CONCERNS OVER IRAQ 2010 BUDGET

http://www.aknews.com/en/aknews/2/97403/

Saturday, December 26th 2009 11:54 AM

Erbil, Dec. 26 (AKnews) - Chairman of the Finance Committee in the Iraqi parliament announced that the latter had conducted the second reading of the 2010 Iraqi budget in the presence of the country’s finance minister.

"Iraqi parliament, in the presence of Bayan Jabr al-Zubaidi, has resumed Thursday the second reading of the budget of 2010," MP Ismael Shukir the Independent National News Agency of Kurdistan (AKnews) on Saturday.

We decline external adds for the draft budget as recently the oil minister proposed to cut budget of some province in case the country’s general budget plunged, he added.

The deputy chairman of the Finance Committee said that if there was a determination to keep the 4th clause in the article 17 of the budget, we will then use the veto by the President of the Republic, he added, " the Kurdistan Regional Government should seek compensation from the Iraqi oil minister, because he prevented oil export from the Kurdistan region."

"After the end of the second reading, the Finance Committee have days ahead to review and modify the draft law, prepare it and submit it to the president of the parliament for third reading and vote", he added.

Regarding political parties seeking to postpone the ratification of the 2010 budget till after the elections of March 7, Shukir said ”this intent does not respect the Iraqi Constitution, because it requires the ratification of the Constitution in the same session during which it was discussed."

The Iraqi Parliament postponed the session till after January 3, 2010.

ae gs AKnews

EXPLANATION OF KUWAITI DINAR VALUE INCREASE

PHOENIX CHAT ON DINAR VETS

1. Saddam Hussain invaded Kuwait.

2. Saddam attempted to remove all of Kuwaitis dinar back to Iraq and replace it with Iraqi Dinar.

3. The whole world freaked out and the street value of the Kuwaiti dinar plunged in value to as low as .05 cents per dinar.

4. The U.S.A. sez....not no but **** NO!

5. The U.S.A. Goes in and kicks butt killing thousands of Iraqi troops as they flee.

6. Things stabilize...and the National bank of Kuwait opens its doors for business after months of disruption and announces that all Kuwaiti dinar will be accepted and honored at the pre invasion rate. ($3.64 or there about's)

7. People who had bought the Kuwaiti dinar for .05 - .10 cents walked into the banks that very day and exchanged / deposited for $3.64+

8. Shortly after this (3 months or so) Kuwait issued new notes calling the old pre war notes in.

9. The event was more or less scrubbed and information is sparse at best.

10. Some people became rich over night.

11. And they all lived happily ever after.

The end.

