SLH 1812 March 26, 2015 at 7:50pm On Bloomberg’s ticker just now (during Charlie Rose, which is muted LOL)…

Global currency trading principles said to be ready for release.” 

I HOPE that actually means something!! ;-)

Gonna Retire: SLH 1812    

Mainly to do with Forex trading, but it may be relevant.


March 26, 2015 at 8:19pm “(Bloomberg) — Central banks in the world’s biggest currency markets will publish on Monday principles of behavior and ethics for foreign-exchange trading, according to a person familiar with the document.

Global Currency Trading Principles Said to Be Ready for Release

(Bloomberg) — Central banks in the world’s biggest currency markets will publish on Monday principles of behavior and ethics for foreign-exchange trading, according to a person familiar with the document.

The “Global Preamble: Codes of Best Market Practice and Shared Global Principles,” inspired by a Financial Stability Board proposal in September, was ratified after consultations in eight markets around the world, according to the person, who asked not to be identified because the talks are private.

The global move to improve standards of behavior is part of an overhaul after allegations traders colluded to rig rates in the $5.3 trillion-a-day currency market. The list of principles was the first item for discussion at the annual global meeting of foreign-exchange committees that was hosted by the Bank of Japan on Monday, according to an agenda posted on the Federal Reserve Bank of New York’s website.

The delivery of the principles is on schedule after a consultation period that was slated to end this month. The proposal was circulated to local foreign-exchange market committees managed by central banks in Australia, Canada, Hong Kong, Britain, New York, Singapore, Tokyo and by the European Central Bank, which have backed the preamble, the person said.

In London, the world’s biggest currency market, the Bank of England’s Foreign Exchange Joint Standing Committee was presented the principles at a meeting on March 18 by the BOE’s Head of Foreign Exchange Michael Cross.

London Fix

The FSB’s recommendations include requirements for systems and controls to develop and promote ethical behavior, and codes of conduct. In its Sept. 30 report, regulators had supported extending the width of the trading window used to calculate foreign exchange rates to five minutes from the one-minute windows in which the WM/Reuters rates, including the key 4 p.m. London fix, were being set.

The Wall Street Journal earlier reported that central banks had agreed on a set of guidelines for the currency market. It said that the principles would ban traders from sharing client identities and information and disclosing data that could allow someone to deduce that information.



EXOGEN:  There’s a new sheriff in town


EXOGEN  March 26, 2015 at 8:20pm

” The global move to improve standards of behavior is part of an overhaul after allegations traders colluded to rig rates in the $5.3 trillion-a-day currency market. The list of principles was the first item for discussion at the annual global meeting of foreign-exchange committees that was hosted by the Bank of Japan on Monday, according to an agenda posted on the Federal Reserve Bank of New York’s website.


Rick   March 26, 2015 at 8:20pm

Gold’s relationship with the U.S. dollar is about to change

SAN FRANCISCO (MarketWatch) — The gold market’s moving to Asia and the metal’s relationship with the U.S. dollar will never be the same.

In a report released Thursday, the World Gold Council said gold’s (XCEC:GCJ5) relationship with the dollar (IFUS:DX-Y.NYB) is “complex,” as MarketWatch similarly observed in an article published Monday. It also said that relationship is set to “diminish” as the market shifts to Asia.

“While the fact that the gold price is quoted in U.S. dollars gets a lot of attention, its relevance is overstated,” Juan Carlos Artigas, director of investment research at the World Gold Council, wrote in the report.

Gold’s moves are sometimes linked to the dollar, with the metal often trading inversely to moves in the greenback.

But “changes in global markets and the structure of the gold market should soften the dollar’s influence on gold in the long run,” said Artigas.

Part of the changes he mentions is the rise of Asia as a trading hub for gold. “Traditionally, Western markets were at the center of trade,” Artigas told MarketWatch.

But “in recent years, we have seen increased interest in trading hubs in the East,” including the establishment of the Shanghai Gold Exchange, the Singapore Gold Exchange as well as Asian-tailored product launches by the CME in Hong Kong, he said.

Gold demand outside of the U.S. has no clear-cut link to dollar movements, with Chinese demand having been as likely to rise when the dollar strengthens as it has been when it weakens, Artigas said in the report.

Gold is also likely to see more transactions being settled in nondollar currencies as the gold market “becomes less a spoke-and-wheel model … and more a regional web-like exchange structure,” he said.

