Friday, July 1, 2011
Update ~ UN Security Council and Iraq ~ UNSC welcomes Iraq's assumption of "full" autonomy over DFI proceeds ...
Previous post ~ http://articlesofinterest-kelley.blogspot.com/2011/06/iraq-and-un-security-council-welcomes.htmlSnip ~ "He finally said that Iraq will continue its serious attempts to settle its foreign debts in accordance with the Paris Club agreement that was signed in November 2004"
Friday, July 1, 2011
UNSC welcomes Iraq's assumption of "full" autonomy over DFI proceeds ...
United Nations, As the UN supervision of the Development Fund for Iraq (DFI) ended Thursday at midnight, the UN Security Council (UNSC) welcomed Iraq's establishment of a successor arrangement for the transition, and its assumption of full autonomy over the Fund's proceeds as of July 1st.
In a statement to the press hours before the expiration period, the Council President, Gabon, late Thursday said the Council members "welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq, consistent with resolution 1956" adopted last year.
The Council decided last December in that resolution to terminate, on June 30 2011, the UN supervision of depositing into the DFI proceeds from Iraqi oil and natural gas sales, and called on Baghdad to finalize the "full and effective" transition to a post DFI mechanism, including external auditing arrangements, and to continue to pay the five percent to the victims of the Iraqi invasion of Kuwait in 1990. see:http://articlesofinterest-kelley.blogspot.com/2011/06/july-1st-iraq-to-resume-paying-war.html
"The members of the Security Council noted that, in this regard, oversight of the full proceeds from the Development Fund for Iraq has been transferred from the International Advisory and Monitoring Board (IAMB) to the Government of Iraq's Committee of Financial Experts (COFE), which will exercise authority in accordance with its terms of reference approved by Iraq's Council of Ministers." the Council statement said.
The Council set up the DFI in May 2003 so that oil and other revenues could be paid into it, to be disbursed at the discretion of the then US-led Provisional Authority for humanitarian and economic reconstruction of Iraq, replacing the previous oil-for-food programme that allowed the former Iraqi regime, which was under UN sanctions for invading neighbouring Kuwait in 1990, to use some oil revenues for humanitarian purposes.
"The members of the Security Council reiterated their welcome of the ongoing efforts and commitment by the Government of Iraq to ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity," the statement added.
The Council also "underscored the importance of Iraq's continued compliance" with relevant resolutions, namely resolution 1483 of 2003 which said "5 per cent of the proceeds "shall be deposited into the Compensation Fund established" in 1991.
This requirement shall be binding on a properly constituted, internationally recognized, representative government of Iraq and any successor (government.)" Iraqi Foreign Minister Hoshyar Zebari informed the Security Council President in mid-June that his Government has taken the necessary arrangements for the post DFI, including for the five percent of oil sales to be deposited in the Geneva-based Compensation Fund.
Zebari annexed to his letter a report containing measures and decisions Baghdad took towards a "full and effective" transition to a post-Development Fund mechanism that will enable Iraq to fulfill its obligations under relevant Council resolutions.
"We should like to inform the Security Council that the Government of Iraq has completed the arrangements that will ensure full and effective transition to such a mechanism," Zebari wrote in his letter.
Those measures, he indicated, include arrangements for the external auditing of accounts; Deduction of the 5 per cent compensation percentage "or any other lesser percentage;" and settlement of the foreign debts of Iraq.
He explained that in replacement of the DFI account, a new account will be opened in the name of the Government of Iraq, to be held by the Central Bank of Iraq at the US Federal Reserve Bank, and transfer will be made to that new account of all the financial assets currently held in the DFI and any other Iraqi Government assets.
Concerning proceeds from export sales of oil and natural gas, he said the UN Secretariat "will be consulted with a view to finding a transparent mechanism to ensure that 5 per cent or any other lesser percentage is deducted and deposited to the UN Compensation Fund." This will also ensure that Iraq will be able to continue to meet its UN obligations, he said.
As to the arrangements for the external auditing, Zebari said a request was made and proposals were received from four firms to audit the DFI successor account. They are Ernst Young; PricewaterhouseCoopers; KPMG; and Deloitte. see:http://articlesofinterest-kelley.blogspot.com/2011/06/june-30july-1st-report-of-government-of.html
Among other arrangements, he said, the Iraqi Committee of Financial Experts will replace the International Advisory and Monitoring Board (IAMB) starting July 1, 2011.
He finally said that Iraq will continue its serious attempts to settle its foreign debts in accordance with the Paris Club agreement that was signed in November 2004. http://articlesofinterest-kelley.blogspot.com/2011/04/iraq-central-bank-assisted-by-imf-and.htmlhttp://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2177433&Language=en
Among other arrangements, he said, the Iraqi Committee of Financial Experts will replace the International Advisory and Monitoring Board (IAMB) starting July 1, 2011.
