SFMedic 02/01/2010 Late Night Chat

[k98nights]

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Preach: Hello Med, the talk of it having to RV by the end of last year

SFMedic: THERE WAS ABSOLUTELY NO WAY THEY COULD

SFMedic: NOT UNTIL THEY HAD BEEN DONE WITH THE SBA PROGRAM

lazeroo: sba?

SFMedic: STAND BY AGREEMENT

SFMedic: OR ACTUALLY THE IMF STABILIZATION PROGRAM FOR DEVELOPING COUNTRIES

SFMedic: SEE UNDER THE STABILIZATION PROGRAM

SFMedic: IRAQ WAS AS YOU ALL KNOW PEGGED AGAINST THE USD

SFMedic: AND FOR ALL THE YEARS UNTIL JULY 2008

SFMedic: IRAQ WAS ONLY AUTHORIZED TO PIP 1/4 OF 1% PER MONTH

SFMedic: AGAINST THE USD

SFMedic: THEN IN JULY 08, THE IMF AUTHORIZED CBI TO INCREASE IT TO 1/2 OF 1% AGAINST THE USD

SFMedic: AT THAT TIME ALSO THE IMF TOLD CBI THEY HAD TO REDUCE THE LIQUIDITY OF THE IQD

SFMedic: AND THAT IS WHAT THEY HAVE DONE NOW FOR ALMOST 19 MONTHS SFMedic: IT SHOWS IN THE ACTUAL CASH USD TAKEN IN AT THE AUCTIONS

SFMedic: THEY USED TO TAKE IN 50 TO OVER 100 MILLION USD

SFMedic: NOW THEY SELL 0$ TO 15 MILLION

SFMedic: DEPENDING ON THE USD

lazeroo: there almost no IQD going out

SFMedic: NO THERE IS NOT

SFMedic: AND IT IS AS YOU KNOW ONLY SOLD TO IRAQI'S REGISTERED INSIDE IRAQ

lazeroo: isn't that how the sales guys get it ?

SFMedic: BECAUSE ACCORDING THE CONSTITUTION CBI IS NOT ALLOWED TO SELL OUTSIDE THE COUNTRY

SFMedic: YES BECAUSE ALSO THE CONSTITUTION STATES

SFMedic: THAT THE CURRENCY OF IRAQ BELONGS TO THE PEOPLE OF IRAQ AND THEY CAN DO WHATEVER THEY WISH WITH IT

Preach: I would have thought that with the fluctuaion in the dollar that we'd have seen pips through out last year.

SFMedic: NO THAT IS NOT WHAT CBI AS OF JAN 09 WAS THE MISSION OF CBI

SFMedic: THEIR JOB WAS TO PREPARE THE IQD FOR THE INTERNATIONAL MARKET

SFMedic: AND TO SEE WHAT WORKS IN CASE OF A MELTDOWN

SFMedic: CAN THEY KEEP IT STABLE

SFMedic: SO SHABIBI STOPPED IT AT A RATE THAT HE FELT MANAGEABLE

SFMedic: SO THEY HAVE USED A DIRTY FLOAT

SFMedic: IT IS SEMI PEGGED AGAINST THE USD

SFMedic: AND THEN CONTROLLED FROM GOING UP OR DOWN BY THE DIRTY PEG

SFMedic: THE DIRTY PEG IS CBI ONLY AUCTIONING OFF ENOUGH TO KEEP THE RATE STABLE AT 1170

SFMedic: AT THE SAME TIME GETTING FOREIGN CURRENCY ASSETS INTO CBI

SFMedic: THIS IS DONE BY TRANSFERING OUT USD TO OTHER COUNTRIES FOR USD

SFMedic: THE PROBLEM WITH A DIRTY FLOAT

SFMedic: IS IT IS EXPENSIVE

SFMedic: AND CBI LOSES MONEY AT EVERY AUCTION

SFMedic: SO ALL THEY HYPE ABOUT 195 MIL IS JUST THAT

SFMedic: HYPE

onephatride: so your saying that they cannot keep this dirty float up for much longer?

