WELCOME TO BGG ROUNDTABLE AT DINARUPDATES.COM
BGG: Is everyone ready for Round Table??
BGG: ARE YOU REAAAAAADDYYY??
BGG: Let’s focus on some fundamentals today…
BGG: Parliamentary Finance reveal Iraq Federal Reserve: $ 59 billion and 90 tons golden
BGG: Special scales News – He revealed the decision parliamentary Finance Committee Ahmed flesh, Wednesday, for the existing Iraqi state treasury federal reserve money, noting that it is of the approximately $ 59 billion, and that the gold reserves of 90 tons…
BGG: Not to belabor this particular point…
BGG: However, ask yourself – why is the Finance Committee the one pushing this “stability agenda”???
BGG: Very curious if you ask me…
BGG: in fact, I wonder if they aren’t setting up to “take over the levers” – so to speak…
BGG: Alak is clearly embroiled in this MASSIVE corruption scandal – the Finance Committee has to step in and add some CALM… and to be honest – them talking about 90 tons of gold is heartening (for sure). If they have that – it is a “financial mattress” for whatever change is coming…
BGG: OK on to some other “fundamentals”…
BGG: Iraq still has a MAJOR CASH crunch…
BGG: 2) they couldn’t (not really wouldn’t) sell the international bonds… (I wonder if anyone would have bought at 20% – yield, that is…)
BGG: 3) they are talking about going out to get loans to cover their budgetary needs – HOWEVER, every single bank said they would loan money – BUT NOT FOR GENERAL FUND PURPOSES…
BGG: explicitly… (sometimes these guys JUST DON’T LISTEN)…
BGG: they keep after the UN with this line about THEM FIGHTING TERRORISM on behalf of everyone else – except they keep leaving out the part where Maliki lit this fire (for political purposes) and they (at times) seem to be standing in the way or not moving against him fast enough…
BGG: I guess they think no one is watching??
BGG: 4) in spite of all this – they have plenty of resources and wealth… this is just a short term set-back. AND – it is currently rumored they still may implement some immediate monetary reform as a short step to their final monetary goal… on the other hand…
BGG: Mr White had an exciting comment the other day… something like 24 or 28 days after the last Iraqi troops were forced out of Kuwait, with their country in shambles, war torn, nothing in order, infrastructure still at minimal capacity – they had new bills printed – and immediately “assigned” a value of 3.00 plus to their new currency.
BGG: (and that is an accurate portrayal)
BGG: not some jibberish non-sense…
BGG: 5) basic principle – Abadi is intent on cleaning up the corruption and providing a better way of life for the people.
wmawhite BGG: I can post that if you want.
BGG wmawhite: Please do.
wmawhite BGG: KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country’s banks today when they open for the first time since the end of the Iraqi occupation.
Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.
“We expect a rush of people,” said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.
wmawhite BGG: Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago. When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.
Balances of customers’ accounts will go back to what they were on Aug. 1, a day before the invasion. Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.
The new Kuwaiti money will be exchanged for old at a one-to-one rate.
wmawhite BGG: and this is my comments………….
wmawhite BGG: In closing, keep in mind that Iraq invaded Kuwait in August 1990.The Kuwaiti currency at that time was the Kuwaiti Dinar. The Kuwaiti currency was replaced with the Iraqi Dinar by Saddam Hussein. Seven (7) months later, February 28, 1991, the Iraqi forces are kicked out of Kuwait and the war has ended. Only twenty six (26) days later, March 24, 1991, the Kuwaiti banks reopen with a NEW currency valued at 1 KWD = $3.50………….the key here is twenty six (26) days.
wmawhite BGG: Back to you, BGG.
BGG: OK – so…
wmawhite: Expect the unexpected.
BGG: that was my “fundamentals” commentary for the day…
BGG: any questions, comments, thoughts??
wmawhite: Kuwait was still in a mess and they reinstated their value.
wmawhite: No float………just bam!!!1
BGG wmawhite: BAM!!
Pablo: Why has parliment held off on the vote to fire the VP’s?
Pablo: They seemed to be all rush, rush, rush, then the holidays hit and nothing.
BGG Pablo: par for the course, if this is – indeed the real story…
BGG Pablo: However, I doubt it is because they will get to stay… more like – some political jockeying along the way.
Pablo: Okay, thanks. BBL.
Dr Dave: Kuwait had a thriving economy before Iraq invaded
BGG Dr Dave: Same as Iraq.
BGG Dr Dave: Oil
BGG Dr Dave: in fact, quite a bit less oil…
Dr Dave: they had economic and political stability before Iraq invaded
wmawhite Dr Dave: Kuwait was shut down……………..the majority of the people had left and had not even returned yet.