He finally said that Iraq will continue its serious attempts to settle its foreign debts in accordance with the Paris Club agreement that was signed in November 2004. http://articlesofinterest-kelley.blogspot.com/2011/04/iraq-central-bank-assisted-by-imf-and.htmlhttp://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2177433&Language=en
Iraq development fund receives the files, after eight years
Iraq development fund receives the files, after eight years
Side of the press conference held by the Committee of Financial Experts
01.07.2011
After eight years of monitoring and supervision of the International, received the Committee of Financial Experts Iraqi files, the Development Fund for Iraq after the end of the mandate of the International Advisory and Monitoring on 30 June, on the basis of Security Council resolution No. 1956 issued in 2010. The head of the Supreme Audit of Iraq, and Chairman of the Committee of Financial Experts Dr. Abdul Basit Turki delivery process will restore the historic event of the absolute sovereignty of Iraq on his money, noting that what happened to the Iraqi government will seriously thought out of the provisions of Chapter VII under the protection of the U.S. that will continue for a period of one year.
President of the Board of Supreme Audit of Iraq Abdul-Basit Turki
Told the official Iraqi financial came during a press conference held Turkey on Thursday evening in the Jordanian capital Amman after the completion of a series of meetings between the Committee of Financial Experts of Iraq and the International Advisory and Monitoring Board for two days. In response to a question by Radio Free Iraq on the main challenges that face the work of the Committee of Financial Experts Iraqi , said Turki, the Commission should adopt the same mechanism adopted by the Council of the International Advisory and Monitoring Board, and it must do its job on a high degree of efficiency, transparency, integrity and clarity by drawing on the reports of the companies, international auditing. and about the fate of Iraqi funds, which withdrew from the Development Fund for Iraq in the period CPA civil American took over management of Paul Bremer and the $ 17 billion and a half billion dollars and the efforts of the Iraqi government disclosed, said a Turkish contacts were underway between the Committee of Ministers of Iraq, which recently formed for the purpose of investigating the fate of the money and the U.S. Special Inspector General for Iraq Reconstruction, referring to the The committee is trying hard to get to the facts through the mechanism to track. participated in the meetings of experts from the Office of Financial Supervision, and the members of the Committee of Financial Experts, in addition to the members of the International Advisory and Monitoring, and representatives of the Secretary General of the United Nations and the International Monetary Fund and the World Bank and the Arab Fund for Economic Development and social and Deputy Inspector General, the U.S. and the representative of Iraq in the said Council. It is said that the Committee of Financial Experts of Iraq was established in 04.01.2007 According to the decision of the Council of Ministers in order to be an organ supervisory substitute for the Council of the International Advisory and Monitoring Board, which was supervised by over eight years ago on spending of public funds Iraqi derived from the production and export of oil and oil products, which were deposited in the accounts, "Bank of the U.S. Federal Reserve," in New York, which was enjoying international immunity based on the UN Security Council resolutions passed after the fall of the former regime, the establishment of the Development Fund for Iraq. more details in the audio file.
Told the official Iraqi financial came during a press conference held Turkey on Thursday evening in the Jordanian capital Amman after the completion of a series of meetings between the Committee of Financial Experts of Iraq and the International Advisory and Monitoring Board for two days. In response to a question by Radio Free Iraq on the main challenges that face the work of the Committee of Financial Experts Iraqi , said Turki, the Commission should adopt the same mechanism adopted by the Council of the International Advisory and Monitoring Board, and it must do its job on a high degree of efficiency, transparency, integrity and clarity by drawing on the reports of the companies, international auditing. and about the fate of Iraqi funds, which withdrew from the Development Fund for Iraq in the period CPA civil American took over management of Paul Bremer and the $ 17 billion and a half billion dollars and the efforts of the Iraqi government disclosed, said a Turkish contacts were underway between the Committee of Ministers of Iraq, which recently formed for the purpose of investigating the fate of the money and the U.S. Special Inspector General for Iraq Reconstruction, referring to the The committee is trying hard to get to the facts through the mechanism to track. participated in the meetings of experts from the Office of Financial Supervision, and the members of the Committee of Financial Experts, in addition to the members of the International Advisory and Monitoring, and representatives of the Secretary General of the United Nations and the International Monetary Fund and the World Bank and the Arab Fund for Economic Development and social and Deputy Inspector General, the U.S. and the representative of Iraq in the said Council. It is said that the Committee of Financial Experts of Iraq was established in 04.01.2007 According to the decision of the Council of Ministers in order to be an organ supervisory substitute for the Council of the International Advisory and Monitoring Board, which was supervised by over eight years ago on spending of public funds Iraqi derived from the production and export of oil and oil products, which were deposited in the accounts, "Bank of the U.S. Federal Reserve," in New York, which was enjoying international immunity based on the UN Security Council resolutions passed after the fall of the former regime, the establishment of the Development Fund for Iraq. more details in the audio file.
