Investing.com –

Investing.com – Gold prices swung between small gains and losses on Tuesday, as investors turned their attention to a key meeting between euro zone finance ministers later in the day to discuss their next move on Greece.

The meeting comes ahead of a summit of European leaders, in what could be Greece’s final opportunity to strike a deal with its international lenders.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange shed 30 cents, or 0.03%, to trade at $1,166.30 a troy ounce during European morning hours.

Futures were likely to find support at $1,155.80, the low from July 2, and resistance at $1,180.00, the high from June 30. Also on the Comex, silver futures for September delivery declined 4.8 cents, or 0.31%, to trade at $15.58 a troy ounce.

Greek Prime Minister Alexis Tsipras was to present new proposals to euro zone finance ministers later in the day, ahead of a meeting of European leaders to discuss the aftermath of Sunday’s referendum in Greece.

Greek banks were set to remain closed on Tuesday after capital controls were extended until Wednesday, amid concerns that lenders are close to running out of cash.

The European Central Bank announced Monday that it would keep its emergency liquidity assistance to Greece unchanged at levels announced last Monday. The ECB also said it will adjust the haircuts on collateral accepted by the Bank of Greece as part of the ELA, adding to pressure on Athens.

On Monday, gold jumped $9.70, or 0.83%, to close at $1,173.20 after Greek voters overwhelmingly rejected conditions of a rescue package from creditors in a weekend referendum, adding to doubts over the country’s future in the euro zone and deepened a standoff with its lenders.

Gold’s gains were capped by a stronger U.S. dollar. The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.45% to 96.87 early Tuesday, boosted by weakness in the euro.

Investors were looking ahead to U.S. trade data later in the day amid concerns that the stronger dollar is acting as a drag on exports.

Elsewhere in metals trading, copper for September delivery tumbled 4.1 cents, or 1.63%, to trade at a five-month low of $2.485 a pound, as mounting losses on Chinese stock markets dampened appetite for the red metal.

Shares in China resumed their decline despite efforts by the government to calm the market. The Shanghai Composite tumbled nearly 3% in volatile trade on Tuesday. The index is down almost 32% over the past three weeks.

Policymakers in Beijing announced the suspension of initial public offerings over the weekend and corralled its leading brokerages to establish a RMB120 billion fund to support the country’s battered stock market.

Market players are concerned that the recent plunge in the stock market could spread to other parts of the economy, triggering fears that China’s demand for the industrial metal will decline.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Investing.com
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Investing.com –

Investing.com — Shares in A Schulman Inc (NASDAQ:SHLM) tumbled more than 7% in after-hours trading after the Ohio-based plastics giant posted worse than expected earnings for its third quarter and downgraded its forward guidance for the remainder of the year.

During A. Schulman ‘s third quarter, which ended in late-May, the plastics compounding company saw its net sales plunge approximately 13% to $560.9 million, as the negative effects of a weaker euro weighed. The currency fluctuations from the euro contributed a negative impact of more than $91 million on A. Schulman’s earnings, the company said in a statement. Analysts had forecast net sales of $609 million or 0.77 per share for the period.

Still, A. Schulman CEO Bernard Rzepka did not appear downtrodden by the earnings dip. After taking into account the effects of the currency fluctuations, the company said its adjusting operating income grew by 32.1% on the quarter. A. Schulman’s sales rose by 4.1% for the period in the U.S. and Canada and 4.3% in Asia.

“I am excited to report another quarter of improved operating profitability at A. Schulman, a clear sign that our strategic initiatives to transform our Company into a specialty plastics materials leader are bearing fruit. In 2010 we set a challenging target of 6.2 cents of operating profit per pound by the end of fiscal 2015 to reflect our commitment to this transformational process,” Rzepka said in a statement. “In the third quarter we achieved adjusted operating profit per pound of 6 cents, and if we held the Euro to U.S. dollar currency rate at the same level that was in place when the target was established this metric would have been 7 cents.”

“We continue to overcome the slow growth and foreign exchange environment by controlling what we can control and by focusing on our strategic initiatives, and as a result we were able to sequentially boost our gross margins across nearly every segment to deliver near record results.”

Rzepka is also intrigued by his company’s recent $800 million acquisition of HGGC Citadel Plastics Holdings, Inc. in early-June.

“This strategic acquisition greatly enhances our product scope, regional scale and efficiencies, and provides balance to our geographic footprint,” Rzepka added. “With Citadel on board we are focused on leveraging the strength of the combined business, and expanding our growth potential.”

For fiscal year 2015 as a whole, A. Schulman expects to record earnings per share of $2.37 to $2.42, down from previous guidance of $2.50 to $2.55. In 2014, the company posted per share earnings of $2.36.

Shares in A. Schulman fell 3.06 or 7.26% in after-hours trading to 39.10.

Investing.com
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Investing.com – Consumer price inflation in Taiwan rose more-than-expected in the last quarter, official data showed on Tuesday.