Phoenix

SFMEDIC CHAT - Dinar Speculator

SFMedic says to (22:48:29): CAN I HAVE THE FLOOR
SFMedic says to (22:48:38): OK I DIDN
SFMedic says to (22:48:56): OK I DIDN'T GET A CHANCE TO FINISH MY INFO EARLIER
SFMedic says to (22:49:34): ON THE 45 DAYS AFTER THE MARCH 7TH ELECTION THAT THE NEW PARLIAMENT TAKES OFFICE.
SFMedic says to (22:50:11): THAT IF THEY PUT OFF THE PASSING OF THE 2010 BUDGET SO THEY CAN HOLD MALIKI'S PARTY HOSTAGE FROM USING ANY PLUS'S TO HIS ADVANTAGE.
SFMedic says to (22:50:27): WHAT DOES MALIKI HAVE TO OFFER THE PEOPLE?
SFMedic says to (22:50:43): HE REALLY IS CORNERED.
SFMedic says to (22:51:18): THEY DON'T HAVE ANY STRING OF SUCCESSES TO PUT ON THEIR RESUME TO BE REELECTED.
SFMedic says to (22:51:37): BUT HE HAS ONE CHIP HE IS HOLDING THAT CAN MAKE THE PEOPLE FORGET EVERYTHING.
SFMedic says to (22:51:44): HE IS STILL HOLDING THE RV.
SFMedic says to (22:52:12): IT IS TRUE THAT EVEN THOUGH THE FUNDS FOR NEW JOBS AND INFRASTRUCTURE WILL NOT BE PASSED.
SFMedic says to (22:52:27): PEOPLE WILL HAVE NEW WEALTH TO HOLD THEM OFF TEMPORARILY
SFMedic says to (22:52:55): NOW MAYBE MALIKI SAW THIS COMING AND THAT IS WHY HE HELD ONTO THE RV.
SFMedic says to (22:53:14): YOU ALL NEED TO REMEMBER THIS.
SFMedic says to (22:53:33): PARLIAMENT HAS NOTHING TO DO WITH THE REVALUATION OF THE IQD.
SFMedic says to (22:53:36): NOTHING.
SFMedic says to (22:53:44): THE BUDGET HAS NOTHING TO DO WITH IT.
SFMedic says to (22:54:10): CBI>MALIKI>RV
SFMedic says to (22:54:18): THAT IS IT.
SFMedic says to (22:54:48): YOU NEED TO STOP ACTING LIKE ELEMENTARY SCHOOL KIDS PLAYING A BBALL GAME. I KNOW I HAVE SAID THIS BEFORE.
SFMedic says to (22:55:10): BUT THE BALL GOES TO THE RIGHT. 10 KIDS GO TO THE RIGHT. THE BALL GOES TO THE LEFT. 10 KIDS GO TO THE LEFT.
SFMedic says to (22:55:26): THERE ARE 3 POSSIBLE WINDOWS.
SFMedic says to (22:55:57): AND I AM TELLING YOU AND I KNOW THIS SUCKS. BUT THE RV WILL TAKE PLACE ON A MONDAY OR FRIDAY. I WOULD PUT 90% ON IT.
SFMedic says to (22:57:17): FIRST WINDOW AND I AM NOT SURE WHAT OUR INFO FROM CBI ON THE 10 DAYS WAS FROM THE 18TH OR NOT. ONLY THAT IT WASN'T AS SHE SAID HAPPENING BY THE 23RD AND SHE WAS RIGHT.
SFMedic says to (22:57:34): NOW THEY EXPECT IT AT CBI TO BE DONE BY THE 1ST.
SFMedic says to (22:58:08): WE SHALL SEE. NOW IF THE 10 DAYS IS FROM THE 18TH THEN THE 28TH OR THE 1ST ARE THE 1ST WINDOW.
SFMedic says to (22:58:39): NEXT WINDOW IS JUST A BEST GUESS ON WHEN IT WOULD BE TOO LATE FOR MALIKI TO USE IT TO HIS ADVANTAGE.
SFMedic says to (22:59:00): WHICH WOULD BE AROUND 30 DAYS PRIOR.
SFMedic says to (22:59:29): THAT WOULD BE THE LATEST.
SFMedic says to (22:59:57): NOW WE ARE ONLY 2 MONTHS AWARY ROUGHLY FROM ELECTIONS.
SFMedic says to (23:00:16): THEY NEED SOMETHING TO CAMPAIGN ON
SFMedic says to (23:00:46): THE THIRD WINDOW IS THE IMF
SFMedic says to (23:01:12): NOW BEFORE FUNDS CAN BE DISBURSED
SFMedic says to (23:01:40): ANY AGREEMENTS THAT ARE STIPULATED IN THE SOFT LOAN HAVE TO BE IMPLEMENTED 30 DAYS PRIOR/NOT 45 DAYS.
SFMedic says to (23:02:13): AND IT IS TO BE RELEASED TO THE MOF DURING THE 1ST QUARTER
SFMedic says to (23:03:00): I ONLY USED THE 31ST AS AN EXAMPLE
SFMedic says to (23:03:09): MARCH 31ST THE LAST DAY OF THE QUARTER
SFMedic says to (23:03:24): NOW THE FIRST PAYMENT TO THE IMF IS DUE ON MAY 1ST.

__________________

SFMEDIC CHAT - Dinar Speculator

tinkerbelle says to (19:20:37): Here they go again...taking a siesta when they should be voting. What's a Maliki to do?