Scooter Chat: Great info and Currency Books
I received my own "intel" on the new currency books yesterday from a very trustworthy and reliable friend (you know who you are) but I wasn't going to post it. Here, you will see Scooter reference the very site and info I was given... This IMO is GREAT NEWS! Preparations are taking place!
[3:58:26 AM]Scooter: Let's try that
[3:58:27 AM]Scooter: OK
[3:58:31 AM]MrRich: trying
[3:58:32 AM]MrRich: lol
[3:58:33 AM] BanG: Im here
[3:58:38 AM]Scooter: hahahahah
[3:58:42 AM] Scooter: OK
[3:59:16 AM] Scooter: that article is saying, essentially that they will be mimicking their structural changes very similar to the USD
[3:59:35 AM] Scooter: whereby the 100 dollar bill or the 100 dinar bill
[3:59:36 AM]Scooter: but remember
[3:59:47 AM] Scooter: what's real
[3:59:48 AM]MrRich: there is no 100 dinar bil
[3:59:49 AM]Scooter: nothing bad
[3:59:55 AM]Scooter: hold on
[4:02:16 AM] Scooter: and yes inflation is rising quickly
[4:02:18 AM] Scooter: in iraq
[4:02:30 AM] BanG: Yes that is the question I thought you were asking me a new Q? Do you think this is the RV?
[4:02:54 AM] BanG: regarding the 100
[4:02:57 AM]Scooter: no
[4:02:59 AM] Scooter: not at all
[4:03:07 AM] Scooter: What they are saying is this
[4:03:07 AM]Scooter: one
[4:03:30 AM] Scooter: they will mimic in allot of way to the USD format with their hundred series notes
[4:03:51 AM] Scooter: largely because they just entered the Arab Monetary Fund
[4:03:58 AM] Scooter: This fund has 21 countries
[4:03:59 AM] MrRich: so they're going to introduce 100 notes?
[4:04:14 AM] Scooter: and most of those countries are pegged to the USD
[4:04:14 AM] Scooter: so
[4:04:26 AM] Scooter: for payment systems with large transactions
[4:04:55 AM] Scooter: they needed to have similar notes and format to their neighbors
[4:05:18 AM] Scooter: has nothing to do other than meeting the requirements of the electronic trading
[4:05:32 AM] Scooter: particularly with the Thompson Reuters software
[4:05:44 AM] Scooter: They wouldn't be able to trade
[4:05:56 AM] Scooter: they would have 15 decimal places over
[4:06:03 AM] Scooter: similar to Iran
[4:06:19 AM] BanG: Would you say that this is a positive step forward? Are we heading towards an RV with this move?
[4:06:25 AM] Scooter: the part that is interesting today is the fact that 248 minutes ago
[4:06:31 AM] Scooter: the DFI was released
[4:06:44 AM] Scooter: and the international immunity gone
[4:06:52 AM] MrRich: no extension?
[4:06:54 AM] Scooter: now the protections fall on US Soil
[4:07:00 AM] Scooter: oh yea
[4:07:04 AM] Scooter: the President did
[4:07:12 AM] Scooter: This is AWESOME news
[4:07:18 AM] Scooter: everything is going according to plan
[4:07:23 AM] Scooter: I'm stunned actually u
[4:07:32 AM] Scooter: it seems to be going to well
[4:07:38 AM] Scooter: waiting for the bomb to drop
[4:07:42 AM] Scooter: you know what I mean
[4:07:48 AM] Scooter: too many times getting excited
[4:07:53 AM] Scooter: nevertheless
[4:07:57 AM] Scooter: the other good thing
[4:08:08 AM] Scooter: the MRI booklet was released to the banks
[4:08:24 AM] Scooter: one minute -- because you will dig this part
[4:08:40 AM] Scooter: http://www.mriguide.com/updates.htm
[4:09:01 AM] Scooter: http://www.mriguide.com/
[4:09:04 AM] Scooter: now
[4:09:14 AM] Scooter: first thing
[4:09:33 AM] Scooter: How can the banks have the 100,000 note information
[4:09:38 AM] Scooter: if the parliament
[4:09:56 AM] Scooter: hasn't voted on it
[4:10:03 AM] Scooter: or for that matter
[4:10:12 AM] Scooter: the lower denoms
[4:10:25 AM] Scooter: Essentially, these bastards have been lying to us
