Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Malcolm Berko Editorial


Team Sunslap
 Share

Recommended Posts

Just found this and thought I'd post it... Here's the link: http://newssun.suntimes.com/business/3963525-420/malcolm-berko-true-believer-hooked-on-currency-scam.html

Malcolm Berko: True believer hooked on currency scam

Feb 24, 2011 02:14AM

ShareE-MailPrintDear 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.

Address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or e-mail him at mjberko@yahoo.com.

Here's hoping he's wrong!!! Go RV!

  • Upvote 3
  • Downvote 1
Link to comment
Share on other sites

Just found this and thought I'd post it... Here's the link: http://newssun.suntimes.com/business/3963525-420/malcolm-berko-true-believer-hooked-on-currency-scam.html

Malcolm Berko: True believer hooked on currency scam

Feb 24, 2011 02:14AM

ShareE-MailPrintDear 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.

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.

I don't know for sure but I think he just lied. ;)

  • Upvote 1
Link to comment
Share on other sites

https://www.cia.gov/library/publications/the-world-factbook/geos/iz.html

GDP growth on an annual basis adjusted for inflation and expressed as a percent.

Rank

136 United States 2.70% 2010 est.

48 Iraq 5.50% 2010 est.

Unemployment rate:

15.3% (2009 est.)

country comparison to the world: 153

Oil - production:

2.399 million bbl/day (2009 est.)

country comparison to the world: 12

Oil - exports:

1.91 million bbl/day (2009 est.)

country comparison to the world: 11

Natural gas - proved reserves:

3.17 trillion cu m (1 January 2010 est.)

country comparison to the world: 11

Country Comparison :: Debt - external

1 United States $ 13,980,000,000,000 30 June 2010

2 European Union $ 13,720,000,000,000 30 June 2010

3 United Kingdom $ 8,981,000,000,000 30 June 2010

4 Germany $ 4,713,000,000,000 30 June 2010

5 France $ 4,698,000,000,000 30 June 2010

6 Japan $ 2,441,000,000,000 30 September 2010

7 Ireland $ 2,253,000,000,000 30 September 2010

21 Russia $ 480,200,000,000 30 November 2010 est.

22 China $ 406,600,000,000 31 December 2010 est.

26 Turkey $ 270,700,000,000 31 December 2010 est.

33 United Arab Emirates $ 122,700,000,000 31 December 2010 est.

38 Israel $ 89,680,000,000 31 December 2010 est.

41 Saudi Arabia $ 82,920,000,000 31 December 2010 est.

43 South Africa $ 80,520,000,000 30 June 2010 est.

44 Qatar $ 71,380,000,000 31 December 2010 est.

52 Pakistan $ 57,210,000,000 31 December 2010 est.

53 Kuwait $ 56,810,000,000 31 December 2010 est.

54 Venezuela $ 55,610,000,000 31 December 2010 est.

55 Iraq $ 52,580,000,000 31 December 2010 est.

  • Upvote 2
Link to comment
Share on other sites

I believe there was a previous post with a link to a report that showed international investment in Iraq had DOUBLED in 2010. So-called "financial planners" like Mr. Berko are just showing their ignorance and fear when they make unsubstantiated statements like he did. One more example of why the US financial system is in such bad shape. No one wants to exert any additional effort to do their homework. Besides being with the VIP program, I'm shopping for financial planners to help me with investing the IQD proceeds. If a planner begins his ptich with "you need to be in the US stock makret," it's the shortest conversation on record.

  • Upvote 1
  • Downvote 1
Link to comment
Share on other sites

Hey Team Sunslap,

Please tell me this; why would you and others want to go to the effort to cut and paste such negative opinions?

Do you not think that we have all seen this type of post before? Let me tell you, DV members have thought about it, commented on it, stayed awake at night thinking about it? Some of us, possibly many of us, are heavily invested financially and emotionally, and we have a belief that this will happen, because we have researched it, bothered to get an understanding of international currency and government, read international news, read posts every day and night in order to keep up with information so that we can make solid judgments.

Let me tell you and all the others that want to post this type of negativity, we are aware of the possibilities. We know it might RV at .10. We know it might not happen. We know the whole fricking country might blow up and become a parking lot. We know.

We do not need to be reminded. Or, I don't anyway. I like to see a fact-based debate, information from different sources and opinions.

This, especially, is not the week to be posting this type of info. You are invested or you are not. We cannot turn around now. So, why do you want to blow the candles out of the cake before the Birthday Boy arrives? Why?

But this post does nothing for me except piss me off.

  • Upvote 2
  • Downvote 2
Link to comment
Share on other sites

Just found this and thought I'd post it... Here's the link: http://newssun.suntimes.com/business/3963525-420/malcolm-berko-true-believer-hooked-on-currency-scam.html

Malcolm Berko: True believer hooked on currency scam

Feb 24, 2011 02:14AM

ShareE-MailPrintDear 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. Address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or e-mail him at mjberko@yahoo.com.

Here's hoping he's wrong!!! Go RV!

Haha! This guy, who is bashing as a scam, because of all the alleged lies, rumors and speculation; is using the same rumor (in red), lies (in bold) and speculation (in blue) to prove his credibility!!!!

LOL - Give me break - Let it go... this is apparently an unfounded post. Can we move it to the Rumor section?.... LOL

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.