XXXXXXX CHAT - 1/11/10 @ 10pm EST

7:11 pm [******] ok we are going to have to go back a couple weeks
7:12 pm [******] maybe only 10 days or so
7:12 pm [******] this way you can all understand
7:12 pm [******] now i am using the kiss principle
7:12 pm [******] i can't go any lower
7:13 pm [******] now actually just follow along
7:14 pm [******] now back in sept a govt agency did a sustainability study for the un/imf and iraq
7:15 pm [******] under multiple scenario's how iraq could handle specific exchange rates
7:15 pm [******] the valuation of the iqd was to come out
7:15 pm [******] then china got involved
7:15 pm [******] made a point about the rv that apparently was correct and it was put off
7:16 pm [******] then iraq decides to rv again.
7:16 pm [******] but again china is involved (october) after they were banned from the oil auctions
7:17 pm [******] and if it did revalue china would dump all the iqd they had onto iraqs lap and wanted to be payed for it
7:18 pm [******] then as we saw china got a major oil contract and then they forgave 80% of it's debt approximately 8 trillion iqd of iraqs
7:18 pm [******] during this time multiple crisis happened
7:19 pm [******] bombing after bombing .
7:19 pm [******] hundreds killed and thousands wounded
7:20 pm [******] all of which were seemingly timed at a moment when it seemed a possible rv was imminent.
7:20 pm [******] then a political disaster
7:20 pm [******] the election law
7:21 pm [******] what seemed to be a slam dunk
7:22 pm [******] all of a sudden is not so simple by the blind sided veto from hashemi
7:22 pm [******] then when it seemed that it was going to be vetoed again with 10 minutes to go
7:23 pm [******] hashemi miraculously lets his sunni party take a loss in seats and signs off on it.
7:23 pm [******] another issue that can be considered rv hampering
7:24 pm [******] then another political delay comes
7:24 pm [******] maliki has the rv and decides to use it to jump start his campaign
7:25 pm [******] so then we wait and wait and wait.
7:25 pm [******] but nothing
7:26 pm [******] we then find out that the responsiblity of the valuation is not as easy a one as maliki thought
7:26 pm [******] he no longer is running and no longer wants to be responsible for it or the possible reprecussions
7:26 pm [******] so it goes back to cbi
7:27 pm [******] another delay
7:27 pm [******] now we are at the budget
7:27 pm [******] also more bombings
7:28 pm [******] here is a sign that we missed
7:28 pm [******] the provinces started complaining about the rate of exchange being applied to the money alloted them.
7:29 pm [******] they are saying that the 2009 rate should not apply
7:29 pm [******] to the 2010 budget
7:29 pm [******] it should be the 2010 budget exchange rate that is suppose to come out jan 31, 2010
7:30 pm [******] and that rate should increase the budget by 20% for each province
7:30 pm [******] whooa i am thinking
7:31 pm [******] old exchange rate/new exchange rate for 2010
7:31 pm [******] now then the budget comes up
7:31 pm [******] but they don't want to approve it until after elections or just before
7:32 pm [******] so that govt money cannot be used to help campaigns
7:32 pm [******] then this comes up
7:32 pm [******] if no budget by the 12th
7:32 pm [******] this new word comes up
7:33 pm [******] the erm or exchange rate mechanism
7:33 pm [******] now an exchange rate mechanism cannot come after the budget
7:33 pm [******] or what i am saying is this
7:34 pm [******] the budget cannot be approved first
7:34 pm [******] if the 2010 budget is passed without using the erm and the new rate if the 2010 budget is passed without using the erm and the new rate
7:34 pm [******] it will be a fiasco for the budget
7:35 pm [******] it will creat a mass of recalculations
7:35 pm [******] so i am told that the erm/rate of exchange should have to be in place first or at the same time the budget is approved.
7:36 pm [******] also that if you look at all the projects that are listed by the gazette
7:36 pm [******] it is so aggressive
7:36 pm [******] and just how are these going to be paid for?
7:36 pm [******] not with a currency that is worthless
7:37 pm [******] at a rate of 1170
7:37 pm [******] now we then see an article posted by bronx from the cbi advisor saleh
7:38 pm [******] pretty much in very few words,
7:38 pm [******] that the rv has been hampered by all i listed above but not stopped
7:39 pm [******] now we need to follow the progress of the budget
7:40 pm [******] also i think we are on the verge of an rv soon
7:40 pm [******] i have been informed and have stuck to this information
7:41 pm [******] from the imf and one agency i have given my word not to expose
7:41 pm [******] that the valuation of the iqd was the month of january
7:42 pm [******] now this falls into the jan 31 date brought up the provinces
7:42 pm [******] and the rate they wanted to use
7:42 pm [******] now it is the 12th now in iraq
7:43 pm [******] that was the deadline date given
7:43 pm [******] i am not saying an rv tonight
7:43 pm [******] but i think we need to pay careful attention to the next few days
7:44 pm [******] i think we are watching the rv unfold before us
7:45 pm [******] and it is tagged to the budget
7:45 pm [******] in the form of an erm
7:45 pm [******] does this make sense to you all.