[Group picture of Obama at the UN]

The Blaze.com has two shots of this photo:

The one that was posted which sparked all the kerfuffle, and another that shows an original Getty Images watermark, making this an original.

No Photoshop.

http://www.theblaze.com/stories/is-embarrassing-photo-of-president-obama-actually-real/

[another bank rumor from another site]

Foreign exchange teller window ???

At a Chase bank in Louisiana??

I've been to many a bank, and have never seen an "foreign exchange" window.

Maybe NY or LA??

But I doubt it.

Most of the Big Four banks in LA don't (Chase, B of A, Wells and Citibank) have foreign exchange teller windows. For that, you have to make an appointment with either a manager, or another employee that's the designated foreign currency person. I know, because I went to my local B of A branch a couple of months ago to sniff around a little and got some information from them about their procedures for foreign currency wire transfers. When I walked in and told the greeter what I wanted, she had me sit in the waiting area until someone from 'in back' came out to talk to me. This branch looked like every other branch with the usual teller windows, and then one merchant window set aside on one end. There was a 'booth' area for safe deposit box clients, but anyway ... that's my story, and I'm sticking to it.

What I'd love to know is whether the O P's minister friend went back to the bank today and cashed in or not.

Anyone ?? Anyone ??

OK I just called a Chase Bank in my area which is a full service bank and asked if they could exchange Foreign currency and they said yes...I then told them I had dinars and she said sorry but they quit selling or buying Dinars over a year ago. I asked he if that was just at her location and she said no Chase Bank quit dealing with the dinars...Hmmmmmm

No 'hmmmm' necessary. It's common today to be looked at funny when you ask them about the IQD. No one will touch them until they become recognized as currency for trade, which presently they are not. That sentiment doesn't mean this is a bad investment, or that it's a scam. It means that this currency isn't worth much against the USD right now, and so banks won't be making any money on them. That's why they won't deal in the IQD. Once the currency becomes viable, recognized on FOREX and becomes worth more than 1/0 of a penny against the USD, you can walk back into your bank and make the transaction. Asking about it right now is pointless.

That's my story, and I'm sticking to it.

GO RV !!!

[***People that believe without a doubt of a RD**]

You know i started to dig a little deeper and found the consequences of an RD to be almost catstrophic. People that believe in the method of them Rding that is fine i think otherwise. They believe we have one tracked minds and only believe in a BIG RV. Let me ask you this why do you dance around the fact redenominations have major consequences for countries trying to get foreign investors to invest and countries that are in major developments.

There are definitely pros and cons to everything and YES even an RD.... If they were def. going to RD why havent they DONE it yet and why are they still in talks about it???

Costs and Risks of Currency Redenomination

1.Cost of printing new notes and minting new coins. In the long-run this cost may be offset by the reduced number of notes that will be printed in future due to the reduction in the amount of notes for transactions.

2.The cost of disposing of the old notes and coins. This is likely to be small but there is a risk that some of the old notes may be re-circulated or round-tripped. It has been reported in some countries that officials who were charged the responsibility of destroying the exchanged (old) notes and coins secretly “smuggle” then back into circulation to be re-exchanged into the new currency. This could result in multiple “round-tripping” of the old currency which can fuel inflation. Therefore, the banking authorities must ensure that notes and coins withdrawn do not find their way into circulation.

3.The cost of public education and advertising the change to citizens. This could be substantial.

4.The cost of exchanging the old currency for the new currency in terms of man-hours lost in waiting in banking halls, changing records and dual accounting in both old and new currencies during the “interim” period.

5.Risk of massive disruption in the pricing mechanism in the economy and short-term inflationary pressure arising from the “announcement effect”. No matter the assurances from the CBN, a major economic policy like currency change is bound to trigger inflationary pressure due to the uncertainty such changes generate. However, the inflationary impact may be curtailed with effective public education and anti-inflationary policies, e.g. ensuring abundant supply of petroleum products and stable prices of petroleum products and government-provided services. In a country with a low level of financial literacy like Nigeria, determining new prices for goods and services could be a challenge for many traders, farmers and operators in the informal sector.

6. It took the European Union about five years from the decision to introduce the Euro currency to its full implementation, i.e. from 1998 to 2002.[v]

7.The uncertainty and instability that is inherent in major changes in economic policies in most developing countries could lead to increased speculation, capital flights, drop in foreign remittances, increased risk aversion, adoption of “wait-and-see” attitude by investors and increased sharp practices.