[4:10:29 AM] Scooter: hahahahaha
[4:10:31 AM] Scooter: it means
[4:10:41 AM] Scooter: they've already voted on the lower denoms and the larger notes
[4:10:43 AM] Scooter: hahahahahhahha
[4:10:50 AM] Scooter: this just kills me
[4:10:51 AM]MrRich: that's what Highlander told us
[4:10:58 AM] Scooter: exactly
[4:11:12 AM] Scooter: she's the one that showed me today
[4:11:14 AM] Scooter: hahahah
[4:11:23 AM] Scooter: and she rubbed it in my face
[4:11:23 AM] Scooter: lol
[4:11:26 AM] Scooter: lol
[4:11:37 AM] BanG: lol
[4:11:40 AM] MrRich:
[4:11:54 AM] Scooter: Precisely
[4:12:01 AM] Scooter: also
[4:12:19 AM] Scooter: Forex isn't behaving normally
[4:12:31 AM] Scooter: the Suisse is going opposite of the Euro
[4:12:43 AM] Scooter: the Euro is blasting upward
[4:13:08 AM] Scooter: and Oil and commodities just can't figure out what the hell to do
[4:13:13 AM] Scooter: people are lost right now
[4:13:21 AM] Scooter: the trends aren't there
[4:13:26 AM] Scooter: here
[4:13:31 AM] Scooter: I'll show you what I mean
[4:14:00 AM] Scooter: http://www.dailyfx.c...ar_is_weak.html
[4:14:15 AM] Scooter: It's bizarre behavior
[4:14:29 AM] Scooter: because there's divergence between the Euro and the GBP
[4:14:35 AM] Scooter: that rarely, rarely occurs
[4:14:39 AM] Scooter: but
[4:14:51 AM] Scooter: there's allot of things surrounding Greece
[4:14:59 AM] Scooter: Who knows
[4:15:06 AM] Scooter: but intend to follow the money flows
[4:15:20 AM] Scooter: I hope that helps
[4:15:26 AM] Scooter: because I need to go to bed
[4:15:27 AM] Scooter: lol
[4:15:46 AM] BanG: Thanks man have a good night. Peace.
[4:15:56 AM] Scooter: I hope that helped
[4:16:32 AM] Scooter: lol
[4:16:34 AM] Scooter: lol
[4:16:34 AM] Scooter: sorry
[4:16:37 AM] BanG: ahhh
[4:16:38 AM] BanG: lol
[4:17:01 AM] MrRich: so bottom line, you're happy with today's news but no RV?
[4:17:10 AM] BanG: YES
[4:17:17 AM] Scooter: MrRich 240 minutes ago
[4:17:25 AM] Scooter: they were released
[4:17:32 AM] Scooter: how could they RV
[4:17:50 AM] Scooter: if they were still under the Chpt 7 immunity protection
[4:17:55 AM] Scooter: they couldn't
[4:18:06 AM] MrRich: but now they're not so they can
[4:18:20 AM] Scooter: In theory ---
[4:18:23 AM] Scooter: YES
[4:19:12 AM] Scooter: once the immunity is erased -- and based on the words regarding the demarcation lines with Kuwait
[4:19:24 AM] Scooter: I'm excited
[4:19:33 AM] Scooter: and when Highlander called me with that link
[4:19:44 AM] Scooter: I got a bit more excited
[4:20:09 AM] Scooter: because that means those bastards voted on the issuance of the lower denoms a long time ago
[4:20:12 AM] Scooter: lol
[4:20:13 AM] Scooter: lol
[4:20:29 AM] MrRich: Okay, I guess I'm just confused on the DFI thing ...
[4:20:48 AM] BanG: http://dinardater.in..._5485#entry5485
[4:20:49 AM] MrRich: how can it be extended and released at the same time?
[4:21:17 AM] Scooter: two different things
[4:21:24 AM] BanG: ok
[4:21:32 AM] Scooter: the EO is a US only order
[4:21:39 AM] Scooter: the Chpt 7
[4:21:45 AM] Scooter: is international release
[4:21:51 AM] Scooter: from UN
[4:21:54 AM] Scooter: see
[4:21:58 AM] BanG: yes
[4:22:04 AM] Scooter: Iraq needs protection
[4:22:23 AM] Scooter: and the US would be the only player in the world that could grant them this immunity
[4:22:28 AM] Scooter: and protection
[4:22:34 AM] Scooter: those funds
[4:22:38 AM] Scooter: would have been raide
[4:22:42 AM] Scooter: raided
[4:22:53 AM] Scooter: and the country completely illiquified
[4:22:56 AM] Scooter: instantly
[4:22:59 AM] MrRich: so that's what highlander was referring to last night about Iraq's legal defense team?
