Face reality: The "gurus" are either scam artists trying to build up excitement to sell even more suckers into the Dinar, or they are suckers who are trying to reassure themselves that they made a really good investment when they didn't. In other words, suckers too. But meanwhile, the gurus keep making predictions, and believe-it-or-not some people actually believe them. Those latter people are suckers too. It really gets old updating this article.
It was a scam last month, it will be a scam next month. It will still be a scam 50 months from now. What happened in April? The very same thing that happened in March. There were 30 million new posts about 14, new rumors of imminent revaluation, and none of them were true. But of course, the "true believers" will keep believing, even as their Iraqi Dinars do absolutely nothing other than to exist as material proof-positive that investors are delusional suckers.
Holy Husse in, Batman! I completely forgot to update on June 1. Well, that's OK, since nothing happened, again, in Dinar fantasyland. With Iraq devolving into a Sunni-Shia civil war of epic proportions, and a good chunk of the country overrun by ISIS, we can pretty much state here that the chances of the Iraqi dinar being RV'd anytime soon -- except maybe massively downward -- is between none and none.
Iraq now has to fund its civil war, and that will cause the Iraqi dinar to slowly devaluate for years to come. In other words, the Iraqi dinar was a bad investment. If you invested in it, you were and are a sucker. In fact, you're now a bigger sucker than ever. OK, well I totally forgot to update for August, , because I was too busy taking money baths in Iraqi dinars. Yep, I filled the tub with them, the hot tub with them, and even my heated kidney-shaped pool well, it isn't really kidney-shaped with them.
Every hour of every day, I'd jump in an take money baths in Iraqi dinars. With the upcoming Global Reset, all those dinars were going to translate into muy dinero Americano! But then, the neighbors started complaining because dinars were blowing all over the place, and the neighborhood started looking like a paper recycling center.
Heck, bumbs started showing up with stacks of newspapers, and when the Boy Scout arrived with a truckload of old magazines looking for dough, well, that was that and I had to shut it all down. None of the foregoing is the least bit true, of course, but then nothing else is in Dinarland either so what the heck. Actually, I probably wouldn't have updated again at all, except that a reader Thank You!
Never mind the fact that Iraq is totally broke, and their government teeters in existence from day-to-day. Tomorrow, er, October 1, is the day when it all turns around! Not real, valuable money like U. These unnamed Powers-That-Be i. Yeah, and I would have had a delicious sausage biscuit this morning but for the pigs flying away. But, hey, I still get e-mails from folks telling me that I'm all wrong about the dinar, and that they'll be cruising the Aegean sea in their mega-yacht very soon.
Sadly, many of these e-mails seem to be from older folks who have been taken in by the dinar scam, and who are well past their better mental years.
They all want to leave their kids and grandkids something valuable, like bales of colorful but worthless script. Personally, I think dinars would be really cool to use as the paper for a homecoming float. Somebody please go out and decorate some old junker with dinars and send me the picture, ASAP.
Sucker ". I'll continue to update every so often, and if I go too long without updating, please drop me an e-mail and remind me to do so. I really didn't intend to update for a while, and then somebody sent me an e-mail that said basically, "You're all wrong! The Iraqi government is about to knock off two zeros off the Dinar which means that it will then immediately appreciate by times! No it will not. In the words of both Aunt Esther and Coolio: "Fool.
Sometimes currencies lose their value to the point where the mere size of the bills means they have become impractical. Thus, if you're having to pay for a pack of smokes with a Dinar, bill, things are obviously out-of-whack, and the government has to re-denominate the currency so that the folks using the currency don't lose all confidence in it and start trading in some other currency. That is what is happening to the Dinar. But re-denomination of a currency does not, repeat NOT, change its value relative to other currencies.
What actually happens with a redomination is that the government simply issues new bills, knocking a few zeros off, and then sets a deadline by which the old bills become worthless unless they are traded in by that date.
So, the local resident might take in their old Dinar, bills and exchange them for new Dinar bills. The key is that if they don't trade the old bills in by the deadline, the old bills become utterly worthless. So, what this means in real life, is that if you are holding on to bales on Iraqi dinars in your garage in the U.
The good news is that those bails will substantially decrease in size -- but they won't increase in value. The new bills will not trade at the same rate as the old bills, but instead will trade at the rate less the zeros that were knocked off.
Anybody who says that knocking a few zeros off the Dinar will make the old bills increase in values is either a liar, a fool, or more likely both. Don't fall for it. Folks, another Thanksgiving has come and gone without the Iraqi dinar appreciating in value, so if you're holding onto bales of them then once again you're the turkey. Huebner received over 7 years in jail and Emmenecker almost 3.
Otherwise, what do we know about Iraq? We know that it is a total mess, and as of today the entire government was fired. This is a failed country that is not making a comeback anytime soon, and the only thing you can expect of the value of your dinars is that they will keep going down. Another year has gone by, and another year where suckers sat around look at their boxes of dinars and dreamed of vast riches, but only found another lump of coal in their Christmas stockings.