In a report, National Statistics Taiwan said that Taiwanese CPI rose to a seasonally adjusted annual rate of -0.56%, from -0.73% in the preceding quarter.

Analysts had expected Taiwanese CPI to rise to -0.70% in the last quarterInvesting.com
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“WHAT GOES UP MUST COME DOWN, SPINNIN’ WHEEL GOT TO GO ROUND. TALKIN’ ‘BOUT YOUR TROUBLES IT’S A CRYIN’ SIN, RIDE A PAINTED PONY LET THE SPINNIN’ WHEEL SPIN.”

OVER THE WEEKEND THE WORLDS SECOND LARGEST STOCK MARKET, THE CHINESE SHANGHI IS TAKING UNPRECEDENTED MEASURES TO CURB THE SELLING ROUT THAT HAS DROPPED THE INDEX 30% IN JUST 3 WEEKS!

THE SPEED OF THIS DROP IS THE FASTEST SEEN SINCE 1992!

CHINAS STATE BACKED MARGIN FINANCE COMPANY WILL HAVE A DIRECT LINE INTO THE LIQUIDITY OF THE CENTRAL BANK. ALSO CHINAS’ TOP BROKERAGES HAVE PLEDGED TO BUY 19.3 BILLION IN SHARES TO HELP PLUG THE DAM ON THE SELLING! IT REMAINS TO BE SEEN HOW THAT WILL GO.

Picture
(SPECIAL THANKS TO THUNDERHAWK FOR THE PICS)

AS THE CHINESE GOVT. INJECTS LIQUIDITY TO PROP UP ITS MARKETS EVENTUALLY A NEW “GLOBAL REALITY VALUE” WILL BE ACHIEVED. WILL THIS NEW “GLOBAL REALITY VALUE” BE THE NEW ASSET BACKED VALUE TO ITS CURRENCY, THAT WILL FIND ITS WAY TO GREECE AND THEN ON TO THE REST OF THE WORLD? MMMMM

THE GOVT. HAS HALTED ANY NEW IPO “INITIAL PUBLIC OFFERINGS” TO STOP DILUTION OF FUNDS AVAILABLE FOR STOCKS. REMEMBER SOME TIME BACK I MENTIONED THAT THE COMING TRADE DEALS HAVE A DIRECT IMPACT ON A COUNTRIES’ CURRENCY.

CHINA IS CHANGING THE CURRENCY VALUE LANDSCAPE AS THE WORLD CHANGES FROM A FIAT BASED SYSTEM TO AN ASSET BACKED SYSTEM.

NEW TRADE DEALS THAT ARE SO SECRETIVE WILL CHANGE THE GLOBAL FINANCIAL LANDSCAPE.

CHINA’S COMPANIES WILL LIKELY BE THE FIRST TO ADJUST TO THIS NEW LANDSCAPE IN PART SINCE THEY ARE A HEAVILY BASED EXPORT ECONOMY.

AS CHINA SEEKS TO FIND ITS NEW “GLOBAL REALITY VALUE”, THEIR CURRENCY WILL EVENTUALLY REFLECT JUST THAT!

WILL WE HAVE FURTHER TO GO? MMMM TIME WILL TELL. IT’S HIGHLY POSSIBLE IF BLACK GOLD COMES IN TO PLAY!

Picture
WHAT I SEE IS AN EAST TO WEST MOVE. GREECE IS SHOWING THE WORLD HOW TO DEFAULT PEACEFULLY IN THE OLD FIAT BASED CURRENCY FORMAT AS PIF SAYS. A TRANSITION FROM A TOTAL FIAT SYSTEM TO AN ASSET BACKED SYSTEM WILL BRING MORE ACCOUNTABILITY TO THE SYSTEM.
Picture
I AGREE, AS WE SEE GREECE’S BANKS PREPARING TO STAY CLOSED UNTIL A DEAL WITH THEIR CREDITORS CAN BE REACHED! MMMM

ALTHOUGH THE BRICS BANK IS LAUNCHED ON THE 7TH, A FULLY FUNCTIONAL BRICS BANK WILL BE UNAVAILABLE UNTIL LATE 2015.

IT APPEARS GREECE WILL NEED TO RETURN TO ITS OWN CURRENCY AGAIN AS WELL AS OTHER FUNCTIONAL CURRENCIES. FINANCIAL AID SEEMS TO BE A DISCUSSION AS GREECE LOOKS TO RESTRUCTURE. RUSSIA WANTS TO WIGGLE IN ALONG WITH CHINA!

I LOVE TO RIDE HORSES OUT WEST! SLAP! GET BACK TO WORK DOC! OH SORRY! OK

CAN I TALK ABOUT BLACK GOLD? GREAT! AS WE WAIT FOR OFFICIAL WORD ON THE IRANIAN NUKE DEAL, WE THINK ITS LIKELY IN THE BAG. REMEMBER, IRAN HAS BILLIONS OF BARRELS OF BLACK GOLD STORED AND READY FOR RELEASE.

