By Tom Cleveland, market analyst for Forex Traders, exclusively for Iraq Business News. Forextraders.com is an online resource for the foreign exchange market.
“Buy on the rumor, sell on the news” is a time-honored investment phrase that is oftentimes more confusing than the wisdom it attempts to impart. The meaning relates primarily to company securities that appreciate in expectation of a big news announcement. Early speculation drives ups the price, such that when the real announcement is made, most investors sell on the news to take their profits, often driving the price down, rather than up. “Pump and Dump” stock frauds also follow a similar scenario, but in this case, criminals benefit and investors lose.
A similar situation has been building for years, some say as many as eight years, surrounding the potential “revaluation” of the Iraqi Dinar. As the rumor would have it, the Iraqi economy has stabilized, and the potential for enormous foreign currency reserves from increased oil exports will drive the value of the Dinar to unconscious levels versus the U.S Dollar. The government authorities will be forced to revalue the currency from 1,175 to 3 per Dollar, resulting in an outrageous windfall for anyone owning stockpiles of the currency. Does something here sound a little too good to be true?
In actuality, the Iraqi Dinar, or “IQD”, is a “controlled” currency. The central bank of Iraq determines the exchange rate and must support that rate by maintaining adequate foreign currency reserves to handle capital flows across its borders. The IMF permits countries with a transitional economy to implement currency controls in order to stabilize their economy during its redevelopment phase. Presently, international banks will not accept the Dinar, and it is not traded on any forex exchange. Actual purchases can be made through currency dealers that have been authorized to buy and sell banknotes that are already in circulation.
If any of this is TRUE there will be a lot of attorneys lining up to sue all the
Banks and dealers who sold dinar.......
I AM AMAZED THAT YOU HAVE GONE TO SO MUCH TROUBLE TO LEAVE OUT THE FACTS OF THE PRESIDENTIAL ORDER I BET YOU HAVE A WHOLE LOT OF DINAR BUT TRYING TO SCARE UNSUSPECTING INVESTORS INTO THROWING AWAY THE OPPORTUNITY OF A LIFE-TIME
YOU SHULD BE ASHAMED OF YOURSELF
This is very old news plus you have the wrong rates. Do your research and say somthing we don't already know.
The country can't run on paper a dinar that is only worth 0.0009 cents.
Look at the other news posted next to your's and do the math .
Cal
You obviously have NO clue as to what is going on! You must have an agenda here. Interesting timing by the way! Your article is filled with SO much misinformation. Check back with me in 2 days...when the Dinar revalues ok!
Do you really believe in the crap that you are shoveling?? Who is paying you to put out this smoke and NONSENSE! MORON!
Rick
This guy is a lying piece of crap! I know him from when I went to GSU. There is a self-serving reason behind his BLOG believe me. Don't buy into his scare tactic.
@KETURA: Executive order 13303 has nothing to do with investment in dinar, but rather the Development fund for Iraq and the disbursement of the proceeds of oil sales to GoI and protection of those assets from creditors. Please get YOUR facts straight before you attack others for having an agenda. You are right about one thing - the Iraqi dinar has been the opportunity of a lifetime - for scam artists. Truth be told, the Central Bank of Iraq has done an outstanding job so far in maintaining stability, and economic prospects in Iraq are bright - however, the notion of the dinar turning the average investor into an overnight millionaire is utter fantasy at best, and fraud at worst.
I am a newbie, but my question is....will the IQD have to be traded on forex for Iraq to be accepted in to the WTO?
Which CIA person paid you to publish this article?
This guy is so clueless, he even has the audacity to use the term "Ponzy scheme" when what he's describing is CLEARLY not in the same catagory. This guy sounds like one of Stewarts brain dead brothers.
After reading the latest quarterly update from the IMF, dated March 2011 (www.imf.org), I tend to agree with your assessment that the exchange rate will raise gradually over years vs an instantaneous revalue. Iraq is focused on redevelopment at this time. What people seem to not realize is the IMF report is based off the letter of intent written by the IRAQ Ministry of Finance and the Central Bank Governor. Could the revalue happen at any time? Absolutely. Does it make logical fiscal sense for Iraq to do it? Not according to their letter of intent. Not right now....