SFMedic: IT MEANS ZIP

SFMedic: AND IS NOT BUILDING UP ANYTHING EXCEPT FOREIGN CURRENCY ASSETS FOR CBI SFMedic: THEY SOLD USD

SFMedic: OR SWAPPED

SFMedic: SEE YOU DO NOT WANT JUST ONE CURRENCY IN YOUR CURRENCY ASSETS

SFMedic: YOU WANT MANY COUNTRIES

SFMedic: JUST AS US

SFMedic: WE NEED TO BUILD UP OUR FOREIGN CURRENCY ASSETS

SFMedic: BECAUSE WE PRINTED WAY TOO MUCH MONEY

SFMedic: AND ARE ONLY COVERED BY THE FULL FAITH AND CREDIT OF THE US GOVT

SFMedic: SEE EVEN WHEN ALL THAT IQD RV'S

SFMedic: WE CAN'T KEEP IT TO COVER THE USD

SFMedic: BECAUSE TOO MUCH OF ONE CURRENCY IS NOT GOOD SFMedic: IF THE IQD WERE TO PLUMMET

SFMedic: SO WOULD THE VALUE OF THE USD

SFMedic: SO YOU SWAP IT OUT TO OTHER NATIONS FOR THEIR CURRENCY AND KEEP A %

rkpdwp: may I ask a ?

SFMedic: SURE

lazeroo: don't ya think med that buy now the other country's have worked deals to hold there iqd for oil contractes

SFMedic: ACTUALLY NO I DON'T

lazeroo: really ?

SFMedic: NO WHY

SFMedic: IT IS NOT TRADEABLE SO WHY WOULD IT BENEFIT

lazeroo: who do ya think is holding out

SFMedic: THE ONLY ONE WHO MIGHT HAVE WAS CHINA

SFMedic: BUT NOW LOOK AT CHINA

SFMedic: LIKE TWO MONTHS AGO CHINA SAID THEY FORGAVE 80% OF THE DEBT

SFMedic: NOW WHAT HAPPENED TO THAT

SFMedic: NOW THEY ARE SAYING THEY ARE CONSIDERING IT.

lazeroo: well i think they lied

SFMedic: SO JUST WHAT IS THE GAME HERE

rkpdwp: I have been at this for about 5 years,and I have heard many time that they cannot rv because Iraq has trillions of dinar out side Iraq

SFMedic: RKPDWP, UMMM THAT IS TOTAL BS

SFMedic: OK THEN THINK OF THIS

SFMedic: IF THEY CAN'T RV BECAUSE OF TOO MUCH IQD IN CIRCULATON

SFMedic: CIRCULATION

SFMedic: SO BECAUSE OF THAT, THEY WILL NEVER HAVE A TRADEABLE CURRENCY

SFMedic: AND IF THEY NEVER HAVE A TRADEABLE CURRENCY

SFMedic: JUST HOW WILL THEY PAY FOR EVERYTHING THEY HAVE TO IMPORT INTO IRAQ

SFMedic: THEY CANNOT MAKE STEEL, GLASS,, WOOD

hawkdown: hasent iraq traded idq to other countries for diffrent payments SFMedic: YES THEY HAVE

SFMedic: AND MANY OF THOSE COUNTRIES HAVE PROMISED AS WE DID

SFMedic: TO SIT ON IT AND WHEN IT DOES RV IT WILL SENT IN AT INTERVALS

SFMedic: SO THEY CAN ABSORB IT

lazeroo: well the # is 32 trillion iqd they have supposedly printed

SFMedic: THAT IS VERY POSSIBLE LAZEROO

SFMedic: REMEMBER MUCH OF THE IQD DEBT THOUGH IS NOT HARD CURRENCY

SFMedic: IT IS TBILLS AND CBI BILLS

SFMedic: AND WHAT WAS SUPENDED FOR 6 MONTHS

SFMedic: ANYONE?