ANY SIGNIFICANT AMOUNT OF THIS SUPPLY RELEASED WILL DESTABILIZE THE OIL MARKETS WORLDWIDE.

WITH IRAQ RAMPING UP AND THE US NOT CUTTING SIGNIFICANTLY WE WILL HAVE AN OOPS TO MUCH SUPPLY ABOUT TO HIT LIKE A BOMB!

CAN IT BE CONTROLLED? WHO WILL CUT BACK? WILL THIS CHANGE THE LANDSCAPE FOR OIL PRODUCTION?

Picture
WILL BLACK GOLD DE-STABILIZE WORLD MARKETS? MMMM AS THE WORLD FUNCTIONS TODAY, BLACK GOLD IS THE UNIVERSAL CURRENCY! WE SAW EARLIER IN THE YEAR HOW OIL CAN IMPACT CURRENCIES AND MARKETS!

COME AND JUMP ON THE SPININ WHEEL IT’S NOT OPTIONAL! REMEMBER, “WHAT GOES AROUND COMES AROUND”!

RIDE THE PAINTED PONY EAST TO WEST! 8@8, DOC

IMO


Post From KTFA By ThunderHawk » July 6th, 2015, 

Backdoc Alert

U.N. Debt Expert Says Greece Can’t Take More Austerity

 Greece cannot take any more austerity as it will cause more social unrest and lessen the chance of an economic recovery, a United Nations debt expert said on Monday.

Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country’s euro zone membership into further doubt and deepening a standoff with lenders.
~~~

Picture
Juan Pablo Bohoslavsky, the U.N. Independent Expert on Foreign Debt, told reporters in Beijing that Greece’s creditors in the European Union should have paid more attention to what international law says on the matter of debt.

“I have the impression that the EU had forgotten that international human rights law plays and should play a key role in finance. The international community attaches great importance to the interlinks between human rights and finance,” said Bohoslavsky, who operates under the auspices of the U.N.’s High Commissioner for Human Rights.

“The message here is that if the parties involved in the Greek tragedy paid more serious attention to what human rights law has to say, everything would be easier, for the Greek population particularly,” he added.

Bohoslavsky said the austerity demanded of Greece had not worked, adding he will visit Greece later in the year.
“It’s very clear the message from the Greek population – no more austerity measures. Actually if you look at the figures, austerity measures didn’t really help the country to recover.”

In a separate statement, Bohoslavsky said he was concerned at reports of food and medicine shortages, and that he was asking to meet EU officials to remind them of their human rights obligations to Greece.

Bohoslavsky, visiting at the invitation of China’s government, said he carried a message of the need for human rights to be considered in global lending, something important for China which is setting up two new multilateral lenders – the Asian Infrastructure Investment Bank and the New Development Bank.

“A narrow idea of efficiency in which human rights plays a limited role should not find its way into these two banks,” he said.

China has promised that the infrastructure bank will follow global best practices in transparency and governance.

Rights groups often criticize China for its “no-strings” loans to countries, especially in Africa, for encouraging corruption and abuses with a lack of oversight.

http://www.reuters.com/article/2015/07/06/us-eurozone-greece-un-idUSKCN0PG0PP20150706

10 Consequences of Greece’s ‘No’

Mohamed El-Erian

Chief Economic Advisor, Allianz; Chair of President’s Global Development Council

By heeding their government’s advice and voting “No” in the referendum on Sunday, Greek citizens sent an unambiguous message. Much like the fictional Americans portrayed in the movie “Network” who threw open their windows and shouted out, “I’m as mad as *** and I’m not going to take this anymore,” the Greeks are demanding that the rest of Europe acknowledge their distress.
~~~
Picture
At this stage, however, only a handful of European leaders seem willing to listen; and even fewer appear willing to deliver the sort of relief that Greece desperately needs. The implications will be felt primarily in Greece, but also in Europe and beyond.

Here are 10 consequences of the vote that could unfold in the next few days:

1. The victory of the “No” camp — with more than 60 percent of the vote, according to preliminary returns — will initially lead to a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral euro zone economies and emerging markets. German and U.S. government bonds will benefit from a flight to quality.

2. Having been caught off guard, European politicians will urgently seek to regain the initiative: Chancellor Angela Merkel of Germany and President Francois Hollande of France will meet in Paris on Monday to work on a response. In a perfect world, these leaders would move quickly and effectively with the Greek government to get past the conflict and acrimony that preceded the referendum.

This is likely to be difficult, given the mistrust, bad blood and damaging accusations that have poisoned the relationship.

3. Even with those challenges, Greek and European politicians don’t have much time to get their act together. The horrid conditions in Greece will get a lot worse before they improve.

Without huge emergency assistance from the European Central Bank — a decision that faces long odds — the government will find it hard to get money to the country’s automated teller machines, let alone re-open the banks.