Mr. Cleveland;
Thank you for your article. However, when I think of Ponzi Schemes, I think of our beloved US Government and more specifically our Social Security system, a system were money that was invested by now retired workers was missused by the government and now those retirees' social security checks are covered by new (workers) investors paying into the system, now that is a Ponzi Secheme. The things we now do very well is this country, politicians lie, pass laws, prosecute wars and prosecute its citizens. The IQD RV maybe a lottery win, but the lottery has been won many times. I for one hope the RV happens soon for all those people who really need it at this time.
Mr. Cleveland,
The viability of your article would have been much enhanced if you stated how many Dinar you yourself own. It is my wisdom that when contemplating an investment it is much better to ask someone who IS investing WHY they are investing than to ask someone who is NOT investing why they are NOT investing.
I doubt you will respond to this post..
People posting comments are kindly requested to keep their remarks civil, and to address the arguments made rather than resorting to insults. Play the ball, not the man.
- Editor
PONZY SCHEME?? This speculation has nothing even remotely to do with a Ponzy scheme. The fact that you use this as a comparison gives you no credibility at all in your assessment above. Please look more into the facts and then post an accurate picture of what is going on with Iraqi Dinars.
LOL.. I see you're making a lot of new friends today Tom.
What's also interesting is the 3 examples you give... "Venezuela, Iran, and Russia". Venezuela and Russia both lopped zeros from their currency, and Iran has discussed lopping zeros. Their exchange rate is 9000:1 currently. Certainly a candidate for lop.
The media often uses the term Revalue when a redenomination is done.
Search for "Turkey currency Revaluation". Many instances of it being called a Revalue... yet we all know it was a redenomination/lop.
Same with Russia, Venezuela, North Korea.
The Pollyanna’s are being led to the slaughter.
Good luck with the new fan club Tom.
Tom,
I read the rules for becoming a WTO member and it states specifically that a country must have a internationally exchangeable currency. So if Iraq has been accepted, to be confirmed in the April 7th WTO announcement, how did they accomplish this without a tradable currency and a currency that has less value than toilet paper? Also, how do you explain garneted exchange rates in contractor’s contracts that I have physically seen??
Thank you.
Kevin
I just posted this on another place here in response to question about the value of the dinar prior to the war. I’m gonna post it here too since this is the hot new thread.
The exchange rate for the dinar prior to the war was basically this. Saddam took over Iraq in 1979. At that time Iraq had a legitimate $3 per one dinar exchange rate. They had a money supply of about 20 Billion dinar and they held about $60 billion in foreign currency reserves to back it up. Notice: 3 times more reserves than dinar… so $3 rate was fine. At this time the only dinar in Iraq was the Swiss dinar. The Saddam dinars did not exist yet.
Now then… in 1980 Saddam took Iraq to war with Iran which lasted until 1989 and then in 1990 he invaded Kuwait. During this time Saddam took the $60 billion in FX reserves and spent it on war and himself. That started the downfall of the dinar exchange rate. With no reserves to back it the value fell to about 10 cents per dinar by 1990. The official rate remained $3 by Saddam’s decree, but that rate was honored nowhere. The actual rate was 10 cents.
After Saddam spent all the FX reserves, he started printing his own currency. The Saddam dinars. Saddam dinar were never worth $3. They came along much later.
Saddam printed up Trillions of Saddam dinar. So many that when the new dinar was introduced in 2004 they pulled 4.5 Trillion Saddam dinar from circulation.
So with practically no FX reserves and 4.5 Trillion dinar, the value had sunk all the way to 3000:1 in 2003. Saddam still claimed an official rate of $3… it was laughed at by the world.
The new dinar was introduced and as FX reserves were built back up the rate stabilized at where it is today. Iraq has continued increase it’s money supply to approximately 60 Trillion dinar today. They have proportionally increased the FX reserves at the same rate… maintaining a stable exchange rate. The Central Bank has about $50 Billion in FX assets… therefore the rate is a little over 1000:1.
Bottom line. Iraq can go back to the good old rate in one way and one way only. And that’s a lop. They have to return the current 60 Trillion money supply number back to 60 billion (lop 3 zeros) and then a rate of about 1:1 makes perfect sense.
All,
I’ve been buried once again with emails due to the controversial article that compared the Bernie Madoff ponzi scheme with investing in the Iraqi Dinar. I placed it yesterday in the “News“ section of the site. I’m posting this to give you all clarity about why and where I posted it.
[Advertising and promotion of another website removed by the Editor] As such, I felt an obligation to post it so all could be made aware of another perspective and argument. Posting it was the responsible thing despite my not agreeing with the guy’s take.
