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MDTrvmyD!

By MDTrvmyD!,
in Dinar Rumors

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MDTrvmyD! Newbie

MDTrvmyD!

Posted
Posted

Dear Mr. Berko: I’m a broker with a major financial house and have a dear friend who lost his wife three years ago and his job 18 months ago, and may lose his home this year.

He’s deeply in debt, and his only remaining asset is a $63,000 IRA from which he’s been taking money to stay above water. An Internet currency firm has advised him to take half his IRA to invest in 30 million Iraqi dinars. They’ve convinced him that he can make millions of dollars in the coming year because the dinar, “which is backed by oil, is certain to explode in value this year.”

I know you have heard this story before, and I can’t convince my friend this is a scam. My firm has a huge currency trading desk, and I had my friend talk with the head trader, who also said it was a scam. But my friend believes that Fifth Third Bank is an important player in the dinar market and thinks my firm is “bashing the competition.”

He reads your column, and if you think this is a scam, I know an e-mail from you might be more convincing than me or my firm.

J.S.: Waterloo, Iowa

Dear J.S.: Many of those Internet currency firms make $15,000 to $25,000 per week peddling worthless hope to wide-eyed believers like your friend, who may even get the fake stuff in the mail and never know the difference. Many Americans can’t tell the difference between a real American dollar and a counterfeit American dollar.

This dinar con game has morphed into religious fervor with an intensity similar to Islamic fundamentalism. The suckers in this scam steadfastly believe the promise of financial salvation with a spiritual mindset that is immune to logic or common sense. So I doubt there’s anything you or I can do because your friend is emotionally involved and he badly needs this to be true.

I learned a long time ago that you can’t reason a man out of something he has not been reasoned into. And unlike the yen, the U.S. dollar, the Swiss franc, the Mexican peso, etc., the dinar is not traded on the world’s financial markets.

Yes, some banks (including Fifth Third (FITB-$14) will purchase dinars, but there’s a huge gap between its buying price and selling price. Think of buying dinars like buying a car from a dealer or a diamond from a jeweler and reselling them back to the same dealer or jeweler a month later. So while FITB may repurchase your friend’s dinars, your friend will have chest pains when it gives him 25 percent less than he paid.

A pox on FITB for aiding and abetting this heartless scam — but I guess they figure that false hope is better than no hope at all.

The Iraqi legislature recently approved a $79 trillion budget, and its treasury is printing dinars like we print postage stamps — but in bigger denominations. In fact, the Central Bank of Iraq just approved a 100,000 dinar-denominated bill because there are not enough smaller bills to pay the rapidly increasing costs of food, clothing, transportation, fuel, housing and baksheesh.

Meanwhile, the Iraqi economy — which is oil-driven — made no progress in 2010. Iraq has an inadequate infrastructure, security is fragile, unemployment is rampant, and the politicians are insidious and corrupt, while the bloody hatred between the Sunni Muslims and the Shiite Muslims continues to create pockets of chaos and pain. And the Central Bank of Iraq gleefully prints new dinars to sell to American schnooks like your friend. It brings U.S. dollars to an Iraqi economy in which the people who have money don’t trust their currency. Your friend is in love with the dinar, and telling him it’s a fraud makes him love it even more. He’s hooked. http://newssun.suntimes.com/business/3963525-420/malcolm-berko-true-believer-hooked-on-currency-scam.html

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richardgorv Newbie

richardgorv

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So does this mean Fridays RV is postponed?

It's his money and he can buy dinars if he wants to! When rv comes and he didn't buy due to your advice does your insurance cover what he would have made? You should have used the term high risk and not scam. I think everybody is on scam alert when it comes to buying dinar. DUH..

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muchodinaro Newbie

muchodinaro

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Yes your friend is hooked, and I hope he stays that way. With friends like you who needs enemies. I get a kick out of brokers being considered " experts ". Your friend will soon benefit from this investment, and sadly for you, you apparently will not be making any commission on your worthless investment advice. Berko the Jerko is wrong as usual, but he sure has done an awful lot of research on the dinar. I wonder why? If dinar brokers are making $25,000.00 per week, I think you and Berko ought to jump in with both feet!

