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Florida123

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Posts posted by Florida123

  6. strange discussion at the bank today

    in Dinar Rumors

    Posted

    The first time I purchased Dinar throught Dinar Trade I did a wire transfer. For some reason the girl @ the bank felt the need to research Dinar's. She did not send my wire transfer, held it up, called me to tell me that the Dinar's was a scam and would I please stop by the bank and get the info she had. She was using NASDAQ (?), but the information was from either 2004 or 2006 (can't remember exact year now). My wire transfer was held up two days before she sent it through.

  7. Our Story

    in Dinar Rumors

    Posted

    My son invested with his own money when he was 16. My daughter has been unable to due to job loss, so I bought some for her. Most of my family and friends have invested on their own. The ones that didn't, so sorry, they had their chance!

    Family friends son who served 3 tours in Iraq was the only survivor of an attack, just committed sucide. I will be donating dinars to his unborn child.

  18. Info on ebay that you do not want to purchase

    in Dinar Rumors

    Posted

    I purchased this info off ebay just to see what it said. The info is not up-to-date.

    IRAQI DINARS ~ !!!!!!!!!!!!!! READ FIRST BEFORE YOU BUY

    Aj Santiago [israels21@yahoo.com]

    Sent: Saturday, April 03, 2010 6:44 PM

    To:

    Thank you for your quick payment!! Here Is your information on iraqi dinars. If you have any questions feel free to email me and I will be happy to answer them. Hope this information helps.

    Overview

    Even if the iraqi dinar gains value, it will be demonetized and new currency will be issued. of course there will be another grace period for turn-ins, but being in the united states where will you exchange a heap of iraqi cash? and even if you do manage to exchange them, (at an extremely well-stocked airport kiosk?), your "old" iraqi dinars would be converted to the "new" ones- they won't keep their old values, and you won't be rich.

    for example....does anybody ever go to mexico? try converting an older 1000-peso note at the current exchange rates. won't happen! don't be fooled. these new notes are nothing more than inflation notes. does anybody remember the million/billion/trillion-mark notes of germany before wwII? they're pretty much worthless.

    if iraqi notes were truly going to make you money, do you really think that the thousands of currency dealers would be so over-eager to sell them? the majority of these bills are coming out of cash-strapped dealers in lebanon and jordan. think about it...

    A number of people have begun touting so-called "investment" opportunities in the Iraq Dinar as a "sure way" to make a lot of money with little or no risk. Many of our clients have asked our opinion on the legitimacy of this.

    Is "investing" in the Iraq Dinar a sure way to profit? We don't think so. In our opinion, buying the Iraq Dinar is a high risk investment with a poor outlook.

    A Little History

    The official rate of the old Iraq Dinar, $3.22 USD (U.S. Dollars), was set in 1982 by Saddam Hussein. The old Iraq Dinar could not be freely traded, so this rate was never tested or upheld on the world market.

    The current Iraq Dinar (IQD) was introduced between October 2003 and January 2004 by the Coalition Provisional Authority in close consultation with financial experts from Iraq and the international community. The IQD is currently valued at a little less than seven hundredths of a US cent. (1 USD = 1460 IQD). The old "Saddam" Dinar has no current value and is worth only what a collector is willing to pay for it.

    What's Happening Now?

    The IQD is not freely traded, and is not being used in any significant international transactions. We are unaware of any official bank or foreign exchange office outside of the middle east that will exchange the IQD.

    The IQD trades on a very small, tightly controlled exchange. The total volume of IQD traded by the Central Bank of Iraq is in the thousands of dollars, compared to the $1,900 billion dollars traded on the Foreign exchange market every day. This small number of trades makes the IQD's value effectively immaterial.

    The Central Bank of Iraq's stated objective is not to promote the free trade of IQD, as is the case in a true free market economy, but rather to keep the value of the IQD stable. The only way the Bank can ensure the semblance of stability is by tightly controlling the exchange of IQD on the market, and by ensuring that the currency cannot freely trade on the open market. They evidently fear that open trading of the IQD would lead to a rout in which the value of the IQD would sink to practically nothing.

    Consider the situation. Why tightly control the trading of the IQD if it is likely to appreciate in value? If the value of the IQD were to surge, this could be held out as evidence of a surge of confidence in Iraq's economy. So why not open the IQD to free trading? Why would this be done unless the Iraqi Central Bank itself feels that the IQD would decline in value in a free market?

    A Snapshot of Iraq Today

    The current situation in Iraq is pretty grim:

    Over a decade of international economic sanctions and a devastating war has left the infrastructure in tatters

    $125 billion of external debt

    Millions of dollars in post-war debt

    No stable government

    Insurgency steadily on the rise

    Oil facilities and pipelines are sabotaged regularly

    Many (including the former Prime Minister of Iraq) predict out-and-out civil war

    These aren't the kind of conditions typically conducive to the creation of booming economies. More to the point -- a 450,000% increase in the value of the IQD (as predicted by some of its promoters) seems ridiculous in the face of these challenges.

    But Surely There's Oil Under Those Dunes?

    A lot of the hype over the IQD centers around Iraq's vast oil reserves and their supposed economic value. The oil market is extremely unpredictable. An economy based on oil alone (oil makes up 95% of Iraq's foreign exchange earnings), will mirror that unpredictability. Let's look at a real-world example: Venezuela.

    Oil accounts for 80% of Venezuela's national exports and 50% of its government revenues. The country is one of the world's top five oil producers. In the last four years, Venezuela has experienced intense political instability, including an oil strike and an attempted coup d'

  19. Bank of America response in ref to Dinars

    in Dinar Rumors

    Posted

    Foreign Currency [foreigncurrency@BankofAmerica.com]

    Sent: Tuesday, April 06, 2010 1:39 PM

    To:

    Dear ,

    Thank you for your inquiry.

    Bank of America does not exchange Iraqi Dinars.

    There is no information on when or if Iraqi currency may become an

    exchangeable currency at Bank of America.

    Sincerely,

    Bank of America Foreign Currency

    This message is in response to your recent request. If you are not the

    addressee please contact us. Any reply to this e-mail will not be

    secure; please do not respond with personal or confidential information.

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