The QAnon conspiracy isn’t new; it’s the oldest scam out there

[bostonangler]

 

 

In October 2017, President Trump posed with a group of high-ranking military officers and cryptically declared that it was “the calm before the storm.” Most journalists puzzled over the remark for a moment and moved on to whatever chaos came next. But that seemingly random comment was the spark for a what’s now become the new right-wing conspiracy theory du jour: “The Storm”

A few weeks after Trump’s statement, an anonymous poster who claimed to have top secret “Q Clearance” (in reality, a classification only used by the Department of Energy) began posting cryptic “breadcrumbs” of “intel” related to what they claimed was the imminent revelation of a massive conspiracy at the highest levels of government. And Q called it “The Storm.”

In short, rhetorical fragments, “Q” (also called “QAnon”) revealed that President Trump was not actually under investigation as the mainstream media was reporting, but had really brought in Special Counsel Robert Mueller to crush the gigantic Obama/Clinton child sex trafficking ring first revealed by “Pizzagate.”

When Trump and Mueller have finished their work, ten thousand sealed indictments (some Q followers claim it’s actually as high as eighteen thousand) will be unleashed, with the Democratic evildoers rounded up, tried by military tribunals, and shipped off to a massively expanded Guantanamo Bay prison, with peace and prosperity to follow

And it’s going to happen any day.

Over the last six months, “Q” has offered an endless buffet of tantalizing clues to “what’s really happening.” Many take the form of cryptic nuggets such as “future proves past” or “learn to read the map” or “Godfather III.” Others are in some kind of code, with abbreviations like “DNC -> (SR 187) (MS-13) -> DWS”, which accuses former DNC chair Debbie Wasserman Schultz of hiring notorious gang MS-13 to murder DNC staffer Seth Rich.

Since then, Q followers have used prolific YouTube channels, internet memes, and Twitter to expand the mythology. Another anon posited that everyone from George H.W. Bush to Elon Musk had already been extradited to Gitmo, despite Musk having a rather public success with his latest rocket launch.

Rumors spread of secret prisons in Antarctica, or that the school shooting in Parkland, Florida was a military special operation to distract from “The Storm.” There was even a theory that internet personality Chrissy Teigen and her husband were secret child sex fiends attempting to escape “The Storm,” only for their flight to Tokyo to be turned back, exposed by a “citizen journalist.” Promises abound of a secret sex video about to destroy Hillarious Clinton, or of Barack Obama being executed by a military tribunal, or of “Q” actually being President Trump himself.

The Storm is a Conspiracy Theory of Everything. It encompasses whatever believers want it to be about. Misplaced walking boots hiding ankle bracelets, train crashes, Big Pharma, the FBI text message controversy. It’s all connected.  

In fact, “The Storm” is such a hodgepodge that it borrows liberally from previous conspiracy theories, also full of endless seemingly random “intel” and earth-shaking changes supposedly just about to happen.

One predecessor to “The Storm” was a scam from the early days of widespread internet use, called NESARA—which has roots in an even earlier intel-driven scam called Omega.

NESARA was a set of monetary reforms proposed in a late 90’s book called “Draining the Swamp,” written by engineer Harvey Francis Barnard. He wanted to abolish the Federal Reserve, ban interest on loans, forgive all consumer debt, go back to the gold standard, and establish a national sales tax. It’s a libertarian fever dream.

After years of trying to get Congress to pass NESARA, Barnard published the text online in 2000, where it caught the eye of a Seattle-area New Age enthusiast named Shaini Goodwin.

Goodwin was an online shill for an “investment” called the Omega Trust, which purported to sell “Omega Units” of “prime European bank notes” for as little as $100, which would then “roll over” and return millions of dollars in profit. Scam founder Clyde Hood and a group of associates began selling the non-existent “Omega Units” to locals in their small town, Mattoon, Illinois, looking to make some quick bucks.

Omega took advantage of the naivete of early internet adopters, and in particular, the growing ubiquity of Yahoo groups. By the mid-1990’s, it was a world-wide scam, with millions of dollars flooding into small-town Mattoon.

Goodwin played a major role in spreading the fiction of Omega, and under the screen name “Dove of Oneness,” she used message board posts, emails, and recorded messages to spin an elaborate fiction as to why the Omega Unit rollover wasn’t happening. To Dove, there was nothing less than a war between dark powers in the government trying to stop the Omega roll over and heroic “White Knights” trying to move it forward.