lazeroo: t bills

SFMedic: AND

SFMedic: TBILLS MATURE AT 365 DAYS

SFMedic: AND CBI AT 180 DAYS

SFMedic: THE ONLY THING THEY SUSPENDED WAS TBILLS AND CBI BILLS

SFMedic: NOW THE STANCE I TOOK ON THE IMF HAS NOT CHANGED ONE BIT

SFMedic: AND IF YOU SEE HOW CHANGES ARE BEING MADE BY MALIKI IT IS COMING TO FRUITION

SFMedic: THE IMF HAS NOT CHANGED IT'S POSITION WITH IRAQ ON WHAT THEY NEED TO DO OR WHAT THEY HAVE PUT AS STIPULATIONS FOR THE SOFT LOAN

SFMedic: ONE THAT HAS ALREADY COME TO FRUITION IS THE REDUCTION OF GOVT SALARIES

SFMedic: MALIKI AT FIRST SAID NO

SFMedic: BUT AS WE HAVE FOUND OUT, THEY CAN'T DO SQUAT ON THEIR OWN

lazeroo: he was making 330 million daollars a year

more below

[k98nights]

SFMedic: AND GRAVELY NEED THE OUTSIDE HELP AND INTERVENTION SFMedic: WHO WAS

lazeroo: maliki

SFMedic: MALIKI IN DINAR

lazeroo: yes

SFMedic: SO WHAT IS THAT ABOUT 330,000.00 USD

lazeroo: ya

kad: when will the 6 mo be up and do you think this will have any baring on the RV?

SFMedic: NO KAD

SFMedic: THE SIX MONTHS IS ALMOST UP

onephatride: they are holding on to what gold that they have.... right med?

SFMedic: THE GOLD THEY HAVE IS NOT EVEN IN IRAQ

SFMedic: IT IS NY

SFMedic: NEW YORK

SFMedic: AND BEING HELD BY THE US

SFMedic: AND PROTECTED BY US AND THE UN

hawkdown: at the tresuary

SFMedic: NO

SFMedic: IT IS IN NY

SFMedic: IT IS SITTING RIGHT NEXT TO KUWAITS

lazeroo: omg it was 33o billion dinar

lazeroo: most over paid in the world

SFMedic: YES I AGREE LAZEROO

lazeroo: thats 330 million us right

mountainman: dinars

SFMedic: NOW THAT GOLD HAS NOTHING TO DO WITH THE VALUE OF THE IQD

SFMedic: THE ONLY THING THAT COVERS THE IQD IS THE FOREIGN CURRENCY ASSETS HELD BY CBI

SFMedic: THE IMF SAID THEY WERE ALL OVERPAID

SFMedic: ALSO THE IMF TOLD THEM THAT WITH THE SOFT LOAN SFMedic: THEY MUST DE NATIONALIZE THE OIL INDUSTRY

SFMedic: BECAUSE ANYONE WHO BORROWS FROM THEM CANNOT HAVE CONTROLLING INTEREST OF THE MAJOR INDUSTRY IN THEIR COUNTRY

SFMedic: THEY CAN ONLY HOLD 49%

SFMedic: AND THE GOI HOLDS ALMOST 100%

SFMedic: IT DROPS IF YOU COUNT KURDISTAN

SFMedic: NOW ALSO ALL IMF LOANS HAVE TO BE PAID BACK WITH A RECOGNIZED CURRENCY FOR IMF LOAN FUND TRANSACTIONS SFMedic: WHICH IRAQ DOES NOT

