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7 Questions for Dinar Speculators

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7 Questions for Dinar Speculators

By John Lee.

We get many enquiries at Iraq Business News relating to the future of the Iraqi dinar (IQD), for example:

  • Will the Iraqi dinar increase in value?
  • Will the currency be re-denominated, dropping the ‘three zeros’?
  • Is it wise to buy Iraqi dinar?

Firstly, Iraq Business News is not in a position to give investment advice. Our mission is to provide our readers with the highest quality information on the business and economy of Iraq.

As the value of the Iraqi dinar affects trade, we will continue to report on any possible re-valuations and/or redenominations as soon as information is available.

We hope that this information will be useful to the key decision-makers in Iraqi business, and to all who are interested in the development of the country; gamblers and people involved in get-rich-quick schemes/scams are not our target readership.

It’s clear from the correspondence we receive that some people, who like to think of themselves as ‘investors’, genuinely believe that at the stroke of a pen they will make a 1,000-fold return on their purchase of dinars.

Those people might like to consider some questions before putting any further funds at risk: Read more …

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763 Responses to “7 Questions for Dinar Speculators”

  1. Rally2invest says:

    I have learned a lot from the information on this thread. Both from the pros and cons of this investment and it inspired me to dig deeper and see what i could find out for myself. So when I started reading this column I was a kindergartner, now I have graduated to 1st grade lol.

    One of the questions that I couldn’t wrap my head around is why the large amount of money supply? Isnt that what saddam did? From what I have learned is that the calculations before the printing of new iraqi dinar was zilch. However, Iraq/cbi was basically starting from scratch with debt, no reserves (saddam had stole all of the reserves) and a new currency. Iraq/cbi had input from specialist and organizations to mold their currency to build a functioning country.

    And yet the increased money supply just as saddam did. That doesnt make any sense to me.

    Moving on… I have been reading numerous pdfs over the last seven days and although most of it does not make sense to me I was able to pin point a couple of facts.

    1. I was not able to find anything to state that our us treasury owns IQD, however, I did find several who had inquired about it. I also found that CBI purchased treasury bills. How did they purchase it? I have not been able to find any specifics on that but leads to my second question If iraq did not have any reserves (saddam stole it) then where did the initial reserves come from?

    2. SDR’s. I just learned about sdrs so I may not get this right. From my understanding Iraq currency is only traded/exchanged (sorry dont know the correct lingo) with US$ everything is SDRs (imf report) According to a treasury report to congress on SDR’s i got the impression that SDRs could be a game changer for underdeveloped countries when they decide to cash the SDR’s in…is this correct? and if it is correct, could it be assumed that Iraq has aquired a lot of SDR’s over the years if strategically cashed in at the right time, could change their economy and financial worth?

    I have a lot more info rolling around in my brain that will have to wait for another time. I have been processing too much information in a short amount of time. lol. NOte: I am not trying to make anyone right or wrong, just trying to learn more and apreciate all the info everyone has provided. Thanks to you all I know what M0 M1 M2 is, however would not be able to explain it :)

  2. Barry says:

    2collectg – “i see you concentrated on how i was TYPING MY WORDS THEN WHAT THE TRUTHS ARE”

    There’s a difference between nit-picking over someone’s grammar, and politely asking them to STOP SHOUTING every other word like a lunatic. I’m not trying to be funny or rude, but it makes you look permanently angry and even deranged (not to mention hard to understand)… As for “the TRUTH” – you haven’t actually posted any. All you do is scream “I WANT A MILLION DOLLARS” at the top of your lungs. That’s not “truth” or debate, it’s a cry for help…

    2collectg – “let`s see what the week bring`s”

    Yes, let’s see. And in a week’s time when nothing has happened, your excuse will be to invent a new date “next week”, then “the week after next”, then “next month”, etc, like a good little pumper…

    2-collect – “AS FOR THE LEON REMEMBER THOSE BLOOD DIAMONDS?”

    Less than 5% of Sierra Leone $2bn GDP is based around mining (and only a fraction of that is diamonds, most is iron & bauxite), ie, the entire industry is literally worth barely $100m which isn’t even a rounding error on most countries balance sheets… You seem to be salivating over it like some old 19th century colonialist thinking you’ll be getting your hands personally on them or that they’ll be giving you some “cut” just because you bought a few banknotes… LOL. That’s like expecting a share of Dell’s profits without owning any Dell stocks but just owning some USD’s! Meanwhile the currency itself is being inflated by 15% per year… In fact they’re inflating the Leone 5x faster than the Federal Reserve is the $:-
    http://www.theglobaleconomy.com/Sierra-Leone/indicator-FM.LBL.MQMY.ZG/

    At the end of the day, all you’re endlessly doing is confusing “economy” with “currency” again. Investing in Sierra Leone’s mining industry means actually investing in diamond mining stocks or the mining sector as a whole (just like investing in Dell or Intel actually requires you to invest in Dell or Intel or buy an IT sector index tracker, etc, and not just shout “This is my Dell Investment!” and hold up a $20 note thinking that because they’re both American, one must “back” the other… Currencies are commodities whose value is determined by the supply of that currency and national monetary policy – money isn’t a stock which “jumps” up and down according to good or bad industrial news the way you think it does.

    If you’re serious about diamond / precious metals trading (that’s what I do by the way and I’ve made almost 500% profit over the past decade with serious investing and not just buying deflated 3rd world banknotes and shouting “RV”), then you need to a lot more serious research than just hang round a few forums telling to you buy the world’s 10x weakest currencies and that “they’ll be revalued because of diamonds”, because that’s a load of flat-out BS. The Leone is just as much a fiat currency as any other country, and the government doesn’t “back the value” with diamonds or anything else. That’s precisely why it’s so weak in the first place – it’s overprinted fiat paper…

    2collect, if you’re serious about mining investments, then I wish you all the best. I honestly do. But simply “buying some currency” has little to nothing to do with tangible mining investments, and I hope you’ll do some serious research to avoid getting yourself burned. All the best.

  3. Barry says:

    Rally2invest - “One of the questions that I couldn’t wrap my head around is why the large amount of money supply? Isnt that what saddam did? From what I have learned is that the calculations before the printing of new iraqi dinar was zilch. However, Iraq/cbi was basically starting from scratch with debt, no reserves (saddam had stole all of the reserves) and a new currency. Iraq/cbi had input from specialist and organizations to mold their currency to build a functioning country.”

    Hi Rally2invest, part of their money expansion was getting inflation under control, and part was requiring additional liquidity for a growing economy. As you correctly say, you don’t expand a money supply if you want it to appreciate in real terms vs other countries (that’s like trying to drive faster by sticking a lead weight in the trunk!…), however, it’s entirely valid when you’re going to “lop” (redenominate) as Iraq have repeatedly declared.

    Rally2invest -“I was not able to find anything to state that our us treasury owns IQD, however, I did find several who had inquired about it. I also found that CBI purchased treasury bills. How did they purchase it? I have not been able to find any specifics on that but leads to my second question If iraq did not have any reserves (saddam stole it) then where did the initial reserves come from?”

    The US Treasury does own some IQD and uses it to trade with Iraq (plus funding other operations, eg, CIA / military, etc). However, it doesn’t have “trillions upon trillions” anywhere near the level that dishonest Dinar pumpers are claiming. If you want fact rather than rumor, take a look at the IMF’s COFER statistics (Currency Composition of Official Foreign Exchange Reserves). This shows how much of each currency is used as foreign exchange reserves worldwide:-
    http://www.imf.org/external/np/sta/cofer/eng/cofer.pdf

    In short, it’s a myth that the US Govt (or any other foreign government on the planet for that matter) is “stockpiling Dinar”, and is just a made-up online fantasy thrown around by Dinar salesmen. As for where the initial reserves came from post-Saddam, Iraq basically printed it, then sells it at their currency auctions. There actually aren’t that many Dinar held worldwide though beyond normal trading stocks.