SFMEDIC CHAT: WHAT THEY ARE TRYING TO DO IS CONTROL MALIKI FROM GAINING ANY POPULARITY BY KEEPING THE GOI FROM MAKING ANY LAST MINUTES CHANGES THAT WILL ASSIST HIM IN THE ELECTION. THIS IS WHY HE SHOULD HAVE PULLED THE TRIGGER LONG AGO. THIS IS NOT JUST ABOUT THE RV. IT IS USING FUNDS TO DEVELOP JOBS AND PROJECTS THAT WOULD GIVE THE PEOPLE SOME FUTURE. THEY WANT TO SHOW IT AS A FAILURE AND GIVE IT TO THE NEXT PARLIAMENT, WHICH MEANS NOT UNTIL 45 DAYS AFTER ELECTION MINIMUM.
NOW THAT WOULD STYMIE THE GOVT. NO FUNDS TO RUN IT. EVEN IN THE US WITH ALL THE POSTURING THE BUDGET GETS DONE. THIS IS STILL ABOUT CRIPPLING THE DEMOCRATIC PROCESS. THEY LOST THE BLOCS THROUGH THE ELECTION LAW, WHICH MEANS MOST OF THESE JOKERS WILL LOSE THEIR JOBS. WHICH IS NO BIG DEAL SINCE HALF NEVER SHOWED UP FOR THE SESSIONS ANYWAYS. THE IMF WAS ONLY A MINOR POINT, WHICH ONLY A FEW LAWMAKERS COMPLAINED OUT OF THE 275. THE DEAL IS ALREADY SIGNED AND DONE. THERE IS NO ELECTORAL VOTE FOR PARLIAMENT. I MEAN FOR PRIME MINISTER.

SFMEDIC CHAT - Dinar Speculator

Chat 12/26/09 5pm CST
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I think people where confused about what the ISO meant...IT IS IRRELEVANT. IT IS NO DIFFERENT THAN THE NUMBER THAT IS ASSIGNED IRAQ FOR THE IQD ON FOREX. ACTUALLY THERE ARE A COUPLE THINGS TO WATCH IF THIS DRAGS OUT PAST NEXT WEEK OR EVEN DURING THE WEEK. THE IMF GDDS. IT SAYS NEW NEXT TO IRAQ, BUT LOOK TO SEE IF NEXT TO IT IS POSTED (UPDATED), LIKE LIBYA. THEN THE NEXT PLACE IS OFAC. http://www.treas.gov/offices/enforce...raq/iraq.shtml

THERE IS LISTED NOW THE PDF FOR IRAQ TO REQUEST BEING REMOVED FROM THE OFAC LIST. IT HAS THE SANCTIONS AND WHY (WHICH I POSTED JUST A BIT AGO). ALSO I POSTED UNSC RESOLUTION 1483 WHICH IS THE REASON THEY ARE ON OFAC. OK ALL DONE.

CHAPTER VII Sanctions UNSC Explanation 1483
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Resolution 1483 (2003)
Adopted by the Security Council at its 4761st meeting, on 22 May 2003 The Security Council, Recalling all its previous relevant resolutions, Reaffirming the sovereignty and territorial integrity of Iraq, Reaffirming also the importance of the disarmament of Iraqi weapons of mass destruction and of eventual confirmation of the disarmament of Iraq, Stressing the right of the Iraqi people freely to determine their own political future and control their own natural resources, welcoming the commitment of all parties concerned to support the creation of an environment in which they may do so as soon as possible, and expressing resolve that the day when Iraqis govern themselves must come quickly, Encouraging efforts by the people of Iraq to form a representative government based on the rule of law that affords equal rights and justice to all Iraqi citizens without regard to ethnicity, religion, or gender, and, in this connection, recalls resolution 1325 (2000) of 31 October 2000,
Welcoming the first steps of the Iraqi people in this regard, and noting in this connection the 15 April 2003 Nasiriyah statement and the 28 April 2003 Baghdad statement, Resolved that the United Nations should play a vital role in humanitarian relief, the reconstruction of Iraq, and the restoration and establishment of national and local institutions for representative governance, Noting the statement of 12 April 2003 by the Ministers of Finance and Central Bank Governors of the Group of Seven Industrialized Nations in which the members recognized the need for a multilateral effort to help rebuild and develop Iraq and for the need for assistance from the International Monetary Fund and the World Bank in these efforts, Welcoming also the resumption of humanitarian assistance and the continuing efforts of the Secretary-General and the specialized agencies to provide food and medicine to the people of Iraq, Welcoming the appointment by the Secretary-General of his Special Adviser on Iraq.

