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Categorized | Investment
Iraqi Dinars “One of the Most Foolhardy Investments you can Make”
Posted on 11 November 2011.
Pages: 1 2
A local newspaper in Georgia, USA, reports that some local residents are buying Iraqi dinars in cash form, in the hope of profiting from a revaluation of the currency.
According to the Moultrie Observer, people are buying boxes of crisp Iraqi dinars that look fresh off the printing press. It goes on to quote a local commodities trader as saying he could possibly think of worse investments than Iraqi money at this time, but would be hard pressed to do so:
“If you want to make a wild investment, I’d buy Russian rubles … It (the dinar) would be one of the most foolhardy investments you can make.”
Meanwhile, CNBC columnist Kelley Holland says the dinar is the subject of a variety of scams, and regulators and watchdogs are sounding alarms:
“If someone has been telling you about the rosy prospects for the dinar, please, please, be careful. It’s almost certainly too good a story to be true.”
On Thursday, Komo News in Seattle, Washington, ran a news report on the dinar and interviewed one woman who had actually bought what she believes to be Iraqi dinars on the internet. You can find the full video report on the next page …
Pages: 1 2
- A Closer Look at the Iraqi Banking Sector
- Who’s Who in the Gulf 2013
- The Middle East, North Africa & Central Asia Economic Factbook 2013
- Arabia Monitor Monthly Subscription
- 2013 Iraq Health Care Sector Outlook
- Nations of the World, 2012 Edition A Political, Economic & Business Handbook
- Directory of Middle East Foundations 2012
- Nations of the World, 2012 Edition A Political, Economic & Business Handbook
- Basra Investment Guide
- Middle East, North Africa & Central Asia Economic Factbook 2012
628 Responses to “Iraqi Dinars “One of the Most Foolhardy Investments you can Make””
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Why bother?
It’s a lose lose situation. You will have a better shot at powerball.
Has been a few weeks that this nonsense reached my inbox…was blocked for weeks, then made its presence…thought this thread reached its point and the head bangers knocked both sides out…thought that it died…….. hatred lives.
What’s that Chasting… YOUR hatred of an open honest debate?
Stick to the dinar forums if all you want to hear is “Go Dinar” “Big RV soon” “How will we spend our millions”.
You know this has just gotten down to the point of annoyance. Perhaps the original intent was to create a respectable debate fourum but it really has degraded to a mud slinging hateful place..See ya Stew…enjoy your debate. DOC needs you.
Well everybody has an opinion, Chasting these guys want folks to believe they are right.Well so far they have been wrong.No Lop,no redom,etc but they will never admit it.Time will tell what it will do and that’s a fact.But in the mean time those guys will continue to hold on to their dinar while arguing and debating with others.LOL neither one of them have ever denied they don’t have dinar or dong.Lol well maybe they will say it now.Lol But it’s too late becuz most of us know the real them about them.
I been gone for a while but I see these guys are still in the basement with nothing better to do day and night.LOLBtw eating captain crunch.
I like to stay nuetral but have a hard time watching people try to disprove Stew and Barry and yet to see one of those big time “GO Dinar tomorrow” people who have this secret intel or the so called secret intel people come in this forum and actually produce one bit of evidence to show Dinar as a real deal or show Stew and Barry how they are wrong, so every one picking on what I consider financial experts and not bringing this OAKIE OIL MAN, Britling…. and other guys in here with one bit of real investment knowledge of dinar, you need to give Stew and Barry consideration.
You would have to be a complete moron to believe any of those guru’s. everything they say is fantasyland and lies.
Hi Eddy, you’ll be waiting for a long time if you want actual facts or even an attempt at a two-way debate rather than emotional one-liner insults and endless “shout down the debate” censorship attempts (as is painfully obvious looking back over this thread).
As for Breitling’s Blog, scroll down to the bottom of his page, and you’ll very clearly see the words “WARNING! This site is for entertainment purposes only” – which speaks for itself!
the LIFTING OF THE 000`S was just the process of taking those LARGE NOTES out of circulation remember shabs let the banks sell the dollar @ 1189! this is how he LIFTED THE ZERO`S!!! IRAQ HAS STATED THAT THEY HAVE 67 BILION BACKING THE DINAR AND THAT GAVE IT EXTRA STRENGTH!!! AND IF THE IMF THE WORLD BANK THE US TREASURY BACK THIS CURRENCY I`M NOT WORRIED! QUESTION IS A EXTRA STRENGTH DINAR LIKE A EXTRA STRENGTH BAYER ASPRIN! LOL
“IRAQ HAS STATED THAT THEY HAVE 67 BILION BACKING THE DINAR AND THAT GAVE IT EXTRA STRENGTH!!!”
