Baghdad Stock Exchange Up and Running

Monte Smith · July-19th-2004, 01:07 PM

The Baghdad Stock Exchange, non-existent under the Saddam Hussein family monopoly, is up and running according to TV and radio reports. I saw video of the operation--the Baghdad market gets business done using only six dry-erase boards. Some 38 companies are listed. That's not quite the Big Board of the NYSE, but it's a start.

Darryl G. Thomas · July-19th-2004, 01:15 PM

Monte,

That's nice. But have you ever heard of Mazlov's (spelling?) Hierarchy of needs?

Al in NYC · July-19th-2004, 01:20 PM

Hey, who needs food, water, electricity, and safety from being shot/bombed/beheaded -- we have a stock market!!

Making the world safe for capitalism baby...

Root Doctor · July-19th-2004, 01:22 PM

I'm closing out my TIAA-CREF account in order to do some real investing.

stonemonkts · July-19th-2004, 01:33 PM

400 shares of Baghdad Bagels, Inc. (BGBL) @ 6!!!!

Rob C · July-19th-2004, 01:37 PM

At long last, "freedom"!

bluenoter · July-19th-2004, 01:39 PM

Quote:

Originally Posted by Darryl G. Thomas

Monte,

That's nice. But have you ever heard of Mazlov's (spelling?) Hierarchy of needs?

Ta-da!

Maslow's Hierarchy of Needs

Uli · July-19th-2004, 01:41 PM

A small step maybe. Read somewhere that they are open on Sunday and Friday for 2 hours. A broker reported huge profits of $ 1'900 in a week. Peanuts compared to the foreing owned companies like the one that Cheney used to run.

stonemonkts · July-19th-2004, 01:41 PM

Looks to me like they're batting 1 for 5, tops.

Monte Smith · July-19th-2004, 01:46 PM

Of course, I am familiar with Maslow's theory of the self-actualization of the individual. And I suppose there is an analog to the actualization of a functioning nation. In which case, I would not put a securities market, investment, or free trade at the top of the pyramid as a luxury for the elites. Quite the contrary. Property rights are the cornerstone of freedom, IMHO, and for the first time in a long while, actors other than Saddam Hussein and his family (and the corrupt agencies of the UN Oil for Food program) are able to invest in Iraq's businesses. That isn't the long sought after goal of True Freedom, but it's a step along the way. Something to be appreciated.

Darryl G. Thomas · July-19th-2004, 02:50 PM

Boy, did I screw up that cat's name...

Monte,

I'd be willing to bet property rights, a securities exchange, a free market and all the rest are some of the last things on most Iraqis' minds right now. Even "freedom".

What good are all of the above if you're afraid to leave your house? What good are investments if you don't have a job to supply the money to invest with?

What good is freedom if you don't have security? Can you even have freedom if there is no security?

Ron Thorne · July-19th-2004, 03:56 PM

What kind of questions are those, Darryl? Go to your room.

Monte Smith · July-19th-2004, 04:20 PM

Darryl:

Security is easily the most important thing in Iraq right now. Second is jobs. (Ironic that these same themes are the emphases of the American Presidential campaign...we are not so different from the Iraqis). The growth of independent capital in Iraq, as represented IMHO by the baby step of this six dry-erase board stock exchange, will help to create jobs. That's the hope for Iraqis: when it isn't Saddam doling out the patronage jobs, when it isn't a Coalition awarding contracts...when it isn't a Provisional Government or even an elected Iraqi constitutional body that is directing the economy, but the energies, ambitions and investments of the Iraqi people freely operating in a market. That's how you create jobs, that's how you create wealth, that's how you create security in the long run.

So I do see the BSE coming on line as a hopeful indicator, but I'm not crazy. There was another car bomb in Baghdad today that killed some nine people. It's not all one way or another in that country. Or any country.

Gary Sisco · July-20th-2004, 09:11 AM

That's hilarious. What are they trading? Bad guy cards?

According to The Economist, they haven't even put meters on the oil terminals, yet, so no one knows how much oil has been exported and sold )'cept maybe some of Halliburton-Cheney, Inc's beancounters -- they at least know how much it was sold for, you can bet your ass).

Now, there's a stock exchange that'll really raise a risk factor for all you adventurous venture capitalists. Hurry and get in on the ground floor ... before someone blows it up.

Monte -- Of course you know, given your background, that "security" is always the bourgeoisie's most important concern. Matters not what country one's talking about, Iraq or Schmiraq. Matters not.

Monte Smith · July-20th-2004, 10:31 AM

Quote:

Originally Posted by Gary Sisco

Monte -- Of course you know, given your background, that "security" is always the bourgeoisie's most important concern.

Huh. I know there is an insult in there somewhere. If only I was more familiar with the politics of the 1840s.

Gary Sisco · July-21st-2004, 08:14 AM

Wasn't an insult and you don't need to be. Look around you. Security is always the first issue, even in the US. Democracy and freedom are for chumps. Buzzwords for the hapless. Shit's dangerous, all the risks involved. You can't make any money without a good solid authoritarianism in charge, to keep those wogs in line and all that, never mind to grant noncompetitive, "cost-plus" contracts that guarantee a profit in direct relation to expenses, however unnecessary, outrageous or nonexistent. Get with the program, guy. An Tory like yourself can't possible not understand these things. Talkin' 101, dude.