OFAC Sanctions Explanation
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Office of Foreign Assets Control, U.S. Department of the Treasury

IRAQ: WHAT YOU NEED TO KNOW ABOUT THE U.S. EMBARGO
An overview of the Executive Order 13350 and E.O.s 13315 and 13303

o INTRODUCTION - On August 2, 1990, upon Iraq’s invasion of Kuwait, President George H.W. Bush issued Executive Order No. 12722 declaring a national emergency with respect to Iraq. The International Emergency Economic Powers Act (50 U.S.C. 1701), the National Emergencies Act (50 U.S.C. 1601), and section 301 of title 3
of the U.S. Code, imposed economic sanctions, including a complete trade embargo, against Iraq. In keeping with United Nations Security Council Resolution 661 of August 6, 1990 and the United Nations Participation Act (22
U.S.C. 287c), the President also issued Executive Order 12724 on August 9, 1990, which imposed additional restrictions. Similar sanctions were imposed on Kuwait to ensure that no benefit from the United States flowed to the Government of Iraq in military-occupied Kuwait.

The Treasury Department's Office of Foreign Assets Control (OFAC),following the United Nations Security Council's adoption of Resolution 1483 which substantially lifted the multilateral sanctions with respect to Iraq, issued a
General License, which was published in the Regulations as section 575.533. Transactions arising after May 23, 2003 are permitted with most state bodies, corporations or agencies of the former Iraqi regime (see the text of the amended general license below). However, property that was blocked as of May 23, 2003 remains blocked. Effective August 29, 2003, President George W. Bush issued Executive Order 13315, blocking property of the former Iraqi regime, its senior officials and their family members. On March 16, 2004, OFAC issued General
License No. 1 pursuant to Executive Order 13315, to allow transactions occurring after May 23, 2003 with most state bodies, corporations or agencies of the former Iraqi regime (see the text of this General License after the Executive Order below). However, assets of the parastatals that were blocked as of May 23, 2003, must remain blocked.

On July 30, 2004, the President issued a new Executive Order 13350 effectively lifting the sanctions against Iraq and expanding the authorities of E.O. 13315 with regard to the former Iraqi regime, including an Annex containing the names of parties blocked under this order. These names have been incorporated into OFAC's SDN list.

o ORDERLY RECONSTRUCTION OF IRAQ - On May 22, 2003, President Bush issued Executive Order 13303, protecting the Development Fund of Iraq and the marketing and sale of Iraqi petroleum and petroleum products to assure the orderly reconstruction of Iraq, the restoration of peace and security in the country, and the development of political, administrative, and economic institutions there. It provides immunity from attachment or other judicial process against the Fund or against Iraqi petroleum and petroleum products, and "interests therein, and proceeds, obligations, or any financial instruments of any nature whatsoever," arising from or related to the sale or marketing of Iraqi petroleum or petroleum products.

o EXPORTING TO IRAQ - Effective July 30, 2004, exports or reexports to Iraq must be licensed or otherwise authorized by the Department of Commerce. All OFAC licenses, issued prior to July 30, 2004, for the exportation or reexportation of goods, software or technology to Iraq remain valid until the expiration date stated in the license, or if no expiration date is provided in the license, until July 30, 2005.

o IRAQI CULTURAL PROPERTY - Section 575.533 effective May 23, 2003 prohibits transactions with respect to Iraqi cultural property or other items of archaeological, historical, cultural, rare scientific, and religious importance
illegally removed from Iraq since August 6, 1990. Questions concerning whether Iraqi cultural property are subject to this prohibition should be directed to: Cultural Property Office, U.S. Department of State, tel: 202-619-6612, fax: 202-260- 4893, or http://www.exchanges.state.gov/culprop.html

o FINANCIAL TRANSACTIONS - All financial transactions with Iraq are allowed except for those involving individuals and entities appearing on OFAC's SDN list. This includes the opening of correspondent accounts for Iraqi financial
institutions.

o PENALTIES - Criminal penalties for violating the Iraqi Sanctions Regulations range up to 12 years in jail and $1,000,000 in fines. In addition, civil penalties of up to $325,000 per violation may be imposed administratively.

