Mountain Goats post 9/2/2015

Mnt Goat Wednesday Update - “The Reforms Continue – A Critical Period” Part 1 of 2
9/2/2015
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(Thank you George for emailing this to Dinar Recaps.)

UU6802 – “The Reforms Continue – A Critical Period” by Mnt Goat

Hello Everyone,

If you are reading this news letter today for the very first time I welcome you. But I highly recommend you continue to read it since my news letters connect together and they are a continued saga of the Iraqi dinar revaluation story. I bring no hype or rumors. If I am giving you my personal opinion I will tell you it is only my opinion.

My news letters today is brief with only 7 pages….lol…..I am trying to keep them short. But if only want a date and a rate you can get that from somewhere else and they can give you a couple words or else and be done.

I personally do not think that ANY one event is “holding up” the revaluation process but simply Iraq it not yet ready. When will they be ready?

WHEN EVERYTHING IS IN PLACE AND THEY (IRAQ, UN and USA) FEEL COMFORTABLE WITH THEIR SITUATION !
There is no boogieman behind a curtain that belongs to the cabal or secret society holding this RV back. There is no secret society or others working to make the government better (better for who?- their group to take control?), as some have told you. This is simply all foolishness and must stop.

Today’s News

Today is Wednesday September 2nd and still no RV or hopes of an RV window until at least mid September.

I told you from mid August to mid September would be a very critical time for getting these reforms accomplished. I told you Abadi would make a final push to get them completed and it would be very sudden and unexpected by most.

I told you that “if” this reform process is successful, we would be in a great window to possibly see the currency reform project pick up momentum and maybe see a significant increase the value of the Iraqi dinar and the continuation of the “deletion of the 3 zeros” project. I firmly expect Dr Shabib to come back to an “official” capacity to head up the CBI once again before these projects kick off fully.

Let’s get going with today’s news. There is much news again and I will attempt to summarize it for you and put it into perspective.

So recently the three presidents including the prime minister, the speaker of the house and the formal president of Iraq met and what were they discussing? These meetings do not happen very much and so when they tell us about them we must pay attention. Something HUGE is about to happen. It always does as the past has told us.
Yesterday’s meeting was about the final push to get the needed critical legislation completed. Once again the are telling us what this key, critical legislation is – “The meeting felt the importance of the completion of key legislation, including the National Guard and the Federal Court and national reconciliation laws”.

So there it is. Their words not mine. No hype or rumors. This is what they are targeting in the next couple weeks. Read it for yourself.

I also included an article so everyone can see the intentions of Abadi and the cleanup of the money laundering operations. So not only is the CBI making an effort to prevent money laundering but now we see the GOI (under Abadi’s direction) finally stepping it up and going after the culprits.

Article Begins

THREE PRESIDENCIES MEETING ENDS WITH A SMILE

Tuesday 01-09-2015 | 12:44:54

M P

Twilight News / Search Iraq's three presidencies meeting the security situation and file reforms and ways to strengthen state-building and issues related to the completion of the legislation.

A statement by the Presidency of the Republic that the conferees expressed their support for practical steps that meet the interests of the Iraqi people to accomplish what was voted on government and parliamentary reforms.
The Prime Minister stressed the need to go all the reforms are carried out in accordance with the Constitution and the law.

As it has praised the military operations led by the Iraqi army and security forces and members of the popular crowd and the Peshmerga and the sons of the tribes in Anbar and Peggy multiple areas of Iraq.According to the statement.

The meeting felt the importance of the completion of key legislation, including the National Guard and the Federal Court and national reconciliation laws.

The meeting also stressed that the economic and financial side is one of the priorities of the executive and legislative bodies that are being focused on reforms in the file, stressing that the provision of essential services to the Iraqi citizen is located within the basic obligations that state institutions seeking to implement them.

https://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=auto&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D4143243

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ABADI ORDERS RE-SMUGGLED MONEY
02/09/2015 13:49 pm

Baghdad scales News
It ordered the prime minister, Haydar al-Abadi to form a higher committee competent to recover funds stolen and smuggled in inside and outside Iraq, stressing the need to prosecute those involved stealing money and submit to eliminate characters.

