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Iko Ward:  You know what’s fun to watch, you can see on the various charts when a big player makes a move on metals, they all go down and up in unison., almost a straight line. Who owns that much metal they can effect the world market a full percentage point?

Iko Ward : Lots going on guys, lots of info pouring in. Remember the confusion factor.

DePaul:  Iko…… Your thoughts Brother… how close man??

Iko Ward:  Depaul..we’re there…it’s done…what they started Tuesday night is just taking longer than expected.

Iko Ward: It’s like we’re in labor. Mom is dilating and the’re in the the birthing room. This has to be a natural birth, no C-Section. China is on the sidelines with a syringe full of pitocin if required. It’s like that short story by Hemingway where Nick’s father says “Her screams are important. I do not hear them because I am only concerned with the baby.” We can scream all we want, the RV will come soon but in it’s own time.


Danblessed:  It would be nice if Tony or Pam or Ray could confirm or refute what the intel on Bruce’s call last night was saying. That Iraq people have cards and are spending money but that we are being kept in the dark about it. Seems like very speculative information…

RadBro:  I have a friend in Baghdad and he called yesterday and said NO RV yet. They are really fed up with everything!   How can Bruce or ANYONE else say they have money and are happy when we have DIRECT contact with friends who live there in Iraq and said NO RV yet? I don’t get it.

OKRocks:  Radbro IDK but something is up

Maximus106:  Just a point of clarification with respect to the intel that was revealed last night. It is my understanding the IQN was reinstated (RI) and this is a prerequisite for an RV to take place.

TBirdd:  **from a call: Shabibi may start out low – so we might consider waiting 7-10 days for rate to rise.. just passing it on.
Treycos:  Abadi’s FB posting part 1….Any of our people aziz: away from political auctions and employment of its condolences and questioning is not constructive, I assure that two months ago to pack the reform that enclose you your interlocutor below, we renew our tackie to continue

Abadi’s FB posting part 2…..This approach, regardless of the difficulties the understanding of the fact that the reform of the necessity and not an option nor can win the battle against the state of chaos, corruption and mḩạşş and terrorism without a reform is not essential to the structure of the state.

Treycos:  Abadi’s tweet…[email protected](null): Greetings to our Holy tribute to cardinal point of governance, a salute to our heroes of the armed and security forces and the popular crowd and tribesmen.

Treycos:  Abadi’s tweet…@(null): The reform packages we have and did so across orders and decisions and directives to address the imbalance in the structure of State aspects.

Becky:  this link will take you to Abadi’s FB and all of his messages in the ​past 20 minutes. click on translation under each post

JNaloha:  Anyone want to see a short video of the dela rue machine in action? Here’s a link…

Pursuit of Truth:  I thought this was interesting…is it a clue?

On Drudgereport just now was a picture of Yellen and the word Clueless under said picture.

It might turn out that Drudge was the one clueless this time because he doesn’t know what is about to happen.  Is she making a veiled announcement?

“Policymakers have to carefully weigh the advantages and disadvantages of alternative monetary implementation frameworks in the presence of new policy tools,” Yellen said in remarks at a two-day research conference sponsored by the Fed.

Policymakers should also be “mindful of new channels for monetary policy transmission that may have emerged from the intricate economic and financial linkages in our global economy that were revealed by the crisis,” she said.


Tishwash:  Again with the bonds maybe it will work this time

Iraq may get bond guarantees for $2b sale to trim cost

The government cancelled a bond sale this year after potential investors demanded higher interest rates

Dubai: Iraq, reeling under the slump in oil prices and the war with Islamist militants, may receive bond guarantees from international institutions to reduce borrowing costs as Opec’s second-biggest producer plans a $2 billion (Dh7.3 billion) sale next year, the central bank chief said.

The government plans to raise the money in the first or second quarter of 2016, Ali Mohsen Esmail said in an interview in Kuwait on Wednesday. Authorities are working on arrangements with the International Monetary Fund and other organisations to make it easier to cut borrowing costs, he said. The government cancelled a bond sale this year after potential investors demanded higher interest rates
“We could get international guarantees, we have promises,” Esmail said.

Iraq’s oil revenue dropped as crude prices plummeted last year. Compounding the crisis is the war with Islamic State militants, who have taken control of major Iraqi cities in the west and north. The IMF estimates the government’s budget deficit will widen to 23 per cent of economic output this year from about 5 per cent in 2014.

IMF agreement

The Washington-based lender said in a statement Tuesday it had reached a staff-monitored agreement with Iraq that will “allow the Iraqi authorities to build a track record for a possible Fund financing arrangement”.

Iraq’s reserves will also start to rise in 2017 and will reach $91 billion in 2020, Ismail said, citing IMF estimates. He said in a statement on Tuesday that reserves would total about $60 billion by the end of 2015. Gross foreign assets with the central bank stood at $58 billion at the end of September, according to official data.

“Any engagement with the IMF will help raise investor confidence in Iraq’s fiscal sustainability,” said Raza Agha, chief economist for the Middle East and Africa at VTB Capital in London. “However, the size of their external financing needs suggests that they cannot rely exclusively on private creditors and capital markets,” he said, adding that he estimates that Iraq needs $20 billion annually in external financing.

The yield on Iraq’s $2.7 billion Eurobonds due 2028 surged to the highest since 2009 last month. It was little changed on Wednesday at 9.533 per cent, according to data compiled by Bloomberg.

Difficult year

Ismail said Wednesday that 2016 will be “a difficult year” for Iraq’s finances, and predicted a gradual recovery in 2017. The IMF expects the budget deficit to fall to 17.7 per cent of GDP in 2016, from 23.1 per cent this year.

Iraq is also in talks for a $2 billion loan from the World Bank, though the government will not list the facility as part of the package to finance the deficit until an agreement is certain, Esmail said.