Thanks GeorgeH for sending this to us today:
UU6816 –“ Is the Economy Just the Reason for the RV Delay? ” by Mnt Goat
Hello Everyone,
Again lots of important news to report today. It is all pointing in the direction of getting these very last items corrected so Iraq can move towards completing the currency reforms / project to delete the zeros.
I wanted to include a shorter than usual news letter and give you another reading break today…..lol…
However once again I am giving you many golden nuggets.
Todays news is all about UNDERSTANDING what is really going on with Abadi’s reforms. No hype about a pending RV this weekend….so sorry!
....
UU6816 –“ Is the Economy Just the Reason for the RV Delay? ” by Mnt Goat
Hello Everyone,
Again lots of important news to report today. It is all pointing in the direction of getting these very last items corrected so Iraq can move towards completing the currency reforms / project to delete the zeros.
I wanted to include a shorter than usual news letter and give you another reading break today…..lol…
However once again I am giving you many golden nuggets.
Todays news is all about UNDERSTANDING what is really going on with Abadi’s reforms. No hype about a pending RV this weekend….so sorry!
....
Today’s News
Today is Friday October 9th and still no RV.
So this week Iraq has given us golden nuggets of information. The finance committee has come right out and told us why the project to delete the zeros had been postponed. When will they then continue it?
We simply had to wait for the events to unfold that are required to bring the political stability, physical security and the economic stability needed for this RV event to occur. Why would they bring back the currency when the reason they shut it down in the first place is still evident? Iraq must get to a state of stability or there will be no RV….get it? But when will they reach the needed of stability?
Today I talk about what is happening in all three of these categories of stability and you be the judge and tell me if you see an RV on the very near horizon unless Abadi can get his reforms instituted. We may be even closer to resolving many of these issues than we are told since we do not get all the complete news from Iraq. The RV just may happen much sooner than later, but regardless what we do know for sure there is still much work to be done.
I know I have been sounding like a broken record for many months but I see my efforts have helped many of your dinarians now to understand what is going on in Iraq. You too have learned to read the news from Iraq for yourselves. I congratulate many of you for making this effort. Kudos to you all!
Many however simply like the day by day drama and the anytime hype and this is your problem.This news letter is not for you so go get your hype somewhere else….lol….lol….
Having said all this then what should we be looking from Iraq to indicate to us they are gaining the stability needed in these three areas of concern?
1) POLITICAL STABILITY (getting rid of Maliki and the Iranian influence);
2) PHYSICAL SECURITY (getting rid of ISIS and DAASH);
3) ECONOMIC STABILITY (ending the corruption, returning the loss Iraq funds, the return of Dr Shabibi to the CBI and the diversification efforts in the Iraqi economy, price of oil on the rise).
So let me now review with you the current status of each of these three elements.
We are witnessing the final demise of the Iranian influence and we see the outward admonishment of Maliki and the other former corrupt officials ( I have called Maliki goons) and the funds they have stolen. Much of these funds have been located, are now frozen and will soon be returned back to Iraq after a final verdict is rendered in Maliki trial. Maliki will no longer have any possibility for any political position in Iraq government in the future.
Nor will anyone convicted of crimes of corruption or against humanity. So this all adds up to the needed political security. However I am still waiting to hear news of the Accountability and Justice law. Iraq has been very quite on the status of this recently. There is a major shake up coming soon to the judiciary.
In Anbar and Mosul we are witnessing the coalition forces against ISIS and DAASH making overwhelming progress and stockpile of weapons and ammo have been bombed and confiscated. Prisoners are being taken and ISIS will not be allowed to reoccupy the resolved areas once taken. The National Guard law is said to be in the process of being implemented even though we have not see the law “officially” passed in parliament. We have read months ago about the process of training Iraqi troops for these positions. Many of the former officers from the Hussein regiments have been released and are now filling the ranks thru the Amnesty program. So this is adding to the needed physical security. But Amnesty too is not “officially” passed in parliament.