    Continued…

  4. Barry says:

    …Continued

    Rally2invest - “From my understanding Iraq currency is only traded/exchanged (sorry dont know the correct lingo) with US$ everything is SDRs (imf report) According to a treasury report to congress on SDR’s i got the impression that SDRs could be a game changer for underdeveloped countries when they decide to cash the SDR’s in…is this correct? and if it is correct, could it be assumed that Iraq has aquired a lot of SDR’s over the years if strategically cashed in at the right time, could change their economy and financial worth?”

    Special Drawing Rights were originally created to supplement a shortfall of Foreign currency. When the US had a conservative monetary policy, there would often be a shortfall of $ in other countries holdings. SDR’s were created originally as “virtual dollars” if you like. Back on the gold standard they were measured in gold, but today, they’re weighted against a basket of 4 currencies : $, €, £ and Japanese Yen. They’re not really a “game-changer” in terms of any value change (same way as if you bought something in those 4 above basket-weighted currencies directly, eg, in Euro’s or £’s wouldn’t affect the Dinar value either). They’re mainly about Forex liquidity (ie, if running short of $ or Euro’s, they could technically “dip into” SDR’s as an alternative for trading with other countries. They don’t actually affect the value of a nation’s currency in the “revaluation” sense at all and are equally unaffected by redenominations).

    Keeping things simple, with an SDR, a country which ran out of $ foreign holdings, could technically be “buying” virtual $, €, £ and Yen (made up of other countries IMF registered surplus assets) and “selling” their local currency in return at related exchange rates up to the IMF quota. The rate they’d convert back though (“selling” SDR and “buying back” their currency) wouldn’t radically change though any more than if you bought 250x units of Euro’s, 250x unit of $, 250x units of GPB and 250x units of Yen directly outside of an SDR, then swapped them back again.

    If you want the IMF quota’s and total held for SDR’s by country, here they are (statistics are just hours old and updated daily):-
    http://www.imf.org/external/np/sec/memdir/members.aspx

    The current SDR rate in dollars is $1 = 0.6464 XDR (the SDR currency code). Or basically, 1 SDR = $1.55. Given that Iraq has 1.188bn SDR’s and makes up just 0.50% of the IMF quota, at that exchange rate, it works out to barely $1.7bn. Not “trillion”, just $1.7 “billion” dollars. So it’s a myth they have “hoarded” them too, as being IMF assets, all SDR’s are obviously kept accounted for with the IMF and are publicly viewable in above link :-)

    In short, think of SDR’s as a cross between a loan and a “virtual currency” for borrowing foreign currency. They have zero impact on Iraq’s planned redenomination. Hope this helps!

  5. 2collectg says:

    that information came from WALLSTREET I`LL LISTEN TO THEM BEFORE YOU! EVEN THOUHG WE KNOW THEIR CROOK`S! LOL

  6. 4aprofit says:

    All the negativity about this investment just makes me love it even more!…and as for most investments that went bad, and I’m talking about some of the largest in history, we were usually told the opposite of the truth, and that they were great!…and it was from most of the media and these same types of bloggers…you know, the ones who think they know everything!…How Odd?…Or is it really?…

  7. Bob says:

    Thanks Barry, very useful.

  8. Bob2 says:

    Fact is none of you have brought up one point which is why I purchased my Dinars. What if the currency comes back up due to the oil pumping again and the economy there settling at some point ? That could produce a value in the dinar correct ? At one point the Iraqi Dinar was as high as the Kuwaiti Dinar. Either way I knew it was risky when I purchased mine….win some loose some. I’ll be a bit more patient.

  9. Barry says:

    Bob2 – Actually, it was answered in detail way back here on page 1:-
    http://www.iraq-businessnews.com/2012/08/29/7-questions-for-dinar-speculators/comment-page-1/#comment-112788

    Bob2 – “That could produce a value in the dinar correct?”

    No because a. most oil is sold in Dollars, not Dinar (that’s where the phrase “petro-Dollar” comes from), and b. Iraq is an unbacked fiat currency just like everyone else’s on the planet (the Dinar is no more backed by Iraqi oil than the $ is backed by Texan oil), and c. Even using the highest and most optimistic recent figures available, Iraq produces approx 3m barrels per day of which they burn approx 0.5-0.8m domestically and export approx 2.2-2.5m barrels oil per day. Given say $100 oil price that’s barely $91bn per year. Iraq however has 72,000bn Dinar in circulation…

    Bob2 -”At one point the Iraqi Dinar was as high as the Kuwaiti Dinar”

    Yes, and at the same time decades ago, you could also buy 1 oz gold for $25, a brand-new house for $62k, a new average sized car for $7k, a loaf of bread for 45 cents, etc.. It’s called “inflation” and that’s precisely why the Dinar is weak in the first place – Saddam Hussein massively inflated it during the 90′s just like Zimbabwe, 1920′s Germany, etc, all did.

    The Iraqi Dinar was “on par with the Kuwaiti Dinar” back when there were roughly the same of each in circulation – and were thus worth roughly the same. Today however, Iraq has a whopping 72,000bn (72 trillion) Dinar in circulation. In comparison, Kuwait has just 30bn KWD in circulation (+2,000x less). This is precisely why the Dinar is +2,000x weaker – and will continue to be until they redenominate it and take out all that inflation, because you can’t “RV” inflation away.

    Likewise, Iran has printed a massive 1 Quadrillion (1,000x trillion) Rial in circulation. And guess what happened as a result? It has been similarly debased and is now 10x weaker than even Iraq’s and over 20,000x weaker than Kuwait’s (currently 12,200:1 vs the $)… The more you print, the less your currency is worth vs other countries who have printed far less. Simple supply and demand.

  10. 4aprofit says:

    No worries folks!…Iraq will come through with flying colors!…Anyone, answer this…why is it, that the almost worthless dollar, is being dumped into Iraq for them to operate on, especially if the U.S. is supposed to be broke?…Not to mention the probably estimated now trillions spent on war efforts!..and now some of you in essence say, that Iraq is going nowhere?…And what about all of the other country’s assets being put in place there…”and it’s in the trillions”…Some of you act as though there won’t be a return on these countries monies?….If that be the case, why so much resentment of anyone holding dinars, as it would’nt matter anyway, especailly if everyone goes down….This entire concept and what is being done with Iraq is a “Global Political Maneuver & Plan”…not for most to understand, and most never will?…lol…

  11. Barry says:

    4aprofit - “Anyone, answer this…why is it, that the almost worthless dollar, is being dumped into Iraq for them to operate on, especially if the U.S. is supposed to be broke?”

    You’ve already been “answered that” several times over several pages. You’re either not listening or you just keep ignoring / rejecting the answers because it didn’t involve promising to give you $1m for sitting on your butt doing nothing as some lying pumpers are selling…

    The US Dollar isn’t being “dumped” in Iraq it’s being used for perfectly normal trading. Nor is the USA “broke”. It has high debt & deficit – as many other countries do – including Iraq (which also spends more than it earns):-

    Iraq will run a budget deficit of around 16 trillion Iraqi dinars ($13.7 billion) in 2012 on a budget of 115 trillion ($98.3 billion), Iraqi Finance Minister Rafie al-Esawi said on Monday.” – Reuters, June 20th.

    OMG! Iraq is broke! LOL. Iraq’s government is spending just as much as a % of GDP as the USA is. In fact (as usual) the exact opposite of what you claim is happening – Iraqi’s have long been dumping the Dinar for the $ because the currency is worth far less. It’s what the Iraqi government call “Dollarization”, and the whole point of the redenomination is to restore domestic faith in it and encourage Iraqi’s to stop dumping the Dinar for the $ (as they are currently doing!)

    And “the Dollar is worthless” compared to what? It’s appreciated 20% vs the Euro & GBP £ over the past few years and is worth 1165x more than the Iraqi Dinar (or conversely, the Dinar is 1165x more worthless than the $)… The Dollar is “worth less” than it used to be vs tangible gold in decades past or compared what what it could buy in the 1920′s if that’s what you were referring to – but then so too is every currency on the planet. You do know what “inflation” is right? If the USA printed lots of money and inflated the $ so that the price of a load of bread shot up to $1,100, do you think that’s “good” or “bad”? Well guess what? That’s exactly what’s happened in Iraq where Iraqi bread that used to be under 5 Dinars is now over 1,100 Dinars… It’s not “hidden undervalued wealth” – it’s the result of years worth of chronic inflation under Saddam! There is no “missing value” to “RV” and never has been!