Asian markets made up close to 80% of global physical gold demand in 2013, as the chart from the WGC below shows:

GFMS-Thomson Reuters, World Gold Council MA MB MC MD ME ZH ZQ ZR ZS ZT ZU

In 2013, “there were strong net outflows from [exchange-traded funds] in the West while … there was strong gold demand from the East, especially China,” Artigas said.

But the shift to East from West won’t completely cut off the link between the precious metal and the greenback.

The dollar will still play a key role, even if the world shifts from a single reserve currency to a multicurrency system, said Artigas. “The U.S. is the third-largest individual country ranked by consumer/investor demand [and it has] a thriving financial sector where many gold transactions are performed.”

Myra Saefong is a MarketWatch reporter based in San Francisco. Follow her on Twitter @MktwSaefong.



Awake-in-3D > EXOGEN March 26, 2015 at 8:38pm Absolutely! Wow, I guess I can recant my rant from earlier today… Cause… WE GOT INTEL!!! Still have so e research to do on these issues but… On the surface, THIS LOOKS HUGE!!!!

EXOGEN  > Awake-in-3D March 26, 2015 at 8:48pm








BadScott54:  JPMorgan Chase & Co. has agreed to sell 1 Chase Manhattan Plaza, the tower built by David Rockefeller, to Fosun International Ltd., the investment arm of China’s biggest closely held industrial group, for $725 million.

DKully:  Is this what you folks are talking about??​se-manhattan-plaza-in-nyc-to-china-s-fosun


Walkingstick:   Baghdad will send 500 billion dinars for the Kurdistan Region
By Roudao 6 hours ago

Roudao – Arbil, revealed Minister of Displacement and Migration in the Iraqi government Derbaz Mohammed, said the central government will send 500 billion dinars for the Kurdistan Region within the next week, adding that this amount will be sent as part of the region’s share of the general budget for the month of March.

He Derbaz Mohammed network Roudao media, “The amount to be sent to the province of Kurdistan is about punches oil exported from the province of Kurdistan to calculate the Iraqi government, so the Iraqi government is determined to send the region’s share as much of the oil exported from the region.”

The Minister of Displacement and Migration, that the amount to be sent is to mow the share of province Kurdistan for the month of Mara, which is estimated at 500 billion dinars, but the Council of Ministers did not discuss this matter, because Baghdad, insisting that the issue of Kurdistan from oil 550 000 barrels a day to calculate the SOMO. ” He is scheduled to send Baghdad share the Kurdistan Region of the general budget This year before the beginning of each month, as the minister said. The Iraqi government and the Kurdistan Region have signed an agreement providing for Tshehadr region 550 000 barrels of oil per day from Kurdistan, including Kirkuk via Ceyhan port to calculate the Iraqi government, by contrast, that the Iraqi government is sending the share of the Kurdistan Region of budget public, amounting to 17% of the entire region.


Aggiedad77:  Family….brought this article forward for a couple of reasons…..notice that Baghdad is sending 500 billion IQD to Erbil for what….glad you asked….for “PART”…..”PART” of the March general budget…which they owe them 17% of the budget….and this is only a PART.

Also notice that a real sticking point in the negotiations they are having is that Baghdad seems to be stuck on the idea of requiring the Kurds to export 550,000 barrels of oil daily…..they want and expect this to be a daily measurable goal for the Kurds….

Maybe I’m getting old….but I’m not aware of anywhere in the world that actually measures oil exports at a true daily rate….at best they monitor daily throughput and at the end of the month they get an average for the month that is expressed in a daily rate…..

Some days you may have less than expected….other days you do great and have more….just so long as in the end it balances out to the prescribed “daily rate”…….don’t hang a man because he had one or two bad days in the month….look at the whole. The politicians in Baghdad have a great deal to learn yet it seems….shaking my head.   Aloha   Randy





Iraq’s oil exports for last month were below planned levels, the country’s Oil Ministry said Wednesday, depriving the nation of badly needed funds for its battle against the Islamic state group.

Crude exports in February averaged 2.596 million barrels a day — almost a million barrels less than planned.

The exports grossed about $3.402 billion, based on an average price of $46.795 per barrel, said the ministry’s spokesman, Assem Jihad. January’s daily exports averaged 2.535 million barrels, bringing that month’s revenues to $3.258 billion.

Iraq’s 2015 budget is based on an expected price of $56 per barrel with a daily export capacity of 3.3 million. The nearly 119.6 trillion Iraqi dinars budget (about $102.5 billion) runs with a deficit of 25 trillion dinars (about $21.4 billion).

