Mnt Goat Monday Update - "Diversification of the Iraqi Economy" Part 1 of 2
Page 1 of 1
Mnt Goat Monday Update - "Diversification of the Iraqi Economy" Part 1 of 2
Admin Tue Dec 29, 2015 6:03 pm
12/28/2015
UU6850 – “ Diversification of the Iraqi Economy ” by Mnt Goat
Hello Everyone,
This period there is so much news from Iraq I can not fit it all in my news letter.
The Christmas holiday is now over and so the drama and saga for the RV continues as the news pours in.
Today’s news letter is extra long…sorry ! I wanted to cover all this news today since I needed to get this out to you today so I can use this information to build upon my next news letters coming to you soon. So print off this news letter, get into a nice cozy arm chair, rest your feet and relax. Maybe a nice cup of tea will help you to be alert and pay attention to what is being told today. It is all amazing news.
INDUSTRY IS SEEKING TO SELL THEIR PRODUCTS TO MARKETS AND CENTRAL SPECIALISTS CALL FOR THE APPLICATION OF TARIFFSo for all these so called intel “gurus” who persist on telling you or suggesting to you the RV will happen before Christmas all I have to say is “take a hike” – and I told you so weeks ago just as I have on so many other occasions – NO RV unless certain conditions are met.
The news is long today and very interesting. So let’s get started……
Today’s News
Today is Monday December 28nd and yes we are now fully in the final week of December and still no RV.
Some say the RV must happen prior to Jan 1st 2016 or the IMF will take it over. Really?
I can not find a shred of evidence to even suggest such a plan. If you find it please bring to forums. I am not saying this may or may not be the case but I have not heard any such news or found it on the UN site.
So if we are to study this ongoing RV saga, we must dig deeper than what some “secret” sources want us to know. We must dig deeper than what is on the bank screens. We must dig deeper than what they are saying in the mosques.
We must now pay attention to aspects of the currency auctions and the plan to diversify Iraq’s economy. So let’s look today more as these aspects and see if we can make some sense of them and gain appreciations for the pulse of Iraq, meaning what is truly happening and what their political leaders are thinking.
Update: Currency Reform
Today we are looking at these currency auctions and currency reform again. Why again?
My CBI contact suggested very strongly that we change our focus to the CBI and what they are doing with the currency reform. So this is what I have done. I also know there are still some outstanding reform laws that are needed so I am not downplaying these laws but just refocusing our attention for now.
So what is happening new with these currency reform and why so much recent publicity?
I am presenting this article below as I believe it is one of the most amazing and all telling articles yet presented to us from Iraq. It tells the entire story as to why the Iraqi dinar can not gain the needed value. Remember this is their words not mine and so there is no conjecture or guessing here.
So why can’t the dinar gain value?
I quote directly from the article – “several factors led to the decline in the dinar exchange rate against the dollar, including the IMPOSITION OF TAXES AND FEES that came in the budget of 2015 and the application of AUSTERITY MEASURES by the government and to PROMOTE HIGH PRICES IN LOCAL MARKETS
So what is the result?
I quote directly from the article below – “MAKES THE INTRODUCTION OF A FLEXIBLE EXCHANGE RATE REGIME IN CHARGE OF THE ECONOMY, INCLUDING ADDS INFLATIONARY EFFECTS AND POOR IN THE DISTRIBUTION OF ECONOMIC RESOURCES. In the end, it will result in the local currency lost its importance in terms of being units of account and stock value. “
So we see the result:
- makes it impossible to put the currency on a flexible exchange rate regime
- makes it difficult for the ISX to take off
- without customs and tariff taxes it makes it difficult to increase the markets for in-country goods such as farm products and other resources. By attempting to keep imports down and exports up brings wealth into a nation. Right now nearly 90% of all consumed goods are imported into Iraq.
How can they get Iraq to turn to buying domestic products? If they buy more domestic products they will produce more too and maybe even have surplus to export. The article I present to you today shows you how they intend to do this.
So we see they want to put the currency on an exchange rate regime. They can see now why the ISX stock values can not trade with any value to entice traders.
So now that we know what they are telling us is causing the decline in the dinar exchange rate against the dollar, than what is the solution to increase the exchange rate against the dollar?
Again I quote directly from the article – “that "the dollar prices in world markets is inversely proportional to the price of oil, which means that whenever the price of oil fell dollar price increased and vice versa." The dollar today is witnessing a rise on a global level and not only in Iraq because of the low Oil and Iraq rates is part of the world, noting that "the central bank after the drop in oil prices and the lack of financial revenues began to reduce the dollar amount sold in the auction to keep monetary reserves and this is what the impact on the local market.”
So they are telling us the need to get off the sole dependency of oil for revenues and DIVERSIFY the economy and this dependency on oil played big part in the economic crisis thus the value of the dinar. The government when talking about diversification is also talking about to diversify government revenues that can be generated from this process such as from income taxes, fees, customs and tariffs, etc...
Remember they told us that in 2012-2013 they intentionally created a gap in currency in Iraq when planning the process to ready the country for the RV. The RV did not happen and so this is how confidence in the dinar began to shrink as the US dollar began to fill this gap and thus we know the rest as it snow balled when oil prices dropped and ISIS invaded. The rest is the down turn of the dinar ever since.
So did they have customs and tariffs then? No ! Did they have all this other “stuff” implemented that I will present to you today? No! So how could they RV back in 2012-2013 and not now? Are these really issues holding them back? I believe they are not and there are other factors indirectly holding back their currency. Why?
Look at it this way – Why would you, as a citizen in Iraq, have any confidence in your own currency when the government and the CBI repeatedly keeps telling you they are going to reform the currency yet nothing ever occurs. They publish articles on money laundering, corruption in the auctions and even pass a law making it illegal to trade in US dollars yet don’t enforce it, they establish the Iraq Stock Exchange (ISX) yet very little trading is accomplished, they attempt to implement taxes yet this creates such a high disparity that is it impossible to fully implement.
With all this going on you want me to favor the dinar? Really?
Oh !!! – favor the dinar?….why should I ? Now this recent 1.37% decline in its value yet another wammie on the dinar. The value of any currency is all about having confidence and speculation that in HOLDING the currency it will provide more purchase power than any other readily available currency and so the citizens will prefer to use it instead. Has the CBI done this? The answer is a BIG FAT NO !
To help to ultimately raise the value of the dinar in the long run is first to get the economy off the US dollars. One measure the CBI claims recently taken was to lower the rate of the dinar making it more expensive for the banks to purchase US dollars in the auctions. Will this help?
My opinion is that this measure alone WILL NOT help much because as long as you have the DEMAND for the dollar the banks will pursue them. This is simply macro economics 101 – Supply and Demand rules over the value of something.
So without some major adjustment to a significant value to their currency they will continue to kick this can down the road forever. Remember their currency was shut off by intentionally downgraded it by the IMF depriving terrorists and the Iraq military from having the funds to fight the Iraq war coalition soldiers.
It was NOT a matter of not having value ! So why now all this talk about value?
Supply and Demand rules over value of an asset: (remember we are dealing with two assets dinar against US dollar)
1)US dollar SUPPLY high and DEMAND is high - value of dollar stays constant
Thus by the CBI maintaining to sell US dollars during the currency auctions they maintain the supply. They will never get off this “tit’ of the mother supplying the dollar unless - One solution is to STOP the currency auctions making the supply harder to get and create a gap in currency once again. Then pop out the lower denominations on a 1:1 value to fill this gap and at the same time make the dinar readily available while holding back the supply of US dollars. Thus reversing the gap process created in 2012-2013. The CBI then loans out the dinar to the banks instead of having all the corruption associated with the auctions. This is a normal banking practice that is practiced throughout all developed countries. The CBI must move to this practice too.
2)dinar SUPPLY is very low, DEMAND is high, at this time the dinar value should technically have increased. However over time the CBI did not provide the dinars (the lower denominations) to fill the gap and the dinar was replaced with something of more value and this was the US dollars. Thus Iraq began the cycle of #1 above in the supply and demand rules. Now they must reverse this process and I showed you in #1 what they must do.
I can assure you the solution as nothing to do with implementing tariffs or customs or taxing the people. The solution is a simply supply and demand for their currency over another currency. So why all this fuss over these programs we are going to hear about today in this news letter?
I will present other issues in this regard to you today later in this news letter in what the CBI and Iraq government are going to do to try to bring back the value of the dinar.
However after all is said and done - it is still, in my opinion, the ONLY solution really to this dilemma is to REINSTATE the Iraqi dinar first to just over the value of the US dollar 1: 1 creating the incentive to exchange dollars for dinars. Pop out the lower denominations quickly (as planned in 2012-2013) thus starting the de-dollarization process. I believe it could move very quickly from that point. Then later, once inflation is under control, they would have to fully RV to pre-war values plus equity, rolling the currency back out to the global exchanges and placing it on a floating currency regime (as Iraq fully intends to do since they told us so in prior articles and again in today’s article below).
So to make a long story short (but today’s story is long) the solution will ultimately be as I described but until Iraq gets the final approval from the PTB, they will continue this dance and kicking this can down the road in their own attempts to resolve the situation that is causing the decline in the value of the currency.
Why won’t they act now?
-terrorism and fighting ISIS – don’t want the money in the hands of ISIS in Iraq or Syria, this is no longer just an Iraq issue but a middle eastern terrorist issue.
-need to get rid of Iranian influence first ) nearly 1 mill Kud forces are in Iraq. The UN and USA will not approve the revaluation until these forces are neutralized thus National Guard law is VERY important and needed.
Article Begins
ECONOMISTS STRESS THE NEED TO RESTORE THE REAL VALUE OF THE IRAQI DINAR
Take a wide procedures and the creation of economic ground solid
BAGHDAD - Osama success:
Experts in economic affairs confirmed that the real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away from the fear to handle it and resorting to handle US dollar or the euro or other foreign currencies.
While others pointed out that there are several factors led to the decline in the dinar exchange rate against the dollar, including the IMPOSITION OF TAXES AND FEES that came in the budget of 2015 and the application of austerity measures by the government and to PROMOTE HIGH PRICES IN LOCAL MARKETS.
The economist said Abdul Hussein Al-Anbuge in his speech to the newspaper '' the morning of the new '' that "the events that passed in Iraq during the past period reflected about negative not the Iraqi dinar exchange rate and the lack of speculators.
THE IMPORTERS AS LONG AS WERE NOT SUBJECTED AT THE PRESENT TIME TO CUSTOMS TAXES AND IN PARTICULAR IN THE FIELD OF IMPORT CARS AS WELL AS THE RISE IN VEGETABLE AND FRUIT PRICES AND THE DIRECTION THAT LEADS TO LOWER REAL IRAQI DINAR VALUE.
