Highlights/Thoughts
Click on the title of this posting to get the details of the posting on DD
1. WTO is happy with Iraq and accepted them 2 days ago
2. Can Iraq join the WTO with a worthless currency? Yes
3. They didn't raise the value to impress the WTO, but they want to join the GCC instead
4. They will need to raise their currency to join the GCC
5. Maliki will introduce the missing cabinet seats
6. Maliki is dragging out the seating issue
7. Need GOI seated before the budget can be finished
8. Frank believes the budget has the rate
9. Steve called the Marine Corp base's legal department to ask whether military personnel can buy Dinar. They said there isn't anything saying whether they can or cannot
10. Lower denominations were released in the last 24-48 hours
11. Don't worry about Egypt. Let them work out their issues
12. Maliki, Shabibi, and Allawi are listening to the people and working behind scenes
Delta news
1. In a 1 hour interview on TV, Maliki said the Supreme Court ordered the ruling on the independent bodies. Maliki said he did not do this
2. Maliki said he cannot control the independent bodies, but they will be connected to him
3. Parliament will pass legislation and they have to implement this from the PM cabinet
4. He said the CBI should report to the cabinet and the PM
5. Every time the CBI wants to do something they have to vote on it
6. He defended the ruling and said this is what the people want
7. Maliki was asked about the rest of the ministries and he said that he gave all coalitions until the end of January to submit names. If no more names are submitted, he will walk into Parliament with the rest of the ministries and it will be done
8. He said that he has no choice to present the rest of the ministries to them now as tomorrow is the 1st of Feb and we should hear about the GOI by end of week
9. The budget is still delayed and has minor problems
10. Delta was told that they might not wait for the rate until the budget is finished or lower denoms....more later
11. The MOP met with the CBI on the Monetary Policy and Maliki said to go settle this
12. It is possible that the $1.13 rate might be true
13. They may come out with the $1.13 rate and within 2 years increase it to over $3
14. The market will drive the rate up and soon as it will be on Forex
15. They don't want to shock the market right away. A managed float will help the market, the CBI and the world
16. UN operational rates of exchange showed over 100 nations either devalued or revalued (Justwaitingforit note: this is likely because of the drop in the USD)
17. WTO will meet with Iraq for the 3rd and final meeting. Iraq must join and have a tradeable currency to join the WTO
18. The CBI has $50 bil to back their currency. They only need $2.7 tril IQD. They have 25 times more than they need
19. They have to show their brothers they have a GOI and a currency prior to the 3/23 Arab Summit
20. The GCC meeting is on the 17th, and if they delay before this date, they will not be able to join the GCC They feel the first week is important
21. Maliki is ready to go to Parliament and seat the GOI. They may not wait for the budget to RV
22. They are working behind closed doors to RV and seat the GOI
23. Sacks banks are testing the numbers and this lines up with what is going on
24. Frank's team said that what was done in the ME with the banks was not a fluke
25. Frank asked Ali when he thought the GOI would sit. He felt good about it
26. Ali also said that Egypt will not affect Iraq at all
27. Delta says that China won't let the Dong stay at their current rate. They have to revlaue
28. If they don't revalue at the same time (China and Viet Nam), the IMF may need to step in to prevent double dipping
Please note that there is a Q&A section that I am not summarizing.
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