4. As hoarding increases, shortages of goods, including fuel and food, will intensify.

Capital and payments controls will be tightened. The economy will take another worrisome step down, worsening unemployment and poverty. And the government will struggle to pay pensioners and the salaries of civil servants.

5. As a result, the government will be under mounting pressure to issue some type of IOUs to maintain a sense of a functioning economy. If it does, the IOUs will take on the role of a parallel currency, quoted domestically at a discount to the single currency.

6. Outside Greece, a lot of thought will be given to limiting adverse spillovers. The ECB will most likely have to roll out new measures to contain regional contagion, including expanding the current program of large-scale purchases of securities.

This will weaken the euro’s exchange rate. In addition, together with theInternational Monetary Fund — to which Greece is already in arrears — officials will be preparing for serial Greek defaults. 

7. All parties involved will find themselves slipping into their Plan B mode. This transition will probably be much more traumatic for Greece than for the rest of Europe.

8. With the ultimate goal of countering as quickly as possible the likelihood of further human suffering, pain and uncertainty, Europe has the instruments and institutions to limit contagion and maintain the integrity of the euro zone. 

But this will require ECB action to be coupled with measures by the European Stability Mechanism and the European Investment Bank aimed at completing a banking union and making progress on fiscal integration.

9. It is quite doubtful, however, that Greece will be able to restore its status as a full member of the euro zone. Indeed, without very skillful crisis management, it is at high risk of becoming a failed state. 

Rather than just stand by, Europe needs to ensure that Greece’s exit from the 19-member euro zone doesn’t also result in its dissociation from the larger European Union. This could involve special membership in an association agreement, for example,

10. Finally, expect an explosion of blame. This unproductive activity may end up delaying Europe’s urgent need to internalize the lessons from this sad outcome: A series of broken reform promises by several Greek governments was made worse by political stubbornness, poor analysis and inconsistent follow-through by Europe, which is contributing to the loss of Greece as a functioning member of the family.

This post originally appeared on Bloomberg View.

Mohamed A. El-Erian is the former CEO and co-CIO of PIMCO. He is chief economic advisor to Allianz, chair of President Obama’s Global Development Council, and author of the NYT/WSJ bestseller “When Markets Collide.” Follow him on twitter, @elerianm.

http://www.bloombergview.com/articles/2015-07-05/10-consequences-of-greece-s-no-

Post From KTFA by aggiedad77 » July 6th, 2015 Comments From Aggidad below article

walkongstick wrote on July 6th, 2015, 4:33 pm: DS………  Keywords: abolition of additives on the budget law strengthens the independence of the central bank and can diversify monetary tools

Author: ASJ   Editor: BK, BS 6/7/2015 10:38 p.m. 

Long-Presse / Baghdad  Counting the Iraqi Central Bank, on Monday, that the acceptance of the Federal Court appeal lodged by the budget law, promotes independence and allows it to diversify its monetary policy and flexible orientation tools, noting that sales of the dollar aims to provide the Ministry of Finance dinar you need to finance the budget, 

