A local newspaper in Georgia, USA, reports that some local residents are buying Iraqi dinars in cash form, in the hope of profiting from a revaluation of the currency.
According to the Moultrie Observer, people are buying boxes of crisp Iraqi dinars that look fresh off the printing press. It goes on to quote a local commodities trader as saying he could possibly think of worse investments than Iraqi money at this time, but would be hard pressed to do so:
"If you want to make a wild investment, I'd buy Russian rubles ... It (the dinar) would be one of the most foolhardy investments you can make."
Meanwhile, CNBC columnist Kelley Holland says the dinar is the subject of a variety of scams, and regulators and watchdogs are sounding alarms:
"If someone has been telling you about the rosy prospects for the dinar, please, please, be careful. It's almost certainly too good a story to be true."
On Thursday, Komo News in Seattle, Washington, ran a news report on the dinar and interviewed one woman who had actually bought what she believes to be Iraqi dinars on the internet. You can find the full video report on the next page ...
As for those confused about how a Redenomination works:-
Three things are done:-
1. The currency is adjusted by the same factor for the *new notes only*. Eg, a 1170 vs the $ becomes 1.170 vs the $. You won't be paid $1m for handing in $1k worth of old notes, you'll just be given the equivalent in new notes (1k Dinars at 1.17 in place of 1m Dinars at 1170). This is what confuses many amateur Dinar speculators the most.
2. All old banknotes are swapped for new lower denom ones at a fixed ratio (usually 1,000 for ease of exchange) within a fixed time-frame (3 months for prior Iraq banknote swaps). Eg, 25,000 Dinar notes are swapped for only 25 Dinars that are worth 1,000x more. Iraqi's will change their old for new notes at their banks. The below article explains what happened during Iraq's prior bank-note swap when the "Swiss Dinar" was taken out of circulation in the Kurdish region for good during 2003 and Saddam's face removed from notes. When the time-limit is up, any old notes not exchanged for new are demonetized and become worthless.
It also states in the final two questions : "Q:Can dollars also be exchanged for new Iraqi dinars What will be the conversion rate for dollars?
A:Dollars will not be converted directly into new dinars during the official exchange. Following the exchange, dollars will be convertible directly into new dinars at the market exchange rate" and "Q:Will it be possible to exchange currency outside of Iraq? A:No. The only official currency exchange locations will be located within Iraq":-
http://www.exchangerate.com/iraq_currency_exchange.html
3. Prices in Dinars are also adjusted by the same factor. Eg, a 75m Dinar house becomes a 75k Dinar house. A 1,000 Dinar loaf of bread becomes 1 Dinar. 250,000 Dinar average rent becomes 250 Dinar rent, etc.
The new currency is a completely new currency. There is no mixing and matching nonsense of "25k Dinar notes will be worth $25k but 10k Dinar notes will be worth only $10" shovelled out by some lying pumper fraudsters. People who say "It will match the dollar and nothing else will change" need to ask themselves : Will Iraqi's on an average US equivalent wage of $2000-2500 per year really buy a loaf of bread for $1,000. Seriously?
This doesn't have to be in multiples of exactly 1,000, it could be anything. But the PP (Purchasing Power) of *current* notes doesn't change the same way some "pumpers" are hyping it. The Iraqi Central Bank have openly stated the Dinar RD will be "based on Turkey". For those who don't remember Turkey's RD / lop, here's the official brochure explaining it:-
http://www.tcmb.gov.tr/ytlkampanya/bro.php
People weren't given $1m in cash just for holding $1 worth of Old Turkish Lira during their 6-zero RD/lop. And likewise, people won't be given $1m in cash just for holding $1,000 worth of Iraqi Dinar during their 3-digit RD/lop. The Dinar may appreciate in time when their oil exports increase in time and demand for Dinar rises, but not by silly 10,000% figures purported by some dishonest Dinar salesmen preying on amateur Forex first-timers.
Just to add...
Saudi Arabia has $27tn of proven oil reserves yet only $266bn worth of Riyals in circulation. Kuwait has $11tn of oil but only approx $120bn of Kuwait Dinar in circulation. UAE has over $10.3tn of oil yet only $268bn worth of Dirhams. Russia has $7.8tn of oil yet only $720bn worth of Rubles. Nigeria has $4tn of oil but only $75bn worth of Naira. Venezuela has $10.3tn of oil yet under $175bn worth of Bolivars, etc. People thinking "well Iraq has around $12-15tn of oil sales for the next century therefore it must have $12-29tn worth of currency in circulation today" are seriously misunderstanding how the world works.
Iraq's net export economy would only be $12-15tn if they sold the whole lot at once all in one year without using a single drop for themselves or importing a single thing (which is impossible). And then when it ran out after a year, they'd sink like a stone. Iraq may have $12tn, $15tn or even $20tn worth of oil, but it won't be selling even 1/10th of it at any one time even with restored infrastructure (and won't be exporting it all either). And that's assuming every drop of oil is sold in Dinar's, whereas it's usually sold directly in $. And most of the currency earned is simply sent straight back out again in the form of imports.
Iraq currently exports $49.1bn - but they also import $42.56bn so the net export is only $6.54bn, which isn't much money at all. (To keep things in perspective, Russia's net export is $139bn, oil production is 10m bbd and the Ruble is only 27:1 vs the $). $6.54bn per year is the real trickle rate at which Iraq as a whole is getting richer from oil. Total oil reserves for all countries make little impact on their paper fiat currency valuations. It's total amount of money created (M2/M3 figures) that determine a currency's value relative to another, and at 29 Trillion, Iraq has printed more for its 31m population than USA + Europe + China + India *combined* have for 3.4bn people (half teh world's population) which is why it's so weak and devalued.
With this scenario I think youre assuming they would automatically set the exchange rate at a $1+ (wich they certainly dont have to do and I dont think they will) from the get go and that every citizen in Iraq is gonna have the old currency exchanged for new overnight wich is IMPOSSIBLE. People are still gonna be using and paying for things using the old notes for months and months in that country until every old bill is taken out of circulation. The CBI already said is gonna take minimum of a year for that process of exchange. In the meantime people have to keep paying their bills,car payments,houses etc ... So if an iraqi hasnt done the exchange yet in a bank what currency is he gonna use to pay his bills until he gets around to do the exchange ... hes gonna use the "old one" to pay. So if the CBI already set the exchange rate during that time period to give poeple 1k new dinars in exchange for 1m old ones that means that they already set the exchange rate to $1.00 but they would only apply the new exchange rate to the new notes that are in theyr'e banks until every single person during the course of a year gets around to do the exchange??. Thats a scenario that just seems unlikely to me. The $1.00 exchange rate WOULD NOT apply to the old notes that are in circulation and during that year/period of exchange they would have to tell people and all commerce in iraq "ok so when citizens go into youre store to pay for a soda with an "old" 1000 dinar note just ignore the 3 zeroes and problem solved????. Anyway the point is that you would have "supposedly" 2 currencys in circulation and beign used in Iraq at the same time ,but they would only apply the exchange rate value to the new notes and tell the population in the meantime... "hey when you do business out there, just ignore the 3 zeroes on the old notes that are beign used on the street until the day we dont see them anymore because they are no longer beign used and problem solved" ...