    It’s laughable to read “worthless dollar” political soundbites from paranoid “survivalist” conspiracy forums, who then rush out and spend their money buying even more inflationary paper fiat currencies 1165x more worthless hilariously thinking that everyone else except the USA is still on the 1970′s gold standard or that the $ is the only “fiat” currency on Earth… ALL currencies except gold & silver are “worthless fiat paper” and have “fractional reserve banking systems”. ALL of them! If you want a “full reserve real currency” that hedges against inflation, then buy some physical gold / silver coins. I’m not being funny- that’s some genuinely serious advice – had you bought $1,000 worth of gold instead of Dinar a few years back, your $1,000 would be worth almost $4,500 today (and without ripoff 20% pumper commission fees)…

    “Some of you act as though there won’t be a return on these countries monies?”

    And you act as though the internal combustion engine was invested only yesterday and that Iraq is the first third-world country ever to sell oil or redenominate their currency! “Those countries monies” you’re talking about are being put into tangible investments. Countries aren’t hoarding Dinar banknotes in a giant sock drawer “waiting for an ‘RV’“, they’re buying some Dinar and then spending them to purchase real investments within Iraq, eg, on the ISX (Iraqi Stock Exchange), shares in / part ownership of Iraqi businesses, etc. Those people with genuine serious investments on the ISX probably will get a slight to moderate return for their investment. You however, won’t get a ludicrous 100,000% return just from changing up $1,000 of Dollars into $1,000 worth of Dinar and then back again! LOL.

    I’ll repeat it again so it sinks in : currency is a *commodity* whose value is determined by the supply & demand of that commodity (ie, a country’s monetary & inflation policy). It is not a “stock” in or “share” of a country that massively “jumps” up and down according to how fast or slow its economy grows or daily good and bad news that get reported about the country. Currency is not a stock, it is a *commodity* and its value derives primarily from its supply relative to other countries. It’s possible to have a weak currency and strong economy (China, Japan & South Korea), and it’s possible to have a strong currency and weak economy (Greece, Portugal, Fiji, Bulgaria, etc). This is universally true the world over. Iraq is no exception. Buying currency does not equal “investing in their economy”. And even massive double-digit GDP growth does not = a stronger currency. Look at China (flat vs the $) and Vietnam (depreciated +20% vs the $ despite strong double-digit GDP growth like Iraq). Learn how the world actually works in reality (monetary policy & inflation) – don’t just keep throwing around baseless gold-standard era “what if inflation didn’t exist and Iraq turned into a charity bankrupting itself giving foreigners money for free and…” fantasies & out of date conspiracy theories, because they’re simply not true.

    At the end of the day all you’re doing now is making the same mistake you’ve made 352x times before in the thread – confusing currency with economy, pretending inflation “doesn’t exist outside of the USA” and even misunderstanding what a simple redenomination is. “Because Volvo and Saab will make 10% profit this year and boost the Swedish economy, 4aprofit will be given 10,000% profit purely because 4aprofit “invested” $1,000 in some Swedish Kroner tourist banknotes, then changed them back”. That’s utterly ridiculous, yet that’s exactly what you’re claiming with Iraq – that Iraqi companies you haven’t invested a single $ with will give all their money to the Iraq govt like a Communist regime “owning the collective profits of the nation” who will then “reward” you 1,000x with money they haven’t got just because you bought some of their banknotes during the peak of an Internet fad…

  12. John Richardson says:

    4aprofit: And what about all of the other country’s assets being put in place there…”and it’s in the trillions”…Some of you act as though there won’t be a return on these countries monies?

    As Barry said, they’re talking about serious investments on the ISX. You have no more “invested” in Iraq’s economy / business just from having a pile of Dinar sitting there on your desk doing nothing and you will no more “become a millionaire from $1k” during a lop just because you’re obsessed with holding debased inflated banknotes during a 3-zero lop, any more than than this young lady has become 1,639x richer than Bill Gates from her “investment” by holding the below banknote during a 12-zero lop…
    http://www.rickety.us/wp-content/uploads/2010/05/Rachel_Zimbabwe_banknote.jpg

    4aprofit: “Not to mention the probably estimated now trillions spent on war efforts!”

    No different to Vietnam, Korea, WW2, Gulf War 1 (1991), Kosovo, etc, wars then?

    4aprofit: “If that be the case, why so much resentment of anyone holding dinars, as it would’nt matter anyway, especailly if everyone goes down”

    This is a discussion forum. People are allowed to discuss it freely without grovelling for permission from Dinar holders. The only visible “resentment” here over the past 8 pages comes from your own hypersensitivity of any honest non-pumper debate on how the Dinar is actually valued and how Forex works in the real world – and equally valid criticism of those who are deliberately mis-selling the currency on the back of a pack of lies and manufactured “intel” that’s pulled out of their own behinds twice a week.

    You’ve called people “retard” in previous posts, yelled “shut up”, etc, and generally outposted everyone else by over 8:1. You’re the one who’s “resenting” simple factual debate and hogging the airtime in terms of sheer number of posts – not us. Personally I don’t care what you do with your Dinar in private, but if you don’t want to talk about it – then why are you here outposting everyone else several times over?

    IBN is s serious site. If you’re expecting debate here to mimic “DinarDaddy’s Tidbit rumors” then you’re probably on the wrong forum. I don’t mean that to be rude – just honest. People here want facts, not just a “thou-shalt-not-question” feel-good Borg-like “hive mindset”.

  13. 4aprofit says:

    Since the dinar is so worthless to some of you guys, then why are you sweating it so bad?…..Some of you have given us every reason why it wont work for anyone to profit by holding this currency!…Go find some Bear Stearns, Leahman Brothers, Worldcom or Enron losers, and tell them how bad that those investments were…”they’ve been proven losers”…(THAT WOULD GIVE YOU SOMETHING LEGITIMATE TO GRIPE ABOUT)…you can do that on the dinar too, if and when it ever does actually flop!…But, if it does’nt, where will you guys all be?…I’m sure some will be cashing in just like the rest of us!…TO KNOW SO MUCH ABOUT WHAT CANT HAPPEN, AND NOTHING HAS BEEN PROVEN AS PER THAT THEORY YET, YOU HAVE TO KNOW IT IS A GOOD INVESTMENT…OR NONE OF YOU WOULD BE SO WORRIED ABOUT IT…AND WORKING YOUR BEHINNDS OFF ON THIS!!!…(I’M IN IT BECAUSE I BELIEVE IN IT)..I’M JUST SO SORRY THAT SOME OF YOU HATE IT BECAUSE YOUR REVERSE PHYSCOLOGY “DUMPER” THEORIES WONT WORK ON ALL OF US…LOL….

  14. Barry says:

    4aprofit – “Since the dinar is so worthless to some of you guys, then why are you sweating it so bad?”

    See above. No-one’s “sweating it” – we’re just talking normally. This is a debate forum. For debating. No-one needs your permission to post. Get over it already…

  15. FactFinder says:

    The message isn’t that the dinar can’t make a person some profit. …..On the contrary, most of us were lured into this and are awaiting the time that allows us to extract our principal, and hopefully ‘some’ profit.

    THE MESSAGE IS THAT THERE IS A MINISCULE CHANCE OF A SIGNIFICANT RETURN ON INVESTMENT WITH THE DINAR!

    The facts and past history tell a very different story on the dinar than the fantasy blogs and chat sites do.

    ….It can only be concluded that certain individuals have perpetrated these fantasies for personal gain; and unwitting others have joined in, in a last ditch effort for personal gain and accomplishment.

    …..The facts indicate those dreams are baseless, and there is no more than a ‘sliver’ of a chance that the tales of untold riches have any validity whatsoever.

    …Many of us who initially responded to the embellished dreams are still here awaiting a conclusion to this drama. …..But our wait does not preclude sharing a good dose of common sense and reality, to the bizarre rantings of lunatics trying to sustain their unsupported dreams.