The longer it went on, the weirder it got. There were alternate realities, UFOs, renegade banks, claims that the U.S. government didn’t actually exist, and interventions from angels.

All the while, Goodwin insisted the Omega Unit rollover, with its countless millions, was on the verge of happening, in a few days, or “early next week.”

But Omega was a Ponzi scheme, and in August 2000, Hood and a dozen others were taken into custody by the FBI, accused of bilking over 10,000 people out of $12.5 million.

By then, Goodwin had already thrown Hood under the bus, saying he’d gone “off track” and had to be abandoned by the “Wealthy Visionaries” really in charge of Omega. By coincidence, Omega was collapsing at the same time as NESARA was picking up steam. And into the money shaped hole flew the Dove of Oneness.

Dove posited that Omega was shut down because it was just one element of a bigger economic miracle that would abolish all debt and deliver trillions in “prosperity packets.” Naturally, the dark forces would stop at nothing to derail NESARA—even staging the 9/11 attacks to stop the prosperity packets from being delivered.

It was the burgeoning paranoia of post-9/11 internet conspiracies that fed NESARA mania. After all, if the government could supposedly pull of a “controlled demolition” of the Twin Towers, why couldn’t they stop the divine prosperity of NESARA, as well?

Like she did with Omega, Goodwin kept the NESARA “intel” flowing with endless message board posts, recorded messages, and emails, all of which doled out secret information that only she had access to.

A typical Dove NESARA update, this one from March 2002, references the International Court of Justice, legendary New Age guru St. Germain, the Vatican, the Rockefellers, and the gold standard. It might as well be the misplaced walking boots, fleeing supermodels, and secret ice prisons of “The Storm.”

Dove subsisted on donations, and while the media wrote her off as a “cybercult queen” who merely combined old scams with new technology, she gained tens of thousands of followers and internet fame.

As the excuses wore on, Dove’s updates eventually became less hyperbolic, and in 2007, she was investigated by the IRS for defrauding an elderly woman to buy pro-NESARA mobile billboards. Goodwin died in 2010, destitute and with tens of thousands in IRS liens. Clyde Hood died in prison two years later.

But no opportunity goes un-grifted, and so as NESARA faded, another scam took its place. One that combined the Ponzi scheme of Omega with the intel drops of NESARA.

It’s called the Iraqi dinar revalue, based on the mistaken premise that the currency of Iraq, now virtually worthless, would return to its pre-Gulf War value. Back then, it traded for as much as three dollars per dinar, pumped up by the dictatorial policies of Saddam Hussein. Since the U.S. invasion, it crashed in value to the point where over a thousand dinars were worth one dollar.

In May 2007, the International Monetary Fund released a report touting the Iraqi government’s efforts to fight inflation and rebuild the dinar’s value. Sure enough, the dinar spiked over 8 percent in value, a massive jump for a mostly worthless currency.

So scammers got the idea they could convince Americans that once Iraq was stable, Western string-pulling would spike the dinar’s value and make its buyers instant millionaires.

Of course, money isn’t magically “revalued” to some much higher number. What does happen often with low-value currency is redenomination, the process of lopping zeroes off a hyper-inflated money, then exchanging the old currency for the new version. Brazil, Venezuela, Turkey, and Bulgaria have all redenominated their currency in the past few decades. Zimbabwe is infamous for redenominating its hugely inflated dollar numerous times before finally dropping it.

But the massive revalue that dinar gurus promise has never happened in world history. To do so would cause financial calamity. Beyond that, Iraq was mired in sectarian violence and didn’t even have the rudiments of a modern banking system.

Even so, the dinar scam was born shortly after the IMF report, and it only got stronger after the Great Recession hit, when people were yearning for a way to stick it to the “wealthy elites” who had looted the world’s banking system. So tens of thousands of Americans sunk millions into Iraqi dinars, hoping for ludicrous returns.

Their hopes were buoyed by intel-spewing dinar “gurus” who used a variety of tools, including rapidly growing social media outlets like Twitter, to tout Iraq’s economic recovery and claim that Bush or Obama or the IMF was going to “RV” the currency back to its previous glory.

They spun a mythology of secret 1-800 numbers, nondisclosure agreements, undiscovered mineral riches, and government tax shelters set up for dinar windfalls There were even books written about how to manage the “wonderful wealth” that the dinar RV would bring.