Since the Islamic State group launched its blitz last year in the Sunni heartland in northern and western Iraq, seizing a third of the country along with a large chunk of land in neighboring Syria, Iraq’s oil exports have been severely hit. Government forces, Iraqi Kurdish fighters and Shiite militias have since managed to claw back some of the territory from the IS, with the help of U.S.-led coalition airstrikes.

The militants control a number of oil fields and have shut down facilities in nearby areas. Also, a major export pipeline that traverses restive Sunni-dominated areas of northern Iraq was shut down earlier last year due to attacks, preventing Iraq from exporting around 400,000 barrels a day.

In December, Iraq’s central government reached a deal with the northern, self-ruled Kurdish region to pump some oil through Kurdish-controlled areas to Turkey and on to the international market.

The heart of Iraq’s oil industry, which is in the mainly Shiite south of the country, has been spared the militants onslaught. But its export facilities on the Persian Gulf are often affected by bad weather, causing a dip in exports.

Jihad, blamed bouts of bad weather for the low exports in February.

Iraq has the world’s fourth largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 percent of its budget. The price of oil has fallen by about half since June to less than $50 per barrel. Like other oil-producing countries, Iraq’s economy has been affected by the plummeting oil prices.



George Harry   MARCH 25, 2015 AT 3:08 AM   Maybe Keynes was right. If this is all pulled off and the world carries on as normal (minus a few bumps along the way), perhaps we could ‘outgrow’ the debt by means of technology such as alternative energies and automative technologies and AI/robotics. 

By ‘we’ I mean only the top 0.01% (because they’re the only people that matter on this planet, remember). Another 10 years of us plebs building them cool stuff and that gives them enough time to build their elysium.

Michael Glenn   MARCH 25, 2015 AT 5:21 AM   China will not end the USD’s price peg to precious metals. It’s a head-fake, unless China actually wants war.The peg is what saves the USA on the basis of real-time gold-as-money being monetized and utilized going forward.

Why do you suppose China has all this easy access to gold bullion purchasing ? When bullion has a monetary application, its value, like that of any currency, is in the movement, not just in the having. The USD is the measurement turnstile .

JC Collins   MARCH 25, 2015 AT 11:13 AM   Michael, there is no USD price peg to precious metals. The USD peg to gold ended in 1971. The Nixon Shock.

chuc1997   MARCH 25, 2015 AT 11:36 PM  The peg ended. Management of precious metals never did. The U.S. only allowed its citizens to own gold again in 1975, when the U.S. gold futures exchange opened…that way they could manage the price with levered paper futures.

This management ended in 2013 when China broke the gold derivative markets. The “new China price of gold” has not been announced yet. We will likely all notice when it is.

Michael Glenn   MARCH 25, 2015 AT 11:51 PM   Any gold price other than USD pricing is nothing but a derivative of the USD pricing. You have to gain market traction and credibility for the market to accept a new measure. The yuan does not have it.

Having said this, there is a difference between a reserve currency and a pricing denomination, technically. They just happen to have gone hand-in-hand on the historical level. Could the yuan gain reserve status while the USD still has the pricing mechanism into PM’s ? Maybe.

The US cannot lose the pricing mechanism. It’s the future of the USD on a transactional level.

JC Collins   MARCH 26, 2015 AT 1:19 AM   Not when the amount of USD in the foreign reserve accounts around the world is reduced. I respectfully disagree with your line of thinking. The real world trend strongly suggests that the thesis presented on this site is the correct one, as hard as it may be for some to accept.


chuc1997   MARCH 26, 2015 AT 1:33 AM   Usd does not set reserve pricing…oil determines what the reserve asset is.   And Saudi spoke last fall – no more dollars.

JC Collins   MARCH 26, 2015 AT 1:41 AM  We’ve been at this dance before Chuc1997, and my feet are sore. Think I’ll sit this one out.

Nevenmeic   MARCH 25, 2015 AT 8:03 AM  I have a clear head from reading this post.

Safety Fishnet (@SafetyFishnet)   MARCH 25, 2015 AT 9:26 AM  Thank you for this J.C, you keep surprising us with new information, I’ve never come across the Chinese debt to U.S on the web and am sure many of fellow POMers haven’t as well.

This post summarizes the whole situation perfectly by bringing different pieces together- AIIB, CIPS, U.S debt limit, IMF talks etc. Next step will be to watch Land&Maritime Silk Road initiative led by China and how much of the SDR allocation will be used for it.

I hope you get well soon, the pressure(not in a bad sense) to write posts and satisfy the cravings of so many passionate followers of the multilateral must be exhausting at times.