He explained Anbuge "The high percentage of the openness of the Iraqi economy MAKES THE INTRODUCTION OF A FLEXIBLE EXCHANGE RATE REGIME IN CHARGE OF THE ECONOMY, INCLUDING ADDS INFLATIONARY EFFECTS AND POOR IN THE DISTRIBUTION OF ECONOMIC RESOURCES In the end, it will result in the local currency lost its importance in terms of being units of account and stock value.
The economic expert to " the real value of the Iraqi dinar at present require extensive procedures and these procedures are finding banks to deposit and provide a solid ground to others so as to increase confidence in Iraqi dinars and stay away for the fear of dealing with and resorting to handle US dollar or the euro or other foreign currencies.
For his part, the National Alliance MP Abdul-Hussein al-Moussawi said that "the central bank's decision to reduce the value of the dinar by 1.3% will saddle the citizens and put pressure on their standard of living and in particular the owners of low-income and poor.
Between al-Moussawi said in a statement the newspaper '' the morning of the new '' received a copy of it, "was the first to think about alternatives to distract us from this result, which will increase the suffering of the disadvantaged classes and low-income people such as pressing the unnecessary expenses and activating regulatory mechanisms to meet the corruption and waste outlets public money and inquire about the fate of non-oil revenues that have been Asthsalha actually citizen such as fees and take the sale of public sector products and profits ministries and tax resources but absent presence in the budget items as a supporter of revenue to them.
"He added that" the investigation and audit in the fate of those revenues that carry citizen adhered to without to have a role in the consolidation of the budget is required and necessary, noting that "the cooperation of the executive and supervisory authorities in the detection of destiny will provide convenient alternatives to enrich us all make decisions increase the suffering of our people and patient."
For his part, economist Mohammed al-Hassani said that "there Several factors led to the decline in the dinar exchange rate against the dollar, including the imposition of taxes and fees that came in the budget of 2015 and the application of austerity measures by the government and to promote high prices in local markets, which traders and owners of capital paid to purchase large quantities of the dollar and keep it led to increased exchange rate US dollar against the Iraqi dinar.
He said al-Hassani in his speech to the newspaper '' the morning of the new '' that "the central bank demands to do its utmost to restore the dinar to the normal price by increasing the dollar amounts in the auction, noting that" the stability of the exchange rate required the fact that volatility will affect the overall economic situation of the country.
Among the economic expert said that "the dollar prices in world markets is inversely proportional to the price of oil, which means that whenever the price of oil fell dollar price increased and vice
versa." The dollar today is witnessing a rise on a global level and not only in Iraq because of the low Oil and Iraq rates is part of the world, noting that "the central bank after the drop in oil prices and the lack of financial revenues began to reduce the dollar amount sold in the auction to keep monetary reserves and this is what the impact on the local market.
Al-Husseini pointed out that" a strong dollar and low rate of the dinar back to determine the dollar amount sold in the daily auction at the Central Bank for $ 75 million in each auction while the quantities exceeding it very much up to more than $ 300 million called for the beneficiaries of the currency traders to increase the price to maintain their profits daily.
The central bank Iraq announced the reduced value of the dinar against the US dollar.
According to a statement of the Central Bank received the newspaper '' the morning of the new '' version of it that "raising the USD selling to banks and exchange companies rate by 16 dinars, an increase of 1.37 per cent, to 1182 dinars."
Article Ends
Article Begins
RAFIDAIN BANK REAFFIRMS ITS COMMITMENT TO INTERNATIONAL STANDARDS ON ANTI-MONEY LAUNDERING
Baghdad scales News
Rafidain Bank said on Saturday that the issue of money laundering in which the criteria set of global institutions.
The general director of the bank on behalf of Kamal al-Hassani said in a statement seen by / scales News /, that "global institutions and on the track central banks in both countries reported the instructions of banks operating with in accordance with the know your customer and form particular to identify the sources of money a person before the base to start with the exercise of banking activity and the nature of his situation and potential and activity being done. "
The statement added, that "when there are revenues be confirmed according to fixed criteria to be adopted either everyone in Iraq, it is countries that rely on direct cash deal in light of the lack of comprehensive technical institutions and banks both civil and governmental and specialized."
He continued, "The citizens rely on the Rafidain Bank in bid farewell to their money because he did not witness any position that the bank may be a breach of its obligations and its agreements towards them." Ended 29 / D
Article Ends
Article Begins
FORTHCOMING MEETING BETWEEN THE GOVERNMENT AND THE REGION TO APPLY THE LAW IN ALL BORDER CROSSING POINTS
The economic and investment commission parliamentary announced a joint meeting soon between the federal government representatives and the Kurdistan region of Iraq to apply the law of customs tariff on all border crossings
Committee member Rep. Najiba Najib said the committee in the process of holding a joint meeting of the ministries of planning and finance, industry and the interior of the central government and the provincial government to implement the collection of tariffs customs and increasing fiscal revenue of the state, noting that the year two thousand and sixteen budget approved by Parliament includes commit the government to apply the customs tariff as one of the laws in force and applicable, added Najib said the main problem encountered in the collection of customs tariffs according to the law relating to non-state control of all border crossings .
Article Ends
Next please read the article below. What does it tell you? It tells us the reason why the government wants to impose the customs and tariffs and why the need to do it now.
On the surface you might say to yourself – oh boy! – they just lowered the value of the dinar by 1.37 % and now they want to impose the customs and tariffs? What are they doing to the citizens? How will the afford all this since we know prices in the markets will go up with higher duties paid to bring them into the country. But this article below is revealing in that it is telling us what the government is trying to do. They are trying to force the re-opening the selling of local products and not to import.
I quote from the article – “existence of discussions with the Ministry of Commerce to re-open the central market to support the local product and not to import”
Do you see how many articles are interconnected and they flow. You have to put them together in a story like fashion when reading them. Don’t believe me? Then read the article following this one too. It connects the two article together very nicely. So if you don’t believe that this is the reason for imposing the tariffs now I can’t help you.
Article Begins
PARLIAMENTARY ECONOMY: WE INTEND TO RE-OPEN SUPERMARKETS IN COORDINATION WITH TRADE
Special - scales News
It revealed a member of the economic and investment commission parliamentary Najiba Najib, Saturday, about the existence of discussions with the Ministry of Commerce to re-open the central market to support the local product and not to import.
She said Najib's / scales News / "The committee discussed the re-opening of supermarkets with stakeholders in the government and the Ministry of Commerce to support local product plan," asserting that "Product support is not supported by laboratories and companies only, but should be in the other hand, significant support for the market as an important element of the support elements. "
She added, "If we were unable to activate the market and marketing of the product will lead to the inability of the local product support," pointing out that "the Commission will continue its meetings and discussions with the Ministry of Commerce to open supermarkets and cooperatives that existed in the past."
She explained, "The product will help support the price to be appropriate to the current situation for citizens and will lead to the presence of a large turnout," indicating that "the local product marketing of important topics which the Commission would continue to discuss it with those concerned."
She said "these markets neglected after 2003 attributed the reason to the absence of clear economic visions governments", stressing the "need to reconsider the negligence of those markets and to encourage them to be in compliance with the current reality and to encourage local product." It ended 29 quarte
Article Ends
Article Begins
INDUSTRY IS SEEKING TO SELL THEIR PRODUCTS TO MARKETS AND CENTRAL SPECIALISTS CALL FOR THE APPLICATION OF TARIFF
Long-Presse / Baghdad
Revealed the Ministry of Industry and Minerals intention agreement with the Ministry of Commerce on the allocation of one of the central market in each governorate to sell their products, and called for the need to pass laws to protect the local product and the application of the tariff, while the Iraqi Federation of Industries accused some ministries to "indifference" to activate the national industry, saw Economist that the state should support the industrial sectors that contribute to improving the balance of payments during the next two years.
And suffer factories owned by the Iraqi state of many problems since 2003, is to stop most of them and increase the number of employees largely on the economic viability of these plants account, where thousands had to be during the past years, as well as the lack of a marketing program to her, and gave Mkainha and the need for their products to development, is comparable to the imported product and who invaded the Iraqi market since more than 13 years.
He said the ministry spokesman, Abdul Wahid al-Shammari, said in an interview to the (long-Presse), said that "the cabinet's approval to merge the Ministry companies have been a great incentive for affiliates to promote national production," adding that "The ministry will include 31 productive and efficient company starting in next in 2016, after it has been accessed 90 companies for domestic investment or Arab or foreign. "
Shammari said, "The ministry will ask the Ministry of Commerce and the allocation of one of the central markets in each province to sell its products," noting that "the central markets will be fixed for the sale of products and the Ministry of Industry and Minerals place."
He called the official spokesman for the Ministry of Industry and Minerals, to "make laws for the protection of the local product and activate the tariff, and the cooperation of other ministries with the Ministry of Industry and Minerals."
For his part, head of the Iraqi Federation of Industries, Ali Sabih al-Saadi, said in an interview to the (long-Presse), "The decisions made by the Council of Ministers or the Ministry of Industry and Minerals, to activate the national industrial sector is still just the aspirations and wishes not been activated by about real on the ground ".
He said al-Saadi, that "the reforms announced by the government is very good and did not get 12 years ago," inferred "but should actually apply because each ministry or government agency, is a country in itself, some of which does not recognize third-party decisions."
And he saw the head of the Iraqi Federation of Industries, that "the reforms will not achieve its goals without the application of the tariff by about right," and accused "some ministries indifference to activate the Iraqi industry, and import preference for benefits and privileges."
He called al-Saadi, ministries because "working as a team and activating the laws that advance the domestic industry."
Conversely called economic expert, Ahmed Rehn, the Council of Ministers to "discrimination in economic policy between the medium and long term versus short-term, which will face the country the years 2016 -2017", and urged the financial industry and minerals, planning on "cooperation between them to draw a clear policy for the development of the private sector" ministries.
Rehn said, in an interview to the (long-Presse), said that "the promotion of the national industry requires the adoption of foreign currency standard," noting that "the industrial sectors that should be supported during the next two years 2016 and 2017, are those that can contribute to improving the balance of payments."
He attributed the economic expert, however, that "the industry that will improve the balance of payments are contributing to the increase in imports of foreign currency and reduce Iraq's payments of them, and support exports, or reduce the import of goods and services," adding, "Even these industries if it did, would not add anything Iraqi budget for the next two years, although they serve the economy. "
He said Rehn, that "to talk about serving as a budget involves a great mislead, they will not be so unless those companies began to work and made a profit and paid tax", Msttrda that "all this takes time might take years."
