optimistic

My private banker at WF recently told me that I should get what I can for my Dinar - turn it back into USD while it's still worth something! When I told him that I understand that the U.S. owns billions (as mentioned in the first post in this thread) if not trillions of Dinar, he said...."Show me one piece of evidence anywhere that this is true. It's part of the story that is seducing people like you into buying Dinar." So - can anyone send me anything from the web or from any reliable source (NOT a message board) that shows that the U.S. owns Dinar? Ditto for Trump? I'd love to prove him wrong. THANKS!!

Could someone please explain to me what the release from Chapter 7 means in simple language? My primary question is...does Iraq still owe Kuwait repatriation money and, if so, HOW MUCH is still owed and what is the remaining UN (or other) mandate for repayment?

Perhaps this has been covered in past posts. If so, forgive me for asking again. My question is this...when the IQD RV's, and we all line up expecting USD in exchange for our Dinars (at a ratio of 1,000 to 1), where will the money come from? How will Iraq, our dealers, or the banks have the USD to pay out hundreds of millions of dollars, if not billions, on Day One after the RV? I am certain that there aren't billions of USD just lying around the CBI right now (and if there were - there is enough corruption in the country that it would disappear), so how will ALL of us (in addition to the countries - US and many more - that supposedly own trillions of IQD) get paid?

Some months ago, I had a long discussion with the Head of the FX Office at Wells Fargo. At that time he told me (one of their Private Banking clients) to cash in my IQD for USD ASAP, as there was no chance of making a dime on this investment. Two weeks ago, I spoke to him again, and asked him if his opinion had changed given the recent developments in the formation of the government. He said "absolutely not" - get out while you can still get most of your money back. The reason? He said that any RV will be internal only - as it was in Saddam's era. He said that there is simply NO global confidence in the stability of Iraq that would cause the major money players to buy IQD, and further - that they are years if not decades away from having the infrastructure that would allow global trading. I told him that if he is wrong - he will lose me as a client. He said that after corporate officers like himself met with major FX offices at all major banks and money manager entities - they all agree that an RV in which anyone outside of Iraq can make money - is impossible. Please don't shoot the messenger (me). I am holding on but am prepared to be devastated if his predictions become my reality.

And for those who wonder why IQD is never mentioned in the financial publications (Blolomberg, etc.), it is because the great minds in the financial sectors who study currencies for a living and who have advanced degrees in currency analysis, etc. all agree that it is impossible for the IQD to become a global currency for decades, if ever. Yes - the currency was once $3.32 during Sadam's era, but don't forget - he made it up and the currency was NOT traded globally. If it revalues again but is not accepted as a global currency (like many other country currencies including the Chinese Yuan), we can wallpaper our rooms with what we have and we can kiss our dreams goodbye! And so there are at least a few of us who recognize that we truly do NOT know as much as the people who follow, study, and write about world currencies. We can still hold, and hold, and pray, and pray that Iraq will stabilize and that the value of its oil will be so great that the impossible WILL happen through an RV - but we need to be realistic and accept that our hopes and dreams are a money-making opportunity for many who want to exploit them - so BE CAREFUL! And for a sanity check - email a few experts (financial journalists, e.g.) and you will hear what they have to say and how they reached their EXPERT opinions. You will learn why they don't write about or even speculate about the IQD. They would look very foolish to their peers. Meanwhile, like the rest of you - I continue to "dream the impossible dream."

Here is what continues to concern me: You can read in many places the predictions that the IQD will revalue back to its former rate of $3.22 USD, but what they don’t tell you is that the old Iraqi Dinar could not be traded in the open market and the over inflated Dinar exchange rate was not tested on the world currency exchange market! Saddam simply ‘made up’ the value, it wasn’t real! What I don't know is if Iraqi citizens were able to at least get that rate in Iraq. Of course why would they want to given that they had no way to spend it there and they were trapped by Hussein?

During Saddam's regime, that is exactly what happened. He said it is worth $3 USD per dinar - but it was "artificial" in that nobody outside of Iraq could get that exchange and I'm not sure that any Iraqis could get it either under his distatorship. Perhaps somebody can research this and come up with more info on what happened after his "interanal" reval.

He said that there was total financial and political stability in Kuwait after it was liberated and that it was already a globally-traded currency.

Well - I have been keeping this under my hat - but I spoke with the Senior VP of Wells Fargo Foreign Exchange (FX) a few weeks ago. I was able to speak to a SENIOR person in FX because I am part of the Wells Fargo "Private Banking" Division. He told me that they had a big meeting on IQD and after doing extensive research they decided to advise all of their cliens to turn in their IQD for USD ASAP and get OUT while we can still recover any of our investment -- that even if one had bought legitimate currency (not the old Saddam currency) it would be DECADES, if ever, before it could become a globally-traded currency. He sent me links to articles about the Chinese Yuan and how the Chinese have been trying for decades to make their currency global but even though they are one of the strongest economies in the world right now - the macro-economic procedures are not in place. He also mentioned Argentina - and their huge oil reserves, but because of instability in the country (not even a shadow of the instability in Iraq) they also have not been able to go global with their currency. He continued to say that EVEN IF there is a revaluation to the former rate (where it was under Saddam) - it will be an INTERNAL RV, and none of us outside of Iraq will be able to benefit from it. I was quite upset and disappointed after the call but I continue to hold my investment - at least until sometime early next year. If nothing happens by then - I think that I will take my losses and convert back to USD. This man was at the top of the FX office and he told me that if there was even a shred of hope for IQD to RV and make WF clients wealthy - they would NEVER tell them all to SELL because they knew they would lose all of their accounts! But after many meetings with multiple banking officials and global financial leaders - they came to the collective expert opinion that it simply cannot happen. If anyone wants to talk to this person, and is a member of WF Private Banking - ask to speak to the head of the FX office and get ready to be as depressed as i have been since I spoke to him.