Sat Mar 23, 2024 11:33 pm by globalturbo
Posted on January 14, 2014 by Ines Radman
The Iraqi Dinar…Is It A Scam?
It never ceases to amaze me the the amount of fervor and confidence those who believe
in the revalue of the Iraqi Dinar have. There’s no shortage of hype and pumping of the
Iraqi Dinar on the internet so I’d like to play devils advocate and take a more pessimistic
view of the Iraqi Dinar currency and why a revalue can’t and won’t happen. I’m aware
that this topic has been written about before time and time again. Heck, even many
government agencies, law enforcement agencies and even consumer groups and
financial institutions ahve put out warnings about this currency. Despite all this many
people buy Iraqi Dinar under the impression they will make millions if not billions of
dollars. I’m inundated with emails and blog comments from suckers telling me about
the untold riches that they will receive when the Iraqi Dinar finally does revalue.
Oftentimes people ask, when will the Dinar revalue…my answer…NEVER. Scams
and frauds involving currencies have been around for years and as far back
as…well…as far back as there have been currencies. Today however many of these
scams and schemes involve pyramid schemes which have been disguised as complicated
“Forex Trading Programs.” In fact what is really going on is scammers weren’t doing
any Forex trading at all, simply paying one investor with another investors money
or as the age-old saying goes robbing Peter to pay Paul. Forex scams actually became so
prevalent in the 90′s and early 2000′s because of speculation on the Euro, which was a
new currency at the time, that the US Commodities Futures Trading Commission was
forced to put out a number of warnings about these scams. Now let me first say Forex in
itself isn’t a scam, nor is the sale of the Iraqi Dinar. In a sense I suppose you can’t even
really call this a scam. If a consumer buys Dinar and receives authentic Dinar in the
mail they got exactly what they paid for. The scam isn’t so much the sale of this currency
so much as it is the hyping and false information put out about the currency. Some dealers
I see online actively engage in this type of hyping while others do not as there’s really no need. Consumers are hyping themselves up and hyping up others as well on various message
boards and forums such as Dinar Vets, Investors Iraq, and Iraqi Dinar Rumors just to
name a few. Just listen to all the radio commercials, banner ads and other materials for
Forex. Forex markets are a legit thing, however there are hordes of Forex scammers out
there who spend their lives looking for suckers such as the gullible, uneducated, and
elderly just to name a few of their targets. Oftentimes it’s individuals in retirement or
near retirement who’d other investments may not have panned out for one reason or
another and who are looking to invest their money with promises of high and risk free
returns. Now anyone with a brain knows high paying and no risk don’t go together but
greed and desperation often cause people to overlook that nice thing we call common sense.
What is really happening? The money is disappearing into foreign banks where the scammers
put the funds for themselves. Generally these Forex scams don’t even involve the purchase
or trading of foreign currencies, what it is, is simply scam artists running bonus earnings
statements and printing them off on their home computers showing huge returns right up
until the time they disappear with everyone’s money. If someone for some reason wants to
cash out on their returns early they simply rob Peter to pay Paul but why would someone
want to get out when money is pouring in right, and that’s just what causes these scams to
go on as long as they do. It’s not until people demand their money that the scam artist has
problems. Now as we said before, just buying Dinar in itself is not a scam, though most people
do have inaccurate expectations for what the Dinar will do and don’t understand currency or
currency markets. That said the real scams involve people being scammed in the Dinar
industry, not simply buying Dinar. For example, many Dinar scams work in the same way
as the Forex scams. You don’t actually get any Dinars but instead get a statement showing
that you have Dinars, or have Dinars on reserve or lay away or have some type of fake
certificate of ownership. Now this is debatable depending on who you talk to and what
someone’s idea of a scam is but some say the Dinar scam is successful because with the
Dinar “scam” unlike the Forex scam you actually get physical Dinars in the mail.
Suckers around the world have Dinars in envelopes, safety deposit boxes, in books and
heck some even have bales of Dinar in their attic just waiting for that magical day it will
revalue and they will be millionaires if not billionaires…which is never. To help sell this
scam, some scammers have setup all types of websites, bulletin boards, conference calls,
newsletters and even social media. If they can find some way to create the impression that
the Dinars are valuable and about to revalue at any minute they will have buyers. You
constantly hear on these boards and conference calls people sure that their Dinar is going
to revalue within the week, by months end, or even tomorrow. They also always have some
“special intel” on why this will happen.
