Question for Sunny1, Adam, Scooter, MedChat Frank etc.

[Rogue]

So I guess then you decided not to research the truth versus what you chose to believe instead. Thats fine. This dinar was placed as a temporary currency and has never been made the official currency of Iraq. That is why it is not recognized in most banks other than the sale of it, if you look up the official dinar dealers it only means the dealers hold the official license to deal in currency.

If you do not believe me then ask sunny1 or Adam or any other guru to chyme in on this no matter how they word it toward me it is the truth. So continue to laugh my friend I am not your enemy. I am in this with the same hope but just made a statement of fact and you jumped in on it and opened it up.

Once again please stop switching feet until you check the facts.

[Motorco]

So you are trying to tell us, that iraq spent countless millions, billions, whatever... to have trillions of a temporary currency printed? And all the trillions of dinar out in the world that countries, businesses, and individuals all hold is just temporary currency?

That does not seem like a wise move on Iraq's part...

[wbuse984]

So I guess then you decided not to research the truth versus what you chose to believe instead. Thats fine. This dinar was placed as a temporary currency and has never been made the official currency of Iraq. That is why it is not recognized in most banks other than the sale of it, if you look up the official dinar dealers it only means the dealers hold the official license to deal in currency.

If you do not believe me then ask sunny1 or Adam or any other guru to chyme in on this no matter how they word it toward me it is the truth. So continue to laugh my friend I am not your enemy. I am in this with the same hope but just made a statement of fact and you jumped in on it and opened it up.

Once again please stop switching feet until you check the facts.

This is the link to the CBI law...could you explain what Article 32 means? It appears to me that the CBI can issue legal tender (same as the Federal Reserve) in the country...I did notice as I read the entire document that they can change it at any time (so can the Federal Reserve)...additionally, if they do it specifically requires the CBI to do a one-for-one exchange within the document...however, it is Iraq

Just doing some homework, and asking, Keep what do you think?

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

[Rogue]

This is the link to the CBI law...could you explain what Article 32 means? It appears to me that the CBI can issue legal tender (same as the Federal Reserve) in the country...I did notice as I read the entire document that they can change it at any time (so can the Federal Reserve)...additionally, if they do it specifically requires the CBI to do a one-for-one exchange within the document...however, it is Iraq

Just doing some homework, and asking, Keep what do you think?

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

I agree with your homework completely

I have read it several times and have had my corporate attorneys read it too and it is a plan, a blueprint of sorts but not etched in stone such as the letter of intent where it says "for the purpose of this" it used the dinar but it specifies the RI which is the re-in statement of the currency which makes it not official or technically legal at this point.

Would a corporation such as the CBI spend millions to make millions more and then save millions by creating a new currency? Smart money would say yes which would be bad for us but is possible.

No different than having a foundation over seas own a corporation here, people work and invest in the corporation but when it bankrupts the foundation is safe as is all the money they have but the people invested in the corporation lose everything. Happens all the time people.

I support the chance as I have stated and am in this for that reason but again it remains the bottom line. Until such time by law that it would be reinstated it can be changed legally.

Edited July 8, 2010 by Rogue

[keepmwlknfny]

So I guess then you decided not to research the truth versus what you chose to believe instead. Thats fine. This dinar was placed as a temporary currency and has never been made the official currency of Iraq. That is why it is not recognized in most banks other than the sale of it, if you look up the official dinar dealers it only means the dealers hold the official license to deal in currency.

If you do not believe me then ask sunny1 or Adam or any other guru to chyme in on this no matter how they word it toward me it is the truth. So continue to laugh my friend I am not your enemy. I am in this with the same hope but just made a statement of fact and you jumped in on it and opened it up.

Once again please stop switching feet until you check the facts.

First off the reason it is not recognized in the banks IS NOT because its what you seem to call the "unofficial currency" of Iraq.......its placed on a list called the OFAC list I believe and that is for countries that are seen as harmful to the US and are under economic or trade sanctions based on US foreign policy and national security....which is why most people wonder why even now that they havent been taken off the list yet, seeing as how we have literally started them over as a country.....secondly, i will continue to laugh because of the fact that the DINAR has been in place in Iraq since 1932 as the currency of IRAQ and issued by the CENTRAL BANK OF IRAQ......so if you want to continue to view a 70+ year old currency as "temporary" then be my guest......the only thing that has changed is the FACE.....and yes they can change the FACE again if they wanted too.....but in the end what we have is STILL the DINAR and STILL issued by the CENTRAL BANK OF IRAQ.....at the point they are at right now rebuilding its a little too late for them to come out and say "oh yea, world, by the way we are now going to use the yuan or the pound as our currency" hahaha sorry but that will not happen and it doesnt take a guru to figure this kind of stuff out.......no one is switching feet my dude.....just calling it how it is....for what it is.....and how it is.....thank you come again......

