KTFA:
Islandg1211: Family, Did anyone notice the word of the day? It's ACCELERATE.
I doubt that's a word Iraq uses or hears very often. In fact, when have we ever heard that word used before?
Yet, today, we see that word in different articles from different sources both inside Iraq and out. Go back and read these articles and not only notice that they used the word accelerate but in what areas was it being used.
What's to be accelerated?
Security. Basket of Laws Passed. Reforms. Financing the Rebuilding of Iraq.
We also see Abadi's list of Ministers today.
....
Islandg1211: Family, Did anyone notice the word of the day? It's ACCELERATE.
I doubt that's a word Iraq uses or hears very often. In fact, when have we ever heard that word used before?
Yet, today, we see that word in different articles from different sources both inside Iraq and out. Go back and read these articles and not only notice that they used the word accelerate but in what areas was it being used.
What's to be accelerated?
Security. Basket of Laws Passed. Reforms. Financing the Rebuilding of Iraq.
We also see Abadi's list of Ministers today.
....
We see more articles from the CBI explaining the concept of fixed rate, float and managed float. Dr. Shabibi is very consistent in how he explains the monetary RV to the public step by step. Going back to his speech at the U.S. Chamber of Commerce and comparing that to the articles we have seen the last week, it is clearly the same plan by the same man.
Accelerate.
I would think so. The planned and wanted and thoughtfully timed B52 Bombers have arrived. (BTW my father, a truly great businessmen and leader, was a bomber pilot in the South Pacific during WWII. Great shot-out to General McCarthur last night.)
I would think when the announcement that our US Air Force was was sending in the B52's, everyone would have said - particularly ISIS, "Holy S... ."
Remember Ramadi?
One day back in December it was controled by ISIS. Then it was bombed. The next day Abadi ordered it to be rebuilt.
Does the B52's go house-to-house, village to village, clear mines? No! God Bless the Marines that do that job.
Getting back to Accerate. B52s were planned to come in April of 2016 to be the demolition team in order for the international financing to come in and pay for the international corporations to help with rebuilding of Iraq, that will be paid not in USD (check my post yesterday at the end of the thread.
No more using USD by international corporations to pay salaries in sovereign Iraq,) but will be paid in the internationally recognized Iraq Dinar. Ta Da.
June you you say Frank? I say IMO Accelerate. Big bombs are going to drop.
Big Bombs take many forms. Whether it be bank bail ins in Austria, (see article below) China's spot gold market, Fed changes, Brexit, etc. again, I say, "accelerate."
Scarlet2575: Well said Islandg1211. With the articles coming out today June seems to far off. IMO we are much closer than that.
*************
TY1:It occurred to me last night while listening to the tremendous conference call that chaos fuels corruption! The father of corruption in Iraq was Maliki! He fueled chaos by supporting ISIS with the Speicher Camp Massacres, by removing Shabbibi from the CBI, by stealing from the citizens etc.
Maliki knew that if the country was going to flourish, the Dinar would need to return to prominence and the homework necessary to achieve this would implicate him so he tried to maintain chaos.
This epiphany came to me last night cause I always had a hard time wondering why would they just not RV. Abadi has been doing a sensational job of restoring order and once order is restored in all aspects we all will enjoy this blessing. Godspeed Abadi! T
Thanks for provoking continuous thought Frank and Team! Love you all!
************
Mountainman: Good Morning WS........IRAQ is Like A KID having A "BIRTHDAY PARTY".......They Just can't Wait to Tell (ALL) that They are About to do........WHY Now....???......Because They have been {GIVEN} the INVITATION/S and Everyone usually wants Others to CELEBRATE/CONGRATULATE them..........On Making it Thru Another YEAR.......but This YEAR is (Something SPECIAL).......Yes, INDEED......IMO......
Blessings, Mountainman (8)=New Beginnings
Walkingstick: Economists rule out a control on prices due to the continuing change
Parliamentary Finance proposes to the central «cancel» difference in the exchange rate between the auction and the market
Baghdad waves Ahmed trying Finance Committee in the House of Representatives, push the central bank to cancel the difference in the dollar 's exchange between the auction and the domestic market, and the expansion of dollar sales and not restricted to four banks .price As economists warned that the application of that proposal, because of that market prices will not be fixed and moving .towards high, which means difficult to control by the bank According to the Commission, that the proposal is designed to eliminate the phenomenon of "money laundering", as pointed out that the bank 's management is still "not convincing in the currency was floated." the Commission revealed that it plans to " Hosting the central " .
bank governor in the parliament soon experiencing global oil prices since mid 2014 , a continuous decline, the cause of a severe financial crisis in Iraq, whose economy depends on the proceeds of crude.
