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bogale

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  1. How stupid does this OKIE guy think we are - gheezzz
  2. I have been following the dinar for 2 years now, and yes I have an economics degree. When I first bought the dinar I was under the same impression as af4mi. At some stage it would run out and the price would increase. The past two years I have seen sales of the Dinar escalate instead of diminishing and that started to make me nervous. Then an article was posted where Iraq caused Jordanians and Kuwaitis to loose millions of dollars when they decided over night that the Saddam era money is worth nothing. You can sit down and go through all the mechanics of why they should RV, but if you really look hard around you at the amount of dinar being sold, the amount of dinar that is being given away, we will do well if we just get our money back. By keep on printing the notes, it diminishes its value. However, by doing this they keep getting investors like us to fuel their reconstruction efforts and when they are ready to bring their money back to international status they will either allow us to get our money back (I think that is what is going to happen), or they will screw us over as they did in 1993 with thousands of currency traders in Jordan and Kuwait. Again, I may be wrong, but we have to keep an open mind and try to prevent people from buying so much dinar that they loose their houses, cars or even their living standard
  3. Yeah I think we have been had! In 1993 they did it to the world when they changed their currency, people lost millions with money that became worthless overnight- we will be going through the same exercise. Why in the world will they pay so much of their wealth out to the world.?? Darn, now we can't even exchange it back and take the 30% loss and get out We need to get the government to at least hold them responsible for honoring their currency once the re-denominate.
  4. Speculator - great reply - from your mouth to God's Ears. But this article was written in the NY Times and that is what Happened the last time they re-denominated. I understand that it is slightly different than what happened in 1993, but it seems to me they can just remove the zero's and 25000IQD = $25 / they can conclude that the larger denominations outside IRAQ is worthless I pray and hope this doesn't happen - but hey - this is what speculation is all about though.
  5. I HOPE YOUR RIGHT BUT READ THIS!! Hopefully history doesn't repeat itself. This is an old one but worth your time. Probably not that relevant to us, but interesting. Fortunes in Iraqi Bills Gone Overnight By CHRIS HEDGES, Published: May 16, 1993 AMMAN, Jordan, May 15— Walid Abu Bakir still goes to work, although he isn't sure why. All the usual things are in place -- the two telephones on his desk, the calculator he uses to tally figures and the neatly stacked piles of green Iraqi dinars that sit on the shelf in front of him. But while 10 days ago the stacks of bills, which constituted his entire financial holdings, were worth $50,000, today they are little more than scraps of paper. In an effort to fight runaway inflation, Iraq decided last week to invalidate its 25-dinar note. Mr. Abu Bakir, a black-market currency trader, has been wiped out, along with tens of thousands of other Jordanians. "The Jordanian people supported Iraq during the gulf war," Mr. Abu Bakir said, "and this is how we are repaid." A Dubious Investment To many outside the Arab world a pile of banknotes, each with an engraving of Saddam Hussein in a military uniform, might not seem like a sound investment. But many Jordanians, sure that the United Nations embargo against Iraq would one day be lifted, believed that the hard currency of their neighbor would regain its old value once Baghdad resumes oil sales. Jordanian businessmen accepted Iraqi currency for payment, often in deals with the Iraqi Government, and squirreled it away. Shepherds sold their flocks, people traded in their gold jewelry and families mortgaged their homes, or withdrew their savings, to buy the Iraqi bills. "I didn't have anything else so I sold my taxi to buy Iraqi dinars," said 23-year-old Ahmed Said. Each morning dozens of men carrying bundles of Jordanian dinars descended on the tiny offices in the Shabsoug building in downtown Amman. They bought Iraqi dinars from black marketeers like Mr. Abu Bakir, filling shopping bags with the bills. Government officials estimate the value of hoarded Iraqi currency in Jordan at $100 million. And Jordanians were not alone. Investors from Saudi Arabia, the United Arab Emirates and even Kuwait bought up millions of the banknotes, sometimes shipping them out of Jordan by the truckload. Iraq Complains of Hoarding Iraqi officials say the Governments of Kuwait and the United Arab Emirates alone are hoarding 10 billion prewar Iraqi dinars as part of an effort to hasten the country's economic collapse and force it to print money with no monetary backing. "Gulf Arab speculators would call up and place orders for a million dinars or more," Bashir Mostapha Nobani, a currency trader, said. "They always wanted the prewar 25-dinar notes because they are easier to ship in bulk than smaller denominations and because they did not have faith in the new Iraqi currency." Iraq kept churning out new money, but the bills were of shoddy quality. The paper was thin and easily torn. The ink ran. The flimsy bills, often indistinguishable from the fake photocopied Iraqi notes that began to circulate, became known as "military notes." Few people, least of all speculators, wanted much to do with them, and the prewar 25-dinar bill became the preferred note. Before Iraq invaded Kuwait in August 1990 the dinar was worth about $3.00. But after the imposition of sanctions and Iraq's defeat in the Persian Gulf war, its value plummeted. Two weeks ago, the new dinars were being sold for a penny, while the prewar bills brought 3 cents. The new bills, after the invalidation of old ones, have risen in value on the black market to 3 cents. "We thought this high-grade currency would never be canceled, while the cheap post-war currency might," said Mr. Abu Bakir. "So, of course, we held on to the old stuff and got rid of