BGG News, Highlights & Comments
BGG ~ Lately there has been mostly “mish mosh” news out there… just noise filling up the “news space”.
Here are the things you really want to hear about…
Is this recent 11.74 rate thing real? No – of course it isn’t, but you already knew that. Right? It was some kind of glitch. A software error. Someone jacking everyone around (aka – “THE JACK FACTOR”).
When there is a real value change, it will be real everywhere. There won’t be any doubt and you WILL KNOW. Did it get everyone a little excited?? Yeah – but not yet.
On the other hand, here are some REAL points of interest…
Recently, there has been a SIGNIFICANT tightening of the “Official Rate / Market Rate” – I think it is getting VERY CLOSE to being within IMF compliance. This is REAL. I cannot recall this ever being the case.
Then – there is this…
“Law of the National Oil Company .. A new era for the development of the economy”
In some strange way, the Kurds may have forced everyone’s hand on some sort of improvised HCL in the form of this “National Oil Company” Law.
The Iraqis are famous for vagaries and a fluid sense of description. It is not uncommon for their terminology and phrasing to be constantly changing.
Everyone imagined an HCL (agreement) Law would be something of a replacement for the current HCL in a “repeal and replace” sort of move.
However, this may well be what they settle on after all. It seems to do, in principle, everything a new HCL agreement was meant to do. There seems to be a lot of internal excitement over it.
Further, getting this done could be a huge step towards getting Abadi re-elected. Think about the mentality of the voter who stands to share in oil revenues in the near future based on this move by Abadi.
The Kurds thinking they would (or could) “dethrone” Abadi may also well be the best thing that could have happened to him. Barzani gave everyone the perfect scapegoat – what with him snubbing the WORLD and then getting outed as being all tangled up with Maliki and such.
All of this just got everyone South of Erbil on the same page (more or less) and voting something like this through… and it’s happening almost OVERNITE, RIGHT UNDER EVERYONE’S NOSES.
Imagine that – The Iraqi Parliament passing something like this without needing any Kurdish support. I say – miracle of all miracles…