The Iraqi Dinar Scam

The New Investment Scam Sweeping the Country – Buying the Iraqi Dinar

Sadly, everyone from Armed Service men and women, civilians, contractors and unwise investors are buying into this scam without understanding the real risks.

The Iraqi dinar “investment” opportunity is a scam that has been around for a few years and has recently been regaining much of its former popularity. The opportunity is pitched as a way to profit from a nearly worthless Iraqi dinar that are “sure” to appreciate in the future.

The scammers promise that millions of dollars in profits are virtually guaranteed if you buy the dinars at today’s values (about 1,000 dinar to 1 US Dollar) and then exchange the dinars back for dollars at a later date once the dinar exchange rate has improved.

Learn more about this pervasive scam in the Kindle version of our book The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies.

VIDEO: The Iraqi Dinar Scam – Part One

There are, however, some fundamental problems with the Iraqi dinar scam that potential buyers should be aware of before they begin investing in one of the most illiquid currency markets in the world:

Lack of registration

It is illegal in the U.S. and most other major economies to market an investment without appropriate securities registration. The scammers get around this requirement in two ways.

First, it is technically legal to sell hard currency for its numismatic value. In other words it is possible to sell hard currency as a “collector’s item.” Second, some dealers will register with the U.S. Treasury as a Money Service Business (MSB).

Registering as an MSB is something that dinar dealers will do to put on the appearance of registration and government oversight. However, the difference between a legitimate MSBs and dinar dealers is that real MBS’ are not marketing an investment.

So ask yourself; if a business has to lie to get around registration are they really making a legitimate offer?

Dinars are sold on misleading hype

The potential value of an investment in dinars is often illustrated with references to what happened to the Kuwaiti dinar following the first Gulf War and the German deutschmark following World War 2. These would be good examples except that neither one was a free-floating currency at the time so the value was mostly a function of policy making and official currency management.

It is also a fact that no rational investor would base an investing decision on two instances of past data (one more than 60 years in the past) without considering all the times this investing strategy did not pay off.

Will the Iraqi government pursue a policy of currency appreciation in the future? Since an appreciating currency makes funding your brand new government and paying off past debts more expensive it seems unlikely. An economy in Iraq’s situation is more likely to experience a currency crash or intentional devaluation than a sudden and dramatic reflation.

In fact, more recent currency history would seem to show that it is more likely that the dinar will depreciate further in the near term. The fallacy that dinar dealers are relying on is that a growing economy will result in a stronger currency. That is not the case. As the recent examples of Venezuela, Turkey and Mexico show; a growing economy is as likely to be accompanied by an inflating (weakening) currency as not.

Many dinar dealers refer to the value of the Iraqi dinar prior to the 1990 Kuwaiti invasion (1 dinar = $3+ US Dollars) as evidence that the potential for the dinar is theoretically unlimited. They don’t mention that the pre-1990 dinar has been demonetized (worthless) and that its value was arbitrarily set by an autocratic regime led by Saddam Hussein. Following the embargo, the ability for the Iraqi government to manage its currency’s value collapsed and it spent the next 10 years at 2,000 – 3, 500 dinars to the U.S. Dollar.

Learn more about the misdirection dinar dealers and pumpers employ by comparing the Kuwaiti dinar to the Iraqi dinar in The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies.

Investment risks they won’t tell you about

Assume that you are determined to “invest” in dinars despite the shadowy and misleading dealers you will have to work with. You should be aware of the following risks. It is unlikely that you will hear these from a dealer and if you are still determined to invest in the dinar at least you will be more fully informed.

VIDEO: The Iraqi Dinar Scam – Part Two

1.

Liquidity

There is currently no active market for dinars. You can buy them but can you sell them? We surveyed several dealers and found that the difference between what you can buy dinars for and what you can sell them for is approximately 20%. This means that the dinar will have to appreciate by at least 20% before you could sell the currency back at break-even. It is worth noting that since the new dinar was introduced after the U.S. invasion it has only appreciated about 23% total.

2.

Currencies with extremely low values are often redenominated

It is quite common for countries with currencies that have very low values compared to other currencies to redenominate their existing hard currency and issue new currency with new values. For example, the Venezuelans, another oil economy, redenominated the bolivar (trading at 2,150 to the USD) in 2008 and allowed currency owners to exchange 1,000 of them for 1 new bolivar.

The new bolivar now trades at 2.15 to the USD. This redenomination process has been done over and over again in modern history. One of the risks here is the process required to get your hard currency dinars exchanged for potentially a second issue of new dinars at a new value. If there is an extremely illiquid market today there is likely going to be one then as well. It may be something that can only be done in Iraq which could make the process extremely expensive.

Learn more about the differences between a redenomination and a revaluation in The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies, and see why the Iraqi dinar is more likely to be redenominated than revalued.

3.

Inflation

Currently the Iraqi Central Bank is reporting inflation rates that vary, depending on the month, from -4% to +8%. If the government and economy become more unstable than they are at present, those inflation rates could skyrocket. Hyper-inflation destroys the value of hard currency. By the time the Turkish government revalued in 2008 the lira had inflated to 1.5million lira to the USD.

The bottom line is that this is an investment opportunity marketed by unregistered advisors to mostly unsophisticated currency investors. No risks are disclosed and past information is fabricated or modified to make the opportunity look better than it really is. This investment is a gamble at best.

Image courtesy dweekly.

  • Luke

    You guys who buy dinar are retarded and must of voted for Obama. Get a job, sell your dinars, and invest in real estate or a business making money not waiting for it. Nuff said!

  • steven dapuzzo

    hahaha, we should all go on their forums and guru sites and start talking about the “reserve floating currency” if nothing else it will either confuse them all, or be very funny to watch.
    another problem I notice, any of the gurus sites or forums they chat in, has nothing negative on them, you either cant post to them, or they only keep the insane posts up, and take ppl like mine down.

  • steven dapuzzo

    I can make a word, “reserve floating currency” there just did. that’s the new thing people. lets get ppl to invest in reserve floating currency, once the big 8 nations sign section 22334565665 of article 3234565m, the rfc will be released. only thing is, to buy it, and then sell it for 6,000,000 % return in 4 days, you have to send me the money, but its ok, you can trust me. LOL

  • steven dapuzzo

    Now the new thing that these same people are buying is the dong, I know its not new, but its made a huge comeback w the bs. its the new rv story. such pure bs. im at some guys house last night, hes in it, I tried to tell him a few times, im a broker, been watching this shit for decade, doesn’t want to hear it, he seems possessed, or addicted, cant explain it. anyway, while im there he gets a text from someone “in the know” it says, wells fargo has additional security at the their exchange locations, and his eyes light up, looked like he was about to cum. I don’t get how ppl don’t see the bs, espec when its over and over again. im missing something,. this is brainwashing at its finest. I want to know how there doing it, that’s where the real money is.

    • AlbPerez

      The dinar scam certainly makes it easier to understand how cretins like Jim Jones and Charles Manson and Adolf Hitler could convince people to do really horrible things. There are really a lot of people in the world who can be influenced with very little effort. A soft spoken, charismatic con man can talk about unimaginable wealth and success mixed with a little talk about Jesus and a few chosen people and, voila, a mind numbed robot is born! There nothing people like more than to feel “special” or exclusive. Everybody wants to be in on a secret. The dinar scam fits the bill perfectly.

  • Nick Giammarino

    Great explanation about the Iraqi Dinar Scam. I recommend that everyone take a look at that book on Amazon, it’s worth picking up, especially to those who commented that they have family members deep into this “investment”. Check out this link by the FBI https://forms.fbi.gov/iraqi-dinar-investment-investigation as well as http://dinarrvnews.net/scam/ I’m attaching an actual scam document that was sent out.

  • Iraqi dinar will raise in value as soon as the current political condition in Iraqi becomes stable. The New Prime Minister of Iraq is following a strict economic plan to improve the economic performance of all Iraqi entities. As soon as ISIL is out and Iraq is united again, there is revaluation of Iraqi Dinar and deletion of three zeros. Same thing is happening to Iranian Rials Toman Iran and the expected lift of sanctions will better the exchange rate of IRR. Remember IRanian Rial was 1750 per one dollar in year 2001… it is now 29900!

    Buynewdinar.com

  • Adam

    Let’s just go on a little hypothetical journey for a second and say this revalue happens and every dinar you hold is now worth $3USD…who is going to pay you these millions? The broke Iraqi government? ISIS? Why on god’s green earth would anybody ever do that? What NEED would they have for dinar? Maybe some uber rich people will think it looks pretty and just want to go for a swim in it? It’s basic economics, supply and demand, right now there is an artificial demand for dinar created by scam artists, but what do you think the demand is going to be when the price goes up 3000% and every moron that bought into this scam tries to unload their piles of dinar, thus creating a HUGE supply? That’s what I thought. If anything there will be a redenomination and you would be lucky to get any money back, let alone a profit of any kind. Now go find your helmet…

    • AlbPerez

      True. Not to mention that there aren’t enough dollars in the whole world to redeem dinar at even 25 cents each! At last count, the CBI claims a money supply of over 86 trillion dinar! According to the US Treasury there are only about 12 trillion dollars in the whole world (that’s hard currency and electronic deposits combined)! If somehow the dinar became magically worth 25 cents it would take over 21 trillion dollars to redeem them! Where does the money come from? If every single dollar in the world could be rounded up and deposited at the CBI to support the dinar, it would still only be worth 14 cents. That would mean every dollar denominated bank account in the world would be drained and every currency note confiscated and sent to the CBI just so the dinar could be redeemed for 14 cents! It’s laughably stupid! It is so patently ridiculous it shouldn’t even pass the smell test. A parrot could sniff out that scam!

  • Gus

    This whole changing dinars and dong for U.S. currency! Is such BS!!!!!!!!!! But it’s pretty effective,I know people who have fallen for this elusive trap,!!!! these scam artists need to be prosecuted to the highest extent of the law!!!!!! But our corrupt govt officials don’t really lift a finger to really do anything about this!?

    • tyrone

      Not exactly. The scammers skated for many years but the Feds are now hot on their tail. Just in June, FBI essentially shut down one of the largest dinar sellers, Sterling Currency Group. I think we can expect others to follow soon, or if they are smart they will fold up their tents and disappear before they too get busted.

  • LAR

    I just heard of someone in a “private”group who flew some where to exchange their dinar. Is that part of the scam as well?

    • tyrone

      Ha ha. Yes this part of the scam. That story’s been been told dozens of times. The usual story is that it’s a group of wealthy people and the location is a Wells Fargo Bank, closed on a weekend or whatever. The story might also include reference to a “De La Rue”, which is a currency counting machine.

      Complete joke!

      • LAR

        Thank you Tyrone. We have seen friendships torn apart because of the dinar scam. The latest in it was they flew some where to exchange their dinar. The following week he brought his daughter there to exchange hers. Is it in a bank of office or what?
        I know they wouldn’t get money, just the promise of money, right? The problem is they are pastors and have gotten half of the church involved in the scam. We left the church but he stood up and told the congregation last week it was a scam but it could still pay off. We are very concerned for the people who are left and believe that a scam will pay off.

        • wakingsmall

          LAR,

          It appears your pastor has come to terms with the fact that the lure of fabulous riches for little or nothing risked is indeed a scam. …..Many have taken a more realistic approach from the beginning and are prepared to receive returns several times their initial risk. …..It will hurt many, but the final outcome might be positive for those with a level head.

          • LAR

            No, walkingsmall, the pastor still believes it., He went last week to a private exchange. The only reason he said it was a scam was because he was receiving pressure from the face alot of people are leaving the church. He told the congregation those that say its a scam only hear one side of the story. My original question was about the private exchanges and if that is part of the scam because now people who are left believe that it is real because he went and exchanged his dinar for money.

          • wakingsmall

            LAR,

            The part about Iraq being filthy rich and making everyone else filthy rich is an absolute scam, but there are indications that a private placement ‘exchange’ is also real. …..How it shakes out is uncharted territory. …….The only thing that is a known absolute fact: Is that there have been scores of lies spread around and sorting truth from fiction is unlikely.

          • tryone

            walkingsmall, can you please explain the economics of a private placement exchange? Suppose I have one Canadian Dollar (1 CAD). At the official rate, that 1 CAD can be exchanged for $0.75. Which means if I go to a bank in Canada (or pretty much wherever) I could get $0.75 or perhaps a bit less – a few % deducted for the exchange fee and/or a commission.

            The concept of a private exchange suggests I can go to someplace where “Mr. X” will give me much more than $0.75. Let’s say he gives me $1.50. When Mr. X goes to the bank to exchange his 1 CAD to USD, he’ll only get $0.75. So why would he do this exchange?

            Thanks

          • walkingsmall

            The concept of these ‘private exchange’ situations is complex enough by itself, and adding in all of the false information; there might be any number of possible explanations. …..It’s a crap-shoot, but worth a chance in my book.

            ……If your line isn’t in the water, you won’t every catch a fish!

          • tyrone

            Actually the concept of “private exchanges” is not complex at all. It’s quite simple. They are a non-existent fairy tale.

          • LAR

            Just an update to my original question 2 weeks ago regarding private exchanges. My pastor is still waiting for his money and his church will have to close because he wasted nearly two years chasing dinar rather doing fiscally responsible things that may have averted the upcoming crisis. Half the congregation has left–the other half are broken dinarians.

          • AlbPerez

            Your line is in a sewage pond. There’s no fish down there. Just a bunch of stinky, filthy feces. It’s not a crap shoot. Your odds of winning at craps or the lotto are infinitely better than winning off of the dinar. “Private exchange” is bogus. There is no such thing. It shouldn’t even pass the common sense test. Nobody is going to pay you more for dinar than they are worth. If somebody can buy an unlimited quantity of dinar for .000847457 dollars each, why would they pay you more than that? They wouldn’t. That’s why it’s a complete scam. If Walmart has rows and rows of the same bike for $50 and you buy one, why, if you wanted to sell it later, would someone pay you more than $50 for the exact same bike they can buy at Walmart for $50? They wouldn’t! Is that hard to understand?

          • johnjagerson

            Tyrone, well done. Of course I know you know the answer to this question but it is fun to read it asked again. The dinar is the scam that never dies. I remember when the explanation for dinar riches was the low-denominations thing. Then it was the global currency reset (oh brother). And now the “private exchange” myth is making the rounds again. its been a while since I heard that old one trotted out. I suspect it may take a while before this completely dies out. I thought it was dead back in 2011 and it came back with a vengeance so you never know.

          • walkingsmall

            It’s obvious you think you know everything that is going on! . …..I know I sure don’t, but the evidence is mounting that something very big is afoot. ……And when shifts happen there are opportunities!

            EDUCATION IS MAN’S GOING FROM COCKSURE IGNORANCE TO THOUGHTFUL UNCERTAINTY!

          • tyrone

            Hi John, I have a feeling this scam’s days are numbered now that the FBI and IRS are investigating. Just in June FBI raided the offices of Sterling Currency and it’s owner Ty Rhame’s home. Federal Prosecutors are now moving to seize assets including Rhame’s home, vehicles, airplane. Sterling was one of the largest dinar sellers. They still have a website but it says they can’t take orders . Same message I got when I called the phone # listed on the website.

            The Feds will shut this whole thing down. Anyone holding dinars should try to get rid of it as soon as possible and cut your losses now before there’s no place left to sell them except in Iraq.

  • Jimmy Foster

    It’s time for a class action suit now!!! Yeehaw!!!

    • walkingsmall

      Let’s not kill the golden goose just yet!

      YES, THERE WILL BE NO RV! …….There is now iron clad evidence that there will be a re denomination of the IQD! All levels of government have climbed aboard the band wagon and its announcement is imminent.

      Gurus are claiming that the re denomination applies only to citizens in Iraq, and those of us here in North America will redeem our notes at full face value. …..What a load of nonsense! …..Those three zeros on the large notes are toast throughout the world when they document the re denomination. .I challenge ANYONE to provide proof that the zeros will hold for non Iraqis! …..All the guru dinar community is getting is veiled promises of forthcoming riches! ……The chances of that happening are far less than your chance of winning the lottery!

      There have been dozens of re denominations in the past century and the mold is clearly set. …..When the issuing country changes the value of their currency in their country, it applies worldwide!

      Now, there is still the issue of the GCR. …..I still believe this may be the only chance to make some significant returns on undervalued currencies. …..So the real focus needs to be on contract rates rather than some fictitious revaluation. ……Regardless, the chance of enormous returns has now officially been buried by the fact that the three zeros on all these undervalued currencies will vanish at the time of redemption.

  • Jimmy Foster

    Here is all EVERY dinar denier and supporter needs to know. A civil Federal Complaint on June 9, 2015 has been filed against Sterling Currency Group, TerryK, and others. Evidence of them admitting it was a scam at minimum was captured by the FBI in emails and phone conversations. I AM SO FUCKING HAPPY THOSE PUNKS WERE FINALLY BUSTED!!!!

    http://www.docdroid.net/132iq/doc-2-6-9-2015-amended-complaint.pdf.html

  • Suz

    Before you read anything or comment on anything… get your fact straight… if you dont read Mountain goats letters then you wont be educated about the real process how it all comes together or work before the RV can acure.. we are almos there.
    RV
    then GCR and the
    long awaited NESARA to come.. first for all you Americans then Globally and name will change to GESARA.. Sept 2015 is sure the corner stone for all to start with a big change- the long wait is almost over… be positive and raise your vibrations everyday.. say something nice.. yr ears are the first audience you have to and will reach.

    • tyrone

      Sorry I don’t have a decoder ring. In English, please ?

    • walkingsmall

      Mountain Goat is deceived by his own greed! ……There is no RV, so there is no huge money to be made. ….The re denomination is meant to be revenue neutral, but there is a chance for some appreciation following it. Regardless, your 25,000 dinar note is worth 25 dinar the very second the command is given for re denomination.