8.Likely short-term increase in the rate of armed robbery because robbers will flood banking halls and trail those who have exchanged large sums of old money for new ones. There is also a likely increase in other fraudulent activities and financial “scams”. For instance, since the announcement of the redenomination and the introduction into circulation of the new notes and coins in July 2007, several cases fake new Ghanaian cedis have been reported under spectacular headlines in their newspapers ”. You can trust that Nigerian fraudsters are already at work perfecting their strategies to take advantage of the proposed redenomination of the naira.

Hey easy ... here are my arguments for your points, one by one:

1 - Paper notes need to be replaced anyway, because the average life span of your average paper note is around 18 months. Old bills are taken out of circulation, destroyed and replaced on a regular basis already by every country that uses them, so the cost of simply making new bills is negligible, and is part of the 'cost of doing business' if you will. If it was that expensive, then our own government wouldn't be doing it ... ummm, check that. Seeing as how this current administration seems to have zero economic know-how, that last statement may be a bit of a misnomer, but the fact remains that printing and minting the new currency isn't that costly, and will indeed be offset by the value of the new currency in relation to it's current value.

2 - For the cost factor, see #1. Regarding the concern for old bills to be 'smuggled' etc ... if the old currency is no longer valuable, tradeable or otherwise worth anything, then there's no risk because it's worthless. It's pointless for anyone to try and do anything with the old stuff because it won't be possible - seeing as how there's the new stuff now, because the old is OLD and no longer considered 'legal tender for all debts, public and private' (as it says on our bills.) Once the transition takes place, and the deadline for legally and officially using the old bills has passed, it's o v e r, and the old bills will be wallpaper, or T P or whatever else.

3 - The cost of explaining the new bills should be as much as it costs to run ads on TV and in the newspapers. "Hey folks, this is the old money, which has been worthless for many years now. This (show pictures) ... this is the new money, and it's not worthless anymore. You can now buy stuff with it all over the world because it's now recognized on the FOREX, and by banks everywhere. You can go to your local bank and turn in the old for the new, and then go forth and be happy. Any questions?" It's really NOT THAT COMPLICATED.

4 - Again, for the cost, see #1. Regarding the lost time waiting in the bank ... uhh, gee, well I guess everyone will just have to deal, unless they want to keep their old, worthless wallpaper in their pockets. The best thing they could do is have police or military on hand to do crowd control, and understand that this IS a huge, monumental, ginormous, reallyreally big thing that's happening, and to prepare for it as best as they can (which, in my humble opinion, is one of the reasons this hasn't happened yet ... but I digress.)

5 - That's why the US is there. We will help them with the transitory bumps in the road until they're stable enough to take over, and then our work (for the RV process) will be done. Of course, we will still need to be a presence for security and other reasons for some time to come.

6 - I think we've been in the midst of the 5-year thing for a while now ... but what they did with the Euro is a little different than what's happening with the RV (HUGE understatement.) Using the Euro for comparison with this process is pointless because it's not the same process to begin with. They took a dozen or so different currencies from that many countries and amalgamated it all into one - the IQD is nothing like that.

7 & 8 Again, all we (the US and Iraq) can do is prepare as best as we can for what may come, and take whatever precautions we can against fraud and other sinister stuff from happening. As far as people being followed after they trade in their currency, only a great fool would leave the bank with wads of cash in their pockets ... and as everyone knows, a fool and their money are soon parted. As sad as that sentiment is, it's also true, so if some fool leaves the bank with piles of cash and gets mugged, who's fault is it REALLY? Crime happens. Bad things happen! We have to be responsible, AS PEOPLE, for our stuff, so hopefully, personal responsibility is something that's being discussed, and people will take care to open accounts to put their new money into. In the event that someone is unable or unwilling to do that, I wish them the best.

That's my story and I'm sticking to it.

GO RV !!!

[I took the red pill.]

G'day Royit

Welcome to the DInar matrix and what a welcome you got from two of the greats of this site, but I will say this you got the perfect balanced welcome. :lol:

I am simply the oracle I can tell you you may be the one but you may not be the one as well???? :P :o

Cheers Chilli B)

Welcome to the boards, Roy!!

To chili ... dude ... you forgot to offer him a cookie.