While the “bankers” used a legal loophole to “exchange” dollars for dinars (while charging huge markups), the gurus spun outlandish claims that the U.S. government holds trillions of dinars, and that wealthy elites like Bill Gates and Warren Buffett had massive dinar fortunes. There were even whispers of a “contract rate” of as much as $32 per dinar driving additional buying.

The dinar scam was a particular hit on Twitter, where thousands of “dinarians” used hashtags like #wearethepeople and #ReleasetheRV to lobby Congress and buck each other up when the dinar eventually didn’t revalue.

The scam went mainstream in the first part of the aughts, drawing attention from the BBC and Forbes. But that attention brought scrutiny from the authorities, and soon the FBI swooped in. Many of the dinar brokers were indicted, and local police warned people that the whole thing was a scam, and that worthless money doesn’t just “revalue” because someone decided it should.

And yet, even after years of chaos in Iraq, and the dinar continuing to plummet in value, the scam is still going. On March 13, 2018, a website called “dinar chronicles” claimed the “RV” was happening between March 12 and March 15, with dinars exchanged for dollars at secret bank offices right before the Stock Market’s cabal-engineered collapse. It didn’t. 

Oh, and there were also 18,000 sealed indictments being opened, nationwide martial law was imminent, and mass arrests were already taking place. Just like The Storm.

Omega begat NESARA, which begat the Iraqi dinar, which begat The Storm. Huge chunks of insanely detailed, totally bogus “intel” in the service of a long-promised, yet never arriving event.

The only real difference, so far, is that The Storm is not an outright scam, and while numerous fringe media figures have monetized the intel drops, Q isn’t asking for donations. Maybe whoever is dropping the “intel” has realized that when you start asking for money, eventually, the law knocks on your door.

But if QAnon followed in the footsteps of Dove of Oneness and set up a Patreon page because “dark forces” were trying to shut down their internet, the money would start pouring in, with the intel piling up, and the big reward always just one more post away.

The scam remains the same.

https://www.dailydot.com/layer8/qanon-the-storm/

 

 

B/A

[Officiallytook]

Another one keep em coming we want this type of news, specially with what we know is happening 

[bostonangler]

3 hours ago, Officiallytook said:

Another one keep em coming we want this type of news, specially with what we know is happening 

 

Here's a good one from 2014

 

HUNTSVILLE, Ala. (WHNT) - Across the country and in the Tennessee Valley, people are buying Iraqi dinar.  They’ve been told it will one day rise sharply in value against the U.S. dollar, leading to a financial windfall for them.

Albertville resident Tim Jones is one of those who bought in, along with his pastor and several church members.

Years later, the payoff still hasn't come.  A WHNT News 19 investigation also uncovered warnings from state regulators, the Better Business Bureau and financial experts calling dinar investment a scam.

Despite the warnings, many people remain invested.  They continue to hold the physical currency - often purchased through private dealers at a markup - and point to specific claims as justification for buying in.

So are those claims, used to promote dinar as a good investment, fact or fiction?

WHNT News 19 took action to find out.  Here's what our investigation found:

Claim #1: There will be a "revaluation" or "RV" of Iraqi dinar, raising its value against the U.S. dollar and leading to a payoff for the investor

Currency expert John Jagerson, of LearningMarkets.com, tells WHNT News 19 a "revaluation" of Iraqi dinar "could not happen" and "is not planned to happen."

Jagerson, who spent years researching the subject and authored an e-book called The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies, adds that many of the "facts" dinar investors believe are actually false.

Jagerson thinks many dinar promoters are "perpetrating falsehoods" to increase the attractiveness of dinar; perhaps profiting off connections to dinar dealers, or exclusive website memberships and online advertising.  State regulators agree, warning dinar promoters will "misrepresent history" to try to prove profits are possible.

As Jagerson explains, it's not in Iraq's interest to allow the dinar's value to rise - even through a small appreciation - since it would make it harder for the country to pay off debts, more expensive for foreign companies to do business and limit Iraq's post-war growth.

"Why would Iraq want to do to their currency what no other country wants to do?" Jagerson emphasized.  "It would be like standing on your economic brakes with both feet.  No one does it because it makes no sense."

He points out that dinar speculators also often confuse the economic terms revaluation and redenomination.