the new stuff as fast as we could." Unseen Players But there were other, unseen players in the speculating game, some say. Iraqi officials, along with some Western diplomats, contend that Saudi Arabia, Kuwait, Israel and Iran flooded the market with forged Iraqi bills as part of an effort to destabilize Mr. Hussein's Government. As the old 25-dinar notes began to disappear from the market, inflation soared, and Iraqi monetary officials, in what Western diplomats describe as a desperate effort to stifle it, invalidated the old notes. The move abruptly removed an estimated 25 billion dinars from circulation. "This decision, in the short term, helps Iraq," one Western diplomat said. "But in the long term it could prove devastating. Few people outside Iraq will now trust the currency, making imports harder to get and bleeding the hard currency reserves. Eventually this could fuel hyperinflation, as there will be lots of money and little left to buy." Baghdad permitted Iraqis to exchange the 25-dinar notes for the new currency, but they closed the borders for six days to keep speculators outside the country. The border was reopened Tuesday, after the Monday deadline to turn in the old notes passed. Baghdad Imposes Exit Tax In an effort to cut down on smuggling, Baghdad also imposed a stiff exit tax of 15,000 dinars, the equivalent of $250 on the black market and $48,000 at the official exchange rate. The tax has slowed cross-border traffic from Iraq to a trickle. Iraqi officials say they have no intention of compensating anyone else, even the Jordanian businessmen they traded with. "It was their mistake to speculate in Iraqi currency," Shawki Kubaisi, the chairman of the Iraqi Trade Bank, said in Amman. "This is a matter of our national sovereignty, taken to improve our economy." But Jordanian businessmen, who have lost tens of millions of dollars, say the move was akin to theft. "I sold flour to Iraqi farms and they paid me in money they now say is worthless," said Nabil Ahmed al-Kaid. "This isn't business. It's robbery. The next time the Iraqis want something they'd better show up with dollars." Photo: "The Jordanian people supported Iraq during the gulf war, and this is how we are repaid," Walid Abu Bakir, a black-market currency trader, said of Iraq's decision to invalidate its 25-dinar note. Mr. Abu Bakir, shown with the worthless currency, has been wiped out. (Bill Lyons for The New York Times) Map of Jordan, indicating Amman http://www.nytimes.c...currency&st=cse Correct Link http://www.nytimes.com/1993/05/16/world/fortunes-in-iraqi-bills-gone-overnight.html?scp=8&sq=kuwait%20currency&st=cse
  6. Guys, Have anybody seen this post - I looked into it an it seems pretty much true - what is the opinion out there on this. :-( Little know facts about currency revaluations: 1. No country has ever revalued there currency by over 100% without: a. Issuing new currency and making the previous currency obsolete (and therefore worthless) b. Changing the face value of the larger bills (LOP). Think Turkish Lira, soon: Zimbabwe, Paraguay, Iran will too according to the news. 2. Kuwait NEVER revalued their currency as some Dinar sites have suggested. a. When Saddam invaded Kuwait he collected as much of the Kuwait Dinar as he could and then distributed the Iraqi Saddam Dinar to use in country and made everyone else only use the Iraq Dinar. This made the Kuwait Dinar for the most part worthless in country. Street value was around 10 cents but for the most part it just wasn’t used. The official exchange rate DID NOT CHANGE. Because of this when Saddam was removed from Kuwait the Kuwait dinar value did not change except where accepted by street vendors. Yes if you went to Kuwait and was able to find any actual Kuwait Dinars you could have made big money but most of it was gone. They reissued new currency once Kuwait had been liberated. It is for this reason that you find VERY few stories of anyone making a bunch of money from the supposed revalue of the Kuwait Dinar. I have been told bu Gurus that the LOP only happens where hyper inflation exists. That’s true because in the past the only country that would LOP there currency (LOP=25,000 note is honored at 25 rate after currency revalue)is a country that has hyper inflation. Statistically the chances of a three zero currency to be still worth the pre-revalued rate is exactly zero. It has never been done. This does not mean it can’t be done. Anything is possible. If you have data that shows the facts in parts 1 & 2 to be inaccurate please feel free to state “only those facts”. Please show where these facts can be found and verified. I state the above facts to help educate investors since Dinar sites only include pumpers and “Intel”. As for me I am keeping my Dinar investment and praying (literally praying) that this is the “biggest exchange of wealth the world has ever known” and an exception to every economic rule ever set. Bashing, say “Do your homework newbie”, or any other negative comment is really not necessary or helpful. Please just stick to the facts just once on a post. Let’s just leave emotion out of this post.
  7. I just realize your in the same class as the one you refer too. If you were in the class you suggest you are......what are you doing here. Couldn't get a girl tonight?...I THOUGHT THEY FALL OVER MILLIONAIRES?...... you couldn't find your playmates with their millions tonite?......or maybe you are as broke as everybody you refer to and just a sorry little person trying to make name by being insulting. Have a nice evening trying to piss all over everybody else
  8. I never post but I have to say something about this. I agree with you in some way. this is an investment and it may come out at 0.01c. But to say that people on here doesn't have class is retardness. WHAT DO YOU KNOW ABOUT THE BACKGROUND OF THESE PEOPLE. For example - I have two businesses and an annual income you properly can only dream of. Please take your foot out of you mouth - you’re an embarrassment to any type of class.
  9. PEEPS DANNY IS A BIG CON-ARTIST, THIS IS BS - RESEARCH IT ON THE NET - SORRY !
  10. I have one question, if I was iraq and had euros, how would they give change in accordance with their new "format"
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