While I'm here for a minute, which is about all I can spare right now, let me inform you that reports of my demise are grossly exaggerated, I do live and breathe, I'm still walking the planet. As it happens, I find myself working 15 hour days driving around some VIP's (and these are the V'est of the V I P) in a big, shiny, black Escalade that looks like a Secret Service vehicle - smoked windows and all. I'm also known as The Driver among my friends - it's what I do. The pay is huge, which is the first, last and only reason I'm doing it, apart from the big, shiny, black tank that I get the pleasure of driving. I have witnessed with my own eyes lesser SUV's cowering in my presence, and it is good. A Ford Escape actually did the 'nervous pee' thing when I snuck up behind it at a red light and revved my engine, which cracked me up ... but I digress. The assignment will be up in a week, and I'll be back.

Have a happy day, eveyone!!

GO RV !!!!!

[Here's How it Will Happen]

After studying and investigating all the "intel" and news reports, I want to tell you all what I think will happen.

If you only listen to the "gurus" and feed off their "good news" high, then you're getting a skewed picture. You have to do your own investigating and research and do your own common sense thinking.

First, there will be a Re-denomination, and the new lower denomination IQD currency will be issued. This being done with the intention of replacing the current high denomination currency. The reason for Iraq to do this is two-fold:

1) So that the people of Iraq don't have to deal with the ridiculously high denomination notes available now, and

2) To provide a convenient base set-up for the eventual Revaluation to bring the Iraqi Dinar back on par with the US dollar, and hopefully higher.

For example, today in Iraq, a loaf of bread costs about 1,000 Iraqi Dinar. When the new currency is issued, that same loaf of bread will cost 1 new Iraqi Dinar. The new 1 dinar note will become as popular as our own 1 dollar bill. So, it's simple. The loaf of bread will retain it's exact same value - it will cost 1,000 OLD dinar -OR- 1 NEW dinar.

Now, this two currency situation won't last forever. Iraq will declare that we will have X amount of months to exchange our old high denomination dinar notes for the new lower denomination dinar notes. Just like it happened with the Euro, you had to exchange your old currency for the new Euro. There was a certain time period to do the exchange in. After that, the old currency was no longer valid for purchasing goods and services.

So, you see, the value of the loaf of bread or whatever the "thing" is, will remain the same. It has to go like that or the whole thing doesn't work. There will simply be two different mediums of currency for a short time. It's sort of like saying if a loaf of bread cost $1.00, you can pay for it with 100 pennies or a 1-dollar bill. Two different mediums of payment, but same value.

Now, the good news is that there will be an RV. BUT, it can only happen AFTER the Re-denomination and the new currency comes out. So, if the RV comes in at 3.25, for example, that's $3.25 against the new currency, not the old currency.

See, that's been the whole confusion for years. Some people thought the RV would happen on the existing IQD notes, which would make everyone millionaires. It was this original Re-denomination/new currency story that got bent out of shape and everyone jumped on the bandwagon and ran with it. The story got contorted into a get-rich-quick deal. Who could pass up the appeal of possibly making millions on a thousand dollar investment? It created the whole IQD frenzy that we've seen over the last year.

So, it's just been a mis-interpretation all along.

Yes, there will be an RV, BUT only AFTER the Re-denomination occurs and only re-valued against the new currency, not the old currency. You will have to exchange your current high denomination notes for the new lower denomination notes. Then, sometime later, the RV will happen at a rate somewhere between 3.25 to 5.25.

So, using the 3.25 rate, for example, 1,000 new IQD will be worth 3,250 US dollars. Not the millions we were all hoping for if you were basing the RV on the old high denomination notes. Bummer, but at least we're getting a small profit out of it. And of course, it's better than taking a loss.

The only question is when. One thing for sure is, when the new currency comes out, it will probably be best to exchange your old IQD for the new IQD as soon as possible. So then you'll be ready for the RV.

No big deal right? We've waited for years already. So what's a few more months? (years?)

Bottom Line... Look for the Re-denomination and the new currency to happen first, and then the RV later on. I think that scenario makes much more sense. Don't you? You heard it here first!

Where I highlighted your post in red is where I stopped reading.

The loaf of bread won't cost ANY different AFTER the redenomination, than before the redenomination. The method of paying for it, however, WILL change.

Yes, it makes sense to RD and RV, and I don't see why they don't just do both at once. "Hello, yes, this is your new money, and this is what you can buy with it now, since it's FINALLY WORTH SOMETHING AGAIN!! Sorry it took so long, but we did the best we could. Byeeeee."

No, I didn't hear it from you first. I've been making numerous posts about that very thing for the past week or so.

GO RV !!!