  • MissedTheBoat

    Humm…so All these Bank stories are false??????? They have been trained for a scam? It is not a Securities sale so people with their securities Licenses really aren’t involved. It is like trading your Pesos for dollars. I don’t see any Securities people hanging around there either. You can’t buy Dinar from the U.S. …no this greedy corrupt administration is hanging on to theirs and all the politicians have their money for almost 2 years and are trying to keep their power and kill the middle class. The Gov’t loves people to depend on them and this getting out would weaken their power so from their viewpoint, it is a scam. Pre Saddam a Dinar was worth about $3.21 and the U.S. devalued the currency to weaken them and now it is time to put it back to what it was for post Saddam era. Here is the difference. Iraqi can back up their money with resources unlike the U.S. there they just keep printing money. I think there is a lot of info for both sides but when the Banks are being trained for do exchanges…….that makes it a little more real and people are starting to spill the beans at the banks…..so just keep believing what you believe. This administration loves it when you are poor and if you haven’t noticed, they aren’t the most honest or forthcoming group either. I also think you shouldn’t invest more that you can lose so some of the folks who have invested are not the smartest tools in the shed. I knew a guy who invested with Bernie Madoff….that wasn’t a scam but…………

  • MOZO

    IF your above description was true why did George W. Bush AND President Obama both sign 13.303 allowing all USA citizens to purchase IQD in effort of generating funds to help pay for the war? In exchange the USA will be able to purchase oil at a lower value. There are may other true facts you left out. None of your comments are true. It’s easy to try to discourage people from participating in something that will generate future funds. When the war started the IQD was at approximately $3.23, Due to their oil production and other great things happening in their country, they will return to that value and eventually exceed it fairly quickly. They share an oil field with Kuwait and must keep the value of their money close to the same amount as the Kuwaiti Dinar. So shame on you for giving false information!!!

    • JImmy Deene

      You’re either late to this scam game by about 10 yrs, a dinar dealer / guru scammer or just thick headed as hell. Everything you just spewed has been disseminated for well over a decade in the dinar RV arena. The smart ones woke up, learned a lesson and moved on accepting their loss by selling back their dinar and salvaging whatever they could. Other buffoons like you continue the same ole poo poo game. LMFAO!!!

  • Researcher

    Thanks John for coming out and saying the dinar RV is a scam. Hardly anyone else on the internet or news media will come right out and say it’s a scam.

    I watch Tony Renfrow’s #wearethepeple hashtag on Twitter, and I can tell you from months of reading their BS every day that RVers are insane with get-rich greed, as heartbreaking accounts here of their irrational crazy behaviour confirm.

    I believe the RV scam is the biggest scam in American history suckering in millions of clueless Americans losing many billions of dollars in it.

    Yes IQD is a legit currency. Yes selling IQD is completely legal far as I know and buying IQD is completely legal far as I know.

    But the only reason Americans are buying it is hoping it will RV 100,000% – 5,000,000% depending on which RV pumper you listen to. Along with Vietnam dong and other ulta-low-value currencies and even worthless demonetized Zim currency.

    So yes it’s a huge enormous currency scam suckering in millions of people and who knows how many billions of dollars.

    I have all the facts about the RV fairy tale proving it’s a fairy tale and I can say with 100% assurance THERE WILL BE NO RV EVER.

    But it’s like hollering in a hurricane. A hurricane of irrational idiotic insane get-rich greed. Nobody hears and nobody cares. They’re all transfixed on their millionaire dreams and their RV pumping “gurus”.

    No Iraq will not RV. Yes Iraq will RD as they have said since 2010. Nobody will make a dime from it. Yes dinarians will lose 100% of their “investment” when CBI introduces a new $.86 currency and demonetizes all IQD on the planet, which they can do with a simple public decree, and have now done to 50 dinar notes. They’re all worthless. In Iraq, in America, everywhere.

    No I don’t have a dog in this hunt. I don’t have dinar nor dong nor zim nor any other foreign currency and have no desire for any of it, because I know none of it will RV. And no I don’t care what people do or don’t do with their dinar/dong/zim/etc.

    And no I really don’t care if they go broke, go bankrupt, go insane, commit suicide, whatever. It’s their problem not mine.

    I really just wana say thanks for coming out and saying the RV thing is a myth that has been turned into a huge enormous nationwide currency scam.

    And no it wouldn’t matter if none of us “truthers” ever said anything about it. There still won’t be any RV, period, end of story.

    And yes the RV scam is surrounded by tag-along scams like “early exchange” scams and “higher rate group exchange” scams. Scams attract more scams. Fact of life.

    And yes RVers (aka “dinarians”) have become a cult. They display all the text book characteristics of a cult. Emphasis on keeping positive feelings (“stay positive”). Ignoring every single real world fact proving their dream is just a dream. Vehement hatred for anyone bringing real world facts proving their dream is just a dream. These are classic text book cult characteristics.

    And yes I can answer any question about the RV scam, I am a researcher after all, and I have researched this scam thoroughly.

    But no I won’t answer mindless questions you can find the answer to with a google search or two.

    That’s the problem, nobody wants to invest any time in their own knowledge doing any research, pro-RV or anti-RV. They want someone else to do the research and spoon-feed answers to them.

    Forget it. Not gonna happen.

    And no I don’t care how people “feel” about this comment. Maybe it’s time to get off those feelings and get on to some FACTS for a change. Ya think?

    • JImmy Deene

      Not true… If you search there are plenty of well known sources and authorities that have alerted the public of this scam. Congressman, news stations, Forbes, Federal Reserve, BBB just to name a few. It’s that idiots refuse to hear they’ve been bamboozled.

      • Researcher

        None of those warnings come right out saying it’s a scam. They say “not recommended” and “be cautious” and stuff like that.

  • john12340

    50 Billion Dinar Printed Money Shipment in Iraq https://youtu.be/GA7mwCKXy0Q

  • Fran

    My husband loaded up with dinar will in Iraq..we both are questioning the possibility of all the promises of riches. Where can I safely sell our dinar?

    • johnjagerson

      I see a lot of folks selling them on eBay but I have no idea how deep the discount is that you will have to take. I have also heard of some dealers on the internet offering to buy dinar back, but they usually only do it if they are in mint condition (why that matters I can’t imagine) and if you ship it to them first for inspection before they tell you how much they are willing to pay.

      Best of luck, I hope you are able to get something for them.

    • Jane D

      Go buy an ounce or two of marijuana and roll up some blunts with the Iraqi poo poo paper then smoke it. That’s the best enjoyment you’ll get from that toilet paper.

  • Iraqi dinar revaluation will never happen in year 2015. However, the good news is that CBI and the Iraqi Government

    annouced, back in October 2014, that revaluation of Iraqi Dinar is a must for the Iraqi Economy to stop the deterioration

    of the Iraqi Economy and meet the economic demands of the flourishing Iraqi market. Cbi announced that new denominations

    would be issued; the new Iraqi dinar denominations 25000, 10000, 5000, 1000, 500 and 250 IQD. All denominations issued had

    stronger security & blind-friendly features. CBI also annouced the deletion of the 50 Iraqi Dinars denomination because it

    contradicts with the issue of the New Iraqi dinars in the first quarter of 2016 which will be without zeros. Deletion of

    zeros will include the following denominations:- 25000, 10000, 5000, 1000. 500 & 250. So the new denominations will be 25

    Iraqi Dinar, 10 IQD, 5 IQD, 1 IQD and coins will be 1/2 IQD and Quarter IQD. It is expected in the second quarter of 2015

    that new Iraqi denominations of 50000 and 100000 to be issued so that the banknot collection is complete: 100 IQD, 50 IQD,

    25 IQD, 10 IQD, 5 IQD, 1 IQD. Of course, such currency reset will need a two year transition period ( starting the first

    quarter of 2016 ) as it needs planning and gradual presentation to the market.
    Source BuyNewDinar Inc.

  • BuyNewDinar.com is the Only US-Based Site Selling New Iraqi Dinars 2014; other competitors sell the old Dinar.

  • Richard Boyd

    Mohammed Saleh, who is the adviser of the
    Central Bank of Iraq, said that the Iraqi currency is required to get
    expanded, and they are working to issue currency Banknote of 100
    thousand dinars.

    Saleh also expressed in a statement that the Central Bank of Iraq
    (CBI) looks at the idea of reorganizing the Iraqi currency in terms of
    specifications and forms, so they will be issuing new banknotes of Iraqi
    currency, which will have the capability of shortening the large
    quantity of money papers and he also indicated that continues use of the
    $100 banknote is really a big proof of importance of issuing a banknote
    equivalent to it.

    CBI is always holding 5 auction sessions per week, for the purchase
    or sale of foreign currencies, and with a commission of 13 dinars/
    dollar for cash selling, and also 13 dinars/ dollar for the sale of
    remittances outside of Iraq.
    Source Buynewdinar.com

  • Rick

    I was with the company that flew the new currency into Iraq. Like all the pilots I bought 1mil dinar for about $650 mostly for the fun of it and I wasted that much in the bars.
    I have it in a safe, I can tell fun stories to my grandchildren or use it for bathroom wallpaper. I am not expecting it to value much if so great. My life and well-being does not revolve around it. Wake up!

  • tyrone

    Here’s a question for you.

    Say you come home one day from work to find a note on your door that reads, “Dear neighbor, I’m the kid down the street. I want to save some money for college by mowing lawns this summer. For just $20 I can mow yours on Fridays. When you come home from work you’ll find your place looking spiffy and you can spend your weekend golfing, fishing, or just enjoying your place instead of doing yard chores. All you have to do is leave $20 under the doormat and I’ll be back on Friday for the first mowing. ”

    You think this is a good deal and besides you’re helping the kid out with college so you put $20 under the mat. Friday you come home from work and see that the lawn hasn’t been touched. Under the mat you find the $20 is gone and replaced with this note, “Sorry neighbor but my dad’s mower broke down so I couldn’t mow this week. No worries, he has it in the shop and it will be fixed real soon. Please leave another $20 under the mat and I’ll be back next Friday.

    My question is, how many times will you leave $20 under the mat ?

    What does this happen to do with Dinar RV, you ask? The answer is simple. The Dinarians I know get all of their info and confidence in the RV from “gurus” and “intel gatherers” on message boards like dinarguru dot com. I’ve been following this site for 3 years and every day there’s some nonsense suggesting that the RV is coming next week or tomorrow or it even happened last night and we’re just waiting for the banks to open in Hawaii so everyone can cash in at the same time. Why do you continue to believe this rubbish not once, not twice, but hundreds of times? Like I ask, how many times would you put $20 under the mat?

  • tryone

    I didn’t notice the calls to buy the smaller notes. I’m curious, what was their pitch? Why would anyone pay more for those? For example, if I were exchanging 1000 euros into US Dollars, I can’t imagine paying more to get 20 or 50 dollar bills instead of 100s… Unless I’m missing something that would be plain stupid.

    • walkingsmall

      The line of reasoning was that the notes with all the zeros on them would be called in and leave the holders of 50 dinar notes with the option of holding long term following the LOP. ….Sorry, this isn’t a LOP, but a re denomination. …..Looks like some folks were right, and Iraq has been busy closing those loopholes.

      ……Just goes to show how terribly wrong so many of the ‘pie in the sky’ gurus are with their riches for everyone forecasts!

      • tyrone

        So they said that under a redenomination, Iraq would exchange notes such as 25000 Dinar for a 25 “New Dinar” note. But leave the 50 (old) Dinar in circulation? So there would be a mix of new and old dinar in play at the same time. What was the explanation of why Iraq would do that?

        • walkingsmall

          It’s dinarland! …..Someone said it, and others noticed they could make money off of it, so they repeated it as though it was an official statement. ……….And the lemmings followed!

          • steven dapuzzo

            people need to wake up and realize, everything said, is just said, stuff people are saying, none of it is true. not a word. ppl need to remember when they read something online it means nothing, it can be my 5 year old son, posing as the chairman if the cbi, if there even is a cbi, and if it even has a chairman.

  • monty

    DINAR IRAQ & DONG VIETNAM UPDATE, 18 FEB

    DINAR IRAQ & DONG VIETNAM : Baghdad (Forat) –The Prime Minister, Haider al-Abadi, promised the Iraqis that he will conduct economic reforms to upgrade economy.

    ******

    We felt as if the budget was going to come out last Saturday – but it didn’t. The President signed it. We thought we would see the budget printed in the Gazette…but didn’t. The budget is not published ANYWHERE! It needs the laws first! The laws allow the budget to be legal. Meetings continue to go on. Who is at these meetings? The UN, IMF, BIS, WB, UST – all want to make sure the math for the budget works out. They are not there to be “involved” with the CBI…they are watching them to make sure they take the right steps.

    iTeams are tellings us that this government is working hard and fast together to bring out the budget so the CBI and the IMF can have the legality to raise the value. They know that the world is watching them. They are going to do it right – and that is why it is taking as long as it’s taking. Banks have NO liquidity. This shortage is just now starting to hit these banks…is beginning to trickle down. The CBI knows where all of their money is at. They know who they sold it to and who has it. There are no laws for taxes and tariffs because the budget is not open yet. They are preparing their currency for a new rate and the CBI needs laws to make sure everything is in working order. The laws must be in position FIRST then the budget can be opened for the economic explosion in Iraq!

    *******

    “Were there lots of Americans that were into that investment???

    Not that many.

    Most were the US Troops that were in Kuwait at the time.

    There was some speculation going on in the region on the KWD but it was limited and local black market trade.

    I only know of two cases myself.

    One was an Airforce officer who was on a security attachment at the time. He was scooping up as much KWD at $0.05 – 0.07 cents that he could buy. All of his men thought he was an idiot for doing so and he caught the brunt of many jokes.

    After the banks reopened with the rate at $3.47 the jokes all stopped. He was gone right after left the military early (how much he spent on KWD and how much he made is unknown)

    The other was one sargent who found his Kuwaiti Dinar in an alley by a building that was trashed. He said it was on the ground like someone had just threw it away in frustration. He stopped to pick it all up and he also was laughed at by everyone in the patrol. He offered some to other guys as keep sakes but they did not even want it.

    That sargent ended up with a little over $260,000 dollars profit from his “keep sake” he stopped to pick out of the trash.

    I know there are many stories like those but how many made money on that situation i have no clue.

    *********

    1. Saddam rolled into Kuwait and removed billions of Kuwaiti Dinar

    2. The value of the Kuwaiti dinar dropped from it’s pre invasion value of $3.47 per dinar to a low of USD0.05 – 0.10 cents per dinar.

    3. Everyone in Kuwait and the region were dumping all of the Kuwaiti Dinars they had for US Dollars as fast as they could.

    4. When the US rolled in to liberate Kuwait the Kuwaiti Dinar was being traded on the street / black market for as low as .USD0.10 cents per one Kuwaiti Dinar.

    5. New currency was printed and exchanged after the banks reopened and the value of the Kuwaiti Dinar was returned to it’s pre invasion value of $3.47 and all older dinar was exchanged at this high value.

    6. So YES…there were people who bought the Kuwaiti Dinar in Kuwait at a price of 0.05 to 0.10 cents and redeemed them at the full price of $3.47

  • Smacking Fools

    is shabibi back in the cbi so we can get our dang rv already?!!! LMFAO!!!! sorry I just had to bust some knuckleheads balls.

  • The Central Bank is now limiting the dollar auction sales to 75 million per day. Did you know that the IQD decreased in value as the US Dollar increases in value. You can read what I posted at this web site. http://americancontractor.com

  • willy d

    Its 2015 dinarian delusional dreamers. Have you cashed in yet and bought those luxury cars, mansions and yachts yet. I hope so the scam has entered the 12th consecutive year of lies, hopes and buffoonery. I’m sure your church pastors have grown way too impatient by now waiting for their 10% of your millions. Heh, heh, heh. How does that brown cheese on your face taste now?!!! LMAO!!! SUUUUUUCCKERRRRRRSS!!!!!—-

  • wake up yahoos
  • guest

    Better off buying a lottery ticket.

  • walkingsmall

    Six questions well intentioned Dinarians should be asking their information sources!

    1) …..There are numerous intel
    providers who claim many(thousands of) people have exchanged their
    currencies for international or contract rates. …..If there are so
    many people who have received these enormous sums of money(and many
    without obligation
    to a NDA), why hasn’t at least ONE person returned to our information
    system to confirm the validity of this currency exchange? ..Beneficial
    information is always shared from some seemingly distant source. —
    ……And why
    wouldn’t a person with multiple millions of dollars in their pocket take
    the time and effort to legally give significant sums of money to
    others,
    with instructions to buy dinar and make a similar windfall? …..(Why
    are there no examples?)

    2) ……It is now reported that the
    dinar is lopping(lifting) three zeros from their physical bills in country, yet we will supposedly reap the benefit of
    the large notes at face value. ……Where is the rationale for our
    good fortune, and why has this never occurred in relation to the dozens
    of previous re denominations/reintroductions/

    revaluations around the world? ….(Merely stating that unsubstantiated exchanges validate the concept, is nonsense!)

    3)
    …..There is documented proof that Zimbabwe re denominated 12 zeros
    from the series 2008 100 trillion dollar note, yet there are still
    claims that it will make people instantly wealthy. ….How can a 2008 100
    trillion dollar note worth 100 2009 Zimbabwe dollars make anyone rich? (http://www.oanda.com/currency/iso-currency-codes/ZWD)

    4)
    ……The government of Indonesia has announced it will re
    denominate the Rupiah over the course of the next 5 years. …..Once
    again, how will a 100,000 rupiah note that will only worth 100 rupiah make
    anyone instantly wealthy? (http://www.thejakartapost.com/news/2011/12/07/govt-approves-redenomination-proposal.html)

    5) ……Why is the over the counter gold and silver market still
    operating as normal? —…..The volumes in these small businesses are
    razor thin compared to the larger metals and currency exchanges. …..If you had received
    tens of millions of dollars through currency exchange; just a ten
    percent purchase in physical precious metals would have sold out these
    small businesses overnight. …..Yet, they are still selling their
    products as normal. ……These over the counter businesses will be in
    full blown panic mode when huge sums of money are really moving into public hands!!

    6) Why does all of the titillating news always appear to benefit only those who are selling: information, trusts, corporations,reserves, and currencies?

  • Ian

    ok… so let me get this straight… Logically you are saying that based on history the dinar will re-denominate rather than Revalue correct? So my thinking goes like this as i consider buying some: One of 2 outcomes… 1: “I buy some it DOES revalue and i make tons of money.” or 2: “I buy some and it redenominates and i just take it and get it redenominated and dont really lose because im just trading it for smaller NEWER denominations which i CAN sell when they are back on the world market…”
    So… so to me it doesnt seem like that much of a risk… correct me if im wrong. I don’t want opinion i want facts. I don’t care about your grandma who spent her life savings… i want 2014 details that you didnt get off of someone’s blog on google.

    • johnjagerson

      Ian, your summary would be reasonable if currencies like this remained flat. With or without a redenomination, historically, currencies like this inflate like crazy. So when you buy, you could be looking at a 20% haircut right off the top from the dealer and potentially another 40-60% loss from inflation. To date, there are no examples of a currency like this NOT losing that kind of value once they redenominate the currency.

      • wade

        I bought my Dinar @720 a mill so ive made a profit.if it revals great if if doesnt no loss. i know I can sell it on my local want ads for 1000 per mill.

        • wade is full of it

          Sorry but it never sold for that cheap you imbecile. Seems like you realized you lost buying higher but please yourself with propagating the usual guru tripe of “I already made a profit” bs. You impress only yourself sucker!!!!