SFMedic: AND I KNOW FROM THE FEBRUARY AND FALL REMARKS BY THE IMF THAT THEY WANTED IRAQ TO REVALUE

SFMedic: NOW THE IMF DOES NOT HAVE THE AUTHORITY UNLESS UNDER AGREEMENT TO RV A COUNTRY

SFMedic: THEY CAN STOP A COUNTRY FROM RV'ING

SFMedic: BUT ONLY CAN FORCE IT IF THEY HAVE AN AGREEMENT WITH THAT COUNTRY TO DO SO

SFMedic: NOW THE IMF DOES HAVE ONE

SFMedic: AND AS OF TODAY OR THE 1ST WHEN THE BUDGET WENT INTO EFFECT

SFMedic: SO DID THE ACCEPTANCE OF THE IMF LOAN

SFMedic: SO IF THEY WANTED TO BE THE BULLY ON THE BLOCK. THEY COULD TO THEM WHAT THEY DID TO INDIA

SFMedic: BUT I AM TOLD THEY ARE GOING TO ALLOW IRAQ TO PULL THE TRIGGER THEMSELVES

SFMedic: NOW WHEN IS THE ONLY ISSUE

SFMedic: NOT ARE THEY OR IF THEY DO

SFMedic: THEY HAVE NO CHOICE

Preach: The question becomes then how long will they allow them to wait before they (IMF) has to do something?

SFMedic: AND THERE IS A STIPULATION IN THE IMF MEMBER ARTICLES THAT STATES THAT BEFORE A LOAN CAN BE DISBURSED

SFMedic: THAT STIPULATIONS MUST BE IN EFFECT FOR 30 DAYS

onephatride: ami right by saying that is is just a matter of days

SFMedic: WELL I DON'T KNOW

SFMedic: THE TBI HAS THE INSIDE TRACK

SFMedic: AND THEY HAVE GAVE INFORMATION TO CHASE

SFMedic: ONLY BECAUSE CHASE NOW OWNS PART OF TBI

lazeroo: they need a little time to finish th gdds stuff

SFMedic: THAT IS WHAT I AM TOLD

SFMedic: THE GDDS IS A VERY POSITIVE AND TELLING STEP

Preach: ??? gdds stuff??

SFMedic: GDDS IS THE GENERAL DATA AND DISSEMINATION SYSTEM

SFMedic: IT IS A TRANSPARENT LOOK AT THE GOI AND CBI AND ALL IT'S ASSETS AND DEBTS

SFMedic: WE ARE VERY CLOSE

SFMedic: NOW THEY I BELIEVE ARE TRYING FEVERISHLY TO GET OUT OF CHAPTER VII

SFMedic: THIS WOULD ALLOW THEM UNINHIBITED TRADE WITH ANYONE AND THE REMOVAL FROM OFAC

SFMedic: SEE AS LONG AS ON OFAC THEY ARE VERY LIMITED

lazeroo: is ofac tied into article 7?

SFMedic: NOT REALLY

SFMedic: IT IS A US THING

SFMedic: SEE KNOWING ABOUT THE IQD AND INVESTING

SFMedic: IS NOT JUST HAVING KNOWLEDGE AS AN ECONOMIST

SFMedic: NOT EVERYTHING FITS NEATLY INTO WHAT PEOPLE LEARN IN A BOOK

SFMedic: THIS IS SO COMPLICATED AND MANY OF THE ISSUES ARE NOT OR WERE NOT RELATED TO ECONOMICS

SFMedic: SO IN GENERAL HAVING JUST A DEGREE IN ECONOMICS DOES NOT HELP ALLOT

SFMedic: LANACHY IS MORE THAN AN ECONOMIST

SFMedic: HE IS LEARNED IN THE INVESTMENT ITSELF

hoperv: does iraq currently have a loan from the imf, prior years and if so how did they get it?

SFMedic: NO THEY NEVER TOOK A LOAN

SFMedic: THEY NEVER USED ANY MONEY THAT THEY USED

tudor: any update on Chase?