That crisis was reflected on the central bank through its lower interest rate dollar, the fact that the government sells the next dollar of oil revenue to the bank in exchange for the Iraqi dinar , which was used in public spending , such as salaries, etc., in return demand for the dollar rose in currency auction, what the reason for a rise in price the dollar against the dinar to reach .1188 dinars to the dollar member of the Finance Committee Masood Haider, said in a statement to " the world", on Monday,
" the committee submitted a proposal to the Central Bank requires unification of the dollar exchange rate in the auction currency to the bank with the local market through the elimination of the difference, as opposed to the expansion of the currency " .auction, non monopoly on the four or five banks
He adds, that the central" currently studying the application of these proposals, they shut the door in front of the corrupt who steal Iraq 's money through money laundering operations. " the process of money laundering, is economic crime aims to legitimize Msthsalh money through forbidden methods for the purpose of acquisition, disposition or management;
the sense of recycling funds generated by illegal actions in the areas of channels and invest legitimacy to hide the true source of her, to look as if they have been generated from a legitimate source, and examples of such unlawful acts, funds generated by kidnapping and terror funds, theft, embezzlement, bribery .and others acknowledges officials in the economic file, that more than $ 15 billion under a year to fraud and money laundering in Iraq. according to a member of the Finance Committee, " the bank " .
is still not convinced the issue of float currency Stated that there are three ways, handled by central banks with foreign currency; first is made up by the " limiting factor " to be adopted by the CBI, which includes a fixed exchange rate to the dollar price, and inject dollars into the market to maintain the stability of the price.
The second method is called "float", and thumb the market is controlled exchange rate, while including third way , a "floating orbit," or unrestricted identify certain price for the dollar, and another represents a maximum him, leaving the currency floats between these two .prices
Haitham al Jubouri, member of the Finance Committee in the House of Representatives suggested in a statement to " the world", the adoption of "unrestricted flotation" in the auction ".currency instead of "limiting factor in another context, he warned Haider, from listening to " the distribution of employees ' salaries in dollars, being the calls will raise the prices of goods and the food at the market, do " .not contribute to the stability of the dollar exchange rate the Central Bank of the province and the agency on the Keywords, said at a seminar held yesterday in Baghdad, and was attended by " the world ", that his administration sees banknote" as part of our national identity ,
"noting that" proposals other about why do not you use foreign currency as dollar distribute the salaries of the staff, is the waiver of part " .of national sovereignty regarding the money supply in the domestic market, Haider said it was up to 38 trillion dinars, while pointing out that" the House of Representatives would host the bank 's governor Central to talk about the central plans and policy towards .economic fluctuations and see the head of economic media Center Durgham Muhammad Ali said
"Cancel the difference between the price of the dollar in the central and the market price step is successful, considering that the market price will be variable and rise more, and can not be the time of the bank that is " . controlled by the in terms of maintaining the stability of the market, he said , in connection with" the world "on Sunday, that" the central that uses tools and tightened controls over the sales and cash outlets, as well as for him to increase the number of ports so that creates a short circuit larger with citizen and small " .
traders with regard to the distribution of salaries stressed dollar" that those claims are unrealistic and can not be implemented and are incompatible with the general economic policies of all countries , "adding that" all the countries of the world are trying to combat the phenomenon of dollarization through enhancing the value and prestige of the national currency has, by adopting almost entirely in internal and external dealings. He stressed" the need to adopt policies to support the local currency , which is the backbone of economy column,
they determine the living standards through purchasing power and levels of inflation, which in turn is heavily influenced if they " .were to adopt such a notion and thus exclude Muhammad Ali, acceptance the proposal " ".
in any way Furthermore, the bank 's governor on the Keywords , said at the symposium that " the banknote is part of the identity and sovereignty of the Iraqi state," adding that " the banknote subjected to some kind of forgery and manipulation , it is going on any human feeling that falsifications that prejudice " .entity of the state and its sovereignty he continued:"
it we look at the banknote as part of our national identity , "noting that" proposals that some were fired about why not to use foreign currency as dollar distribute the salaries of the staff is to cede part of the national sovereignty and identity national and therefore we must " .defend this paper either form or content or real value He stressed Keywords on the need to " preserve the paper manipulation and show the proper manner and regulate circulation and stored must be at the highest grades that " .reflect their real value
http://ift.tt/1SdtOXS
Accelerate.
