NEWSTIME Q & A WITH BGG
BGG says(7:35 PM): OK gang – I’m here.
(7:53 PM)THE BLOG – Dinar Daily NEWS Blog – http://www.dinarupdates.com/blog/
_firefly_ says(7:54 PM): But that pic from Kuwait that was taken during an IMF meeting also refered to Zebari as the finance minister …..which he is
BGG says to rwarai(7:54 PM): Maliki blaming Dr Shabibi for the auction corruption was so vile… if that was correct, then who has been at it since Shabibi has been gone?? Hmmmmmmmm??
BGG says to _firefly_(7:54 PM): Correct. Again – info in public domain…
_firefly_ says(7:55 PM): And what is Dr. Shabibi doing attending IMF meetings with Zebari ?????
dovi says(7:56 PM): If NATO goes to war against ISIS will that help us with RV? France is going to invoke Art 5 of the NATO treaty
BGG says to rwarai(7:56 PM): I have no comment on “the float theory” – it is certainly possible… however as Mr White pointed out again (recently) the CBI of Iraq has raised the value of the IQD 7 times since 2003 without resorting to a float mechanism.
rwarai says to BGG(7:56 PM): thanks for the datailed response.
carxpress says(7:56 PM): Even if there is major corruption in the auctions ,, What is the purpose of the auctions .. and without the auctions, will a currency change in value be needed quickly?
BGG says to rwarai(7:57 PM): which flies in the face of the “floaters”… and P.S. I could care less if the IMF decides to resort to float… JUST GET IT GOING>>>>
BGG says to rwarai(7:58 PM): once it starts – most realistic economists agree it will raise to a realistic value quickly if they do that…
_firefly_ says(7:58 PM): Can’t argue with that
_firefly_ says(7:59 PM): IMO there will be no free float
BGG says to carxpress(7:59 PM): there is major corruption. They essentially “set the value” then use their reserves injected into the market place to defend the rate.
carxpress says(8:00 PM): Thanks BGG . … Another question BGG, if u don’t mind .. .. with your answer to 198r, are you thinking that the IMF will decide how the IQD value changes (instead of Iraq)?
BGG says to carxpress(8:01 PM): unfortunately the corrupt are so adept – they manipulate the value of a country’s currency – I am pretty sold on the idea this is why the IMF / WB are so adamant about being in charge.
sassy says(8:01 PM): BGG exactly
carxpress says(8:02 PM): Thanks . … and with that, you’ve a;ready answred my 2nd question .. .. THANX
BGG says to carxpress(8:02 PM): I do think the IMF will be a major determinate in the value of the IQD from here on…. Alak is simply out of his element (fiscal retard – mostly political sycophant)…
greensleeves says(8:02 PM): BGG, actually, Mr. White was wrong. Iraq WAS on a float before the peg they are on now.
Since they the value came up from 1400 dinar per dollar (in 2006) to 1166 dinar to dollar presently (possibly 4000 to 1 in 2004) they can go from 1166 (1170) to 500 or higher.
sassy says(8:03 PM): greensleeves a managed float I believe
greensleeves says(8:03 PM): sassy look at the UN doc…not a pattern that I can see.
greensleeves says(8:04 PM): But an increase nonetheless
wmawhite says(8:05 PM): All that Mr. White stated was that the CBI has changed the value of the IQD since 2004………
wmawhite says(8:05 PM): irregardless of a float or no float.
greensleeves says(8:05 PM): wmawhite You said 7 times, correct? It was more increases than that.
wmawhite says(8:05 PM): Apparently, the CBI did not know they were not permitted to do so (lol(.
wmawhite says(8:06 PM): Yes 7 times
BGG says to greensleeves(8:06 PM): I’ll look into this further – however, my recollection is that isn’t correct, Dr Shabibi was known for numerous minor adjustments.
BGG says to greensleeves(8:07 PM): and he was the CBI Gov from 2003 – 2012 (and even referred to as Gov of the CBI as late as 2015)…
greensleeves says(8:07 PM): BGG Thanks. Just making sure the facts are presented accurately. Peace to you and the Mrs.
BGG says to greensleeves(8:08 PM): these minor adjustments may have the look and feel of a “float”… but I will look into it further and report back on our conference call tomorrow.
BGG says to greensleeves(8:09 PM): Thank you sir – and good to see you around.
dovi says(8:09 PM): I just saw France will invoke Art 5 of the NATO treaty…compelling NATO to go to war with ISIS. How might that play into Iraq’s stability and prosperity and our personal interest in that
greensleeves says(8:09 PM): You too!
(8:10 PM)THE OBSERVER – http://dinarupdates.com/observer/
BGG says to dovi(8:11 PM): Not sure of the implications, but I doubt it will directly relate to us – other than bring major support for the legitimate GOI into play.
jims says to BGG(8:11 PM): Wassup BGG!!!
dovi says(8:11 PM): sounds good to me Sir
jackflash101st says(8:11 PM): could it be possible if the W.B. IMF actually FORCE Iraq to r/v?
jims says to BGG(8:11 PM): When is your next call?