Their brother in laws, sisters, husbands neighbor plays gold with a guy who used to work
in the secret service. Their sisters, neighbors, husband, works at Chase bank and has seen
the Dinar pop up in their FX system. Funny thing is human nature. It’s human nature to
stick to your beliefs and once someone believes something it’s hard to convince them
otherwise. People also don’t like to feel like they got scammed or like someone got the best
of them so often people will continue believing what they originally believed. Others
however are truly convinced that their initial investment is a good one and no amount
of logic or facts can dissuade them from that belief. Denial is not just a river in Egypt. So
why is this a scam?
The Iraqi Dinar is a scam because the dinar has no chance for a revalue and even the
prospect of a significant appreciation is not good at this point in time. If the Dinar were to
appreciate it would make buying the Dinars worthwhile. Why won’t the Dinar appreciate significantly? Well I suppose anything is possible but the current state of affairs doesn’t
make it likely. First off there’s alot of political uncertainty in the region. Who would invest
in a currency of a government who could fall into civil war at any moment or a
government who may not even be around a few months or a few years from now? Add to
that the fact that there is such a huge volume of Iraqi Dinars produced and floating around
that even if Iraq discovered the largest oil reserves, gold mine, and natural gas reserves in
the world the Dinar would not appreciate significantly because there’s just too much Dinar
out there in circulation. Many people love to say, look at Kuwait!!!
The Kuwaiti Dinar revalued. After the first Gulf Storm War the Kuwaiti Dinar did show
significant appreciation, that is true. It’s like comparing apples and oranges however.
First off, as a country, Kuwait is significantly richer than Iraq and also has much larger
oil reserves. Most people don’t remember this,but the reason Iraq invaded Kuwait was for
Kuwaits oil, NOT because Iraq had enough oil of their own. Secondly, the Kuwaiti population
is much much smaller than that of Iraq. The population of Kuwait is only 3 million, that
compared to Iraq’s population of 33 million. What does this mean? This means that Iraq has
to take care of ten times as many people as Kuwait, and in addition to that they also have to
rebuild an entire infrastructure ruined by a decade of civil ware. And they have to do all this
with less money than Kuwait. Third, and this is the biggest sticking point. The Iraq government
has to borrow about $100 million per year just to give basic services to their people. No country
which is borrowing money is going to have an “imminent revaluation”…for those of you
who aren’t aware that’s a term in the Dinar community. The Iraqi Dinar revalue is always
“imminent.” Lastly, Kuwait had a stable government before the War. That government
essentially fled Kuwait and then returned after the war and the government was restored.
That is another big difference between Iraq and Kuwait. By contrast Iraq’s government
is new and whether it survives is something nobody knows. Main point here being that
there is really absolutely no reason to believe that the Iraqi Dinar will revalue or even
appreciate significantly in the long-term, but it’s bordering on insanity to believe that
Iraq will even appreciate much in the short-term, the short-term being 10 years which
to those in the Dinar community is a lifetime. And the scam laid out for you. The scam
artists sell Iraqi Dinars to suckers based on the belief that the Iraqi Dinars are about to
become very, very, very valuable at any moment, when in reality they are not. I know
we used the word scam a lot in this article. I guess scam may be a strong word. A scam
or a fraud involves someone being scammed or defrauded. There are instances of true
scams and frauds, just do a quick Google search on the BH Group. It’s my understanding
they were selling Hedge Funds for Iraqi Dinar that did not exist. Similar scams have
happened with the Warka and Iraqi Stock Markets. Another example of a true scam would
be someone purchasing Iraqi Dinar and either not receiving it or receiving counterfeit notes.
For the most part most Iraqi Dinar dealers are on the up and up as far as that goes.
Probably part and partial because it would be more costly to even make counterfeit Dinar
notes than the notes would even be worth. None the less simply buying Iraqi Dinar is
not a scam, however the hype and pumping up surrounding the purchase of the Iraqi
Dinar is what could be construed as a scam. Some dealers simply seem to say we sell Dinar
and not much more. Others, however seem to aid in pumping up the Dinar community
by advertising saying things like “The RV Is Imminent” and that is what I would consider
a scam.
Original article:
http://iraqidinarrevalue.blogspot.com/2013/06/the-iraqi-dinaris-it-scam.html
Posted in Spirituality | Leave a comment
Thanks to: http://inesradman.wordpress.com
The Iraqi Dinar…Is It A Scam?