    I would like to thank those who have taken the time to share real facts and sustainable evidence with the community; and simultaneously plead with others that they refrain from continued remarks that are aimed at nothing more than continuing a mind frame that traps unsuspecting victims in the murky depths of this situation!

    HOWEVER; IF ANYONE MIGHT HAVE CONCLUSIVE EVIDENCE ON EITHER SIDE OF THIS DEBATE, PLEASE DO STEP FORWARD AND SHARE!

  16. 4aprofit says:

    When it’s all over, said and done…then we get our ANSWER…as per how good or bad this investment IS!…Until then…all I can say..is keep Sweating!…lol…

  17. Stew says:

    Local men charged in Iraqi currency scheme
    Posted: Sep 20, 2012 7:20 AM PDT
    Updated: Sep 20, 2012 12:46 PM PDT

    A federal grand jury returned an 83-count indictment charging three men from the Toledo area and a Florida man for their roles in the operation of a $24 million fraud scheme involving the sale of Iraqi dinar currency and two non-existent hedge funds, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio, and Darryl Williams, Special Agent in Charge, IRS-Criminal Investigation, Cincinnati field office.

    Those charged are: Bradford L. Huebner, 65, of Ottawa Hills, Ohio; Rudolph M. Coenen, age 47, of Jacksonville, Florida; Charles N. Emmenecker, 65, of Sylvania, Ohio, and Michael L. Teadt, 66, of Maumee, Ohio.

    The men are charged with conspiracy to commit wire fraud and wire fraud. Coenen and Huebner are also charged with multiple counts of money laundering. Additionally, Huebner is charged with multiple counts of structuring and willful failure to file currency and transaction reports.

    As a result of the defendants’ conduct, investors lost nearly $23.8 million from dinar sales and more than $700,000 from the sale of non-existent hedge fund “seats” and “placements,” according to the indictment.

    “These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” Dettelbach said. “The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious.”

    The indictment charges that beginning about August 2010, Huebner, Coenen, Emmenecker and Teadt conspired to operate “BH Group” in Toledo and “Bayshore Capital Investments” in Jacksonville in order to defraud investors through investments in the Iraqi dinar currency and two non-existent hedge funds.

    http://www.13abc.com/story/19594414/local-men-charged-with-fraud-in-multi-million-dollar-scheme-to-sell-iraqi-currency

  18. Stew says:

    Holy crap… do you rememebr the claims of the dinar dunderheads about this Rudy Coenen dude. The claims have been made right here in the comments of various articles that Coenen was some big shot at JP Morgan Chase in the foreign currency department or such.

    Here’s the truth. This is who these fools are believing.

    “According to the indictment, Coenen never served in the first Gulf War and only worked at JP Morgan Chase for one day as a loan officer.”

    also

    Currently, the Iraqi currency is traded at 1,700 dinar to $1 U.S. And while Iraq plans to re-print its currency, the change will not affect the value.

    Read more at Jacksonville.com: http://jacksonville.com/news/crime/2012-09-20/story/ohio-indicts-jacksonville-man-iraqi-dinar-fraud-scheme#ixzz273tRk1ip

  19. Stew says:

    The whole thing

    A Jacksonville man with a super-hyped resume and three partners promising riches in the rebirth of Iraq’s economy were indicted Thursday on charges of running a $24 million scam.

    Rudolph M. Coenen, 47, and three Toledo, Ohio, are being linked to a scheme involving the sale of Iraqi dinar, the country’s currency. The 83-count indictment from the U.S. District Court in Ohio also says they sold two non-existent hedge funds in a fraud that potentially touched tens of thousands of customers in the United States and foreign countries.

    To promote their currency trading expertise, Coenen was presented as a wounded Iraqi veteran who had deep knowledge of dinar trading and was a former vice president at JP Morgan Chase.

    According to the indictment, Coenen never served in the first Gulf War and only worked at JP Morgan Chase for one day as a loan officer. Claims he had been awarded the Purple Heart were also false, the indictment said.

    The men pitched dinar sales, saying the investments were protected by the U.S. government and had the potential to rocket in value under a revaluation of the currency. Dinar sales were a hot commodity following the second U.S. invasion, but interest cooled after the country was handed back to the Iraqis. Trading was still a topic, and Coenen stirred interest following a call he made to the Sean Hannity show in 2010 to discuss it.

    Through a website and in conference calls, the men are accused of promoting the dinar and the hedge funds to investors who lost millions. Each faces charges of wire fraud and conspiracy to commit wire fraud.

    “These defendants made false statements time and again to convince people to part with their savings and hard-earned cash,” U.S. Attorney for the Northern District of Ohio Steven Dettelbach said in news release. “The fact that one defendant falsely claimed he was wounded while fighting in Iraq is particularly egregious.”

    Three Toledo-area men, Bradford L. Huebner, 65, Charles N. Emmenecker, 65, and Michael L. Teadt, 66, were also named in the indictment. Huebner and Coenen also are charged with multiple counts of money laundering, and Huebner is charged with multiple counts of structuring and willful failure to file currency and transaction reports.

    In August 2010 the men began using companies they created — Bayshore Capital Investments in Jacksonville and BH Group in Toledo — in a conspiracy to defraud investors, according to the indictment.

    Huebner, who formed BH Group to sell dinar to investors, joined with Teadt and Emmenecker in the Toledo business. By then Huebner had allied himself with Coenen to sell the hedge funds in connection with the dinar sales. Bayshore was formed to sell the hedge funds that would control dinar investments after the revaluation. To get a “seat” with Bayshore, investors had to pay a $750 membership fee.

    According to the indictment, Coenen developed “materially false and misleading statements regarding the Iraqi dinar and in falsifying information regarding the two non-existent hedge funds.”

    In sales pitch conference calls available on the website, the men said that because of an injury in Iraq, Coenen had to have a liver transplant. In another call, one of the men said Coenen was a sergeant wounded when a bullet ripped through his shoulder. The bullet went on to kill a radio operator standing behind him and another man.

    Currently, the Iraqi currency is traded at 1,700 dinar to $1 U.S. And while Iraq plans to re-print its currency, the change will not affect the value.

    Attorney Richard Kerger, who represents Huebner, said the charges are baseless.

    He said he didn’t believe any laws were intentionally broken.

    “These people are getting fair value for their money,” he said of the investors. “This is a complicated setting but there are reasonable answers.”

    Kerger said he was not as familiar with Coenen’s case. He said Coenen has been representing himself in court.

    Read more at Jacksonville.com: http://jacksonville.com/news/crime/2012-09-20/story/ohio-indicts-jacksonville-man-iraqi-dinar-fraud-scheme#ixzz273uElQdC

  20. Stew says:

    Please let Dinar Daddy and Not-so-Breitling be next.

    Thanks Sam, and MRIQD whoever that is.

  21. 4aprofit says:

    Most of this is just like what we have seen for years, whereby people’s monies were taken and no dinar was delivered, also, you cannot deal in hedge funds without the SEC/Securities and Exchange Commissions approval and licensing, (from what I understand)….also, if selling dinars, some states have laws requiring seperate filings for doing business, and/or soliciting in their states…I’m sure there are other rules, regulations and laws, but predominently…all of this is from defrauding people…and/or telling them lies to get them into something…the best motto for any speculative investment is always: “Don’t buy more than you can afford to lose”…”It is a high risk investment”….”It could flop tomorrow”…as we all know that anything and everything can go up or down, and for the most part, all investments have risk…period!
    P.S. I know, and have friends that know, and/or, are kin to, several federal agents, hi-ranking military personnel, politicians, and many high-up bankers…who have bought dinars at banks and from dealers, and as long as they say it’s not a scam…primarily due to the banks being involved, if they’re not worried…I’m not!…I would be worried if I was defrauded or had bought into something that had actually took my money on false prestenses or never produced the goods, whether it be dinars…or a pair of shoes at the shoe store on the corner that I ordered shoes from, that never arrived!…There will always be crooks in everything!…

  22. Stew says:

    You would think, but see post above yours.