Again I really dont think they are gonna set an exchange rate that high at first , who knows it could be .01 cent for all I know but yeah again people these are just personal opinions.
Yuli - "With this scenario I think youre assuming they would automatically set the exchange rate at a $1+ (wich they certainly dont have to do and I dont think they will) from the get go and that every citizen in Iraq is gonna have the old currency exchanged for new overnight wich is IMPOSSIBLE"
Countries traditionally redenominate in multiples of 1000 as it's a lot easier on everyone to move the decimal point 3 places in your head than dividing by say 358.4524 (plus it will bring the currency much nearer to neighboring Kuwait). And they won't have to "change notes overnight" at all (why do you think that?). Usually they give a good 3-6 months to exchange old banknotes for new. The last Iraqi banknotes changeover took 3 months. Again, it really is no different to the 80 odd countries that have been through this exact process before. Remember the introduction of the Euro which was a whole lot more complex?
Yuli -"So if the CBI already set the exchange rate during that time period to give poeple 1k new dinars in exchange for 1m old ones that means that they already set the exchange rate to $1.00 but they would only apply the new exchange rate to the new notes that are in theyr’e banks until every single person during the course of a year gets around to do the exchange??"
Yes. In effect there's simply a 1000:1 "peg" of old:new notes until the old ones are phased out and demonetized. How do you think the entire continent of Europe managed? Or Venezuela with its lop? Or Afghanistan with its lop? etc. Right now in Iraq, many Iraqi's unofficially use $US (because the Dinar is so overprinted), so it's not as if they don't know how to convert from one to another or use simultaneous currency's.
Yuli -"Thats a scenario that just seems unlikely to me. The $1.00 exchange rate WOULD NOT apply to the old notes that are in circulation and during that year/period of exchange they would have to tell people and all commerce in iraq “ok so when citizens go into youre store to pay for a soda with an “old” 1000 dinar note just ignore the 3 zeroes and problem solved????"
When countries go through this, the new notes and old notes are treated separately and are two different currencies. They're no longer "the same currency" than the Euro & $. Eg, the Old Turkish Lira (TRY) and the New Turkish Lira (TRL) had different currency trading codes.
Most will change most money in the banks during the first two weeks. Prices will all be in new prices, but many stores going through this run dual-tills (and modern smart tills at larger retailers can change-up on-the-fly). The "year" (might be just 3 months like last time) is simply to give most people the most time to get the remaining "trickle" of notes & coins out (coins are always changed slower than notes). The bulk of it is always done in the first 2-4 weeks. It's not so much they're told to "ignore" the notes, but rather many other places will either officially / unofficially change old to new notes for them at the point of transaction. People who can't get to banks will often ask trusted friends & relatives to change them up too.
Eg, for groceries totalling 8,000 current Dinar (8 repriced) Dinar, if a 10,000 note is handed over the retailer effectively swaps it for a 10 (repriced) Dinar note (distributed in advance by the banks), and issue 2 Dinar (repriced) change. The retailer then takes the 10,000 note to the bank (along with many others) who change it up with the central bank who take the old ones out of circulation and destroy them.
Read these guidelines for retailers on the subject of how currency changeovers operate:-
http://www.ibec.ie/Sectors/Euro/eurodoclib3.nsf/wvICCS/4A53F777097EA0DE802569490042D978?OpenDocument
All this is also why all this pumpers declaring absurd "secret intel" of "It will happen tommorow / this weekend! etc" is complete garbage - it CAN'T happen in secret precisely because Iraqi's will need to prepare to reprice everything throughout the country in advance, and there will be a mass public education drive months in advance (as Shabibi has previously stated).
Redenominations are a common thing. It has happened about 100 times in recent gistory. In EVERY single case of a redenomination there is an exchange period where both the new and the old currency are used. In every redenomination only the new currency gets the new rate and the old currency retains the old rate.
It's always funny to hear these people who get all their info from scamming dinar pumpers claim that something that is standard procedure and has happened over 100 times in the past... "just can't happen".
Oh yeah... and a RV like they are waiting for which has NEVER ever happened... they claim "just has to happen".
Dinarland is Bizzaro World.
Barry: Outstanding research and understanding of the Dinar issue. Here's another question for the brokers out there. Why not approach the the federal government to purchase one million dinar (approx. $360M USD) for every US citizen. This way, when the dinar RV takes place, every legal citizen in the US will become a millionaire. This takes care of everyone's retirement plans, would minimize the need for social security, would generate huge tax revenues and could help the US economy. It would create millions of jobs, save huge amounts of money, generate huge tax revenues, not to mention a way to encourage non legal rsidents to become legal. I wonder why the brokers have not done this. Hmmmmm. If it sounds too good to be true---IT IS TOO GOOD TO BE TRUE. The reason brokers want to keep it "a secret" is to attempt to stay below the radar and hyper-sell a legal tender thru legal channels to under-sophisticated buyers. It is amazing the amount of "scammed investors" that get caught up in the hype.
http://www.forbes.com/sites/johnwasik/2012/02/24/dinar-doubts-multiply/?feed=rss_home
Even Forbes magazine is saying the Dinar is a joke!
LZ, if Forbes had done their homework, they wouldn't have used the old Iraqi Dinar Note (IQD), which has Sadaam's photo on it, in their article... That old IQD is now worthless and no longer a valid currency...
There are many licensed & therefore legitimate currency dealers selling & buying IQD, along with many major banks, so John Wasik of Forbes is wrong...
LZ, I'm not sure where you got the idea that this article called the IQD a joke... the impression I got is for any potential investor to do their due diligence...
Keep in mind the IQD (pre-war) was worth $3.22, so why would it be unbelieveable for it to return to that value or better today?