It never ceases to amaze me the the amount of fervor and confidence those who believe
in the revalue of the Iraqi Dinar have. There’s no shortage of hype and pumping of the
Iraqi Dinar on the internet so I’d like to play devils advocate and take a more pessimistic
view of the Iraqi Dinar currency and why a revalue can’t and won’t happen. I’m aware
that this topic has been written about before time and time again. Heck, even many
government agencies, law enforcement agencies and even consumer groups and
financial institutions ahve put out warnings about this currency. Despite all this many
people buy Iraqi Dinar under the impression they will make millions if not billions of
dollars. I’m inundated with emails and blog comments from suckers telling me about
the untold riches that they will receive when the Iraqi Dinar finally does revalue.
Oftentimes people ask, when will the Dinar revalue…my answer…NEVER. Scams
and frauds involving currencies have been around for years and as far back
as…well…as far back as there have been currencies. Today however many of these
scams and schemes involve pyramid schemes which have been disguised as complicated
“Forex Trading Programs.” In fact what is really going on is scammers weren’t doing
any Forex trading at all, simply paying one investor with another investors money
or as the age-old saying goes robbing Peter to pay Paul. Forex scams actually became so
prevalent in the 90′s and early 2000′s because of speculation on the Euro, which was a
new currency at the time, that the US Commodities Futures Trading Commission was
forced to put out a number of warnings about these scams. Now let me first say Forex in
itself isn’t a scam, nor is the sale of the Iraqi Dinar. In a sense I suppose you can’t even
really call this a scam. If a consumer buys Dinar and receives authentic Dinar in the
mail they got exactly what they paid for. The scam isn’t so much the sale of this currency
so much as it is the hyping and false information put out about the currency. Some dealers
I see online actively engage in this type of hyping while others do not as there’s really no need. Consumers are hyping themselves up and hyping up others as well on various message
boards and forums such as Dinar Vets, Investors Iraq, and Iraqi Dinar Rumors just to
name a few. Just listen to all the radio commercials, banner ads and other materials for
Forex. Forex markets are a legit thing, however there are hordes of Forex scammers out
there who spend their lives looking for suckers such as the gullible, uneducated, and
elderly just to name a few of their targets. Oftentimes it’s individuals in retirement or
near retirement who’d other investments may not have panned out for one reason or
another and who are looking to invest their money with promises of high and risk free
returns. Now anyone with a brain knows high paying and no risk don’t go together but
greed and desperation often cause people to overlook that nice thing we call common sense.
What is really happening? The money is disappearing into foreign banks where the scammers
put the funds for themselves. Generally these Forex scams don’t even involve the purchase
or trading of foreign currencies, what it is, is simply scam artists running bonus earnings
statements and printing them off on their home computers showing huge returns right up
until the time they disappear with everyone’s money. If someone for some reason wants to
cash out on their returns early they simply rob Peter to pay Paul but why would someone
want to get out when money is pouring in right, and that’s just what causes these scams to
go on as long as they do. It’s not until people demand their money that the scam artist has
problems. Now as we said before, just buying Dinar in itself is not a scam, though most people
do have inaccurate expectations for what the Dinar will do and don’t understand currency or
currency markets. That said the real scams involve people being scammed in the Dinar
industry, not simply buying Dinar. For example, many Dinar scams work in the same way
as the Forex scams. You don’t actually get any Dinars but instead get a statement showing
that you have Dinars, or have Dinars on reserve or lay away or have some type of fake
certificate of ownership. Now this is debatable depending on who you talk to and what
someone’s idea of a scam is but some say the Dinar scam is successful because with the
Dinar “scam” unlike the Forex scam you actually get physical Dinars in the mail.
Suckers around the world have Dinars in envelopes, safety deposit boxes, in books and
heck some even have bales of Dinar in their attic just waiting for that magical day it will
revalue and they will be millionaires if not billionaires…which is never. To help sell this
scam, some scammers have setup all types of websites, bulletin boards, conference calls,
newsletters and even social media. If they can find some way to create the impression that
the Dinars are valuable and about to revalue at any minute they will have buyers. You
constantly hear on these boards and conference calls people sure that their Dinar is going
to revalue within the week, by months end, or even tomorrow. They also always have some
“special intel” on why this will happen.