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lechesuerte Newbie

lechesuerte

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Several lies here. There is no $100,000 dinar note, only brief discussion by Salieh(sp???) a consultant of the CBI who never speaks the truth. They also have not printed any dinar since 2003-2004, from what I remember. Also there is no guarantee of a RV/RI only what we've seen over the years, our perception and our hope. But I would not have my last dollars in the dinar or at least very little, keeping what I needed to survive close or at least having it work for me in some small safe degree.

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muchodinaro Newbie

muchodinaro

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First clue..."Dear Mr. Berko: I’m a broker .... with a major financial house...

Translation: "I can't make any money selling Dinar, and if you spend your money on Dinar, then I can't make commission on your money by transferring it from account to account"

Exactly! You hit the nail on the head!

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doc9574 Newbie

doc9574

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How can you call an investment where you can turn around and get most all of your money back at any time a scam? How can you even call it high risk? Do we need to go through this scam thing again? It is a gamble and probably the first calculated one I took in my life :lol: :lol: :lol: . Will it pay off,? who knows. Did you think 3 months ago the middle east would be where it is today? All these people were saying oh this will happen and that will happen and Iraq will be the glowing jewel of the world. But can anyone honestly look back and say , oh ya I seen this coming from a long way off. All you have to go on is history and history shows that in the past Iraqs currency fared well against others including the USD and it probably will in the future. If someone will risk that amount of money on one investment then they were gonna lose it anyway to something or someone else. I can say that because i did it. Now let me tell you about a real scam, and strangely enough the saying was "invest in real estate, you cant lose". How many times have you heard scam associated with the housing market, probably way less than you have heard about the dinar but people lost their whole worlds in real estate but because it was accepted as the "norm" in investing everyone says "oh, its just bad times" no a lot of people pulled a lot of shady things in real estate. since its reintroduction the dinar has went from 4000per USD to 1150 per USD in a wreck of a country. How many brokers in major financial companies were part of and privy to all of the shady dealings that occurred in our financial system brining our economy to its knees, the greedy %$&^#$%^ alright some one else can have the soapbox i feel better now :P

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youliveonce Newbie

youliveonce

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So what you are saying is that the wifey and I shouldn't camp out at our local bank on the Eve of the 25th for cash in? I already loaded the SUV with sleeping bags,food and a port-a-potty. We do this every time we hear a juicy rumor which specifies a RV date.It appeases wifey as she gets out of the house and escapes her household responsibilities. Like a mini vacation and alot cheaper.This process has actually brought us closer together as a couple.

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estephan Newbie

estephan

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How can you call an investment where you can turn around and get most all of your money back at any time a scam? How can you even call it high risk? Do we need to go through this scam thing again? It is a gamble and probably the first calculated one I took in my life :lol: :lol: :lol: . Will it pay off,? who knows. Did you think 3 months ago the middle east would be where it is today? All these people were saying oh this will happen and that will happen and Iraq will be the glowing jewel of the world. But can anyone honestly look back and say , oh ya I seen this coming from a long way off. All you have to go on is history and history shows that in the past Iraqs currency fared well against others including the USD and it probably will in the future. If someone will risk that amount of money on one investment then they were gonna lose it anyway to something or someone else. I can say that because i did it. Now let me tell you about a real scam, and strangely enough the saying was "invest in real estate, you cant lose". How many times have you heard scam associated with the housing market, probably way less than you have heard about the dinar but people lost their whole worlds in real estate but because it was accepted as the "norm" in investing everyone says "oh, its just bad times" no a lot of people pulled a lot of shady things in real estate. since its reintroduction the dinar has went from 4000per USD to 1150 per USD in a wreck of a country. How many brokers in major financial companies were part of and privy to all of the shady dealings that occurred in our financial system brining our economy to its knees, the greedy %$&^#$%^ alright some one else can have the soapbox i feel better now :P

Its not my SOP or MO to quote a whole post , But Doc9574 I teared up a little , SO TRUE!!!

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