and to achieve stability of exchange rates General and prices, and to ensure that bending the citizen and the economy, investment and banditry on the “greedy and malicious.”
~~~

Picture
The governor of the Iraqi Central Bank and the Agency, on the Keywords, in a statement received (long-Presse) a copy of it, that “the Federal Supreme Court’s decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank”,

He returned to “The court’s decision involves a great importance because of its impact in strengthening the independence of the central bank and its support, and its dimensions to influence policies and decisions.”

Added Keywords, that “independence is not a matter of form, but a condition mainly to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientation”,

noting that “the general budget law governing fiscal policy in spending and annual revenue which is we must be specific to the items contained in it by virtue of the nature of the resource and expenditure management. “

Said Governor of the Central Bank and the Agency, that “monetary policy is totally different from fiscal policy, where it is normal mobility and flexibility and to deal with changes in the economic situation and the situation of the market,”

pointing out that it “did not happen in countries that follow the market system to be budget law specific and directed and constrained by the policy of the central bank, or even in the other because it loses its role as the central bank and took away his tools used to create balance and access to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others. “

Keywords said, that those “movements occur on an ongoing basis and sometimes daily, in the neighborhood of the budget is valid for one year the law,” adding that it “makes it real and restrictions tied monetary policy and this reverse their role and nature.”

And on foreign currency sales (the dollar), he saw the Governor of the Central Bank and the Agency, that those “Sales is not an option of choice, or a business process or coverage of the activities of a commercial, but is in the Iraqi situation and as it is in countries that control the export and the monopoly of foreign currency by the nature of their resources , oil such as States “,

he underlined that” the process of replacing the existing Iraqi dinar to the dollar in trading, is to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need, but you need to the Iraqi dinar to finance the general budget. “

He continued Keywords, that “determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar public budget”, Msttrda that in “case specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar.”

He went Governor of the Central Bank and the agency, explaining if “sold the central bank $ 75 million a day, as contained in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses, dinars, about 70 trillion dinars. “

Keywords He said this “The truth is clear to many who call invitations determine the dollar sales ceiling, as well as lack of awareness of the role of the central bank and its mission to stabilize the exchange rate and public prices that require high and continuous flexibility in the quantities sold by the bank,

because there is a big difference in price exchange between the official rate and the parallel market, the price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious. “

Keywords concluded, that “curb all this will be only to control the quantities beyond a shadow of those dangerous phenomena,” according to his statement.

The Federal Supreme Court has ruled, earlier on Monday, the unconstitutionality of some of the federal budget materials for the current year 2015, stressing that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament.

The Keywords, Thad today also praised the Federal Supreme Court’s decision to accept the appeal submitted to the bank on the budget materials, stressing that the resolution provides for the abolition of all additives by the House of Representatives on the state budget law.

The Governor of the Central Bank of Iraq and the Agency, announced, in (the seventh of March 2015), for an appeal to the Government to paragraph 50 of the financial budget law for the current year 2015,

‘which require him to sell $ 75 million a day, and a description of this paragraph “Balgraybh and dangerous” as a subject Central Bank of the orientations of the government,

and while counting, that paragraph did not make clear in the first and second readings and “squeezed” at the last minute, the expectation that this matter resolved in favor of the central bank.

The Iraqi Council of Representatives (the 29th of January acknowledged, 2015), the financial budget for the current 2015, in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of around 25 trillion dinars, or about 23 billion dollars, and calculates the price of a barrel Oil at $ 56 a barrel.

http://almadapress.com/ar/news/51398/%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82-%D8%A5%D9%84%D8%BA%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D8%B6%D8%A7%D9%81%D8%A9-%D8%B9%D9%84%D9%89-%D9%82%D8%A7%D9%86
Post From KTFA by aggiedad77 » 

ABSOLUTELY beautiful find WS….thank you……the CBI speaks out on the wisdom that comes today from the Federal Supreme Court decision….there are many wise and sage words here in this article that make so much sense….

to bad the Finance Committee can’t seem to understand the reality of things….but then that is politics…….such things as knowing the difference between MONETARY POLICY and FISCAL POLICY…..

the central bank must be allowed to achieve goals as relating to market movement, economic situations, and to deal with inflation concerns as they arise, not wait on some political decision that could be delayed by continual arguments between party blocs……

the direction of the CBI is a fluid thing that has to be controlled daily if not hourly at times in order to keep order in the monetary process for the country…..

the Finance Committee in their best effort did not clearly understand what they were attempting to control or see clearly the ramifications of their actions in hurting the overall supply and demand of the money flow…..

over the past 5 or 6 months they have continually tried to point fingers at one level or another of the CBI and allege money laundering crimes or some such other issue, 

but where have these allegation gone….nowhere…..the Federal Supreme Court today made the right decision to move the monetary process forward again in a positive manner….

now the CBI needs time IMO…..to rebuild the good they were doing before this debacle started back in January…..lesson learned by the Finance Committee….maybe.  Aloha  Randy

Post From KTFA by aggiedad77 » July 6th, 2015 Comments From Aggidad below article

walkongstick wrote on July 6th, 2015, 4:33 pm: DS………  Keywords: abolition of additives on the budget law strengthens the independence of the central bank and can diversify monetary tools

Author: ASJ   Editor: BK, BS 6/7/2015 10:38 p.m. 

Long-Presse / Baghdad  Counting the Iraqi Central Bank, on Monday, that the acceptance of the Federal Court appeal lodged by the budget law, promotes independence and allows it to diversify its monetary policy and flexible orientation tools, noting that sales of the dollar aims to provide the Ministry of Finance dinar you need to finance the budget, 

and to achieve stability of exchange rates General and prices, and to ensure that bending the citizen and the economy, investment and banditry on the “greedy and malicious.”
~~~

Picture
The governor of the Iraqi Central Bank and the Agency, on the Keywords, in a statement received (long-Presse) a copy of it, that “the Federal Supreme Court’s decision to accept the appeal submitted by the Central Bank in the materials, which included limitations and orders to the bank, came accordance with the Constitution and the law of the Central Bank”,

He returned to “The court’s decision involves a great importance because of its impact in strengthening the independence of the central bank and its support, and its dimensions to influence policies and decisions.”

Added Keywords, that “independence is not a matter of form, but a condition mainly to enable the central bank to achieve its tasks, particularly in monetary policy that are inherently the diversity of tools and flexibility orientation”,

noting that “the general budget law governing fiscal policy in spending and annual revenue which is we must be specific to the items contained in it by virtue of the nature of the resource and expenditure management. “

Said Governor of the Central Bank and the Agency, that “monetary policy is totally different from fiscal policy, where it is normal mobility and flexibility and to deal with changes in the economic situation and the situation of the market,”

pointing out that it “did not happen in countries that follow the market system to be budget law specific and directed and constrained by the policy of the central bank, or even in the other because it loses its role as the central bank and took away his tools used to create balance and access to achieve the goals that move the market movement and the economic situation and cases of inflation and recession and others. “

Keywords said, that those “movements occur on an ongoing basis and sometimes daily, in the neighborhood of the budget is valid for one year the law,” adding that it “makes it real and restrictions tied monetary policy and this reverse their role and nature.”

