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"The Truth and Reality of the Iraqi Government -Part 1" 6pm CST 11/17/2011 DinarAlert Chat Room 11/17/2011/kaperoni DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

"The Truth and Reality of the Iraqi Government -Part 1" 6pm CST 11/17/2011 DinarAlert Chat Room 11/17/2011/kaperoni

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"The Truth and Reality of the Iraqi Government -Part 1" 6pm CST 11/17/2011 DinarAlert Chat Room 11/17/2011/kaperoni Empty "The Truth and Reality of the Iraqi Government -Part 1" 6pm CST 11/17/2011 DinarAlert Chat Room 11/17/2011/kaperoni

Post by silkysand Thu Nov 17, 2011 11:17 pm

Provided by : Dinar Recaps

"The Truth and Reality of the Iraqi Government -Part 1" 6pm CST 11/17/2011 DinarAlert Chat Room 11/17/2011
kaperoni: Today’s chat is… "The Truth and Reality of the Iraqi Government – Part 1"

kaperoni: This chat will be the 1st of several that will outline the causes, reasons, and solutions for the delays pertaining to the revaluation of the New Iraqi Dinar.

kaperoni: Though it may not be the “promise” you want to hear, it outlines the ineptness and bureaucracy that Parliament and the Government have played in the delay in the revaluation of the New Iraqi Dinar.

kaperoni: Let’s get started…

kaperoni: Article…

kaperoni: Experts: project delete the zeros with the dimensions of economic and technical - Saturday, 12

kaperoni: And first quote…

kaperoni: “Confirmed that the deliberations of the Round Table on the project to delete the zeros of the Iraqi dinar, the need to reduce the money supply in the country, and the radical reform of the management system of currency, with the choice of time for the implementation of the project, and benefit from the experiences of countries that have already replaced their currencies, and the project is put on public opinion to be discussed widely by the direct implementation.”

kaperoni: Ok, so due to the political issues and lack of progress within the GOI and Parliament to achieve this goal by the CBI to “delete the 3 zeros,” It was decided to have a roundtable discussion on November 4, 2011 in an attempt to over the issues that are preventing this from moving forward. Another quote…

Read More Link on Right

kaperoni: Ok, so due to the political issues and lack of progress within the GOI and Parliament to achieve this goal by the CBI to “delete the 3 zeros,” It was decided to have a roundtable discussion on November 4, 2011 in an attempt to over the issues that are preventing this from moving forward. Another quote…

kaperoni: “The table was convened last Friday before the Hall of Society of Engineers in Baghdad,…”

kaperoni: So this event included more than just parliament or government, it included engineers as well. As I stated in my last chat, this is good news. IMO, these would be civil engineers and their involvement would be more than likely logistical.

kaperoni: Another quote…

kaperoni: “…who discussed the motives and justifications put forward the project to delete the zeros of the Iraqi currency, and reservations that have cropped out the idea.”

kaperoni: So here we see that the CBI explained why they want to accomplish this and as well justified the benefits. They are doing what is asked…a presentation. As well, they address questions and reservations in this meeting. I think we can say the CBI has their ‘chit’ together. Next quote…

kaperoni: “…addressed the role of banks and government agencies and citizens in the success of this experiment.”

kaperoni: Now we see more specific details. How the banks will participate in the revaluation and issuance of new lower denominations. As well, they discuss what a citizen should expect and the success of this event. Again, all positive and informative. At that point in the meeting, they bring up an economist to further discuss the banking role and conditions to implement it. Next quote…

Kaperoni: “…economist Majid picture about the role of Iraqi banks in the implementation of the project,…”

kaperoni: And this quote…

kaperoni: “…also addressed the right conditions to start the implementation of the project,…”

kaperoni: So we can take from this that it appears that the meeting was a success. They did the presentation, did a Q & A and as well discussed the implementation as it pertains to banks, and gov agencies and citizens.

kaperoni: The reporter covering this obviously had lots to document and cover in this event. It appears it was very detail oriented. He concludes the article with this quote…

kaperoni: “This will come back to the facts of the round table and results in a broader report we publish in a forthcoming issue of our newspaper this week.”

kaperoni: Now, we move on this reporter’s follow-up article. And we get more of an indication as to “where we are” in achieving this event. Staying focused to the theme “The Truth and Reality of the Iraqi Government,” let's dive into the reality.

kaperoni: Here is the next article…

kaperoni: Experts: the need to reform the economy by changing the currency - Wednesday, 16

kaperoni: And this quote…

kaperoni: “Concluded roundtable discussions on the project to delete the zeros of the Iraqi currency, that the issue of changing the currency is not a technical issue, but rather is a matter directly related to the general economic situation, and stressed the need to precede the process of reform of the Iraqi economy and address its problems and to reduce inflation, with the necessity of putting it to the ray year”

kaperoni: We learn from this quote..that the CBI has explained that it is not a simple change of currency, but it is related to the overall economic situation. They also state the need to proceed now with the reform of the currency and the Iraqi economy, which will also reduce inflation. Here is the one catch…they state the necessity to put it to public opinion and discussed widely. That does not sound good for a tomorrow RV..lol. Next quote…

kaperoni: “…on the fourth of this November, and included a number of those concerned with Iraq's economic and specialists and experts of the Central Bank of Iraq…”

kaperoni: We learned a bit more of who was at this roundtable event. These next two quotes explain how the CBI did the presentation…

kaperoni: “…working paper for discussion..”