[****Very Interesting Scooter Chat****]

Sorry, but I can't make a lot of sense out of that. DFI protection was extended, but it wasn't? They're about to release new 50,000 and 100,000 Dinar notes, but this is a "good" thing? To me, this indicates more delay, not an imminent RV. It sounds to me like they have a desperate need for larger notes to facilitate transactions, and "eventually" intend to re-denominate, followed by revaluation to remove the large three zero notes from circulation. This would appear to be a very lengthy process. Issuing new large notes would seem to be very costly and unnecessary if you're days, weeks, or even months away from RV. Maybe it's just me, but I can see nothing good for us that's "imminent." I commend Scooter for attempting to put a positive spin on it, but his "windows" seem to be appearing in a much larger building as one after another closes.

K but Legolas, a revalue DOES NOT remove the large bills from circulation. That's what re-denomination is for. Re-denomination PRECISELY DOES remove the large bills from circulation!!

I know that I've been beating this drum for a while, and I'm going to keep doing it because IT MAKES SENSE!

Reval and redenom go hand in hand. What's the point of removing the large bills and replacing them with smaller ones, without increasing the VALUE of the new small bills? Well, other than making it easier to carry around your cash and to buy things, not a lot because the bills are worth exactly the same BEFORE than AFTER.

Straight redenom is all fine and well, but unless the VALUE of the bills changes, the people of Iraq are still going to be in the same position economically than they are before they redenom. You're right. It IS a very lengthy process, and it's never been done on this large a scale. with the entire world watching.

RD without RV is pointless, in the long run, because it does nothing concrete to move them forward.

GO RV !!!!!

[Another "rumor"]

Hi, thanks for your post! According to whoever wrote this email, they believe that once the zeros get dropped from the current Iraqi dinar currency then they will have to carry around a ton of dinars just to pay for the things they need. This is actually false, if Iraq decides to drop the zeros before they revalue both the larger and smaller denominations will be legal tender allowing for the iraqi citizens to use whichever currency they choose to pay for with until either the larger denominations become worthless, or they all get taken out of circulation (gradually). Some people are confused as to how the iraqi citizens will be able to pay for their stuff without having to carry around a ton of dinar. This is really simple, each item will have two different price tags, one for how much you would need to pay if you had a larger denomination, and another price for how much would you need to pay if you had the new smaller denominations. Basically, they will just adjust the price of each item to match its currency. It would be confusing for a while until the iraqi citizens can get used to the whole switch, but it has happened with other currencies that have dropped their zeros, so it can most definitly happen with this one. If Iraq's economy ends up improving and stabilizing, then so will the dinar which could result in a revaluation of the NEW iraqi currency, not the banknotes we all currently hold. Our banknotes and the new banknotes will not have the same exchange rate, they will have different exchange rates since they will be considered seperate currencies.

Unfortunately, if Iraq does not revalue before they drop the zeros, or if they decide to only revalue the new currency and not our banknotes, then our dinars will be worthless since the new exchange rate (if they revalue) would only be applied to the new currency. So let's hope they don't do that and we should be just fine!

EEK!!

Really?

Anyone think this is a real possibility? Of all the possible scenarios, that's one I hadn't considered.

Anyone care to comment on that tidbit ??

[PTR]

what the deal with banning words?

That's the thing with private sites like this one: Management decides what they deem appropriate. If management decides that they don't like a word or a term because it's demeaning, or destructive, or hurtful, so be it. If someone is given fair warning to please stop using said word or term ... and they keep using it, how idiotic and ridiculous is it to complain about getting a consequence AFTER RECEIVING FAIR WARNING TO STOP. (Talk about arrested development!)

If someone decides that they don't like operating within certain limits, rules or boundaries, they're free to leave.

It's really very simple.

GO RV !!!

[Bookmark this thread: There will be NO RV!]

Notice NO ONE is answering your post. Deep down inside most everyone here KNOWS the RV is a scam! It's the PERFECT sceme by the dinar sellers to sell dinars and to raise everyone's hopes up to unrealisitic levels!

No one is making money but the dinar sellers! There is not a single legit article from a legit source that says the RV is real. On the other hand there are good articles saying the RV is a scam like the one I posted in the OP. There are actually quite a few on the net and it makes PERFECT sense how the entire RV illusion was created by pumpers just to sell dinars! What better way to do it??

Just like the guy I talked to in 2005 who SWORE it would happen before January 1,2006! Some naive people here are falling for the same lines and hype!

*Grabbing my broom to swat away the ra ... I mean the seagull.

Seriously ... WHY are you here? Since when do you know what's 'deep inside' or anyone but yourself?

Your OP was nothing but propaganda. People have been making money on foreign exchange transfers for decades and decades - why should this be any different? It's LEGAL for the dealers to charge a fee, and if there are people foolish enough to pay ... then who's fault is it? Not saying I agree or support what happens then ... but SO WHAT!

