Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year


Recommended Posts

  • Replies 99
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Excuse me, what are us poor people losing to the rich? Without the "rich", there would be no jobs for the poor. Currently we are a nation of unemployed but that is not the "rich" people's fault. They

I would have been shocked if they didn't. I strongly think the DFI is only to protect from creditors at this point and to protect the Iraqi citizens from Maliki and crooked politicians. It will buy ti

This is a great thing if he did not extend then it would not be legal for the US to still invest in Iraq........... witch would in turn mean that they did not have to pay the contracts outstanding to

Hey Drox, you have any documentation on the amounts in the DFI? Ive seen so many different numbers I dont know which ones to believe.....Never thought the DFI would make an impact on whether they could RV or not anyways....and as you are saying, its more like a river of money just flowing through it.....money from oil goes in and comes right out the other end for what the govt needs for rebuilding and things of that nature......

I honestly wouldnt get upset about a RV just because they extended DFI.....until they are standing on their own two feet, and pumping more oil they need all the protection they can get!!!

Keep... Scoot had a chart you have probably seen and can find if you look for it. It is from the 2010 DFI audit, called the draft statements of cash receipts and disbursements. Since inception until Dec 31, 2010 it showed that the DFI fund had the following:

purchased treasury bills ($89,893,226,000) ... in parenthesis.

proceeds from treasury bills upon maturity was under that $84,137,534,000 .... no parenthesis... that shows to me it's a credit and debit situation.

total cash and cash equivalents as of dec 31 $1,797,054,000 ... I believe this was Iraq money held in foreign countries

treasury bills at end of December were $5,755,693,000 ... This was the stated difference between the 2 at the top.

Cash, cash equivalents, and t bills at Dec 31 $7,552,747,000...This is how much that was in the DFI by Dec 31 2010 & adds the 2 above accounts for a total.

It looks like that tells me there was $7.5 billion in the DFI account at the end of Dec 31, 2010. "Others" say you add the $89 billion + $84 billion to get $173 billion in the DFI account. I think they think that means a revolving amount of treasury bills are invested at any given time but I consider that wrong. The t bills have a predictable return in my opinion and this is why they state it that way. I am NOT a CPA by any stretch. Maybe someone else on here is and can verify or deny.

Edited by drox
Link to post
Share on other sites

One thing I'm confused about is none of our gurus have posted the new date rate yet!!! But I'm sure its soon to come being today is Thursday. Lol

They have "zero" shame. You can be sure that they'll be back shortly with a new date, stating that they were "just kidding" about the expiration of the DFI protection meaning that the RV "HAD" to occur by June 30. Now Iraq is on "double secret probation" and the RV is extra imminent. John Belushi would be proud.

:lol:

Link to post
Share on other sites

Media Note

Office of the Spokesperson

Washington, DC

June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

As is the case with our all knowing government, they never bothered to check with the common "Man In The Sand" in Iraq. They most certainly would have an opinion on if their government needs to be given 2ND chances. But then our government has a very bad track record taking the side of the common man. Look at our country, we're bankrupt, and yet they feel quailified to be a judge if another country is making significant strides. I am not against this statement, I just feel we should fix our own fences before we start judging how their's looks.

Link to post
Share on other sites

Excuse me, what are us poor people losing to the rich? Without the "rich", there would be no jobs for the poor. Currently we are a nation of unemployed but that is not the "rich" people's fault. They did not grind the economy to a screeching halt - it does not put money in their bank accounts for their businesses to shut down. I'm just an old woman but I have been responsible for my families finances for the last 50+ years and anyone with a brain knows that when you are out of money, you stop spending! AND our constitution does not say that the federal government should take care of everyone from cradle to grave or that our borders should be thrown open to every illegal immigrant that wishes to enter and take advantage of our taxpayer funded, health, education, and welfare. angry.gif

Stepping down from my soapbox now - and I apologize if anyone is offended - sometimes you just have to speak your mind (especially at my age!). emot-worship.gifemot-hug.gifblush.gif

WOW.... Get back up on that soapbox Granny. You are RIGHT ON.

Listen to this LADY folks. She knows what it's all about.