kaperoni: “…paper confirm that monetary policy is the core tasks of the Iraqi Central Bank…”

kaperoni: This next quote confirms the CBI’s goals and the fundamental relationship between this event (RV) and the economy…

kaperoni: “…and a tool of economic development and economic stability in the country, arguing that reducing the mass of cash in the Iraqi economy, the manifestation of the monetary policy affect the economy, not as a policy of isolation from other economic activities, but an essential part of the system that aims to improve economic performance.”

kaperoni: Again, straight forward. Telling us that economic development and success of this event is not just the responsibility of the CBI acting alone, (though we wish it was) but good monetary policy along with other economic activities will improve the overall performance or result. He goes further with this quote…

kaperoni: “…success of the project depends on the existence of a regulatory body and the administrator of the system…”

kaperoni: It is apparent that the CBI is stating that the banks needd to take responsibility for this as they will be the principle means of collecting and distributing the new notes.

kaperoni: This next quote addresses more concerns…

kaperoni: “…the ability to choose the right time to implement it, because the importance of raising the zeros lie in raising the value of local currency in circulation…”

kaperoni: This is a great quote. When translated correctly, they are assuring the people that the banks are going to be the regulatory and administrative system, including state banks which all will help decide the appropriate time to implement it. As well they mention, raising zeros lies in raising the value of local currency in internal and external (international) economic circulation. Again no LOP. They are confirming they are bringing the wealth back to the people.

kaperoni: The CBI tried to cover as much as they could during this roundtable. Here are some quotes that pertained to the concerns or negative effects…

kaperoni: “The paper also touched on the potential negative effects”

kaperoni: “…including the psychological effects…”

kaperoni: “Including as well as implications for the stock market, as it will reduce the capital belonging to the companies..”

kaperoni: “In addition to the costs of printing the new currency,…”

kaperoni: These are all great quotes as it assures us the CBI has done it’s homework. They are leaving no stone unturned, sort of speak. to convince all of those involves to embrace this event. To join in and be part of the success and economic growth as a result. The next two quotes give us more insight into the plan…

kaperoni: “…notably "work to take the necessary measures to raise the real value of the Iraqi dinar before the implementation of the project,…”

kaperoni: “…public awareness and a willingness to accept the project..”

kaperoni: Ok, so we see they are going to change the exchange rate first, then issue the smaller new notes. As well, they mention again “public awareness” which may include articles, meetings or further discussions so there is a “willingness to accept the project” as they state. Clearly, this may take some additional time to accomplish.

kaperoni: The next part of the roundtable was a Q & A and we can again learn some telling information…This quote…

kaperoni: “Is it possible to achieve the project to delete the zeros of the Central Bank in isolation from the site of the state…”

kaperoni: Pretty straight forward, they are asked if the CBI can do this without the help of the state (GOI and Parliament) This next quote give us our answer…

kaperoni: “….the project should not be a step isolated by the Central Bank…”

kaperoni: Though they may be able to…they don’t want to.

kaperoni: The discussion turns to the overall economy with this quote…

kaperoni: "Today we have does not have a market economy, there are no regulatory mechanisms of the market, and does not have an effective banking system and there is no transparent process to determine prices, and there are no controls on quality and we do not have a planned economy in any way."

kaperoni: They end the roundtable with a course of action. Though they all now seem to agree. The project seems to be on a slower track than most want to admit. Here are a few quotes…

kaperoni: "…need to cut the money supply in Iraq and the radical reform of the currency management system…”

kaperoni: “…choose the right time to implement the project,…”

kaperoni: “…as well as the need to examine the experiences of countries in which it was the process of replacing the currency and take advantage of them. "

kaperoni: And these last two quotes are additional confirmation and tells us we may not see the RV for several more weeks…

kaperoni: “…and the creation of devices and accurate are able to detect counterfeit currency and raise the efficiency of workers in the banking industry,…”

kaperoni: Could that be the new De-la-rue machines they ordered? The deal closed on or about Nov 1st. We do not know the expected delivery date or installation date.

kaperoni: And this last quote…

kaperoni: “…necessity of presenting the project to the public to discuss the scope and scale, and work to increase awareness people to the project before doing it and the legislation of laws necessary for the new currency. "

kaperoni: Again, confirming they may schedule symposiums or additional articles to educate. As they state… “public awareness”

kaperoni: Done

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silkysand
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