Secondly, because it’s a news article, I posted it there. Trust me when I say this… just because it’s placed in the “News” section, doesn’t mean I believe it. I know I have “Doozies” and “Rumors“ sections that make it obvious how I feel about certain information shared, but the “Chats & Posts“, and “News Articles” sections have equally misleading information placed in them daily. Because I have no way of verify all information placed on the site, I put it in the most appropriate place on the site. In this case, I felt the “News” section was most appropriate.
Thirdly, each of you needs to understand your own reasons for investing, why you’ve invested, and who you feel you should trust on this wild ride. I can’t tell you want to believe. I can only tell you how I personally feel. As far as the Bernie Madoff comparison article, here’s what I think… personally:
Comparing the Bernie Madoff ponzi scheme to investing in the Iraqi Dinar is a complete joke, and for the writer to even suggest it tells me one of the following things…
He has no clue about the Iraqi Dinar
He is jumping to conclusions without truly understanding what makes this investment tick
He doesn’t understand any investor at any time can sell their Dinars back through a dealer or participating banks at the then market purchase rate.
He doesn’t understand investing in Dinar is simply moving money from one currency to another, and as such people
He doesn’t understand that purchasing Dinar is nothing more than moving if from one form to another (i.e. from USD to IQD).
He feels somehow he’s been taken advantage of in this… maybe a shady dealer sold him Dinar over the market rate?
He doesn’t understand this isn’t a “centralized” investment. No one person is driving interest in the Dinar. There are MANY banks, dealers, currency exchange counters, secondary market, and even eBay buyers and sellers who participate in this investment.
He’s unaware of the way the UN, IMF, World Bank, Forex, and other currency markets work, and that what we’re “speculating” about has happened time and again since the world currency markets came into existence. It happens to only be now that more of the public are aware of this event, due to the extreme and concerning state of the world’s monetary system.
He doesn’t understand Iraq is free to do with their currency as they wish.
He doesn’t know anything about the country of Iraq, and that they are soon to be one of the richest countries on the planet.
He doesn’t understand market economies, and that Iraq can’t and won’t continue to live in poverty and hold such an invaluable currency.
He doesn’t understand that Iraq was blown to bits by the USA and its allies. As such they need to rebuild in the least expensive way possible, all the while bringing true value and encouragement to their citizens.
He must not know that poverty breeds violence… wealth breeds cooperation and hope.
I could go on, but I think you get my drift. Hang in there, and please learn to think critically. I’ve quoted this before, and I’ll quote it again… “If ye are prepared, ye shall not fear”. Such is the case here. Arm yourselves with knowledge. Stay firm in YOUR reasons for doing what you do. Don’t invest more than you can afford to lose or do without for any extended period of time. Continue to expose yourself to all information about your investment, both encouraging and disappointing. This way you will never be caught off guard, and will always be prepared.
Go Clarification… Go Truth… Go Explanations… Go Dinar!
Dinar Daddy
This is Tom Cleveland’s background
“Tom Cleveland has had an extensive career in the international payments industry with over 30 years of experience in executive management, corporate governance and business development. Tom served as CFO for various Visa International entities from 1980 until 1999, retiring with the title of Group EVP and Treasurer. While at Visa, Mr. Cleveland was instrumental in expanding the global reach of the Visa system, building the necessary financial and settlement infrastructure to support that growth, designing and deploying global risk management processes, and securing necessary regulatory approvals for existing operating standards. The Visa forex system cleared and settled over $5 billion a day in 22 currencies at that time. He has also built and operated a private payments network connecting twenty countries, specializing in B2B, C2B and C2C cross-border payments. Mr. Cleveland earned an engineering degree from Georgia Institute of Technology and did graduate work in Finance at Georgia State University.”
One of the great dinar internet gurus… who I think has his high school diploma says this about Tom:
“He’s unaware of the way the UN, IMF, World Bank, Forex, and other currency markets work, and that what we’re “speculating” about has happened time and again since the world currency markets came into existence. It happens to only be now that more of the public are aware of this event, due to the extreme and concerning state of the world’s monetary system.”
LOL… this thing would be very entertaining if so many people weren’t getting ripped off.