PLEASE Granny ! Don't stop. th_smiley_two_thumbs_up.giftip_hat.gif

  • Upvote 1
Link to post
Share on other sites

Excuse me, what are us poor people losing to the rich? Without the "rich", there would be no jobs for the poor. Currently we are a nation of unemployed but that is not the "rich" people's fault. They did not grind the economy to a screeching halt - it does not put money in their bank accounts for their businesses to shut down. I'm just an old woman but I have been responsible for my families finances for the last 50+ years and anyone with a brain knows that when you are out of money, you stop spending! AND our constitution does not say that the federal government should take care of everyone from cradle to grave or that our borders should be thrown open to every illegal immigrant that wishes to enter and take advantage of our taxpayer funded, health, education, and welfare. :angry:

Stepping down from my soapbox now - and I apologize if anyone is offended - sometimes you just have to speak your mind (especially at my age!). :bow::hug::blush:

Nice Post, well said :)

Link to post
Share on other sites

Yep. There's no other way to read it. The funds are in the US Treasury, on American soil and now enjoy continued immunity from parties that want to get their hooks in it. Too bad. They can't touch it. Iraq still has control of the funds. The UN DFI stipulations are over today. Now, we're the ONLY thing between all of Iraq's oil revenues and the rest of the world. Done.

Zaborniake,

You would think this would position the US to have a great deal of power over Iraq...and if so...we would naturally want to continue playing puppet master through this exec order until we have Iraq where we want it....shoving gobs of money into our coffers.

Link to post
Share on other sites

Okay folks, this event is not a bad deal. Actually it is good for Iraq, and subsequently us.

The DFI (Development Fund for Iraq) are funds set aside to help develop the new economy in Iraq, It was funded through oil sales; but, and correct me if I am wrong, it was only funded with 5% of the oil sales all these years. Now this fund has quite a few billion dollars in it, and it is ear-marked for the redevelopment of Iraq. So, logically, we need to protect these development dollars from the pre-war creditors, so that we can ensure they are spent where they were intended (in the interests of Iraq's growing economy).

And to top it off... the UN today handed over-sight of this fund back to the Iraqis. Now tell me how any of this is BAD news. Cheers!

Nelson

  • Upvote 2
Link to post
Share on other sites

An Executive Order from the US president only affects those under his command. It does not even affect US people (unless you think it does)

It is not law, and certainly not international law. However, since the DFI remains on deposit in NYC, he has the bully pulpit to tell Geithner not to pay out any claims - even if a country or company sued Iraq at the Hague!

All this is actually good for Iraq and us DV investors. It will cover them with an umbrella under which they can Reval and THEN pay their debts with a currency that is 1,000 more powerful than when they originally got the invoice...... Sadly, they will not appreciate this because it will be like you or me getting fined 50 cents for running over our neighbor's cat. Not much incentive to behave better later on...

Edited by wavggg
Link to post
Share on other sites

The way I read this is that it just protects the funds for another year from whom ever wants to pursue claims or judements against IRAQ

And go after some of the DFI funds with a suit ? This is good. Do not panic.

This is the way I understand this also. They are making sure that Iraq's creditors cannot seize any of the assets from the DFI fund. I think they still have possession and control of the funds.

Link to post
Share on other sites

well...in my opinion the best way to restore the country economy with using it to buy all the gold like China does and make it as foreign reserve to back-up their currency..then rv the currency back-up with the gold NOT usd...then they can and enable pay all the debts lump-sum in IQD not other foreign reserve....we can exchange the money maybe at rates that "guru-guru" said.

when you add with the fractional banking plus surplus in crude oil in it, iraq will be the richest country in the world...US can pay all the debts.. and the most important thing is we don't have wait too long to bank-in IQD.

isn't it nice solution for all people? why Shabibi can't see this? it's too weird...

  • Upvote 1
Link to post
Share on other sites

Media Note

Office of the Spokesperson

Washington, DC

June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

I see this as good news. If they are not pretected Iraq would be too busy with the Paris Club member to even think about RV B)

Link to post
Share on other sites

Posted Yesterday, 04:37 PM

snapback.pngGODyesRVmaybe, on 30 June 2011 - 02:29 PM, said:

Would it really be that surprising if nothing were to happen until next year at this time if the US has any control over this thing? After all, the US will be in the throes of a presidential election year. What better way for the sitting President to get a HUGE bump than to have a gigantic influx of our tax dollars to pay off debts and deficits? Of course that same sitting President would have to be willing to allow his country, it's citizens and the citizens of Iraq to flounder for another year, but hey............. Am I being too skeptical here?