[4:23:06 AM] Scooter: hahaahh
[4:23:06 AM] Scooter: yesw
[4:23:08 AM] Scooter: yes
[4:23:12 AM] MrRich: US
[4:23:26 AM] Scooter: Precisely -- in so many words
[4:23:27 AM] Scooter: yes
[4:23:36 AM] MrRich: that's what the EO was about
[4:23:54 AM] MrRich: They're no longer immune but we've got their back
[4:24:00 AM] Scooter: The extension of the EO is completely about protecting the assets of Iraq -- number one
[4:24:02 AM] Scooter: two
[4:24:22 AM] Scooter: It gives the US the leverage against these folks in the future
[4:24:34 AM] Scooter: for a very very long future
[4:24:35 AM] Scooter: lol
[4:25:01 AM] Scooter: The withdrawal agreement says it best too
[4:25:19 AM] Scooter: it's all about controlling that country and its future
[4:25:28 AM] Scooter: and that control comes out of Washington
[4:25:31 AM] Scooter: hahahah
[4:25:38 AM] MrRich: ok
[4:25:38 AM] Scooter: It just keeeeels me
[4:25:46 AM] Scooter: believe it or not
[4:25:48 AM] Scooter: they'
[4:26:03 AM] Scooter: the US has done something similar in every war
Posted Today, 03:49 AM
Scooter chat on the articles below, explains where we’re at right now. Enjoy.
Scooter chat on the articles below, explains where we’re at right now. Enjoy.
CBI decides to restructure the Iraqi currency
Nboalabaria | -
Central Bank of Iraq, “he decided to restructure the local currency in order to develop the payment system in the country.
Central Bank of Iraq, “he decided to restructure the local currency in order to develop the payment system in the country.
The appearance of Mohammed Saleh, “The Central Bank of Iraq has decided to start the execution of the strategic and long-term specialized restructuring of the local currency to the development of the payments system in Iraq.
He added that the central bank will raise the level of local currency and the currencies of developing a new approach to reach U.S. $ 100, which would address the economic gap in the financial payments system in the country.
He said the project for restructuring the local currency, which started gradually need to support the government and Parliament that it will hold purchasing power compared Palmdjulat economic development.
LINK
Section Economic News Added by nabaa Views 54 Date Added 22/06/2011 – 03:41 Last Updated 01/07/2011 – 08:46 Nboalabaria | – Ahmed Gomaa
He is an economist “on the need to study the decision before the issuance and especially economic because it reflected negatively in the future if it were not informed the right way, and expected rise in property prices because of the advance (100) salary.
Said one expert, “The decision to distribute loans will raise real estate prices due to increased demand and tight supply.”
It is noteworthy that the Ministry of Finance plans to launch an advance “100 Pay” soon,
The expert explained: “The economic decisions must be studied to find out what are the implications of pumping billions of dinars on the Iraqi market and on inflation, calling for the need fits in with the amounts provided to the actual production.”
And referred to the “government to not possess a coefficient of construction materials so that they can control prices, however, now become the private sector here and parasites will enter the market and will show negative effects on the economy.”
He is an economist “on the need to study the decision before the issuance and especially economic because it reflected negatively in the future if it were not informed the right way, and expected rise in property prices because of the advance (100) salary.
Said one expert, “The decision to distribute loans will raise real estate prices due to increased demand and tight supply.”
It is noteworthy that the Ministry of Finance plans to launch an advance “100 Pay” soon,
The expert explained: “The economic decisions must be studied to find out what are the implications of pumping billions of dinars on the Iraqi market and on inflation, calling for the need fits in with the amounts provided to the actual production.”
And referred to the “government to not possess a coefficient of construction materials so that they can control prices, however, now become the private sector here and parasites will enter the market and will show negative effects on the economy.”
Section Economic News Added by nabaa Views 24 Date Added 01/06/2011 – 05:35 Last Updated 01/07/2011 – 00:50
News news | – monitor
A member of the Finance Committee in the House of Representatives Ibrahim al-Mutlaq said the parliament will discuss after the end of his vacation mid-month bill pay scale for new employees.
News news | – monitor
A member of the Finance Committee in the House of Representatives Ibrahim al-Mutlaq said the parliament will discuss after the end of his vacation mid-month bill pay scale for new employees.
Mutlaq said that (the Commission and after a study of staff salaries and stood on the many cases to accommodate the audit, including the lack of differences in salaries between those with graduate degrees and salaries of employees simple do not hold qualifications to receive such salaries, and this point we noticed oppressive great for the owners of certificates and qualifications to the committee decided to reconsider the subject and give them their rights). He said al-Mutlaq said the Committee (which discusses the peace of the new salaries and the development of its clauses decided taking into account the length of service, severity and type of work and Almath which are also very important calculates salaries according Aaleghanon new) He said (a lot of employees who receive far higher salaries may resort to reduction of their salaries to achieve justice and will be put the law into effect after a debate in parliament).
And on the increase that will occur on the salaries of staff, said al-Mutlaq (I can refer to that because we in the Commission seek to be a new peace in the interest of state employees in line with their pension).