The Minister of Industry and Minerals, Mohammed al-Darraji, said in (the 22 of November 2015), that Iraq produces 271 material, while the existence of a campaign to hit Iraqi industry, counting the hard currency from Iraq get out and converted to consumables will lead to the collapse of the country's economy.
The Ministry of Industry and Minerals, announced in (the 25th of November 2015), for approval of the Cabinet of the forty-five minutes, to activate the decision required all ministries and government agencies to purchase public its products.
Article Ends
So now we see the CBI speaking out (see articles below) against her accusations (evidenced) that the CBI lowered the value of the Iraqi dinar against the dollar. However the CBI did, (indirectly) lower the value of the dinar against the dollar when they made it more expensive to purchase US dollars by charging more dinar to do so. Remember I told you that currently Iraq is almost entirely a US dollar economy since 2013 and so if the banks need more US dollars they must go to the CBI to purchase them. How do they pay for them?
What else is left? They must use the 3 zero notes and the purchasing process established is the currency auctions. So how much of the 3 zero notes are left in circulation to keep buying the US dollars? How much longer can the CBI use up their currency reserves selling US dollars to the banks?
Folks – there has to be a breaking point here somewhere ! Parliament is not going to let this cycle continue forever and we know for FACT that the IMF is now closely monitoring and working with Iraq on their financial issues and economic crisis. One of the hottest topics is Currency Reform.
Just look at all the recent articles on this topic. These are just from the last few days not weeks. As we approach 2016 the pressure builds and I have told you the ultimate solution. The bottom line solution is set in stone. Iraq knows the solution but it is not entirely up to them to implement it. They need the IMF and the USA to sign off when all agreements are completed. They still need a means for lasting security for Iraq ….hint..hint…National Guard law. Will Iraq pass this law this week? We are being told we will see it on the agenda soon. Some say it may go into 2016 sessions and I agree with them. Just my opinion from everything I am hearing.
Article Begins
CENTRAL BANK LOWERS THE VALUE OF THE IRAQI DINAR AGAINST THE DOLLAR
The Central Bank of Iraq, on Monday, reduced the value of the dinar against the US dollar.
According to a statement of the bank, that "lifting of US dollar selling to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars."
The statement noted banks and the conversion of financial, investment and banking offices that "the exchange rate by international standards is still under study and will report results if completed, knowing that he has changed the base rate of the US dollar against the Iraqi dinar by the Bank to the (1182) dinars per dollar. "
The bank was selling dollars at 1166 dinars, it reported statistically the bank sold more than $ 42 billion in the auction of the currency since the beginning of this year until last Wednesday
Article Ends
Article Begins
CBI BOARD DECISION, THE OFFICIAL FX RATE (AUCTION PRICE) WAS ADJUSTED
According to the CBI Board decision #329 of 2015, the official FX rate (auction price) was adjusted as the following: 1) The USD selling price became IQD1182 and the USD buying price became IQD1180 starting from December 1, 2015. 2) The USD selling price and the price used for paying correspondent banks will be unified starting from January 1, 2016 at 1190 (=1182+IQD8.0 (commission)).
Article Ends
Article Begins
CENTRAL BANK DENIES DOING TO REDUCE THE VALUE OF THE DINAR AGAINST THE DOLLAR
2015-12-21|(Voice of Iraq)
Baghdad denied the Iraqi Central Bank, on Monday, news that talk about doing to reduce the value of the dinar against the dollar. The bank said in a statement that "news stories about the bank to reduce the value of the dinar against the dollar baseless," denying "the news ".He added that the bank" sale price of the dollar has not changed."
A number of media have picked up earlier, the news that the central bank reduced the value of the dinar against the dollar
Article Ends
Article Begins
PROBLEMATIC EXCHANGE RATE!
Author: Yasser incumbent
12/22/2015
Experts are concerned expected that Sarsrv exposed dinar to the disorder against the dollar Aazin reason to the suffering of the banking sector of the charges, and regardless of the validity of the allegations or not, this actually poses a serious stand to assess the matter and hedge and undermine the real causes behind this expectation.
I have followed completely Basghae Proceedings of the Annual Banking Conference, which was held last week, where fired a citizen is a first Hoalkhasr from the effects of the attack, which goes on the banking sector as a whole this phrase and hesitated Awamufrdh for more than ten times, and the fact it has an eye catching what does not accept doubt that something will happen without doubt.
and that has raised controversy that Union of Arab Banks delegation and in the words of head of delegation and Sam Fattouh that Lebanon went through the same circumstances experienced by Iraq from civil wars and political bickering, but the Lebanese economy has not seen a collapse until the moment remained the Lebanese pound over more than three conservative decades its stability, the fact that Lebanon's economy was left out of the political pressure and statements media.
The message is clear and everyone to be careful and keep the economy from the differences in order to stabilize the country because there is no stability without economic stability, and that requires the identification of the offending bank Aatalaq reckless accusations on the sector as a whole.
raised banks problem on the judiciary and said: The a portion of these violations have been resolved with fines double and remained prosecution going on, it is true that the irregularities of prejudice to economic security has to be the sequence, but the inclusion of all banks and collective punishment is not fair, especially since their impact on the large economy, it is the door of experts confirms that Atnmah without banks while accusing each banks irregularities.
Therefore, the case threatens the possibility Dinar mojadda exchange rates of disorder if it continued without radical solutions, the required coordination of efforts to contain the crisis in order to not be a citizen Hoalkhasr first actually.
Article Ends
Article Begins
CENTRAL BANK REFUSED TO INFORM THE COMMISSION ON THE DETAILS AND FIGURES OF THE IRAQI RESERVES
BAGHDAD / JD / .. the parliamentary Economic Committee revealed, for the central bank refused to inform the Commission on the details and figures of the Iraqi reserves, as confirmed also refused to set a cash reserve within the investment.
Said committee member Rep. Nora Albjara in an interview with "JD" "There is cooperation between the Commission economic and central bank, but some of the information does not give the bank or tells us about, "adding" such as the Reserve figures of the Bank, and considers the secret of secrets.
She noted "the existence of murmurs on the reserve Iraq and there is talk of the former Federal Government to withdraw funds from this reserve," noting There is a precedent to the call to invest the money, but the bank did not accept it, considering that the political and security situation of the country is stable. "
Article Ends
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Re: Mnt Goat Monday Update - "Diversification of the Iraqi Economy" Part 1 of 2
Admin Tue Dec 29, 2015 6:06 pm
Mnt Goat Monday Update - "Diversification of the Iraqi Economy" Part 2 of 2
12/28/2015
Update: Currency Reform
We still await for the “official” word from the CBI to allow the distribution of the new lower denominations. We know this must first be accompanied with a significant increase in value and we are told it will be a 1:1 par value with the US dollar.
This is NOT the RV but an inflation adjustment and only an incentive to “dedollarize” the economy and reverse the trend in demand from the US dollar to the Iraqi dinar thus increase the demand for the new lower denominations. This would thus allow Iraq to withdraw or “de-dollarize” their economy as they would suck up US dollars are replace them with the lower denominations. This would happen because the citizens would migrate towards the new dinar since it would be worth more than the dollar.
Do they need a very significant increase in order to do this?
NO! All they need in-country is a value to the new dinar to be just over a dollar to create this incentive.
PARLIAMENTARY FINANCE: THE RELUCTANCE OF THE GOVERNMENT TO ACTIVATE THE COLLECTION OF THE COLLECTION OF NON-OIL RESOURCES Is this the RV we have been waiting for?
NO! – this move to a 1:1 par with the US dollar is just an inflationary measure they will undertake. The full RV ($4.00+) we are waiting for will come later in about 7-14 days and will depend on how stable the economy is and how this whole process works out. It may take longer or it may be shorter.
Is this 1:1 a float and we must wait for the value to rise from $1.00+ to the $4.00+ before we see the RV?
NO! This initial process will NOT be put on an “official” float as many so called intel “gurus” will try to convince you that it is. The time to the full RV has no significance to any float. How can it since the currency still not even be on the exchanges at this time.
So when can we go to the bank and exchange our 3 zero notes?
First let me say it again - We may never realize this $1.00+ rate at the banks since the new rate will not yet even be on the global exchanges (thus be able to go to the banks and exchange). The IQD will not be reintroduced to the global exchanges until after the full blown RV $4.00+ occurs which will come later.
Will we see the RV before Xmas?
I personally believe we may see the 1:1 value pop out as the lower denominations are circulated sometime before now and the end of the year. But I do not expect to be at the bank before sometime until mid to late January 2016. I have already told you why this is the timing.
Will us, so called “internet” conference call investors, be privileged to exchange prior to the final RV?
NO - ABSOLUTELY NOT! That would be illegal !
Everyone holding these 3 zero notes outside of Iraq will exchange at the same time as the rates show up in the global currency exchanges and this will not happen until the full RV.
This has nothing to do with bank screens or any other secret bank currency books at the banks. It must be a legal rate on the global exchanges prior to the banks allowing the general public to exchange this currency.
I am telling you nothing new here. I have explained out answers to all these questions over and over again to you in my previous news letters. This is the state we are in and we just have to wait.
The fact that the budget is moving along now is great news. Now we need the National Guard and Amnesty laws and I do not believe we will see any next move in the currency reform until we get these laws – at least I would be very surprised if we did….lol…lol…
The Future of Oil
The more Iraq pumps to try to sell more oil to make up the budget difference from the lower market oil prices, to increase their revenues, the more this process will drive down the price yet more. Since if you apply the supply and demand rule – “Increased supply, Decreases price on the market” demand staying constant.
It is a cycle now they must overturn somehow. Remember too many of the “developed countries” are now stockpiling enormous amounts of oil since it is now so cheap. So even if they slowed production way down today to try to drive up the price of oil, it would still take some time to catch up and for prices to increase since they would have to first use up these stocked reserves.
It is my opinion Iraq is in for some bumpy times in 2016 too. Remember also there is a goal of the USA to get fully off dependency of Middle Eastern oil by the year 2020. We can see this happening with these solar incentives being run by the government in many states and the shale oil efforts.
So if you believe in this plan you can see it happening now right in front of our noses. The glut days of oil are coming to an end. We are still oil dependent but finally we can see just the beginning of the slow down in the use of oil and its ramifications on the planet. We will still be an oil based society for years to come but what I am saying we can see the downward trend beginning, as it has to begin sometime.
When will we be completely off oil? No one really knows for sure and it may take another 20- 30+ years but it will happen and has to happen regardless of the very wealthy who control the oil industry. Maybe our grandchildren’s kids may live to see it?
This is also why the IMF keeps harping on Iraq to diversify their economy and do not relay solely on oil.