You can choose to continue to be ignorant about the investment in the Iraqi Dinar or do your own due diligence and learn what many have learned, but that choice is solely yours...
What is with you people thinking it will return in value to $3,22? My ex wife looked like Pam Anderson 20 years ago. Now she looks like Louie Anderson.
My BMW was worth $60,000 in 2009. Guess what? It will never be worth $60,000 unless I put $ 25,000 cash in the trunk.
Hey LZ:
In trying to make your argument against the validity of the IQD Investment, you are trying to compare a currency investment with Pam Anderson or your BMW... Are you kidding?
LZ, I was only trying to educate you a little, but I cannot help stupid...
Ray...the point is that just because it WAS worth $3.22 does not mean it has to return. The RV you are fantasizing about is just that. The country is a corrupt dump that has been looted and ravaged by war and Islamic fanaticism . Play Powerball... You will at least have a shot at wealth.
Hey LZ: Post RV, will come back and admit your ignorance? I doubt it...
http://www.kurdishglobe.net/display-article.html?id=3CBF63FA930E6C8FF6BBF1EDC3B7D027 Ray and Rich , how many articles do you need to see?
Hey Rich and Ray....how many articles do you need to see? http://www.kurdishglobe.net/display-article.html?id=3CBF63FA930E6C8FF6BBF1EDC3B7D027
I hope Okie Oil Man, Frank,Delta, Medic, Mailman are all right and it comes in big. I hear Okie has some top secret info that says we will see the RV on Tuesday! I LIKE WHAT FRANK AND DELTA ARE SAYING ON THERE POST. GOD WANTS IRAQ TO RV.
Hey LZ:
Why is that you choose to believe some of these articles? I already pointed out that the Forbes article had misinformation in it and this article talks about a new lower denomination notes will be introduced in 2013, which is false.. those notes were printed back in 2004 and are in the CBI waiting to be utilized post RV...
The reason for the lower denomination notes will be to take the larger notes (5K, 10K and the 25K) out of circulation... Why? Because a 25K Iqd note today is currently valued at $21... Post RV, it could be worth $100,000 if the new rate is $4.00, therefore, there will be no need for any one to utilize such a large note...
With all due respect, you need to do more due diligence before you continue to criticize those of us who already have...
Hey LZ: There are many better Intel providers than those you listed...
Check out 3sIntel.net or Wangdang, who has a Conference Call tonight at 6pm EST: 530.881.1300 Pin #: 911968#
Ray - "Keep in mind the IQD (pre-war) was worth $3.22, so why would it be unbelieveable for it to return to that value or better today?"
Because that $3.22 applies only to the non-inflated demonetized "Swiss Dinar" which has already been "RV'd" in 2003 at a rate of 150:1 vs the NID, ie, Iraqi's who held the non-infltaed Dinar's have already been given 150 for every 1 held to match the value of the inflated NID - LONG before the Dinar hype started up. The current NID notes you hold have *never* had a market rate anywhere near $3.22:-
http://www.usembassy.it/file2003_10/alia/a3101405.htm
The "pre-war RV" has *already happened* in 2003 to match the Swiss (Kurdish) Dinar with the Old Iraq Dinar (replaced by the NID). What is to come is a *redenomination* (or "lop") - as the Iraq Central Bank have repeated over and over and over and over and over:-
April 13th 2011 - "Iraq’s Central Bank announced on Tuesday that the project of Iraqi Dinar re-denomination consisting of removing three zeroes is close to completion. The re-denomination project is believed to be a strategic plan that will be passed to the ministerial council and Parliament once complete. Iraqi economists believe the re-denomination of Iraqi Dinar will not have a major influence on the purchasing power of the Iraqi Dinar which the government has hopes high on it."
April 16, 2011 - "An advisor of the Iraqi Central Bank, Dr. Mohammed Saleh appearance that the bank adheres to its policy regarding the removal of three zeros from Iraqi dinar traded at present... To that, the adviser to the Central Bank of the appearance of Mohammed Saleh, said that such fears are unwarranted, and that the economic situation in Iraq is good and able to withstand the application of this project, and that this experience had previously been applied in countries such as Turkey, which has by deleting six zeros from the currency before the period is not too distant future."
June 24th 2011 - "Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from the Iraqi currency. The new currency will be printed after deleting the zeros and will include the Kurdish language in addition to the Arabic language. It will bear as well photos of Iraq’s civilizations and patrimony in addition to symbols of Iraqi intellectuals and figures”, Saleh noted. On June 19, Iraq’s Central Bank Governor Sanan Al Shebeibi affirmed during the meeting of independent commissions with Prime Minister Nuri Al Maliki that the bank is preparing all requirements needed to replace the Iraqi Currency."
July 2nd 2011 - "The draft of the new currency will be put to a vote in the House of Representatives and if approved by Council House of Representatives, the redenomination project will be implemented by mid next year. New banknotes will be introduced with dual Kurdish language designs. The Iraqi currency change will not have any effect on the international value of the Iraqi dinar and economy"
Nov 28th 2011 - "Deputy chairman of the ICB Dr Muzher Saleh said the bank is working to issue the new currency in addition to coins in both Arabic and Kurdish. This will include a new 50 Dinar bill with a value of $43 (50,000 current note Dinar)."
Feb 21st 2012 - "AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project. The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system."
"Redenomination", "Redenomination", "Redenomination", "Redenomination", "it will be done just like Turkey", "You will received 1 post redenomination Dinar for every 1,000 you currently hold", "the post redenomination value of current 50,000 Dinar's will be $43". The only people who refuse to see what this means are those who simply don't *want* to see it or are almost totally blinded by raw greed.
Ray - "Because a 25K Iqd note today is currently valued at $21… Post RV, it could be worth $100,000 if the new rate is $4.00,"
Flat out wrong. A 25k note (worth $21.50) redenominated will still be worth $21.50 because the rate you change up is the same rate of zero reduction. If you have bought $1,000 worth of Dinars (1.165m Dinars), and if they chop them down to 25 notes (from 25,000), then you will swap 1165000 Dinars at 1165:1 for 1165 Dinars at 1.165:1 (which still = $1,000).
FACT : You will get 25 Dinars for 25,000 Dinars which you can exchange back for approx $21.50 (minus exchange fees / commissions).