  • Lola

    I was doing research and I came up with your website and the comments of others. We have this website here, let me know what you think (if you are still checking this page)

    http://dinarespr.com/site/web/

  • tocof

    HA, there were 666 comments on this article. I had to make a comment to break the ‘devil’s mark’. You’re welcome.

  • Abed

    with respect to the author of this baseless essay, I think most of the
    information shared here are erroneous and have no base at all. First,
    investment in any currency is always risky! How would you profit from
    any currency investment if you dont take the risk??!

    Second the iraqi dinar rate in the saddam era was not constrained to
    saddam and his family as you claim; it was a rate set by the central
    bank of iraq at that time and even in jordan at that time the price was
    3.8 usd per one iraqi dinar and we traded it according to that rate.. I
    would also say it is totally wrong to say all the news about iraqi dinar
    are groundless scam. There are some respectful sites around who are
    always careful when quoting news from Iraq and its dinar.. For example,
    the piece of news declaring that iraqi will start delete the three
    zeroes and offer new currency beginning 2015 which is an official piece
    of news. Read More at dinarwholesalor.com

  • Bob

    How about you get your facts correct before dis crediting the IQD –
    SADDAM took power in 1979 until 2003. LOOK AT THE VALUE PRIOR TO SADDAM:

    13 February 1973 – 31 March 1978
    hard peg, 1 Iraqi dinar = US$3.3778 = 2.48828g gold (nominally)

    3 July 1972 – 12 February 1973
    hard peg, 1 Iraqi dinar = US$3.04 = 2.48828g gold (nominally)

    1 April 1972 – 2 July 1972
    hard peg, 1 Iraqi dinar = UK£1.166 = US$3.04 = 2.48828g gold (nominally)

    21 December 1971 – 31 March 1972

    hard peg, multiple rates; official rate 1 Iraqi dinar =
    UK£1.166 = US$3.04 = 2.48828g gold (nominally)

    23 August 1971 – 20 December 1971

    hard peg, multiple rates; official rate 1 Iraqi dinar
    = UK£1.166 = 2.48828g gold (nominally)

    18 November 1967 – 22 August 1971
    hard peg,
    multiple rates; official rate 1 Iraqi dinar
    = US$2.80 = UK£1.166 = 2.48828g gold

    5 July 1964 – 17 November 1967

    hard peg, multiple rates; official rate 1 Iraqi dinar
    = US$2.80 = UK£1 = 2.48828g gold

    23 June 1959 – 4 July 1964
    hard peg; 1 Iraqi dinar = US$2.80 = UK£1 = 2.48828g gold

    20 September 1949 – 22 June 1959
    hard peg; 1 Iraqi dinar = UK£1 = US$2.80 = 2.48828g gold

    1 July 1949 – 19 September 1949
    hard peg; 1 Iraqi dinar = UK£1 = US$4.03 = 3.58134g gold

    18 December 1946 – 30 June 1949
    fixed; 1 Iraqi dinar = UK£1 = US$4.
    https://www.dinartrade.com/iraq-monetary-history

  • Lar

    Thank you, John for posting this article as well as your ebook on the dinar scam. My pastor got involved with the dinar and got several members of the congregation in on it. My husband and I refused to get involved and we are now “outsiders.” He spends several hours a week listening to conference calls and congregants who have bought dinar call him and ask when its going to rv. He’s giving financial advice that he could get into trouble for giving because he is not a financial advisor. It’s really scary to think what may happen to our church. We love our pastor, and my husband has talked to him, but he remains convinced that it’s going to happen.

    • John_Jagerson

      Lar – thanks for your note. I am always sorry to hear the sad stories like this but I think it is important to use them as a caution for people who may be considering getting into this scam.

    • pastors are evil

      Have you considered that your pastor is most likely lying to you about god too just to steal your money for personal gain like dinar. So sad…

  • Ron Bedell

    I don’t agree with this article. I know congressmen who bought these Iraq Dinars. Plus, this is the very reason King George invaded Iraq back in 2003. Knock down the value of thei currency only to raise the value of their currency years later.

    • tyrone

      Are you suggesting all congressmen are smart ?
      Raise the currency value years later… by 1000x ?

      The post below by Final_Word sums it up nicely.

      • Ron Bedell

        I’m not suggesting that congressmen are smart. If they were smart we would not have a $17 trillion on-budget debt. And trhe off-budget debt is more than 4 times higher. If you could turn the clock back to before March of 2003 you will find Iraq had the strongest currency in the world. Their currency was about 3.22 times stronger than the American dollar. Then the globalists and George “New World Order” Bush created an excuse to invade Iraq The IQD was the strongest currency in the world before Bush invaded Iraq. Then right after the invasion the IMF devalued Iraq’s currency so it was almost worthless compared to the U.S. dollar. But there will be a global reset of currencies very soon. And Iraq’s currency will become the strongest currency in the world again. But, unfortunately, the USD will take a major hit and loose about 30% of its purchasing power when this global reset happens.

        • tyrone

          I see frequent references to the coming “global currency reset” on message boards like dinarguru dot com. Seems to me the prospect of the US dollar losing 30% purchasing power is extremely significant. Why do I only read about this GCR on the dinar message boards and not even a mention appears in mainstream financial publications like Wall Street Journal, Financial Times, Forbes, Economist, to name a few ?

          • John_Jagerson

            Tyrone – I think you hit the nail on the head with that question. The scammers in recent years have been ramping up the complexity of their claims to baffle more inexperienced investors into the dinar. The reason the ‘global reset’ isn’t talked about anywhere else is because it is complete nonsense.

        • Alberto Perez

          Don’t be so foolish. You could never trade $3.22 for one dinar. Never! In 1920, you could buy a brand new Form automobile for $119. Does that mean you should be able to buy one for that price today? It’s a ridiculous comparison. And, quite frankly, it’s meaningless. The dinar in use today isn’t the least bit representative of the dinar from 2003 or 1993 or 1963. It shares the same name, but that’s it. All dinar from 2003 have been demonetized. There are nearly 90 trillion dinar in existence today. 90 trillion! That is a huge number. The value of a pegged currency like the dinar is determined by the value of foreign currency reserves dividend by the total number of currency units. For each dinar to be worth $1, Iraq would have to have $90 trillion in foreign currency reserves. That’s more than the value of the entire world’s money supply. For each dinar to be worth even 1 cent, Iraq would have to have $900 billion in foreign currency reserves. But they only have about $80 billion which is not even 1/10th of that value. It is mathematically impossible for the dinar to massively revalue. But ignorance has always been in abundant supply when it comes to this scam.

    • John_Jagerson

      You ‘know’ congressmen who bought them? Who and when did they do it? Just quoting a guru or a message board doesn’t count.

      • Ron Bedell

        I worked for a congressional candidate in this last election who does know congressmen who bought the Iraqi Dinars.

      • Ron Bedell

        I worked for a congressional candidate in this last election 2012 who does know congressmen who bought these dinars. In fact if you think about it, that was one of the biggest reasons why “New World Order” Bush went into Iraq – devalue their currency only to raise it years later. This also happened in Kuwati (sp).

        • John_Jagerson

          That is not actually an answer. What congressmen (by name) and how do you know they bought dinar? You can’t just repeat old claims you heard on a message board as if you know it personally.

          As usual pumpers (or their true believing victims) are just spamming these comments with ridiculous claims that have been debunked so many times before. So before you post something else about a “global currency reset”, “mysterious congressmen buying dinar” or “a secret plan to make the dinar worth thousands of percent more than it is today” you gotta come with proof. Until then I will moderate your comments.

    • another lying dinarian guru

      Hell I know a few CBI officials who bought dinar and cashed in. See how ridiculous you sound!!!

  • Final_Word

    The people into this are just plain stupid and being taken for a ride by those who know better.

  • Maggie

    My in-laws are into this pretty deep. They’re not investing more than they can afford to lose, but enough that it would be tragic to waste. I have always thought it sounded too good to be true. Today I heard my father in law on the phone with his “dinar guy” who assured him that the current instability in Iraq will lead to a new government after election time, and that will lead to the big payout within a matter of days. Supposedly, we’ll all be millionaires by July 15. He’s already making tons of plans, the epitome of counting one’s eggs before they hatch. He is a successful businessman, and his friend that got him into this is a banker. I’d like to think they know what they’re doing, but it just doesn’t add up. If this were truly a great investment, current investors wouldn’t be spreading the word, they’d be keeping it quiet, saving it for themselves. If this were my own parents I’d speak up, but since it’s my in-laws I smile and nod along. But I see my spouse getting lured in about the things we could do with the money ( dad invested in some dinars in our name too) and I worry. When I suggest it could be a scam, it’s like I’m calling his dad a fool.

  • PhilKat

    Why have they not locked up Tony his brother Pam DC & Okie; they are absolute crooks!

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  • Steve L

    Say the value of this dinar does appreciate to, lets just say, 100 to every USD. Wouldn’t there be a brief, glorious window of opportunity to make your exchange before the currency redenominates?

  • Chris Chamberlain

    If anyone is still reading this thread, please understand just one thing: NO ONE WHO BOUGHT INTO THIS SCAM WILL EVER MAKE ONE DOLLAR OFF OF IT….PERIOD!! Anyone stupid enough to believe that they will become MILLIONAIRES by simply buying a currency sold by unregistered sellers deserves to lose every dollar they “invested” God, do we have a bunch of ignorant and stupid people in this nation!!

  • It is just a matter of time before these oil wells will
    get dry in the next two to three decades.
    Invest
    in oil wells

  • Jimmy

    Has any one heard of a exchange at a Chase bank in Salt Lake city…. bank is funding the transaction through China to buy oil from Iraq…. Dinar was traded 1 Dinar for 3 usd… happened this week??

    • John_Jagerson

      Jimmy – I responded with the same comment below but you gotta ask yourself why the Chinese would have to pay more for the dinar than anyone else does? You can buy dinar today for its ongoing rate, you can exchange Yuan for Dinar at that rate as well. So the Chinese have no need to exchange at a massively inflated rate.

  • Thanks for to share
    your services .i know that the Iraqi Dinar’s exchange rate
    was approximately 3.3 per U.S. dollar before the war in Iraq and before the
    United Nations sanctioned the country of Iraq (approximately $300,000 for 1
    Million Dinar). Currently the currency is trading closer to $1,000 per Million.
    When Saddam Hussein invaded Kuwait and following the US’s invasion to liberate
    the Iraqis from Saddam Hussein the currency was closer to $600 per million.

  • george rodart

    It is just another currency. Buying the currency in dollars is pushing up the price of IQD. Americans and other investors should know it is always a gamble -sometimes you ,sometimes you lose.

  • Don’t get donged by dinar

    I recently had to fire a long- trusted employee who got in so deep he embezzled money from my company- oh he’s also in foreclosure, has already filed bankruptcy and is in deeeeeep with the IRS. Everyone do yourself a huge favor and DONT get sucked into this. This was an intelligent person who made some poor decisions, which led to more poor and even worse decisions. Now that he’s fired I’m sure he’ll wind up accessing his 401k and filling up another part of his storage space with future kindling. It’s been a very sad thing to see this happen

  • Sourkraut

    It kills me to see my close friend, who’s been struggling with employment, get so hyped up about this scam. He says he’s bought dinar, vietnamese dong, indonesian rupiah, and zimbabwe dollar. He wouldn’t tell me exactly how much he’s put into it but I’m afraid it’s close to $30,000, as I know that was his life savings to this point.

    I’ve never heard of this scam before a few weeks ago, so when he told me about this “opportunity” he said “I just want you to be a millionaire along with me, bud” The first question I asked, as any rational person would ask before buying foreign currency, was “have you talked to a currency trader, financial planner, or expert about this?” Of course he said no he hasn’t but he’s done tons of research online and his friend’s mom had done a lot of research too so he thought it was legit.

    What really gets me the most is this man, my friend, is one of the smartest, inquisitive, and skeptical people I’ve ever known – or so I thought. It’s so easy to see through this farce as a scam, he just seems so desperate for that quick rich scheme (partially because he’s had trouble finding stable employment since we graduated from college) I honestly feel pity for him and the other victims.

    I see all these websites dedicated to promoting this scam, they even LOOK FAKE. And, like everyone else, any time I try to bring this scam up he gets so defensive and says, “don’t say I didn’t warn you, this thing is happening soon, maybe even a few days” That was 2 months ago.

    It’s just such a shame that people put their faith in something like this without even learning about what they are doing, they believe the pitch, because it SOUNDS LEGITIMATE. But just talking to an economist, reading a few books (or articles in Forbes or the Wall Street Journal) and you’d realize what they are being promised is IMPOSSIBLE. IT’S NOW HOW CURRENCY OR ECONOMICS WORK.

    Keep reporting on this, I hope enough people can be educated on this scam that eventually it will die out.

    • AlbPerez

      Sorry about your friend.

      People believe the pitch because they WANT to believe it. Greed is an extremely powerful emotion. There’s a reason why it is considered one of the seven deadly sins. It turns otherwise sane, rational people into complete morons. It’s like a virus that infects a computer. As soon as it sinks it’s claws into someone, it shuts off their common sense monitor. Their logic centers are rerouted. Everything is viewed from the prism of me, me, me. They start acting like arrogant, condescending SOBs even while they’re still dime store millionaires! It’s the reason this scam is so dangerous and heartbreaking.

  • Christina Osborn

    My mom has been wrapped up in these schemes throughout the years. I used to get really upset about it, but I’ve come to think of it as her hobby. She hasn’t ruined her life over it, thank goodness, I’m just hoping someday she learns how to work for a paycheck rather than waiting to win the lottery. Ironically, she has learned how to manage money through putting money into these silly things. So that’s good, at least.

    • Christina Osborn

      It’s a lesson everyone has to learn at some point: don’t put all your eggs in one basket, and, like Bella said, if it’s too good to be true it probably is.

  • Ali

    The picture is not for Iraqi dinar, it’s a 10 Tunisia’s dinars?

  • Shawnee Niki

    I WAS TOLD IT WAS A WAY TO GET ALL THE AMERICAN DOLLARS TO CREATE BOMBS TO DESTROY U.S,A.. THAT IT WILL BE NO DIFFERENT THEN MONOPOLY MONEY, NO VALUE AT ALL. I DO NOTICE, THEY ALWAYS PUSH THINGS TO THE FIRST OF THE MONTH, TO GEAR PEOPLE IN THINKING, OH GOOD, I CAN INVEST IN THIS SOME MORE. THE QUESTION IS, THE BEST QUESTION OF ALL…IF THESE DINARS WERE GOING TO BE WORTH SO MUCH MONEY, THEN WHY ARE PEOPLE SELLING THEM!
    THEN YOU GET THEM TO GO ON SITES, TO TRY TO KEEP PEOPLE BRAIN WASHED ITS GOING TO HAPPEN, KEEP PUSHING THAT FACT, THAT PUSHES YOU TO BELIEVE BUY MORE. TNT TONY… ALSO WITH STERLING. THERES SO MUCH DOUBT TO WHATS GOING ON.
    PEOPLE ARE SIKED INTO IT.
    WHAT DO WE DO….
    RESELL THEM BACK
    SAVE THEM
    OR GET ON THE ROLLER COASTER.
    SHAWNEE.NIKI IN FACE BOOK. LETS TALK!

  • stevden

    Fascinating discussion. I’ve recently come into contact with some new friends who are into the Iraqi Dinar thing and one guy is always talking about “conference calls”. Just from hearing them talk my BS indicator went off big time and I went straight to google and within 3 minutes I knew it was some sort of scam.

    But here is what I’m not getting. Scams involve a con artist somewhere getting a payout from the game. I’m not seeing the specific payout here for whoever is at the top..(or behind the curtain) of this scam. Can they be making money from these conference calls? For these guys to be pushing this as hard as they are, there has to be actual real money in it somewhere for someone….

    • tyrone

      Yes they can make money from the conference calls. Search this discussion for “traffic pumping” where that is explained. But it’s probably not a lot of money.

      Where they make money is selling the dinar. check out the official exchange rate at central bank of iraq and compare that to the prices the dealers will sell to you and you’ll find at least 10% spread. So every sucker that buys say $1000 worth puts $100 in the scammer pocket. Do that just a couple times a day and it adds up.

      This is further compounded by these guys like taxneutralblessing dot org that claim to set up a tax exempt structure for you to shield your multi-million dollar rv gain from taxes. I have a friend who just paid them 15% of his dinar for this “service”. thankfully he sent them dinar he had already bought instead of additional dollars. And what do you think they do with those dinar? Selling them to some other sucker would be a great guess ! So there they do a “double dip”. They make 10% or more on the initial sale then come back and fleece you out of another 15%. And this taxneutralblessing thing is one scammer that hosts the conference calls you mentioned. By the way, their service commitment is “post-RV” so they won’t do anything for you until after the rv which means never.

    • FactFinder

      You have a point stevden:

      ….The calls use lines that are premium long distance sites, so there is a profit incentive in increasing numbers and time. …The ‘gurus’ share in those gains.

      …..The actual sites operate on advertising revenue from all sorts of schemes,,,,, and then there is also the revenue that the site owners routinely beg for on the site. …Most sites are VERY profitable!

      The ‘guru’ scam part is likely real, but there are reasons to have doubts as to whether or not the whole thing is a scam. …Sure, these people aren’t going to become millionaires on tiny investments; but there are reasons to consider the possibility of reasonable gains. ….Add to that, the fact that enforcement agencies are routinely involved yet do little or nothing, and you have a bizarre set of circumstances that don’t add up.

      ….I find the best option is to be cautiously optimistic that there will be an increase of some sort!

  • Bella Batali

    interesting article and good take. doesn’t necessarily call this a scam as it isnt a scam but still points out that its unlikely anyone will get rich off the dinar and points out problems with liquidity and other issues. one thing about deal ers registering with the treasury, its not aht they are trying to trick anyone, anyone who cashes checks, sells you mexican pesos for your mexican vacation, etc all has to registere so they are following the law they aren’t trying to trick anyone into thinking they are credible. that said its buyers faults that they put so mcuh stock into treasury registries. it means nothing, there’s no approval or denial process htey simply fill out a form. ive heard of dinar buyers acutally getting treasury registered not because they plan to sell dinar but simply because they think its a cool thing to do. also dinar selelrs dont sell as investments they just sell the currency, whether you want to wallpaper your bedroom with it, hold it as an investment or roll around naked in it they dont care they are just there to sell it to you, its your bussiness what you do with it. thought there are some dealers who have cartoon vidoes essentially telling you you will be rich if you buy dinar like dinarliquidator most dealers are pretty reserved and specifically go out of their way to say they aren’t investment advisors they arent selling you an investment, etc. i think its dinar buyers themselves who are responsible for most of the hype and misinformtion being spread, although there are and have been rumors going around for a while that tnt tony acutally works for sterling currency group and though they deny it he seemed tony accidentally on his show the other week slipped up and said he worked for them and then quickly corrected himself, do a google search and you can find some blogs and message boards about it and listen to the tape and decide for yourself

    • The scam is in the snake oil sales message.