And on foreign currency sales (the dollar), he saw the Governor of the Central Bank and the Agency, that those “Sales is not an option of choice, or a business process or coverage of the activities of a commercial, but is in the Iraqi situation and as it is in countries that control the export and the monopoly of foreign currency by the nature of their resources , oil such as States “,

he underlined that” the process of replacing the existing Iraqi dinar to the dollar in trading, is to provide the Ministry of Finance dinar against the dollar, which is received by oil sales, which do not need, but you need to the Iraqi dinar to finance the general budget. “

He continued Keywords, that “determining the dollar sales ceiling means the result determine the amount of the taxpayer dinar public budget”, Msttrda that in “case specifically taking, as stated in the General Budget Law, means a shortage and a large decrease in the amount required to cover the budget expenditures of the dinar.”

He went Governor of the Central Bank and the agency, explaining if “sold the central bank $ 75 million a day, as contained in the budget law, it means that the central bank will sell annually the equivalent of 22 trillion dinars, almost, while operating expenses, dinars, about 70 trillion dinars. “

Keywords He said this “The truth is clear to many who call invitations determine the dollar sales ceiling, as well as lack of awareness of the role of the central bank and its mission to stabilize the exchange rate and public prices that require high and continuous flexibility in the quantities sold by the bank,

because there is a big difference in price exchange between the official rate and the parallel market, the price is paid by the citizen and the economy, investment and hurt huge profits in the pockets of greedy and malicious. “

Keywords concluded, that “curb all this will be only to control the quantities beyond a shadow of those dangerous phenomena,” according to his statement.

The Federal Supreme Court has ruled, earlier on Monday, the unconstitutionality of some of the federal budget materials for the current year 2015, stressing that the legislation was contrary to the constitution of the fact that these materials were not present in the original sender of the project from the government to the parliament.

The Keywords, Thad today also praised the Federal Supreme Court’s decision to accept the appeal submitted to the bank on the budget materials, stressing that the resolution provides for the abolition of all additives by the House of Representatives on the state budget law.

The Governor of the Central Bank of Iraq and the Agency, announced, in (the seventh of March 2015), for an appeal to the Government to paragraph 50 of the financial budget law for the current year 2015,

‘which require him to sell $ 75 million a day, and a description of this paragraph “Balgraybh and dangerous” as a subject Central Bank of the orientations of the government,

and while counting, that paragraph did not make clear in the first and second readings and “squeezed” at the last minute, the expectation that this matter resolved in favor of the central bank.

The Iraqi Council of Representatives (the 29th of January acknowledged, 2015), the financial budget for the current 2015, in the amount of 119 trillion dinars, the equivalent of $ 117 billion, and a deficit of around 25 trillion dinars, or about 23 billion dollars, and calculates the price of a barrel Oil at $ 56 a barrel.

http://almadapress.com/ar/news/51398/%D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82-%D8%A5%D9%84%D8%BA%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%AF-%D8%A7%D9%84%D9%85%D8%B6%D8%A7%D9%81%D8%A9-%D8%B9%D9%84%D9%89-%D9%82%D8%A7%D9%86
Post From KTFA by aggiedad77 » 

ABSOLUTELY beautiful find WS….thank you……the CBI speaks out on the wisdom that comes today from the Federal Supreme Court decision….there are many wise and sage words here in this article that make so much sense….

to bad the Finance Committee can’t seem to understand the reality of things….but then that is politics…….such things as knowing the difference between MONETARY POLICY and FISCAL POLICY…..

the central bank must be allowed to achieve goals as relating to market movement, economic situations, and to deal with inflation concerns as they arise, not wait on some political decision that could be delayed by continual arguments between party blocs……

the direction of the CBI is a fluid thing that has to be controlled daily if not hourly at times in order to keep order in the monetary process for the country…..

the Finance Committee in their best effort did not clearly understand what they were attempting to control or see clearly the ramifications of their actions in hurting the overall supply and demand of the money flow…..

over the past 5 or 6 months they have continually tried to point fingers at one level or another of the CBI and allege money laundering crimes or some such other issue, 

but where have these allegation gone….nowhere…..the Federal Supreme Court today made the right decision to move the monetary process forward again in a positive manner….

now the CBI needs time IMO…..to rebuild the good they were doing before this debacle started back in January…..lesson learned by the Finance Committee….maybe.  Aloha  Randy