Whenever there is great changes at this magnitude there will be some “hurting” in the process so be ready.
CHANGES OF THIS MAGNITUDE ARE NEVER EASY !
I really, really like the following articles about the oil industry. These articles are very long so print these out and relax when you read them. These articles sum it all up for you. I would encourage everyone who truly wants to be educated and learn about the future of oil (near and far) to read carefully these articles. See if you can connect with Iraq too to understand their situation.
Article Begins
OIL: IRAQ'S EXPORTS FOR THE PAST MONTH HAS SEEN AN UNPRECEDENTED INCREASE IN OIL PUMPING
Written by HA
Date: 12/22/2015
Baghdad - INA / Oil Ministry announced on Tuesday, the final crude oil exports for the month of November last, indicating that exports have seen an unprecedented increase.
He said ministry spokesman Assem Jihad said in a statement received by the Iraqi news agency, a copy of it, that "the sum of the quantities exported amounted to 100.9 million barrels from southern Iraq, while Iraq was unable to export through the northern port of Ceyhan Turkish port due to the Kurdistan region's commitment to the agreement oil ".
Jihad said that "the sale of a barrel average rate of $ 274 and 36 cents."
He noted that "the exported quantities has been downloaded by 33 international companies of different nationalities from the ports of Basra and Khor al-Amaya and buoys unilateralism on the Arabian Gulf."
A spokesman for the Ministry of Oil that "the national production of crude oil rate except for the Kurdistan region amounted to 3,000,657 barrels per day."
Article Ends
Article Begins
OIL PRICES HAVE NOW CRASHED THROUGH THEIR 2008 LOW, AND WORSE IS LIKELY TO COME
DEC 22, 2015
Brent crude, the international oil benchmark, lost its bottom today, plunging below its 2008 nadir and threatening new fiscal pressure on OPEC and Russia. Global stock markets rose, shaking off whatever concerns caused them to plummet last week in the face of oil price declines. But Brent’s fall through the low of the financial crash is a psychological blow, with the likelihood of worse to come if you happen to be a crude exporter.
The price fell to as low as $36.05 a barrel today (Dec. 21), 15 cents below its $36.20 bottom in December 2008. Brent bounced off the low in European trading—it is at $36.81 as of this writing, down 56 cents (1.5%) from Dec. 18. But having breached the symbolic threshold, traders are likely to bid Brent down again.
Last week, Goldman Sachs and Citigroup both reiterated prior calls that $20-a-barrel oil is possible in 2016, when Iran will start to export an added hundreds of thousands of barrels of oil, adding to a heaving global surplus. On top of that, the US on Dec. 18 completely lifted a ban on US oil exports; although little or no rise in oil exports is likely from the US any time soon, the very fact of it looming on the market will be an additional weight on prices.
The leading exporters—Russia and Saudi Arabia—have put on brave faces in the now-18-month-long plunge of oil prices from a three-year perch above $100 a barrel. They have argued that their enormous cash reserves will allow them to weather any price for as long as it takes to finally force upstart US shale drillers to turn off their spigots.
US production has dropped from its high of 9.6 million barrels a day in April; in September, it was down to 9.4 million barrels, and is expected to average 8.8 million barrels a day next year. But it remains up by about 4 million barrels a day since 2011.
And on Dec. 18, the number of US rigs drilling new shale wells rose sharply, by 17, after four weeks of declines, suggesting that Russia and OPEC will have to suffer longer.
Article Ends
Article Begins
OIL PRICE: IMF SEES FALL TO BETWEEN $30 AND $20
Dec 22, 2015
Report predicts that Iranian exports will ramp up when international sanctions are lifted
David McNew / Getty
Oil price: IMF sees fall to between $30 and $20
Another major global forecast has suggested that the oil price has a lot further to fall yet – and that it could go as low as $20 a barrel.
This is the extreme low "cost price" predicted since the autumn by Goldman Sachs for early next year. Now the International Monetary Fund has hinted that global prices could fall this low when Iran increases its oil exports in the wake of the lifting of international sanctions.
Iran reckons it could increase its output by around one million barrels a day. The oil would enter a global market that is already oversupplied by up to two million barrels a day. The IMF says this will bring renewed downward pressure on the beleaguered oil industry that will cause prices to fall from their current levels by between $5 and $15 a barrel, The Guardian reports.
Given prices are currently in the mid-$30s per barrel, this implies a fall back to the early 2000s level of around or below $30, or as low as $20. At this price it's likely there will be a sharp decrease in investment and production that should see a sustained – and perhaps rapid – recovery.
The news comes after oil hit another 11-year low for the second consecutive trading session yesterday. International benchmark Brent crude fell to just a few cents above $36 a barrel, but Reuters says the rolling over of monthly futures contracts has prompted a modest recovery to around $36.60 a barrel this morning.
US benchmark West Texas Intermediate is now trading only marginally lower than Brent since the recent budget deal in the US lifted an export ban, with the price around $36 a barrel this morning.
As for the consequences of falling oil prices, the International Monetary Fund says it reckons the slump would mean a 0.3 per cent boost to the global economy next year. This would be the net effect of higher consumer spending as a result of fuel and energy bills falling, minus the drag of job losses and reduced investment.
On the downside, the Los Angeles Times's Steve Yetiv says that the low oil prices worldwide are undermining arguments made at the Paris climate change summit this month that "burning fossil fuels is an increasingly costly habit". If prices remain low for too long, he says, it "will hurt efforts to address climate change, especially in the US, where citizens largely oppose raising oil taxes".
Oil price: no relief in sight as crude hits 11-year low
21 December
The oil price has plumbed new post-crisis depths, with the international benchmark hitting its lowest level since 2004 in Asian trading overnight.
Brent crude fell to just 17 cents above $36 a barrel, which means it breached the post-financial crisis low it set on Christmas Eve in 2008, according to the Financial Times. The last time it was below this level was when it briefly dipped into the mid-$30s in July 2004 during a protracted recovery from a trough in the 1990s when the price was at one point in single digit dollars.
While a fall to those extreme lows is unlikely, oil is expected to drop back to its early 2004 levels of $30 a barrel or less next year before it recovers in a meaningful way. Some experts even predict it will drop as low as $20 a barrel (see below).
Four factors that are fuelling this down trend – all in one way or another related to the persistent global supply glut – are being cited as reasons for the latest dip.
Top of the list of concerns is excess production. With oil having fallen by 70 per cent in the past year, global production was expected to fall as a ferocious turf war claimed swathes of victims, notably in the expensive American shale oil industry. But the sector's unexpected resilience was underlined when the US energy watchdog revealed an increase of 17 in the number of active rigs drilling for oil last week, the Wall Street Journal reports.
A second factor is that supplies are already at record levels and stockpiles in the US surged by 4.8 million barrels last week, at a time of year when reserves typically fall, the investment bank ANZ told the FT. On the other side of the equation, a third issue is that demand is expected to be hit by a post-interest rate rise jump in the dollar, which makes oil more expensive for overseas buyers.
Finally, Brent is under particular pressure after the recent US budget deal that lifted a ban on US oil exports and is expected to reduce the international benchmark's premium compared its US counterpart West Texas Intermediate. This latter fell to $34.37 overnight – a new seven-year low but still around $2 above its 2008 nadir.
Oil price: four reasons it could still fall to $20
18 December 2015
Oil companies and countries dependent on revenues from 'black gold' might be forgiven for thinking that things cannot get much worse. Goldman Sachs, however, believes that they can.
Analysts at the US investment banking giant issued a note on Thursday in which they stood by the ultra-bearish forecast for global oil prices to slump to $20 a barrel next year, before recovering in any meaningful way, says CNBC. Here are four arguments supporting the case for another major drop:
1. Stockpiles just keep rising
Yesterday another report revealed that oil reserves were rising in the US – a bearish indicator for the ongoing global supply glut. The Wall Street Journal cites an estimate from data provider Genscape that stockpiles at the Cushing, Oklahoma depository, which acts as the delivery point for US benchmark West Texas Intermediate futures contracts, rose by 1.4 million barrels last week.
The rise mostly took place in the second half of the week and followed the US energy watchdog's report of a surprise surge of 4.8 million barrels in overall domestic crude oil reserves last week. In response, WTI fell to a six-year low of below $35 a barrel and international counterpart Brent crude fell close to one per cent to a new seven-year low of a fraction above $37.
2. Production is not falling enough
It is one of the enigmas that has confounded analysts: why production has remained resilient despite the painful fall in the oil price. US shale in particular, which is thought to be more expensive than much of the rest of global production, has fallen from its peak output of 9.6 million barrels a day but is still above nine millions barrels and has been edging higher of late.
Goldman Sachs says that with Opec already pumping 1.5 million barrels a day above a 30 million barrel production 'ceiling' – and having now abandoned any targets for production after its latest meeting ended in acrimony – there is simply not enough of a decline being signalled elsewhere to rebalance the market. This will not happen until the final three months of 2016, the bank reckons.
3. Fed rates rise will hit demand
Demand is also a key factor in the supply equation and, again, it has been disappointing. Efficiencies in fuel use, warmer weather caused by the El Nino phenomenon and a new drive to reduce fossil fuel burning to protect against climate change are all preventing drawdowns surging to meet or exceed supply.
The decision by the Federal Reserve this week could exacerbate this issue, traders fear. Lower oil prices were starting to filter through into greater fuel purchases, but if the dollar rises strongly on the back of the rates increase this will hold prices higher for overseas buyers and could undermine that trend.
4. Budget deal is bad news for Brent
For the international benchmark, Brent, there was further bad news this week in the form of a new budget deal in the US congress that controversially saw the Democrats cave in to Republican demands to remove a ban on domestic oil exports. The protectionist measure has meant that international oil is bought at a premium to the US benchmark and could see more oil flood onto the global market.
The net result of this could be that the 'spread' between the two prices shrinks – most likely through a fall in the relative premium paid for Brent. At some point this week the spread fell to less than $2 and some industry analysts reckon that over time the two prices may even reach parity.
Are any rises being predicted?
Plenty, in fact the consensus view probably still remains for oil to enjoy higher average prices in 2016 than this year. But these forecasts are falling every time they are republished and many experts are now predicting a near-time fall lower – perhaps to around $30 a barrel – before a volatile recovery pushes prices to within a wide $40-$60 range.
Oil price hits another low after 'dead cat bounce'
17 December 2015
Chris Jarvis, president and senior analyst at Caprock Risk Management in Maryland, struck a sombre note when he spoke to CNBC. "I don't view the… statement as being all that supportive and now that we have the announcement behind us, it's back to fundamentals," he said.