Explained here:-
https://www.iraq-businessnews.com/2011/11/11/iraqi-dinars-one-of-the-most-foolhardy-investments-you-can-make/comment-page-2/#comment-92571
You simply aren't going to be paid $100k for every $20 worth of Dinar's you bought. That's an absolutely ridiculous claim debunked no less than a dozen times by the CBI themselves. Where do you think the money will come from given there are more Dinar's in circulation (over 30 trillion in a country smaller than Canada) than Dollars, Euro's and Chinese Yuan COMBINED used by 1/2 the world's 7bn population? Think about it.
Iraq has 30tn Dinars and you expect a 25,000 Dinar note to worth $100k? That works out to $120tn needed.
Reality check :
USA : There are $10-12 trillion (last M3 figures) in total circulation.
Euro : There are €8.5 trillion in existence (ECB M3 figures)
That money is total circulation - used for the economy, wages, salaries, paying bills, in savings accounts, pensions, bond markets, etc. Come on people, simple junior school level maths debunks these ridiculous claims. The fact Iraq have openly stated you will exchange at 1000:1 utterly destroys the "intel" garbage being thrown out by the conmen.
Also use your brains from the Iraqi point of view of the "pumper scenario" - you believe America is going to buy Dinar's for 5,000x more than it currently does at 1:1 exchange. Or in other words, you believe the price of an Iraqi loaf of bread will be $4,700, the price of an Iraqi 1 ltr carton of milk will be $7,500, that Iraqi's will pay average $1m rent each month and that they will buy and sell ordinary 3-bed houses for around $350m each... Anyone see the obvious problem with that?
Ray - "Hey LZ: There are many better Intel providers than those you listed…"
There's only one serious "intel provider" and that's the Iraq Central Bank - you know, the people actually DOING the redenomination. The fact some pumpers are doing everything they can to avoid quoting them now they've stated clearly what's going to happen (a lop) and made the pumper look bald-faced liars (which they are) is perfect proof of their dishonesty.
I think those who believed to Okie Oil Man, Frank,Delta, Medic, Mailman need to do tghier own research, this people say it a thousand times and nothing happens, I have my own DINAR and I just believed on what I see sometimes I believe also on what I read but for those people that I mention I think they are the real joke, they are the only person say RV will going to happen, if not on tuesday its thursaday and on thursday its on tuesday, so its better to every body to do thier research rather than to believe on some people who consider as a big JOKE!!!!!!!!!!
Hey JimRoberts: I understand your frustration, especially with some of the Intel Providers, but on the otherhand, if you don't believe in the investment, there is nothing preventing you from selling your IQD back to the dealer that you purchased it from...
Hey Barry:
Just because you enjoy using the word "fact" in your posting doesn't mean your misinformation is...
Where do you get your "facts" that a 25K Note that is currently worth $21.50 will still only be worth $21.50 post RV?
You apparently want to believe that there will be a LOP of the currency, which would only happen if Iraq was experiencing high inflation, which they are not... therefore a 25,000 IQD will not become a 25K note post RV...
If this were to be the case, do you really believe the countries like the US, Great Britain, China, Russia, German and France would have forgiven Iraq its debt if the RV were not going to be a very profitable investment...
Barry, do your homework before you try to lecture those of us who have done ours or to try to mislead those that have not...
Geez Ray… that claim that countries only lop if they are experiencing high inflation was proven a lie 4 or 5 years ago. It’s documented a number of places that lops happen after years of high inflation and after inflation has been brought under control. There are a number of examples where countries have lopped with single digit inflation. The FACT that you continue to push this silly lie shows your idea of doing homework on this investment entails solely listening to dinar pumpers.
As for your other claims. There have been numerous articles that state the dinar will keep it’s same value. There have probably been 100 or so articles that state Iraq is redenominating the dinar. That’s the way EVERY redenomination has happened. The old currency keeps the same rate. So it’s pretty safe to assume Iraq will do the same, especially since they have said specifically that they will do just that.
Countries forgive debt all the time. It’s been going on forever. It’s silly to link that to a fantasy RV. But pumpers, the people you have gotten all your information from, continue to make ridiculous claims like this.
Iraq’s total debt at the beginning of the this crap was about 300 Billion dollars. That was a crushing amount of debt for a country like Iraq. Yet people somehow think they can afford to RV a money supply of 30 Trillion circulation and 60 Trillion M2 to a rate of 1:1 or higher. More silly nonsense.
Ray - "Where do you get your “facts” that a 25K Note that is currently worth $21.50 will still only be worth $21.50 post RV?"
From the Central Bank of Iraq, the Iraqi parliament and the Iraqi Economic Committee - you know - the people actually *doing* the Iraqi redenomination inside Iraq at the core source:-
Feb 25th 2012 - "Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee stated that the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market," explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000."
What part of "1:1000 exchange rate" do you believe is "disinfo" (or is it "disinfo" simply because you don't want to believe it?)...
Why did you not see this official announcement on pumper salesmen sponsored websites and radio calls (who do you think pays for those calls week after week - think about it)? Because they don't want you to! For years during the period of "ambiguity", the pumpers quite happily quoted the CBI. Then last year when Iraq started giving out very clear and repeated announcements of a "lop" (redenomination) and deletion of 3 zeroes (a "lop"), the same pumpers started panicking then actively censoring and making up outlandish conspiracy theories and junk "intel" (ie, rumours no different to any other "pump and dump" scam like the "there are trillions of dollars of diamonds under Canada" with the CMKX scam which one or two very well known Dinar pumpers were involved in).
If you disbelieve my figures debunking the obvious (there will be no 1:1 because there isn't enough money in existence even if every American and European gave every cent they own, their pensions, savings, incomes, sold their houses, cars & the shirts on their backs, sold all American businesses and moved into mud-huts and gave all that to just amateur Dinar speculators), then the answer is quite simple : Look up the M3 money supply figures yourself. They're widely available. But that's just the issue isn't it - people sucked into the scam don't *want* to do their own research which is why they end up hanging onto every word and end up believing quite literally *anything* and everything that promises millions from nothing simply because it sounds nice and comforting. Some even turn their favorite pumpers into a cult of personality - the same way people turn conspiracy theorists like Alex Jones into one, then make excuses when prediction after prediction not only fails to materialise but is actively shown up a disinfo itself.
Given that Iraq will need to reprice everything - goods, services, stocks, bonds, ATM machines, vending machines, money counting machines, retail cash registers, tax auditing, business accounts, etc, for the new notes and coins - why on earth do Dinaholics think it'll be done in secret? Seriously? This is just childish fantasies of "I know something that you don't" based wanting to feel special thrown out to stroke people's ego's. It defies all common sense given Shabibi (you do know who he is?) openly stated in his New York address there'll be 6 months worth of public information broadcasts to Iraqi's explaining the lop. Some "secret", eh, given that was broadcast on mainstream American TV last year? You don't need any radio call to "translate intel" (make up false rumors) for you - the truth about the lop is very plainly there for all to see and has been all along - it's only a bunch of very persuasive conmen targeting Forex newbies that's sucking people into expecting $1m from changing up $1,000 to Dinar's and back again...