Daneackerman   MARCH 25, 2015 AT 9:46 AM   Wow JC! I can see why you have a headache. Thank you for sacrificing yourself to help pull this complexity together for us and for sharing your wonderful and carefully created perception.   Seems very probable.

Dripfood   MARCH 25, 2015 AT 10:02 AM   What a marvellous article! I keep being amazed by your ability to put so many distinct pieces of the puzzle together. Chapeau!

Chris Peters   MARCH 25, 2015 AT 2:06 PM   Very thorough and excellent work. I for one look forward to the end of US hegemony, though I suspect that there will be many inside the US government who will fight and rage against the tide of history.

In order to truly transition to a more harmonious and cooperative system, the US military hegemony will need to be broken as well as economic.

I realize that the two go hand in hand, but I fear that unless European leaders make some bold moves (ending NATO) this will not be accomplished without a regional or global war.

The US military-industrial complex will not go gently into the good night.

Dripfood   MARCH 25, 2015 AT 5:16 PM  Chris, maybe that’s where the blame, shame and guilt tribunals will come in. Or perhaps other grassroots guilt CSI campaigns like those circling within the alternative media already.   A society that feels guilty, won’t go to war.

Chris Peters   MARCH 25, 2015 AT 6:19 PM  Thanks for that response. The problem as I see it is that the people no longer have a say in whether we go to war. The military has been largely privatized and wars are fought by proxy, as in Ukraine.

The two countries with the most ability to neutralize the situation are obviously Russia and China. J.C. I’d be eager to hear your take on how the Canadian media are portraying Putin vs. the US media. Here the demonizing and jingoistic propaganda is reaching a fever pitch. We are definitely being conditioned for a war, IMO.

JC Collins   MARCH 25, 2015 AT 6:35 PM   It’s similar here in Canada. The media portrays Putin as an “evildoer”.

I am concerned about war in Eastern Europe, but I think they will bring it to the brink, before pulling back. Perhaps it will be the rallying call by the rest of the world to prevent more war, and isolate the US and its veto in the global institutions, such as the UN and IMF.

 It’s hard to imagine such changes taking place because most of us alive today have not lived in a world which hasn’t been dominated by America.

 But considering the scope of events which have taken place already, I would not be surprised. Keep the western population relatively ignorant until the script is flipped. Fits with the utter lack of intelligent and meaningful media presentations.

cassiefoley911   MARCH 26, 2015 AT 7:49 AM   I believe when they have totally achieved their goal there will be some suppposed full disclosure and Nato will be the scape goat as is the Rothchilds and Bilderbergs etc

They have served their purpose and are no longer required. New corporations will emerge. We, the people will believe corruption has been gutted and cleaned up, only to find we are yet in another illusion.

Ryan Reef (@Reefer7593Reef)   MARCH 25, 2015 AT 2:34 PM  JC,   My first post although somewhat off topic. I would like to start off by thanking you for the time and energy you have put into this blog.

Your commentary and analysis is refreshing in comparison with other alternative media sites.

I estimate that I have read at least half of all available blog posts and comments on your site over the past week however one area I have not found much discussion on is the domestic US bond market after SDRM occurs.

 Currently the FED is able to export inflation across the globe however I see this radically changing once USD loses reserve currency status.

You mention 30%-50% inflation in a few comments I have found however I think you are referring to this as a one-time adjustment/revaluation in USD exchange rates. I have found no mention of annual inflation rates due to the loss of reserve currency status and structural trade deficit.

Do you believe that foreign holdings of US Treasury debt will be swapped with SDR bonds as part of the SDRM? I assume this will reduce the US National debt by roughly 6 Trillion?

 However I see serious cost-push inflation due to currency debasement as the structural trade deficit will not be resolved overnight.

This will force US interest rates to increase dramatically to keep the USD from collapsing. The increase in interest rates will manifest in a government funding crisis as the interest on government debt will soar.

I see this culminating in a major US political crisis by the end of this decade. I would love to hear your thoughts on this subject.   Thanks, Ryan
JC Collins   MARCH 26, 2015 AT 1:37 AM   Ryan, first I’d like to thank you for the compliments. You’re on the right track. A large percentage of the existing US Treasury debt will be exchanged for SDR bonds.

 But there will still be a portion of foreign reserves held in Treasuries. Nations will still seek diversification, as they have done under the USD system. Though the majority will indeed be in SDR.