There are 30tn Dinar banknotes and 72tn Dinar’s total (trillion not billion) Dinar in circulation. Those figures come straight from the Central Bank of Iraq over the past 60 days. That they’ve only got 67bn “backing it” (that’s just 0.09% of their money supply covered) is ironically, perfect proof of why they will redenominate 1000:1 (as they’ve been saying all along)…
when i see the DMCC OF DUBAI MAKING THE STATEMENTS THEY ARE ABOUT THE DINAR YOU SO CALLED CURRENCY GURU`S ARE HOWLING AT THE MOON!! IRAQ IS GONNA SILENCE ALL OF YOU SO CALLED CURRENCY GURU`S WHEN THEY COME BACK TO THEIR NATURAL PLACE!!
IN A ARTICAL YESTERDAY SALEH STATED THE THE DINAR IS STONGER THAN WHAT WE SEE BECAUSE OF THE 67 BILLION OR MORE IN THE RESERVE IT MAKES THE DINAR 3 TIMES STRONGER THEN IT WAS BACK IN THE 90`S!
Tell you what, I got my “training” in the PM markets, (and made money, BTW) and it’s pretty obvious to me that any re-val that “removes the zeros” will be a good thing. Lead to a more normal currency, and probably get it into the international markets (eventually). But, how will all the foreign holders exchange these “ZEROS NOTES”? Currently, that is only in IRAQ! OK, let’s assume you can get that exchange made, and assume no loss. (near zero loss)
Now, what you have is _the same amount of dollars_ (in IQD) as you had before! But, you are in position for a “rise in IQD” back to normal levels… which is in the range of a 2 to 3x multiplier.
Getting in early is great in any hot investment, but the current levels of backing for the IQD are in dollars, so it’s pretty much _FIXED_ for the time being. Now, if the Iraqi Central Bank obtains more USD backing, (and not currency sales to US citizens thru brokers) THEN the exchange rates would increase notably, and these other RV factors and such could gain traction. A local (Iraqi) “increase in confidence” is what is needed for a good “RV”, even if that is the proper terminology. Watch these factors, ignore the “guru” BS and rumors, and then make your decisions. But be ready to go to IRAQ and exchange the ZEROS, lol! Or lose your a$$ to a broker.
Hey Stew and Barry I believe you can help me on this. In 2006-2007 my husband was deployed to Iraq through KBR, any way 10 days latter we had a baby girl as a joke some of his friends and him got through US treasury 1 mil Dinar for our baby. ( my husband was killed there ). Any way last year my step son asked me for his 18 B-Day he wanted for me to get him Iraqi dinars I did try to talk him out of it pointing that nothing hs changed on that field for years but he had seen it all over the internet so in order for him not to buy some worthless crap I went and got him 100.000 Dinarr through UST ( he was not happy with the amount but that was all I was willing to waste ). So now my question to you guys is what can I dowith 1,1 mil dinars what would you sugest. There is no way I can go to Iraq to change it and I have seen it first hnd how many people had lost when DM was replaced by Euro for they did put a short time frame to exchange. Thanks guys.
Rina. Sorry to hear about your loss.
As for what you can do with your dinar. I guess there are a couple options. You could sell back to a dealer or you could sell it on e-bay or something similar to that. There would be fees involved, but would still probably net more than what a dealer would pay. I really don’t follow what prices the dealers sell and buy for, or what the going e-bay rate is, so it would take a little homework on your part to find the best deal.
I do have a question for you though. You state that your husband and friends got the dinar from the US treasury, and you also stated that the dinar you bought for your step son was from the UST. I am pretty certain the US Treasury does not sell dinar. Are you talking about a dealer claiming to be registered with the US Treasury?
First of all Rina, you have my deepest sympathies. As for what you can do with your Dinar – as Stew said, probably your best (and most hassle free) bet is to simply re-sell them on Ebay. There’s probably EBay & Paypal selling fees involved, but they’re not that higher than the “cut” of what many Dinar sellers are taking when buying them back. People sell banknotes on there all the time with, eg, leftover money from foreign vacations.
You’d be surprised just how many people are selling Dinar now that people are seeing through the deliberate mis-selling hype more. Also note that some Dinar sellers claim to buy-back but don’t – it’s openly written in their small-print disclaimers (which is further proof that they’re not genuine currency dealers!)
I hope everything works out for you & your family in the future and that you all have a good Christmas. Thanks.
Well people have been telling me for 50 yrs not to throw away my money on things I invested in. In 1964 I started a janitor supply business. Investment $1,000. Sold it in 1965 for 8 million. In 1966 I started a aerospace publishing support business. In 1968 I sold that one for $37 million. That year I started a publishing business. Sold that one in 1973 for $55 million. Then I bought a farming company in California for $1 million – sold that one 12 yrs later for $26 million. In 1985 invested $6 million in a franchise to open retail stores – sold that one for $110 million in 1996. 4 more businesses since then all had tremendous growth in value. Everything I have ever invested in people have told me not to – that technology will become obsolete – bla bla bla. Advice: If you can afford to lose a couple thousand bucks – buy some dinars. You will be thumbing your nose at the jerks on this site as you drive away in your Mercedes heading home to your beach house at Malibu.