No one is being taken advantage of without their consent, so again ... W H Y are you here? You're not telling us anything we don't already know, and if you've been around as long as you say, then you KNOW IT.

*swat swat swat* now shooo !

[Bookmark this thread: There will be NO RV!]

Waycooljr....You have a right for your options, but so do I.

I will not be swayed by "The Spin Doctors" and I will remain neutral until something OFFICIAL comes down the pipe. Until it's official, we really won't know the truth. So while we wait, there's no need to consider this a lost cause.

I am riding this all the way to the top OR all the way to the bottom. I am prepared for both! What it is, is what it is!!! Neither you, Nor I know yet, what it will be. There's a reason for that. They don't want us to know anything for sure.

I am enjoying the ride, but it sounds like you're not.

Well said BlueJeanBaby....+1 from Jolly Roger.

Stop that, Roger ... you're making me blush.

[Bookmark this thread: There will be NO RV!]

The scenario described in the original post (OP) only covers what happens when currency is re-denominated.

OF COURSE the value doesn't change ... because it's simply a re-denomination, wherein they remove the larger bills from circulation and replace them with smaller denominations of THE SAME VALUE.

The OP is not telling us anything new. The post being quoted has been posted here numerous times.

All the hoopla over nothing ... literally.

Not only that - but why come in here and be a seagull? Seagulls fly around, squawking and making a lot of noise, pooping all over everything, and then they fly away leaving confusion and chaos."THERE WILL BE NO RV" ... well, no, if you base your conclusion on the information in the OP alone, then it would look like the RV can't happen.

Those among us who don't base our opinion and conclusion on that post alone, but who get our information from many other sources, will make different conclusions based on other facts such as:

WTO won't allow Iraq to become a full member without a working government in place (which is happening), and without a currency that's viable and worth more than wallpaper. The WTO gave Iraq a deadline of 30 June 2011 to dot their i's and cross their t's ... which is actually an extension of the original deadline of 30 December 2011.

UN Sanctions are being lifted today (30 June) which opens the doors for Iraq to be able to export their resources (which are vast, significant, and will bring them stability.)

To re-denominate WITHOUT revaluation is ridiculous, pointless, and serves NO ONE ... well, ok, it serves the citizens of Iraq in one important way: It makes carrying around their worthless money easier because they won't need a huge wad of bills in order to buy milk, but that's about it. Their money will STILL be worth less than a penny against the dollar, and they STILL won't be able to spend it outside of Iraq because the IQD isn't recognized on FOREX or in any other country as currency open for trade. Without RV after RD, there's really no point in wasting the ink and paper to print the new bills.

If Iraq wishes to become a major player in world economics, they need currency that is recognized and respected. No one will invest in Iraq or help with the rebuilding of their infrastructure (roads, schools, power plants, hospitals, etc) if they will only be paid in IQD at the rate it's worth today. The citizens of Iraq will still live in the hole they've lived in for 20 years.

it might not happen today or tomorrow ... but it's imminent, based on what I have read.

That's the thing about seagulls ... they're rats with wings.

GO RV !!

[Bookmark this thread: There will be NO RV!]

I don't know where you got these facts about the Kuwaiti Dinar, but they are all wrong. And your math makes no since at all.

Neither does your syntax. It's 'SENSE." Math makes no SENSE, since he did it wrong.

You're welcome.

GO RV !!!

[CBI Updated 30th]

Same rate( losing hope

I did read that Parliament is in session for a morning meeting, and that if they announce, it will be after that meeting.

In my travels, I have found that when you are about to give up on something that is meaningful to you ... THAT is when you have to gather your strength around you and remain steadfast.

I said that in another post in a different thread, so at the risk of becoming redundant, I'll say it again here. Just keep positive, and don't give up. Iraq has done WAY too much towards this end, for it to never happen. Keep in mind that this is history in the making, and this monumentally huge thing has also never happened before with so many eyes watching. I wouldn't give up now - NO WAY.

GO RV !!!

[Adam Montana Chat 6-29-11]

WHAT THE ____????

Well ... I actually read the chat and, seeing how fast it moved and how well Bumper and Adam worked together, and since Bumper was THE BOMB, I'm showing respect and appreciation to Bumper by bowing and curtsying (although you can't really see the curtsy. I have a bad knee, so it's more of a head-bob than a full curtsy).

GO RV !!!!!!

[Question...how does the RV help Iraq?]