He said al-Mutlaq said (the Commission is serious also in the introduction of a Bill retired New on the House floor after the recess the middle of this month and is the most prominent features of equal pensions before 2006 with retired after this date and this will lead to half the largest segment of retirees will increase their salaries
LINK
[3:58:26 AM]Scooter: Let's try that
[3:58:27 AM]Scooter: OK
[3:58:31 AM]MrRich: trying
[3:58:32 AM]MrRich: lol
[3:58:33 AM] BanG: Im here
[3:58:38 AM]Scooter: hahahahah
[3:58:42 AM] Scooter: OK
[3:59:16 AM] Scooter: that article is saying, essentially that they will be mimicking their structural changes very similar to the USD
[3:59:35 AM] Scooter: whereby the 100 dollar bill or the 100 dinar bill
[3:59:36 AM]Scooter: but remember
[3:59:47 AM] Scooter: what's real
[3:59:48 AM]MrRich: there is no 100 dinar bil
[3:59:49 AM]Scooter: nothing bad
[3:59:55 AM]Scooter: hold on
[4:02:16 AM] Scooter: and yes inflation is rising quickly
[4:02:18 AM] Scooter: in iraq
[4:02:30 AM] BanG: Yes that is the question I thought you were asking me a new Q? Do you think this is the RV?
[4:02:54 AM] BanG: regarding the 100
[4:02:57 AM]Scooter: no
[4:02:59 AM] Scooter: not at all
[4:03:07 AM] Scooter: What they are saying is this
[4:03:07 AM]Scooter: one
[4:03:30 AM] Scooter: they will mimic in allot of way to the USD format with their hundred series notes
[4:03:51 AM] Scooter: largely because they just entered the Arab Monetary Fund
[4:03:58 AM] Scooter: This fund has 21 countries
[4:03:59 AM] MrRich: so they're going to introduce 100 notes?
[4:04:14 AM] Scooter: and most of those countries are pegged to the USD
[4:04:14 AM] Scooter: so
[4:04:26 AM] Scooter: for payment systems with large transactions
[4:04:55 AM] Scooter: they needed to have similar notes and format to their neighbors
[4:05:18 AM] Scooter: has nothing to do other than meeting the requirements of the electronic trading
[4:05:32 AM] Scooter: particularly with the Thompson Reuters software
[4:05:44 AM] Scooter: They wouldn't be able to trade
[4:05:56 AM] Scooter: they would have 15 decimal places over
[4:06:03 AM] Scooter: similar to Iran
[4:06:19 AM] BanG: Would you say that this is a positive step forward? Are we heading towards an RV with this move?
[4:06:25 AM] Scooter: the part that is interesting today is the fact that 248 minutes ago
[4:06:31 AM] Scooter: the DFI was released
[4:06:44 AM] Scooter: and the international immunity gone
[4:06:52 AM] MrRich: no extension?
[4:06:54 AM] Scooter: now the protections fall on US Soil
[4:07:00 AM] Scooter: oh yea
[4:07:04 AM] Scooter: the President did
[4:07:12 AM] Scooter: This is AWESOME news
[4:07:18 AM] Scooter: everything is going according to plan
[4:07:23 AM] Scooter: I'm stunned actually u
[4:07:32 AM] Scooter: it seems to be going to well
[4:07:38 AM] Scooter: waiting for the bomb to drop
[4:07:42 AM] Scooter: you know what I mean
[4:07:48 AM] Scooter: too many times getting excited
[4:07:53 AM] Scooter: nevertheless
[4:07:57 AM] Scooter: the other good thing
[4:08:08 AM] Scooter: the MRI booklet was released to the banks
[4:08:24 AM] Scooter: one minute -- because you will dig this part
[4:08:40 AM] Scooter: http://www.mriguide.com/updates.htm
[4:09:01 AM] Scooter: http://www.mriguide.com/
[4:09:04 AM] Scooter: now
[4:09:14 AM] Scooter: first thing
[4:09:33 AM] Scooter: How can the banks have the 100,000 note information
[4:09:38 AM] Scooter: if the parliament
[4:09:56 AM] Scooter: hasn't voted on it
[4:10:03 AM] Scooter: or for that matter
[4:10:12 AM] Scooter: the lower denoms
[4:10:25 AM] Scooter: Essentially, these bastards have been lying to us
[4:10:29 AM] Scooter: hahahahaha
[4:10:31 AM] Scooter: it means
[4:10:41 AM] Scooter: they've already voted on the lower denoms and the larger notes
[4:10:43 AM] Scooter: hahahahahhahha
[4:10:50 AM] Scooter: this just kills me
[4:10:51 AM]MrRich: that's what Highlander told us
[4:10:58 AM] Scooter: exactly
[4:11:12 AM] Scooter: she's the one that showed me today
[4:11:14 AM] Scooter: hahahah
[4:11:23 AM] Scooter: and she rubbed it in my face
[4:11:23 AM] Scooter: lol
[4:11:26 AM] Scooter: lol
[4:11:37 AM] BanG: lol
[4:11:40 AM] MrRich:
