Scooter Chat from June 14

[FrankenSLI]

June 14th, 2011 09:56 am

2:14 AM [scooter] I’ve been buried in these recently posted budget

2:14 AM [scooter] numbers that they have held back for the past 7 months

2:14 AM [scooter] the translation process is somewhat time consuming

2:14 AM [scooter] I had forgotten how tedious process this was

2:14 AM [scooter] nevertheless

2:15 AM [scooter] the tables of increases on departments, ministries, etc…

2:15 AM [scooter] range all over — from 1.16 at the lowest point to 5.88 on the high

2:15 AM [scooter] the overall budget number is coming in at 1.27 fo the table of increases

2:15 AM [scooter] now comes the hard part

2:16 AM [scooter] taking all the drainage funds from 2006 – 2010

2:16 AM [scooter] and adding that into the equation — plus adding the DFI and treasury numbers that were just transferred

2:16 AM [scooter] and we still don’t have any solid information on those frozen assetts

2:16 AM [scooter] but it’s coming together

2:17 AM [scooter] What’s interesting is the salaries section

2:17 AM [scooter] the higher level managment is getting reductions

2:17 AM [scooter] but the mid level to lower, entry level personell

2:18 AM [scooter] are all rating out at 3.52 — that was very surprising

2:18 AM [scooter] caught me off guard

2:18 AM [scooter] they did some things different in this years budget as well

2:18 AM [scooter] They put the majority of the increases on the investment portion

2:18 AM [scooter] whereas last years budget

2:19 AM [scooter] the increases using the Bahraini Dinar rate was applied to the operational expenses

2:19 AM [scooter] so

2:19 AM [scooter] 2009 — overall budget came in at 1.14

2:19 AM [scooter] 2010 came in at 2.05

2:20 AM [scooter] this year came back down to the 1.2780 mark

2:20 AM [scooter] now

2:20 AM [scooter] we have the $165 Billion that have been saved in US Treasuries

2:21 AM [scooter] if they apply all that plus the drainage funds excesses to the reserves

2:21 AM [scooter] the equation starts to get interesting

2:21 AM [scooter] in a good way — not a bad way

2:21 AM [scooter] Am I bantering by myself

2:22 AM [scooter] just curious

2:22 AM [Scooby Doo] Scooter is there anything in their constitution that would prevent them from running a deficit with their budget?

2:22 AM [scooter] needed a break

2:22 AM [scooter]

2:22 AM [wdaubie] Scooter

2:22 AM [scooter] that’s the thing — are they or have they really been running a deficit?

2:22 AM [scooter] if they used the real values — they would not be in deficit mode

2:22 AM [scooter] with that said

2:23 AM [wdaubie] Scooter Giving you full courtesy!

2:23 AM [scooter] 2008 killed their budget — largely because the oil prices tanked so badly

2:23 AM [scooter] wdaubie

2:23 AM [scooter] Thank you

2:23 AM [scooter]

2:24 AM [scooter] Anyways — the timing of this information being published is interesting as well

2:25 AM [scooter] just speculating — but if they RV’d before the bank re-boot — that would be a huge benefit to the country

2:25 AM [scooter] I think

2:25 AM [scooter] still working that one through my mind

2:25 AM [Scooby Doo] when is the reboot?

2:25 AM [scooter] I did learn something new about June 30th

2:26 AM [scooter] reboot is benchmarked to be completed before June 30th

2:26 AM [Scooby Doo] ok

2:26 AM [scooter] so — it may have already occurred

2:26 AM [scooter] just not announced

2:27 AM [Scooby Doo] do you know what Iraq’s fiscal year is?

2:27 AM [scooter] did you know that june 30th since 1920 I think has a significant meaning to the iraqi’s

2:27 AM [scooter] states January – December

2:27 AM [Scooby Doo] ok

2:27 AM [Scooby Doo] so the same as the calendar year

2:27 AM [scooter] which is interesting because most governments use July 1 to June 30

2:27 AM [scooter] yea

2:28 AM [scooter] At least they do here in US

2:28 AM [scooter] most cities and counties are July 1

2:28 AM [Scooby Doo] somebody earlier said they contacted the CBI and were told July-June

2:29 AM [scooter] hmmmm

2:29 AM [Scooby Doo] I think he said CBI

2:29 AM [scooter] I’ll google it — perhaps they changed

2:29 AM [eatmoney] no imf hesaid

2:29 AM [eatmoney] not cbi

2:29 AM [Scooby Doo] okay …. thanks

2:29 AM [Scooby Doo] yeah, IMF

2:29 AM [eatmoney] no problem

2:29 AM [scooter] ohhhh

2:29 AM [scooter] ok — that makes sense

2:29 AM [eatmoney] said the imf is very helpful with questions

2:30 AM [Scooby Doo] But the budget follows the fiscal year for the GOI, right?

2:30 AM [scooter] that’s actually a cool thing to know

2:30 AM [scooter] I have never called the IMF

2:30 AM [scooter] yes

2:30 AM [scooter] to the GOI

2:31 AM [Scooby Doo] okay, so tell us about June 30 and Iraq

2:31 AM [scooter] oh yea –

2:31 AM [scooter] well it seems way back during the British rule of Iraq

2:31 AM [scooter] that June 30th is their Independence day

2:32 AM [scooter] I thought that was somewhat interesting considering what’s occurring right now

2:32 AM [scooter] just a bit of trivia

2:32 AM [scooter] OK – I thought it was kind of cool

2:32 AM [scooter]

2:32 AM [scooter]

2:32 AM [scooter]

2:33 AM [scooter] I think the activity that’s occuring right now this week and the next couple of days are huge

2:34 AM [scooter] parliament should have approved the demarcation lines with kuwait yesterday or today

2:34 AM [scooter] On the 15th all the DFI accounts should be under the protection of the US Treasury

2:34 AM [scooter] on the 16th

2:34 AM [scooter] the UNSC is delivered their final report on Iraq

2:35 AM [scooter] the 17th — new FOREX and leverage rules are being applied world wide

2:35 AM [scooter] wait

2:35 AM [scooter] that could be the following week

2:36 AM [scooter] June 22nd — the UNSC meets regarding Iraq

2:36 AM [scooter] the two government banks are to be re-booted and revalued

2:37 AM [scooter] There’s more — but I’m just too tired and have forgotten some of the other items

2:37 AM [eatmoney] works out 23rd is my b- day.

2:37 AM [scooter] Sweet

2:37 AM [eatmoney]

2:37 AM [scooter] the 28th is the publication of the operational exchange rates

2:38 AM [scooter] has anybody notice how many countries made changes to their rates on June 1

2:38 AM [scooter] holy cow

2:38 AM [scooter] never seen that many changes to rates ever

2:39 AM [scooter] Also, have you noticed the US dollar is positioning itself for a reversal

2:39 AM [eatmoney] yes been noticing that.

2:39 AM [scooter] they experts are cautiously optimistic

2:39 AM [scooter] that tells me that big $$$ know something that we don’t

2:40 AM [eatmoney] follow the money

2:40 AM [scooter] I think part of this deal with China

2:40 AM [Scooby Doo] Scooter can I post this?

2:40 AM [scooter] has a committment that includes using USD for all oil purchases moving forward

2:40 AM [scooter] sure –

2:41 AM [Scooby Doo] cool

2:41 AM [scooter] This was a good brain dump

[DaveH]

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