Jarvis was referring in the first instance to the historic rise in interest rates announced by the Federal Reserve yesterday, which has pushed the dollar slightly higher. This brings further downward pressure on the already low oil prices, as the commodity will now be more expensive to overseas buyers.
In the second instance, Jarvis was commenting on the ongoing oversupply situation, which Bob Yawger, director of the futures division at Mizuho Securities USA, told the Wall Street Journal was "negative with an exclamation point". New data from the US energy watchdog yesterday showed that domestic stockpiles surged by 4.8 million barrels last week to a new all-time record of above 1.3 billion barrels. Analysts had expected a slight fall.
The result of all this was that the two-day rally in the oil price from its post-crisis low was revealed to be, in the words of FastFT, nothing more than a "dead-cat bounce". Having risen to above $38 a barrel – which is still unprofitable for much global production – international benchmark Brent crude fell by three per cent to a little above $37 a barrel.
This represents a new low since December 2008 and is only marginally above the next lowest point in July 2004. Earlier that year the oil price had been below $30 a barrel and some experts reckon it will return to a similarly low price in the early part of next year as Iranian exports open up after the removal of international sanctions.
Reuters says a number of factors could exacerbate, or reverse, this trend. It highlights the continued and unexpected resilience of expensive US shale production, and Opec's current disarray, as bearish indicators; but also points to unrest in the Middle East, a likely increase in demand and the potential for further investment cuts as factors that could give bullish traders "a reason to pile back in".
Overall, most industry analysts agree that it will take time to reverse the huge supply overhang so that prices can recover significantly. Only a major concerted effort on supply is likely to make this happen before the end of the next year.
Oil price: who is betting on a recovery in 2016?
16 December 2015
The oil price has been in recovery in recent days. Having hit a post-crisis low of close to $36 a barrel on Monday, it has since rallied and at one point yesterday it was back above $38 a barrel.
But this is still a painfully low price, close to 70 per cent below the September 2014 peak. While unprecedented production efficiency has protected drilling companies in a way few thought possible, in the North Sea, for example, it is still supposed to cost approaching $50 to extract a barrel of oil. This should be significantly higher in US shale oil fields.
The situation is worse for those countries that depend on oil as a source of income. Many Opec members in financial difficulty, such as Venezuela and Nigeria, the de facto cartel leader Saudi Arabia and even non-Opec export giant Russia, all designed budgets around oil prices in excess of $100 a barrel.
As investment is rapidly withdrawn and spending cut, these companies and countries are hoping prices will recover more quickly than markets currently expect. Encouragingly for them, there are experts who see that happening.
Liam Halligan wrote in the Daily Telegraph this week that prices will recover faster, as investment cuts are ramped up to cope with the latest price crash. Elsewhere, The Times reports that the Wellcome Trust has substantially increased its investment in energy stocks such as Shell and BP as it "builds into what markets are doing" and takes advantage of perceived bargains ahead of an inevitable recovery.
Reuters says that there is also a wider market bet gaining traction for prices to recover to between $50 and $80 in 2016, with derivatives that would pay out in this range climbing "steeply" in recent weeks.
The downside is that investors broadly see this happening in around 12 months at the very end of 2016. Near-term bets are still on further falls, perhaps to around $30 in the early months of next year as Iranian exports re-emerge from behind international sanctions.
It will take an output concession from Opec to push the price higher sooner – and the group has seldom looked less cohesive on its production policy.
Oil price misses 11-year low – but for how long?
15 December 2015
The oil price recovered in afternoon trading in New York yesterday, after coming close to 11-year lows earlier in the session.
International benchmark Brent crude had earlier tumbled below $37 a barrel in London and settled just 13 cents above the $38.20 it reached in September 2008 in the teeth of the global financial crisis. Below this, it would be at the lowest level since July 2004, Reuters notes, when it briefly languished in the mid-$30 range after a protracted recovery from a single-digit mid-1990s trough.
The rally yesterday, during which Brent bounced back two per cent, was not driven by particular fundamentals.
Rather, it was a function of inevitable volatility in a market that is currently beset by 'short' bets on a lower price. This morning Brent was sitting a little above $38 a barrel, which is still unprofitable for most production.
'Long' positions – bets on a higher price – are now at the lowest since records were first compiled in 2009.
This means two things: there will probably be some wild swings, as 'short positions' are rapidly covered any time the price ticks upwards even slightly; and most traders and analysts are still convinced the market has not found its bottom.
Where could that bottom be? A technical analysis has been offered by legendary data trader Daryl Guppy, who writes on CNBC that current trend charts indicate "prices have further to fall".
Based on historical support levels and general trading patterns, he sets a main target for the price floor at a little below $30 a barrel, near that 2004 nadir.
There is a consensus fast emerging that a price around this level will be reached before the supply glut clears next year - but there are those who believe if this does happen it will presage a faster recovery than some are currently expecting.
Echoing the Shell chief executive Ben van Beurden, who warned in October that rapid retrenchment could cause oil prices to spike, Nick Cunningham writes on Oilprice.com that another big step down in prices could "spark deeper cuts to spending and drilling, which could perhaps contribute to an accelerated pace of adjustment".
Article Ends
Remember the IMF weeks ago asked that these fees be taken out of the 2016 budget revenues. So now we are seeing the backlash from this action.
Article Begins
PARLIAMENTARY FINANCE: THE RELUCTANCE OF THE GOVERNMENT TO ACTIVATE THE COLLECTION OF THE COLLECTION OF NON-OIL RESOURCES
He accused the parliamentary Finance Committee member Ahmed Sarhan, Tuesday, the executive branch of dragging its feet in the activation of the collection of non-oil resources, while noting that returning from tourism, agriculture and border crossings supply the revenue budget large amounts of money.
Ahmed said, "The non-oil resources back to Iraq is very significant financial resources if the application has been carried out by the executive branch," adding that "tourism, agriculture and border crossings supply the revenue budget large amounts of money."
"The non-oil resources is disabled in a suit with the economic crisis," stressing that "the executive branch reluctant to do to activate the collection of water, electricity and other resources."
He pointed out that "all the laws when the legislation is implemented on the responsibility of the executive power and the strength of the government and its place in the implementation of the provisions of the law."
Article Ends
Update: Maliki Syndrome
Article Begins
OTHERWISE AND VERBAL ALTERCATIONS BETWEEN MALIKI AND JAAFARI DETAILS, DANGEROUS AND EXCITING EVENTS KNOW IT !!
Date: Tuesday 12.22.2015 0:31
Political and media close to the Foreign Minister Ibrahim al-Jaafari sources confirmed between the head of a coalition of state law against the backdrop of the report of the reasons for the fall of the city of Mosul, however, the organization Daash
The source said that al-Maliki sent members of his coalition Mohammed Chihod and Abdul Salam al-Maliki, accompanied by a threatening letter to a member of the Committee investigating the fall of the city of Mosul.
MP Sabah al-Saadi a deputy from the Reform Movement, which is led by Ibrahim al-Jaafari., said parliamentary sources informed of the (Abbasid News) Mohammed Chihod and Abdul Salam al-Maliki and two deputies Ashairian Mqrban of al-Maliki threatened to publicly Vice Chairman of the Committee Hakhuan Abdullah from the Kurdistan Alliance and a member of the Committee MP for the National Reform Movement morning Saadi if insisted on questioning the former prime minister, after he urged MPs on the investigation into the events of Mosul.
This will only be completed in the presence of al-Maliki before the inquiry to give evidence and the codification of his words, and said those sources that al-Maliki not only threats Alziod and Abdul Salam al-Maliki, the deputies committee members, but took the initiative to call the MP Sabah al-Saadi personally threatened him and (b breaking his head) if it does not stop in its claims summoned before the inquiry, however, al-Saadi replied by stressing that he would continue his quest is not in his appearance before the inquiry, but only convicted.
Article Ends
Article Begins
ABADI SACK THE FORMER SECURITY ADVISER TO NURI AL-MALIKI!
Date: Tuesday 12.22.2015
Sent a number of families of Iraqi martyrs during the period of Mr. Nouri al-Maliki, the prime minister a letter brief to our holding in which al-Maliki responsible for the use of Baathists and those involved in terrorist operations against the trafficking in the blood of their children.
The message reads as follows: I will never forgive the history of violations that took place during the reign of a selected age, let him It was required to everyone who wants to be appointed by a private degree be either covered by ablation or the holder of a certificate forged and hit the families of the martyrs, prisoners and the sacrifices the wall and came Balsrac Kaala Saadi Abbas al-Saadi and smiling Saadi Is the world heard the joke that holds the woman chancellor Maliki's security and military affairs in the day was Baghdad wake up on the 17 car bomb
Article Ends
Update: Fighting ISIS
I am presenting the two article below because they give us a very good sense of where the Iraqi and coalition forces are in fighting ISIS in Iraq.
Article Begins
Iraqi Army Kicks Out Daesh From Ramadi's Central District
Iraqi troops entered a central district of Ramadi, the capital of the country's western Anbar province, driving Daesh (Islamic State) jihadist militants out of their positions, a source in the military command of the province told Sputnik Tuesday.
US-Led Coalition Helping Iraqi Army to Liberate Ramadi From Daesh
BAGHDAD (Sputnik) — Earlier in the day, the Iraqi armed forces began an operation to liberate the center of Ramadi from Daesh terrorists, who have occupied the city since May. According to Iraqi intelligence, around 250 to 300 radical Islamist militants had been holding central districts of the city.
"Anti-terrorist units entered the Bakr district located between the districts of Hamir and the government complex. They are clearing mines in the buildings," the source said.
He added that the militants suffered serious casualties as a result of airstrikes in the area.
Earlier in the day, Iraqi Army spokesman Yahya Rasoul Abdullah told Sputnik that the Iraqi Air Force and the aviation forces of the US-led international coalition, police and local militias are supporting the Iraqi Army in its offensive to reclaim the city of Ramadi from Daesh, which is outlawed in many countries including Russia
Article Ends
Article Begins
BBC: IRAQI FORCES 'RETAKE ISLAMIC STATE RAMADI STRONGHOLD'
(12/27/15)
Iraqi forces have retaken a former government compound in Ramadi from where Islamic State (IS) group militants have been resisting an army offensive, the military has said.
The complex was "under complete control" and there was no sign of IS fighters, a spokesman said.
He said this heralded the defeat of IS in the city, although he admitted there could be pockets of resistance.
The government has been trying to retake Ramadi for weeks.
The mainly Sunni Arab city, about 55 miles (90km) west of Baghdad, fell to IS in May, and was seen as an embarrassing defeat for the army.
Tough fighting in recent days, troops have been picking their way through booby-trapped streets and buildings as they pushed towards the city centre, seizing several districts on the way. After sniper fire from the compound stopped and aerial surveillance detected no human activity, Iraqi soldiers moved in.