      Also, please: spelling/punctuation. It helps.

  • Quite simple – Iraq really does have bags of potential! It is not unknown nor unreasonable to predict a decade of upwards growth for the economy of Iraq. Whilst many countries are suffering cutbacks and the potential of being declared bankrupt Iraq has effectively a blank canvas to write her own story.

    • johnjagerson

      Mark, I don’t disagree with you about Iraq’s potential. However, you have to make sure you don’t confuse a country’s currency with a stock. Currencies of growing economies (if we accept that Iraq will grow in the future) tend to fall in value. In fact, they almost always fall in value. A country’s currency is not the same thing as buying stock in the country (if that were even possible.) So if we accept your argument that Iraq is going to grow in the future, it would be a much safer bet to short the dinar not buy it.

    • AlbPerez

      Aside from the obvious disagreement about whether Iraq has “bags of potential”, this is typical pumper garbage. The growth (or contraction) of an economy has NOTHING to do with the growth of the currency. There is no correlation. Vietnam has grown nearly 10% a year over the last 3 years, yet their currency has actually weakened during that time. Strong economies do NOT mean strong currencies. Currency notes are NOT stock in a country. They are simply mediums of exchange. It is actually more beneficial to an economy for a currency to maintain stability or weaken slightly rather than strengthen.

      Even if we accepted your premise as true, Iraq is so far away from being a prosperous, peaceful nation that there are thousands of other more attractive investments. Over 6,000 people were killed in sectarian violence in Iraq in 2013. Large swaths of the country are governed by Al-Qaida. The gov’t is thick with thieves and frauds and rife with corruption, bribery and graft. The economy is dominated by a single industry: oil. There is no manufacturing, no agriculture, no service industries and no tourism. The budget is 90% dependent upon the sale of oil. It is a violent country in the heart of the most violent, unstable part of the world. These problems, if they can be overcome, are decades away from resolution.

  • Chocollette

    My sister in law. Has been waiting for years for the dinar, her and her husband beleived so much in it that they invested all their money in it ,in hopes for her husband to get the treatment for his Parkinson’s he needed. He died, he never got that treatment, yet sh still sits there, not working, waiting on that damn dinar that will never come! Death by dinar!

  • Mike Rothschild

    Does it really make sense that you can invest $1,000 and walk away with $1,000,000 or $3,000,000? No, it doesn’t. http://skeptoid.com/blog/2014/02/10/the-ugly-truth-about-the-iraqi-dinar/

  • Ryan

    1. Liquidity – it was worth 4000 to 1 and is now worth 1170 to 1 that is more than 23% increase, Look it up! If you are overly pessimistic and put out information like this it is just as bad as a the pumpers. This article has a few holes in it. The truth is anything could happen, not really a precident for this particular situation.

    • jjagerson

      Prove it! When was the current dinar worth 4000:1? Make sure you are not confusing the Saddam or Swiss dinars, they were totally different currencies. I have lately put a policy on this board that only claims that have actual proof can be posted (otherwise I just delete them so I don’t have to read them for the 10,000th time). So, prove it…. site your source. And it can’t be a message board either.

      • FactFinder

        Ryan is correct. …..Look at this link for a statement from the CBI referring to the dinar crossing 3000:1 in 1995.

        http://www.cbi.iq/index.php?pid=History

        I have seen monthly rates before that did reach 3800:1 just prior to introduction of the new IDQ. …So I would guess there might have been short periods where the dinar topped 4000:1. …..Its not something new and unique, so I don’t feel compelled to research the appropriate links.

        • FactFinder

          Yep, I read it wrong also! ……That was Saddam dinars!

    • Bella Batali

      thats the auction rates you cannot selll to a bank and a dealer will give you about 800 per dinar. i bought back in 2004 at about 500 per mill i could probably get about 80 for it now so money has been made but could have made more in silver or the stock market

  • Jay Vee

    I know some people that are still in this investment because they got so many others involved that they are probably afraid to tell them it’s just a very bad dream and reality is this will not happen as they expected. In total there are many million dinar purchased and they would prefer to stick it out to the end, whatever the end means, and lose it all than to cut their losses now by trying to recoupe whatever they can and move on with their life. Some people rather stay on a sinking ship than to escape at the first sign of safety.

  • Jay Vee

    Mississippi Congressman calling for those who bought into Iraqi dinar scam to call U.S. Commodity Futures Trading Commission to file a complaint or issue a tip at 1-866-366-2382

    http://www.clarionledger.com/article/20140204/BIZ/302040003?gcheck=1&nclick_check=1

    • Bella Batali

      this guys just trying to get his face in the news

  • 3166-3

    I lived in Russia in the 90’s, and the country went through the same thing, re-denomination. It was something like 6,000,000 rubbles for a US dollar, after re-denomination it became 6 rubbles for a US dollar… No one got rich of it!!! Russian government just printed the new denominations 6,000,000 = 6 rubbles. In the following couple of years the old money were still taken in the stores, banks etc, but their buying power stayed the same, so if you go to the store with 10,000,000 rubbles of old money, you could buy the same amount of goods as 10 rubbles of new money. After couple of years Russian government stopped taking the “old rubbles” period, and right now, the old money are worthless.

    So, if this is the same thing, then it is definitely a scam. If you buy Iraq’s Dinars, then even if you go to Iraq, to one of their banks or stores, they will just convert it to the new money! (if you give them note for 25,000 denars they will replace it with a new one of 25 denars) That is how re-denomination works!

  • Thanks for this. I just wish I could get my wife to wake up, before we divorce over her involvement…

    • Jay Vee

      Have your wife go to a few of the excellent blogs that uncover a lot of the reality behind this nonsensical “RV DREAM” like:

      http://dinardouchebags.blogspot.com/

      http://iraqcurrencywatch.wordpress.com/

      http://mriqd.com/

      If after reading through these sites and understanding the real economics as to why there will not be the ridiculous 100,000%-300,000% increase they are expecting then most likely you’ll sadly be on your way to a divorce.

      I hope she absorbs and wakes up to this dose of reality.

      • I already tried. She refuses.

        • Jay Vee

          Well all I can say is good luck to your matrimony. Perhaps it can be saved because so many marriages, homes, businesses, friendships, etc… are being destroyed by this scam.

        • AlbPerez

          Sorry to hear of your marital problems. On the bright side, maybe you could agree to buy her a couple million dinar and at least get out of the marriage for cheap!

          • Four months after she was supposed to become a millionaire, and still clinging to this craziness.

      • Bella Batali

        i think probably teh best way to convince her is have her read some concrete facts, im shocked at how many dinarians dont even know the basics about their own investment. when they realize how in the dark they are maybe it will open them up to be educated about likely possibilities. have her give dinardouchebags.com a read as well as iraqidinarrevalue.com. there’s also a great ebook called confessions of an iraqi dinar dealer that is very informative and free on amazon http://amzn.to/1f6OrRa

  • michelle

    Anyone here ever look up who John Jagerson is? Numerous web pages, numerous You Tube videos. He also post the same “scam” theory on his investor friends website…www.Dinardoucebags.com and there are many other blogs on various websites and blog postings. In all publications the fictitious name John Jagerson is used and all his claims refer to the Illegality of importing Iraqi Dinar…False claim and a play on words! Licensed dealers can legally buy and sell Dinar… FACT! Jagerson always makes false claims regarding the economics of inflation and hyperinflation! Sounds plausible if you do not have a degree in Foreign Finance and Economics and cannot comprehend just how valuable natural resources are on a planet where the one thing we cannot make more of is Land . But the fact is this, I have posted on this site multiple times and my comments are deleted by someone. Now ask yourself this…If this is just a “scam” why would a fictitious character call him self a name like John Jagerson and devote all of his time and energy attempting to steer Americans away from a so called “Scam”. Now i am not sure about you, but i do not devote my life to investments that are not going to produce income. However, it seems John Jagerson does? Who is Marcus Curtis? Perhaps you should Google the name and you will find writings of an identical nature. Google “Sam i Am” AHHH same articles, same reasons! Regardless of whether or not an RV will or will not, Holding Dinar is simply a currency exchange right? Is this not performed daily worldwide? IE: Convert dollars into Yen, A year later exchange Yen for USD pretty simple. Go to Europe for a week…Exchange USD for Euro and once you return exchange left over Euro for USD! So is John Jagerson Telling me i was scammed when i went to Florence Last summer and conducted a currency exchange? During the War in Iraq did our troops attempt to purchase commodities in Iraq with USD they had in there wallets? Or is it a more plausible that our Govt. perhaps recognized they may need to exchange the Dollars for Dinar so they could buy commodities off base with the currency…Dinar is what the soldiers carried! Folks, I realize that there has been a money order scam in America for years. I am aware, I have even been targeted, but i do not devote my life to warning others of it…Its not feasible and not my job…John Jagerson is obviously paid by someone to devote his life to this…Makes you wonder why and who? This post will be deleted by the website curator soon as all of my other post were. I posted this at 9:28 pm January 29, 2014

  • michelle

    John Jagerson Is a major Dinar investor…I exposed this yesterday and all of my comments and links were deleted…Ladies and Gents….Why would someone create so many crappy websites and spend years to attempt to to steer people away from an investment? The good of heart? Or greed? Its a very simply open and close case. John Jagerson will simply delete his you tube videos and crappy websites as soon as the Revaluation occurs. Come on people…why else would someone constantly monitor the crappy website for years… John Jagerson is a phony

  • one-time

    lol,the same people who write about dinar scam don’t know anymore than the people who buys it,besides look at the Iraq dinar before the war ever started!! so, it looks to me both sides need’s to do a hell of a lot more research before voicing their opinions on any blog.

  • wolfofbaghdad

    You should also add that the scammers are getting creative with their convincing methods!
    My father in law is one of those brain washed victims!
    They are targeting senior communities in Florida and CA, through their “spiritual channelers” these channelers start with nice love and care ideas. They even connect it to church and the lord Jesus!
    BUT THEN! Archangel Michael suggests great changes in the world one of them is The RV of the Dinar. Archangel Michael even has links to websites like DinarGuru and Dinar daddy and many many more Gurus.

    TOTAL SYSTEMATIC BRAIN WASH….

    There should be a government body looking into this

    • Christian

      Wolf Of Baghdad…I have seen this user name around almost as much as Jagerson…. And usually the same old post! Mocking Biblical references and or some distant family member obsessed with an RV…Simple question? If you believe that one of the most natural resourced enriched countries on the face of this planet has an accurate exchange rate of negative 1000% below a Falsely propped up Dollar>>>then why devote time to discourage complete strangers? You are either ignorant of world trade or you are purposely discouraging investors like John Jagerson in the name of greed. There are no longer a large mass of investors whom buy the reverse propaganda. We know what is going on and we know greed fuels the lies. Time has run out and i will expose you exactly like am doing with Jagerson!

  • NavyQueen

    John, my family member was recently invited to a meeting this past Sunday 12/29 along with other people. This lady’s husband died and had invested in foreign bonds that were valued at more than $35million. So the lady decided to give this family member $1million and the other people money as well. So during this meeting, someone (not sure who but apparently they had just cashed in) was there explaining the process. They talked about RV, IQN, Wells Fargo etc. The person talked about paper work and that Wells Fargo would call to set up an appointment. It was better to do it as a group because you get a better rate. Said they had to wait to get the 800 number. And like the person about Reno said, all of this is supposed to be hush hush. Can’t tell anyone. The person talked about how Donald Trump and President Obama cashed in last year. Of course, I’ve done my research and have yet to find anyone that has actually cashed in and received large sum of money. So, if this meeting takes place, I’ll be sure to update you

    • John_Jagerson

      I look forward to the update but don’t hold your breath. I have heard versions of this story for years now. The scammers keep using it because it works… although I can’t imagine why at this point.

      • Pegster

        I think I know why scammers keep using it and why it still works. One word, “newbies”. I am relatively new to this dinar investment scam. I was told about it last summer by a coworker who has been waiting for the IQD to revalue for 3 years. I’m a skeptical person by nature but it was presented to me in such a way that I thought, why not. The biggest thing that got me was “you better hurry and buy some, it might already be too late”. Who can resist that? I went online immediately and bought from a “reputable” currency exchange dealer. All kinds of red flags were going off for me but I ignored my own inner voice, the better judgment voice. I guess I just wanted it to be true and I really trusted my coworker. I became part of this group of about 50 people (at least there are about 50 listed on the emails I still receive several times a day inviting me to conference calls and giving me the latest “intel”) and many of the people listed are also coworkers.
        My skepticism soon faded the first time I read one of these intel emails on how this was going to happen any minute. I called my coworker and asked…”Is this really happening”? “Oh, yes”, he assured me. Since I knew he had been waiting for 3 years, I asked him if it’s ever been this close before and was told NO, not this close!! I was so excited. I went online and bought more before it was too late.
        When it didn’t revalue within a couple of days, I became skeptical again. Then more intel! It’s going to happen by Wednesday. Make sure you have your plan in place! Only talk to a personal wealth manager when you get the text with the 800 number to set up your appointment with the bank. These are all the things I was being told. I was excited again. I called my coworker…”Is this really happening”? “Oh, yes”, I was assured, “it’s really happening”. I bought more before it was too late…this time I bought VND.
        This has gone on every week since last August. My skepticism has turned to laughter…mostly I’m laughing at myself for being so gullible. I’ve come to realize that all of these so called dinar gurus are either the ones selling dinar, are getting some kind of kickback or are widely disillusioned. Whichever it is, now I don’t believe any of it! I may as well use my dinar and dong as wall paper.
        So bottom line, new people are getting sucked into this all the time…that is why the statements like “it’s going to RV anytime” or “people are starting to cash out” still works. I heard a good one the other day…”a friend of mine cashed out their dinar yesterday in India”. Really? India? Hmmm…ok. I am thankful that the people I’ve told about it were smarter than me and didn’t bite like I did.
        Thank you for this blog. I’ve learned a lot and you have confirmed for me what I already knew all along but didn’t want to admit! I’ve been scammed!

        • Pegster

          I should clarify when I said this has been going on since last August, I didn’t mean to imply that I’ve been buying up dinar and dong every week since last summer. I’d be broke by now! I’ve invested enough, though, and I still have some on their “layaway” plan…a scam in itself!

        • John_Jagerson

          Wow, thanks for that post!

          I remain convinced anybody can be scammed. What makes someone smart (or dare I say “wise”?) is not whether they have been scammed (who hasn’t to some degree?) but whether they are willing to deal with reality when presented with evidence. Living in a dreamland is fun for a while, but I know that being willing to admit when I am wrong (or have been taken advantage of) is what allows me to move on and be productive with the rest of my life.

          • Pegster

            I can say that one positive thing that has come from this life lesson is that it has peaked my interest in investing in legitimate things…like stocks. I opened an online account with one of the well recognized stock trading companies and have begun buying some shares in reputable companies. This is all very low scale at this point but I have already made a few dollars. Not enough to cover what I’ve lost buying IQD but it’s fun to play around with.

          • Exactly. The people who fall for these scams react emotionally instead of applying critical thinking. Simple logic says that if the currency was really going to revalue, NO ONE would sell– every holder would be hoarding!

          • Bella Batali

            exactly plus with it being an exotic currency they are more likely to listen to someone else. if someone told them i have this penny stock thats 0.00001 but is going to be worth $1,000 tomorrow mortgage you house and buy up every share you can people would laugh at that but because tis currency and they dont understand it they buy in

  • Joakim Heilesen

    Do your own research and do what YOU think is best. Do not listen to people on here, “gurus”, currency dealers, etc. Me personally….the Dinar Investment is too long term for me. I think it will RV, but I do not want to wait another 8 years (easily could go 12-15 more years). The currency dealers pay people (the ones doing these weekly Dinar conference calls) to really build up the Iraq Dinar to get more sells (mostly reserves) and they also pay people to talk down on the Dinar (like the comments here saying it is a scam). The dealers make about 20% on the Dinar….both coming and going. They do not care if they are selling it or buying it back. Think about the Bitcoin. The Bitcoin was around in 2008 and for those “in the know” could buy it for half a cent. Then it went to a few cents each and in 2009 came out more and the price was 30 cents per coin. Today
    (December 2013) the Bitcoin is selling for $1242 each. Experts say it will go to $2000 soon and some even say as high as $10,000 each. The average person may not would have known about the Bitcoin in 2008 and able to buy at half a cent. But the average person could have bought at 30 cents. A $1000 investment in Bitcoin in 2009 would be worth over $600K today. In 2003 the Iraq Dinar was selling around $550-$600 per million (buying directly from Iraq Bank) …U.S currency dealers were marking it up 20%. In December 2013 the Dinar is selling for $1166 per million. So even without an RV, that is double your investment.

  • Joakim Heilesen

    Not a scam….but not coming anytime soon. I estimate it will RV in 2018 or 2022 at around $1. Nothing crazy like people talking about $5 and even some crazy amounts as high as $30.

    • walkingsmall

      What a crock!

      There are five or six trillion dinar in US hands. …..If the dinar were to revalue at $1.00, that would make the currency transaction worth much more than all the printed US dollars in the world.

      …..The dinar has to re denominate!

      …….And the details of that re denomination and any following revaluation are the real discussion.

    • John_Jagerson

      Joakim – so a revaluation to $1 is less crazy? That is like saying that everyone that believes in wish-granting fairies are nuts, but magic lamps are much more reasonable.

      • Michelle

        So John, your telling us that spending time responding to a persons comment regarding the investment you call a “scam” is profitable? Joakim parked some cash in a natural resource rich country and left it, and you claim Magic Lamps are more reasonable? Not trying to state the obvious but didn’t you just loose more money devoting the time replying to the comment left above than the post Joakim originally posted? I am no math wizard but some simple calculation would value your time as worth less than $0.10 daily…of course that’s assuming you spent 2.5 minutes on the reply… Looking really fishy here Robin-hood! I suppose i could devote my own valuable time educating people on why they should lock there doors…But mathematically that doesn’t compute now does it? Unless of course i am being PAID!

    • Jay Vee

      Can you explain to me in economic / monetary terms how on this green earth you expect a currency that is properly valued at 1166 IQD to 1 USD will suddenly gain 100,000% value overnight? Infact, even 1,000% or even 100%? If you understood how money supply works you would be laughing at yourself and all other gullible “investors”, if you wanna call it that, not to mention the scamming gurus. If you really believe that the currency will “RV” even a penny you’ve been swindled by the very same ideology that this is a scam. You wanna know what the scam is? That you more than likely purchased the currency at a 20% loss off the bat by purchasing from a dealer / ebay. The currency may be legit but as Iraq has been stating for the last 2 years they will redenominate the currency which is in guru talk “A LOP”!! The removal of 3 zeros DOES NOT mean that it is an RV that will make you wealthy. It simply means that the new currency will no longer have the 000’s so the “face value” is reduced but the monetary value will remain the same. Here’s how.