Tom,
Here is some good insight for you:
http://theiraqidinar.com/2011/03/30/bondlady-update-33011/
There is a longer term trend of the new Iraqi Dinar having gained value compared with the US dollar since it was introduced in 2004. However, this has been a long and slow process, over several years. The maxim "if something sounds too good to be true, it probably is." applies here, as in all cases. Just do not invest in more of this speculation than you can afford to totally lose, that is the best course to follow. Eventually, as more oil fields become explored and brought into production, the greater the likelihood of further Iraqi Dinar increase in value relative to the USD. At the same time, the USD continues to devalue, as there is more and more US dollars getting printed very rapidly. The final perhaps bigest question is what will eventually happen now in the Middle East region in general, as it seems there are more and more countries which are becoming unstable, in upheaval, with as yet no clear direction or certainty as to what form of government they will eventually have. Also, can the US continue more military interventions when the US cumulative national debt (14.2T) almost exceeds the GDP? (14.6T) Will foreigners continue buying US IOUs if the debt exceeds the GDP? This could make the US Currency become less important than say the Euro, for being used as a basis for oil exchange. watch http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILCCR/PR which explains this very well.
I have over 500,000 dinars and have always thought of them as lottery tickets at best or at least worth what they're worth, it is money after all. Is Iraq doing better yes, does it have a ton of oil, yes. But to think a few hundred dollar investment is going to turn into over 1.5 million dollars over night is insane.
Throw it in your safe and it will probably go the way of the Kuwait dinar and in ten or so years you will make what most people would consider a very handsome return.
I have been getting emails for the longest time saying that this or that has to happen the the dinar will RV. All that has happened and more. I have even been told that all the big contracts have been rewritten with the new rate because the RV is only days away. This would be the biggest transfer of wealth the world has ever seen and NOBODY has leaked it? Right! The main stream press is that clueless?? Give me a break. NObody talks about this but the promoters and Prayers. The same blogs and old news constantly redistributed in circles. How many times can you be directed to the CNBC clip where all they do is ASK--Whats with the dinar? There are no credible sources people as much as I would like it to happen. Dont believe your own BS. The old saying is right 99.9% of the time "if its too good to be true it probably isnt"
TOM
STILL TRYING TO FIGURE OUT THE MADOFF PONZI SCHEME.
DID YOU GET SCREWED? SOUNDS LIKE YOU DID.
I PURCHASED DINAR OVER THE LAST 5 YEARS AND AT THIS POINT I CAN SELL IT FOR MUCH MORE THEN I BOUGHT IT FOR.
BERNIE'S CLIENTS CANNOT SAY THE SAME.
MAYBE YOU SHOULD PURCHASE SOME YOURSELF
I have family that has fallen for this fraud and scam. I also have followed websites like dinarvets and theiraqidinar that pray on peoples greed and stupidity. These blogs perpetuate misleading information and outright lies to string along these "investors". One even has a "VIP" section you pay $50 a month for "personalized service"
The only ones making money are these scam artists and the only ones that will. There favorite ploy is "RV tomorrow". It's like the free beer tomorrow sign in a bar. They keep bringing you back in and keep sucking up your USD!!!
The banks will not be liable when this scam finally ends and shouldn't be. The disclaimers are well published. It's these people who run the websites that should be prosecuted. But they will disappear faster than the free beer.
WOW! Some of you have NO clue! Especially William Bedloe and Stew!
Rick... why don't you provide a link of EO 13303? WB is absolutly right. The order simply protects Iraqi funds from litigation. It has nothing to do with anyone buying dinar... nothing.
Here it is...
http://georgewbush-whitehouse.archives.gov/news/releases/2003/05/print/20030522-15.html
Please point out where it states anything about buying dinar.
What happened was a dinar dealer or pumper put out a press release on PRWEB that claimed EO 13303 gave americans rights to buy dinar. It was a pure fabrication. First hint should have been that it was on PRWEB. PRWEB is a place where any nimnut can place a press release. You pay them money and they will allow you to say anything you want and call it a press release. Some... lot's of people fell for it. As if the White House would use a service like PRWEB for a press release. Hilarious!! But you fell for it Rick... and then call out others as having no clue. PRICELESS!
In fact... the biggest dinar dealer out there still has the scam PRWEB press relase proudly displayed right on his website. Using it bilk people out of their money.
Come on... I suspect this guy is like a lot of brokers or bankers... They have all been told something such as this to keep people from investing, in part because they are out of the loop to make money themselves... skepticism. What a joke...