The military spokesman, Sabah al-Numani, told Reuters: "The complex is under our complete control, there is no presence whatsoever of ISIS fighters in the complex.
"By controlling the complex this means that they have been defeated in Ramadi. The next step is to clear pockets that could exist here or there in the city."
There had been no clear indications of the number of IS militants who had been defending the city, although some reports put it at around 400. No official toll of Iraqi army casualties has been given.
The Iraqi military believes the remaining militants have headed north-east; with fighting also reported to be under way to the south-west of the compound.
Gen Ismail al-Mahlawi, head of Anbar military operations, told Associated Press that the fighting had been tough given IS's use of suicide bombers, snipers and booby traps.
Concern also remains for the plight of hundreds of families who have been trapped on the frontline, the BBC's Thomas Fessy reports from Baghdad.
Although the full extent of the situation on the ground remains unclear, Agence France-Presse reported there had been celebrations on the streets of a number of Iraqi cities.
The operation to recapture Ramadi began in early November, but made slow progress, mainly because the government chose not to use the powerful Shia-dominated paramilitary force that helped it regain the northern city of Tikrit, to avoid increasing sectarian tensions.
Article Ends
Onward to Mosul ! The plan has always been to clear Anbar first, then Rmadi and then lastly clean up Mosul stronghold (the key to getting rid of ISIS once and for all in Iraq). But they will have to defend the gained regions once cleared and this will take the National Guard law to do it.
Article Begins
ABADI SETS A NEW DATE FOR THE LIBERATION OF THE CITY OF MOSUL
Prime Minister Haider al-Abadi stressed that the liberation of the city of Mosul from the control of the organization Daash, it will be after the victory achieved in Ramadi. Ebadi said that the victories achieved against Daash, evidence of the triumph of the will and the unity of this people, and his insistence on peaceful coexistence, and the rejection of all cowardly acts against religious diversity and freedom and social fabric, he said, adding that the liberation of the city of Mosul will be the cooperation and unity of all Iraqis, AND THAT AFTER THE COMPLETION OF MILITARY OPERATIONS IN THE CITY OF RAMADI.
Article Ends
One more item today:
Let’s not forget to keep praying for the success of THESE IRAQI AND COALITION SOLDIERS. I believe their success is in part some of the acceleration of the process we are now witnessing.
“Lord, protect Abadi and all who stand with him in righteousness, the Iraq and Coalition Soldiers who are fighting the good fight against terrorism, that they would be shielded from the enemy and would be Victorious against them! We ask that the Victory comes swiftly and healing of the Iraqi peoples and all whom have been effected by these evil doers can begin! Amen!
Till next time…. Auf Wiedersehen!
Peace and Luv To Ya All,
Mnt Goat
12/28/2015
Update: Currency Reform
We still await for the “official” word from the CBI to allow the distribution of the new lower denominations. We know this must first be accompanied with a significant increase in value and we are told it will be a 1:1 par value with the US dollar.
This is NOT the RV but an inflation adjustment and only an incentive to “dedollarize” the economy and reverse the trend in demand from the US dollar to the Iraqi dinar thus increase the demand for the new lower denominations. This would thus allow Iraq to withdraw or “de-dollarize” their economy as they would suck up US dollars are replace them with the lower denominations. This would happen because the citizens would migrate towards the new dinar since it would be worth more than the dollar.
Do they need a very significant increase in order to do this?
NO! All they need in-country is a value to the new dinar to be just over a dollar to create this incentive.
PARLIAMENTARY FINANCE: THE RELUCTANCE OF THE GOVERNMENT TO ACTIVATE THE COLLECTION OF THE COLLECTION OF NON-OIL RESOURCES Is this the RV we have been waiting for?
NO! – this move to a 1:1 par with the US dollar is just an inflationary measure they will undertake. The full RV ($4.00+) we are waiting for will come later in about 7-14 days and will depend on how stable the economy is and how this whole process works out. It may take longer or it may be shorter.
Is this 1:1 a float and we must wait for the value to rise from $1.00+ to the $4.00+ before we see the RV?
NO! This initial process will NOT be put on an “official” float as many so called intel “gurus” will try to convince you that it is. The time to the full RV has no significance to any float. How can it since the currency still not even be on the exchanges at this time.
So when can we go to the bank and exchange our 3 zero notes?
First let me say it again - We may never realize this $1.00+ rate at the banks since the new rate will not yet even be on the global exchanges (thus be able to go to the banks and exchange). The IQD will not be reintroduced to the global exchanges until after the full blown RV $4.00+ occurs which will come later.
Will we see the RV before Xmas?
I personally believe we may see the 1:1 value pop out as the lower denominations are circulated sometime before now and the end of the year. But I do not expect to be at the bank before sometime until mid to late January 2016. I have already told you why this is the timing.
Will us, so called “internet” conference call investors, be privileged to exchange prior to the final RV?
NO - ABSOLUTELY NOT! That would be illegal !
Everyone holding these 3 zero notes outside of Iraq will exchange at the same time as the rates show up in the global currency exchanges and this will not happen until the full RV.
This has nothing to do with bank screens or any other secret bank currency books at the banks. It must be a legal rate on the global exchanges prior to the banks allowing the general public to exchange this currency.
I am telling you nothing new here. I have explained out answers to all these questions over and over again to you in my previous news letters. This is the state we are in and we just have to wait.
The fact that the budget is moving along now is great news. Now we need the National Guard and Amnesty laws and I do not believe we will see any next move in the currency reform until we get these laws – at least I would be very surprised if we did….lol…lol…
The Future of Oil
The more Iraq pumps to try to sell more oil to make up the budget difference from the lower market oil prices, to increase their revenues, the more this process will drive down the price yet more. Since if you apply the supply and demand rule – “Increased supply, Decreases price on the market” demand staying constant.
It is a cycle now they must overturn somehow. Remember too many of the “developed countries” are now stockpiling enormous amounts of oil since it is now so cheap. So even if they slowed production way down today to try to drive up the price of oil, it would still take some time to catch up and for prices to increase since they would have to first use up these stocked reserves.
It is my opinion Iraq is in for some bumpy times in 2016 too. Remember also there is a goal of the USA to get fully off dependency of Middle Eastern oil by the year 2020. We can see this happening with these solar incentives being run by the government in many states and the shale oil efforts.
So if you believe in this plan you can see it happening now right in front of our noses. The glut days of oil are coming to an end. We are still oil dependent but finally we can see just the beginning of the slow down in the use of oil and its ramifications on the planet. We will still be an oil based society for years to come but what I am saying we can see the downward trend beginning, as it has to begin sometime.
When will we be completely off oil? No one really knows for sure and it may take another 20- 30+ years but it will happen and has to happen regardless of the very wealthy who control the oil industry. Maybe our grandchildren’s kids may live to see it?
This is also why the IMF keeps harping on Iraq to diversify their economy and do not relay solely on oil.
Whenever there is great changes at this magnitude there will be some “hurting” in the process so be ready.
CHANGES OF THIS MAGNITUDE ARE NEVER EASY !
I really, really like the following articles about the oil industry. These articles are very long so print these out and relax when you read them. These articles sum it all up for you. I would encourage everyone who truly wants to be educated and learn about the future of oil (near and far) to read carefully these articles. See if you can connect with Iraq too to understand their situation.
Article Begins
OIL: IRAQ'S EXPORTS FOR THE PAST MONTH HAS SEEN AN UNPRECEDENTED INCREASE IN OIL PUMPING
Written by HA
Date: 12/22/2015
Baghdad - INA / Oil Ministry announced on Tuesday, the final crude oil exports for the month of November last, indicating that exports have seen an unprecedented increase.
He said ministry spokesman Assem Jihad said in a statement received by the Iraqi news agency, a copy of it, that "the sum of the quantities exported amounted to 100.9 million barrels from southern Iraq, while Iraq was unable to export through the northern port of Ceyhan Turkish port due to the Kurdistan region's commitment to the agreement oil ".
Jihad said that "the sale of a barrel average rate of $ 274 and 36 cents."
He noted that "the exported quantities has been downloaded by 33 international companies of different nationalities from the ports of Basra and Khor al-Amaya and buoys unilateralism on the Arabian Gulf."
A spokesman for the Ministry of Oil that "the national production of crude oil rate except for the Kurdistan region amounted to 3,000,657 barrels per day."
Article Ends
Article Begins
OIL PRICES HAVE NOW CRASHED THROUGH THEIR 2008 LOW, AND WORSE IS LIKELY TO COME
DEC 22, 2015
Brent crude, the international oil benchmark, lost its bottom today, plunging below its 2008 nadir and threatening new fiscal pressure on OPEC and Russia. Global stock markets rose, shaking off whatever concerns caused them to plummet last week in the face of oil price declines. But Brent’s fall through the low of the financial crash is a psychological blow, with the likelihood of worse to come if you happen to be a crude exporter.
The price fell to as low as $36.05 a barrel today (Dec. 21), 15 cents below its $36.20 bottom in December 2008. Brent bounced off the low in European trading—it is at $36.81 as of this writing, down 56 cents (1.5%) from Dec. 18. But having breached the symbolic threshold, traders are likely to bid Brent down again.
Last week, Goldman Sachs and Citigroup both reiterated prior calls that $20-a-barrel oil is possible in 2016, when Iran will start to export an added hundreds of thousands of barrels of oil, adding to a heaving global surplus. On top of that, the US on Dec. 18 completely lifted a ban on US oil exports; although little or no rise in oil exports is likely from the US any time soon, the very fact of it looming on the market will be an additional weight on prices.
The leading exporters—Russia and Saudi Arabia—have put on brave faces in the now-18-month-long plunge of oil prices from a three-year perch above $100 a barrel. They have argued that their enormous cash reserves will allow them to weather any price for as long as it takes to finally force upstart US shale drillers to turn off their spigots.
US production has dropped from its high of 9.6 million barrels a day in April; in September, it was down to 9.4 million barrels, and is expected to average 8.8 million barrels a day next year. But it remains up by about 4 million barrels a day since 2011.
And on Dec. 18, the number of US rigs drilling new shale wells rose sharply, by 17, after four weeks of declines, suggesting that Russia and OPEC will have to suffer longer.
Article Ends
Article Begins
OIL PRICE: IMF SEES FALL TO BETWEEN $30 AND $20
Dec 22, 2015
Report predicts that Iranian exports will ramp up when international sanctions are lifted
David McNew / Getty
Oil price: IMF sees fall to between $30 and $20
Another major global forecast has suggested that the oil price has a lot further to fall yet – and that it could go as low as $20 a barrel.
