Zig’s Place Chat Room Discussion and News Monday 9-7-20
Xyz Deputy: Sending the budget to Parliament aims to introduce a new borrowing law
Member of the Parliamentary Finance Committee, Jamal Cougar, on Monday considered the federal government’s “desire” to send the current year’s budget as a “preemptive step” aimed at obtaining an opportunity to present a new law for borrowing.
Cougar said in an interview with Alsumaria News, “The desire of the federal government to send a budget for the current year to the House of Representatives, although the fiscal year is nearing its end, is because of its need for a new borrowing law,” indicating that “the internal and external borrowing law that was legislated within the Council Previously, MPs had two ceilings, one of which was time and the other financial.”
Cougar added, “The financial ceiling has been set at five billion dollars externally, and 15 trillion dinars locally,” pointing out that “the time limit represents the expiration of the law when the new federal budget comes to the dome of Parliament.”
He pointed out that “according to these ceilings, the government decided to adopt a pre-emptive step and create a new opportunity by sending the budget to the House of Representatives in order to obtain space for submitting another law to borrow and obtain additional funds to fill part of the fiscal deficit in the budget next year.” LINK
xyz A member of Parliament resolves the controversy over including a decision in the 2021 budget for borrowing
A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed, Monday, (September 07, 2020) that the 2021 draft budget does not include a legal text that allows the government to borrow internally and externally.
Cougar said in an interview with (Baghdad Today), that “the inclusion of external and internal borrowing in the draft budget law for 2020 came as a result of the financial crisis that the country is going through,” indicating that “oil prices have begun to recover globally as well as the government’s control over the revenues of many outlets.”
He added that “the draft federal budget law for the country for the year 2021 does not need the decision of internal or external borrowing because it will cripple the Iraqi economy, and add more difficult situations to fulfill these loans.”
And the decision of the Finance Committee, Ahmed Al-Saffar, was likely on Sunday (September 06, 2020), that the 2020 budget will reach the House of Representatives in the middle of this month, while he indicated that Parliament needs two weeks to pass the budget and vote on it.
Al-Saffar said in an interview with (Baghdad Today), that “the 2020 budget arrived at the Council of Ministers 4 days ago, and the Council also needs a period to discuss and then vote on it, and after that, it is sent to the House of Representatives.”
He suggested, “Perhaps in the middle of the ninth month of this month, the budget will arrive in Parliament, and within two weeks the vote on it will be completed, because the budget does not bear a delay and is short.” LINK
Xyz The Central Bank urges electronic payment companies to tighten procedures on their agents and points of sale
September 07, 2020
The Central Bank urges electronic payment companies to tighten procedures on their agents and points of sale
The Central Bank of Iraq urged the electronic payment companies licensed by this bank to tighten procedures that regulate the work of agents and points of sale for these companies .
This bank directed the payment companies to withdraw the agency granted to agents who do not have movement or activities to pay the salaries and entitlements of retirees within a period of (6) months from the date of the license, otherwise the Central Bank will take punitive measures against the company that gives the agency .
The Central Bank of Iraq information Office https://cbi.iq/news/view/1549
xyz Did the parliamentary system fail in Iraq? .. A legal expert answers 6 points
The legal expert, Ali Al-Tamimi, analyzed, on Monday, the reasons for the failure of the parliamentary system in Iraq through six points.
Al-Tamimi said in a statement, which “People” received a copy of (September 7, 2020), that “the failure of the parliamentary system in Iraq is due to the following:
1- The constituents of the parliamentary system are the economic and social conditions … which are indispensable for the growth and development of this system, i.e. the basic infrastructure for the political superstructure. With its interests and achieve its goals of living, and so was the parliamentary system.
2- The first appearance of the parliamentary system in Europe, specifically in England or capitalism in 1720, and then in France and Germany after that and Italy, and this system did not succeed in these countries until after their industrial stability and the rise in the societal standard of living, as happened in Germany after the Second World War. The rich European countries that adopt a parliamentary system are among the richest countries in the world.
3- In a parliamentary system, the people adhere to this system, which increases public wealth, achieves societal well-being and increases national income.
4- But if the parliamentary system is found in a country that is lagging behind in economic growth and suffers from social poverty, then this is a great risk and the possibility of the parliamentary system failure is certain, because in these countries it is deviating from its course and perhaps civil wars in these countries may occur as a result of divisions, dispersal of decision-making and unemployment.
xyz 5- In Iraq, the experience is new, that is, the experience of the parliamentary system and it was not based on the foundations of the capitalist system because the economic system in Iraq is gelatinous, neither socialist nor capitalist, in addition to the fact that the relationship between the three authorities is vertical and not horizontal, as is required by the principle of separation of powers and thus the existence of the parliamentary system In Iraq, with the lack of even electricity and the loss of capital, this parliamentary system deviated from what it should be, and these results were what we see today.
6- I am with the calls that want to return to the better presidential system for Iraq, whose rhythms can be controlled through a temporary constitution, not permanent, and the term of the president of the republic being limited to 4 years, and the parliament monitors the president … as is the case in Egypt. https://www.nasnews.com/view.php?cat=39712
Sheila Are all revaluations a scam or just the one connected with the Iraqi dinar?
Doug_W Revaluations are rare but this one is SOO full of gurusn “hyping” it its sad
Dave Seen nodda from CBI to create any hype?
Sheila Before the last 15-20 years, the world did not have access to an information system like the internet. Research prior to using the word “rare” pertaining to economic history. Wars around the world throughout history generally includes currency devaluations and revaluations. War and plunder of a country’s treasury are stable sources of income, including DVs and RVs, even in what we consider modern times.