There are too many facts to suport this investment.
1.) EO 13303 Presidential order started by President George W. Bush and was extended by President Obama...
2.) WTO - Currency should be internationally recognized
3.) Visa cards are soon to distributed... indication that international trading can begin.
4.), 4.), etc.....
I appreciate Tom Cleveland's input. These boards are often lacking in rational, informed discourse. It's unfortunate that those who don't agree can't seem to get beyond name-calling. And for the record, I do have a couple of million dinar. But I don't view it as an investment -- more like a gamble or speculation. If I get rich on it, I'll be more surprised than anyone. I don't see any real evidence at all of an RV in the near future. It's been coming "any day now" for how many years?
It is now 7 and ½ years old.
This dinar came out Oct 15 2003.
Soon thereafter a group known as the Fab 5, led by a Clay75 started pumping imminent RV rumors. The love and adoration heaped on these people for making up lies was stunning to say the least. It still continues today. Dinaraholics protect the scammers as if they were their own children.
The dinar is an amazing study in human psychology.
Karl, I am with you. I am invested but I have said for a few years this was a 5 year plan if at all. I don't see any reason to believe there will be an RV soon. I feel bad for those that bought and continue to think it is "Monday" because of "intel". I believe Iraq will be patient.
Question:
Does the IQD have to be traded on forex for Iraq to join the WTO?
I just would like to ask very politely if Tom and Stew own any of this dinar?
Here is a list of countries in the WTO.
http://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm
I would love to hear Tom Cleveland explain the Forex a little.
Obviously most trades are between the major currencies. Yet many pegged/managed currencies are listed on FX services also. Can these pegged/managed currencies be traded? Does anyone trade them? Why would anyone trade a pegged currency?
I would also like him to address the possibility that Iraq will drop the peg and allow the dinar to free float on the FX. That seems to be a popular rumor… even though Iraq has stated a number of times they don’t plan on doing that.
stew, first of all, Iraq's currency did not lose all its value because Saddam spent all of Iraq's foreign exchange reserves (official reserves). It lost its value because the UN Security Council imposed restrictions on Iraq, the Iraqi economy and Iraq's currency, effectively outlawing any trade with Iraq. The same thing is happening now to Iran with the UNSC sanctions and as you can see, the Iranian Rial, ticker IRR, is basically worthless (worth about 1/10th the IQD). The IQD lost its value because Saddam, instead of growing Iraq's economy, exploring for oil and gas and adding to reserves and increasing production, looted Iraq and its citizens to build up his military and lead the country in disastrously expensive wars. Like Hitler did in nearly destroying Germany, Saddam came dangerously close to destroying Iraq. Fortunately, Iraq as an unbelievable amount of wealth with about $15 trillion worth (in situ) of oil based on $105 oil and 143 billion barrels reserve. However, courtesy of Saddam only 30% of Iraq has been explored for oil. Indeed, there's been no real exploration in Iraq since about the late 1960's. As such, Iraq is sure to have considerably more than 143 billion bbls of light sweet crude which is largely found at shallow depth - some only 40-100 feet below the surface. And by some credible estimates, Iraq's true reserves may be over 500 billion bbl, which at $105 would be worth over $50 trillion in situ. Iraq has the highest quality oil, sells for the highest price (unlike much of the Saudi Oil) and it's among the cheapest in the world to extract and refine. Iraq is one of the richest countries in the world based on oil and gas alone. But when it's all said an done, Iraq will have far more than oil driving its economy. I suspect that what Paul Bremer and those at the State Dept understood when they scrapped the old dinar and created the new. They give an enticing hint in a little known report called the Future of Iraq Project.
Let me suggest you read the State Department Report from 2005, titled Future of Iraq Project. Enter the link below and scroll down to "Oil" and find "Economy and Infrastructure Working Group" and click to enter. http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB198/index.htm When your in the report (198 pages) turn to page 14. "New Currency Why?"
"It was beyond the imagination of the Iraqis that the Foreign Exchange Value of the Iraqi dinar in the late seventies (was one ID = 3.3 USD)...read/scroll down to - "To sustain the likely positive impact of the new currency it is essential to re-establish the base purchasing and foreign exchange value of the new Iraqi dinar as it was in the 1970's. This means...."