  23. 4aprofit says:

    I think I’ll buy some more dinars tomorrow, oh, but should I still hold more U.S. Dollars instead…QE-3 just kicked off…oh my gosh, decisions, decisions…lol…

  24. Stew says:

    Wow… that indictment has to have Breitling, Kap, and a few other gurus a little shook up.
    Material False Statements.
    False claims made regarding U.S. Treasury dinar holdings.
    False claims made regarding U.S. Treasury future involvement in the dinar and dinar exchange post “revaluation”.
    False claims made regarding Executive Order 13303.

    Dinar Daddy might be headed toward the boarder tonight. He posted every one of those claims on his site dozens upon dozens. He even made a huge post about how this payout would happen and claimed the treasury would.

    It will be interesting to see how many of these guys suddenly disappear seeing this.

  25. Barry says:

    Can’t say I’m surprised Stew. Did you see the one John posted on page 6?

    State of Idaho prosecuted one pumper for making a baseless “get 1,000x richer guaranteed” claim – Case : State of Idaho vs Jack Lee Smiley:-
    http://www.iraq-businessnews.com/2012/08/29/7-questions-for-dinar-speculators/comment-page-6/#comment-113785

  26. 4aprofit says:

    Scams will continue to happen, in every sector of financials of society…but what’s funny here, is if “someone” does “soemthing crazy” with dinars…some folks try and make it look like the “entire investment” is a “fraud”, because of a “few” rotten apples…like I said, until the final bell is rung as per this investment finalizing…whether Iraq flops’ or pops’, with it’s currency’…all the dumpers and naysayers, and any others of those that dont believe in this…dont have to partake in this investment…as most of us watch what Iraq is actually doing monetarily…not at what people are saying, which includes the above mentioned…It’s as simple as “Follow the Money”…
    P.S. If a banker steals money at a branch of a bank that you use, do you go close your account as per the entire bank being bad?…Does this not happen everyday?…Why would the dinar be any different, as per folks using it in the wrong way from time to time?…Why do the news articles even out of Iraq, over the years, show where millions of dollars worth of dinars were being smuggled across the borders, is this supposed to scare us?…Do not US Dollars have issues everyday, and even worldwide?…WOW!..You guys are such geniuses…lol…

  27. kev says:

    Looks like James Wolf (“Adam Montana’s” real name) has taken down DinarVets. It’s not a server fault because all other “CloudFlare” hosted sites are working perfectly. Another pumper running scared!

  28. Rally2invest says:

    Sam I am
    “Here’s a link to the indictment. This should pretty much kill the dinar as an investment.”

    Oh my!! How the heck does the indictment of these men kill the dinar as an investment. Which is NOT an investment, its a currency that people purchased knowing that it was not internationally traded, a currency that was from a country that was in chaos, that is recovering from war and recovering from a dictator regime prior to the war. Am I the only one who purchased my dinar as a collectable?

    The victim mentality in the dinar world is getting old. Everyone has the world wide web at their finger tips. They also have the little voice in their heads that says “too good to be true” “this doesn’t seem right” or something is fishy” and chose to ignore it.

    Come on! When does it end? your whole blog is based on making people victims. We are not victims. We make choices some good and some bad.
    Ironically, the only way I knew of these men, was stumbling upon your blog. I didn’t go any further to search them out. But lets say for arguments sake I decided to search them out and I “decided” they were more credible or convincing than you. Should you be held accountable for leading me to them? Should I cry foul on you because you have top ranking on google and that you are some way connected with them because you mention their name a hundred times? Of course not.

    Everyone heard about the dinar from some other person. That person presented the dinar in a way that we chose to purchase it. They pumped it. Pumped it so big that we bought it. If it doesn’t RV or do what ever they claimed would happen, then what? file criminal charges?

    And what if the opposite happens. What if a person was getting ready to have their house foreclosed on, family falling apart because financial problems and is depressed, but then sold their dinar because Sam I am PUMPED a redomination for over a year? Only woke up the next morning to rv and find out that Sam I Am didn’t know what he didn’t know. should you have criminal charges pressed for false claims?

    Even making bold statements

    Sam I Am says:
    September 7, 2012 at 5:58 pm
    The point is Iraq’s GDP could double overnight. They could magically transform into the biblical Babylon overnight and it wouldn’t mean squat as far as the value of the dinar. It’s not a stock. It’s a currency. Currencies don’t go up in value just because the economy is booming. That’s what people like you don’t get, and that’s why you’re in for a huge disappointment.

    Those in glass houses shouldn’t throw stones.

    I learn from others who speak freely about what they know. And the more you encourage this victim mentality the less freely people will offer their knowledge and experiences.

  29. Sam I Am says:

    rally2invest – Read the indictment. It says these guys were telling people that the dinar would RV when the CBI’s plan is in fact to redenominate which will probably produce no increase in the value of the dinar. The purpose of an investment is increase. That’s why I said that this should kill the dinar as an investment. I really doubt that very many people are buying dinar because they plan on traveling to Iraq on their next vacation. They bought it thinking its value would increase, and most of them believed the nonsense about removing zeros meaning RV. Now we have proof that it means a lop, and you don’t make a profit from a lop.

    And no, my blog is not about making people victims. It’s about informing people so they won’t become victims. The same reason we have warnings for cigarettes. The same reason we list the contents on food packages. If people want to go ahead and stock up on IQD after reading my blog then more power to them. At least now they’ve been informed.

    Finally, I am not pumping a redenomination. I’m just telling people that redenomination is what the CBI is talking about, and not revaluation. I don’t know if they’ll RD or not. I’ve hung on to a bit of my dinar just in case they don’t, so I’m hardly hoping for a lop. I would never go out and buy dinar knowing what I know now, but since I already had it I decided to keep some. But I know what deleting the zeros means, and now I have a federal indictment that confirms what I’ve been saying.

  30. Barry says:

    Rally2invest – “Only woke up the next morning to rv and find out that Sam I Am didn’t know what he didn’t know. should you have criminal charges pressed for false claims??”

    There is no “rv” the way you’re thinking. It’s not a “difference of opinion” it’s a statement of fact. It would result in every single item Iraq exports instantly becoming 1,000x more expensive for the rest of the world to import and destroying their own export economy overnight (since all future “post-rv” Dinar’s would be 1,000x more expensive to buy, ie, an exported 1m Dinar product (currently costing $858 to buy 1m Dinars to buy at 1165:1) would end up costing $858,000 (to buy 1m “post-rv” Dinars at 1.165:1 rate with no redenomination)). The Dinar would overnight turn into a junk currency since (like North Korea) its value would result in IQD-priced goods being 1,000x overvalued with the rest of the world’s market prices for same goods. That’s why the whole process of redenominating was invented in the first place. Even without both US & Iraqi governments now openly debunking it, it’s pretty much common sense no-one’s going to pay $1,000 tomorrow for something they can buy today for $1, just like no-one pays the 8x overvalued pegged rate of the North Korea won – and why the black market (real) rate is 8x lower…

    Rally2invest – “Even making bold statements : ‘(SamIAm quote) : “The point is Iraq’s GDP could double overnight. They could magically transform into the biblical Babylon overnight and it wouldn’t mean squat as far as the value of the dinar. It’s not a stock. It’s a currency. Currencies don’t go up in value just because the economy is booming. That’s what people like you don’t get, and that’s why you’re in for a huge disappointment.’”

    And Sam’s absolutely right. Currency’s aren’t stocks they’re commodities. As clearly explained above here (2nd from bottom paragraph):-
    http://www.iraq-businessnews.com/2012/08/29/7-questions-for-dinar-speculators/comment-page-8/#comment-114945

    “Economy” and “currency” are not the same thing – South Korea is fully industrialised with a GDP of $1.5tn (10x larger than Iraq’s) and yet the S. Korean Won is 1,134:1 vs the $ (roughly the same value as the Dinar!) This is because of their massive money supply (440tn). Conversely, the Fijian $ is only 1.8:1 vs the USD, yet has a tiny economy of just $4bn (35x smaller than Iraq) that’s actually been shrinking, overspends almost 40% on Govt spending vs annual budget revenues, and has 25% of the population below the poverty line. Yet the FJD is strong vs the $ because it has a far smaller money supply of under just 3tn (M2) and banknotes (M0) that are counted in the billions (not trillions)!