      Currently the exchange rate is $.00086 against the present currency which means for instance a 25,000 IQD note multiplied by $.00086 = $21.50.

      When the currency redenominates meaning the 000’s are removed from the new notes replaceing a 25,000 note with a 25 note, the exchange rate will also have the 3 leading 000’s removed to the new exchange rate of $.86 as you hear so many idiot gurus claiming rightfully so but they don’t understand the mechanics or are blatantly lying that it will be the rate against the “current 000 notes”. When the redenomination or LOP or deletion of zeros or dropping of 000’s, whatever you want to call it, occurs the new notes would be calculated as such. 25 x $.86 = $21.50. How about that??!!! You still have the same monetary value by simply removing 000’s from both the exchange rate AND the currency. Now where is the multimillion $$$’s..

      You can spout all you want about billions of barrels of oil in the ground, gold, natural gas, diamonds, etc. but bottom line is that 85 Trillion IQD money supply can NOT and WILL NOT generate millionaires with a foreign currency reserve of $80 billion in CBI. How in the world can a reserve of that amount support the imaginary 85 Trillion dinar multiplied by $1 = $85 trillion dollars? That is completely absurd!!! Hell even a 10 cent “RV” would mean 85 trillion dinar x $.10 = $850 billion.. Are people insane to believe these gurus who can’t even determine the difference between billions and trillions.

      Anyhow good luck with your windfall in this dream and I look forward to hearing from you in the next decade when you hit the BIG RV!!!

    • Bella Batali

      it wont ever rv it may slowly go up over time

    • steven dapuzzo

      there is no such term as an RV, that was part of the original scam. the term rv is only a term now, from this scam. I am a stockbroker who specializes in international markets. I have a major (degree) in world economics and a minor in political science. I can tell you, there is no such thing as a currency RV!!!!! they may come out w a new currency, old one will be worthless, like the peso or many others, they may rd, or take zeros off, old one becomes worthless, they can have two currencies, old one will be worthless, or leave it alone, maybe as an investment anything can happen, up 10% or down 10%, who knows, but NOT THIS!!!! never, it is impossible. there isn’t enough money in the world (12.7 trillion if you add every currency in the world, and bank accounts and convert them to US dollars) to cover the 90trillion dinar that have been printed. its no that its even a scam. IT IS IMPOSSIBLE!

  • Stolen

    Has anyone heard about China purchasing the dinar (from Americans holding the Dinar currency now) and paying quite a bit more for it than what it is valued at currently?

    • Cameljockey

      China has made a deal for oil credits via the dinar. I believe it is why there are higher rates for some of the groups. What most people don’t understand is this was all a deal made years ago in exchange for a rebuild and use of the US dollars in Iraq. This is not just a “normal” RV of currency. The average person on the street level isn’t going to get the puzzle pieces that are all involved to see the big picture here. My suggestion would be to hold on and wait for it, if your already in the game. If your not currently holding any dinar then the question is does our government do closed door deals or do you believe every news report and politician if their lips are moving…..just a thought.

      • John_Jagerson

        Camel, We have a rule on this thread that you must backup your ‘intel’ with actual primary sources. You can’t just say that China has a deal, you have to prove it. To date, I have yet to see anyone actually offer proof of any stories like this. The logical explanation is that the rumors come from message boards, conference calls or just your imagination.

        • michelle

          John makes his own rules… however this bogus site runner does not adhere to his own rules…John Jagerson…You deleted all of my comments yesterday when i posted factual data and web links to back up my claims…BUT YOU DELETED ALL OF MY FACTUAL CLAIMS…? John Jagerson has not presented factual data at any point on this site…John…shouldn’t you follow your own rules? Of course i’m sure this comment will be deleted too….

        • Jagerson

          Jagerson should follow his or her’s own rules. There is NO FACTUAL info that Jagerson has released that can positively dispel any thoughts expressed by any of the comments left here that is positive proof. Jagerson simply has an inverted infatuation with Iraq Dinar and dearly seeks to debunk the inevitable for unknown reasons. The Irony is he or she can rebutle any and all speculative points with opposing SPECULATIVE points. John Claims to point to factual data that is as much speculative as the GURU data he or she attempts to debunk. This is just another National Enquirer type of web-site. Its full of Personal belief and lacks any and all facts. This site is a nothing more than a novelty…Amusement when bored…Thanks for the entertainment “Jagerson”

      • Jay Vee

        What evidence do you have of China making a deal for oil credits? Okie, Tony, Frank26, or how about Pooopy3, BGG, et al?? Please let go of the garbage you hear in the forums. This is the very same nonsense you are expected to believe. Amazing how people will believe hype from complete strangers on the internet so long as it suits their dream of becoming millionaires but not a spec of reality. Unbelievable!!! Whatever happened to common sense??!!

      • Bella Batali

        china is getting great deals on oil contracts because tehy will bid lower than american companies and dont have all the red tape us companies have but this has nothing to do with teh dinar as an investment

    • John_Jagerson

      Think about that for a second… why would “China” go around buying dinar from random Americans? Have they never heard of eBay? Can’t the Chinese buy direct from Iraq if they needed dinar for something? This is a good example of the kind of nonsense fantasies perpetuated on message boards.

      • michelle

        John, Have you not evaluated national debt? have you not realized the unfunded liabilities that make Nat Debt increase? Do you think China is simply handing over free money? You seem somewhat intelligent..i suppose this is what clues me to your real agenda…or perhaps a simple display of ignorance

      • Bella Batali

        exactly why are they going to buy yours at 8:1 when tehy could go buy a mill off ebay for like 800-1000 or buy from the dealers selling at 1000?

    • Bella Batali

      yes its a scam to have you send in your dinar and you will never see any money for it. typically its in reno according to the story http://amzn.to/1f6OrRa

  • Leanna

    Hey John,
    My mother and step father have been roped into this scam on a large scale to say the least and not only them my step fathers entire family. They have invested in this I’m afraid they have unwittingly given the scammers a large sum of money. Well to me it’s large. Together they have 5 kids and invested 2000.00 per child and then a sum of almost 15000.00 for themselves. They have been into this scam for over 6 years and when my skepticism of there plans to invest into this didn’t accomplish anything I gave up. Now 5 yrs later I still hear how at any minute it will Rv and that I am wrong. I try to encourage them to cut their losses now and sale back the dinar that they have to the dealers but they don’t agree with me. I hate to see them in this position because it’s fraught with disappointment and grief. The thing is they aren’t uneducated individuals and have always seem to make sound and logical decisions but this is not sound nor logical. I have to tell you thank you and if the information you provide will keep one individual from being roped into the scam it’s one less person that is suffering the roller coaster ride that my parents are on.
    I wish there was something I could do that would open there eyes up and help them realize that they need to get out scathed but with at least a portion of their funds back.
    Thanks Leanna

    • John_Jagerson

      Thanks for the note Leanna… The funny thing is that I originally started this article/video series years ago when a friend of mine was sucked into the scam and told me about it. He never has gotten out but I hope that I have helped a few others avoid it.

      • wow, this has really opened my eyes to how many foolish people there are out there who will believe what they want to believe, in order to get what they want.
        I guess that is basically what the stock market is… someone buys a stock, hoping they will make money off it later, attaching hopes and dreams to something they don’t really understand but have heard stories and believe stories so they can believe that their dreams will come true. most buy at the wrong time and lose, but it becomes like a gambling addiction, illogical beliefs in the face of logic. next time i’ll hit paydirt! this human condition has probably been going on since Eve tempted Adam with an apple iPad. i’m still waiting for BIll Gates to send me that million dollars he promised us all from his email chain letter back in 1999.

        • michelle

          Read the comment again…It was John that posted the original comment under another alias…Its the internet man….you have been had!

        • Bella Batali

          a fool and his money are soon parted as they say

      • michelle

        Click on Leanna’s comment above….No other comments at all…Yet John Jagerson commented the same day, the same hour and 2 minutes later….hmmm..Its obvious that John is Leanna…Come on people look at info and process accordingly. John is a phony!

      • JERRY

        WHY DONT YOU REPORT THIS TO THE SECURITY FRAUD PEOPLE IN WASHINGTON AND REALLY DO SOME GOOD?

  • Voice

    I would not advise anyone to invest a dime in the dinar that do not have the money to spend, no savings, no checking, or any funds that they really need, but a lot of us throw away more than 1000 dollars a year on things that we really do not need. If some one has the money to spend and it will not put their family in any bad situation at all then it is much better to be safe than sorry, on both sides of this story, How are the people going to feel that changed their mind, or did not invest at all, not ever 100 dollars worth just for the chance to make 30,000 dollars from the investment, it may never happen but how much have one really lost in 100 dollars knowing that they would have spent it on things that has a zero ++ chance or returning anything.

    • moneymerge

      I don not see how it is a scam, cause you can convert the Dinars back to US currencies, the only thing you are going to lose some money on exchange fees, but you get your money back.

      • Jay Vee

        You do NOT get your money back. You buy at an average 20% loss off the bat and sell back at a loss. Where is the even exchange??

        • Bella Batali

          i think they just meant you can recoup a majority of your money. with any currency exchange you lose money. heck even buying a currency like canadian dollars throuhgh a company like travelex in an airport or mall and your going to pay 20% each way

      • Bella Batali

        exactly its not a scam in the true sense of hte word. you bought dinar, you received non counterfeit dinar you got what you paid for. people call it a scam because some idiot online tells them tomorrow its going to be worth a million USD and it isn’t so they call scam even though most likelyt eh actual person who sold it to them never promised any returns. lets say today you buy a mill for 1020 which is about going price, you can sell it back to most dealers for like 820 so you lose a few hundred bucks. not a great investment but not a scam http://amzn.to/1f6OrRa

    • Bella Batali

      if someone wants to throw $100 at it as a lotterly ticket more power to them but dont waste your money

      • Rage72

        I totally agree Bella!

  • Voice

    There is something no one has said on most of these post, I don’t know how many of you have ever heard of ENRON but if Rich people intend to profit a lot more than likely they are not going to tell the masses, if they are making deals of trading dinar it is not for the benefit of the person bring the dinar to WF but for WF they are going to profit a whole lot more. There may be exchanges, or dinar dealers paying some gurus to say things to entice people to invest in the dinar, but likewise there are people who job it is to dissuade people to invest in it because it will end up causing them to lose money. As many times as we have heard news about big banks and very rich people working under the radar of our noses, why would anyone think that they have changed concerning the dinar.

  • Evanne Dorman

    Thank you for putting this blog together! My husband has been sucked into this for the last two years. He’s lost
    his once thriving business, his house to foreclosure and now his wife (me). I’ve moved my two kids
    in with my mother. My husband is unwelcome there, and I am unwelcome at his sons house. So much for a marriage. Before people go any further with this, I wish they would quit being so deceived, wake up and see what is happening to not only themselves, but the destruction dinar causes in other people’s lives. It has caused nothing but destruction. Time to move on! On the bright side, I am finding such freedom not watching my husband spend each waking moment watching the chat rooms and listening to conference calls day after day. I pray some day he will realize he needs to get a job to get back on his feet, not wait for the dinar.

    • Jay Vee

      That there is truly a sad, sad story with an unhappy ending. Thanks for sharing because these are serious true stories of victims being sucked into the vortex like and drug addict on heroin or crack. Destruction is rooted in many fashions and this certainly seems to be a common one.

    • FactFinder

      The Dinar does have an auspicious place in today’s economic insanities.

      …The problem with this scam situation is that people have used an overblown interpretation to support sales and internet traffic with tales of upcoming unbelievable wealth. …If people would just sit down with a calculator they would soon realize just how preposterous some of the claims are.

      …The dinar is going to make a move that might net savvy investors some profit, but the insane forecasts of ‘rags to riches’ returns are about as likely as the planet getting hit by a huge meteorite.

      Your husband is not necessarily a victim of the dinar scam, but more likely a victim of his own greed!

    • Ladywriter

      I am in a similar situation. My husband believes any day he will be very wealthy and then our troubles will be over and he can bless everyone in his life. I would love to chat with you.

      • ladywriter

        i forgot to add all we were doing was fighting and now I am fighting to save our marriage. All I wanted him to do was get a job and trust God that He would bless us when we were together and right with Him. There ain’t no free lunch, but there are plenty of blessings that don’t cost a thing, except love.

    • It looks like I may lose my gullible wife over it as well. Very saddened. :(

  • Jgil

    I am highly skeptical of the Iraqi Dinar. My sister and I have 625,000 IQD that our mother left us when she passed away. Several other family members invested in it because one of my aunts made a killing with the Kuwaiti Dinar. However, I do not think that it will actually occur with the Iraqi Dinar. Iraq is planning on removing the the 0’s from the Dinar in 2015 according to the Central Bank of Iraq. It will probably happen long before the manages to appreciate much if at all. You’d have more luck expecting the United States Dollar to collapse before the IQD Re-Values. However, I cannot say with 100% certainty that the IQD will not re-value, nor can the person or group that wrote the above article. I advise against this investment “opportunity”, since before the IQD all other re-values both those that went well and those that went poorly have happened in a short span of time. The Iraqi Dinar has allegedly been trying to re-value for almost a decade. No other currency ever took this long, and I am skeptical that any currency that would take this long, ever will revalue.

    If people want a really good idea of how the re-denomination of a currency can lessen or even remove value from currency. Yogoslavia re-denominated it’s Dinar several times. Almost annually to be frank. I have several Yugoslavian dinar notes, including a 5,000,000 YUM note from 1993, depicting Nikola Tesla. Right now, the 1 YUM is worth $.69. That means that my 5,000,000 YUM note is worth $3,450,000, right? Wrong. The last Yugoslavian Dinar, called Novi Dinar, were made in 1994. In 2000 they removed Novi from the name before making a deal to use the Serbian Dinar instead of their own. (As Iraq was trying to force on Kuwait in 1990, except more peacefully) So, you can still exchange 1994 Novi Dinar for USD, but my 1993 5,000,000 YUM is only worth what a collector is willing to pay for it, by my last check, some people are selling them for $2.00 U.S.

    So basically, anyone who tries to argue that re-denominating a currency doesn’t remove value from the old notes… You are an idiot, and should learn how economies work before you start investing in currencies.

  • Azmeera

    Mr. John,
    I would like to ask you about the risks of this type of investment if you’re an Iraqi citizen?

    • John_Jagerson

      The risks wouldn’t necessarily be any different. Keep in mind that the dinar is a real currency so it should be used as one. However, as an investment it is as risky (if not more so) than any other emerging market currency.

      • michelle

        Azmeera, John failed to explain that the exchange rate is simply a currency exchange. John also purposely failed to advise you that purchasing currency holds almost no risk when you simply buy currency for face value. Euro, Riyal, USD…it doesn’t matter …its a simple currency exchange. John Jagerson has a very vested interest in advising you that currency exchanges are risky. John Jagerson wants you to steer away from Iraq because he is also an investor. John Jagerson wants others to steer away from Iraq because he knows that one of the largest oil reserves in the world is in Iraq…Evil will always steer you wrong for there own gain…I am doing my best to expose John Jagerson… Join me

  • pdgrant

    Unfortunately my mom and her friend are neck deep into this dinar/dong RV. It started last summer as a $1000 “investment” and has snowballed from there. Every month we hear “we are so close/any day now… we have intel and it’s happening”. I’ve emailed her many articles (Forbes/Wall Street Journal) with information showing this is a scam, but she will not budge. Now don’t get me wrong— If this thing ever came to fruition, I’d be the first one to eat my words. But— I don’t see that in the near future.

    • It’s never going to happen.

    • Bella Batali

      do they listen to tnt tony?

  • Dinarcurrency

    Yes, very nice information…………

  • tryone

    Hello

    I’m writing on October 2, 2013. While most info on this site is 2 years old, it appears that everything is still true today. The Dinar has yet to RV although for 2 years the pumpers have been claiming it would be any day now, or tomorrow, or it already happened last night and just hasn’t been announced yet. Of course tomorrow came and went about 700 times in the last 2 years and still no RV. One thing is a little different 2 years later. The pumpers had been claiming the RV to be $1 per Dinar, then it bumped up to $3, and lately I’ve seen figures of $23 thrown out there. (Meaning 1000 Dinar will overnight become $23,000,000). Wow.

    There have been some new developments. There’s another scam selling the Vietnam Dong. It is sold by many of the same dealers who sell Dinar, and often the messages board “gurus” mix IQD and VND in the same message. Story is similar that the value can increase 1000-fold, but missing from Vietnam is the huge oil reserve and the post-war rebuild. (Sure USA had a war in Vietnam too but that was 40 years ago). The only connection I can see between these 2 currencies is they both have tiny unit values. Today IQD exchange is about 1,164 per $1. VND is more extreme at 21,000 per $1. A sensible person might just ask why these 2 are possibly related to RV at the same time?

    A second scam is a scheme to incorporate you as a “Corporation Sole” to avoid the multi-million dollar tax bill you will get when your Dinar (and Dong) increase by 1000x. For a fee based on the amount of Dinar you own (I’ve seen 15%), the scammers claim to set this all up for you. What’s funny is this scheme has you declaring your corporation as a non-profit religious organization. Corporation Sole is a legitimate vehicle for churches and non-profits and is well documented on the official IRS website irs dot gov In fact I believe the Roman Catholic Church and Latter Day Saints (Mormons) are legally organized this way. Problem is for you Dinarians unless you are minister of a church or something you are heading down the path of tax fraud. You might even get nailed on fraud charges even when the Dinar never RVs. More on this scam check out taxneutralblessing dot com Note that they call their price for their service a “donation” rather than a fee.

    Lastly, just for fun, I leave you with 2 samples from today’s dinarguru dot com pumper site. Read the one about the bank teller and ask yourself if you believe for 1 second that you will walk into your local branch with a bag of 1000 Dinar and walk out with $1,000,000 US cash. Do you really think local banks are filling their teller drawers with $ millions ? A perfect day for bank robbers I should say.