This is the link to the CBI law...could you explain what Article 32 means? It appears to me that the CBI can issue legal tender (same as the Federal Reserve) in the country...I did notice as I read the entire document that they can change it at any time (so can the Federal Reserve)...additionally, if they do it specifically requires the CBI to do a one-for-one exchange within the document...however, it is Iraq

Just doing some homework, and asking, Keep what do you think?

http://www.cbi.iq/documents/CBILAW-EN_f.pdf

Nothing to worry about in my eyes..... Article 31 right above clearly is stated that the national monetary unit for Iraq SHALL be the dinar.....and after reading article 32 it doesnt point to me that they will or have brought the idea up or changing from the dinar to something completely different.....and continues to say that they are obligated to honor the bills they issue under their law.....

[jmw]

Sorry to take this back to the original question...but perhaps they are only giving you their opinion...it isn't a scam it is a commodity, but as an investment, to most wealth managers they would never recommend something that has an instant 17% loss as soon as you buy it with a very uncertain future....which is exactly what this investment is...there are many other investments available that don't come with a loss at purchase and a much more stable upside. Having said that as long as you balance what you invest with both then the risk may pay off. I am certain they aren't telling you something to throw you off....they are trying to give you the best advice they can.

[carolina.broker]

Sorry to take this back to the original question...but perhaps they are only giving you their opinion...it isn't a scam it is a commodity, but as an investment, to most wealth managers they would never recommend something that has an instant 17% loss as soon as you buy it with a very uncertain future....which is exactly what this investment is...there are many other investments available that don't come with a loss at purchase and a much more stable upside. Having said that as long as you balance what you invest with both then the risk may pay off. I am certain they aren't telling you something to throw you off....they are trying to give you the best advice they can.

Interesting statement since most investments are either front loaded or back loaded. If you buy a stock and then turned around and sold the next day (assuming the stock stayed the same price) you lost money right? Sure you did, but do stockbrokers tell you that when you buy you're already underwater until the stock rises? No! I look at this investment with potential for high returns with a handsome stop loss built-in. If your money manager told you that he had an investment with a guaranteed recoup of 83% of your investment, a potential for 50,000% plus and over three quarters of a century of charts... would you invest?? Class over

[wbuse984]

First off the reason it is not recognized in the banks IS NOT because its what you seem to call the "unofficial currency" of Iraq.......its placed on a list called the OFAC list I believe and that is for countries that are seen as harmful to the US and are under economic or trade sanctions based on US foreign policy and national security....which is why most people wonder why even now that they havent been taken off the list yet, seeing as how we have literally started them over as a country.....secondly, i will continue to laugh because of the fact that the DINAR has been in place in Iraq since 1932 as the currency of IRAQ and issued by the CENTRAL BANK OF IRAQ......so if you want to continue to view a 70+ year old currency as "temporary" then be my guest......the only thing that has changed is the FACE.....and yes they can change the FACE again if they wanted too.....but in the end what we have is STILL the DINAR and STILL issued by the CENTRAL BANK OF IRAQ.....at the point they are at right now rebuilding its a little too late for them to come out and say "oh yea, world, by the way we are now going to use the yuan or the pound as our currency" hahaha sorry but that will not happen and it doesnt take a guru to figure this kind of stuff out.......no one is switching feet my dude.....just calling it how it is....for what it is.....and how it is.....thank you come again......

Nothing to worry about in my eyes..... Article 31 right above clearly is stated that the national monetary unit for Iraq SHALL be the dinar.....and after reading article 32 it doesnt point to me that they will or have brought the idea up or changing from the dinar to something completely different.....and continues to say that they are obligated to honor the bills they issue under their law.....

Thanks for the input Rogue & Keep...I think there are so many factors against changing currency that is just won't happen...I think they are just going to do what they can to recall all the big bills when the smaller denoms come out, and the big bills will become instruments for Country-to-country and Bank-to-bank transactions...IMO anyways...

[DinarDiva007]

One other thing to consider and I hate to bring this up but... There is no commission for them to tell you to buy dinar, if they sell you a stock or an mutual fund they make money. If you only have 1k to invest wouldnt they advise you to do something that is also good for them. Just a thought.

[denbo420]

One other thing to consider and I hate to bring this up but... There is no commission for them to tell you to buy dinar, if they sell you a stock or an mutual fund they make money. If you only have 1k to invest wouldnt they advise you to do something that is also good for them. Just a thought.

Hey thats a good point, I don't think anyone thought of that

[kingfish]

I am personal friends with my banker. I am personal friends with directors of my bank. I am personal friends with my CPA. We party trogether, go out together with our wives. Go on fishing trips together. I have not told any of them about my investment, because I know that would change their opinion of me.... They think I'm a good business man and fairly intelligent about my money. I do not want this to change, I may need a loan from my bank president without him thinking I'm some kind of deranged idiot...for buying into something as stupid as currency from an unstable place as Iraq. When I first got into this investment 6 or 7 years ago, I was excited. I told a few people and some of my family, and tried to get them to buy some, so they could get rich also. All of them thought I hit my head when I fell out of the turnip truck or that I lost my mind... If I were you, I would not tell anyone about this, because most will not get into it anyway. If and when it does hit they will be the first ones to ask for money. They will feel like it cost you nothing, and you should help them out, because it was almost free money. If you are like me the ones you told about it didn't get in, but the first thing out of there mouth was... naw.. but when it hits, you can help your old buddy out with some of that free money..The only people that will know I was so stupid to buy Iraqi dinar will be my new financial advisor and my new bank president...... Think About That... Stupid Me......