    Same with Vietnam and Greece – both have exactly the same size economy of approx $296bn (twice the size of Iraq’s). Yet Vietnam’s currency $1 = 20,840 Dong and Greece’s is $1 = €0.77. Why do you two countries of the same size economy have 27,000x difference in currency values? Because the tooth fairy crept up and stole it and sprinkled some magic “forgetful” fairy dust on everyone on the planet except some Dong salesmen in Arkansas causing only them to see the “truth”? The difference is what we’ve been explaining to you all along – Vietnam has massively inflated their currency and printed massive amounts of money (over one quadrillion Dong (complete with 5,000,000 Ngan Phieu Dong banknotes) used by only 90m people = 11m Dong per Vietnamese) whilst Europe hasn’t inflated the Euro (€10tn Euro’s used by 450-500m people = only €20k-22k Euro’s per person). Even with all the “QE”, America’s is still only about $32k printed per American (less in practise given it’s also the world’s leading reserve currency). If you want Iraq’s figures : 72tn Dinar divided by 30m Iraqi’s = 2.4m Dinar printed per Iraqi. That’s the perfect definition of inflation and an inflated currency – where there are literally millions of units of circulated currency per person rather than thousands.

    A currency’s value is primarily determined by its supply (M2) not GDP or GDP growth. Vietnam’s GDP growth has been double digits – even higher than Iraq’s – and the Vietnamese Dong has simultaneously fallen in value by 25%. Why? Same again – they’ve printed too much money (over 1 quadrillion Dong!)

    If you don’t understand how currency’s are valued, it’s probably best to do some serious research on Forex rather than try and “shoot the messenger” out of anger / upset. Sam’s statement is correct – Iraq could double their GDP overnight and it still wouldn’t deflate the inflated Dinar. That’s precisely why they’re redenominating in the first place. Sam’s website is overall very well balanced too. Some people are just upset with him for speaking the much needed truth and taking “the dreamers” out of their debating comfort zones with solid verifiable facts…

  31. John Richardson says:

    Wow! Looks like a huge Class Action Suit is in the works against Treasury Vault & Dinar Trade (click on the link in the first sentence for the court document):-
    http://www.pigottlaw.com/Iraqi-Dinar-Scam

    It is specifically based on the same “material misrepresentation” that just smashed Bayshore Capital (ie, pretending a revenue neutral redenomination = $1m for $1k), eg, “70. Defendants’ marketing and solicitations contained erroneous, false and fraudulent representations and material omissions as complained of herein.”

    Plus selling smaller denominations of Dinar at outrageous extortionate fees, eg, Treasury Vault are selling $854 of Dinar for over $12.950 in 50 Dinar notes:-

    “79c. Did enter into transactions with or for a customer at a price not reasonably related to the current market price of the security involved in the transaction”

    “82. Through their acts, representations and omissions are complained of herein, Defendants engaged in securities fraud.”

    SEVENTH CAUSE OF ACTION – Fraud

    138. As stated herein, Defendants did make false and fraudulent representations of facts to the Plaintiffs and Class Members, through the marketing of their “investments”

    139. As stated herein, Defendants did fraudulently conceal and omit certain matters which should have been disclosed to the Plaintiffs and Class Members, in the marketing of their “investments”.

    140. These representations, statements, concealments and omissions were intended to deceive and defraud the Plaintiffs and Class Members, and did so.

    145. As stated herein, Defendants did knowingly and/or recklessly misrepresent material information to the Plaintiffs and Class Members regarding the “investments” sold to and purchased by them.

    164. The acts and omissions of Defendants as stated herein constitute violations of federal law, and specifically the Securities Act of 1933 and Securities Exchange Act of 1934.

    etc.

    This isn’t about just (as 4aprofit likes to pretend) “taking money and not delivering Dinar” – it’s specifically about the active wilful “$1m for $1k ‘RV’” pumper circuit mis-selling pack of lies of Iraq’s redenomination.

  32. 4aprofit says:

    Bassem Jamil Anton: Iraqi currency backed by oil wealth

    22/09/2012 11:26:00

    The independent Iraqi news agency / Baghdad / n. G …

    Chief Economist Bassem Jamil Anton Iraqi currency backed by oil wealth can not be permeated the currency market fluctuations, indicated that the central bank has large reserves of hard currency reached $ 67 billion.

    Anton said in a press statement transferred reporter (and independent Iraqi news agency) Iraqi currency backed by oil and owned by the country of the great oil wealth can not be permeated currency due to fluctuations in the local market, as the central bank has large reserves of foreign currency up to $ 67 billion. ”

    He Jamil Anton “the dinar began recovering and regaining placed between the international and regional currencies, and there is data indicating the increased demand for buying the Iraqi dinar in the international banking market.”

    Iraq has become attractive countries for investment and popular with foreign companies, which found Iraq muck and good to invest in. After what the security situation has improved in relative terms.

    http://translate.google.com/translat…d%2F29254.html

    http://www.ina-iraq.net/news/ektesad/29254.html

  33. 4aprofit says:

    NOTE: AT LEAST THEY ARE TELLING US THEY HAVE THE WEALTH TO BACK UP THE CURRENCY, AND A WHILE BACK THEY EVEN HAD AN ARTICLE…STATING THAT THE CURRENCY WOULD BE BACKED BY TONS OF GOLD AS WELL…RECENTLY WE HAVE SEEN ARTICLES DEPICTING WHERE THEY WERE #1 IN NATURAL GAS AND SULFUR, THEN WE SAW ARTICLES WHERE ONE AREA WAS RICH IN GOLD, DIAMONDS AND PLATINUM, THEN THERE WERE ALL TYPES OF SALTS, ALSO INGREDIENTS USED FOR FERTILIZE, THE LIST GOES ON AND ON…”IT IS A RICH COUNTRY”…WHY SHOULD I BE SCARED OF HOLDING THIS CURRENCY?….I GUESS WE WILL SEE?

  34. Dr. R. Keiferland says:

    4aprofit: “NOTE: AT LEAST THEY ARE TELLING US THEY HAVE THE WEALTH TO BACK UP THE CURRENCY

    Chief Economist Bassem Jamil Anton Iraqi currency backed by oil wealth can not be permeated the currency market fluctuations, indicated that the central bank has large reserves of hard currency reached $ 67 billion.”

    Not in the way you think though. What they said was they have the wealth to back it as it is, ie, $67bn worth of foreign currency reserves Dinar will back Iraq’s 72,000bn Dinar money supply at 1170:1 exchange rate. It certainly doesn’t mean anything remotely like what the “RV” pumpers are claiming, ie, backing a 1,000x higher exchange rate (which would require $67 TRILLION of foreign currency reserves. If anything that’s actually further proof of how nonsensical the RV claims are. The above article you quote openly states that with just $67 BILLION – Iraq doesn’t even have 0.1% of the money for backing any “RV” and also that they don’t have “trillions” of $ of other currency reserves, which is and has been the whole core of the mis-selling RV scam and as many pumpers have been falsely claiming. It’s ironically, actually more proof that the economic behind the RV are nonsense.

  35. 4aprofit says:

    If most money is electronic and just figures written on paper…how does anyone know Exactly what Anyone Will Do?….And/Or How?…I will await the Finality of it all myself!…

  36. Stew says:

    “WHY SHOULD I BE SCARED OF HOLDING THIS CURRENCY?”

    They have stated they will REPLACE this currency. Dealers were just indicted for lying about the meaning of that info. Yet you still believe them. Stunning! This currency will become worthless unless you can exchange it for the new currency. There is a very good chance you will have no way to do that and if you do find a way to do it, it will cost you a huge % of your money.

  37. Stew says:

    Seriously. Holding a soon to be redenominated currency, half way around the world from the country of origin, may be one of the stupidest investments ever.
    Sorry to be brutal, but it’s not that complicated.