So I don't understand why Iraq has to RV to make the budget? How does RVing give Iraq more $? I think i would be less confused if I understood that point.

Imagine living in a country where your money is worth X amount (doesn't really matter - for the purpose of this explanation, go ahead and fill in the blank with whatever figure you like.) The economy in your country is relatively stable (for the most part), when suddenly, your country is thrown into war, and your money now buys A LOT less than it used to.

Let's say that your dollar used to buy a loaf of bread, but now, because the economy of your country has collapsed because of the war, your dollar can no longer buy a loaf of bread. Now, since your dollar has been devalued, you need 1000 dollars to buy a loaf of bread.

Multiply that by 20 years, and that's what the people of Iraq have lived by.

So, when their currency revalues, it will be WORTH MORE, and they'll be able to BUY THINGS with it again.

Not only that, but because the UN sanctions for trade are being lifted tomorrow (30 June 2011), they'll be able to export things again, and to trade again.

HOWEVER, lifting the sanctions is all fine and good ... but without currency that has buying power, it's futile.

Not only that, but the WTO will not give Iraq full membership without a currency that is recognized world wide as valid, or without a government in place. By the way, the deadline on the WTO extension that they gave to Iraq to complete all the steps to become a full member of the WTO (for which they first applied in 2004) just also happens to be 30 June 2011.

Not only that, but no one will want to invest in Iraq and help them rebuild their infrastructure (roads, schools, hospitals, power plants, phone lines, oil wells, etc) and give them assistance with other economic development if their currency is worth what it is right now.

Unless they give their currency more VALUE by the RV, none of these things will happen, and the citizens of Iraq will continue to live in this hole. They won't be able to open a business, buy or sell stuff on ebay (most don't have access to the internet to begin with but that WILL change once they build new power plants and people are able to BUY things again), buy homes and cars, etc ... but right now, with money that's worth less than a penny against the USD, they're stuck utterly.

Now, one other thing to consider is that, if they do revalue their currency, they will also need to do away with the larger denominations (like the 25,000 notes we all hold.) THAT is why they must also re-denominate, but I think the re-denominate must go hand in hand with the revalue. To do one, without the other ... I can't see it happening.

The re-denomination won't affect us over here that much, because since we don't live in Iraq, we can't spend the big bills anyway. For me, it's RV or bust. However, if they do announce a re-denomination officially today, that can only mean the RV isn't far behind IMHO.

GO RV !!!!

[YES]

It's 12:35 Arizona Time... fyi

Things like this take time. As long as the Date on CBI still says June 29, I still have faith.

GO RV! Krem

I read that the meeting in Parliament is morning meeting, and that they'll announce (if they're going to announce, which OF COURSE I want them to) after the morning meeting, which would bring us to like noontime Baghdad.

COME ON BABY !!!

GO RV !!!

[Adam Montana Chat 6-29-11]

Your welcome fatman!!

Thanks Adam for the chat!! EE wasn't sure if he had all the chat but he did have it so we are all good!! Thanks for the help!! EE you are the best!

I'm not worthy! I'm not worthy!!

I bow to thee and to your greatness.

GO RV !!!!

[crazy bid/offer spread]

Just in case you do decide to look again.

If Iraq re-denominates, we will have an option to exchange our currency. Whether it is here in the US or in Iraq we WILL be able to exchange out currency. There is no question about that. At that point we will be able to ride it up as it WILL naturally increase in value.

If it RV's or RI's well....that will be a great day.

This is not a scam at all.

Sweetie ... if it re-denominates, why exchange your bills? Unless you actually live in Iraq, you can't spend it on anything -right? So it's pointless to exchange big bills for smaller when you can't spend them.

If it re-denominates, I'll keep mine close at hand for the revaluation that should follow ... but there's really no need to switch them in for smaller ... which, now that I think of it, will likely be impossible in any case. I can't see the CBI sending out smaller bills to the banks in the US and around the world. What would be the point?

For me, it's RV or bust, all the way. This isn't a scam. I totally disagree with the one who claims to work at FOREX.

[crazy bid/offer spread]

For those of you wondering why I posted...let me answer. The reason is that I'm partly curious...and very annoyed by the number of dinar calls that my team takes each day. We're trying to do legitimate business and I get these idiots on the phone telling me that my bank is one of the major Iraqi dinar dealers and accuse me of lying to them when I say we don't deal in dinar. What am I supposed to say to someone like that? I recently learned that a relative of mine bought a grand or so worth of dinar. I suppose that's what really made me mad. I've seen hundreds of scams over the last 15 years working at the bank, but this one really takes the prize. The sad thing is that selling paper currency for absolutely crazy exchange rates is perfectly legal...which is why this scam has been around so long.