Ray - "You apparently want to believe that there will be a LOP of the currency, which would only happen if Iraq was experiencing high inflation, which they are not… therefore a 25,000 IQD will not become a 25K note post RV…"
I don't "want to believe" anything - I'm just speaking the truth. There is absolutely nothing unique about Iraq whatsoever and the only people saying so are those clueless first-timers who have zero experience in the Forex market. Iraq will redenominate just like they repeatedly said they would and like the dozens of other countries have done before. You will hand your $1,000 worth of Dinar's in and get $1,000 of dollars back. Iraq will not magic 99,000% more wealth overnight. Nor can they without printing it and causing Zimbabwe style hyperinflation. It's that simple.
Ray - "If this were to be the case, do you really believe the countries like the US, Great Britain, China, Russia, German and France would have forgiven Iraq its debt if the RV were not going to be a very profitable investment…"
National debt has nothing to do with a nation's choice to redenomoinate. Many of the same countries have also forgiven Afghanistan's foreign debt (and some African ones). Debt forgiveness is more about the "realpolitik" of Western governments currying favor for oil contracts via a show of "compassion". It has absolutely zero impact on the redenomination process.
Same goes with the debunked "countries are waiting on the Dinar redenomination to get rich" claim - As far as globally held foreign held FX reserves are concerned, 61.4% is the US $, 26.3% is the Euro, 4% is the £ British, 3.8% is the Japanese Yen, 0.1% is the Swiss franc, and the 4.4% left is literally all other currencies of all other +160 countries combined. Countries do not hold large sums of Iraqi Dinars any more than they hold large sums of the Algerian Dinar, Albanian Leks, or Iranian Rials, etc. All third-world currencies combined make up <1% of FX reserves held by most nations. In fact, the total number of Dinar's outside Iraq is estimated to be barely $6bn – nothing more than a barely visible rounding error to most nations. And as far as oil is concerned, it's not purchased in Dinars – it's purchased in dollars. That's where the term "petrodollar" comes from and is yet another misconception by the Dinar "experts" that selling oil will automatically boost the Dinar. All this "the world is waiting on the Dinar" is just another recirculated lie, hyped and hugely misunderstood "pumper rumor".
Again - these "global reserves held by currency" are publicly available and accurate - you can find them yourself - if you're willing to look...
PS : I'm both a Forex & precious metals trader and know exactly what I'm talking about. Please don't try and degenerate this debate into a "you don't know what you're talking about because you don't hang round the same conspiracy forums and listen to the same "paid for by pumpers working for Dinar salesmen telling you to buy Dinar" internet radio calls that I do".
Common sense debunks a lot of this rubbish : The average income in Iraq is $2.5k-$4k. Do you honestly believe that if Iraqi's sent their wages outside of Iraq and changed them for US $, they'll magically be transformed into multi-millionaires whereas their neighbours at home with identical banknotes wouldn't? Or that only foreigners will become millionaires and Iraqi's will remain dirt-poor when both hold identical bank-notes? Or that the value of money will go up 1,000x but the price of goods won't be adjusted to match so Iraqi's will end up paying almost $1,000 for a loaf of bread?
There have been 49 countries which have so far removed zeroes from their currency. These include Brazil (who removed 18 zeroes in 6 operations), Argentina (who removed 13 zeroes in 4 operations) and Poland (who removed 4 zeroes in 1 operation). In particular, Turkey removed six zeroes in January 2005 when they introduced the New Turkish Lira (YTL), and nobody became millionaires because of it. This is the honest factual truth without putting anyone down personally. Anyone telling you "it will be done in secret, or "by next weekend" is a bald-faced liar. That really is the truth!
As for what the largest and most used professional Forex site is saying, try this:-
"In 2010, the Central Bank of Iraq announced their plans to redenominate the Iraqi Dinar to ease cash transactions. The intention would be to drop three zeros from the nominal value of bank notes; but the actual value of the dinar would remain unchanged. That would mean that 1,000 IQD (pre-redenomination) and 1 dinar (post-redenomination) would both be worth the same amount in US Dollars."
http://www.xe.com/currency/iqd-iraqi-dinar?r=2
People who know what their talking about talk about the economics behind it. People who don't are obsessed with personalities, radio calls and secret intel by secret agents fantasies. I'll let stand where it is.
LOL… so pumpers are claiming current dinar will RV to say $3.50.
And 1000 current dinar will equal 1 new dinar.
So the new dinar will apparently have an exchange rate of $3,500 per dinar.
Yehaw… get some.
Ray - Just to add to what Stew said - countries do not "lop" *during* high inflation (that's yet another lie told to try and convince people to stay with the scam) - they lop during a drop *after* high inflation. See Turkey, Venezuela, Iraq, Afghanistan, Brazil, etc. This isn't the "first time" it has been done and Iraq isn't "unique" - it's been done tons of times before:-
http://en.wikipedia.org/wiki/Redenomination#List_of_currency_redenominations
Iraq has 30tn Dinars in circulation in a country with a population of just 30m. That's 1m currency printed per person - The ultimate definition of inflation!
In comparison, the USA has approx $12-15tn in circulation with a population of approx 310m (approx $38k-48k per person).
The Euro has approx €9tn Euro's divided by 340m people (approx €26k per person).
The Iraqi Dinar is weak because it's so overprinted. That people correctly understand the basic economics behind "the more you print, the more worthless the US dollar becomes" yet humorously think the exact opposite happens with the Dinar and only the Dinar just goes to show how far some people suspend critical thinking for the sake of feel-good empty promises.
Stew is also right in pointing out that most of this "intel" is nothing more than pumpers quoting *anything* and everything that Iraq does as "proof" of the "RV". Quoting CBI currency auctions, and national debts, etc, as "proof" of the "RV" is like saying "Quick, quick! Buy $1,000 worth of Euro's and become a millionaire overnight" after Europe announces the sale of Eurobonds and a Greek debt restructuring plan... It's exactly the same thing.