  38. 4aprofit says:

    By what some of you guys are saying, I guess all Bank Accts. held by foreigners will be null and void, The ISX will be closed for them as well, and/or shutdown, and all the currency that anyone held outside the country of Iraq, will be nothing but a loss for the most part?…Wow!…For one, they’ve had appx. 10 years to tank it all if they had wanted to…and to my best recollection, their trying to entice and lure investment in, not deter it and run it off…well I guess us investors will all go down with the superpowers and some of the largest investors in the world that have put trillions in that place over there?..and on another note, I assume, at least from what you guys depict…a multitude of banks in the US that sold dinars…will be in trouble too, shut down, etc…Wow again!…Boy, so much negativity…but no finalization as per what all of you guys depict as happening..or yet!…Like I’ve said, as per you guys analysis of things…many of the best stuff has tanked, that was promtoed as wonderful…so I’m just gonna ride it out with the crap, until it tanks too…as per you guys predicition!…But, what if your all wrong?…I’ll take the chance, just as those did in the good stuff that tanked?..With this much opposition, I want to be in it even more!…lol…

  39. FactFinder says:

    Let’s address some of this nonsense!

    “4aprofit says:
    September 23, 2012 at 3:55 pm

    NOTE: AT LEAST THEY ARE TELLING US THEY HAVE THE WEALTH TO BACK UP THE CURRENCY, AND A WHILE BACK THEY EVEN HAD AN ARTICLE…STATING THAT THE CURRENCY WOULD BE BACKED BY TONS OF GOLD AS WELL…RECENTLY WE HAVE SEEN ARTICLES DEPICTING WHERE THEY WERE #1 IN NATURAL GAS AND SULFUR, THEN WE SAW ARTICLES WHERE ONE AREA WAS RICH IN GOLD, DIAMONDS AND PLATINUM, THEN THERE WERE ALL TYPES OF SALTS, ALSO INGREDIENTS USED FOR FERTILIZE, THE LIST GOES ON AND ON…”IT IS A RICH COUNTRY””

    1. Iraq is not at the top of the list of world oil producers, although climbing the list. http://www.huffingtonpost.com/2011/02/22/oil-producers-exporters-t_n_826564.html#s244224&title=9_Iraq
    ……The sum total of all of Iraq’s proven oil reserves are around 11 trillion dollars at current prices!

    2. Iraq doesn’t make the top 10 in natural gas reserves! ….But that matters little, as natural gas is as cheap as sand in the region. …The only way natural gas becomes a valued commodity is through technical integration in the basic industries. …It will take considerable time to develop this integration, and may never happen, as neighboring countries have found current economic situations unfavorable to that form of investment. http://www.businessinsider.com/countries-biggest-natural-gas-reserves-2011-06?op=1

    3. The myths of high grade gold deposits are entirely overblown. …..Every country on earth has gold in the environment, but few have high grade deposits that are considered economically advantageous to the overall economy. …There is no evidence of significant high grade deposits, and I would think Iraqis are too advanced to attempt such follies as large scale trace extraction. ….(Even sea water contains gold salts, but extracting it is far costlier than it is worth) ………Their neighbor to the north(Turkey) is the largest gold miner in the region, and it is only minimally significant to the country’s overall economy.

    4. Sulfur in ground in not a particularly valuable resource. …The sulfur mining industry has been decimated by competition from sulfur production in motor fuel desulfurization processes. …The United States did have large sulfur mining operations that became worthless in the 1980′s. ….Almost every oil rich nation on earth has significant sulfur resources that lie untapped.

    5. Diamonds and platinum are totally unfounded rumors. Once again, internet rumors. ….There is no evidence of significant high grade deposits sufficient for a high profit recovery.

    6. Salts and fertilizers are embellished also. …..The Middle East is a wasteland of these materials. ….There are mountains of them all over the region, but not economically feasible to deal with. …Large scale markets are too far away, and the few industries that do exist are rather small and regional. …Hopefully some of this potential with be developed, but does not represent huge returns on a national level.

    7. We are dealing with a country here that is currently incapable of feeding its own population. …..Although there is considerable potential, the outside world must deal with the realities of the situation.

    ….None of the mentioned items indicate this is the richest country on earth, and certainly don’t support a mythical revaluation generating hundreds of trillions of dollars in currency!

  40. 4aprofit says:

    HMMM???…Just another one to tear apart…have seen several articles on this…

    Expert: Iraqi dinar is immune and will not vibrate when global economic crises

    Date: 09/20/2012 12:42:22 Thursday

    Baghdad (news) .. Ruled out a financial expert on behalf of Jamil, a global economic crisis may damage the national economy and the local currency because it Mdaoman oil wealth and cash reserve large hard currency.
    Jameel said (of the Agency news): The increase inproduction and export of Iraqi crude oil and higher oil prices in the global markets will support the national economy and make it strong and not affected by economic crises the world. pointed to: that the Iraqi dinar covered reserve large hard currency and there is data indicating the increasing demand for buying the Iraqi dinar in the markets of banking world, and this shows that the dinar began recovering and regaining placed between international currencies and regional. added: that Iraq has investment opportunities large and in which they can attract international companies to invest in within the country, giving support to the local currency by increasing demand for buying the Iraqi dinar in the markets banking Gulf. / end / 8. d. Q /

    Source: ikhnews

  41. 4aprofit says:

    HMMM???…Just another tidbit…that things are not all bad in Iraq as some state’…I’ve even seen articles where this area is in the Top 10 Tourist Destinations Worldwide!…So tear it apart boys, again…lol…

    Washington reveals new map of the world, including “Greater Kurdistan”

    Twilight News / New York Times predicted widespread U.S., on Monday, the emergence of the “state of Greater Kurdistan” among a number of emerging countries on the new political map of the world.

    The newspaper said in its opinion, prepared by journalists Frank Jacob and Barak were, under the title “New World”, in the comparison between the years after the fall of the former Soviet Union and the first years of the century atheist century, and seen by “Twilight News”, “The new states will inevitably the beginnings of the twenty-first century, as well as some other union in consolidated entities. ”

    The paper talked about “the emergence of the State of Kurdistan major among many other countries will during these years,” adding that “the U.S. withdrawal from Iraq behind center weak decision-making in Baghdad, as well as the likelihood of civil war in Syria, which is pushing constitute a political map New in the region. ”

    The newspaper said that “these rare opportunities that were not repeated along the more than three thousand years from the date of the Kurds”, stressing the “greater likelihood of an independent Kurdish state.”

    The newspaper noted “the Kurdish presence in northern Iraq and the Kurdish flag raising it more than other Kurdish areas,” he said, stressing that “enables the Kurds in Iraq from signing contracts with major global companies such as Exxon Mobil and many Turkish companies.”

    The “Greater Kurdistan” a political term used by Kurdish nationalists to a large geographical area extended in several countries including the Kurds; include four major parts called Kurdistan Turkey and Kurdistan Iran and Iraqi Kurdistan and the Kurdistan Syria, in addition to small parties on the southern border of Armenia.

    And recognize Iran and Iraq, the Kurdish region on its territory; either Syria, Turkey It is not recognized.

    The fall Kurdish language in a group Aryan languages ​​which includes languages ​​Kurdish, Persian, Pashto, Tajik and numerous other languages, which represents a branch of the family Indo-European languages ​​sloping from Sanskrit Aryan, and the word Kurdistan is composed of two parts, the first of which is the (Kurds) relative to the Kurdish people , and the second part of which is (Stan) and means home or anywhere.

    And I knew the area a long time ago the land of the Kurds, in an era civilizations of Mesopotamia known area designations multiple but significant one and one meaning, it was Sumerians called the region (Cora Kotyum) means land Carda, either Assyrians And they call it (Corti), and the Babylonians they called (Cardo ), and the Greeks call it (Cardotchou), the Romans renamed (Koredrin), and was the Muslim Arabs call (Mountain Region).

    And appeared word Kurdistan as a term geographic the first time in the twelfth century AD during the reign of the Seljuks, when separating the Seljuk Sultan Sanjar western part of the territory of the mountains and make state under the rule of his neighbor Suleiman Shah and dubbed Kurdistan, and this was the state include land that stretches between Azerbaijan and Lorestan, areas (older, Dinur, Hamedan and Kermanshah, in addition to the areas west of the Zagros Mountains, such as (Chehrzor Koi Sanjak).