The government said the morning newspaper in its edition on Wednesday, and followed up / scales News / "The Council of Ministers form a government committee to follow up on the country and the recovery of money stolen and smuggled out of Iraq, and working to detect smuggling operations involved."

She said "billions of dollars that have been smuggled out of the country, enough to remove Iraq from the financial hardship experienced by, resulting from the lack of revenue due to lower selling global oil prices, and its impact on economic and monetary reality."

She explained that "the government has taken a series of measures recently in order to reduce corruption and money smuggling, the steps that comes as part of the reforms package and activate the role of the regulatory institutions and the disclosure of spoilers and activating the role of the Anti-Corruption Council, which was formed recently under the chairmanship of Abadi and in cooperation with the judiciary." .anthy 29 / d 25

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CBI Corruption
Like clockwork we see PM Abadi now beginning the effort to clean up the CBI and its corruption as part of his phase III reforms. I have told you this was coming very shortly. It simply had to. Many of you have said what is taking Abadi so long? Well if you were in his shoes you would probably give up and run away. So patients and lets see how he handles these issues.

I have repeatedly told you that, it was not my feeling or rumor that Dr Shabibi must come back to the CBI, to complete the project to delete the zeros and the currency reform phases, but rather it is in the plan and it has to play out or there is no way for them to clean up this economic mess.

Now they are telling us that Abadi is to form special committees to open files of corruption on the Central Bank of Iraq (CBI), and on the issue of the dismissal of the former province Shabibi, and the like of the charges brought against him by the mafias of corruption that seized power in that period. But we all know Dr Shabibi has already been vindicated from any crimes…did we not hear this many months ago? So what is this investigation now really about?

So now Abadi has to after the culprits in the CBI dealing with this money laundering and anyone involved in supporting Maliki as he raided the CBI reserves. Abadi also has to replace the current proxy governor since his ties with Maliki are too strong. It is time now for this work.

In my last news letter I stated that the current proxy acting governor does not have the experience to handle the current financial crisis of Iraq nor does he not have the solutions necessary to clean up the mess that former PM Maliki left behind. Seems every plot to raise capital for the deficit seems to backfire on the CBI. They keep hitting roadblocks on the tariffs, bonds and other sources to raise revenue without a change in value to the currency.

So this is exciting news I bring to you today is in 2 articles I included below on the same topic. So it too is very important. I said they intend to do something very shortly (need to do something very shortly is more like it) with the currency value. Iraq is at that point they must finally join the international community or stay as a third world country.

We all should be very, very excited since this is ONE of the keys to opening the lock to begin the RV process.
I will talk more about this in my future news letters.

I also included a third article and I know this INDIRECTLY impacts the plan to clean up the CBI. They desperately need the help of Dr Shabibi and they know it. They are asking him to head up this committee although we know he is not going to take the job unless he has a FREE HAND and INDEPENDENCE to operate, manage and institute change as needed as the governor of the CBI.

None of these three articles comes right out and tells us directly but we can read behind the words they present that they are desperate and need sound economic advice from an expert.

The last article in this section is about the central bank telling once again about the issuance of new currencies in both categories [50] thousand and [100] thousand Iraqi dinars end of this year. Remember it was just a few weeks ago that the CBI announced they would and could only issue the 50 thousand notes now and then wait till 2016 sometime for the 100 thousand notes. Now they are telling us they are going to wait for both the 50 and the 100 thousand notes till 2016. So what has changed? This one we will have to watch closely. Do they know what they are doing? Remember they can’t issue any of these new notes unless the value of the currency increased and they are no the new low denoms. These 2 large newer notes ARE NOT TO BE USED IN THE GENERAL PUBLIC along side the existing 3 zero notes (as they are using today).

Article Begins

ABADI CONSTITUTE SPECIAL COMMITTEES TO OPEN THE CENTRAL BANK OF FILES .. AND THE ISSUE OF THE DISMISSAL OF THE FORMER PROVINCE SHABIBI!

Date: Mon 08/31/2015 14:19

Worth Iraqi Prime Minister Haider al-Abadi, a heavy legacy of corruption and the corrupt accumulated during the reign of his predecessor, Nuri al-Maliki, making his way to the application of full reforms of obstacles and mines.