No-one's saying that the Dinar won't appreciate gradually over time. However, between now and then there's going to a redenomination which will involve current Dinar holders changing their currency to new Dinar's at a 1:1000 rate, after which the current Dinar notes will be demonetized (made worthless). That is the honest truth coming straight from the people in charge of the whole process without being deliberately twisted and contorted by people who run closed, heavily censored pumper websites with 100% flawless records of getting every prediction they've ever made wrong.
If you want the most obvious proof, simply look at the outrageous sums you're claiming Iraq will be worth ($120tn) vs the fact the entire global economy of all countries combined is only $60tn for the whole of planet Earth! Since Iraq's GDP is $126bn (which is a 0.21% share of global GDP), you're basically claiming the global economy is worth $57 quadrillion ($57,000,000,000,000,000), ie, 950x Planet Earth's global economies! If you do not see a problem with that, well I don't know what else to say other than "I have some magic beans for sale for $10,000 each if you're interested"...
Hey Barry & Stew:
I find it amazing how much time you guys have been investing in displaying your ignorance about the investment of the Iraqi Dinar...
I have only tried to enlighten you so maybe even you will do more due diligence so you too will benefit from this once in a lifetime investment...
Post RV, you will then learn a very hard lesson...
Barry… you are on the right track, but your numbers are off a little bit. The 12 to 15 Trillion number you used for the US is not currency in circulation. That’s our estimated M3 number. The US only has about 1 Trillion dollars in circulation. The whole world combined only has about 5 to 6 Trillion dollars worth of currency in circulation.
Here are some numbers
US:
Currency in circ $1 Trillion
M3 $12-15 Trilliion
The whole world combined:
Currency in circ 5-6 Trillion dollars worth
M3 60 Trillion dollars worth
Iraq:
Currency in circ 30 Trillion dinar
M2 60 Trillion dinar
All of the US numbers are on the Fed Reserve site.
There’s also a site called DollarDaze. They have a lot of the global figures on there if you want to check it out.
Ray... you have shown that every bit of your "due dilligence" is simply listening to dinar pumpers. You have not made one single statement on this site that wasn't a made up lie. You are a scam artist dream com true.
Hi Ray, as I said - people who know what they're talking about discuss the economics. People who don't just put down other people who talk about the economics with attempts at ridicule... Interesting, eh? That you have been totally incapable of even attempting to address even one single point is very telling. Don't worry, I've heard it all before. "Once in a lifetime". LOL. As I said, I trade FX & precious metals and I've seen this "once in a lifetime" redenomination around 17 times before...
Hey Stew:
Come in here post-RV and tell me that...
Stew - "Barry… you are on the right track, but your numbers are off a little bit. The 12 to 15 Trillion number you used for the US is not currency in circulation. That’s our estimated M3 number."
Hi Stew - Yes, sorry I should have clarified that. Posting only the M0 figures (bank-notes only) makes the pumpers look even more idiotic when they claim Iraq will have more money in circulation than 5x planet Earth's combined...
Can anyone here get the GURUs from the other forums to participate in this one? It would be very interesting to see them get involved here but no one seems to be interested in a real debate straight from the GURU pumpers that I would love to hear their side of this. Any one have a contact for those guys to invite them here???
http://www.dinarguru.com/index.html#ixzz1nbis1Z7d
A link for the GURUS main site, go check this out and see if you can invite them over here any body, please I want to see this.
Are you on junk?? They will never come on here. They could never prove any of their lies. They are a group of paid scoundrels out to take advantage of the stupid , greedy , religious simpletons that need to be directed . Most people on here are collage educated. The pumpers have no shot trying to fool the smart folks.
Eddy - The reason you'll never see a straight debate on these forums is because pumpers only frequent the forums they have admin control (censorship rights) over, ie, they can swiftly ban anyone "causing trouble" for not "towing the line". They do not like debating on forums where they can't shut down the argument (and some who try are usually the ones who end up screaming abuse / attacking the person / resorting to personal ridicule rather than debating the issue). Likewise, you will not see Forex pros on pumper forums precisely because they get near-instantly banned.
Neutral sites like Iraq-businessnews that are more interested in general investing in Iraq long-term do not get sucked into these "millionaire overnight just from changing up money and back" scams. In truth the whole thing is just a variant of the Advance Fee Fraud - person Y sells a piece of paper to person X that promises person Z will give them 1000x more money at a later date. The "glue" which keeps it together is the "secret intelligence" and ego-stroking of telling them "they're special" and non-participants "are losers for not sharing the "secret". Once people move beyond the need for secrecy and ego-driven "clan mindset", and start individually doing their individual basic research and junior grade maths, the whole thing unravels.
"The Dinar will magically become 1,000x more valuable overnight" is like being on the 13th rung of a Factor 6 pyramid scheme...
http://upload.wikimedia.org/wikipedia/commons/4/4c/Pyramid_scheme.svg
... It can't happen because there simply isn't enough money on the planet even if all 7bn Earthlings gave every penny of every currency of all +180 countries to Iraq - just like you cannot have 13bn participants to create the 14th rung because there are only 7bn people on Earth!
Likewise, many pumpers use multiple fake names. Anyone heard of "Phoenix"? He's been observed to use several other names "SekretKey", "Ranger77", and "Ema266". In fact the latter name was also used for "pump and dump" scams surrounding the CMKX penny-stock fraud whose CEO fled to Canada to avoid being jailed for fraud & embezzlement by the SEC using the same tactics of "Quick! Buy this penny stock now for $0.02 per share and after its "RV", it'll be worth over $10!"
The fact there were over 300 BILLION shares issued (ie, like 30 Trillion Dinar's in circulation) and the fact that for it to "RV" up by a factor of 500x (like the Iraq "RV" laughable claimed 1:1 exchange rate) would mean that stock would be "worth" $150tn (equal to 2.5x planet Earth's global economies and roughly 10x more money than there are US $ in existence in all cash, bank accounts, bonds, TBills, etc) is a "common sense basic maths" fact that flew straight over the heads of CMKX investors - just like it's flying straight over the heads of Dinar holders in believing Iraq will be worth several planet Earth's global economies for no other reason that someone promised them a free million dollars and they end up suspending all critical thinking out of fear of being wrong...