The UN Sanctions are coming off, investors (FDI) are lining up and there will be enormous demand for the IQD. Already a good many countries in the G-20 own dinars (they've forgiven a lot of debt too) and a lot of big global corporations have purchased (invested in) dinars, and so too have a lot of other investors. To lop (drop zeros) as you've suggested would be the same as screwing all its investors. Since Iraq must have lots more FDI, it's doubtful they'll try to entice FDI by ripping off current investors. It could happen but it would be foolish. Also, it's not likely Iraq is going to come out of these sanctions and list their new currency for less than a tenth of a penny. Whether or not it is revalued to $3 or higher remains to be seen. It doesn't have to RV to $3 or higher for most investors to realize fantastic ROI. It could go to $0.25 for most to make a substantial ROI.
You’ve got the dealer spin down pat Hoggey.
First you say that the dinar didn’t lose money because Saddam stole the FX reserves… then almost immediately thereafter you state “Saddam, … looted Iraq and its citizens to build up his military”
LOL… that’s almost exactly what I said.
Go to the CBI website and click on “History” on the left side. It states this…“Due to excessive government printing of the new notes issue, the dinar devalued quickly, and in late 1995, US$1 was valued at 3,000 dinars.”
You and the pumpers talk a lot about sanctions. Bush and the UN removed almost all sanctions against Iraq right after we took over Iraq. The only sanctions that still remain are Iraq is not permitted to deal in arms… and the Development Fund Iraq is still not in their complete control. The DFI is being transferred back to Iraq any day now.
So there basically are no sanctions on Iraq and haven’t been for about 6 or 7 years.
Don’t reply with Chapter VII. Chapter VII contains no sanctions. Chapter VII simply classifies Iraq as a danger and that allows sanctions to placed quickly on them… but there are no sanctions… other than arms dealing.
The oil is a great thing for Iraq, it will help them rebuild their country if corruption doesn’t eat it up. But all that oil doesn’t even produce enough money to fund their budgets at this time. They are running a deficit and they predict they will have a deficit for the next couple years.
Iraq has announced they want to delete 3 zeros from the currency. They will do that by issuing a new currency exchanging 1000 current dinars for 1 new dinar.
Iran has announced the same intentions… If you think it’s good in Iraq then you should be buying Iran’s currency also.
Stew, what's your comment on the State Department Report from 2005, as highlighted by hoggey?
and Stew, pls keep your comments on the issue, and not bash the commenters. let's be civil with one another.
I read that… and it was a proposal before the NID came out. And it clearly states that to return to the old value they would have had to make 1 NID worth 6000 of the old dinar. In order to do that they would have done a 1 nid for 6000 old dinar exchange. They didn’t do it that way. They did an even 1:1 swap and that’s why the value didn’t change.
It even clearly states… “putting the new NID into circulation should be arranged in view of the available data and information regarding the amount of currency in circulation”
Well the dinar dealers say the exact opposite. They claim the amount of currency in circulation is irrelevant. They have to say that, because with Iraq having 27 Trillion dinars in circulation it crushes any hope of any kind of an RV with a lop.
Last line of my last post should read ...crushes any hope of any kind of RV without a lop.
Bremer said this when they did the exchnage...
“Once there have been national elections, and there is a new Iraqi Government, the new Government may introduce new notes, or a new currency. But this will be further down the line.”
We are now further down the line and Iraq has announced a number of times they will issue a new currency and delete 3 zeros.
Mr. Cleaveland,
Please take note that between years 2006 to 2008 many banks exchanged the iraqi dinar. On December 15, 2008 they stopped without giving an explanation. They did say, however, that they would
be able to exchange this currency again once it hit the Forex and
publicly trading.
Many IQD investors that purchased dinar through the banks during these 2 years HOLD BANK RECEIPTS.
If this was a Ponzi scheme, these reputable banks would have never gotten involved with this currency...
IMHO there is a bigger story behind this currency....time will tell!
List of Banks that sold dinar between 2006-08:
1-Chase Bank
2-Wells Fargo/Wachovia
3-Compass Bank
4-HSBC
5-Scotia Bank
6-Laurentian Bank of Canada
7-Standard Chartered Bank
8-Bank of Scotland
Dinar Supplier for banks in the US & Canada: Bank of America
There were more on the list but the above 6 were most commonly used by investors!
The Iraqi Dinar is not a Ponzi Scheme. It is an affordable investment for many people. It is more affordable than
Gold, Silver, Oil, And Revenue Real Estate.