 Interest rates will probably climb higher than most expect. The Fed announcement later this year may scare many. But the global mandate on inflation numbers, as a part of the multilateral macroprudential framework, will seek to keep inflation within a manageable band across the spectrum. 

The US may see some sudden and dramatic swings here, depending on how far they push the geopolitical issues, but I reckon it’ll settle down before long.


Ryan Reef (@Reefer7593Reef)   MARCH 26, 2015 AT 11:47 AM  Your response is greatly appreciated. Aside from the inherent truth and integrity of your writings, they also provide some level of hope and optimism for the future. 

This obviously sets you apart from the preponderance of fear based information on the internet. I have two small children and not a day goes by that I do not think about their future on this planet. 

I hope and pray that our transition to the MFS is as benign and virtuous as you anticipate. Looking forward to your future writings and commentary. Take care!

Susan Morris   MARCH 25, 2015 AT 3:14 PM  How do you do it?

Michael Glenn   MARCH 25, 2015 AT 7:59 PM  Susan …. now that’s what I call an intelligent question ! “How” is the whole trick. It has to be market driven, IMO because of the real-time factors. Abrupt change (top-down from hierarchy) would only prove to be devastating to the legacy system. 

So many people would suffer without say in the matter. It can be lossely compared to the challenge that FDR would have had in 1933 when gold (and the USD) were re-evaluated. That process was by fiat. Very unfair, imo.

This is the same view we can take with the monetization of bullion, now that the weight value floats in real-time. Any official monetization (by fiat or proclamation) would be far too abrupt and would likely cause the debt based system to fail rather quickly and rather harshly.

The process for either of the above must be organic and market driven by way of grass roots efforts. 

This is actually the biggest reason that “this time is different” because the real-time environment prohibits the elite from making the changes that we need. 

The elite have managed to “paint themselves into an apex”. We are the governors of change and our own freedoms now. They set the stage but are powerless to complete the job. All they do now is buy time and “carry the stick” as a motivator.

Gold and silver are now real-time currencies… debt-free and with completely scalable liquidity , based on the trade value. it’s up to a bottom-up process to bring them into circulation.

We must be as a wise as serpents, yet as gentle as doves.

JC Collins   MARCH 25, 2015 AT 9:21 PM   Michael, that actually wasn’t the intent of Susan’s comment. And your continuous statements of the USD being pegged to gold, which it clearly isn’t, only limits the influence of anything your attempting to communicate. 

Such obvious errors, including much of this current comment, being that gold and silver are real time currencies, make it frustrating to approve. I like to give everyone the opportunity to express themselves, but when its so off the mark its challenging. 

That is not to say that I don’t agree with your statement that top down management is skewed, but try to base more of your statements on facts and the actual reality. Such as the USD is not pegged to gold.

Michael Glenn   MARCH 25, 2015 AT 9:28 PM  JC , my reference to the price peg is the price peg, not a valuation peg. Said another way, bullion is priced in USD’s. It goes right back to the formation of BW and is still a leftover to this day.

JC Collins   MARCH 25, 2015 AT 9:35 PM  You likely meant denominated, as peg is very specific, and does not convey what you likely intended. Soon gold will be denominated in SDR, but not before China has their own gold fix denominated in yuan.

You see what I’m getting at? Peg. Denomination. Big differences.

Comments may be made at the end of Part 2  Thank You

Gazprom Neft Middle East will carry out a 2D seismic survey on the south-eastern section of the Halabja block in Iraqi Kurdistan.

The company is currently transferring the technical equipment and personnel needed for the survey from the south-western section, where it has already completed a survey spanning 225 linear km.

2D seismic surveys covering about 870 linear km are due to be carried out on the Halabja block by the end of 2015.
A 2D seismic survey covering 130 linear km was carried out on the block in 2014. The first exploration well is anticipated to be drilled in 2015/2016.

Gazprom Neft Middle East CEO Mikhail Kholodov said: “The Halabja block has until now undergone very little geological study. Conducting seismological surveys is the first step towards identifying the optimal location for an exploration well and these provide a significant amount of new information on the structure of the block.”

Gapzrom Neft is involved in four projects in Iraq, three of which are located in Kurdistan.

The company owns an 80% interest in the Halabja and Shakal blocks. The Kurdistan Regional Government holds the remaining 20% stake.

In August 2014, the drilling of two exploration wells started at the Shakal block, which are currently undergoing testing.


The leader of the (Ansar Allah) movement Abdul Malik al-Houthi assured that his supporters “would not stand still towards the Saudi invasion for Yemen,” stressing “We are confident that Almighty Allah will inspire us to achieve victory in this holy war.”