Currency exchange is a "zero-sum game" - for you to buy foreign currency - someone else will have to sell them to you and buy dollars as part of the other half of the transaction. Right now, Americans can buy 1165 Dinars for 1 Dollar. As part of that transaction, Iraq has to buy 0.000858 Dollars for 1 Dinar (or sell 1165 Dinars for 1 Dollar). If it were to "RV" as pumpers claim, and 1165 Dinars becomes 1.165 Dollars, in order to sell the Dinars back for Dollars, Iraqi banks will have to pay Americans 0.858 - ie 1,000x more - and end up 1,000x poorer. All this "everyone's a winner" is pure unadulterated BS and a a giant delusion of the highest order. It's like me (an American) lending you (an Iraqi) $100, and you paying me back $100,000 and then pretending you haven't lost out and that the maths add up and that "everyone's a winner"... Who do people think is going to start paying 1,000x more to return something they lent out for 1,000x less - goblins, fairies and unicorns?
That Iraq has an external debt of 67,570bn Dinars (approx $58bn) means if it "RV's" the way pumpers claim, it'll end up with a +$65 TRILLION dollar debt - more money owed than the entire global economy! Well that's "genius" that will "improve the lot of Iraqi's", LOL! The CBI have announced the truth - a lop at 1:1000 ratio. All else is FUD run by dishonest salesmen for whom an "honest public debate" is the last thing they want...
Correction : In above paragraph "If it were to “RV” as pumpers claim, and 1165 Dinars becomes 1.165 Dollars" - that should read "1165 Dinars becomes 1165 Dollars" (at falsely claimed 1:1 ratio exchange).
Epic posts Barry. Seriously - there's just nothing left to say after that. I was a Dinar "fence-sitter" for a while being fed a lot of "feel-good" info which just didn't feel right, but yeah, the way it's being mis-sold as "make a million from a grand overnight" is a scam right up there with "magic beans" or the goose that lays golden eggs 🙂
PS : I'm kicking myself for not bookmarking it now, but I've seen a "pumper" on another forum get utterly destroyed by someone else posting similar information. That's why they don't go near serious Forex / investment sites and just end up repeating the same "comfort food" over and over : "You'll regret it after the "RV" happens" 🙂
Anyway all the best to you (and others here). Your posts certainly are appreciated by those of us who just want the TRUTH and not just a financial comfort blanket or bag full of empty promises during a downturn!
I have a question for Barry can I go to my local Edward Jones or bank and invest on the Iraqi stock exchange? Any response would be appreciated.
Thank you
Thank goodness for people like Stew, Barry, and Lz. I'm sick and tired of people being taken for an expensive ride by these pumpers. I've got family in 6 states waiting on pins and needles thinking their imaginary ship is going to come in. It's so bad some of them aren't paying their bills because they've "got" to renew that dinar layaway by the 30th day before it expires and actually RV's. Totally sad and sickening at the same time
I wish this crap was against the law. I've tried to talk sense to them but they won't have it. Little old ladies spending their monthly pension on this crap and then going without. These pumpers are the absolute scum of the earth. The fact they often invoke god to bolster their schemes makes it even more sickening.
swr - "I have a question for Barry can I go to my local Edward Jones or bank and invest on the Iraqi stock exchange? Any response would be appreciated."
Hi swr, it is technically possible to buy stocks on the ISX outside of Iraq, but it's still very variable as to who does it at the moment and has some restrictions. There is an "ISX Index" tracker fund somewhere (launched in Oct 2010 IIRC?).
This site may be useful to you as to the Iraqi companies on it:-
http://www.iraqstockx.com/DrawGraph.asp
However - you'll want to read this "Instructions NO (1) of 2007, for non-Iraqi investors trading at ISX, which has been
amended at 2010" document as it lays out the requirements for non-Iraqi investors (may need a trip to the Iraqi embassy and a bank account with a bank inside Iraq):-
http://72.52.252.89/isxportal/files/Instructions%20NO1111_10_0_4_3_8.pdf
It's not the easiest thing to invest in - still nowhere near as easy as other European / Asian / S. American emerging markets. Hope this helps.
I'm glad you guys are thinking that way, I've purchased a lot of dinars cheaply because of you guys. I rather throw my money away in dinars vs the stock markets. read the signs, look at the iraqi economy, its growing , why did the USA purchase this currency, they more than likely will pay there debts with these scam dinars. remember this,Iraq has the number one oil reserve they can back their currency with oil not to mention their natural gas. The only thing the dollar is based on is debt (IOU)
nupez1911 - I suggest you look at how currencies actually work. The Iraqi Dinar is a fiat currency no different to the $ and it's no more on any gold standard (metallic or "black gold") than the Dollar. The only "backing" Iraqi oil has is for Iraq's external debts (which isn't the same as their currency).
That Iraq has oil is hardly unique - so too do 96 other countries. In terms of oil reserves, Canada & Venezuela each have more oil than Iraq - why aren't you panic buying "loonies" or Bolivars? Likewise in terms of production, Iraq isn't even in the top 10, Brazil & Mexico each export more each year.
That Iraq has a nationalised oil industry doesn't mean their currency is backed by oil either any more than if Obama nationalised ExxonMobil tomorrow holders of the Dollar would magically become rich. That's the number one lie told by pumpers for those followers who cannot tell the difference between a nations currency and a nation's external debt.
Just for sh it s and giggles maybe you guys who are doing most of the educating of the Dinar investment can read this and give this little audiance a good rebutle to this statement, I might just start giving you guys some of these alerts I get to hash out some thoughts for every one to read, for or against this big investment, so here it is;
Recent Intel now allows me to offer another PASS! As things are currently positioned, I feel certain that NO RV will be forthcoming until AFTER March 8th or 9th.... it's a "MARKER" kind of thing and if there are "personell" issues again we could WELL go to a time frame a week later than that. Certainly, if at all possible, Iraq wants to have a good deal of 'swagger' as they walk into the Arab summitt, & revaluation solves that! Remember, the RV and the rate release is NOT based on your needs, wants or desires.... or mine. It is NOT based on some kind of Astrological chart, the mysterious "Illuminati" or the background drapes when Barry tells us things. There are several specific things, events, decisions and delegations that MUST preceed the release. For a long time many felt that the release of the budget "WAS" the RV... not so as evidence the opening of the budget recently (and a lil more publicly... THIS TIME) which is entirely based on the value of budget items expressed as dollars and then converted into dinar at the current rate. Now, once the revaluation is accomplished, they will simply redenominate the budget items, expressed as dollars and then convert BACK to dinar at the then current (new) rates... which will naturally bring the size of the budget DOWN as the VALUE of the dinar will have risen, so that the value of funds to acomplish the budget items will "still" be there. All values will be accordingly adjusted as well. Therefore: Greetings and Planetary Salutations to all who read these presents! You are hereby and forthwith granted and awarded a Six (6) Day Pass from concern, stress or worry about the possibility of IQD revaluation. The intent of this PASS is that it expire if not renewed or extended at Midnight on March 7th, 2012 whereupon you may resume concern, stress or worry about the possibility of IQD revaluation.