Stew,
How many Iraqi Dinars has the CBI pulled out from circulation over the years...or better yet how many zeroes have they quietly deleted in the last 6 years????
Bliss… you have fallen for another pumper lie. Why do you guys believe the horsecrap these scam artists continue to feed you?
The CBI pulls dinar out of circulation via the actions. The government then puts the dinar right back into circulation through budgetary spending. For seven or eight years now since the dinar came out Iraq has had a budget of 60, 70, 80 Trillion dinar every year. If they weren’t buying back the dinar at auctions they would have close to 500 Trillion dinar as a money supply. Is this so hard to understand? The dinar gets recycled, it is bought back and then spent right back into circulation. The CBI tracks all of this. They specifically state on the CBI website that all currency that is redeemed, which means bought back, is accounted for in the figures they publish. The figures would be meaningless if they didn’t.
The latest figures published by the CBI shows they have close to 28 Trillion in circulation and a M2 figure of 60 trillion.
Here is a fresh lop article that again states they have nearly 30 Trillion dinars.
http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=ar&tl=en&u=http%3A%2F%2Fal-iraqnews.info%2Fnew%2Fstudies%2F56519.html
The banks you speak of. They were simply providing a service to their customers. No bank ever promoted the dinar as a sure fire 100,000% gain like the pumpers do. The banks stopped providing the service because they became aware of the scam. Many of those banks you listed are now warning their customers that the dinar is a scam.
When the dinar lops... and it will eventually... no bank will touch it. You will be left relying on the same lying thieving scammers that go you into this, to get you out of this.
Stew, you still haven't told us how many Iraqi Dinars you own... I have a very credible source who works inside a D.C. Bank who has informed me that this is not a scam. To further confirm the legitimacy of investing in Iraqi dinar, she has witnessed the purchase of the dinar by heads of state government in our nation's capital. I will take my chances on the dinar 😀
Stew...You never answered if you bought any Dinar. I bet you bought a little just in case !
I have answered the question a number of times. I at one time had over 10 million dinar. Once I became aware of the amount of currency Iraq has in circulation and compared it other countries it bacame crystal clear that Iraq's exchange rate is perfectly fair approx where it is. Then Iraq made public their plans to redenominate the dinar and I got out, sold it all, not one dinar left.
Maybe a bit of your skepticism should be aimed at the people that have for years been lying through their teeth about this mythical RV… and those that profit from the lies.
I see a lot of people going postal in this county if this is true
The CBI announced yesterday that the draft plan for the “delete 3 zero” redenomination is complete and being sent to the ministries and parliament for approval. Iraqi TV has been running public service type announcements telling people that this will be happening soon. Iraqis will turn in this dinar and get 1 new dinar for every 1000 dinar turned in.
Foreigners half way around the world with dinar in a shoebox are going to take it in the shorts.
It has been obvious that this would be the outcome for about 4 years now. Dinar dealers and their dinar forum pumpers have done everything in their power to silence and discredit anyone who tried to explain the plan.
I’m willing to bet even after the lop has commenced and people realize they have lost their money… I bet half of them will still refuse to admit this was a scam all along. They will continue to believe they were supposed to hit the jackpot here and will probably blame Maliki or Obama or some other boogieman for their downfall.
They will continue to protect and praise Frank, Medic, Adam, Dinar Daddy and all the others.
LOL... too funny. Just read this posted by one of the scammers.
"And that reality is that the Republicans (mostly in the House) are refusing to get on board as they absolutely will not agree to certain conditions that will make the re-value possible; because they refuse to let President Obama claim it as his victory and get the credit going into an election year"
This is the kind of pure fantasy crap that you will see coming from these crooks after the lop puts a hurtin' on the dinar investment.
Yet, sadly, many will fall for it.
I just read these posts today..Because i have been busy making tons of money this year trading precious metal EFT's,,( I don't have time for this BS )..
But I must say this is the most entertaining post I have ever read...I won't be contributing to this nonsense tho, It just blows my mind how silly people like this Stew guy is....Taking so much time to be soo negative! Geeze get a life !..haha..
Gold/Silver may be getting ready to blow through the roof now..Then collapse down 30% ..a small fortune can be made...IF you spend you time more wisely guys...
Oh..and yes I'm a Dinar guy..love the gamble...adrenalin..heck,it may just go up to 2 tenths of a penny..not to mention the ISX is still on a tear..enjoy and be positive!! ;-))