SFMedic: NO NONE

acnapprentice: is the GDDS really a big part in the RV? I only wonder because several countries on the same list have worthless currencies

SFMedic: IT IS NOT A GIVEN TO AN RV

SFMedic: ONLY THAT THEY ARE MAKING POSITIVE CHANGES

SFMedic: REMEMBER WHEN GEORGE BUSH SENIOR USED THE THOUSAND POINTS OF LIGHT

SFMedic: THAT IS HOW COMPLICATED THIS IS

SFMedic: IT IS BRINGING THOSE THOUSAND POINTS OF LIGHT INTO ONE AREA OF PROJECTION

SFMedic: EVEN THOUGH IT SEEMS LIKE IT HAS DRAGGED ON

SFMedic: IN THE LAST 13 MONTHS MIRACULOUS ADVANCES HAVE TAKEN PLACE

SFMedic: I BELIEVE IS THE GOI KEEPS IT'S WORD ON THE PROGRAMS AND INFRASTRUCTURE AND PRIVATE SECTOR DEVELOPMENT

SFMedic: THIS WILL BE A GREAT YEAR FOR IRAQ AND IT'S PEOPLE

SFMedic: I BELIEVE THAT THEY WILL GET OUT OF CHAPTER VII WITHIN THIS SIX MONTHS IF NOT THIS MONTH

SFMedic: AND THAT THE HCL WILL BE APPROVED WITHIN THIS SIX MONTHS

onephatride: those thousand points of lights are becoming closer and tighter into one area of projection

SFMedic: YES THEY ARE

SFMedic: AND WHEN THE NEW PARLIAMENT COMES IN SFMedic: HOPEFULLY IT WILL REPRESENT THE PEOPLE OF IRAQ

SFMedic: AND NOT THEMSELVES

SFMedic: THE U.S. PUTTING A MANDATED PULLOUT OF ALL COMBAT TROOPS FORCES IRAQ TO GROW UP EVEN QUICKER

SFMedic: THEY HAVE 7 MONTHS

[willettemc]

Hi Medic

Thank you so much for the information

[afghanman]

With Malaki such an integral part of the entire "domino" process, I worry that if the RV doesn't happen at a time that can assure Malaki's re-election, a new parliament headed by a new PM, could have disasterous and possibly unrecoverable consequences. Sure every domino must fall, but in terms of the risks to international security there seems to be no rationale for every single player not to be placing Iraq's election as priority number 1, and get that last domino tipped over before time runs out. Its a time for 24/7 diplomacy and action. Sleep after the elections.

[jw1982]

thanks to medic and everyone else for there insight and hard work may this be over soon i like a good roller coaster but this ride needs to come to an end soon

[kordan80]

Just making a post so I can get into chat

[DaMe]

Thanks Medic

[beamerone]

Thanks for your info.

[2 bbs]

i think we are close also

[BigT]

K98, thanks for posting.

[krull]

Thanks for the post

[kdawg]

thanks 4 the info

[dwise68]

k98 thanks for posting the info....learn a little more each day

[cynergy]

Thanks K98 and Medic. I enjoy your posts

[tatebound]

i hope this guy is right

[Tiberius]

thanx for the intel

[dinar13]

thank you so much lets rv now

[dinar13]

now !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

please

[Linduh2]

With Malaki such an integral part of the entire "domino" process, I worry that if the RV doesn't happen at a time that can assure Malaki's re-election, a new parliament headed by a new PM, could have disasterous and possibly unrecoverable consequences. Sure every domino must fall, but in terms of the risks to international security there seems to be no rationale for every single player not to be placing Iraq's election as priority number 1, and get that last domino tipped over before time runs out. Its a time for 24/7 diplomacy and action. Sleep after the elections.

i agree imo smarter to go with malaki than newly elected leaders when dealing with the rv

[miamistud62]

yes but long story short what does this all mean

[andak]

Thanks for all the info. Hopes are still alive.

[kjurb]

you always put up great info k98

[msfun]

thanks for the info

[kennyw]

hmmmmmmmmmmmmmmmmm

[Boots8310]

Thanks for the picture!!!! I mean post.