In a redenomination, often done when inflation has reached untenable levels in a country, old bills of larger denominations are swapped for new bills of smaller denominations.  An old 25,000 dinar note could, for example, be exchanged for a new 25 dinar note.  Under this "dropping the zeros" scenario, the purchasing power (or value) of the new note is the same as the old note.  Nobody makes any money.

As Reuters reports, Iraq is on record as saying it eventually intends "to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised."  WHNT News 19 could find no credible reports of a stated intent to "revalue."

The U.S. State Department was also quite clear on the possibility of a "revaluation" in Iraq when contacted for comment.  The State Department is sometimes blamed for holding up Iraq's "RV" along with various international bodies.  Spokesperson Noel Clay however, gave WHNT News 19 the following statement:

"We are unaware of any plans by the Iraqi government to revalue the Iraqi Dinar.  Iraq is a sovereign nation and the U.S. government plays no role in determining Iraq's foreign exchange policies."

 

Claim #2: There was a "revaluation" in Kuwait that shows something similar is possible in Iraq

Banking and financial experts confirm to WHNT News 19 that while market forces did cause Kuwait's currency to fluctuate in value during and after the 1990 Iraqi invasion, there was never a revaluation like many describe.

"Historically, a revaluation where your currency suddenly becomes worth many times what it used to be in the foreign exchange, that's never happened. Ever," Jagerson said firmly.

When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as currency.  Kuwaiti dinar was essentially relegated to black market status.  As explained on the Kuwaiti government's own website, banking stopped inside the country and invading Iraqis stole huge amounts of Kuwaiti dinar and riches.

After liberation, Kuwait's dinar was restored as that country's official currency and new banknotes were issued to keep all the stolen monies from being used.  During this issuing, the pre-invasion rate was simply reestablished.

Iraq's history and circumstances are also very different from Kuwait.

A top executive at one of the nation's largest banks spoke on background to WHNT News 19.  The executive explained that while it's possible some people may have profited from holding Kuwaiti dinar during a market-led appreciation post-liberation, expecting anything similar in Iraq is totally unrealistic.

A March 2014 Wells Fargo "International Strategy" memo explains further.  It describes, in detail, why both 1960s West Germany and Kuwait are "poor precedent for Iraq."  The memo also warns of elevated risks of illiquidity and fraud for dinar buyers.

Claim #3: President George W. Bush's Executive Order 13303 gives Americans special legal rights to hold or invest in Iraqi dinar

As you can see here, 13303 specifically protects the Development Fund for Iraq, as well as Iraqi oil products and interests - including ownership by U.S. persons - from any legal attachments or liens.  It does not mention dinar, or investment in dinar, at all.

In this 2012 federal indictment against "BH Group" for fraud in the marketing and selling of Iraqi dinars, a grand jury also charges: "Any assertion that Executive Order 13303 promotes, protects, or regulates the sale of or investment in, Iraqi dinar is false." See page 5, charge 14.

Claim #4: The U.S. Treasury holds a large position in Iraqi dinars

The same federal indictment against "BH Group" states that, in fact, the "U.S. Department of the Treasury does not hold any Iraqi dinar for investment purposes and holds only a nominal amount for use."

Claim #5: I bought my dinar at a bank and it's a real currency, so it's clearly not a scam

Different U.S. banks appear to have purchased and sold dinar at various times in recent years.  At time of broadcast, WHNT News 19 could find no banks currently exchanging the currency, although they may exist.

Those with knowledge of the banking industry tell WHNT News 19 banks are under no "official" restriction when it comes to buying or selling Iraqi dinar and that some may have stopped due to concerns over dinar speculation.

Jay Lawrence, Southeast Communications Manager for Wells Fargo, provided the following statement to WHNT News 19, explaining why the bank does not deal in dinar:

"Wells Fargo does not offer any consumer exchange for Iraqi dinar.  Wells Fargo provides a wide range of foreign currency banknote services, generally for travel-related purposes to meet the needs of our customers traveling abroad.  We do not, however, expect a high number of customers traveling to Iraq for business or leisure purposes in the near future.

As a result, we do not trade Iraqi dinar and we have no plans to change this policy in the future.  We are aware that some websites or blogs promote the purchase of Iraqi dinar as an investment strategy.  We disagree with the view that holding Iraqi dinar banknotes is a sound investment strategy."

 

The statement directly contradicts claims from dinar promoters that "1-800" numbers are, or will be set up at Wells Fargo, to exchange dinar for customers.