    10-1-2013
    Newshound/Intel Guru Eagle1
    [via Robdel] TODAY WILL BE THE LAST INTEL CALL DUE TO THE BLESSING COMING TONIGHT! THERE WAS A 24 HR DELAY AS SUSPECTED FOR THE GCR START. THERE WAS AN INTERESTING THING THAT HAPPENED AT WF TODAY. A DINARIAN WENT IN TO HIS WF BRANCH IN…GA. WENT UP TO A TELLER ASKED HER IF SHE’D CHECK HIS ACCOUNT HE SAID YOU KNOW WHY IM HERE RIGHT? TO CHECK ON CURRENCY EXCHANGE. HE ASKED HOW DID HER TRAINING GO. SHE ASKED HOW DO YOU KNOW? SO YOU ARE AWARE OF THE IQD, SHE SAID SHE HAS HER TWO DRAWERS READY FOR THE CASH IN TOMORROW. [post 1 of 2….stay tuned]

    10-1-2013
    Intel/Newshound Guru Poppy3
    TALIBANI’S WIFE HAS RESIGNED AND THIS FURTHER REMOVE POWER AND
    MUNIPULATION POWER FROM MALIKI. NAJAFI IS IN ERBIL AND HE IS LOOKING TO PLACE THE NEW PRESIDENT TO TAKE TALIBANI’S PLACE AND WHEN HE DOES IT WILL BE A PLAYER THAT WILL AGREE WITH THE PARLIMENT ECONOMIC AND FINANCE COMMITEE’S AND THEY ARE DEMANDING THE RV. [post 1 of 2….stay
    tuned]

    Enjoy and good luck

    Tyrone

    • AlbPerez

      Rewind the clock 5 years and you would see the same garbage being spewed. It’s like a trashy romance novel. Change the names of the characters but the plot and story line stay the same. You’re absolutely right. It’s a scam of the highest order. It’s the perfect storm of ignorance, financial desperation and the internet.

      • Bella Batali

        heck at this point were almost oging on ten years

    • Bella Batali

      you would think after years of tnt tony and oakie and the bunch claiming rv literally everyday for years people would stop listening to them but no they dont

      • tyrone

        Yes it’s curious how they remain believers for son long. I know some people who base their rv hopes solely on the garbage spewed by tnt tony oakie and the bunch and I’ve come to the following conclusions:

        1. These people are not very bright. To believe that (a) these “gurus” and “intel gatherers” on sites like dinarguru are legitimate and not directly connected to the dinar sellers, and (b) there is never any news coverage of this rv or “global currency reset” in reputable media such as Wall St. Journal, Forbes, or Financial Times, then bluntly speaking you have to be dumber than a sack of rocks. I would not be surprised if all of the characters on dinarguru are really only 1 or 2 people. They’re either paid by the dinar sellers or they’re one and the same. It’s like the wizard of oz behind the curtain. THIS IS WHAT MAKES IT A SCAM !!

        2. It’s like a religious cult. They call themselves “dinarians” and a lot of the garbage messages describe the rv like “we’re about to receive this blessing”. The rv is their great hope for the future. They’re not like people who buy a lottery ticket just for the long shot. Dinarians are depending on this rv !

      • bde2

        Tnt Tony is a douche bag! All his lies and shit will catch up with him one day and he’ll pay for it.

  • USMC Sgt A

    John,

    Thanks for the time that you have spent putting this information out. I have purchased dinar on relationship advice. I have tried educating those around me about the impracticality and impossibility of a large RV. No one wants to listen to the guy telling them that they aren’t going to be instant millionaires. Hopefully after some time they will learn. It took me 16 months to learn. We shall see how long it takes others to learn.

  • AlbPerez

    The best thing we can hope for is people will look back on this blog in 5 or 6 years and realize nothing has changed. I don’t know how much time it will take. Dinar “investors” are known to be a stubborn, beligerent bunch. But I think, eventually, even they will have to admit that they were scammed. It may take 4 years. It may take 5. It may take more. But after hearing the same stories over and over and over even the most die hard dinarians will change their tune. I certainly hope so. Only then will this scam die.

    • John_Jagerson

      Alb – You can’t tell from this article because I have revised it a few times but I originally published it in 2009. Its almost 4 years old now. The negative is that the dinar scam still comes in and out of fashion but the positive is that I do get emails once in a while from people who did what you suggested and came back years later to read the article they originally thought was B.S. and decided to get out while they still could.

      • AlbPerez

        Also, unfortunately, there are new suckers roped into this scam everyday and the clock doesn’t start ticking for them until they first get involved. Very few realize the same song has been playing for a decade.

        When I got involved in late 2010, the pitch was how “imminent” and “soon” the RV was going to take place. There was no time to research and check it out. Buy the dinar NOW and then do the research. It wasn’t worth risking millions when the RV was only days away. Fortunately, in my case, it only took a couple of weeks to realize it was a ruse. I spent a paltry amount and felt a little stupid but laughed it off. I followed the pumpers and scammers for entertainment for a few more weeks and realized many people actually invested far more financially and emotionally than me. They invested much more than they could afford to lose. Many people had their entire financial and emotional future tied up in the dinar. If the dinar didn’t RV soon, they were ruined. And they were. I was amazed at the callousness and apparent lack of concern on the part of the other “investors”. They were glossy eyed with greed and envy. They may have felt bad but they didn’t have time to do anything about it. They were too busy making plans to spend all their imaginary money. The legacy of this mania, when it finally dies, will be the lack of decency and vacuum of humanity it created in so many people. It is shameful. I hope the perpetrators and enablers of this fraud are duly punished and sentenced to a life of emptiness, lonliness and fear for what they have done to so many people. Kudos to you for trying to expose this scam!

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  • investor121

    Some of your posts makes sense. However, majority of you look at this a get rich scheme. When it actually is not.

    No.1 when they brought the iraqi dinar you could get close to 3000 dinar for one dollar. This was 6 or 7 years ago. Today it is over 1100 dinar on the usd.

    No. 2. The country has been in bankruptcy. The banks don’t want to take their currency yet until whoever is in charge of whoever decides what the currency is.

    No 3. They will be having to take out a 100 billion dollar loan in order to upgrade there oil. By doing this they will have to sell there oil cheaper in order to pay off this loan.

    Also they are going to have to be a country of creating jobs there. Which can easily happen considering the fact the household per capita is 4000 usd

    No 5. How can you sit there an say the iraqi dinar is not an assest. It is cash. Try telling an accounting firm cash is not an assest. You will get laughed at.
    Lastly, the majority of the people consider this a scam because the majority of people are told it will rv today tomorrow. The thing is this is a long term investment not a short term investment.

    The greatest investor next to jp morgan resides in my hometown, his name us warren buffet. He buys assets for the long term.

    • John_Jagerson

      Before I debunk your claims (for the billionth time) I will just add a challenge to your last comment.

      You say that Warren Buffett buys for the long term, which is at least partially true. Among Berkshire’s long and short term investments are currency trades. How many of those are in the dinar? You can actually go dig that data up (I dare you) in the public filings. However, I can save you some time and give you the answer – none. So before you “appeal to authority” make sure your authority actually supports your premise.

      Now for the debunking…

      1. No you couldn’t. Go to the CBI’s website and you will see that the best rate that far back was a little over 1600 to the dollar in January of 2004. Pretty far cry from 3000. I will admit that if you had invested at the time then you have almost covered your spread.

      2. When you confuse “Chapter 7” U.N. Sanctions (not a bankruptcy) with a Chapter 7 Bankruptcy under the U.S. Code, which doesn’t appy to Iraq (or any other country) you just come off sounding naive. They share the same words but couldn’t be more different. For example, if you wanted to buy a “gross” of thin mints from the Girlscouts (and who wouldn’t?) you are asking for 144 boxes of cookies not a bunch of disgusting, moldy, chocolate crackers.

      3. Debt increases your currency’s value? Since when? If that were true why isn’t the US dollar rising? What about the Japanese Yen? Greece should be a country full of millionaires by now.

      Borrowing, job and wage growth does not increase your currency’s value. In fact, those things are strongly correlated with inflation (a reduction in your currency’s value) – especially if wage growth is very fast.

      5. (what happened to 4?) I was very clear that the dinar is a real currency. Its the investment in dinars that is hyped with lies and misinformation which are then repeated by people who don’t know any better (you are an excellent example) that is the scam. Do you see the difference? For example, its legal to sell beans but when I claim they are magic it becomes a scam. Its not that they are no longer beans… they just aren’t magic.

      • investor121

        Japan greece are you kidding me. They have to import majority of there goods.
        Japan has didily squat for natural resources. How are they going to make money as a country when they import.

        In 2011 citi group stated ” iraq will have significant economic growth”

        In 2009 jim cramer has endorsed the iraqi dinar on his show.

        143.1 billion barrels of oil reserves in iraq. They have 25 percent of the worlds
        Sweet light crude oil. Which happens to the highest grade of oil an the cheapest to produce.

        Iraq has 2000 wells going right now compared to 1 million in texas.

        Btw nebraska is getting a deal for having a pipeline..an your case about hy did those countrys like japan an greece not having a higher value. Well look at it like this. If we as a country decided to let each state have its own currency again. You should instantly pic out the two states would have the highest currenc y rate. Texas being one of them

        Who are you to sit there an be a critic? What do you do for a living to clarify your statement.

        • FactFinder

          The facts don’t add up on either side of this argument.

          ….If anyone has conclusive proof, let them step forward!

          ….Until then, choose a path that benefits your own personal situation and consider yourself lucky for the opportunity!

          • John_Jagerson

            This is a classic “what’s the harm” argument. The facts do line up on one side of the argument. The real issue is that they are complicated. So rather than educate themselves people who cannot afford to be scammed are taken advantage of. Its easy to say “only invest what you can lose” but the truth is that many people will anyway. I got involved in this black hole of a scam because the other side wasn’t being told.

        • John_Jagerson

          I will answer your last question first and then work my way backwards.

          I am a professional financial analyst with a special focus on currency investing. I have published 3 books on the subject with McGraw Hill and make my living providing financial, economic and fundamental analysis.

          So your argument rests on a bunch of stuff that hasn’t happened yet and/or is unlikely to happen in the future? I suppose its impossible to prove that a Texan currency wouldn’t be the most valuable, but we can look at other oil exporters and ask if that is true for them. Its not. Name one oil exporting economy that has had a significantly appreciating currency since Bretton Woods?

          If your argument is that net exporters have appreciating currencies then why is the Australian dollar falling? What about China and Korea? Or Venezuela (rampant inflation by the way)?

          I don’t know much about Jim Cramer but I do know that he was a stock fund manager (different world that currencies) and is now an entertainer, not an analyst. His track record is pretty spotty – http://goo.gl/KEs8e Not exactly the kind of expert I would recommend for other investors interested in the currency market.

          • Harrier

            It appears there are a number of conspiracy theories involved that are interconnected.:

            The Currency Re-evaluation for 198 nation is just one. Debt forgiveness. Then you have international collateral agreements where companies Michael Cottrell owned must be paid out. There is an attorney Al Clifton Hodges that represents him. Evidently, in order to make it work, depending the world must go back to commodity backed currency and that currency has already been printed in 2009 -This is because of Basel III. It should have happened 3 years ago. Now Chinese elders who are now pulling the final levers for the process and taking their time to make sure global unrest is minimized. According to all the blogs and You tube broadcasts, everything has been done and is place and currency re-evaluation and it can happen at any time.

            I believe there are people working this and they they believe the re-evaluation and debt forgiveness will occur very soon. I further believe that they believe thousands of evil people will be arrested and that we will see a day when they are brought to financial justice… and that moving to the gold standard and Basel III will prevent over leveraging and making drug profiteering far more difficult because their money will now be more traceable.

            I do believe there are people putting their hearts and soul working with the right people that they believe that this will happen and aren’t intending to con anyone.

          • Bella Batali

            i hear crazy theories from the big bankers dont want us to know about this to stuff about the bilderbergs to crazy stuff about nesara and aliends. this is all bs

          • Jay Vee

            I hear crickets from ‘Investor121′ once you provided your credentials which qualifies you to make sound commentary. You must’ve shut’em up. I was getting dizzy reading his unsubstantiated comments and poor grammar. Hopefully he/she not an English teacher.

            Thanks for what you share and teach.

          • Broken Silence=Golden Thoughts

            Exactly, John is the man and those would don’t see that are blinded by their unforeseen (and yet to be seen) dinar riches. It’s sad because a lot of people have put their hard earned money into this, some even dumped their 401Ks into this. It is very sad but but as many have said before “you can’t fix stupid”. I hate to sound cold blooded, but these “believers” need tough love to snap out of their delusion.

            Also did anyone stop and wonder why no investment banks invested in Iraq? Forget Bank of America, Chase and Wells Fargo and think Merrill Lynch, Jp Morgan, Morgan Stanley and Goldman Sachs (especially Goldman Sachs). If the primary investors are people who are facing foreclosure, divorce and old people eating cat food, why in the HELL would you invest in this? Because scammers tell you…”just because not everyone is doing it, doesn’t mean its not worth doing”…..thats why. This is BS.

            Also a lot of these sites prey on people’s faith calling it a blessing from God, as if this dinar investment is ordained, this is also wrong….dead wrong. I live in New York and I’ve never heard anyone on Wall Street say “God’s will is to invest in Google” and even if I heard this I wouldn’t invest. The point is that these scammers prey on people’s faith because they know that is what you will need to wade through this tsunami [disaster]. The facts are there people. John and those who support his argument have provided names, figures and credentials, whilst the “believers” can only provide vague commentary from bogus websites that spew propaganda.

            Lastly, for the last time (though this statement is pointless because someone else will come along seeking clarification to these concise answers) the Iraqi Dinars are REAL. The people of Iraq are using them now….literally right now (although most Iraqis prefer to use the dollar). The problem for dinar holders in the United States is that….this is not Iraq!! The money will not remain worthless, no it won’t. However it will not make you rich over night, nor will it make you rich in the next 20 years, therein lies the scam. This part is NOT REAL. The redenomination, however will allow Iraq to compete with it’s surrounding economies.

            This is why the currency will not be worthless, but it will be if you’re in the UNITED STATES!! At best the currency will be 1:1 but will not surpass the U.S dollar, because oil is traded in the U.S dollar. Lastly even if the Iraqi dinar appreciates to the amount of the dollar(1 million will turn to 1,000 and that is the price you paid per million), you still won’t break even because there is an exchange fee, so either way you slice it, you lose money on this “investment” (even though a lot of websites call it a donation….possibly a ploy to cover themselves legally).

            Bottom line….don’t invest. By the way you cannot sue someone if they gave you “advice” on buying or selling this currency because:

            A) you’re a grown ass person, no one forced your hand &

            B) good luck proving that in court (especially without empirical written or digital evidence) with a high priced lawyer…..resulting in another crappy investment!!

  • Steve E

    I have an acquaintance here who tried to convince me to invest $2,000 in the dinar two years ago. He repeated many of the talking points on here, including that the U.S. Gov’t held billions of dinar notes. So I asked him, why aren’t we cashing in? He told me we had to wait for the RV, but that it would bring the U.S. $90 trillion dollars. If you do the math on the RV rate that many of you are mentioning here, that would be correct, but…

    Really? We can wipe out our debt, pay every citizen a chunk of change of almost $30,000? Does this even remotely pass the stink test?

  • Dinarman

    1. First all my friends brother Boots on the ground was in a Iraqi 2003-2005 He personally Loaded Military 18 wheel loads of Dinar that was sent back to U.S.
    SO if it Is a Scam Why would the U.S. Waste time and money to have this much
    Dinars sent back to the States It To My Under Standing That The U.S. Is Holding Appr. 3-4 Trillion Dinars………

    2. IF It Is A SCAM Then Why Were The Local Banks Selling DINARS To The Public About 1-2 Yr Ago. That’s right you could walk into the bank and Purchase Iraqi Dinars. IT seem to me if it is a Scam And All Of The Banks Here In USA Were Selling It Some Body Is Going TO BE IN BIG TROUBLE Don’t You think?

    3. GEORGEW. BUSH, President of the United
    States of America, Stated That This War Would Not Cost The American People A Dime. So How Is Going Happen?

    4. What Caused The IQD To Loose It’s Value

    1. 1st War Torn Country

    2. Then Sanction Were Applied

    5. Prime Minister Maliki Stated On TV That Iraq Currency Would Have The Highest Valve In The Middle East.

    • John Jagerson

      1. Well a friend of a friend of a friend of a friend of mine said he saw people burning dinar to keep warm at night. I mean, give me a break. Unless you have proof of anything you mention in the first paragraph just keep it to yourself.

      2. I can tell you did not read the article. The dinar itself is a currency. The dinar scam is dealers and pumpers selling you the dinar with promises of big returns. There are some banks that will still exchange it – there is nothing illegal about that.

      3.&5. Ummm so politicians never lie? I am missing your point here.

      4. The dinar today is not teh same as the dinar of many years ago. Two different currencies with the same name. There is no historical value for the current dinar to come back to.

      Do yourself a favor and before you just repeat something you read on a message board go find a primary source so you can be sure you aren’t just regurgitating something some pumper said.

      • FactFinder

        This whole scenario(scam?) is predicated on what must be labeled as the ‘missing link’. Not a single soul has ever submitted a plausible missing link on how a small war torn third world country can support a revaluation larger than any other currency on earth is capable of.

        …..THAT is the scam; not the currency or country in and of itself, but the foolish projections of people trying to profit from the idea.

    • Jay Vee

      You need to give the gurus back their script because everything you said comes directly from the dinar forums. In addition, you are like the 30th person I’ve heard that claims they themselves or a “friend” (wink) loaded up trucks, planes with Dinar OR guarded the banks while they loaded the ATMs with the notes. This is classic buffoonery. Can’t believe a word you stated.

      • Broken Silence=Golden Thoughts

        Exactly Jay Vee, John is still the man and those would don’t see that are blinded by their unforeseen (and yet to be seen) dinar riches. It’s sad because a lot of people have put their hard earned money into this, some even dumped their 401Ks into this. It is very sad but but as many have said before “you can’t fix stupid”. I hate to sound cold blooded, but these “believers” need tough love to snap out of their delusion.

        I posted this before but under the wrong comment. I want people, especially the investors or “believers”as I like to call them, to see this. Let me add that I am just as passionate about my post in disproving these scammers and “believers” because I have family members in this debacle and it pains me everyday. I am not a hater, I am not jealous and I would love to see them on a yacht in the Caribbean, however knowing that that will never happen through the one thing they whole-heartedly believe in infuriates me!! And I can no longer quietly sit and watch things fall apart. The same things that I’ve said to them, I will say to the other “believers”. The silence is broken!

        Did anyone stop and wonder why no investment banks invested in Iraq? Forget Bank of America, Chase and Wells Fargo and think Merrill Lynch, Jp Morgan, Morgan Stanley and Goldman Sachs (especially Goldman Sachs). If the primary investors are people who are facing foreclosure, divorce and old people eating cat food (stories that I have actually heard on one of these infamous conference calls), why in the HELL would you invest in this? Because scammers tell you…”just because not everyone is doing it, doesn’t mean its not worth doing”…..thats why. This is BS.