I have told all my friends about buying dinars... When I tell them... I tell them that this is a risk and a gamble. I tell them that I am in...

I tell them they could loose all their money.... I tell them this is like playing the slot machine....and when they ask me why I am telling them this...

I TELL THEM BECAUSE I DONT WANT THEM TO CRY ON MY SHOULDER WHEN I SUCCEED AND THEY MISS OUT!!!

I dont want to hear... DUDE why didn't you tell me about this.

I think its going to happen and soon... Just wish it was before my class reunion last week!!! :P

Kingfish

[pokerplayer]

IMO all the so called "Smart people" won't even look into this because they think it is a scam. (They are just not properly informed / educated)

Is this logical? Yes

Is it potentially very profitable? Yes

Is it educational? Yes

Is it guaranteed? No

Nothing in life is guaranteed, other than we pay taxes and will one day die.

In the meantime rest well knowing, that hopefully very soon, they will be coming to you for advise!

You stated this very well and am Impressed. Even if it only opens at a dime, ( and that's just a point) and I feel it will open much higher, we or at least most will be very well off. This is a unique opportunity that probably annoys the rich. It would put us on even footing with them, and make there worth seem less, as there would be less " little people" to shove around. Please note that not all the current rich people are like this, but some are.

pp

[Traconesu02]

So I guess then you decided not to research the truth versus what you chose to believe instead. Thats fine. This dinar was placed as a temporary currency and has never been made the official currency of Iraq. That is why it is not recognized in most banks other than the sale of it, if you look up the official dinar dealers it only means the dealers hold the official license to deal in currency.

If you do not believe me then ask sunny1 or Adam or any other guru to chyme in on this no matter how they word it toward me it is the truth. So continue to laugh my friend I am not your enemy. I am in this with the same hope but just made a statement of fact and you jumped in on it and opened it up.

Once again please stop switching feet until you check the facts.

Here is a link to an article about how the New Iraq Dinar came about. I have never seen an article that states the current Iraq Dinar is a temporary currency for Iraq.

This article gives a complete history of the Iraq Dinar and I see nothing about it ever being temporary currency.

http://www.globalsec...ency-reform.htm

If you have an article that says the current dinar we all own is a temporary currency please post it for us.

Thanks

[keepmwlknfny]

Here is a link to an article about how the New Iraq Dinar came about. I have never seen an article that states the current Iraq Dinar is a temporary currency for Iraq.

This article gives a complete history of the Iraq Dinar and I see nothing about it ever being temporary currency.

http://www.globalsec...ency-reform.htm

If you have an article that says the current dinar we all own is a temporary currency please post it for us.

Thanks

Exactly.....well put......do you hear that Traconesu02? sounds like crickets........chirp chirp......chirp chirp.......

[dinardogs]

I have noticed lately that there seems to be a concerted effort to downplay the Dinar investment. My question is this: Are you aware of any government or major financial institutions downplaying this investment by design? Example... here in the Carolinas, one can go into a Fifth Third Bank and order Dinars. When a friend went into a Fifth Third bank in Chicago, they were told they didn't sell Dinars and to be careful because it's more or less a scam. The one that rocked me though was a person I met a few years ago who is very high up in a major international bank... in fact he is from Arab decent. He travels all over the world and when I asked him about it... he acted as if he wasn't even aware of it. I found that hard to believe because his bank has offices in the Middle East and they offer currency hedging to financial institutions... this guy is very smart.

So... is there an effort to keep this quiet or am I paranoid? Anyone else experiencing this from people in the financial world?

Yes, I have seen the same thing. It makes me a little uneasy. One person had some dinar and anorther person looked at me like poor pitiful thing at Bank of America where I bank. I have heard but have not seen any proof about the democarts making an offer to Obama of a 40% lottery tax on the dinar after it RVs, has anyone else heard this or have proof. Thanks always waiting.

[keepmwlknfny]

Yes, I have seen the same thing. It makes me a little uneasy. One person had some dinar and anorther person looked at me like poor pitiful thing at Bank of America where I bank. I have heard but have not seen any proof about the democarts making an offer to Obama of a 40% lottery tax on the dinar after it RVs, has anyone else heard this or have proof. Thanks always waiting.

They cant offer a 40% lottery tax on the Dinar....currency exchange is a simple captial gains issue when its over $250 I think it was.....most from what I have heard from people that work in the federal government is that no matter how long you have had it, that its considered short term capital gains....but there is no way they can oppose a 40% lottery tax on currency exchange no matter how much it is....

[kaka]

hahah good question buddies Go Rv

[k98nights]

If this is a scam there are going to be some pretty peed off countries who have a lot of money invested. The facts are there. The country is rich with oil and look at Kuait's currency at 3+. I believe I'm willing to take a chance on this elaborate scam. I'm not going to bet the farm on it but I'm definately going to take some odds on it. This will happen folks and I'll be in line to cash in. God Bless Semper Fi

EXACTLY!