taxes are levied on coal plants and we are forced to buy very expensive wind energy. The cost of fuel for our vehicles is already forcing us to drive our older efficient cars. In 10 years gas went up $2 a gallon and I am making not much more than I was then. The cost of food will skyrocket. Sysco food's suppliers and now Sysco are falling back on their act of God clause in their contracts due to the big freeze.

Your choice. Buy food now when you can afford it or wait until you have to choose between putting gas in your car to go to work (if you have it) and eating.

Better yet folks - START GROWING FOOD! Food prices are going to skyrocket this month. That means fresh food now will be expensive and hard to get and canned food prices will skyrocket later. And their next harvest or two or three will have to make up for the losses this month. By the time they are ready to ship in 3-4 months again, what will the price of fuel be??? Do you get it?

thanks Jim and thanks Scooter for the courage to say it straight.

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hurricanewayne Newbie

hurricanewayne

Posted
Posted

The way I see bank restructure and reform is the way they handle their money and not with value of currency. I look at it as the value comes from the economic way of things and the reform and changes juts shows how they will be taking in money and giving it out to people with their acct in that bank. look at our Owen bank here in US one banks restructures but not all banks do it, it is because the system for handling the money is poor and needs to be changed. But the value of the money still stays the say as it was. so I think it all has to do with government not all seated and budget not done. and chapter 7 sanctions that still apply to Kuwait getting what they want or are Owed. My Owen feeling is we could see this by Feb 28 and if it goes any longer than that within a week of it. remember they have to have this done before the summit with the wto or they will not get in.

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frankc Newbie

frankc

Posted
Posted

Thanks for posting Scooters chat. Much appreciated.

My concern is it appeared Scooter simply glossed over the article saying the World Bank and Iraq will not have the systems ready until 2013. How do you ignore that? How can that not effect an RV timeframe? To simply say nothing seems to be in the way of an rv and it should/could happen soon appears to be avoiding what is being stated in recent articles and what is happening in the street there now.

If there were really plans to do an rv they had a perfect opportunity to do it before the street violence got started. Since they have not done so it would lead one to believe there is no plans for an rv. Hope these signs are wrong and we see an rv by Mar 31.

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