Their brother in laws, sisters, husbands neighbor plays gold with a guy who used to work
in the secret service. Their sisters, neighbors, husband, works at Chase bank and has seen
the Dinar pop up in their FX system. Funny thing is human nature. It’s human nature to
stick to your beliefs and once someone believes something it’s hard to convince them
otherwise. People also don’t like to feel like they got scammed or like someone got the best
of them so often people will continue believing what they originally believed. Others
however are truly convinced that their initial investment is a good one and no amount
of logic or facts can dissuade them from that belief. Denial is not just a river in Egypt. So
why is this a scam?
The Iraqi Dinar is a scam because the dinar has no chance for a revalue and even the
prospect of a significant appreciation is not good at this point in time. If the Dinar were to
appreciate it would make buying the Dinars worthwhile. Why won’t the Dinar appreciate significantly? Well I suppose anything is possible but the current state of affairs doesn’t
make it likely. First off there’s alot of political uncertainty in the region. Who would invest
in a currency of a government who could fall into civil war at any moment or a
government who may not even be around a few months or a few years from now? Add to
that the fact that there is such a huge volume of Iraqi Dinars produced and floating around
that even if Iraq discovered the largest oil reserves, gold mine, and natural gas reserves in
the world the Dinar would not appreciate significantly because there’s just too much Dinar
out there in circulation. Many people love to say, look at Kuwait!!!
The Kuwaiti Dinar revalued. After the first Gulf Storm War the Kuwaiti Dinar did show
significant appreciation, that is true. It’s like comparing apples and oranges however.
First off, as a country, Kuwait is significantly richer than Iraq and also has much larger
oil reserves. Most people don’t remember this,but the reason Iraq invaded Kuwait was for
Kuwaits oil, NOT because Iraq had enough oil of their own. Secondly, the Kuwaiti population
is much much smaller than that of Iraq. The population of Kuwait is only 3 million, that
compared to Iraq’s population of 33 million. What does this mean? This means that Iraq has
to take care of ten times as many people as Kuwait, and in addition to that they also have to
rebuild an entire infrastructure ruined by a decade of civil ware. And they have to do all this
with less money than Kuwait. Third, and this is the biggest sticking point. The Iraq government
has to borrow about $100 million per year just to give basic services to their people. No country
which is borrowing money is going to have an “imminent revaluation”…for those of you
who aren’t aware that’s a term in the Dinar community. The Iraqi Dinar revalue is always
“imminent.” Lastly, Kuwait had a stable government before the War. That government
essentially fled Kuwait and then returned after the war and the government was restored.
That is another big difference between Iraq and Kuwait. By contrast Iraq’s government
is new and whether it survives is something nobody knows. Main point here being that
there is really absolutely no reason to believe that the Iraqi Dinar will revalue or even
appreciate significantly in the long-term, but it’s bordering on insanity to believe that
Iraq will even appreciate much in the short-term, the short-term being 10 years which
to those in the Dinar community is a lifetime. And the scam laid out for you. The scam
artists sell Iraqi Dinars to suckers based on the belief that the Iraqi Dinars are about to
become very, very, very valuable at any moment, when in reality they are not. I know
we used the word scam a lot in this article. I guess scam may be a strong word. A scam
or a fraud involves someone being scammed or defrauded. There are instances of true
scams and frauds, just do a quick Google search on the BH Group. It’s my understanding
they were selling Hedge Funds for Iraqi Dinar that did not exist. Similar scams have
happened with the Warka and Iraqi Stock Markets. Another example of a true scam would
be someone purchasing Iraqi Dinar and either not receiving it or receiving counterfeit notes.
For the most part most Iraqi Dinar dealers are on the up and up as far as that goes.
Probably part and partial because it would be more costly to even make counterfeit Dinar
notes than the notes would even be worth. None the less simply buying Iraqi Dinar is
not a scam, however the hype and pumping up surrounding the purchase of the Iraqi
Dinar is what could be construed as a scam. Some dealers simply seem to say we sell Dinar
and not much more. Others, however seem to aid in pumping up the Dinar community
by advertising saying things like “The RV Is Imminent” and that is what I would consider
a scam.
Original article:
http://iraqidinarrevalue.blogspot.com/2013/06/the-iraqi-dinaris-it-scam.html
Posted in Spirituality | Leave a comment
Thanks to: http://inesradman.wordpress.com