Baghdad (AIN) –The parliament Speaker, Saleem al-Jobouri, announced his support to the US-led Coalition’s participation in liberating Tikrit from the ISIL terrorists.

In a press statement received by AIN, Jobouri hailed “The role of the Iraqi Security Forces and the Public Mobilization Volunteers in addition to the tribes in fighting the ISIL terrorists and achieving the victories against them,” calling them to “Increase their efforts and determination to liberate Tikrit.”


Tlar & Currency Chatter Member Discussion:

Appearance Saleh Warns Of Deterioration Of The Dinar And Rumors Denied

    Thanks, Ralph!  This kind of double talk from Saleh is what must drive the Iraqi’s crazy.  He’s trying to make a big deal about negative comments regarding the dinar and how it’s everyone’s responsibility to not cause concern.  

And then he caps it off by saying “the Iraqi dinar exchange remains strong with a slight decrease by virtue of its association with the balance of payments, and can control the pattern of declines so easily.”  

Hey Saleh, today the street rate for the dinar is 1287, almost a 10% difference from the official rate, it’s causing major concern and financial strains for your people, if it’s so “easy” maybe you could get off that fat, falafel fed fanny, and get to it.  

The people, the businessmen and the ISX are all suffering, maybe now would be a good time to reveal your “easy” solutions.  It’s no wonder the world doesn’t take these idiots seriously, the house is fire and these boobs are bringing marshmellows instead of firemen.

 Economic Adviser to the Prime Minister warned the appearance of Mohammed Saleh, citizens and various bodies of promoting rumors that talk about the deterioration of the dinar, noting that he left Iraq cheap money policies that were in the days of the siege.

 Saleh added, “We carry our national responsibility and move towards work and maximize production, which provides income, it is natural to face different economic volatility, especially as they are limited and do not lead to complete deterioration also depicts other.”

 He continued that “the Iraqi dinar exchange remains strong with a slight decrease by virtue of its association with the balance of payments, and can control the pattern of declines so easily.”

He stressed the Prime Minister Haider al-Abadi, last Monday, the importance of the central bank maintains its independence, and that works to promote the financial and economic reality of the country and draw financial and economic policies that enable us to move forward towards what we aspire to.
He stressed the importance of the banking system to Iraq sophisticated comparable to developed countries, pointing to the need for the control of the Iraqi dinar exchange rate mechanisms.

danny griffin    apparently the iraqi’s are alittle more ignorant than most.

Mcduff82    Saleh always speaks out of both side of his mouth ,

Rxxxx    “…the house is fire and these boobs are bringing marshmellows instead of firemen.”

That was pretty clever, mike, and spot on. You’re right. If they actually have the capability, they need to do something about this now. They’ve been saying they can get it back under control, in a matter of hours or days, for a couple months now.

Before too long, stores are gonna start closing, and Iraqis are gonna start starving if they don’t fix this problem. I read, just a few minutes ago, Russians are resorting to moonshine and household cleaners for their drinking because of the degradation fo the ruble.

Iraq doesn’t even have any sanctions, but they have a similar problem due to their own slow walking of everything. 

Mike    Rxxxx,   Yep, I think that’s the most frustrating part about the dinar, the folks in charge just seem to be clueless or they seem to lack the will to make a move. 

And then we get smarmy comments from Saleh downplaying the real world troubles that the dinar is causing on the streets and in the market, it kind of drives you nuts.

 I really thought something was coming when the remittance process changed, that and the taxes seemed to indicate a change was in the wind, which still could happen in the near future.

But when I read bone head statements from the economic advisor to the PM, it gives me pause. 

I’m looking forward to seeing what happens this week, if their solutions are more about selling bonds and privatization of government facilities, then we know currency reform is going to be put on the back burner. 

The bonds are a joke, who would buy these when Iraq is occupied by ISIL and doesn’t even have a credit rating?  Like you said, Rxxxx, Iraq has the tools to make changes, they just need to the will to use them.

Flyboy    I think every leader as his or her hatchet person…but this guy cannot keep his stories strait…this is one big mistake Abadi has made…Even back in the day with Shabbii, this clown could not keep his stories strait…In his photos he looks untrust worthy.

Rockstar       Really like your analogy Mike in your last sentence! The house is on fire and these boobs are bringing marshmallows instead of firemen…lol

Schiz    Selah is the kap of Iraq, says one thing one minute then another the next.