The Commission on Economy and Investment parliamentary, Monday, that the establishment of new banks will increase the investment activities in Iraq, noting that the government will grant leave to anyone who wants the establishment of an Islamic bank. She said a member of the economic and investment commission in Parliament, Najiba Najib, for “tomorrow Press “,” The increase in banks in the country will help to increase large-scale projects and to reassure citizens on its deposits in banks, “indicating that” the House of Representatives in the process of legislation of the Islamic Banking Act because of the importance of the presence of so banks operating in the Iraqi banking sector. ” She added that “Islamic Banking Act Government can grant leave to anyone who wants the establishment of special provisions and instructions of the Islamic bank. ” and completed the House of Representatives during its meeting on Saturday, the second reading of the draft Islamic Banking Act. ” Finance Committee in the House and announced the arrival of a draft banking law Islamist to Alcil, while confirming its agreement with the Central Bank to allocate $ 25 billion dinars for the advancement of Islamic banks after the enactment of the law. ”

LINK

Post From Wealthwatch.world Chat Room 7-6-15 Part 2 of 2
Member News Discussion

chattels: ATHENS — Greeks have voted overwhelmingly to reject the bailout put forward by international creditors, and following Sunday’s referendum, campaigners filled the main square in Athens to celebrate. Greek Prime Minister Alexis Tsipras said Greeks had voted for a “Europe of solidarity and democracy,”

 but EU officials have warned that the result of the referendum could push Greece towards an exit from the eurozone, and that future negations would be tough. Some form of deal is needed urgently, as Greek banks are likely to run out of money without emergency loans. Tsipras remained upbeat though. 