I would think so. The planned and wanted and thoughtfully timed B52 Bombers have arrived. (BTW my father, a truly great businessmen and leader, was a bomber pilot in the South Pacific during WWII. Great shot-out to General McCarthur last night.)
I would think when the announcement that our US Air Force was was sending in the B52's, everyone would have said - particularly ISIS, "Holy S... ."
Remember Ramadi?
One day back in December it was controled by ISIS. Then it was bombed. The next day Abadi ordered it to be rebuilt.
Does the B52's go house-to-house, village to village, clear mines? No! God Bless the Marines that do that job.
Getting back to Accerate. B52s were planned to come in April of 2016 to be the demolition team in order for the international financing to come in and pay for the international corporations to help with rebuilding of Iraq, that will be paid not in USD (check my post yesterday at the end of the thread.
No more using USD by international corporations to pay salaries in sovereign Iraq,) but will be paid in the internationally recognized Iraq Dinar. Ta Da.
June you you say Frank? I say IMO Accelerate. Big bombs are going to drop.
Big Bombs take many forms. Whether it be bank bail ins in Austria, (see article below) China's spot gold market, Fed changes, Brexit, etc. again, I say, "accelerate."
Scarlet2575: Well said Islandg1211. With the articles coming out today June seems to far off. IMO we are much closer than that.
*************
TY1:It occurred to me last night while listening to the tremendous conference call that chaos fuels corruption! The father of corruption in Iraq was Maliki! He fueled chaos by supporting ISIS with the Speicher Camp Massacres, by removing Shabbibi from the CBI, by stealing from the citizens etc.
Maliki knew that if the country was going to flourish, the Dinar would need to return to prominence and the homework necessary to achieve this would implicate him so he tried to maintain chaos.
This epiphany came to me last night cause I always had a hard time wondering why would they just not RV. Abadi has been doing a sensational job of restoring order and once order is restored in all aspects we all will enjoy this blessing. Godspeed Abadi! T
Thanks for provoking continuous thought Frank and Team! Love you all!
************
Mountainman: Good Morning WS........IRAQ is Like A KID having A "BIRTHDAY PARTY".......They Just can't Wait to Tell (ALL) that They are About to do........WHY Now....???......Because They have been {GIVEN} the INVITATION/S and Everyone usually wants Others to CELEBRATE/CONGRATULATE them..........On Making it Thru Another YEAR.......but This YEAR is (Something SPECIAL).......Yes, INDEED......IMO......
Blessings, Mountainman (8)=New Beginnings
Walkingstick: Economists rule out a control on prices due to the continuing change
Parliamentary Finance proposes to the central «cancel» difference in the exchange rate between the auction and the market
Baghdad waves Ahmed trying Finance Committee in the House of Representatives, push the central bank to cancel the difference in the dollar 's exchange between the auction and the domestic market, and the expansion of dollar sales and not restricted to four banks .price As economists warned that the application of that proposal, because of that market prices will not be fixed and moving .towards high, which means difficult to control by the bank According to the Commission, that the proposal is designed to eliminate the phenomenon of "money laundering", as pointed out that the bank 's management is still "not convincing in the currency was floated." the Commission revealed that it plans to " Hosting the central " .
bank governor in the parliament soon experiencing global oil prices since mid 2014 , a continuous decline, the cause of a severe financial crisis in Iraq, whose economy depends on the proceeds of crude.
That crisis was reflected on the central bank through its lower interest rate dollar, the fact that the government sells the next dollar of oil revenue to the bank in exchange for the Iraqi dinar , which was used in public spending , such as salaries, etc., in return demand for the dollar rose in currency auction, what the reason for a rise in price the dollar against the dinar to reach .1188 dinars to the dollar member of the Finance Committee Masood Haider, said in a statement to " the world", on Monday,
" the committee submitted a proposal to the Central Bank requires unification of the dollar exchange rate in the auction currency to the bank with the local market through the elimination of the difference, as opposed to the expansion of the currency " .auction, non monopoly on the four or five banks
He adds, that the central" currently studying the application of these proposals, they shut the door in front of the corrupt who steal Iraq 's money through money laundering operations. " the process of money laundering, is economic crime aims to legitimize Msthsalh money through forbidden methods for the purpose of acquisition, disposition or management;
the sense of recycling funds generated by illegal actions in the areas of channels and invest legitimacy to hide the true source of her, to look as if they have been generated from a legitimate source, and examples of such unlawful acts, funds generated by kidnapping and terror funds, theft, embezzlement, bribery .and others acknowledges officials in the economic file, that more than $ 15 billion under a year to fraud and money laundering in Iraq. according to a member of the Finance Committee, " the bank " .
is still not convinced the issue of float currency Stated that there are three ways, handled by central banks with foreign currency; first is made up by the " limiting factor " to be adopted by the CBI, which includes a fixed exchange rate to the dollar price, and inject dollars into the market to maintain the stability of the price.