I would think if Obama had control over this thing, he would use it now to stop the deficit from going up and get that huge bump to get elected in 2012.

Read more: http://dinarvets.com/forums/index.php?/topic/72807-national-emergency-with-respect-to-the-stabilization-of-iraq-to-continue-for-full-year/page__st__60#ixzz1Qqo8RWim

Link to post
Share on other sites

Thanks for the post, to me it's just giving them additional protection which was to be expected, they weren't going to make Iraq vulnerable to creditors at this point given what we have invested in them! It doesn't mean that they still aren't going to implement the change to their currency soon. Go RV!! :D

I agree. No one can touch their money for another. That's great. If it doesn't rv until then; what is everyone complaining about? I see an UPSIDE...ONLY 15% capital gains TAX!!! In other words I hold this another 10 months I save $200,000. per million at 1 to 1. Having said that,@H$$$ YEA, I want it to RV!!!! I am working in AFGHANISTAN and I want to get the H$$$ out out of here!!!! But there has to be a silver lining in this somewhere!!! Now, I believe we have until at least the 5th or 6th before some real news (confirmable) comes out. GO RV!!!!

Posted Yesterday, 04:37 PM

snapback.pngGODyesRVmaybe, on 30 June 2011 - 02:29 PM, said:

Would it really be that surprising if nothing were to happen until next year at this time if the US has any control over this thing? After all, the US will be in the throes of a presidential election year. What better way for the sitting President to get a HUGE bump than to have a gigantic influx of our tax dollars to pay off debts and deficits? Of course that same sitting President would have to be willing to allow his country, it's citizens and the citizens of Iraq to flounder for another year, but hey............. Am I being too skeptical here?

I would think if Obama had control over this thing, he would use it now to stop the deficit from going up and get that huge bump to get elected in 2012.

Read more: http://dinarvets.com/forums/index.php?/topic/72807-national-emergency-with-respect-to-the-stabilization-of-iraq-to-continue-for-full-year/page__st__60#ixzz1Qqo8RWim

Me, TOO!

Link to post
Share on other sites

But with this added protection for another year...then why would they have rush still? I mean people said something about this Paris club thing? Wouldnt that protect Iraq for another year to make payments to them then? This is so confusing. I think with this coming out, I honestly believe alot of people are about to jump off this ride...like quick.

Everybody is jumping to conclusions, that for the most part, are negative. The extension just gives the Iraqi people protection against being sued by nefarious people for the DFI money. The individuals going after the DFI funds would be people, or agents, that worked with Saddam on terror, money laundering, smuggling, etc. The DFI funds are to be used for the reconstruction of Iraq, bridges, roads, water supply, electrical stations, etc. This is billions to rebuiild their country - jobs, water, electricity. THE EXTENSION WILL PROTECT THESE FUNDS FOR ANOTHER YEAR - IT HAS NOTHING TO DO WITH THE RV, OTHER THAN MAKING THE DINAR MORE VALUABLE! By the way, this is a good thing for us too!

The Paris Club payments are for legitimate loans made to Iraq and the payments begin in July 2011. It is not a thing, but very real.

[bWhen Iraq begins to export oil and will make approx $250 million a day @ $100 pb and 250m barrels [/b]. A DAY. $1.25 billion a week, and that is just a 5 day work week. The RV would take place to reflect the true value of their currency.

There is a lot of information to be digested with regard to this RV/RD, whatever. It is very difficult for the average Joe, like you and me, to get to it, understand it, even have an interest to find it. Bottom line: We want to know when we can cash in. That is why we come to sites like this, to get the news.

But there is actually a very interesting story, and history, that goes into this story and this chapter. One person posts something and we take it as the truth. I don't think so. If you want to be a sideliner and not do any investigating on your own, I would hold your comments and don't add to the mayhem. I have done it, and I was wrong.

The DFI extension is a perfect example of negative initial assumptions without having the full story. The extension is actually a very good thing for us due to the continued protection, and knowing the full amount of the DFI will be used for reconstruction, which is turn makes their currency more valuable.