This is the extreme low "cost price" predicted since the autumn by Goldman Sachs for early next year. Now the International Monetary Fund has hinted that global prices could fall this low when Iran increases its oil exports in the wake of the lifting of international sanctions.
Iran reckons it could increase its output by around one million barrels a day. The oil would enter a global market that is already oversupplied by up to two million barrels a day. The IMF says this will bring renewed downward pressure on the beleaguered oil industry that will cause prices to fall from their current levels by between $5 and $15 a barrel, The Guardian reports.
Given prices are currently in the mid-$30s per barrel, this implies a fall back to the early 2000s level of around or below $30, or as low as $20. At this price it's likely there will be a sharp decrease in investment and production that should see a sustained – and perhaps rapid – recovery.
The news comes after oil hit another 11-year low for the second consecutive trading session yesterday. International benchmark Brent crude fell to just a few cents above $36 a barrel, but Reuters says the rolling over of monthly futures contracts has prompted a modest recovery to around $36.60 a barrel this morning.
US benchmark West Texas Intermediate is now trading only marginally lower than Brent since the recent budget deal in the US lifted an export ban, with the price around $36 a barrel this morning.
As for the consequences of falling oil prices, the International Monetary Fund says it reckons the slump would mean a 0.3 per cent boost to the global economy next year. This would be the net effect of higher consumer spending as a result of fuel and energy bills falling, minus the drag of job losses and reduced investment.
On the downside, the Los Angeles Times's Steve Yetiv says that the low oil prices worldwide are undermining arguments made at the Paris climate change summit this month that "burning fossil fuels is an increasingly costly habit". If prices remain low for too long, he says, it "will hurt efforts to address climate change, especially in the US, where citizens largely oppose raising oil taxes".
Oil price: no relief in sight as crude hits 11-year low
21 December
The oil price has plumbed new post-crisis depths, with the international benchmark hitting its lowest level since 2004 in Asian trading overnight.
Brent crude fell to just 17 cents above $36 a barrel, which means it breached the post-financial crisis low it set on Christmas Eve in 2008, according to the Financial Times. The last time it was below this level was when it briefly dipped into the mid-$30s in July 2004 during a protracted recovery from a trough in the 1990s when the price was at one point in single digit dollars.
While a fall to those extreme lows is unlikely, oil is expected to drop back to its early 2004 levels of $30 a barrel or less next year before it recovers in a meaningful way. Some experts even predict it will drop as low as $20 a barrel (see below).
Four factors that are fuelling this down trend – all in one way or another related to the persistent global supply glut – are being cited as reasons for the latest dip.
Top of the list of concerns is excess production. With oil having fallen by 70 per cent in the past year, global production was expected to fall as a ferocious turf war claimed swathes of victims, notably in the expensive American shale oil industry. But the sector's unexpected resilience was underlined when the US energy watchdog revealed an increase of 17 in the number of active rigs drilling for oil last week, the Wall Street Journal reports.
A second factor is that supplies are already at record levels and stockpiles in the US surged by 4.8 million barrels last week, at a time of year when reserves typically fall, the investment bank ANZ told the FT. On the other side of the equation, a third issue is that demand is expected to be hit by a post-interest rate rise jump in the dollar, which makes oil more expensive for overseas buyers.
Finally, Brent is under particular pressure after the recent US budget deal that lifted a ban on US oil exports and is expected to reduce the international benchmark's premium compared its US counterpart West Texas Intermediate. This latter fell to $34.37 overnight – a new seven-year low but still around $2 above its 2008 nadir.
Oil price: four reasons it could still fall to $20
18 December 2015
Oil companies and countries dependent on revenues from 'black gold' might be forgiven for thinking that things cannot get much worse. Goldman Sachs, however, believes that they can.
Analysts at the US investment banking giant issued a note on Thursday in which they stood by the ultra-bearish forecast for global oil prices to slump to $20 a barrel next year, before recovering in any meaningful way, says CNBC. Here are four arguments supporting the case for another major drop:
1. Stockpiles just keep rising
Yesterday another report revealed that oil reserves were rising in the US – a bearish indicator for the ongoing global supply glut. The Wall Street Journal cites an estimate from data provider Genscape that stockpiles at the Cushing, Oklahoma depository, which acts as the delivery point for US benchmark West Texas Intermediate futures contracts, rose by 1.4 million barrels last week.
The rise mostly took place in the second half of the week and followed the US energy watchdog's report of a surprise surge of 4.8 million barrels in overall domestic crude oil reserves last week. In response, WTI fell to a six-year low of below $35 a barrel and international counterpart Brent crude fell close to one per cent to a new seven-year low of a fraction above $37.
2. Production is not falling enough
It is one of the enigmas that has confounded analysts: why production has remained resilient despite the painful fall in the oil price. US shale in particular, which is thought to be more expensive than much of the rest of global production, has fallen from its peak output of 9.6 million barrels a day but is still above nine millions barrels and has been edging higher of late.
Goldman Sachs says that with Opec already pumping 1.5 million barrels a day above a 30 million barrel production 'ceiling' – and having now abandoned any targets for production after its latest meeting ended in acrimony – there is simply not enough of a decline being signalled elsewhere to rebalance the market. This will not happen until the final three months of 2016, the bank reckons.
3. Fed rates rise will hit demand
Demand is also a key factor in the supply equation and, again, it has been disappointing. Efficiencies in fuel use, warmer weather caused by the El Nino phenomenon and a new drive to reduce fossil fuel burning to protect against climate change are all preventing drawdowns surging to meet or exceed supply.
The decision by the Federal Reserve this week could exacerbate this issue, traders fear. Lower oil prices were starting to filter through into greater fuel purchases, but if the dollar rises strongly on the back of the rates increase this will hold prices higher for overseas buyers and could undermine that trend.
4. Budget deal is bad news for Brent
For the international benchmark, Brent, there was further bad news this week in the form of a new budget deal in the US congress that controversially saw the Democrats cave in to Republican demands to remove a ban on domestic oil exports. The protectionist measure has meant that international oil is bought at a premium to the US benchmark and could see more oil flood onto the global market.
The net result of this could be that the 'spread' between the two prices shrinks – most likely through a fall in the relative premium paid for Brent. At some point this week the spread fell to less than $2 and some industry analysts reckon that over time the two prices may even reach parity.
Are any rises being predicted?
Plenty, in fact the consensus view probably still remains for oil to enjoy higher average prices in 2016 than this year. But these forecasts are falling every time they are republished and many experts are now predicting a near-time fall lower – perhaps to around $30 a barrel – before a volatile recovery pushes prices to within a wide $40-$60 range.
Oil price hits another low after 'dead cat bounce'
17 December 2015
Chris Jarvis, president and senior analyst at Caprock Risk Management in Maryland, struck a sombre note when he spoke to CNBC. "I don't view the… statement as being all that supportive and now that we have the announcement behind us, it's back to fundamentals," he said.
Jarvis was referring in the first instance to the historic rise in interest rates announced by the Federal Reserve yesterday, which has pushed the dollar slightly higher. This brings further downward pressure on the already low oil prices, as the commodity will now be more expensive to overseas buyers.
In the second instance, Jarvis was commenting on the ongoing oversupply situation, which Bob Yawger, director of the futures division at Mizuho Securities USA, told the Wall Street Journal was "negative with an exclamation point". New data from the US energy watchdog yesterday showed that domestic stockpiles surged by 4.8 million barrels last week to a new all-time record of above 1.3 billion barrels. Analysts had expected a slight fall.
The result of all this was that the two-day rally in the oil price from its post-crisis low was revealed to be, in the words of FastFT, nothing more than a "dead-cat bounce". Having risen to above $38 a barrel – which is still unprofitable for much global production – international benchmark Brent crude fell by three per cent to a little above $37 a barrel.
This represents a new low since December 2008 and is only marginally above the next lowest point in July 2004. Earlier that year the oil price had been below $30 a barrel and some experts reckon it will return to a similarly low price in the early part of next year as Iranian exports open up after the removal of international sanctions.
Reuters says a number of factors could exacerbate, or reverse, this trend. It highlights the continued and unexpected resilience of expensive US shale production, and Opec's current disarray, as bearish indicators; but also points to unrest in the Middle East, a likely increase in demand and the potential for further investment cuts as factors that could give bullish traders "a reason to pile back in".
Overall, most industry analysts agree that it will take time to reverse the huge supply overhang so that prices can recover significantly. Only a major concerted effort on supply is likely to make this happen before the end of the next year.
Oil price: who is betting on a recovery in 2016?
16 December 2015
The oil price has been in recovery in recent days. Having hit a post-crisis low of close to $36 a barrel on Monday, it has since rallied and at one point yesterday it was back above $38 a barrel.
But this is still a painfully low price, close to 70 per cent below the September 2014 peak. While unprecedented production efficiency has protected drilling companies in a way few thought possible, in the North Sea, for example, it is still supposed to cost approaching $50 to extract a barrel of oil. This should be significantly higher in US shale oil fields.
The situation is worse for those countries that depend on oil as a source of income. Many Opec members in financial difficulty, such as Venezuela and Nigeria, the de facto cartel leader Saudi Arabia and even non-Opec export giant Russia, all designed budgets around oil prices in excess of $100 a barrel.
As investment is rapidly withdrawn and spending cut, these companies and countries are hoping prices will recover more quickly than markets currently expect. Encouragingly for them, there are experts who see that happening.
Liam Halligan wrote in the Daily Telegraph this week that prices will recover faster, as investment cuts are ramped up to cope with the latest price crash. Elsewhere, The Times reports that the Wellcome Trust has substantially increased its investment in energy stocks such as Shell and BP as it "builds into what markets are doing" and takes advantage of perceived bargains ahead of an inevitable recovery.
Reuters says that there is also a wider market bet gaining traction for prices to recover to between $50 and $80 in 2016, with derivatives that would pay out in this range climbing "steeply" in recent weeks.
The downside is that investors broadly see this happening in around 12 months at the very end of 2016. Near-term bets are still on further falls, perhaps to around $30 in the early months of next year as Iranian exports re-emerge from behind international sanctions.
It will take an output concession from Opec to push the price higher sooner – and the group has seldom looked less cohesive on its production policy.
Oil price misses 11-year low – but for how long?
15 December 2015
The oil price recovered in afternoon trading in New York yesterday, after coming close to 11-year lows earlier in the session.
International benchmark Brent crude had earlier tumbled below $37 a barrel in London and settled just 13 cents above the $38.20 it reached in September 2008 in the teeth of the global financial crisis. Below this, it would be at the lowest level since July 2004, Reuters notes, when it briefly languished in the mid-$30 range after a protracted recovery from a single-digit mid-1990s trough.