The second method is called "float", and thumb the market is controlled exchange rate, while including third way , a "floating orbit," or unrestricted identify certain price for the dollar, and another represents a maximum him, leaving the currency floats between these two .prices
Haitham al Jubouri, member of the Finance Committee in the House of Representatives suggested in a statement to " the world", the adoption of "unrestricted flotation" in the auction ".currency instead of "limiting factor in another context, he warned Haider, from listening to " the distribution of employees ' salaries in dollars, being the calls will raise the prices of goods and the food at the market, do " .not contribute to the stability of the dollar exchange rate the Central Bank of the province and the agency on the Keywords, said at a seminar held yesterday in Baghdad, and was attended by " the world ", that his administration sees banknote" as part of our national identity ,
"noting that" proposals other about why do not you use foreign currency as dollar distribute the salaries of the staff, is the waiver of part " .of national sovereignty regarding the money supply in the domestic market, Haider said it was up to 38 trillion dinars, while pointing out that" the House of Representatives would host the bank 's governor Central to talk about the central plans and policy towards .economic fluctuations and see the head of economic media Center Durgham Muhammad Ali said
"Cancel the difference between the price of the dollar in the central and the market price step is successful, considering that the market price will be variable and rise more, and can not be the time of the bank that is " . controlled by the in terms of maintaining the stability of the market, he said , in connection with" the world "on Sunday, that" the central that uses tools and tightened controls over the sales and cash outlets, as well as for him to increase the number of ports so that creates a short circuit larger with citizen and small " .
traders with regard to the distribution of salaries stressed dollar" that those claims are unrealistic and can not be implemented and are incompatible with the general economic policies of all countries , "adding that" all the countries of the world are trying to combat the phenomenon of dollarization through enhancing the value and prestige of the national currency has, by adopting almost entirely in internal and external dealings. He stressed" the need to adopt policies to support the local currency , which is the backbone of economy column,
they determine the living standards through purchasing power and levels of inflation, which in turn is heavily influenced if they " .were to adopt such a notion and thus exclude Muhammad Ali, acceptance the proposal " ".
in any way Furthermore, the bank 's governor on the Keywords , said at the symposium that " the banknote is part of the identity and sovereignty of the Iraqi state," adding that " the banknote subjected to some kind of forgery and manipulation , it is going on any human feeling that falsifications that prejudice " .entity of the state and its sovereignty he continued:"
it we look at the banknote as part of our national identity , "noting that" proposals that some were fired about why not to use foreign currency as dollar distribute the salaries of the staff is to cede part of the national sovereignty and identity national and therefore we must " .defend this paper either form or content or real value He stressed Keywords on the need to " preserve the paper manipulation and show the proper manner and regulate circulation and stored must be at the highest grades that " .reflect their real value
http://ift.tt/1SdtOXS
Doodlebug: Banking Crisis EXPLODES in Europe on a Sunday Afternoon: AUSTRIA ORDERS FIRST-EVER BANK "BAIL-IN"; TAKES DEPOSITORS MONEY FOR FAILED BANK
12:00 Noon EDT: In a move which could trigger a collapse of European banks, Austria "Bailed-in" a failed bank; seizing depositor money to pay bank debts, leaving citizens broke. This could be the actual start of a complete systemic banking collapse in Europe as panicked citizens, seeing their fellow depositors wiped out in one fell swoop, start pulling their money out of the banking system.
This has "DISASTER" written all over it.
Just over a year ago, a black swan landed in the middle of Europe, in what was then dubbed a "Spectacular Development." In Austria, the "bad bank" of failed Hypo Alpe Adria - the Heta Asset Resolution AG - itself went from good to bad, with its creditors forced into an involuntary "bail-in" following the "discovery" of a $8.5 billion capital hole in its balance sheet primarily related to ongoing deterioration in central and eastern European economies.