Jagerson, along with state regulators, emphasize that it's not Iraqi dinar itself that's the problem.  "It's the investment in the currency as a way to make profits that’s the scam," Jagerson said.

Claim #6: There's a "Global Currency Reset" that banks, governments and global players like the World Bank or IMF are secretly coordinating and/or holding up

"That's probably one of the biggest fantasies in the scam - that there is some kind of government conspiracy behind it," Jagerson said.

A high-level executive at one of the nation's largest banks also laughed off the idea of a currency reset.  The executive told WHNT News 19 private banks do not play a role in sovereign countries' exchange rate management.

The creation of any new global economic framework would also almost certainly have coverage in the respected financial media.

The International Monetary Fund's mission chief for Iraq, Carlo Sdralevich, was even more blunt, sending WHNT News 19 the following statement:

"No such a thing as a 'Global Currency Reset' exists. The IMF has no role in managing the Iraqi dinar or Iraq's exchange rate system.

 

We work with the Iraqi government and central bank to provide policy advice and technical assistance as part of our ongoing dialogue with them. Decisions on the exchange rate are taken by the country authorities in full independence and sovereignty.

 

There is no external constraint imposed preventing the Iraqi dinar's revaluation or devaluation. The stability of the dinar is the result of Iraq's own monetary and exchange rate policies."

 

Representatives from both the World Bank and U.S. State Department said the same, when asked by WHNT News 19 to clarify what operational powers they have in Iraq.

The State Department also addressed this document specifically, which some dinar supporters argue shows an official goal of a 1:1 exchange ratio of Iraqi dinar to U.S. dollars.

State Department spokesperson Noel Clay said of the document, "I am not familiar with it and cannot vouch for its validity.  Regardless, it is from June 2005 and Iraq has undergone significant change since then.  I would suggest that the document would hold little relevance to Iraq today."

Claim #7: Iraqi dinar is still a good buy, even without a "revaluation"

Even without an "RV" or "Global Currency Reset," some investors believe Iraq's oil reserves and development potential make dinar a good purchase.  Some investors argue the market could drive a strong appreciation in the future.

In 2009, CNBC financial host Jim Cramer appeared to give dinar investment a green light, commenting on the nation's potential for growth post-war, especially with regard to oil companies.  "I'm always in favor of owning the currency as a play," Cramer said.  Click here to watch the clip.

Currencies don't behave like stocks though and as Jagerson points out, a rising GDP doesn't guarantee gains.  In fact, history shows that for countries like Iraq, "Having a growing economy and growing oil exports does not equal a growing currency.  Generally, it's exactly the opposite," Jagerson explained.

Jagerson started researching Iraqi dinar after a close friend invested, then turned to him for expert insight.  Jagerson said he spotted the red flags immediately and wants to use his currency acumen to keep others from falling victim.  He's produced several online videos to explain, in simple terms, why the arguments in favor of dinar investment don't add up. Click here to watch them.

After reading the findings above, some dinar investors may be feeling misled.  Concerned individuals can contact the Alabama Securities Commission, which recently issued a statewide "Investor Alert" addressing dinar.

If you purchased the currency and feel you were sold false claims about its potential to rise in value, call (334) 242-2984 or 1-800-222-1253.  You can also email asc@asc.alabama.gov.

https://whnt.com/2014/05/09/iraqi-dinar-investment-fact-or-fiction/

 

 

B/A

[Theseus]

• Report post
•  
•  

Posted 37 minutes ago

  4 hours ago, Officiallytook said:

Another one keep em coming we want this type of news, specially with what we know is happening 

 

Here's a good one from 2014

 

WHNT News 19 took action to find out.  Here's what our investigation found:

Claim #1: There will be a "revaluation" or "RV" of Iraqi dinar, raising its value against the U.S. dollar and leading to a payoff for the investor

Currency expert John Jagerson, of LearningMarkets.com, tells WHNT News 19 a "revaluation" of Iraqi dinar "could not happen" and "is not planned to happen."

 

In October 1931, the Iraqi Dinar (IQD) was unofficially uncoupled from the British Pound and pegged itself to the US Dollar (USD), where until 1949, the IQD, equaled 4.86 USD. 