Ray, which major banks deal with the Dinar?
Ray, Feb 25, 2012 - "There are many licensed & therefore legitimate currency dealers selling & buying IQD, along with many major banks, so John Wasik of Forbes is wrong…"
I ask this in order to complete my due diligence.
Eddy.....they have been giving dates for years. It is all BS! The biggest scoundrel of all, Frank 26 uses the con that he is a minister and cons the religious simpletons who will believe whatever he says. It's all a big swindle. Dont look like a fool to others and tell them about this.I Was into it back in 08....i feel like a moron for telling friends about it. Its all a big con. PASS!!
Iraq put the dinar out in 2003.
Every year since then pumpers have claimed that Iraq will have to RV before the budget can pass. The same exact pump has been used now 7 years in row, and people still fall for it.
'Fool me once, shame on you; fool me twice, shame on me"
LOL... what do you say about being fooled 7 times. I think once you get fooled 7 times with the same pump... you're simply a fool beyond help.
Eddy, these aren't really pumper forums meant for copying and pasting daily invented rumors surrounding get-rich-quick scams, they're for people serious in long-term investing in Iraq (which doesn't include just changing up a few banknotes and back) - and nor is it really necessary to pick apart every pumper rumor because 99.999% all churn out the same regurgitated debunked lies. And nor am I going to sit here destroying every lie of every "RV next week!" BS conman because the truth has already been posted - Iraq will redenominate in September like they said they would (and that's the only time they've set a date - all else has been 100% fiction)... There is no "secret" and nor is anything going to be done in secret given that it requires re-pricing of all goods and services, ATM's, vending machines, cash registers, auditing, financial accounting, repricing the ISX, bonds, etc, throughout Iraq. Shabibi - the head of Iraq's Central Bank - openly stated there will be a good 6 months of public Iraqi education on the redenomination on live TV (CSPAN) during his visit to America. And he also called it a redenomination in the same speech. Some huge "secret" eh?
And here is the simple truth most recently as a fortnight ago:-
Feb 21st 2012 – "AKnews reports that the process of removing three zeros from the Iraqi dinar and replacing current banknotes with new ones will begin in September. The announcement, which will see the Iraqi Central Bank (ICB) re-print 30 trillion dinars ($26 billion), was made despite government fear over the project. The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system"
Feb 25th 2012 – “Mahma Khalil, Member of the Iraqi Parliament and official spokesperson of the Economic Committee stated that the new bill will be printed by a European company and introduced to the market gradually and in a well-planned schedule to ensure it will not result in shocks and would not have a negative impact on the market,” explained MP Khalil. He added the exchange rate between the new banknotes and the old ones would be 1:1,000.”
I honestly cannot wait for October this year when the redenomination will be over and there will simply be nothing left to lie about. But even then, I don't doubt cashiers at money exchanges & bureau de changes, etc, will be forced to call security / the police to deal with the hyper-ventilating Dinaraholics demanding the cashier hand over the "missing" $999,000 just from changing back $1,000 worth of Dinars into $1,000 worth of Dollars and all of the current Dinar-only pumper sites go into hiding from class-action misselling lawsuits when the truth sinks in that 25,000 current Dinar notes will be exchanged for 25 New Dinar notes worth about $21.50 each... Some people still don't "get" why Dinar sales sites universally have one or both of the disclaimers "for entertainment purposes only" and "we are under no obligation to buy back your Dinar's". Just like CMKX investors, some never will "get it" mostly due to the same herd mentality which created tulip mania, dot-com & property bubbles, etc...
As for quoting the conman "Blaino" - that's about as useful as quoting "Baghdad Bob" - Saddam's "information" minister:-
""I AM CALLING IT! WE HAVE AN RV! THEY WILL POST THE RATE IN HOURS! CONFIRMATION JUST IN FROM DUBAI AL MADDEN FROM GET TEAM HAS ALSO CONFIRMED...VIA A FOREX CONTACT IN DUBAI. I SUPPOSE SOMETHING CAN STILL GUM UP THE WORKS..BUT MAN MALIKI SAID IT..IN PUBLIC AND ON TV! WELL...WHAT A NIGHT" - Blaino, May 2011
You might want to Google "Blaine Fogel scam" and find the original source from a former site moderator who used to work with him : "I have been in contact with many people who paid to join and then had numerous problems with the site for the most part Blaino ignored them now many have filed complaints with 'Alertpay' which is the service Blaino uses to collect his fee's off your credit cards so they are aware of his scheme Other people are contacting their credit card companies and filing complaints too, asking for refunds why is this happening? because all Blaino is really offering is "intel" that he and the mods copy from other sites and re-post in his chat room and people are realizing it as the site administrator I was 110% aware of this and complained vigorously but IMO, all Blaino was interested in was counting money! For my efforts, Blaino blocked me out of the backroom skype chats that he controlled I guess having to read the truth from me constantly will drive a person crazy! lol!"
He is nothing but a conman targeting people hooked like a drug on the need to feel special about receiving "secret" information into handing over money for something that was and still is - 100% made up fiction. When a man makes 700 odd predictions all of which turn out 100% false, and you still hang onto every word, then to put it politely, you have an addiction that needs healing.
PS - Here's an excellent rundown of the pumpers engaging in mis-selling fraud surrounding Dinar speculation:-
http://dinardouchebags.blogspot.com/2011/09/pumpers.html
So, basically what I am reading is telling me that I have just been conned out of $650 (350K dinar), is that what you are saying? If so, believe me I am not blaming anyone, I think I knew it all the time, I was just taking a chance that this "investment" would be an overnight payoff like Microsoft, AOL, Facebook. But, what the heck! Actually, I cancelled the first order of dinar, because I was convinced it was a scam, but I thought, spend what you can afford to lose and call it a day. But in reading the blog (dinarguru) and revisiting the hype daily, i became one of the "hooked"...it's close, we are right there, i know it's today at the latest tomorrow by 5, there are glitches in the banking system and it's being researched and tested for your protection so let's wait, but its still close!!! UGGH! what a fool we can be, when we get caught up in other peoples dreams of riches!
Chartreuse
Dont worry, worst case is your money will be worth what you spent!Also it would stand a chance to increase in value as the country prospers and the rate does increase over time which could still get to $3.00 which would at leasr tripple your money in time.