BGG says to jackflash101st(8:11 PM): not impossible – in one way or another.
BGG says to jackflash101st(8:12 PM): they are taking a direct “advisory role” as part of their financial support.
Pablo says(8:13 PM): Now that the ICC has requested M to be turned over to them, do you think that it will be difficult for Abadi to have him arrested, or will M keep creating problems to make an arrest more problematic?
BGG says to jims(8:13 PM): tomorrow afternoon (4:30)??
BGG says to Pablo(8:13 PM): if the ICC has made an official request – that is bad for Maliki and only a matter of time!!
BGG says to Pablo(8:14 PM): I am unsure of as much though… I’ll report back tomorrow on that was well.
Pablo says(8:15 PM): Sounded like an official request.
jims says to Pablo(8:16 PM): We see many news sources in Iraq…Many are opinionated or unreliable… Untill there is a call out among all or many of the outlets…dont hold your breath
buck says(8:17 PM): doesnt a currency need to be “tradable ” to float???
BGG says to buck(8:18 PM): one would assume that is accurate… without a “tradable” value to others it would be a very weak “float value” indeed…
buck says(8:18 PM): thx
jd says(8:19 PM): What is your thoughts on Maliki still acting in charge of the military?
BGG says to jd(8:21 PM): He is not – he has “aligned himself” closely with the Shia Militias and the Badr corps but as far as the Regular Army he is in now way “in charge”… and it is likely if things get shakier for him soon, his alliances will be forced to ditch him as well (Shia, “the popular crowd”, Badr Corps and other Shia paramilitaries…)
BGG says to jd(8:22 PM): no way…
jd says(8:22 PM): Thanks
BGG says to jd(8:23 PM): and the Hashid forces… mainly the reason those groups are always tooting their own horn is not about making ISIS fear them – it’s about “instilling” fear in their political rivals internally.
dstratton04 says(8:23 PM): is it possible iraq is doing a head fake with the 50k note?
BGG says to dstratton04(8:25 PM): whether they do that or not – not importnat. They have plainly stated it as a “prelude” raising the value. What’s the problem with that?? AND – I am not sold they will, or if they do, how successful it will be… stop and think – Iraqis are FINICKY… like a bunch of spoiled chickens. You never know what they will decide to like
BGG says to dstratton04(8:25 PM): and if they don’t “take to” – or use, the 50k, what good did it do the CBI?? Nada…
dstratton04 says(8:25 PM): Thanks. look forward to your next call.
BGG says to dstratton04(8:27 PM): everyone recall what I said about their debt, deficit, IMF Loans and bonds right?? Well take note on this one too…
[8:27 PM] BGG dstratton04: does that mean I’m guaranteed to be right?? No – but those are my thoughts…
jims says to Mrs BGG(8:27 PM): Do you think its necessary to have ISIS cleared out of Mosul and other hotspots before an RV can occur?
(8:27 PM)THE BLOG – Dinar Daily NEWS Blog – http://www.dinarupdates.com/blog/
BGG says to jims(8:27 PM): No – JMHO.
jims says to Mrs BGG(8:27 PM): k
Pablo says(8:28 PM): With this new coalition block being formed by Abadi, should we see a speed up of the laws being passed?
BGG says to Pablo(8:28 PM): Could easily see that…
_firefly_ says(8:28 PM): Laws ar being ammended NOT passed
_firefly_ says(8:29 PM): They are already in the Law Library _firefly_ says(8:29 PM): I can prove it
hermantowncars says(8:29 PM): do I have it right that lifting the 3 zeros would be like a 1000 bill being replaced with a 1 bill of equal value. so then a new 50k dinar would then be worth , what $500,000
BGG says to hermantowncars(8:30 PM): a better question would be – who cares?? You will be gone and happy 2 years before the 3 zeros project is completed anyway….
hermantowncars says(8:31 PM): oh so that is a long term project
BGG says to hermantowncars(8:31 PM): raising of the value (or starting of the raising of the value) will be one of the beginning stages of removing the larger notes from the market…
waltersp32 says(8:32 PM): k
BGG says to hermantowncars(8:32 PM): and once the value goes up – I imagine you would be gone pretty quick (gone as in exchanged and on to your next victory )
_firefly_ says to Mrs BGG(8:34 PM): I am done
da58 says to BGG(8:34 PM): next victory – we all will!
carxpress says(8:34 PM): ?? dropping the 3-zeros math comment/question
BGG says(8:34 PM): OK gang – me too… and I need to get after my VERY LATE BLOGs today
carxpress says(8:35 PM): With a current value of say 1166 .. .. 1 divided by 1166 = .00085 (usd) — – — dropping the 3-zeros means removing the 3-zeros after the decimal point .. .. to = 85 cents usd — – — do I have that right?
sassy says(8:35 PM): carxpress what I have always believed
BGG says to carxpress(8:35 PM): IMHO – I doubt very much that refers to the “nominal value” – it refers to removing the 3 zero notes from the market place… we shall see – soon enough.
dovi says to sassy(8:36 PM): I’l take it