Criminal penalties for violating the Executive Order 13350, 13315 and 13303 range up to 10 years in prison, $500,000 in corporate fines and $250,000 in individual fines. In addition, civil penalties of up to $11,000 per violation may be imposed administratively.

If you have information regarding possible violations of any of the regulations, please call the Treasury Department's Office of Foreign Assets Control at 202/622-2430. Your call will be handled confidentially.

PHOENIX CHAT - Gold Rush

Maybe we will see the RV this weekend. That would be nice. I think by January 1st, so we have 6 days time for a major change world-wide, and the end of the year and start of the new is the time to do it! The IMF has a history for changing rates world-wide on January 1st. And, we had all of the major meetings all this past year, they made major agreements and it was all a great success, and NOTHING changed yet. So, me thinks we are about to see the whole world change on the one day where every bank in the whole world is closed...New Years Day. I do not think it has anything to do with the Iraqi elections in march. Yes, the election law WAS part of the hold up, BUT that is all done now, and I think people are just coming up with lame azz excuses. Ok...now I am going to bed!

SFMEDIC CHAT - Dinar Speculator

PART I
A friend of mine has a very good friend who is one of the top earners on wall street-he has friends in the IMF who have given him info. Also, I have another friend who has a good friend who owns several banks and is following the IQD. And, one of the largest traders/sellers of Dinar on the east coast-had always stated that he felt the RV was months away-just did a 180 on his time-line. Now none of this info will surprise you, but it seems to be another validation to what you have been thinking/saying. These guys are not on any forums, so its just more independent confirmation for you!

PART II
The wall street guy says that his friends in the IMF/World Bank-say expect RV within the next 30 days. The guy who owns several banks also believed it was going to happen Monday, then was told it could happen tonight, so is on edge. Ready-but-waiting like the rest of us. The big dinar trader on the east coast-told me 3 or 4 weeks ago. He felt the RV was at least 2 to 5+ months down the road. He felt there was still to much to do, and he doesn't belong to any anyone's forum. He only gets his information from the Middle East. However, the last few days something has caused him to change his thinking. because he now says it can/will happen anytime, and has taken the steps to be ready. He is still selling, but it takes him 10 to 20 days now to get Dinar.

PART III
The Banker is really not a banker. He is an owner of 10+ large banks, and these guys usually run with people high up on the food chain. Somehow he is getting info from either the Fed or the Treasury, but will not say, just that he has been told to look for the rate change Monday night, then yesterday Tuesday night. So I would gather from this that the US is expecting it to happen any day, and maybe that those who should know when, don't, and are just waiting like the rest of us. Also, it seems like the contacts at the IMF just know 30 days, nothing specific.

PART IV
DECEMBER 18TH... "postponed trip home until Jan 1st. Was coming Dec 23, but put off till Jan 1. Not confident Maliki will have the RV done next week! (WAS SPOT ON) NO RV AS THOUGHT. He wants to be able to take care of mom's business while he is here. He is most confident that Maliki will have made the RV announcement by the 1st.
Ramish does not have anything that can give a date. This is in Maliki's pocket. It is his pawn. She said it was out of CBI control already. Her best to you is within 10 days, hence my delaying my trip home till 1st. We are sure it will be done by then. If I do get a heads up, I will get it to you. I'll try to get with you while I'm home to do some golf.

SFMEDIC'S COMMENTS ABOUT THE INFORMATION SENT TO HIM ABOVE OVER A PERIOD OF SEVERAL DAYS:
PARTS I, II, and III were sent to me Monday night, and into Tuesday morning.