Posted on 11 November 2011.
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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 …
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Dr. Mark A. DeWeaver
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