[4:11:54 AM] Scooter: Precisely
[4:12:01 AM] Scooter: also
[4:12:19 AM] Scooter: Forex isn't behaving normally
[4:12:31 AM] Scooter: the Suisse is going opposite of the Euro
[4:12:43 AM] Scooter: the Euro is blasting upward
[4:13:08 AM] Scooter: and Oil and commodities just can't figure out what the hell to do
[4:13:13 AM] Scooter: people are lost right now
[4:13:21 AM] Scooter: the trends aren't there
[4:13:26 AM] Scooter: here
[4:13:31 AM] Scooter: I'll show you what I mean
[4:14:00 AM] Scooter: http://www.dailyfx.c...ar_is_weak.html
[4:14:15 AM] Scooter: It's bizarre behavior
[4:14:29 AM] Scooter: because there's divergence between the Euro and the GBP
[4:14:35 AM] Scooter: that rarely, rarely occurs
[4:14:39 AM] Scooter: but
[4:14:51 AM] Scooter: there's allot of things surrounding Greece
[4:14:59 AM] Scooter: Who knows
[4:15:06 AM] Scooter: but intend to follow the money flows
[4:15:20 AM] Scooter: I hope that helps
[4:15:26 AM] Scooter: because I need to go to bed
[4:15:27 AM] Scooter: lol
[4:15:46 AM] BanG: Thanks man have a good night. Peace.
[4:15:56 AM] Scooter: I hope that helped
[4:16:32 AM] Scooter: lol
[4:16:34 AM] Scooter: lol
[4:16:34 AM] Scooter: sorry
[4:16:37 AM] BanG: ahhh
[4:16:38 AM] BanG: lol
[4:17:01 AM] MrRich: so bottom line, you're happy with today's news but no RV?
[4:17:10 AM] BanG: YES
[4:17:17 AM] Scooter: MrRich 240 minutes ago
[4:17:25 AM] Scooter: they were released
[4:17:32 AM] Scooter: how could they RV
[4:17:50 AM] Scooter: if they were still under the Chpt 7 immunity protection
[4:17:55 AM] Scooter: they couldn't
[4:18:06 AM] MrRich: but now they're not so they can
[4:18:20 AM] Scooter: In theory ---
[4:18:23 AM] Scooter: YES
[4:19:12 AM] Scooter: once the immunity is erased -- and based on the words regarding the demarcation lines with Kuwait
[4:19:24 AM] Scooter: I'm excited
[4:19:33 AM] Scooter: and when Highlander called me with that link
[4:19:44 AM] Scooter: I got a bit more excited
[4:20:09 AM] Scooter: because that means those bastards voted on the issuance of the lower denoms a long time ago
[4:20:12 AM] Scooter: lol
[4:20:13 AM] Scooter: lol
[4:20:29 AM] MrRich: Okay, I guess I'm just confused on the DFI thing ...
[4:20:48 AM] BanG: http://dinardater.in..._5485#entry5485
[4:20:49 AM] MrRich: how can it be extended and released at the same time?
[4:21:17 AM] Scooter: two different things
[4:21:24 AM] BanG: ok
[4:21:32 AM] Scooter: the EO is a US only order
[4:21:39 AM] Scooter: the Chpt 7
[4:21:45 AM] Scooter: is international release
[4:21:51 AM] Scooter: from UN
[4:21:54 AM] Scooter: see
[4:21:58 AM] BanG: yes
[4:22:04 AM] Scooter: Iraq needs protection
[4:22:23 AM] Scooter: and the US would be the only player in the world that could grant them this immunity
[4:22:28 AM] Scooter: and protection
[4:22:34 AM] Scooter: those funds
[4:22:38 AM] Scooter: would have been raide
[4:22:42 AM] Scooter: raided
[4:22:53 AM] Scooter: and the country completely illiquified
[4:22:56 AM] Scooter: instantly
[4:22:59 AM] MrRich: so that's what highlander was referring to last night about Iraq's legal defense team?
[4:23:06 AM] Scooter: hahaahh
[4:23:06 AM] Scooter: yesw
[4:23:08 AM] Scooter: yes
[4:23:12 AM] MrRich: US
[4:23:26 AM] Scooter: Precisely -- in so many words
[4:23:27 AM] Scooter: yes
[4:23:36 AM] MrRich: that's what the EO was about
[4:23:54 AM] MrRich: They're no longer immune but we've got their back
[4:24:00 AM] Scooter: The extension of the EO is completely about protecting the assets of Iraq -- number one
[4:24:02 AM] Scooter: two
[4:24:22 AM] Scooter: It gives the US the leverage against these folks in the future
[4:24:34 AM] Scooter: for a very very long future
[4:24:35 AM] Scooter: lol
[4:25:01 AM] Scooter: The withdrawal agreement says it best too
[4:25:19 AM] Scooter: it's all about controlling that country and its future
[4:25:28 AM] Scooter: and that control comes out of Washington
[4:25:31 AM] Scooter: hahahah
[4:25:38 AM] MrRich: ok
[4:25:38 AM] Scooter: It just keeeeels me
[4:25:46 AM] Scooter: believe it or not
[4:25:48 AM] Scooter: they'
[4:26:03 AM] Scooter: the US has done something similar in every war
Iraq takes over billions in oil revenue set aside by U.N.