 

Until 1971, the IQD devalued to 1 IQD to 2.80 USD. In 1959, the IQD was officially uncoupled from the British Pound as a gesture of Iraq's independence. From 1959 until 1967, at which time the British pound revalued,  the IQD remained n par with the British Pound. From 1967 to December 1971 the value of 1 IQD equaled 2.80 USD.

 

From 1973 until 1982, during the Iraq-Iranian War, the IQD was equal to 3.39 USD. In 1982 it was devalued to 1 IQD to 3.22 USD. Although into the early part of 1988, the standard exchange rates continued to show the IQD as 1 IQD to 3.22 USD, the IQD's real exchange rate was much lower by half of the standard exchange rate. 

 

After the Gulf War I and due to UN sanctions, the IQD was devalued from 3.22 IQD to 1  USD to 3000 IQD to 1 USD. by late 1995.

 

In 2003 the IQD was equal to 0.00027 USD and was revalued to 1 IQD to 0.00068 (more than double the value) in August 2005. In January 2006, the IQD was devalued to 1 IQD to 0.00067 USD.

 

Since then the IQD has been revalued and devalued to where it stands today at 1 IQD to 0.00083. A 125.42% increase from January 2006 or an average increase of 10.5% per year which is currently better than most hedge fund returns.

 

To say the RV will not happen is to be ignorant of currency and not just Iraqi's currency. Countries revalue and devalue their currencies through the years. One of the biggest complaints about China is their yo-yo currency where they devalue it frequently. This author, Jagerson, who spent years researching the subject to author a self-published e-book spent no more than 5 minutes espousing his bias that this is a scam. If he spent a little more time, let's say 15 minutes more, he would have come to s different conclusion.

 

 

 

 

Jagerson, who spent years researching the subject and authored an e-book called The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies, adds that many of the "facts" dinar investors believe are actually false.

Jagerson thinks many dinar promoters are "perpetrating falsehoods" to increase the attractiveness of dinar; perhaps profiting off connections to dinar dealers, or exclusive website memberships and online advertising.  State regulators agree, warning dinar promoters will "misrepresent history" to try to prove profits are possible.

 

He is not far off but the saying goes "caveat emptor".

 

As Jagerson explains, it's not in Iraq's interest to allow the dinar's value to rise - even through a small appreciation - since it would make it harder for the country to pay off debts, more expensive for foreign companies to do business and limit Iraq's post-war growth.

"Why would Iraq want to do to their currency what no other country wants to do?" Jagerson emphasized.  "It would be like standing on your economic brakes with both feet.  No one does it because it makes no sense."

 

Actually, Iraq has done it in the past and quite recently. Having the program rate still ties them psychologically to Sadam and the atrocities he committed. Having the program rate in Iraq is something they should want to desperately want to get out from under as it should empower the individual and create a sense of nationalism and patriotism for the nation of Iraq. They claim Iraq is a sovereign nation, but how can it be if the control of the currency is under a foreign power. The RV is just not an economic one but also a symbolic gesture like what they did in 1959 when Iraq uncoupled the dinar from the British pound.  Thus it becomes in Iraq's interest to RV and removes itself from the program rate tied to the regime of yesteryear.

Edited November 20, 2018 by Theseus

[6ly410]

8 hours ago, Officiallytook said:

Another one keep em coming we want this type of news, specially with what we know is happening 

 

[mylilpony]

3 hours ago, Theseus said:

• Report post
•  
•  

Posted 37 minutes ago

  4 hours ago, Officiallytook said:

Another one keep em coming we want this type of news, specially with what we know is happening 

 

Here's a good one from 2014

 

WHNT News 19 took action to find out.  Here's what our investigation found:

Claim #1: There will be a "revaluation" or "RV" of Iraqi dinar, raising its value against the U.S. dollar and leading to a payoff for the investor

Currency expert John Jagerson, of LearningMarkets.com, tells WHNT News 19 a "revaluation" of Iraqi dinar "could not happen" and "is not planned to happen."

 

In October 1931, the Iraqi Dinar (IQD) was unofficially uncoupled from the British Pound and pegged itself to the US Dollar (USD), where until 1949, the IQD, equaled 4.86 USD. 

 

Until 1971, the IQD devalued to 1 IQD to 2.80 USD. In 1959, the IQD was officially uncoupled from the British Pound as a gesture of Iraq's independence. From 1959 until 1967, at which time the British pound revalued,  the IQD remained n par with the British Pound. From 1967 to December 1971 the value of 1 IQD equaled 2.80 USD.