Austria had previously nationalized Heta’s predecessor Hypo Alpe-Adria-Bank International six years ago after it nearly collapsed under the bad loans it ran up when it grew rapidly in the former Yugoslavia. Having burnt through €5.5 euros of taxpayers’ money to prop up Hypo Alpe, Finance Minister Hans Joerg Schelling ended support in March 2015, triggering the FMA’s takeover.
This was the first official proposed "Bail-In" of creditors, one that took place before similar ad hoc balance sheet restructuring would take place in Greece and Portugal in the coming months. Or rather, it wasn't a fully executed "Bail-In" for the reason that creditors fought it tooth and nail.
And then today, following a decision by the Austrian Banking Regulator, the Finanzmarktaufsicht or Financial Market Authority, Austria officially became the first European country to use a new law under the framework imposed by Bank the European Recovery and Resolution Directive to share losses of a failed bank with senior creditors as it slashed the value of debt owed by Heta Asset Resolution AG.
The highlights from the announcement:
FMA issues the framework for the resolution of HETA ASSET RESOLUTION AG:
10.4.2016
bail-in, cancellation of interest, harmonisation of maturity dates
Today, the Austrian Financial Market Authority (FMA) in its function as the resolution authority pursuant to the Bank Recovery and Resolution Act (BaSAG - Bundesgesetz über die Sanierung und Abwicklung von Banken) has issued the key features for the further steps for the resolution of HETA ASSET RESOLUTION AG. The most significant measures are:
• a 100% bail-in for all subordinated liabilities,
• a 53.98% bail-in, resulting in a 46.02% quota, for all eligible preferential liabilities,
• the cancellation of all interest payments from 01.03.2015, when HETA was placed into resolution pursuant to BaSAG,
• as well as a harmonisation of the maturities of all eligible liabilities to 31.12.2023.
According to the current resolution plan for HETA, the wind-down process should be concluded by 2020, although the repayment of all claims as well as the legally binding conclusion of all currently outstanding legal disputes will realistically only be concluded by the end of 2023. Only at that point will it be possible to finally distribute the assets and to liquidate the company.
“While the application of the new European recovery and resolution framework for banks is unchartered territory both in legal and practical terms, we are on target with the resolution of HETA and are also making satisfactory progress in relation to the realisation of its assets”, the FMA’s Executive Board, Helmut Ettl and Klaus Kumpfmüller commented: “The measures that have been prescribed under BaSAG form the basic structure for an orderly resolution, and fully satisfy the aims of the European resolution regime - namely to guarantee financial market stability, to protect taxpayers and to bail-in creditors. Moreover, this package of measures also ensures the equal treatment of creditors. Orderly resolution is more advantageous than insolvency proceedings.”
This resolution plan builds upon an opinion by an external auditing company appointed by the FMA, which has valued and estimated, based on the resolution planning for HETA, using very conservative assumptions by how much the claims of the creditors will exceed the assets of HETA. Following the deduction of the outlay in relation to resolution, the quota will stand at 46.02%. In addition, an opinion estimated a distribution quota of 34.8% in the best-case scenario in the event of insolvency proceedings. Resolution under BaSAG is therefore clearly more advantageous for all concerned.
Although the maturity of all eligible liabilities was set as 31.12.2023 at the latest, the FMA retains the option to make partial pay-outs on a voluntary basis at an earlier date.
Shortly before the emergency administrative decision of 10.4.2016, in which the resolution measures under BaSAG were issued, the FMA published the administrative decision in relation to the challenge procedure in relation to the decision of 01.03.2015, in which HETA was placed into resolution under BaSAG and a debt moratorium prescribed until 31.5.2016. In the administrative decision in relation to the challenge procedure (Vorstellungsbescheid), the FMA recognises and examines all the challenges submitted during the ordinary administrative proceedings, with the result that the content of the emergency administrative decision (Mandatsbescheid) remains fully binding. The creditors may submit complaints in relation to the administrative decision about the challenge procedure to the Federal Administrative Court (Bundesverwaltungsgericht).
Challenges may be submitted to the FMA against the emergency administrative decision of 10.4.2016, which sets out the significant resolution actions under BaSAG, within three months. If applicable, the FMA will initiate ordinary administrative proceedings, will recognise and examine the submitted challenges and will then issue an administrative decision in relation to the challenge procedure.
The text of the emergency administrative decision (Mandatsbescheid) can be downloaded from the FMA website at:
http://ift.tt/1VQmCA4
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516
LINK
via Dinar Recaps - Our Blog http://ift.tt/22rG7z7
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