But, hey, they still think they are going to get rich, and reality is a state of mind, right? Better to contemplate being rich, and the reality that all those dinars are worthless, which they are. As for the dinar, it is not re-valuing anytime soon, at least upwards. The Iraq government announced an expected 23 Trillion dinar deficit just for , and the country is still a mess with ISIS holding onto large swaths or real estate, including Mosul and the nearby oilfields and refineries -- the latter of which have apparently been blasted to bits by coalition forces.
There are fewer and fewer Iraqi dinar stories in the media, mainly because the dinar scammers have since moved on to scams that folks have not heard of, and thus are easier to pull.
But they all work alike, with promises of vast riches for only a small investment, and please keep it quiet. No doubt the recidivist suckers who fell for the dinar scam will fall for whatever new scam comes along -- fool me once, you can probably fool me again and again.
The time is here! Everybody rent an armored car to take your cash from your local bank because the RV is upon us! Apologies for not updating in so long, but nothing has happened of much interest on the Iraqi dinar front, other than that the country is on the brink of collapse due to ISIS, and thus the value of the dinar on the real world markets continues in steady decline.
Which is to say that for all you suckers with bails of dinars in your closet or garage, they are not only worthless, but they are incredibly more worthless.
Yet, some scam artists continue to hawk the dinar, although most now are running the identical Vietnamese Dong scam, mostly to keep their sucker from suing them or calling the authorities to turn them in for fraud. Thus, the real criminals in this deal, the so-called "dinar gurus" continue to put out update and promises of future riches for those folks who are short not just a few marbles in the head. I do continue to get many e-mails thank you from readers to lament that their spouse, relatives, or friends have fallen for the dinar scam, and seeking ways to get them to admit the scam.
Well, here's a secret -- most of them know in the back of their minds that they have been scammed, but they don't want to admit it for fear of looking stupid, and so they hope that you'll just forget about it and the whole thing will blow away soon.
Plus, they're going to get rich anyhow, because a Nigerian Princess just randomly contacted them on the internet with a business proposal. Actually, I think it would be quite funny for somebody to respond to some of the Nigerian scammers, and when the get around to asking for money, offer to send them dinars -- and make the pay the freight. His closet will be 5' x 10' until he is released, when he will probably run his next scam. This is a BETA experience.
Now to the other side of the coin:. There are signs indicating that Iraqi dinar investments are nothing more than a hyped scam. Additionally, some incorrect statements are heavily publicized by the propagators of Iraqi dinar Investment schemes incorrect statements in italics :. Supporters of Iraqi dinar Investment are reported to be confusing two economic terms: Revaluation and Redenomination.
Revaluation is the calculated adjustment made to a country's official exchange rate relative to a chosen baseline, such as gold or the U. After a revaluation, a currency becomes expensive relative to the base currency by the factor of adjustment, and hence the process changes the purchasing power of that currency.
Redenomination is done in case of high inflation levels by old high-value notes being made equal to new small value notes e. Redenomination simply drops off the zeroes keeping the purchasing power the same as before.
There are confirmed news items that Iraq did plan to redenominate its currency, but not revalue. In the absence of any revaluation, there is going to be no change in the forex exchange rate of Iraqi dinar IQD with or without redenomination. Economists also point out that it would not be beneficial to the Iraqi economy to allow any such value appreciation by the authorities even by means of revaluation.
Doing so will lead to multiple problems for Iraq:. However, this is misleading. The new release was to prevent the use of stolen and looted old Kuwaiti dinars. In the Kuwaiti example, the pre-war forex rates were retained, but old banknotes were swapped for new ones. Examples of European countries like the Netherlands, the United Kingdom, and France are sometimes cited in an attempt to justify an Iraqi dollar investment.
These other countries managed a rapid economic comeback from the effects of World War II, and are today considered among the developed countries. One important fact missed here is that these countries were able to progress faster because the war situation was completely different from the war in Iraq. In the case of the world wars, European countries in question were on the winning side and received maximum support in the post-war aftermath.
The case of Iraq, by contrast, is more of a civil war, where there exists a possibility of the country being split into multiple fragments. Even if it stays as one nation, it will still take a good long time for the economy to recover.
Some investors argue that the market could drive a strong appreciation for the Iraqi dinar in the post-war era, simply because the huge oil reserves will eventually make it a strong currency. Similar to Iraqi dinar, similar rumors are reported for Vietnamese dong and, most recently, the Egyptian pound. No banks are offering Iraqi dinars. If you have to buy Iraqi dinars, you can buy them only at select money exchangers, who may or may not be legally registered. The bill was introduced by the Central Bank of Iraq in Nov.
This will erode the profit potential even for short-term trading. In terms of longer-term opportunities, forex trading in general comes with a few challenges:. How Iraq, its economy, and hence the forex rate develop over the long term, is a long-term uncertain bet. In addition, trading forex currencies is always risky, as external factors at international levels are difficult to control or predict.
Unless you are trading on regulated markets or through regulated agents, traders and investors should use extreme caution for trading the Iraqi dinar or similar currencies. Bank of America. State of Utah Department of Commerce. More Indicators. National Statistics World Bank. We have a plan for your needs. Standard users can export data in a easy to use web interface or using an excel add-in.
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