Just recently we have read multiple articles about the clean up of the CBI and the return of Dr Sahbib to once again take of more formal role as the governor. We also have seen the Investment law that was rejected once again last Tuesday due to two sections that needed to be updated regarding arbitration process. We are told now this law will be passed by the end of this month. We have seen the restructuring of the major banks and application of modern banking practices and electronics in order to conduct business with the rest of the world and inside Iraq. All these are indicators we expected to see as we move very close to having the needed economic stability needed. But we are not there yet.
Most of the major reform laws we are looking for have had a second reading in parliament already and wait a final voting session, which more than likely will be by the end of October. We also wait for the National Reconciliation conference and we know they are planning for this event by the end of the year but most likey sooner than later. But they need to get Abadi’s reforms instituted first. Iraq will not have this conference until they feel comfortable that they can move forward aggressively in politics and their economy. Afterall what would be the purpose of holding this conference if the reconciliation issues are not complete.
We can see more pressure to get these reforms laws passed as religious leaders, the demonstrating citizens, and now even the rest of the Arab community (GCC) are exerting pressure on parliament and all eyes are now on the government to conclude with this corruption and set Iraq on a straight and normalized path.
So what pops out today –more pressure to pass the needed changes in HCL that Kurdistan has been asking for resolution. I reviewed these changes with you in one of my past news letters. Do we need these changes for an RV? This is the million dollar question.
I know they need to make good on the HCL and put some of that oil money in the hands of the average citizen prior to any RV. Iraq has been told this many times by the USA. One provision they can not escape.
Can they feel comfortable doing this financially with the budget deficit? Are they now financially capable of allocating oil royalties at this point in time? So can this part wait for the future, as long as the laws needed to support it are passed?
See article below as the answer may be there. Remember HCL technically does not have to go through parliament for a vote to become law, just that the GOI and Kurdistan must agree.
Article Begins
COMMISSION INTENDS TO PROPOSE THE OIL LAW ON OIL AND GAS LEGISLATION WITHOUT WAITING FOR THE GOVERNMENT
BAGHDAD / JD / .. A member of the Commission on oil and energy parliamentary deputy Zaher al-Abadi, the determination of his committee's proposal oil and gas law and enacted in Parliament in the event of the failure of the government to send a bill to the House of Representatives.
Ebadi said the agency / JD /: "The oil and gas law is one of the important laws, which will eliminate a lot of outstanding problems regarding the oil especially between the federal and provincial Governments, "adding that" the government withdrew oil and gas law for the purpose of Parliament make amendments to it. " He added that "in the event of the failure of the government to send the amended version of the oil and gas law Vstljo the Commission on oil and energy parliamentary to propose a new law on oil and gas legislation in parliament without reference to the government," ./ ended
Article Ends
Today is Friday October 9th and still no RV.
So this week Iraq has given us golden nuggets of information. The finance committee has come right out and told us why the project to delete the zeros had been postponed. When will they then continue it?
We simply had to wait for the events to unfold that are required to bring the political stability, physical security and the economic stability needed for this RV event to occur. Why would they bring back the currency when the reason they shut it down in the first place is still evident? Iraq must get to a state of stability or there will be no RV….get it? But when will they reach the needed of stability?
Today I talk about what is happening in all three of these categories of stability and you be the judge and tell me if you see an RV on the very near horizon unless Abadi can get his reforms instituted. We may be even closer to resolving many of these issues than we are told since we do not get all the complete news from Iraq. The RV just may happen much sooner than later, but regardless what we do know for sure there is still much work to be done.
I know I have been sounding like a broken record for many months but I see my efforts have helped many of your dinarians now to understand what is going on in Iraq. You too have learned to read the news from Iraq for yourselves. I congratulate many of you for making this effort. Kudos to you all!
Many however simply like the day by day drama and the anytime hype and this is your problem.This news letter is not for you so go get your hype somewhere else….lol….lol….
Having said all this then what should we be looking from Iraq to indicate to us they are gaining the stability needed in these three areas of concern?
1) POLITICAL STABILITY (getting rid of Maliki and the Iranian influence);
2) PHYSICAL SECURITY (getting rid of ISIS and DAASH);
3) ECONOMIC STABILITY (ending the corruption, returning the loss Iraq funds, the return of Dr Shabibi to the CBI and the diversification efforts in the Iraqi economy, price of oil on the rise).