And show the observers the Iraqi affair concern the seriousness of the files that Abadi accept the open, and that are related to very serious Pmaviac tightened rings work during the eight years ago during the reign of al-Maliki of the country, and earlier, calling Abadi to be handled with caution.

He said one of the most prominent Iraqi ministers said that "al-Abadi said during a recent cabinet meeting on Amadah the path of reform and confront the corrupt whatever it takes," noting that it "opens You very serious and linked Pmaviac and the leaders of the militias.

"explained the minister, who preferred not to be named, said:" Abadi form special committees to open the Central Bank of files, and the issue of the dismissal of the former province Shabibi, and the like of the charges brought against him by the mafias of corruption that seized power in that period.

"He added that" the committees also open the Real Estate State and sold file and acquired by the political and partisan forces of a window in the previous governments, as open oil licensing contracts file and marred by charges of corruption and deal with international oil companies.

"He stressed that" those files The files of the most dangerous in the country, which is hazardous to the reformist project Abadi, Abadi has personally reactions unexpected faces by those in charge of those files and Mavyatem ".

http://www.chakooch.com/news.php?action=view&id=7344

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Political Sources:
ABADI FORM COMMITTEES TO OPEN THE FILES, AND THE CENTRAL BANK SALE OF PROPERTY STATE

He wrote: August 31, 2015

Political sources revealed that the prime minister Haider al-Abadi said during the last meeting of the Council of Ministers Amadah the path of reform and confront the corrupt whatever it takes.

The sources said that al-Abadi form special committees to open the central bank files and the issue of the dismissal of the former province Shabibi addition to the Real Estate State and sold file and acquired by the political and partisan window forces in the country, saying that the issues of the most dangerous files facing the reformist

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ECONOMIST CALLS FOR THE DEVELOPMENT OF AN EMERGENCY PLAN TO STABILIZE THE IRAQI DINAR

Date: 08/31/2015 13:41 Information / special / .. Called economic expert, Mohammed Abdul-Zahra, on

Monday, the central government for an urgent financial plan to control the stability of the Iraqi dinar against the dollar. He said Venus told / information / that "the survival of the financial situation for what it is, especially since the country live a severe financial crisis represented delay staff salaries and delays in the implementation of projects and the lack of financial liquidity," noting that "those things have contributed and contribute to the instability of the Iraqi dinar against the the dollar. " Abdul-Zahra and stressed the need for "urgent government put a financial plan in order to avoid falling into a major crisis in the Iraqi economic." Finished / 25

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ASK CATEGORIES [50] AND [100] THOUSAND DINARS CURRENCY CASH END OF THE YEAR

Baghdad -
Detection of the parliamentary economic committee member Ahmed Kanani, on Tuesday, the central bank for the issuance of new currencies in both categories [50] thousand and [100] thousand Iraqi dinars end of this year.

Said Kanani told all of Iraq [where] that "the Iraqi Central Bank, in connection with the issuance of currency in both categories [50] thousand dinars and [100] dinars, printed". Noting that "put this category to the market will be the end of the year."

Kanani said that "the class [100] thousand dinars printed, will be under the experiment [50] thousand dinars," pointing out that "the new monetary category will work the end of this year."

It is said that the CBI is now dealing with a class [25] thousand Iraqi dinars at a time when the country is experiencing a financial crisis due to low oil prices, and warns some specialists that the issue of Iraqi currency more than the limit will lead to the low level of the Iraqi dinar against the dollar and other currencies. end

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Mnt Goat Wednesday Update - “The Reforms Continue – A Critical Period” Part 2 of 2
9/2/2015
2 Comments

Update on the Reforms

We know that parliament was supposed to vote on the National Guard law last Saturday. Then we heard it was postponed indefinitely. We wondered why and when they would continue the voting process.

Well today we finally have word form Iraq as they are telling us in the article below why the law was stalled and when they expect to resolve the differences.
By the way I can hardly believe what I was hearing on an intel conference call just yesterday. The intel “guru” was actually telling everyone this law was passed weeks ago. Do you believe this nonsense? Why would they have 2 article then today alone on this topic if it was already settled and the law passed in parliament. Maybe this guru is confused when his “secret’ sources from Iraq tells him that the law is passed by the council of ministers. Does he not realize there is a separation of powers in the new democracy of Iraq and thus one legislative body writes the laws, another reviews them and votes, then another has to ratify it by the president as the final step to become a law?