Mike i feel your frustration because I am feeling it too, hence why i havent posted much lately, I feel like i want to rant lol

These idiots really get on my tits,they will wait until the economy collapses and then do something when its too late and they have ruined what very little they had.

Leaving now as I want to rant my *** off so bad about these bunch of clowns called Iraqi’s!

Schiz    The only weird positive thing I can see at the moment is the silence about the remvoe the zero’s, for yrs theres been people moaning about the time being right and then others about the time not being right. Usually lots of arts from people moaning about it not being done yet etc etc……

but nothing i have seen, just silence. Maybe the project is underway as they said, maybe the low dinar rate is to make people dump it for dollars, part of the plan?…. i certainly think they are still trying to crack down on the illegal street venders.

As frustrating as it is, this silence might be a good thing, the crap exchange rate part of the plan to do over their citizens like i believe they will.

Rockstar    Love it Schiz another great great analogy, Saleh is the Kap of Iraq…lolololol

Thanks so much I really needed a laugh and so true!!!

Schiz    Rockstar    :D

Cornbread    Yep schiz if you was to go back and look at the auctions back in 2011 and 2012 to auctions was out of control when shabibi has said that he was ready to remove the zeros so that throws kaps theory about the dinar being 2% for 90days every sense i have been bashing kap he has kick me off off DA

Skylimit   Good post Schiz, it’s hard to make sense of why Iraq would delay when they’ve all but told everyone the MR is now underway.

I believe there is a geopolitical layer to this event which is affecting the timing. Tensions are rising in the ME right now as the Saudi’s have gone on full alert mode since Yemen has fallen along with our military hardware to allies of Iran.

Tensions between Russia and the US continue to rise in the Ukraine along with the Chinese starting an alternative to the IMF and WB creating yet another challenge to the petro-dollar.

 Russia is an ally with Iran and we know the Iranian influence in Iraq is very strong in some areas. O’s ME policy and early withdrawal of US troops has today come home to haunt us.

Instability is rising in the ME and Iraq needs to pull the trigger to help provide more security (National Guard) but can’t afford it at 1166. Somethings got to give as the US wants to maintain a strong geopolitical influence and keep the dollar tied to a strong dinar but somehow doesn’t feel confident that conditions are quite right.

We saw what happened in the ME under Carter and a similiar occurance is happening right now. The ME respects strength and leadership and right now they see none coming under this administration.

Any US President would intervene to help the Saudis maintain their security but at this point that’s a big question mark. This is only going to happen when the OK comes from Washington and right now they’ve got one hell of a mess to contain.

BeastMaster    This seems to be the only logical explanation. I find it hard to believe the Iraqi leadership is truely as incompetent as they’ve demonstrated.

hi-five   I agree, Skylimit.  The good news is that the CBI continues to move along with the plan.  There have been no articles, that I’ve seen, saying they are delaying or postponing the reform.

 That’s a good sign.   In fact, a few articles have come out lately saying that the CBI isn’t too concerned about the rising street rate of the dinar, and that they can fix the problem in short order.

Abadi is managing the monetary reform and fighting ISIS at the same time.  I remember him telling the people in February to be patient.   So, we continue to wait.

Tlar     Iraqi leadership is not incompetent as they might seem at times.  They just have a monumental task in front of them and learning to trust each other has been a big part of the slow down. 

 Remember severing from the past while earmarking progress to the future while you are being undermined at every turn by those Shiites with the most to lose, is not an easy task.  

Turning your sails into the wind while stearing the ship forward takes more time than letting the wind push you along.  Abadi deserves a lot of credit because he has been reshaping Iraq and building trust for only 6 months, and look where he is going and how fast he has been able to mold the sects.  

 He has adversaries that are not only familiar with the system because they ran it , but have  implants imbedded they had installed at the last minute on their payroll who answer to them, not Abadi.  

What Abadi has been able to accomplish is no less than short of a miracle in the 6 months he has been in office.  We, the observers are always anxious to move faster but we have to acknowledge both the difficulty in the task and the near miraculous accomplishments. 

 Abadi is bringing his people together.   Sunni’s, Shiites and Kurds for the first time in history, are trying to work together to change Iraq for the better.  In reality they are taking the proper steps as fast as they can.  This government had a lot to tackle and tackle they are doing.  Hang in everyone. 

 Don’t be too frustrated.  We are on the winning side of this if Abadi can reach the finish line.  Iraq is morphing into a true democracy maybe equal or better than are own.  Our government could do well to clean up its own graft and theft.    Iraq will install monetary change.  