Lorezo2 – “Advice: If you can afford to lose a couple thousand bucks – buy some dinars. You will be thumbing your nose at the jerks on this site as you drive away in your Mercedes heading home to your beach house at Malibu.”
All that proves Lorenzo, is that you’re good at tangible business investments, but either clueless about how currencies & Forex work, or you simply don’t understand what the Dinar mis-selling scam is about…
People will not be “driving Mercedes on Malibu beach” just from taking $1,000, buying $1k of Dinar’s and changing them back into $1,000 at a Bureau de Change during a simple currency redenomination as the whole process is revenue neutral by design. That’s a lot different to building a tangible farming / retail business that actually has a turnover, a serious business model, makes profit and employs staff…
Hey Barry, to invest in a war torn country, you buy their currency. Then they revalue when the business comes back, if they have tangible resources . What is Iraq missing besides common sense? Once the Kurds come on board, they will want their dinars at fair value to the $.
First of all; Lorenzo you are FULL OF SH*T. If you made money like that, you wouldn’t be wasting your time on this website, for any reason. Now about this big HOAX with the Iraqi Dinar. Give it up people
this will NEVER happen. Those people can’t agree on anything. George W. and Cheney, had this planned out way ahead of time. The Irqi’s own government official are raping the country of its wealth, and those people don’t have a clue about what’s happening with their own government. The Iraqi politicians are just hoarding the wealth, and the Iraqi people are still LOST with no DIRECTION. This Dinar thing is a COMPLETE waste of your hard earned money, and this sham will continue for years. PT Barnum said it himself “there’s a sucker born, every minute” Be SMART, and save what money you have. Right now the rich are trying to grab all the US dollars they can, join that group, not this make believe Dinar Wealth fantasy.
Hey Lorenzo2:
Well said! It is very refreshing to have someone with a little common sense posting in here because there are just too many idiots, like Coozbee, who has no clue what he/she is talking about…
I bet post RV, he/she will not be seen again….
Wrong Ray; You must be part of the scam to convince people that these worthless dinars will amount to something. Look at the things going on in Iraq as we discuss this fantasy dinar wealth scam. The politicians are arguing amongst themselves already, probably because one got more than the other on their CUT. All these other businesses are doing business there to reap the profits of the money (and I don’t mean the dinar) floating around. I’m sorry to say, that I do know what I’m talking about, I was there for quite some time and the dinar is worthless and will become even more worthless. Please people, for your own sake, don’t waste your time on this HOAX. It is a SCAM, that will continue for years, because believe always want to believe in the IMPOSSIBLE and DREAM of fortune. You CAN’T make a FANTASY happen. Now that’s “common sense” pure and simple!!!! Sorry Ray, its gonna be harder to sell those dinars. People are so easily fooled anymore, as times get tougher to survive.
And Lorenzo, if you made so much money selling these things, WHY are you hanging around on this website, proclaiming that these worthless dinars will amount to something.You scammers work in teams, and now your pissed, because people are not flocking to your scam and buying something that will NEVER amount to anything. Everyone in europe is scrambling to get their hands on dollars, or euros. The dinar is TOAST.
So now you boys who were making a living on this scam, gotta find a job or a NEW scam. This one is done!!! People ask these questions. Any Company doing business in Iraq, do they accept the dinar for purchases of any kind? yes or no. Simple question right??? Here’s the answer: NO
Why??? Because its WORTHLESS!!!!! Now the BIG question??? Do you want to buy some Iraqi DINAR????? Common sense kick in again (RAY) this one’s for you!!!! NO!!!!!
Hey Coozbee:
Why is it that naysayers like yourself spend so much time on these sites?
As I said in my previous post, post RV, people like yourself will be hard to find…
Hey Ray; Answer those two questions that I stated and prove that I’m wrong. If I am, I will bow out nothing more said. The Dinar is NOT accepted by ANY Company doing business in Iraq. And I would bet $10k, you sell Iraqi Dinars on the side, or for that matter, this is how you make a living. As long as you can KEEP the Scam going, you don’t have to find a job, right? hee! hee! hee! Damn, I’m GOOD. Good LUCK selling Dinars NOW!!!!!
I currently work in Iraq and there is no much use of the Dinar.. I mean, the salaries are in USD, the payments are in USD, the house rent is in USD, the price tags everywhere is in USD and you can pay in USD even the taxis or the old shops in the “Pazar”..
You guys do the calculations by your self…
Like I said before, this is the biggest Joke ever played on and the biggest scam ever. This will go down in history as the biggest RIP OFF ever. Because NO One will ever be able to top this one. Ray T, you have been figured out. Good luck with trying to make a living since, people won’t be buying that wortless paper any more.