        Also a lot of these sites prey on people’s faith calling it a blessing from God, as if this dinar investment is ordained, this is also wrong….dead wrong. I live in New York and I’ve never heard anyone on Wall Street say “God’s will is to invest in Google” and even if I heard this I wouldn’t invest. The point is that these scammers prey on people’s faith because they know that is what you will need to wade through this tsunami [disaster]. The facts are there people. John and those who support his argument have provided names, figures and credentials, whilst the “believers” can only provide vague commentary from bogus websites that spew propaganda.

        Lastly, for the last time (though this statement is pointless because someone else will come along seeking clarification to these concise answers) the Iraqi Dinars are REAL. The people of Iraq are using them now….literally right now (although most Iraqis prefer to use the dollar). The problem for dinar holders in the United States is that….this is not Iraq!! The money will not remain worthless, no it won’t. However it will not make you rich over night, nor will it make you rich in the next 20 years, therein lies the scam. This part is NOT REAL. The redenomination, however will allow Iraq to compete with it’s surrounding economies.

        This is why the currency will not be worthless, but it will be if you’re in the UNITED STATES!! At best the currency will be 1:1 but will not surpass the U.S dollar, because oil is traded in the U.S dollar. Lastly even if the Iraqi dinar appreciates to the amount of the dollar(1 million will turn to 1,000 and that is the price you paid per million), you still won’t break even because there is an exchange fee, so either way you slice it, you lose money on this “investment” (even though a lot of websites call it a donation….possibly a ploy to cover themselves legally).

        Bottom line….don’t invest. By the way you cannot sue someone if they gave you “advice” on buying or selling this currency because:

        A) you’re a grown ass person, no one forced your hand &

        B) good luck proving that in court (especially without empirical written or digital evidence) with a high priced lawyer…..resulting in another crappy investment!!

      • Bella Batali

        read this article no concrete proof yet but looks like dealers are possibly linked withh gurus if this turns out to be true http://iraqidinarrevalue.blogspot.com/2014/02/did-tnt-tony-admit-on-his-radio-show.html

    • Bella Batali

      lol

  • imatt

    Does the United States Treasury hold Iraqi Dinars ? If so why ? Why has the IRS set up task forces to monitor this and other currency’s ? If so why ? If these are “worthless investments ” why would the heavy hitters bother ? If someone would kindly respond I would appreciate it.

    • lmarkets

      Answers…
      1. Does the Treasury hold dinars? Not any more than they need to accommodate international payments like any other currency.
      2. IRS task forces… ummm no.
      3. What “heavy hitters”? Find a primary source for that one and not a message board comment and I would be happy to help you get an answer to that question.

  • Your wrong

    It isn’t a scam , it’s a speculation on foreign currency. And I have one
    Question? If the dinar will never be 1 to1, why did Malaki take over the Cbi? And
    Try to revalue it himself? Why would he want a bank full of eternally useless money? He wouldn’t . And if it RV ‘s, what will you tell all these people? You realize you can be sued ?

    • walkingsmall

      The Iraqi dinar isn’t a ‘scam’ in the greater sense of the word, because it is a valid currency redeemable at will. ……What is considered a ‘scam’ is the preposterous claim that people will be able to make a 100,000 percent profit on a tiny purchase. …..I still think there will be a gain in all of this, but dreams of hundreds of thousands of people becoming financial power brokers from tiny purchases are not only senseless, but damaging to the lives of the people who accept the myth.

      ….And yes, the dinar will soon be 1:1!!!! …..Just as soon as they lift three zeros and re-denominate the currency. …..That will make your million dinar worth $1,000. ……I don’t know about you, but mine cost me more than that! …..I’m hoping there will be at least some small appreciation greater than 1:1, making at least a tiny profit for the effort!

      ….THERE HAS NEVER BEEN ANY INTENTION OF MAKING PEOPLE RICH AT THE EXPENSE OF THE IRAQI PEOPLE AND THEIR RESOURCES!

      ….But, there is also the rumor of a ‘CURRENCY EXCHANGE’ situation related to a worldwide redistribution of wealth. ….Rumors abound on possibilities, but the truth is cloaked in secrecy and misinformation. …IS THERE AN OPPORTUNITY FOR REAL GAIN?

      • Lauren

        Plain and Simple….if people worldwide can afford to “gamble” and hope to profit from the dinar so be it…..without thinking about all the mathematical equations…the average person can see that if there is any truth to this…our government as well as others will make money when we get heavily TAXED on cashing it in. We have an extremely negative deficit….to me its worth a gamble. How many of us go to Casinos and throw money away? Just be patient… don’t be greedy. Invest in what you can afford…keep on living your daily life. If it happens….be generous to others and be thankful that you took a chance. Stranger things have happened….where there is smoke…there is fire! Patience is a virtue!

        • Yog Soggoth

          Exactly. It is far less of a gamble than a lottery ticket, depending how much you invest. Even if the new dinar only shot up to a dollar it would be a happy day.The RV will be based on oil production and they just opened up the pipe in Kurdistan. They can’t sell that oil with a ridiculously low dinar. They have to have an internationally traded currency. CBI sold USD $171,988,000 at price of 1166 Iraqi Dinars with the participation of 19 banks. Oil was just found at Erbil. We just gave them helicopters, and Sudan wants to build a refinery there for a piece of the pie.
          I think whoever wrote this ‘piece’ is a paid internet basher, whose employer is heavily invested in the oil bonds and does not want to share.

          • John_Jagerson

            Actually its a lot more of a gamble than a lottery ticket. Someone does actually win the lottery. No one will win the RV because they don’t exist like this. There is no difficulty executing transactions for oil or anything else with an exchange rate that high. The Venezuelans did it. The South Koreans have been doing it for decades. If that were a problem then why doesn’t South Korea (or North Korea for that matter) revalue and make all of their citizens rich?

            Once you can explain why the South Koreans can execute international transactions with an exchange rate lower than the one for the IQD but the Iraqi’s can’t then I think we can have a reasonable conversation.

          • Bella Batali

            i laugh when i hear dinar folks knocking bitcoin as a fake virtual currency. bitcoin has made people rich, its documented. dinar has never made anybody rich nor will it

          • Interesting

            Also, you are able to find articles discussing the Bitcoin, and nothing regarding this Dinar.

          • Bella Batali

            bitcoins are a better gamble than dinar. bitoins have made people rich and thats a fact. dinar NO

          • Interesting

            Check out the Wall Street Journal on the Bitcoin. It took a big nose dive, and many individuals are upset over not being able to recoup their money.

      • zerosolution

        The Obama administration got into office by telling democratic voters that redistribution of wealth was possible. They believed it and voted him in.
        The O admin perpetuates the scam by pumping money into the US stock market every month. What will we need when the US economy can’t sustain the size of stock drop resulting when investors start jumping out like they did after the tech stock 2000 bug?

    • John Jagerson

      Your understanding of how currencies work is only exceeded by your grasp of the law. I will quake in fear of being sued.

      In the mean time I would challenge you (like I have many others) to provide evidence that did not come from a conference call or message board that any of what you just said is actually true. When did ‘Malaki [sic] take over the CBI’ and when did he try to revalue? Can you show actual proof of that or is it just a fantasy you read or heard from some pumper?

    • Bella Batali

      most people who speculate on currencies do so electronically on forex adn not in physical currency as its much more costly. with physical currency, especially on exocit stuff your probably paying min 15% more like 20 or 30 to buy and again to sell so unless you think your going to make 40% to 60% returns your in a losing venture. now i understand you cant buy the dinar on forex but still just saying.

  • Lamont

    Hi everyone. I was reading the section of the post on the “secret buyback meetings” and a thought occurred to me… could these individuals be trying to obtain an inventory of dinars to construct their own version of the sceme? ie, buy as many dinars at 80% current value from those who have accumulated mounds of them, then sell to all the gullible, and desparate struggling people out there, at 120% value. Aquiring the dinars legally, and registering as actual brokers would make such a sceme brilliant and obscenly lucrative.

    • ike turner

      hell of a way of thinking. just like the magic bean juice deal. invest a little to make more. using that logic, in a round about way, the dinar is a ”get rich scheme”. just not for the fools buying it up. only the ones selling it. i like the twist. thanks for the brain juice, Lamont. no sarcasm here. dead serious, i never really thought of that, IF this bullcrap ”buy back” story they pose IS true. and im NOT saying it is. haha

  • Molokai

    A very simple way to think about this ridiculousness is along the lines of a stock split. The enterprise value or market cap of a company is what matters – you can make the stock price whatever you want. If your company is worth a million dollars and you issue a million shares, your share price is a dollar. Likewise if you issue 10 shares, each share price is 1 million. It doesn’t matter either way. The thing that matters is the percentage of the company you own – the percentage of its future cashflows you own. Its not an exact comparison, but a simple way to think about it. If Iraq was a company, how much is it worth. Does it matter if it does a 100000000000 to 1 reverse stock split to bring up the “per share price” – obviously it does nothing to the value of your holdings.
    If you buy dinar you are making a macro bet – the same as if you buy Euro or Yen or whatever. Do you really think FX traders are that dumb? I don’t know what else to say.

  • Rachael B.

    Then what you are saying is the same as the U.S.A. re-denominating a $100 bill by taking off the zeros turning it into a $1 respectively. That leaves the original $1 bill worth either the same or .01 cents, then making the original .01 penny now .0001 and so on…..

    See how this does not make any sense? That would be like evaporating wealth from those who had it to begin with prior. It does not work that way. A $100 bill will always be worth $100. Just like the $1000 bill and $500 bills no longer made, but those that exist are still worth the FACE amount.

    Iraq can revalue IE increase or decrease the exchange rate against other currencies by removing zeros from the valuation. Example against the U.S. dollar like going from $1 equaling .000852 dinars to $1 equaling only .00263 dinars and so on….

    This is what can be done, not changing Face value worth…. Many do not understand this fact.

    • walkingsmall

      Rachael,

      By virtue of the definition, a re denomination is revenue neutral. ….In other words, the values don’t change regarding the bills, but the number of bills in total circulation changes. ….In Iraq’s case, a re denomination where they would lift three zeros would reduce the number of bills in circulation by a factor of 1000. …..The value of those bills would not change at all! ..The 25,000 dinar bill would still be worth $21.44, just as it is today; but it would then represent 25 currency units, rather than the current 25,000 currency units.

      Iraq is definitely in a position where the most logical move is a re denomination first. Iraq has 70 trillion dinar in their broad money supply, making it an impossibility for an emerging country of its size to revalue to competitive rates in its region. …..By comparison, Kuwait has only 26.5 billion dinar in its broad money supply, and the largest arab economy of Saudi Arabia has only 1 1/4 trillion dinar in their broad money supply. A redenomination by Iraq, instituting Dr. Shabibi’s ‘lifting the zeros’, would place Iraq in a very competitive situation with a broad money supply of 70 billion dinar. …..A liquidity level in this range positions Iraq to take its rightful place as a leader in the Middle East economy, and subsequently gives all holders of Iraqi dinar shared benefits from resultant appreciation.

      ,,,,,As far as your logic sequence on the fictitious dollar re denomination, ,,,,,,,it does not add up. ……. If, through re denomination, the US were to lift two zeros; 100 dollars would be 1 dollar, but the value would still be the same as the original 100 dollar’s was.

      • walkingsmall

        CORRECTION: ……Should have read “Saudi Arabia has only 1 1/4 trillion riyal in their broad money supply” , rather than ‘Saudi Arabia has only 1 1/4 trillion dinar in their broad money supply’.

        Also, here is the link to the pertinent numbers stated above. …Please remember to convert to the appropriate country currency in presenting the data, as all of the data is presented in US dollars.

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

        You may also find the data in these certified financial statements helpful:

        http://www.cbi.iq/index.php?pid=FinancialStatements

      • Bella Batali

        i dont think anyone thinks a redom will make anyone rich, they want a revalue which to my knowledge isn’t a real financial term and has never happenned with other currencies. a redom is common mexico did one in 1996, romania did one some years back that you can read about here…http://bit.ly/1okkr3Y

    • Molokai

      Rachel think buying power of currency. If it were this easy, why wouldn’t the Iraqi govt just “make” its currency worth 1 dinar to 1 usd and then go print 75 trillion dinar, convert them to USD, and then go buy every company in the S&P 500. In a few simply steps, along your reasoning, Iraq could own all the blue chips in the US. Why stop there, why not print 500 trillion dinar, convert to USD, and buy pretty much every listed company, commodity, and commercial property in the developed world…if your reasoning is right, you’ll probably be forced to become an Iraqi when they own the entire world…

      • Michael

        That is right Molokai. Buying power is based on the value of a currency but a fiat currency will always be losing its value because each note printed is created with a debt attached to it. It cycles down until there is no place else for it to go.

    • Bella Batali

      the best way to disprove this is the old addage if it sounds to good to be true it probably is

      • Dan

        I find it amazazing the news media don’t say a word about state lottery and the lives it has destroyed!!!!
        Or the social security scam.
        I guess it’s ok to scam the citizens as long as the states profet from it.

      • Michael

        Bella, I don’t believe you said that. Sure there are many instances where that is true, but with that attitude many things would never have been invented and many more will never be known in the future because people won’t do anything based on the fact, they just don’t believe it possible. In other words, you have to dream and if you do dream, what ever you dream about may very well come true.

        What we are dealing with here though is not dreams for those who understand the potential of merging markets and values based on assets.
        Fact is , we don’t know what assets are. We think when we bought a home we bought an asset, but in reality it can’t be an asset because everything about that home becomes a liability as there are no profits made from the purchase and the fact our taxes (rent to live in our own home) continue to go up. Thus, we never see the value returned and to top it off, when we die it becomes part of our estate of which the government takes about 50% and makes it usually impossible for those who inherit to be able to afford to keep it. It has become a total lose in this country simply because we have not followed our founding fathers advice; i.e. Thomas Jefferson – “A Mans Home is his Castle.”

    • tommyg

      You probably voted for Barrack Obamination

    • Michael

      No Rachael. The Dollar is not real money. It can never RV to a higher rate as it is designed to destroy the economy. Do your home work on fiat currencies.

      However, if a currency has a value of .00045378 and the country starts producing wealth by sales of goods and services to the point the decimal point moves to the left, the value of the currency goes up at the rate of wealth being created – producing a GNP. That is Capitalism. The US Dollar is based on theft of the wealth of this nation and all other nations that do business with this currency and are taxed for using it.

  • Ryan

    Hi John,
    Thank you for the info.
    The reason I am writing is because of what I saw in the comment section below this article. The comments about Reno particularly caught my eye. My relative is very heavily invested in Iraqi Dinar, and got a call from Reno and immediately drove down. The way my relative explained it do me was much in the same way as written below, but key details of the story were different. In the end he dropped off his Dinar in Reno, leaving no receipt or paper trail, saying that he will be paid off big time when Obama pulls the trigger on a deal with China. I could give you many more details on this if you would like. Needless to say, I am very worried about him, and the people that he talked into investing with him. I am worried that these people that are accepting peoples Dinar in Reno are taking the Dinar and running. I imagine it would be very hard to stop them, because like I said there was no paper trail left. I keep trying to make him look at this with a clear head, but there is no talking sense into him. Something like showing him your articles and videos would do no good, as he says it is all lies by the government to hide the truth. Anyways, I just thought you would like to know that these “secret Reno meetings” are happening to other people as well, and to see if you could offer any ideas to help. Is there any way to get in touch with you? I would love to talk to you about this in more detail if possible.
    Thank you,
    Ryan

    • Shark Attack

      Finally a sane person who truly understands what he’s talking about. I could never make senses out of the Dinar madness and found this which has been around for a long time.

      I
      know people that have been involved investing in the Dinar for about
      “15 years”, but the people I speak to have a different spin. They say there is a secret plan to reevaluate over 100 of the worlds’
      currencies “simultaneously”. That rich investors have already purchased $
      Trillions in Dinar and put them in warehouses (I know, show me the direct proof) and now just waiting for
      the Federal Reserve to make a statement before everything can move
      forward. Once that is done, the Chinese will make their statement and
      that is expected to take place any day now. For 15 years, this gal has
      been saying any day now like Ronnie Milsap. There is a full on nut job Iraqi Guru that seems build to dupe the most ignorant. He posts his stuff anywhere he can and then if someone says his information is factually untrue or comments what he posted contradicts previous posts, he will got to a back dated article and remove it to make it look like that was how he originally posted it and remove the post that brought it to his attention. He seems to use re-denomination interchangeably with re-evaluating of currency. The website looks clearly doesn’t look like it’s on top of anything and just flings around words so loosely, it’s clear he has no knowledge what he’s talking about. The guy at one point posted that Iraq was telling it’s citizens their buying power would soon increase between call to prayers. I

  • MIKE

    IDIOTS,

    THE DINAR IS A FREE TRADING CURRENCY HERE IN THE U.K. AND A NUMBER OF OTHER COUNTRIES (IN FACT, THERE ARE CURRENCY EXCHANGE KIOSKS IN THE NEW YORK AIRPORTS THAT SELL IT). HERE IN LONDON, WE BUY IT DIRECTLY FROM THE MAJOR BANKS AND IT SAYS RIGHT ON THE PACKET THAT WE CAN REDEEM IT FOR NO FEE ON THE BANK’S PART.
    IF IT IS A SCAM, THEN THE MAJOR BANKS, THE BANK OF ENGLAND, THE BANK OF INTERNATIONAL SETTLEMENT AND THE CENTRAL BANK OF IRAQ ARE ALL IN ON THE SCAM – BECAUSE THAT IS THE ROUTE VIA WHICH THE IRAQI CURRENCY HAS TO TAKE TO COME HERE.

    FREE TRADING CURRENCY MEANS THAT IT IS ACCEPTED AS LEGAL TENDER IN ALL COUNTRIES. AND UNDER THE INTERNATIONAL BANKING TREATY OF 1951 (WHICH YOU’LL HAVE A HARD TIME FINDING – BUT, IT IS THERE) INTERNATIONAL TREATIES SUPERSEDE LOCAL LAW. UNDER THE THE TREATY, BANKS ARE CUSTODIANS OF THE CURRENCIES OF ALL COUNTRIES AND CAN NOT DO ANYTHING TO UNDER MINE THE VALUE THERE OF.

    IRAQ IS ONE OF THE RICHEST COUNTRIES ON THE PLANET IN NATURAL RESOURCES. IT HAS TO RV IT’S CURRENCY – SO THAT IT CAN DO BUSINESS WITH OTHER COUNTRIES – EH?