So let me now review with you the current status of each of these three elements.
We are witnessing the final demise of the Iranian influence and we see the outward admonishment of Maliki and the other former corrupt officials ( I have called Maliki goons) and the funds they have stolen. Much of these funds have been located, are now frozen and will soon be returned back to Iraq after a final verdict is rendered in Maliki trial. Maliki will no longer have any possibility for any political position in Iraq government in the future.
Nor will anyone convicted of crimes of corruption or against humanity. So this all adds up to the needed political security. However I am still waiting to hear news of the Accountability and Justice law. Iraq has been very quite on the status of this recently. There is a major shake up coming soon to the judiciary.
In Anbar and Mosul we are witnessing the coalition forces against ISIS and DAASH making overwhelming progress and stockpile of weapons and ammo have been bombed and confiscated. Prisoners are being taken and ISIS will not be allowed to reoccupy the resolved areas once taken. The National Guard law is said to be in the process of being implemented even though we have not see the law “officially” passed in parliament. We have read months ago about the process of training Iraqi troops for these positions. Many of the former officers from the Hussein regiments have been released and are now filling the ranks thru the Amnesty program. So this is adding to the needed physical security. But Amnesty too is not “officially” passed in parliament.
Just recently we have read multiple articles about the clean up of the CBI and the return of Dr Sahbib to once again take of more formal role as the governor. We also have seen the Investment law that was rejected once again last Tuesday due to two sections that needed to be updated regarding arbitration process. We are told now this law will be passed by the end of this month. We have seen the restructuring of the major banks and application of modern banking practices and electronics in order to conduct business with the rest of the world and inside Iraq. All these are indicators we expected to see as we move very close to having the needed economic stability needed. But we are not there yet.
Most of the major reform laws we are looking for have had a second reading in parliament already and wait a final voting session, which more than likely will be by the end of October. We also wait for the National Reconciliation conference and we know they are planning for this event by the end of the year but most likey sooner than later. But they need to get Abadi’s reforms instituted first. Iraq will not have this conference until they feel comfortable that they can move forward aggressively in politics and their economy. Afterall what would be the purpose of holding this conference if the reconciliation issues are not complete.
We can see more pressure to get these reforms laws passed as religious leaders, the demonstrating citizens, and now even the rest of the Arab community (GCC) are exerting pressure on parliament and all eyes are now on the government to conclude with this corruption and set Iraq on a straight and normalized path.
So what pops out today –more pressure to pass the needed changes in HCL that Kurdistan has been asking for resolution. I reviewed these changes with you in one of my past news letters. Do we need these changes for an RV? This is the million dollar question.
I know they need to make good on the HCL and put some of that oil money in the hands of the average citizen prior to any RV. Iraq has been told this many times by the USA. One provision they can not escape.
Can they feel comfortable doing this financially with the budget deficit? Are they now financially capable of allocating oil royalties at this point in time? So can this part wait for the future, as long as the laws needed to support it are passed?
See article below as the answer may be there. Remember HCL technically does not have to go through parliament for a vote to become law, just that the GOI and Kurdistan must agree.
Article Begins
COMMISSION INTENDS TO PROPOSE THE OIL LAW ON OIL AND GAS LEGISLATION WITHOUT WAITING FOR THE GOVERNMENT
BAGHDAD / JD / .. A member of the Commission on oil and energy parliamentary deputy Zaher al-Abadi, the determination of his committee's proposal oil and gas law and enacted in Parliament in the event of the failure of the government to send a bill to the House of Representatives.
Ebadi said the agency / JD /: "The oil and gas law is one of the important laws, which will eliminate a lot of outstanding problems regarding the oil especially between the federal and provincial Governments, "adding that" the government withdrew oil and gas law for the purpose of Parliament make amendments to it. " He added that "in the event of the failure of the government to send the amended version of the oil and gas law Vstljo the Commission on oil and energy parliamentary to propose a new law on oil and gas legislation in parliament without reference to the government," ./ ended
Article Ends
Next we see an article this week pop out explaining the stalling of the project to delete the zeros. Interesting article because it makes reference to the 2010 timeframe and not the 2012 timeframe, when we all read articles about Dr. Shabibi wanting to bring out the lower denoms and coins in Sept- Oct of that year.