Dr Dave: the invasion led to the collapse of the Kuwaiti dinar
BGG: I just read this…
BGG: Maliki: If I were in power stormed the region
Read More :http://www.dinarupdates.com/showthre…med-the-region
wmawhite: folks,………….and Dave makes a good point………..the value of a country’s currency is in the potential wealth…….not necessarily what is in the bank…………
BGG: HE WAS IN POWER when ISIS stormed the eastern half of Iraq – IS HE ON CRACK??
Dr Dave: what exactly are the reforms,,,,no details
BGG: as you are asking for details from me?
wmawhite Dr Dave: RCOOKIE posted a couple of ago a lengthy document that outline many of the reforms.
BGG: or what are they in general??
Dr Dave: generally
clay Dr Dave: try this http://www.dinarupdates.com/showthre…784#post133784
BGG wmawhite: do you have that post by RCOOKIE handy?
clay BGG: was that not it?
Dr Dave: What of 140 HBL Jand A federal court laws
BGG Dr Dave: obviously – first and foremost was a restructuring starting with the elimination of these “obstructionist” VP’s all appointed as political “awards” – not a real job…
wmawhite BGG: I believe clay posted it.
Dr Dave: news from a month ago
clay wmawhite: thanks
BGG Dr Dave: and the doing away with all their GOI paid for security details – (which was MASSIVE)… even today Maliki has as many as 800 security…Abadi sent most of them off to fight ISIS (which makes sense).
BGG Dr Dave: for me – this is far and away the most critical of all the reforms – it lays the foundation for success with all the others.
Dr Dave: Malikis sons still not arrested?
BGG Dr Dave: it takes out the bad actors out of the equation.
BGG: one (Ahmed – I believe) had to flee to Finland and it was reported Abadi ordered him arrested if he returned to Iraq.
BGG: Some of Maliki’s relative have tried to seek asylum in various countries and have been denied.
BGG: Finland was the only one who would take Ahmed…
Dr Dave: what of the Billion usd that they found in Ms private jet
Dr Dave: did not declare it
jtank: he didnt know where it cae from-lol
Dr Dave: Abadi got the jet back
wmawhite BGG: The only way Finland accept Admed was because he married a Finnish girl.
BGG jtank: I wonder what his “Where did you get that” defense was for that one??
wmawhite BGG: accepted
Dr Dave: I think that’s for the politicians,,,hehe
BGG Dr Dave: I was only joking (a little) – was this recent?? I thought Ahmed was apprehended in Lebanon with 1.5 billion USD in the house he was at??
BGG Dr Dave: I didn’t see the plane incident??
clay BGG: me too
BGG: (Ahmed Maliki) that is…
Dr Dave: They found 1 Billion in M’s private jet in jordan 1 year ago
clay jtank: his term is up Nov.1st
clay jtank: yw
clay jtank: and in his 80s
jtank: losing power-maliki
Dr Dave: M also thought that the jet belonged to him and not the people of Iraq
jtank: mahmouds resignation going to stick?
BGG jtank: I sure hope so – that is also a MAJOR – MAJOR advancement to Abadi’s agenda.
BGG jtank: if (and I think it will – too much heat) the Mahmoud resignations sticks – it will be very, very good for Iraq.
BGG jtank: however – be wary of any last minute “jackassery” out of the “bad apple” gang (don’t say that holding your tongue)
BGG jtank: AND…
BGG jtank: it is curious they are putting the brakes on “Reforms votes” – I wonder if they aren’t waiting until Mahmoud is gone and they won’t have to put up with Maliki pouting to the SJC about losing his cushy VP slot…
BGG jtank: or if they do – it will at least be heard by a “non-Maliki” judge.
Dr Dave: Mahmoud has been play fair lately…no?
BGG Dr Dave: No – he’s gone…
clay BGG: Tman brought in about him losing his terms Nov 1st so that’s why he’s resigning
Dr Dave: AML still not in gazette….
BGG Dr Dave: I am not certain about that – still could be the Mahmoud thing.
BGG Dr Dave: once he’s gone – things may move very quickly.
Dr Dave: why go after these guys when they still are enjoying their immunity
Dr Dave: cart before the horse?
BGG Dr Dave: immunity is a limited quality (on their best day).
BGG Dr Dave: immunity can be removed. Especially without Mahmoud in the way.
BGG Dr Dave: we’ll have to see how his plays out…
Dr Dave: Then they remain hamstrung until they have law to deal with all this
BGG: OK gang – thanks for everyone tuning in – I have to run.
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