  • Upvote 1
Link to post
Share on other sites

Keep... Scoot had a chart you have probably seen and can find if you look for it. It is from the 2010 DFI audit, called the draft statements of cash receipts and disbursements. Since inception until Dec 31, 2010 it showed that the DFI fund had the following:

purchased treasury bills ($89,893,226,000) ... in parenthesis.

proceeds from treasury bills upon maturity was under that $84,137,534,000 .... no parenthesis... that shows to me it's a credit and debit situation.

total cash and cash equivalents as of dec 31 $1,797,054,000 ... I believe this was Iraq money held in foreign countries

treasury bills at end of December were $5,755,693,000 ... This was the stated difference between the 2 at the top.

Cash, cash equivalents, and t bills at Dec 31 $7,552,747,000...This is how much that was in the DFI by Dec 31 2010 & adds the 2 above accounts for a total.

It looks like that tells me there was $7.5 billion in the DFI account at the end of Dec 31, 2010. "Others" say you add the $89 billion + $84 billion to get $173 billion in the DFI account. I think they think that means a revolving amount of treasury bills are invested at any given time but I consider that wrong. The t bills have a predictable return in my opinion and this is why they state it that way. I am NOT a CPA by any stretch. Maybe someone else on here is and can verify or deny.

there are different ways to look at this....the first number in parenthesis is a negative number...it was used to purchase the bills...the second number says "proceeds" which usually indicates profit, but could also mean that is the sum total at cash out, which is about a 5bn loss, which for the time period invested, is a distinct possiblity.....the last number, which says the total, including the t bills is 7.5 bn....either it has a poor explanation of what's in there or someone is a thief. could definately be either.

I'm not a professional CPA, but I did sleep at a holiday inn last night.

Edited by Mudster
Link to post
Share on other sites

The way I see this is that we will wake up 01/01/12 and it really will be a new year. But the reality is that the USA will be in a civil war. People are loosing everything to the rich and what happens when they just get fed up? Oh yeah they call it CIVIL WAR! <_<:angry::blink:

The South's gonna rise again?

Link to post
Share on other sites

This appears to be something that may have no real effect on the RV. It does give them more time but I have a sense that they are preparing for something based on all the other activity. I agree that this may well be a good thing because the way I see it, once most major issues are resolved, as we see now, they will be free to make they move. This extension probably allows them the time to finish up they reparations with Kuwait, which has been said to be another 6 months of Iraq resolving those issues. This is probably just a formality that gives their government a little elbow room. I agree with those that think this has little effect on potential RV. The next few days should be interesting to watch.

Link to post
Share on other sites

????? WTF I don't get it I and 99.9999% of the dinar world have been waiting for this dfi fund to be released now the date has come and almost gone and they do what they always do just extend it and you people are saying this is good news?? Are you delusional??? I guess I'm missing the good news fill me in on what we have all been waiting on 6-30-11 for then??

June 30 was not a planned RV date! There were many, huge things that had some type of activity on June 30. That date would have been a logical jumping off point. I would like to see a document that states June 30 is the RV date.

What you are waiting for is something that will make you money, without having any knowledge of what it takes to get it done. You refer to the DFI as 'this dfi fund". Do you even know what the DFI is, or the history of it, what the intention for the fund is? Then quit complaining.

Link to post
Share on other sites

Posted Yesterday, 04:37 PM

snapback.pngGODyesRVmaybe, on 30 June 2011 - 02:29 PM, said:

Would it really be that surprising if nothing were to happen until next year at this time if the US has any control over this thing? After all, the US will be in the throes of a presidential election year. What better way for the sitting President to get a HUGE bump than to have a gigantic influx of our tax dollars to pay off debts and deficits? Of course that same sitting President would have to be willing to allow his country, it's citizens and the citizens of Iraq to flounder for another year, but hey............. Am I being too skeptical here?

I would think if Obama had control over this thing, he would use it now to stop the deficit from going up and get that huge bump to get elected in 2012.

Do you think Obama thinks he will be reelected with unemployment where it is? Or are the Republicans holding up the economy to make sure he is not reelected?

Read more: http://dinarvets.com/forums/index.php?/topic/72807-national-emergency-with-respect-to-the-stabilization-of-iraq-to-continue-for-full-year/page__st__60#ixzz1Qqo8RWim

Link to post
Share on other sites
Guest
This topic is now closed to further replies.
  • Recently Browsing   0 members

    No registered users viewing this page.




  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.