The delete the zero program will be activated this year and security will come to the country.  Those are the knowns.  What is left as always, is the when.  Iraq is very close as articles have told us.  How close? 

 That is the question.  The intel says we are very close but as always we wait.  We are coming on to the end of the first quarter by Tuesday of next week – March 31st.  It is at that time the CBI will make a strategic decision of whether to do it now or continue to wait.  

If they pass the 31st, they cannot go back.  In other words if the 31st comes and goes they have lost their opportunity to retroactively take this back to the first of January 2015 because the second quarter will have begun.  If they pass this opportunity it removes the pressure on the CBI in one respect.  

The CBI under Shabibi always felt it would be best to do this at the beginning of a year.  

It doesn’t change a thing though if they bypass this opportunity at this time.  Iraq is working hard and will change its  monetary system as well as its economic system this year.  

You have seen this in article after article.  So don’t get too discouraged and certainly don’t give up.  We are close.  I stand by the intel – over $3.00 and this year – maybe the end of this quarter.  tlar  

NC     Iraq’s leadership is incompetent? look at their leadership and ours and I don’t just mean Obama. In their defence Iraq is basically in their infancy, the US…..well is the US. As Okie says……..nuff said.

KJWayne    Tlar , you have been told “thank you ” a million times so I will say it in another way. I don’t type well or spell well or express my self well but YOU DO! My thoughts are very similar to yours and “I THANK YOU”  !  

Lotus   Thank you for your insightful post, Tlar.

Flyboy    Tlar you seem to bring an element of calm to the site each time you post..thanks. If Abadi could just get rid of Maliki and his gang this currency reset would have already happened…Lately our president can’t seem to hit his face with either we cannot count on any help from him…I’m afraid its all on Abadi…jmo

AlBundy       Thanks TLAR and to everyone else helping to make sense of the recent situation. Here’s hoping to “soon”!

Swimmer   Yes, thank you, TLar.  I appreciate, as do others here, the sense of calm and sense you bring.  Peace to us all as we wait, it will come.   Swimmer

Baghdad (AIN) -US military warplanes have begun targeting Islamic State positions in the Iraqi city of Tikrit on Wednesday, a reversal that has placed American airpower dramatically close to a supporting role for Iranian-backed militias on the ground.

“I can confirm that the government of Iraq has requested coalition support for operations in Tikrit. Operations are ongoing,” a Pentagon spokesman, army colonel Steve Warren, confirmed on Wednesday afternoon.

The senior general conducting the US’s latest war in Iraq, Lieutenant General James Terry, sidestepped all questions of Iranian involvement or influence in the fight for Tikrit in a statement on Wednesday.

The air strikes, which Terry said resulted from the direct request of the Iraqi prime minister, Haider Abadi, “will further enable Iraqi forces under Iraqi command to maneuver and defeat Isil in the vicinity of Tikrit”.

Though expected for the better part of a week and unlikely to be coordinated with Iran’s proxies, the belated introduction of US combat aircraft above Tikrit has brought the Obama administration to an awkward point it has long dismissed: a tactical, if tacit, alliance with its greatest rival in the Middle East.

As the Iraqi forces nominally in charge of the fight for Tikrit billed their operation as a dry run for the more difficult, upcoming fight for Mosul – Iraq’s second largest city – the new US air strikes on Tikrit raise questions about the anti-Isis war moving formally toward US-Iranian cooperation, with a fig leaf of Iraqi coordination for mutual deniability.

The US military has stayed at arm’s distance from the month-long battle to seize the Sunni Iraqi city from Isis, seemingly out of concern for keeping the American and Iranian campaigns against the shared enemy functionally separate.

Yet as the ground offensive – led by Iraqi forces and with Iranian-backed Shia militia in support – has stalled, US surveillance flights over Tikrit began earlier this week.



tman23 Article quote: “On Wednesday, UN economic advisor and special representative of the UN Secretary General for Iraq Ashraf Abdua’al visited Erbil, capital of the Kurdistan Region. During his visit he met with KRG Finance and Economy Minister Rebaz Hamlan to get an idea of the size of the problems facing the Kurdistan Region and discussed the impact of the shortfall on the region. According to an announcement by the ministry, Abdul’al told Hamlan that they are attempting to resolve the financial dispute between Erbil and Baghdad. Abdul’al said that in the coming days, they will discuss the situation the officials from the World Bank and International Monetary Fund (IMF), and set out the financial needs of the Kurdistan Region.”