Looks like we have to wait until session on Monday 9/7 of next week for a vote.

So lastly in this section I present you with an article about the Investment law. They are telling us it is not yet passed. There are new much needed amendments to the law that ensures the rights of all people and aims to promote and stimulate economic and human resources in Iraq. The pressure is on and there are other programs going forward that need this law in place. We were told we would see it in yesteday’s session so I guess it was not included so they are complaining about it. That is the basis for this article. It is PRESSURE for parliament to get off their –sses and get it done. Pardon my French….lol….

Article Follows

NATIONAL DIFFERENCES AND FORCES "DISRUPTED" PASS GUARD: HIRE AND FIRE COMMANDER, HOWEVER ABADI

Political Since 01.09.2015 at 12:35 (GMT Baghdad)

Special - scales News
He said a member of the parliamentary legal committee Salim Chawki, Tuesday, that the current period by agreeing to sponsor the National Guard pass the law in the coming sessions, indicating that the differences in views between the National Alliance and the Union of Forces blocked a vote on the law.

He said Shawki's / scales News / "The National Guard Law within the political document was supposed to begin during this period of time but the divergence of views between the National Alliance and the Union of Forces hampered legislation on the law," stressing that "it was agreed to be National Guard "federal" and that is to hire and fire the commander of the National Guard, however, the Commander in Chief of the Armed Forces Haider al-Abadi "exclusively" to be approved in the Council of Ministers and the House of Representatives. "

He said the legal committee of parliamentary member, said "belonging" to the National Guard is the reason for the dispute where the powers that be Egypt Union to be the National Guard of the same conservative and may be from another province, stressing that "the National Alliance agreed to be the guard of the same conservative but leadership the province must be only "federal" and that's what the last vote on the law. "

Shawky said that "this period sponsor agreement to pass the law in the next session," noting that "the law will be applied on the popular crowd and clans that fought with the armed forces against terrorism, which includes the Awakening of each provinces except for the Kurdistan region."

It is said that "MP for the coalition of state law Rubaie threatened to reject the National Guard law and return it to the government if not carried out the needs of the popular crowd," and accused the government of "implicate" the House of Representatives the draft law. "

The "House of Representatives to postpone the discussion of the bill to the National Guard on Monday of next week,"

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Article Begins

ACTIVATION OF THE NATIONAL ECONOMY TO REDUCE UNEMPLOYMENT IN IRAQ DISCUSSED

http://english.shafaaq.com/politics/15717-activation-of-the-national-economy-to-reduce-unemployment-in-iraq-discussed.html

Shafaq News / The board member of the Presidency of the Parliament , Humam Hamoudi stressed the need for the completion of the Investment Law and its approval
as soon as possible for its importance in the activation of the national economy, as well as its contribution to reduce unemployment.

Hamoudi presided over a meeting with the economic and investment commission in Parliament discussed in the presence of Chairman of the board of investment , Sami al-Araji, the new amendments to the law to reach a law that ensures the rights of all people and aims to promote and stimulate economic and human resources in Iraq.

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SHEIKH D. HAMOUDI LOOKING INVESTMENT LAW STRESSES TO EXPEDITE ITS APPROVAL IN SUPPORT OF THE COUNTRY'S ECONOMY AND REDUCE UNEMPLOYMENT

01 September 0.2015

Presided over a meeting of the Committee of Economy ..heik d. Hamoudi looking Investment Law stresses to expedite its approval in support of the country's economy and reduce unemployment.

He stressed member of the board of the Presidency of the Council of Representatives, Sheikh Hamoudi, the need for the completion of the Investment Law and approval as soon as the activation of its importance in the national economy and promote development wheel, as well as its contribution to reducing unemployment.

Search and Sheikh d. Hamoudi presided over the meeting with the economic and investment commission in Parliament, in the presence of Chairman of the board of investment d. Sami al-Araji, the new amendments to the law to break the law ensures the rights of all sober and aims to promote and stimulate economic and human resources in Iraq.