“Today, considering last week’s very difficult circumstances, you made a very brave choice.
~~~

 However I am fully aware that the mandate here is not a mandate to break with Europe, but a mandate to strengthen our negotiation position to seek a viable solution,” he said in a live TV address Sunday.

In the above video, Dan Whitehead reports for Rudaw with the latest from Athens. Share this Comments Post a New Comment Comment as a guest or Login for more enhanced interactive experience Post to Facebook Tags : Greece, Athens, referendum, eurozone, Print Email to a friend Save this story Share this

chattels: rudaw.net/english/world/0…

http://rudaw.net/english/world/060720151

Doug_W: it IS alive

gold642: that August will see the current application of the principle of customs tariff in all governorates of Iraq, including the Wasit and during a meeting with a delegation of the General Company for Southern Cement.

gold642: “the application of the principle of customs tariff in the border ports of Iraq’s provinces will start in August and the current under which impose taxes on many goods.”

Doug_W: ‹@jarhead› Nanna banna says Hi N she is glad about ur brother

gold642: Council Wasit: will be applied customs tariff in August to maintain current Monday 6 July 2015

gold642: aynaliraqnews.com/index.p…

http://aynaliraqnews.com/index.php?aa=news&id22=41197

gold642: August will see the current application of the principle of customs tariff in all governorates of Iraq,

Doug_W: 642 I think we all agree they can’t do that TO the ppl at current value

gold642: :smile:

Donnie: ‹@Doug_W› I bet you 50 Dinar they will impose tariffs Aug 1st even if the MR is not initiated by then.

Doug_W: I have a stack of them so no loss if I give U one  lol

Doug_W: FYI they have very little value+

Donnie: like zero cause they aren’t any good now.

Donnie: that’s why i bet 50 Dinar :)

Doug_W: I know

Doug_W: when I went thru my Dinar W a black light I didn’t even put the 50’s back in teh safe

jarhead: shup donnie

Doug_W: [07/06/2015 04:00:08 PM] Doug_W: ‹@jarhead› Nanna banna says Hi N she is glad about ur brother

jarhead: ‹@Doug_W› kool tell her i said hi

jarhead: and thanks

Doug W:  will DO                                                                                                                                     
chattels: Ultra vires : Ultra vires is a Latin phrase meaning “beyond the powers”. If an act requires legal authority and it is done with such authority, it is characterised in law as intra vires (“within the powers”). If it is done without such authority, it is ultra vires. Acts that are intra vires may equivalently be termed “valid” and those that are ultra vires “invalid”.

chattels: The government of Iraq continues to act beyond the powers endowed by it’s constitution.

chattels: Such excess does not ” play well ” when there is exclusivity in government and decided prejudice regarding religion and ethnicity.

chattels: It is a recipe for revolution and civil war. Oops, already there

sczin11: GOOOOOOOOOD EVENING EVERYBODY… HOPE ALL ARE WELL…. IF YOU HAVENT FOLLOWED TODAYS NEWS, YOU MIGHT WANT TO REVIEW THIS wealthwatch.world/showthr…
http://wealthwatch.world/showthread.php?tid=883

sczin11: THAT IS JUST FOR STARTERS… THE FORUM IS LOADED

chattels: ‹@sczin11› good work today my friend

sczin11: ‹@chattels› TODAY ONLY??? LOL

MichelleL: what did the dow do today, any idea?

sczin11: HAVENT EVEN LOOKED, PROB DOWN

sczin11: ‹@MichelleL› LOL

MichelleL: started off down, better check

chattels: ‹@MichelleL› MARKET ROUNDUP Dow  -46.53 to 17,683.58 S&P -8.02 to 2,068.76 NASDAQ               -17.48 to 4,991.73 10-YR Yield     -0.115 to 2.278% Gold    +$4.70 to $1,168.20 Oil  -$4.07 to $52.85

MichelleL: not bad, thank you Chattels

MichelleL: started down near 200, then came back up

chattels: ‹@MichelleL› oil took a beating

MichelleL: how does the oil price influence our investment at this point?

sczin11: ‹@chattels› TELL ME AB IT..MINE DOWN 25%

chattels: ‹@MichelleL› ultimately i do not know, but that number is below the budgeted amount

MichelleL: mine what sczin? ever since I decided to sell some stuff and pay off the mortgage, everything has gone down

sczin11: ‹@MichelleL› LIQUIDITY BUDGET DEFICIT??? NOT SURE IF BUDGET EVEN MATTERS AT THIS LATE STAGE OF THE YEAR

[MichelleL: sczin its all about our own budgets ;) but its looking bleak for my mortgage this year

sczin11: ‹@MichelleL› I HAVE AN OIL DRIVEN STOCK I OWN

MichelleL: I understand – generally the whole portfolio has most likely dropped 5% or more in the past month – thank you greece

chattels: Greece Says “Oxi” (No)

MichelleL: pronounced ohi lol

sczin11: THEY PAID SALARIES IN JANURY, WERE SUPPOSED TO PAY MORE THIS WEEK, POSTPONED OVER THE WEEKEND…LIQUIDITY BLAMED….

YOU THINK THEY KNEW ABOUT THE COURT DECISION RELEASED TOBWORLD TODAY?

[06:10:33 PM] MichelleL: sounded like okay, always confused me when I was there Chattels

[06:10:36 PM] chattels: Opa! (Greek: Ώπα), is a common Greek verbal emotional expression used frequently during celebrations or dancing in Greece.

MichelleL: chattels, I’ll rent zorba from netflix this week lol – was one of my mom’s favorites                                            

chattels: Sometimes Opa can be used while eating dinner as a form of cheers to the chef. In the Greek culture, the expression sometimes accompanies plate smashing (purposeful or unintentional). It is also used during weddings or when people are dancing. The original meaning of the word is “I’m going to crumb” or “Whoops this doesn’t normally happen!”.

chattels: “Whoops this doesn’t normally happen!”.

chattels: love that translation / usage :)

MichelleL: plate smashing was their way of “clapping” but they generally stopped doing that except at the clubs when I was there in the 70s and 80s

MichelleL: or was it the 90s? lol aging is such fun

MichelleL: only place I ever saw the plate smashing live was at a club in Rhodes in fact

[06:13:41 PM] MichelleL: and they added them to the bill lol

chattels: “Of all the things I’ve lost, I miss my mind the most.” – Mark Twain

MichelleL: lol chattels, not too happy about the teeth either ;)

chattels: ‹@MichelleL› they can do wonderful things with implants / teeth these days

MichelleL: chattels, you’re talking dinarmoney

chattels: ‹@MichelleL› I am indeed :)

MichelleL: i could use a couple of new molars lol – maybe some laminates on top of the rest

chattels: but not even dinar money can help the mind, eh ?

MichelleL: maybe not chattels, but we can hire good people to be our brains

chattels: money helps the children keep in touch also :)

MichelleL: that I have noticed – until you say no that is lol

chattels: ” Avenge yourself, live long enough to be a problem to your children. “

MichelleL: my favorite ;) my mother always said she wished the joy/misery she had from her kids on them in future times ;)

MichelleL: but we were better kids than we have now and took care of our parents – sincerely doubt their ability to take care of us

Doug_W: ‹@MichelleL› Karma will GET you  lol

MichelleL: but Doug, we were so GOOOOD lol

Doug_W: then Karma is ur friend

Doug_W: I didn’t know U had any friends?

chattels: many families now look for a way to have the government ( us ) take care of their parents to keep the assets for themselves

MichelleL: I’m afraid karma bites you in the rear from prior lives Doug

MichelleL: chattels, I doubt thats a new thing

Doug_W: I am gonna take MY Karma and go home then  :tongue: © ™® Pat. pend

MichelleL: have a good night, Doug :)

sczin11: ‹@chattels› BTW TY

chattels: ‹@sczin11› :) thank you

chattels: anyone notice how low the volume at auction was today ?

chattels: Announcement No. (2989) The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq on 6/07/2015 and the results were as follows: DETAILS               NOTES Number of banks               17 Number of remittance companies        4 Auction price selling dinar / US$            1166 Auction price buying dinar / US$       —– Amount sold at auction price (US$)     94,455,000 Amount purchased at Auction price (US$)         —– Total offers for buying (US$)               94,455,000 Total offers for selling (US$)

[06:29:54 PM] chattels: www.cbi.iq/index.php