Best of luck folks. I think you stand a better chance investing in an aggressive portfolio of lottery tickets.

What you're supposed to do is DO YOUR JOB, keep taking the calls, and eventually things will die down.

Between now and then, pull up your big boy pants and leave us be!

The ONLY thing that's even remotely 'scam-like' are the ones jacking up the rates for buying the dinar - but, again, if there are suckers who pay for it, who's fault is it!? PT Barnum said it best: "There's a sucker born every minute."

As for me, I got my dinar at a legitimate currency exchange place and only paid $3.00 for the transaction fee each time I went there (yes, three dollars. I didn't purchase that much, but even if I wanted to get a million dinar, or however much they had to clean them out, the most they would have charged me is $15. That is their cap.) Until it either revalues, or it is announced that the currency will not revalue by the CBI, I will remain hopeful, optimistic, and otherwise positive about what may come. Given all of the strides that Iraq has taken to become a full member of the WTO, getting their government in place, etc ... why NOT believe in it? It just might happen ... right? YOU can't say for sure one way or another, can you?

REALLY ... what is your point in coming here? Everyone knows that you're not telling us anything we don't already know, so why not just come clean?

[Time to Cut out the Cancer]

I think many on here are of the opinion that this is one of the best sites out there, if not the best; however, it is very upsetting to continually see the continuous negativity that spews from the opinions of some on here such as Chuckst3r and Tmcgrw. Yes, I have no problem putting some people on ignore, but if the consensus agrees that some individuals in particular always seem to be combative and destructive does everyone have to suffer just to allow those people to voice their opinions? Is it right to make all of us take the measure to ignore them? I am all for having a different opinion or perspective and encourage healthy debate, but I personally don't see anything healthy from the majority of their posts. I don't want to make a federal case of this, but I am just curious how many negatives someone has to get before they minimally lose posting privileges? Some people don't need to post, but they certainly may need to have the opportunity to continue becoming more educated in this via members that are knowledgeable in this investment. Not saying banned although I would not be opposed to that either. I had to check a profile after one person received 40 negatives in one reply only to discover their total was negative 234!!!!! Wow, my thinking is if some steps are not taken others may feel they can come here and post the same BS and insanity without repercussions. Aaaarrrrgggg, That's it, hope a mod sees this and proposes it for review/consideration. I am ready to be a healthy family again......I say let them move on to another forum and carrying on with their infectious disease of negativity there.

You're talking out of both sides of your mouth. One minute, you're saying that you're all for healthy debate and putting people on ignore, and the next, you're saying that steps need to be taken and that you're open to them being axed.

You ARE, in fact, saying ban them.

Be honest, would you please?

SO WHAT that you don't see anything positive in their posts ... bit fat hairy deal. I probably don't like them either, but I walk the walk of not reading their stuff anymore. PROBLEM SOLVED.

If you don't like them, why are you going to their profile? If you have them on ignore, why stalk them and see how many negatives? Simply forget about them, and move on ... hmm?

... if steps are not taken ... that reminds me of the lawmaker who wanted to ban conspiracy theories. It's all ridiculous, and you're starting to sound like the lefties who only want people with whom agree to make the headlines or be in office. Sorry, but ***NEWSFLASH*** the world doesn't work like that.

Again, if you don't like someone, put them on ignore (noun), and then REALLY IGNORE THEM (verb).

The difference between you and me is that, while I disagree with someone, I will fight tooth and nail for their right to say what's on their mind. You would rather just get rid of them.

This is a private site. Management makes the policies and rules. If people get negatives, so what? All that means is disagreement. If the person with the negatives has said nothing against site policies and guidelines, why should they be banned or silenced?

Who is right, and who needs to grow up a little?

[crazy bid/offer spread]

If everyone could get past the "it's a scam" part of this post for a second please. How do you think Mr. Montana was able to negotiate a great rate for his VIP's? The larger the deal the better the rate. These banks have pricing models, it's pretty much an exact science. Those that have a lot of money get better deals. Do you for one second think that the person cashing in 1 million dinar is going to get the same deal/spread as someone cashing in 10 million? There is such a thing called exception pricing and it is used for high valued clients. High valued clients are aware of this and use it to their advantage all t he time.

I"m just asking for those of you with an open mind to please go back and read for understanding. I would not be so eager to dismiss the entire post just because he said it was a scam. The dinar dealers are making a killing.