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Update: Economic Reforms - Bonds

I can see there is lots of confusion about these darn bonds. So let me clarify it for you.

Next I want to emphasize once again these sovereign bonds (as they mention in the article below) are the INTERNATIONAL bonds and not the bonds Iraq has just launched as NATIONAL and for the citizens exclusively. BIG difference and I need to emphasize this for a reason. The in country bonds or NATIONAL bonds are designed to take in the 3 zero notes for payment to buy the bonds and payout using USD on the bond premiums.

Why are they doing these two different bond drives?

One bond drive (International) is solely to raise capital for Iraq but do it after a revaluation of the currency value, an investment for global investors, and the other is purely to raise funds for the debt and another devise to bring in yet more of the 3 zero notes from circulation in country.

Do you see the difference and why they are doing both of them? Let’s not confuse them. This is very important and you will see why as we see this issue progress in future news letters. Stay tuned.

I talked about both of these bonds in a recent news letters. Iraq knows they can not issue these Sovereign bonds with a very low, almost worthless currency. Not to mention the newly issued credit rating of only a group ‘B’, but as usual they may find away and try once again.

Article Begins

IRAQ DISPLAYS SOVEREIGN BONDS FOR SALE
2/9/2015 0:00

BAGHDAD Alaa al-Tai

Scheduled to travel a senior government delegation, including ministers, officials and experts in the financial and economic affairs, next week, to the United States and Britain to discuss the issue of Iraq sovereign bonds, and to explain the ability of the country to fulfill its obligations to investors who Septaon those bonds and Atdaolunha in markets Alaalmih.ocd high-level government source, who preferred anonymity, said in an interview singled out the "morning" that a government delegation will travel next Monday, accompanied by a credit rating talks team, to the United States and the UK to clarify Iraq's ability to fulfill its obligations to investors who Septaon Sindh Iraqi and international promotion, in a move that serve the welfare of economic reform measures and to maximize state revenues.

The source said, "The delegation will include government and finance ministers, oil and Governor of the Central Bank and the consultants and experts in economic and financial Shan officials to discuss the process of issuing sovereign government bonds in the global financial market."

The source noted, that the Iraqi government delegation held talks in Turkey during last June in order to promote Sovereign bonds to be issued by Iraq, stressing that the delegation held meetings with representatives of international banks also reviewed the financial and economic, political and security of Iraq report.

The source said that the talks with my company has a credit rating and the International Tribunals "Modiner and Fitch" in order to determine the credit rating of Iraq in the international capital market, also held talks with British companies rating and contacts to get a credit rating. The source indicated that Iraq's current credit rating within the group (B), noting that the delegation will explain the possibilities and Iraq's oil export.

http://www.alsabaah.iq/ArticleShow.aspx?ID=99287

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IRAQ POISED TO MEET INVESTORS AHEAD OF CRUCIAL BOND SALE
BY MICHAEL TURNER

LONDON, Sept 2 (IFR) - Iraq plans to begin marketing a new Eurobond (or sovereign bonds) following the Labor Day holiday in the U.S., according to several sources, as the sovereign hopes to issue in the capital markets for the first time in nearly a decade.

Representatives from the country are expected to meet investors across the U.S. and Europe ahead of the deal, which is likely to be unsecured.

Citigroup, Deutsche Bank and JP Morgan will be the lead managers, the sources said.

The U.S. Labor Day holiday is on Sept. 7.

The sovereign is seeking to raise up to US$6 billion through bond sales to relieve the pressure of low oil prices on state finances, though sources indicate this first deal will be much smaller.

Last month Iraq received its first international credit rating after Fitch assigned a B- rating with a stable outlook, six notches below investment-grade.

In its assessment Fitch cited political risks and insecurity that are among the highest faced by any sovereign rated by the agency.

Iraq last issued an international bond in January 2006. That US$2.66 billion 5.80 percent deal matures in January 2028. The note is trading at a cash price of 75.50, according to Thomson Reuters, to yield 10.23 percent.

http://www.reuters.com/article/2015/...1181VZ20150902

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Till next time…. Auf Wiedersehen!

Peace and Luv To Ya All,
Mnt Goat