 

From 1973 until 1982, during the Iraq-Iranian War, the IQD was equal to 3.39 USD. In 1982 it was devalued to 1 IQD to 3.22 USD. Although into the early part of 1988, the standard exchange rates continued to show the IQD as 1 IQD to 3.22 USD, the IQD's real exchange rate was much lower by half of the standard exchange rate. 

 

After the Gulf War I and due to UN sanctions, the IQD was devalued from 3.22 IQD to 1  USD to 3000 IQD to 1 USD. by late 1995.

 

In 2003 the IQD was equal to 0.00027 USD and was revalued to 1 IQD to 0.00068 (more than double the value) in August 2005. In January 2006, the IQD was devalued to 1 IQD to 0.00067 USD.

 

Since then the IQD has been revalued and devalued to where it stands today at 1 IQD to 0.00083. A 125.42% increase from January 2006 or an average increase of 10.5% per year which is currently better than most hedge fund returns.

 

To say the RV will not happen is to be ignorant of currency and not just Iraqi's currency. Countries revalue and devalue their currencies through the years. One of the biggest complaints about China is their yo-yo currency where they devalue it frequently. This author, Jagerson, who spent years researching the subject to author a self-published e-book spent no more than 5 minutes espousing his bias that this is a scam. If he spent a little more time, let's say 15 minutes more, he would have come to s different conclusion.

 

 

 

 

Jagerson, who spent years researching the subject and authored an e-book called The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies, adds that many of the "facts" dinar investors believe are actually false.

Jagerson thinks many dinar promoters are "perpetrating falsehoods" to increase the attractiveness of dinar; perhaps profiting off connections to dinar dealers, or exclusive website memberships and online advertising.  State regulators agree, warning dinar promoters will "misrepresent history" to try to prove profits are possible.

 

He is not far off but the saying goes "caveat emptor".

 

As Jagerson explains, it's not in Iraq's interest to allow the dinar's value to rise - even through a small appreciation - since it would make it harder for the country to pay off debts, more expensive for foreign companies to do business and limit Iraq's post-war growth.

"Why would Iraq want to do to their currency what no other country wants to do?" Jagerson emphasized.  "It would be like standing on your economic brakes with both feet.  No one does it because it makes no sense."

 

Actually, Iraq has done it in the past and quite recently. Having the program rate still ties them psychologically to Sadam and the atrocities he committed. Having the program rate in Iraq is something they should want to desperately want to get out from under as it should empower the individual and create a sense of nationalism and patriotism for the nation of Iraq. They claim Iraq is a sovereign nation, but how can it be if the control of the currency is under a foreign power. The RV is just not an economic one but also a symbolic gesture like what they did in 1959 when Iraq uncoupled the dinar from the British pound.  Thus it becomes in Iraq's interest to RV and removes itself from the program rate tied to the regime of yesteryear.

 

 

Thank you theseus... I had read alot on the previous values but you summed it up quite well.

[NextYear]

Quote

the process of lopping zeroes off a hyper-inflated money

 

The thing is that there is no hyper inflation in Iraq.

 

 

Quote

Economists usually follow Cagan's description that hyperinflation occurs when the monthly inflation rate exceeds 50%

 

Edited November 21, 2018 by NextYear

[NextYear]

 

Quote

Why the Fed targets 2% inflation

Sep 13th 2015

 

ON SEPTEMBER 17th the Federal Reserve will conclude a two-day, rate-setting meeting at which it just might raise its benchmark interest rate for the first time in more than nine years. Arguing in favour of a hike is the low unemployment rate, which fell to 5.1% in August. Arguing against it is the rate of inflation which, having come in at 0.3% year-on-year in July, is well below the 2% target that is the lodestar of Fed policy. But why does the Fed want 2% inflation in the first place?

 

The central bank of New Zealand was the first to adopt an inflation target, in 1990. The Fed pursued an unofficial inflation target over a long period, only making its policy official in January of 2012, when it announced that it thought a policy which targets a 2% rate of inflation "is most consistent over the longer run with the Federal Reserve's statutory mandate".

 

https://www.economist.com/the-economist-explains/2015/09/13/why-the-fed-targets-2-inflation

 

It was too late to edit my above post.

Edited November 21, 2018 by NextYear

[NextYear]

Last post in a row   I love these Qanon hit pieces. 😉

Edited November 21, 2018 by NextYear