I read that part and responded to it. If there are fools who will pay the exorbitant fees, why shouldn't a shyster try to make a buck? I have no problem with that - it's spot on, actually.

What I DO have a problem with is this guy who comes in here out of the blue and makes it sound like he's doing us a favor by telling us something that we don't already know.

I really wish they'd just tell us the OTHER nickname that we know them as and end the charade.

[crazy bid/offer spread]

BlueJeanBaby , You Rock.

Do you really think so?

[crazy bid/offer spread]

SO WHAT YOUR SAYING IS THAT MY BANK AND THE FOREIGN CURRENCY EXCHANGE WHERE MY BANK PURCHASES IRAQ DINAR CURRENCY FOR ME ARE SCAMMING ME????

WOW WHAT WAS I THINKING

THANK YOU FOR LOOKING OUT FOR MY BEST INTEREST..HOW DARE MY BANK THAT I HAVE BEEN A CUSTOMER FOR 25 YEARS PLUS HOOK ME LIKE THAT......

I MAY NOT BE A SMART MAN JENNY BUT I KNOW WHAT LOVE IS

DAME

Stupid is as stupid does.

[crazy bid/offer spread]

Why would you A) take the time to find out about this website; B ) take the time to make up a nickname and join; C) take the time to make this post, moments after joining?

None of what you've done today makes the slightest bit of sense.

I don't think you're some random person who stumbled upon this site out of the blue, and are here to do us a favor by giving us the head's up. I think you're well known to some, but are here in a hider nickname just to stir things up.

The dinar, in and of itself, is not a scam. The scam is whoever jacks up the fee, and the fools are whoever pay those fees, but we certainly don't need you to tell us that.

Why not just crawl back under your rock, and leave us to ourselves?

[Here you go Keepm-In my Efforts to keep Balanced]

Yes you're Right..I said if they RV after RD....the value would increase..and small profit from original purchase .....but in doing so...Still, like now, we may not be able to exchange for the total amount of dinars we are holding. Like now, the banks can or decide not, to exchange at all, as well as if they elect to exchange...they can place limitations on the amount we can exchange. So investing the balance of dinars would be one thing to consider instead of sitting in a sock drawer.

What different scenarios are you speculating for Your interest? I know what we all hope for but with all the information..what other game plans would be up for grabs if not a straight out exchangeable RV beyond discretion of banks and dealers?

Wishwell11

If banks decide to not exchange our dinar, they would be missing out on loads of revenue from the fees they charge plus on our business in all the other aspects of banking that we would bring to them. Additionally, I don't see why banks would put a limit on how many dinar we can exchange, because it's none of their business how much dinar we have. Their only obligation is to verify that the currency we are exchanging is not fake, and that we obtained the dinar through legal means. Once the currency is authenticated and verified that it was obtained via legal means ... why would they miss out on all the profit THEY will make, by putting limits on how much they'll allow?

A few weeks ago, I went into my branch of B of A and asked them about foreign exchange wire transfers - what their fees are, how the transfer takes place, how long it takes, who is responsible for it going through (the entity making the transfer, or me as the recipient), what the FDIC limit is on larger amounts (as of now, by the way, it's unlimited. This will change in 2012, however, to $250,000), and a few other questions. I never mentioned which currency I was expecting to deal in until he asked me, which happened to be when I asked about the FDIC limit for larger amounts. THEN he became curious, at which point I told him it's IQD. he paused, and I told him yes, I know it's devalued right now, and not a recognized currency on FOREX ... HOWEVER, I asked if such a time ever came to pass that the IQD did become recognized and was traded on FOREX, would any of the procedures we discussed be any different? This is when he got up, went over to behind the bullet proof glass, talked to someone back there, came back and told me that if the IQD ever became a recognized currency on the FOREX and everything was on the up and up, yes everything we discussed would still be in play.

Having said that, banks aren't the only place to exchange them. The currency exchange place I purchased mine has corporate offices which I've been in contact with, and I can also go there to trade them in once the RV happens.

Something else to consider is that Iraq may very well impose a deadline in before which we must turn in our large denominations, so keeping them in a sock drawer in that scenario would be a mistake. If they do, in fact, impose a deadline, then you might as well turn them in for whatever the new RV rate is. If all they do is switch out the large denominations for smaller ones without changing the value of the bills (ie: redenominate), then you would want to keep them in a sock drawer because they would only be worth what they're worth right now - nothing changes in a redenomination.

Anyway, that's my take.

GO RV !!