Dave \CBI gonna advertise a RV
Joe (Kaperoni) sheila not with 42 trillion they dont!
Joe (Kaperoni) Dave Of course they wont because it will never happen.
Joe The numbers just don’t support that kind of event. Dream all you want, but there is no overnight RV. You will either see a LOP or a float like other countries do.
LeLe @Joe how miserable are you? Why are so worried about currency holders? You sold yours. So now you should move on.
Joe (Kaperoni) LeLe That’s not how it works. When they float the dinar will gradually rise and maybe I will buy in then. In the meantime, I educate those less fortunate to think for themselves and provide solid facts that there is NO RV.
Sheila And yet you are going to continue to watch and when “they float the dinar will gradually rise and maybe I will buy in then”??? So you do believe the dinar will revalue to a “float” — what value is that float supposed to be, according to you?
Sheila With that logic, you are going to pay significantly more for your dinar than all of us have paid. Buy and hold is what we have done. You bought, threw a temper tantrum when it didn’t happen when you thought… and now you bully and use name-calling to fuel your long-term tantrum. At least you are committed and consistent.
Joe sheila the value of the dinar is 1190. The central bank will never revalue, but they will move from off the peg and float. If you know anything about central banks, they are in the business of making money. Therefore the rate is the rate…1190 and it will float from there.
Sheila Float to what value? Tell us Oh Great Seer.
Joe I will buy it like any other currency.
Joe sheila Who knows what the potential is. That is up to Iraq.
Joe (Kaperoni) sheila I am not a guru, I just show the facts. And the facts are well documented they will float and let it rise as the economy grows, That is what the IMF wants and we will have to wait and see the potential.
Sheila Did not say you were a guru. You keep telling us it’s a scam. Then you tell us you see the dinar going “float”. So which is it?
Sheila @Joe No, I want to hear what you have to say. Clear and concise about the dinar floating to what value — then you will buy dinar.
Joe sheila I’ll buy it whenever it starts. No sense hoping now when they have not even created the conditions for foreign investment!
Sheila None of those guys said what you said about the dinar going to a “float”. They are already in the game. No, I want to hear what you have to say about the Dinar “float” and what rate that “float” will be? Tell us Oh Great Seer.
Sheila @Joe So you are a dinar revaluation believer. What is that “float” value? Tell us Oh Great Seer.
Joe (Kaperoni) sheila That’s right! Because they get paid ***** and sell dinar. But anyone with a brain can read how emerging markets and central banks work with the IMF and would know it;s all bull crap!
Sheila @Joe I am agreeing with you. Just want to know what that dinar “float” value is that will make you jump all in? Tell us Oh Great Seer.
Sheila @Joe Awe, Joe. I am not swayed by other guys on the internet. I bought dinar before I knew anything about any of those guys. They cannot “sell: anything to me. I am asking you again, what is the dinar “float” rate that you keep referring to get you in the game? Tell us Oh Great Seer.
Joe (Kaperoni) Tohme indicates that “all countries of the world follow a policy of floating currency except in Iraq because the currency auction is one of the gates of corruption that feeds the pockets of spoilers,” stressing that “floating the Iraqi dinar will protect Iraq’s reserves from hard currency from loss and waste.”
Joe Love that! Don’t get any better than that! When they stop the auctions, what will they do? hmmmm
Sheila Have no arguments with Joe-Kap… I really want him to share what this dinar “float” rate is going to be — and, will get him back into this “scam” that he is hammering all of us.
Sheila it is so much fun to challenge this great mind, this Great Seer. Maybe one day he will share his knowledge about this “float” rate he is waiting on that will get him back into this “scam”. All of us bought in at 1190-1260. Most of us. And he wants to get in when the dinar hits a “float” rate.
Sheila So he’s the smart one waiting for a “float” and we are the “stupid”, we are the “idoits” buying in at 1190-1260 dinar per dollar. And he is going to be the “smart” one waiting for a “float” rate?
Zig sheila : I actually agree with a lot of what Kaperoni says….and have for a long time….but I have an open mind and consider everything….because I just don’t have the answers, just questions….I don’t attack others….we should be able to disagree without being disagreeable……
Sheila Zig Well, he seems to be able to “See” our downfall into this “scam”… so what’s the “float” rate? What “float” rate would get him to buy dinar and join us in this “scam”?
Zig sheila : I think he would buy back when it started to float….at the beginning IMO
Sheila Zig I find it funny strange that he thinks we are being scammed buying dinar at 1190 to 1 dollar. And he is going to wait for a “float” rate? Hypothetical: Say the float is .86 cents to 1 dollar. And we are being scammed at 1190 to 1 dollar? Who taught him mathematics?
Sheila Zig What kind of math was he taught? We bought in @ 1190-1260 to 1. And he wants to buy in when there’s a float rate? Suppose it’s 1:1 for a few weeks or months. We paid 1K for 1M dinar – at 1:1, that’s 1M dinar for 1K original purchase. He will have to pay 1M dollars for 1M dinar. Waiting is waiting is waiting. Yet paying 1K to eventually get 1M. Wow, what an exchange!!! Yet he wants to wait for a “float” rate. And he considers all of us to be stupid and idiots??? lolol lolol lolol
Zig sheila : No…Kap thinks it will float from where it currently is, that it won’t jump up to start, so he would buy back at a rate close to where it is now…..
Zig When I got into this I listened to all the Gurus who told me it would RV every weekend…then I heard one of Kap’s calls and it sounded more realistic to me…but I don’t know anything for sure obviously….I keep my Dinar and hope that someday I will profit….the mechanism?….i.e. how that increase will occur?….I don’t know….and since I do not need the money I invested I will hold on and wait….simple…..