    Estimates vary on the number of Kurds between 35 to 45 million, distributed by 30-35% in Turkey (15-20 million), 15-20% in Iran (10-15 million), 20-25% in Iraq (6.7 million ) and 5.10% in Syria (2.3 million) and a small percentage in Armenia.

    http://translate.google.com/translat…25D9%2589.html

    http://translate.google.com/translate?depth=1&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.shafaaq.com/sh2/news/kurdistan-news/46149-%25D9%2588%25D8%25A7%25D8%25B4%25D9%2586%25D8%25B7%25D9%2586-%25D8%25AA%25D9%2583%25D8%25B4%25D9%2581-%25D8%25B9%25D9%2586-%25D8%25AE%25D8%25A7%25D8%25B1%25D8%25B7%25D8%25A9-%25D8%25AC%25D8%25AF%25D9%258A%25D8%25AF%25D8%25A9-%25D9%2584%25D8%25AF%25D9%2588%25D9%2584-%25D8%25A7%25D9%2584%25D8%25B9%25D8%25A7%25D9%2584%25D9%2585-%25D8%25A8%25D9%258A%25D9%2586%25D9%2587%25D8%25A7-%25D9%2583%25D9%2588%25D8%25B1%25D8%25AF%25D8%25B3%25D8%25AA%25D8%25A7%25D9%2586-%25D8%25A7%25D9%2584%25D9%2583%25D8%25A8%25D8%25B1%25D9%2589.html

  42. John Richardson says:

    4aprofit: “I’ve even seen articles where this area is in the Top 10 Tourist Destinations Worldwide!”

    And that’s why your credibility is shot to pieces… Back in the real world, Iraq isn’t even in the top 25 for tourism. And that’s including civilian contractors & mercenaries as “tourists”. LOL:-
    http://mkt.unwto.org/sites/all/files/docpdf/unwtohighlights12enlr_1.pdf

    Why bother posting such deliberately obvious lies? Attention seeking? As for the concept of a unified “Greater Kurdistan” – how on Earth is making Iraq smaller (by watching the Northern Kurdish area secede, split off and join up with Iran & Turkey’s Kurds as a separate country) going to “help” the Iraqi Dinar?!? If Texas split off and formed a new country, would that “help” the $? You haven’t a clue what you’re you’re quoting or saying anymore – just scrabbling round posting nonsensical random news articles that don’t even mean what you think they do, let alone whatever point you were originally trying to make…

  43. 4aprofit says:

    Here are a few more, but several articles that I’ve seen have Kurdistan, Iraq in the top 10 tourist dsestinations!

    Board of tourism /Tourism in kurdistan/

    http://www.facebook.com/pages/Board-of-tourism-Tourism-in-kurdistan/327944787286181

    Know Kurdistan

    http://knowkurdistan.com/2011/10/take-in-erbil-iraqs-dubai/

    Kurdistan Adventures

    http://blog.kurdistan-adventures.com/

    Hilton Worldwide set to open the company’s first hotel in Erbil, Iraq

    http://www.ameinfo.com/274313.html

    Northern Iraq: Eco-tourism wonderland?

    http://www.bbc.co.uk/news/world-middle-east-11392098

  44. 2collectg says:

    THE CATCH WORD WAS FRUAD! I BOUGHT MY CURRENCY FROM GID ASSOCIATES! CLEARLY STATED THEY GIVE NO INVESTMENT INFORMATION! THOSE GUY`S WHERE JUST CROOKS! but here`s why i`ll keep holding this CURRENCY 1 THE IMF THE UN THE WORLD BANK THE MONEY IS LISTED ON THE US TREASURY THE USAID ALL INVOLVED IN BACKING THE COUNTRY 2 ON THE DUBAI EXCHANGE MARKET THE IRAQ DINAR ROSE AGAINST THE DIRHAM OVER THE LAST WEEK 0.26% MARKING 0.0032 AND AGAINST THE JORDANIAN DINAR 0.15% MARKING 5.1805 DIRHAMS! 1 AED = 3.67 USD!AXIS CAPITAL OF LEBANON AND DS GLOBAL SECURITIES FROM ABU DHABI COMING IN TO HELP BRING THEM BACK IN THE INTERNATIONAL INVESTMENT MARKET THE ARAB MONETRAY FUND ALONG WITH THE DUBAI CHAMBER OF COMMERCE COMING IN THE ARAB STOCK BOURSE CONNECTING WITH THE ISX EXCHANGE WHICH IS A AWESOME BECAUSE THE DUBAI STOCK EXCHANGE IS ONE OF THE LARGEST GULF BOURSES WHICH TRADES AT LEAST 4.5 BILLION A DAY! SO JUST BECAUSE TWO CLOWNS RIP OFF SOME FOLKS DOES`NT MEAN THE DINAR IS A SCAM THE JUDGE STATED THAT THE SELLING OF DINAR WAS NOT ILLEGAL IT WAS THE WAY THOSE GUY`S WERE DOING BUSINESS IS THE FRUAD! THEIR ARE TO MANY BIG BOY`S INVOLVED WITH THIS CURRENCY FOR ME TOO THINK I`VE BEEN TAKEN FOR A RIDE! I INVESTIGATED THIS CURRENCY BEFORE I BOUGHT IT I`M AWARE OF THE RISK`S BUT LIKE I SAID I BOUGHT THIS STUFF FOR A PENNY JUST WANT TOO SELL MINE BACK FOR A DIME!

  45. 4aprofit says:

    On another note…Money is for the most part…only electronic figures and pencil etchings on paper…mostly created out of thin air…who knows who’s doing what…who’s budget is true, who’s is hidden, what deficits are real, which are not, no one knows how the game will play out, yes, I said GAME…most of all money is just a Game nowadays…you can micro-manage, study, research, investigate, etc….you never will know what PLAN’S are real, or which ones are not….or how they will play out, as one can write millions of essays, research papers, theory’s, etc..until blue in the face…you know what..you will always end up with a dozen eggs in your face…lol…
    P.S…This is a “hang in there and ride it out investment”….or either a “dump, and/or run away from investment”…nothing in between…some cant see the forest for the trees…IMO…

  46. Stew says:

    I’m guessing you two are related in some way.

  47. 2collectg says:

    no stew i`m not related to 4aprofit but he makes some good points! you guy`s just can`t explain away why the heavy hitters that are involved in a CURRENCY YOU GUY`S SAY IS JUNK!!! STOP THINKING EVERYBODY IS A GURU!! it`s just to many HEAVY HITTERS FLOCKING TO THIS CURRENCY FOR IT TOO BE A WORLD WIDE SCAM!!! i bought this stuff for a penny just want too sell mine back for a dime!

  48. Stew says:

    You keep making that stupid statement. “i bought this stuff for a penny just want too sell mine back for a dime”
    Do you really not even know how much you paid for your dinar, or were really foolish enough to pay a penny for your dinar?

    As far as your other ridiculous claim, it has been explained many times, you just refuse to listen, or don’t have the intellect to understand.
    You continue to trumpet an article that talks about a .25% increases, that’s a quarter of one percent. And you use that microscopic gain to say we are wrong for pointing out the SCAM that gurus claim a 100,000 to 300,000% RV is right around the corner. One of the articles you push even plainly states they are interested in the currency because of the redenomination.
    You obviously don’t have the ability to see just how silly those claims make you look.

  49. 4aprofit says:

    Please, naysayers, let all of us be happy in our investment….at whatever we paid…it’s not what we paid, but what we will gain that we look for…just as if any of you were to invest in ANYTHING else that’s out there!…Hey, it is’nt over until it’s over anyway…so why fret, unless you got some…and your worried about that, and you made a bad decision buying it yourself…but oh that’s right, that simply would’nt serve as an Agenda to do and say what all you naysayers are saying and doing!…lol…
    P.S…Who ever heard of bashing and discrediting something to the degree that some of you have, on something that you are not even involved in and/or hate so bad!


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