FORBES - (misinfo?) Dinar Deception Driven By False Hopes

[RVIP]

http://www.forbes.com/sites/johnwasik/2013/05/28/dinar-deception-driven-by-false-hopes/

 

   Any one else see this article? One of the worse ones I've ever seen about Dinar being a scam and the morons who invest in it...... Misinformation? I would think so and gets me worked up when I see this stuff.

   It was in Forbes about a month ago. All you can do is read between the lines.... and this coupled with articles that outwardly claim they are "Resetting" the currency... well, oh ya! That's the kind of between the lines I can get excited about !!!

 

 

 

Dinar Deception Driven By False Hope

I don’t think it’s a coincidence that the Iraqi dinar features the ancient Tower of Babel.  The monument symbolizes how people can hear different languages, when the message is essentially the same.

The Iraqi dinar is still being sold to thousands of unwitting buyers. The country is still in trouble politically and economically. The currency keeps losing value to the dollar. It is not traded on any legitimate foreign exchange.

Yet it’s still being hawked as the latest get-rich-quick scheme. Hopeful buyers keep accumulating the paper, believing the oft-told tale that the Iraqi government will somehow revalue the currency in their favor, so they keep buying more of the questionable notes. There’s a better chance of finding Aladdin’s flying carpet in your local Home Depot HD +1.44% or some day seeing Facebook FB +2.15% priced as high as Google GOOG +1.22%.

 

Last week, the dinar’s value plunged even more against the dollar: from 1,200 to 1,300.  This development shows that the dinar’s dropping value represents hyper-inflation in the troubled country, which has been beset by more than 500 deaths due to sectarian violence in recent months.

Where does this leave you if you’re a dinar investor? It means you’re holding paper that’s worth increasingly less. If one was to consider it an asset — one that’s untraded and not listed on any real exchange — it would be like owning a rusting, undriveable car sitting in your driveway.

Last week, Adil Abdul-Mahdi, the former Iraqi vice president who resigned from his post, harshly criticized the current government’s economic policy (as reported by Al-Monitor Iraq Pulse):

“The high demand for the US dollar that we have seen for months has been widening the gap between supply and demand, at about $60 million-$70 million per day. A black market has emerged, in addition to two different exchange rates with a difference of 8%-10%.”

Why would Iraqis prefer dollars? Because their own currency is worth less and less, so their purchasing power diminishes.  That’s not only the curse of inflation, it’s a sign of an unstable economy and lack of confidence.

If you’re an investor in dinars, it would be essential to find out what the market is for selling the currency (before you buy it, which is not recommended). In a healthy market, there’s an active exchange on both sides of the trade.  There are now several dealers on the Internet willing to sell you dinars, but what will they charge to buy back the currency? My educated guess is that you won’t be able to get what you paid for them — ever.

I realize that you can probably buy hundreds of thousands of dinars for relatively few dollars. But you shouldn’t expect a payday. There’s no relationship between the value of the currency now and future appreciation. These notes may continue to devalue and the Iraqi economy and political state will suffer more strife.  There’s no reason that you should share in their economic misery.

 

 

 

Edited July 8, 2013 by RVIP

[TexasGranny]

This article is dated 5/28/2013 and is an opinion piece. Nothing new from the doubters.

 

Moving to Opinions.

 

[AJC]

Yes, I recall reading this when it came out earlier in the year. Just the writer's opinion, nothing more. He will be the BIG LOSER !!!

[VIZIOIRAQI]

This article is dated 5/28/2013 and is an opinion piece. Nothing new from the doubters.

 

Moving to Opinions.

 

Rotten Opinions no doubt thank You TG !!

[R Veyron]

I say after RV we all pitch in and buy them a camel and leave it tied up outside their office. Perhaps then they will get the message.

[TexasGranny]

I say after RV we all pitch in and buy them a camel and leave it tied up outside their office. Perhaps then they will get the message.

 

:bravo:

 

[jsilveira66]

Yes, I have a few people hand me this article, and another from 2 yrs ago.......would love to hand it back to them soon.

[saradise]

There will always be negative articles, but I feel I have enough information to feel confident in the belief that the RV will happen. There are a lot of very smart and well-educated people on this forum....we wouldn't all be here unless we all felt very strongly that this is a good investment. Go RV!!

[Bobushka17]

He's worried about the violence in Iraq! He should be worried about the 72 shootings in Chicago over this past weekend. So much for their tough gun control laws.

Inflation has stabilized and its time for the zero's to go. Go RV! Good for Iraq and good for us.

[Rasica]

He's worried about the violence in Iraq! He should be worried about the 72 shootings in Chicago over this past weekend. So much for their tough gun control laws.

Inflation has stabilized and its time for the zero's to go. Go RV! Good for Iraq and good for us.