July 1, 2011 -- Updated 1341 GMT (2141 HKT)
The Iraqi flag flutters at the opening of the second refinery for crude oil in Al-Dora complex in Baghdad on September 16, 2010.
"The members of the Security Council welcomed the Government of Iraq's establishment of a successor arrangement for the transition of the Development Fund for Iraq," the United Nations said in a statement released Thursday.(CNN) -- Iraq took control Friday of billions of dollars in oil revenues set aside by the United Nations following the 2003 U.S.-led invasion that toppled Saddam Hussein, money intended to be used build up the country's economy.
The U.N. Security Council hand over of the Development Fund for Iraq is considered a milestone for Iraqi autonomy, which comes as the United States prepares to withdraw its roughly 47,000 troops from the country by the end of the year.
The fund will be turned over to an Iraqi committee of financial experts that will operate under terms approved by Iraq's Council of Ministers, it said.
In the statement, the Security Council reiterated the commitment by Iraq to "ensure that oil revenue is used in the interests of the Iraqi people, and to ensure that transition arrangements remain consistent with the constitution and with international best practices in respect of transparency, accountability and integrity."
A 2003 Security Council resolution that created the development fund requires 5% of Iraq's oil revenue be used to pay reparations, primarily Kuwaiti claims that arose from the 1991 Gulf War.
In December, the Security Council lifted all but a few sanctions put in place prior to the invasion. Among the issues to still be resolved: war reparations to Kuwait, the demarcation of the Iraqi-Kuwait border and efforts to locate missing Kuwaitis and third-party nationals.
Juni: Regarding EO 13303 Extension
Dinar friends,
This is nothing to worry about.
I was expecting them to come out with something regarding the Notice of Continuation today, because I believe there was a legal question concerning the legal authority to continue protection by the executive order, when the UN Resolution that underpins it is expired. If you recall, the Continuation that Obama signed in May ACTUALLY WAS (and IS) FOR ONE YEAR. He mentioned in an address (letter) to CONGRESS, that he would “evaluate” whether to continue it or not on June 30th. The reason he said this was because of the aforementioned legal question. Apparently, they have figured a way to continue it, regardless of the UN Resolution expiring today.
I believe this is how. Notice the following in the announcement that came out today:
Quote
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.
Now look at the actual text of the Continuation of EO 13303 he signed in May:
Quote
Because the obstacles to the orderly reconstruction of Iraq, the restoration and
maintenance of peace and security in the country, and the development of political,
administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary
threat to the national security and foreign policy of the United States, the national emergency
declared in Executive Order 13303, as modified in scope and relied upon for additional steps
taken in Executive Orders 13315, 13350, 13364, and 13438, must continue in effect beyond
May 22, 2011.
maintenance of peace and security in the country, and the development of political,
administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary
threat to the national security and foreign policy of the United States, the national emergency
declared in Executive Order 13303, as modified in scope and relied upon for additional steps
taken in Executive Orders 13315, 13350, 13364, and 13438, must continue in effect beyond
May 22, 2011.
Keep in mind that this ‘media note’ from the State Department is not a legal document. It is just an announcement that (imho) they have evaluated the legality of continuing the protection of the accounts (the new accounts), and the continuation can still continue in spite of the UN Resolution expiration because of the bolded reasons above.
It really has no effect on the RV, unless you want to consider that it relieves some pressure on them. And I don’t know whether that is a good thing or a bad thing. LOL
Bottom line is that it simply keeps their money from being attached by those who have pending or impending litigation against them. If you recall there were articles that came out recently in the news concerning the attorneys for Kuwaiti airlines who intended to attach those accounts once it expired today. I would not be too surprised to see them jumping up and down about this, btw.
This gives Iraq time and they aren’t under so much pressure just to give in to Kuwaiti Airlines’ demands because of the deadline of June 30th. However, their (Kuwaiti Airlines) attorneys might challenge this novel interpretation… but to do so would be to take on DOJ (remember the article concerning the “lawyers” they have ready for this? This is why– because they expect Kuwaiti Airlines and perhaps other litigants to possibly challenge the Continuation of the EO, when the justification for it– the UN Resolution regarding the DFI funds, is expired. DOJ would be the one to answer in defense of the Continuation).
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