This could mean nothing more than an RV was pending in the near future. Again this was 2012. So why are they talking about 2010 and why are they telling us the economy was not so good back then when the oil prices were over $100 a barrel and life was good. Even though there was corruption from Maliki’s administration the country observed a relative sense of stability. Soon after this period all hell broke loose. Even Dr Shabibi has told us this was a golden opportunity that was missed to complete the currency reform project.
I quote from the article – “draft deletion of zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament,"
So what is their current reason? Could it still be the economy and was it ever the economy? Based on this conflicting news I must disregard this article since it does not make any sense.
Article Begins
PARLIAMENTARY FINANCE: DETERIORATING ECONOMIC CONDITIONS DISRUPTED THE DELETION OF ZEROS FROM CURRENCY
Special - scales News
Ruled out the parliamentary finance committee member Abdul Qader Mohammed, on Wednesday, the application of a draft resolution to delete the zeros of the Iraqi currency during the coming period due to the deteriorating economic conditions experienced by the country, noting that he can not determine the time of application of the project unless stabilized the security and economic situation in Iraq.
Said Mohammed's / scales News / "The project to delete the zeros of the Iraqi currency will help to use the currency are the biggest," noting that "the difficulty of the application of this project during these economic conditions experienced by Iraq."
He said the parliamentary finance committee member, said "money inflation in the Iraqi market with the economic downturn currently lead to the descent of the currency rate to hit the country's economy," adding, "it was postponing the process of deleting the zeros to settling the Iraqi currency put the Iraqi economy in a stable and good condition."
The "Committee for Economy and Investment parliamentary member Ahmed Salim Abdul Rahman said, earlier, that the deletion of zeros from the local currency is not appropriate at this time, especially in the big decline and deterioration in the economic conditions of the country."
It is worth mentioning that the "economic expert Abdul Hassan al-Shammari said, earlier, that the draft deletion of zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament," noting that "print local currency Iraqi government cost $ 250 million annually ".
Article Ends
Link to Part 2:
This could mean nothing more than an RV was pending in the near future. Again this was 2012. So why are they talking about 2010 and why are they telling us the economy was not so good back then when the oil prices were over $100 a barrel and life was good. Even though there was corruption from Maliki’s administration the country observed a relative sense of stability. Soon after this period all hell broke loose. Even Dr Shabibi has told us this was a golden opportunity that was missed to complete the currency reform project.
I quote from the article – “draft deletion of zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament,"
So what is their current reason? Could it still be the economy and was it ever the economy? Based on this conflicting news I must disregard this article since it does not make any sense.
Article Begins
PARLIAMENTARY FINANCE: DETERIORATING ECONOMIC CONDITIONS DISRUPTED THE DELETION OF ZEROS FROM CURRENCY
Special - scales News
Ruled out the parliamentary finance committee member Abdul Qader Mohammed, on Wednesday, the application of a draft resolution to delete the zeros of the Iraqi currency during the coming period due to the deteriorating economic conditions experienced by the country, noting that he can not determine the time of application of the project unless stabilized the security and economic situation in Iraq.
Said Mohammed's / scales News / "The project to delete the zeros of the Iraqi currency will help to use the currency are the biggest," noting that "the difficulty of the application of this project during these economic conditions experienced by Iraq."
He said the parliamentary finance committee member, said "money inflation in the Iraqi market with the economic downturn currently lead to the descent of the currency rate to hit the country's economy," adding, "it was postponing the process of deleting the zeros to settling the Iraqi currency put the Iraqi economy in a stable and good condition."
The "Committee for Economy and Investment parliamentary member Ahmed Salim Abdul Rahman said, earlier, that the deletion of zeros from the local currency is not appropriate at this time, especially in the big decline and deterioration in the economic conditions of the country."
It is worth mentioning that the "economic expert Abdul Hassan al-Shammari said, earlier, that the draft deletion of zeros from the local currency stopped by the House of Representatives in 2010 due to legislative differences within the parliament," noting that "print local currency Iraqi government cost $ 250 million annually ".
Article Ends
Link to Part 2:
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