 

Excellent point Newbie, plus he has nothing absolutely nothing that gets to the meat & potatoes of the IQD. He speaks as if Iraq is 'supply/demand' it is Keynesian 'debt based' economy. He still believes that Austrian economics is controlling Iraq [though it should] it is not.

 

Here is something this Forbes author of this 'hit piece' should read and that is what The U.N. Security Council stated in their 15-0 unanimous vote to release

Iraq from Chapter VII.

 

 

Most hit & run sites on the Internet claim Iraqi Dinar scams are made by boasting the exact same thing THAT The United Nation’s Security Council just stated in their release of Iraq from Chapter VII.

 

                                           Important for Iraq In ACHIEVING [Pre 1990 International Standing].

 

EXAMPLE 1:

In their attempt to discredit the Dinars ~ they state that The IQDs are sold on misleading hype.

 

A) They state;

 

Many dinar dealers refer to the value of the Iraqi dinar prior to the 1990 Kuwaiti invasion (1 dinar = $3+ US Dollars) as evidence that the potential for the dinar is theoretically unlimited.

                                    The United Nations Security Council Just Said The Exact Same Thing Above!!

 They state;

 

They don’t mention that the pre-1990 dinar has been demonetized (worthless) and that its value was arbitrarily set by an autocratic regime led by Saddam Hussein.

 

This is an incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 PERIOD!

 

C) They state:

 

Following the embargo, the ability for the Iraqi government to manage its currency’s value collapsed and it spent the next 10 years at 2,000 – 3, 500 dinars to the U.S. Dollar.

 

Again another unlink-able incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 to $1 USD PERIOD!

 

These [ Dump Sites/ Hit & Run Sites ] are unbelievably incoherent!

 

Especially, when they try to discredit common knowledge about Iraq’s Return to Pre-1990 Dinars as Hype!

 

Nothing could be a truer statement by a dealer than to state ‘EQUAL’ to Pre-1990 and when supported by The United Nation’s Security Council’s own statement that this is the goal when then affirmed again within the “draft resolution’s preambular part”.

 

                                             Important for Iraq In ACHIEVING [Pre 1990 International Standing].

 

 

Tell the Anti-Dinar Scam Propagandists to think first.

Edited July 8, 2013 by Rasica

[RVIP]

Excellent point Newbie, plus he has nothing absolutely nothing that gets to the meat & potatoes of the IQD. He speaks as if Iraq is 'supply/demand' it is Keynesian 'debt based' economy. He still believes that Austrian economics is controlling Iraq [though it should] it is not.

 

Here is something this Forbes author of this 'hit piece' should read and that is what The U.N. Security Council stated in their 15-0 unanimous vote to release

Iraq from Chapter VII.

 

 

Most hit & run sites on the Internet claim Iraqi Dinar scams are made by boasting the exact same thing THAT The United Nation’s Security Council just stated in their release of Iraq from Chapter VII.

 

                                           Important for Iraq In ACHIEVING [Pre 1990 International Standing].

 

EXAMPLE 1:

In their attempt to discredit the Dinars ~ they state that The IQDs are sold on misleading hype.

 

A) They state;

 

Many dinar dealers refer to the value of the Iraqi dinar prior to the 1990 Kuwaiti invasion (1 dinar = $3+ US Dollars) as evidence that the potential for the dinar is theoretically unlimited.

                                    The United Nations Security Council Just Said The Exact Same Thing Above!!

 They state;

 

They don’t mention that the pre-1990 dinar has been demonetized (worthless) and that its value was arbitrarily set by an autocratic regime led by Saddam Hussein.

 

This is an incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 PERIOD!

 

C) They state:

 

Following the embargo, the ability for the Iraqi government to manage its currency’s value collapsed and it spent the next 10 years at 2,000 – 3, 500 dinars to the U.S. Dollar.

 

Again another unlink-able incoherent ad hoc statement towards Pre 1990 International Standing. The Dinar became worthless due to war , due to being attacked by The U.S. Nothing else in the financial world can change the fact that Pre 1990 IQD was $3.22 to $1 USD PERIOD!

 

These [ Dump Sites/ Hit & Run Sites ] are unbelievably incoherent!

 

Especially, when they try to discredit common knowledge about Iraq’s Return to Pre-1990 Dinars as Hype!

 

Nothing could be a truer statement by a dealer than to state ‘EQUAL’ to Pre-1990 and when supported by The United Nation’s Security Council’s own statement that this is the goal when then affirmed again within the “draft resolution’s preambular part”.

 

                                             Important for Iraq In ACHIEVING [Pre 1990 International Standing].

 

 

Tell the Anti-Dinar Scam Propagandists to think first.

go rv!

[sandfly]

THANKS

[sportfisher]

I say after RV we all pitch in and buy them a camel and leave it tied up outside their office. Perhaps then they will get the message.

how about "In" their office?