The rally yesterday, during which Brent bounced back two per cent, was not driven by particular fundamentals.
Rather, it was a function of inevitable volatility in a market that is currently beset by 'short' bets on a lower price. This morning Brent was sitting a little above $38 a barrel, which is still unprofitable for most production.
'Long' positions – bets on a higher price – are now at the lowest since records were first compiled in 2009.
This means two things: there will probably be some wild swings, as 'short positions' are rapidly covered any time the price ticks upwards even slightly; and most traders and analysts are still convinced the market has not found its bottom.
Where could that bottom be? A technical analysis has been offered by legendary data trader Daryl Guppy, who writes on CNBC that current trend charts indicate "prices have further to fall".
Based on historical support levels and general trading patterns, he sets a main target for the price floor at a little below $30 a barrel, near that 2004 nadir.
There is a consensus fast emerging that a price around this level will be reached before the supply glut clears next year - but there are those who believe if this does happen it will presage a faster recovery than some are currently expecting.
Echoing the Shell chief executive Ben van Beurden, who warned in October that rapid retrenchment could cause oil prices to spike, Nick Cunningham writes on Oilprice.com that another big step down in prices could "spark deeper cuts to spending and drilling, which could perhaps contribute to an accelerated pace of adjustment".
Article Ends
Remember the IMF weeks ago asked that these fees be taken out of the 2016 budget revenues. So now we are seeing the backlash from this action.
Article Begins
PARLIAMENTARY FINANCE: THE RELUCTANCE OF THE GOVERNMENT TO ACTIVATE THE COLLECTION OF THE COLLECTION OF NON-OIL RESOURCES
He accused the parliamentary Finance Committee member Ahmed Sarhan, Tuesday, the executive branch of dragging its feet in the activation of the collection of non-oil resources, while noting that returning from tourism, agriculture and border crossings supply the revenue budget large amounts of money.
Ahmed said, "The non-oil resources back to Iraq is very significant financial resources if the application has been carried out by the executive branch," adding that "tourism, agriculture and border crossings supply the revenue budget large amounts of money."
"The non-oil resources is disabled in a suit with the economic crisis," stressing that "the executive branch reluctant to do to activate the collection of water, electricity and other resources."
He pointed out that "all the laws when the legislation is implemented on the responsibility of the executive power and the strength of the government and its place in the implementation of the provisions of the law."
Article Ends
Update: Maliki Syndrome
Article Begins
OTHERWISE AND VERBAL ALTERCATIONS BETWEEN MALIKI AND JAAFARI DETAILS, DANGEROUS AND EXCITING EVENTS KNOW IT !!
Date: Tuesday 12.22.2015 0:31
Political and media close to the Foreign Minister Ibrahim al-Jaafari sources confirmed between the head of a coalition of state law against the backdrop of the report of the reasons for the fall of the city of Mosul, however, the organization Daash
The source said that al-Maliki sent members of his coalition Mohammed Chihod and Abdul Salam al-Maliki, accompanied by a threatening letter to a member of the Committee investigating the fall of the city of Mosul.
MP Sabah al-Saadi a deputy from the Reform Movement, which is led by Ibrahim al-Jaafari., said parliamentary sources informed of the (Abbasid News) Mohammed Chihod and Abdul Salam al-Maliki and two deputies Ashairian Mqrban of al-Maliki threatened to publicly Vice Chairman of the Committee Hakhuan Abdullah from the Kurdistan Alliance and a member of the Committee MP for the National Reform Movement morning Saadi if insisted on questioning the former prime minister, after he urged MPs on the investigation into the events of Mosul.
This will only be completed in the presence of al-Maliki before the inquiry to give evidence and the codification of his words, and said those sources that al-Maliki not only threats Alziod and Abdul Salam al-Maliki, the deputies committee members, but took the initiative to call the MP Sabah al-Saadi personally threatened him and (b breaking his head) if it does not stop in its claims summoned before the inquiry, however, al-Saadi replied by stressing that he would continue his quest is not in his appearance before the inquiry, but only convicted.
Article Ends
Article Begins
ABADI SACK THE FORMER SECURITY ADVISER TO NURI AL-MALIKI!
Date: Tuesday 12.22.2015
Sent a number of families of Iraqi martyrs during the period of Mr. Nouri al-Maliki, the prime minister a letter brief to our holding in which al-Maliki responsible for the use of Baathists and those involved in terrorist operations against the trafficking in the blood of their children.
The message reads as follows: I will never forgive the history of violations that took place during the reign of a selected age, let him It was required to everyone who wants to be appointed by a private degree be either covered by ablation or the holder of a certificate forged and hit the families of the martyrs, prisoners and the sacrifices the wall and came Balsrac Kaala Saadi Abbas al-Saadi and smiling Saadi Is the world heard the joke that holds the woman chancellor Maliki's security and military affairs in the day was Baghdad wake up on the 17 car bomb
Article Ends
Update: Fighting ISIS
I am presenting the two article below because they give us a very good sense of where the Iraqi and coalition forces are in fighting ISIS in Iraq.
Article Begins
Iraqi Army Kicks Out Daesh From Ramadi's Central District
Iraqi troops entered a central district of Ramadi, the capital of the country's western Anbar province, driving Daesh (Islamic State) jihadist militants out of their positions, a source in the military command of the province told Sputnik Tuesday.
US-Led Coalition Helping Iraqi Army to Liberate Ramadi From Daesh
BAGHDAD (Sputnik) — Earlier in the day, the Iraqi armed forces began an operation to liberate the center of Ramadi from Daesh terrorists, who have occupied the city since May. According to Iraqi intelligence, around 250 to 300 radical Islamist militants had been holding central districts of the city.
"Anti-terrorist units entered the Bakr district located between the districts of Hamir and the government complex. They are clearing mines in the buildings," the source said.
He added that the militants suffered serious casualties as a result of airstrikes in the area.
Earlier in the day, Iraqi Army spokesman Yahya Rasoul Abdullah told Sputnik that the Iraqi Air Force and the aviation forces of the US-led international coalition, police and local militias are supporting the Iraqi Army in its offensive to reclaim the city of Ramadi from Daesh, which is outlawed in many countries including Russia
Article Ends
Article Begins
BBC: IRAQI FORCES 'RETAKE ISLAMIC STATE RAMADI STRONGHOLD'
(12/27/15)
Iraqi forces have retaken a former government compound in Ramadi from where Islamic State (IS) group militants have been resisting an army offensive, the military has said.
The complex was "under complete control" and there was no sign of IS fighters, a spokesman said.
He said this heralded the defeat of IS in the city, although he admitted there could be pockets of resistance.
The government has been trying to retake Ramadi for weeks.
The mainly Sunni Arab city, about 55 miles (90km) west of Baghdad, fell to IS in May, and was seen as an embarrassing defeat for the army.
Tough fighting in recent days, troops have been picking their way through booby-trapped streets and buildings as they pushed towards the city centre, seizing several districts on the way. After sniper fire from the compound stopped and aerial surveillance detected no human activity, Iraqi soldiers moved in.
The military spokesman, Sabah al-Numani, told Reuters: "The complex is under our complete control, there is no presence whatsoever of ISIS fighters in the complex.
"By controlling the complex this means that they have been defeated in Ramadi. The next step is to clear pockets that could exist here or there in the city."
There had been no clear indications of the number of IS militants who had been defending the city, although some reports put it at around 400. No official toll of Iraqi army casualties has been given.
The Iraqi military believes the remaining militants have headed north-east; with fighting also reported to be under way to the south-west of the compound.
Gen Ismail al-Mahlawi, head of Anbar military operations, told Associated Press that the fighting had been tough given IS's use of suicide bombers, snipers and booby traps.
Concern also remains for the plight of hundreds of families who have been trapped on the frontline, the BBC's Thomas Fessy reports from Baghdad.
Although the full extent of the situation on the ground remains unclear, Agence France-Presse reported there had been celebrations on the streets of a number of Iraqi cities.
The operation to recapture Ramadi began in early November, but made slow progress, mainly because the government chose not to use the powerful Shia-dominated paramilitary force that helped it regain the northern city of Tikrit, to avoid increasing sectarian tensions.
Article Ends
Onward to Mosul ! The plan has always been to clear Anbar first, then Rmadi and then lastly clean up Mosul stronghold (the key to getting rid of ISIS once and for all in Iraq). But they will have to defend the gained regions once cleared and this will take the National Guard law to do it.
Article Begins
ABADI SETS A NEW DATE FOR THE LIBERATION OF THE CITY OF MOSUL
Prime Minister Haider al-Abadi stressed that the liberation of the city of Mosul from the control of the organization Daash, it will be after the victory achieved in Ramadi. Ebadi said that the victories achieved against Daash, evidence of the triumph of the will and the unity of this people, and his insistence on peaceful coexistence, and the rejection of all cowardly acts against religious diversity and freedom and social fabric, he said, adding that the liberation of the city of Mosul will be the cooperation and unity of all Iraqis, AND THAT AFTER THE COMPLETION OF MILITARY OPERATIONS IN THE CITY OF RAMADI.
Article Ends
One more item today:
Let’s not forget to keep praying for the success of THESE IRAQI AND COALITION SOLDIERS. I believe their success is in part some of the acceleration of the process we are now witnessing.
“Lord, protect Abadi and all who stand with him in righteousness, the Iraq and Coalition Soldiers who are fighting the good fight against terrorism, that they would be shielded from the enemy and would be Victorious against them! We ask that the Victory comes swiftly and healing of the Iraqi peoples and all whom have been effected by these evil doers can begin! Amen!
Till next time…. Auf Wiedersehen!
Peace and Luv To Ya All,
Mnt Goat
Admin- Admin
- Posts : 29357
Join date : 2012-04-30
Location : Arizona -
Similar topics» Mnt Goat Monday Update - "Quick Update – What are we waiting for" - Part 1 of 2
» Mnt Goat Monday Update - "Its Monday Again - Déjà vu Time" Part 1 of 2
» Mnt Goat Monday Update - "Something BIG has POPPED, Something More is About to POP" Part 1 of 2
» Mnt Goat Monday Update - “A New Sheriff in Town” Part 1 of 2
» Monday 10/19/2015 Mnt Goat Update Post - Part 1 of 2
» Mnt Goat Monday Update - "Its Monday Again - Déjà vu Time" Part 1 of 2
» Mnt Goat Monday Update - "Something BIG has POPPED, Something More is About to POP" Part 1 of 2
» Mnt Goat Monday Update - “A New Sheriff in Town” Part 1 of 2
» Monday 10/19/2015 Mnt Goat Update Post - Part 1 of 2
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|