    NOW MAYBE THEIR ISSUE NEW CURRENCY WITHOUT THE THREE ZEROS AND THEN VALUE THE CURRENT CURRENCY WITH THREE ZEROS AT THE SAME AS THE NEW CURRENCY – EVEN IF THEY DO THAT AND THE VALUE GOES TO AROUND $3, WHICH IT WILL, THEN THAT IS A SIGNIFICANT BONUS.

    THE EXACT SAME THING HAPPENED TO THE GERMAN MARK AFTER WWII AND THOSE IN THE KNOW DID VERY VERY WELL.

    THIS THING HAS TURNED INTO A POLITICAL FOOTBALL IN THE U.S. TO BACK AN ELECTION BID. AND BUSH SAID THAT THIS WAS THE FIRST WAR THAT WOULD FINANCE ITSELF – THE U.S.G. HOLDS LOTS OF DINAR – DITTO VIRTUALLY EVERY MEMBER OF CONGRESS. AND AS YOU SAY LOTS OF SOLDIERS AND CONTRACTORS THAT WERE IN IRAQ.

    YOU CAN GO FIGURE FROM THERE.

    • walkingsmall

      The scam part is the implied rate that dinar sites have people believing.

      …..There is no way Iraq can revalue at even $1. ….They have 70 trillion dinar in their broad money supply($58.69 billion, https://www.cia.gov/library/publications/the-world-factbook/geos/iz.html) and no country on earth could afford even half that amount in circulating wealth!

      This is obviously a situation where they must follow suit with dozens of other countries and re denominate their currency to position the dinar for the kind of appreciation their resources will allow. …..They have considerable wealth, and significant potential for growth, but so very many of their strongest attributes have been embellished and distorted.

      ……Those distortions are obviously what is being labeled as a SCAM!

      • Bella Batali

        most dealers do not promise returns, its the gurus who do that. there has been a lot of speculation that the gurus work for or get kickbacks from dealers but it has yet to be proven. the other day on a tnt tony radio show call he seems to slip up and say he works for sterling and quickly correct himself. could have be he just misspoke but in my opinion he seemed to realize he made a mistake saying that and quickly said i work for nobody http://iraqidinarrevalue.blogspot.com/2014/02/did-tnt-tony-admit-on-his-radio-show.html

  • Motobabe

    Misinformation with hardly any truth. Just what the elite want you to believe. Mr Obama is even holding the Dinar. Do a little more research, for example like when Kuwait revalued their currency back to their old value after we took Sadam out. The same will happens in Iraq with time. Does anyone know what Hillary Clinton the Secretary of State has been saying about the future of the middle east? Do your own research and quit being sheep!

    • walkingsmall

      Hey Babe,

      You’ve got the shoe on the wrong foot!

      You need to support your statements with some concrete facts, as this reply line is replete with facts and direct quotes of people of significant stature that indicate the dinar is headed toward a normal re denomination followed by an appreciation against its regional competitive currencies. ……If you want to make a truly bold statement, please hit us with some verifiable facts indicating this currency move is going to make millionaires out every Tom Dick and Harry buying dinar. ……The cold hard facts appear to indicate otherwise!

      • John Jagerson

        Thanks for posting that reply. I was hoping someone would say “where’s the proof?” That should be easy to provide if the dinar really is such a no-brainer for some kind of RV.

        Babe – you say “do your research”, which I assume you have. Give us some links (not to message boards) to something legitimate. For example, how do you know Obama is holding dinar?

      • Bella Batali

        exactly they cant its always top secret intel or they signed a nda and cant tell you. that should be suspicious in itself

    • Jgil

      Motobabe,

      You seem to be the one with misinformation. Kuwait didn’t re-value their currency after we took Saddam out. It created it’s own currency through the effects of the first gulf war… They were using Iraqi dinar prior to that. The way my aunt made profit off of the Kuwaiti Dinar is that she got a hot tip by a soldier buddy of hers, she sent U.S. Dollars with him and he exchanged it for Iraqi Dinar (Old Dinar with Saddam pictured). When the Kuwaiti Dinar was created the soldier traded the Iraqi Dinar for Kuwaiti Dinar, BEFORE THERE WAS A VALUE PUT ON IT! The value of the Kuwaiti Dinar was negotiated and it was valued more than expected, which led to my aunt making several hundreds of thousands of USD in profits. But the Kuwaiti Dinar was not a RV, it was a WHOLE NEW CURRENCY. This is what people are failing to grasp.

      Damn, are the people who are refusing to read the facts on the idea of a currency RV the same people who still believe that there is going to be a North American union and getting rid of the Canadian Dollar, United States Dollar, and Mexican Peso, and are investing half their life’s savings into buying Ameros? I’m not going to lie, on top of the 625,000 IQD my mother left me, I do have a single one ounce 20 Amero copper round. But that’s because it was in a lot of copper bullion I bought. Because unlike other currencies, I trust that metal is rising in price quickly, and dropping every once in a while slowly, this can be proven looking at the costs of metals over the last several decades.

    • So, it’s two years later– are you a millionaire yet?

    • Bella Batali

      lol

  • CommonSense

    I don’t have dinars, but I know people who have bought into this hook, line and sinker. For two years, they’ve been waiting every day for the dinar to RV so they can become millionaires. Nobody can tell them anything because they think we’re the ones who don’t have any sense in the matter.
    Since I don’t know anything about currency, can you answer this dumb question for me? If Americans are buying dinars (and probably spending multiplied millions of dollars, collectively, for them) doesn’t this mean that American dollars are being pumped into Iraq? Aren’t Americans taking their dollars, which they could be using to invest in America, and sending them to Iraq in exchange for paper of no value? Now Iraq has hundreds of milions, perhaps billions, of American’s dollars and Americans are holding nothing of value in exchange.
    And Americans actually think Iraq is going to turn around and give them $3 million in return for every $1,000 investment.
    Am I understanding this correctly? It seems to me that people have fallen for this because greed took precedence over common sense.

    • John Jagerson

      CommonSense,

      The currency exchange process is a little more complicated than that, but you have the right idea more or less. The dollar is still a very popular currency for day to day use in Iraq, but the dollars that are used to buy dinars gets absorbed in the banking system with the rest of the FX reserves.

      Although there isn’t good data on this, I think the actual money invested in dinar is in the millions not billions and probably not even over $100 million. That is a bit of a guess on my part but based on my research among the dealers it seems unlikely to be much more than that.

    • walkingsmall

      Common Sense,

      You have really struck the nail on the head!

      The key to this is hidden in what their agenda is. …..If you look at the CBI financial statements that Dr. Shabibi and two of the largest accounting firms on earth have verified, you will see that the country of Iraq has expanded the money supply in Iraq every year since the New Iraqi Dinar was introduced.

      By their own verified reports, the CBI indicates that completion of the conversion to the New Iraqi Dinar required approximately 7 trillion dinar, and the reports also indicate that an additional 25 trillion dinar have been added to the currency base during the period of 2005 – 2011. …..Why would they do this to their currency?????? ……….The answer appears to be quite obvious!

      …..They needed to expand the money supply to work the plan they have in ‘lifting the zeros’. …An economy the size of Iraq, while supporting a population of 32 million people; could not have sustained itself had they lifted the zeros on 7 trillion dinar and wound up with 7 billion dinar as their paper money base. …..In expanding the paper money supply to well over 32 trillion dinar, and simultaneously expanding their broad money supply to the range of 70 trillion dinar, they have reached a range that will work for the country following the ‘lifting of the zeros’. ……And all the while, the world community has supported this effort through purchase of the expanded currency!

      …..NOW, this explanation fits the mentality of the shrewd and cunning attitudes ingrained in the culture of the Middle East, and sheds light on many of the inconsistencies the hype artists continually fail to address!

      If the above scenario is indeed accurate, we may be looking at a normal re denomination, followed by a gentle appreciation of the dinar against regional currencies!

      • Dustin

        Well guys if this truly is a scam then I need to hire an attorney as well to file suit on several big banks that sold these notes to me saying its a great investment opportunity thanks

        • skeptical one

          Which big banks? Names please.

          • drayj770

            Regions bank here in Atlanta ordered mine and sold it to me. Required that I open an account with them to do it. I hear all the nay sayin’, and John has some great points. But keep in mind the U.S. never does anything big like this in public. It always has been private and always will be. When GWB signed the executive order allowing investment in Iraq, it wasn’t for “common” folk. It was a signal for the rich. The issue is some rich folks like to brag and word got out. It’s easy not to believe, it takes determination and faith to wait for this. I’ve been this since 11/11/2003. It will go up in value at some point; simple economics tells us this. Everything in Iraq is controlled by the U.S. If you think some rich folk are not waiting on this to get richer you are blind. GWB said the war would pay for itself, there is only one way to do that! Think deeply :-)

        • Jay Vee

          Go ahead and waste more money by retaining an attorney who will do nothing but file a frivolous case. Do you go suing supermarkets for selling you products that look tasty on the packaging? I mean you can possibly be that stupid can you? No bank sells currency telling you it’s a great investment, but giving you the benefit of a doubt you will have an extremely difficult time even with the best lawyer your dinar can buy (sorry I had to throw that in there it was too easy) by attempting to prove the bank swindled you into this investment. But hey when you do win the case please provide a link to the court documents indicating you won that argument and case because I’m sure many of us including John J. would love to see it. We love evidence!!! ;-)

        • AlbPerez

          Yeah, right. Nice try. No bank would ever suggest the hard currency of a nation is a good investment. The only people suggesting the dinar is a great investment opportunity are the scammers and con artists. And they don’t work for banks. Don’t make up stories to support your foolish decision.

        • Bella Batali

          your not going to get very far there. the scam would be if you bought dinar and got fake dinar or if you bought into a non existant hedgefund like the bh group. if you bought dinar and got dinar there’s no scam, if you had over realistic expectations thats your problem not the banks , i can gurantee you never were promised any returns by teh bank they know better than that. they simply performed a currency exchange. say i go to the bank and buy pesos and i expect them to go up, thats my problem not the banks

  • rick Selling

    My question is this: What is best way to liquidate quickly? Can I re-coup any of the $7K “invested”? If I CAN find a currency exchange willing to buy the currency (which I hold) what kind of exchange rate can I expect? Can I recoup 50% of my investment? Will a day come when no exchange will even handle the transaction? Can you name any exchanges in Northern California that will handle my sale?

    • John Jagerson

      Hi rick, I don’t know for sure if they will actually do this but most of the big dinar dealers claim that they will buy dinar back at a discount. It used to be about 20-30% below the exchange rate so I would assume that is still the case. You may want to check that out. Otherwise, I am not sure where to send you for a more legitimate exchange source. I also hate to recommend this but I do see some dinar investors selling their dinar on eBay. I have no idea how effective that is though.

    • walkingsmall

      The current sell rate at the Central Bank of Iraq is 1166 dinar per dollar. …That translates to $857.60 per million. You can sell your dinar back to dinar trade for $850 per million at this address: https://www.dinartrade.com/selldinar.php

      Good Luck!

      • John Jagerson

        Rick – if you do sell them back will you make a comment about the process and whether you were successful? I have talked to a lot of folks who thought they could sell it back but then had to take a big discount and I would really like to know if that is still happening or not.

        • Rick Selling

          Sure. Will do.

        • Rick Selling

          John—Can you check out this website (above) that walkingsmall recommended for sale. You have to ship the currency to them and then they send u a check. Don’t know why—but I’m skeptical…..Whaddya think?

          • John Jagerson

            Rick… Of course I have a bit of a bias about this stuff so I am probably not the best person to ask. However, they seem as “legitimate” as the next dealer so I don’t have a better suggestion. Frankly, I think it would probably be best to insure it and see what kind of delivery confirmation you can get.

          • Bella Batali

            all dealers work this way, when i sold they explained it to me this way. if i get a check and dont send dinar what are they gonna do coem on this board and say bella from toronto scammed me? nobody will care. on the other hand if i scammed them i could come on here and dinarvets and tell everyone and ruin their rep. thats why they work the way they do, also they have wholesale source they dont need your dinar but you do need them so they call the shots. any of hte larger dealers like sterling, dinarinc, dinartrade, lifesonggroup, buyiraqidinarhere etc you can trust

      • Rick Selling

        Thanks, Small! I’ll let u know if they do it!

      • Broken Silence=Golden Thoughts

        I told you I predicted in an earlier comment that “believers” will take a loss, it is a small loss but a loss nonetheless….thanks walkingsmall!!

      • A whopping 1165 per now, two years later. ;)

      • Bella Batali

        i believe they will only buy back from customers of theirs not anybody who bought dinar from a bank or ebay

    • Bella Batali

      some dealers will only buy from people who bought from them some dont care. typical dealer buy back price right now is like 800 to 850 so there’s normally fine print and nobody gives the higehr end. i know some people who have sold to dinarcorp as well as buyiraqidinarhere and had smooth trnnasactions

  • Fact Finder

    As a Fact Finder, it is evident there are many things that should be
    clarified about the history and current situation with the Iraqi Dinar.
    What is presented below are ‘facts’, with referred links to back them
    up, except where expressly stated as opinion. ….Please take note, as
    these ‘FACTS’ differ considerably from the ‘opinions’ of most chat room
    discussions.

    There are many in the dinar community who feel the Iraqi Dinar held a
    ‘high rate’ status in the 1990’s. …..The historical  data does not
    support those contentions. ….In fact, the premise for the high rate
    theories comes from IMF SDR’s(Special Drawing Rights) which are
    contractual, and are not open market rates. …..Below is a listing of
    actual open market rates for the Iraqi Dinar on Jan 1 of each given
    year. This data has been extracted from the historical data archived at
    these two sites:

     http://www.oanda.com/currency/historical-rates/  ,,,and,,,  http://www.gocurrency.com/v2/historic-exchange-rates.php?ccode2=USD&ccode=IQD&frMonth=6&frDay=9&frYear=1990

    1990  ==  144.55 IQD/USD
    1991  ==  133.2 IQD/USD
    1992  ==  124.6 IQD/USD
    1993  ==  124.79  IQD/USD
    1994  ==  111.72 IQD/USD
    1995  ==  0.5588 IQD/USD
    1996  ==  103.385 IQD/USD
    1997  ==  115.950 IQD/USD

    1998  ==  1,200.0 IQD/USD
    1999  ==  1,200.0 IQD/USD
    2000  ==  1,250.0 IQD/USD
    2001  ==  1,970 IQD/USD
    2002  ==  2,940.3 IQD/USD
    2003  ==  2,963.9 IQD/USD
    2004  ==  2,990.5 IQD/USD
    2005  ==  1,461.7 IQD/USD

    2006  ==  1,469.2 IQD/USD
    2007  ==  1,261.5 IQD/USD
    2008  ==  1,193.2 IQD/USD
    2009  ==  1,147.4 IQD/USD
    2010  ==  1,130.0 IQD/USD
    2011  ==  1,158.48 IQD/USD

    THESE
    FACTUAL NUMBERS SPEAK FOR THEMSELVES IN RELATION TO THE WEAKNESS OF THE
    IRAQI DINAR, BUT THERE IS ANOTHER ASPECT TO THE CURRENCY WE MUST 
    EXPLORE IF WE ARE TO GET AN IDEA OF WHAT THE FUTURE PLANS FOR THE IQD
    ARE!

    ……..The other critical aspect is the amount of currency issued.
    …..Speculation has put this number at significantly differing levels,
    yet there is one source for what must be considered the ‘real’ numbers’.
    ……This source is certified by two of the largest accounting firms
    on the planet; and carries the signature of none other than Dr. Sinan
    Shabibi, the ultimate authority on the IQD in the world! ….Of course, I
    am speaking of the Certified Financial Statements of the Central Bank
    of Iraq,,, and they can be found here: 

     http://www.cbi.iq/index.php?pid=FinancialStatements

    The following data was taken from respective yearly statements, and GDP
    data for each year is added for comparison. …..All amounts are in IQD,
    as it has become obvious that much of the truth in this situation has
    been camouflaged behind skillful use of dollar amounts instead of IQD
    amounts.

    2005 –  IQD Currency Issued = 10.26 trillion dinar         — 
    Cash on Hand = 3.95 trillion dinar                    — GDP = 109.34
    trillion dinar

    2006 –  IQD Currency Issued = 11.92 trillion
    dinar         —  Cash on Hand = 3.91 trillion dinar                   
    — GDP = 102.14 trillion dinar

    2007 –  IQD Currency Issued = 15.63 trillion dinar         —  Cash
    on Hand = 1.66 trillion dinar                    — GDP = 118.99
    trillion dinar

    2008 –  IQD Currency Issued =  21.30 trillion
    dinar         —  Cash on Hand = 3.82 trillion dinar                  
    — GDP = 120.73 trillion dinar

    2009 –  IQD Currency Issued =  24.17 trillion dinar         — Cash
    on Hand = 1.91 trillion dinar                     — GDP = 127.71
    trillion dinar

    2010 –  IQD Currency Issued =  27.51 trillion
    dinar         — Cash on Hand = 1.53 trillion dinar                    
    — GDP = 131.77 trillion dinar

    2011 –  IQD Currency Issued  =  32.16 trillion dinar         — Cash
    on Hand = 1.55 trillion dinar                      — GDP = 147.81
    trillion dinar

    THERE ARE SEVERAL THINGS THAT ARE READILY EVIDENT FROM THE NUMBERS IN THE CBI FINANCIAL STATEMENTS:

    1) The ‘broad money supply’ is in the range of 70 trillion dinar!
    (This is the figure the CBI must deal with in any changes to the dinar)

    2)
    If the Cash on Hand in 2005 is subtracted from the Currency Issued in
    2005, you get a number of  6.31 trillion dinar. …..This appears to be
    the number sufficient to have redeemed the existing Saddam dinar.

    3) The CBI has been expanding the money supply in significant
    amounts each year. The numbers above indicate the CBI has expanded the
    money supply by 213.45% over a seven year period, while the GDP has
    increased by only 35.2% over the same period!

    OPINIONI realize it is unfair to the general
    reader to merely display collections of numbers that infer a meaning to
    me solely because I have spent countless hours pouring over them for
    evidence in this affair. ….With that thought in mind,,,,,, my comment
    is that the above narrative and numerical evidence does not portray a
    strong country with an under appreciated currency,  awaiting
    revaluation. ….To the contrary, the numbers indicate the country has
    severe problems in their currency systems, and are in the process of
    expanding those problems to a point commensurate with re denomination.
    Dr. Shabibi’s plan to ‘lift the zeros’ will position the Iraqi Dinar for
    a return to its rightful place in the region, while securing the riches
    of his country for future generations. …….The only disappointed
    people will be those who have been lead to believe the ‘poverty to the
    penthouse’ dreams of self made, homespun, spin doctors. ……The Iraqi
    dinar will still have potential for appreciation following the re
    denomination, and there is still the chance of outside support making a
    significant difference in the final outcome.

  • What’s the ole saying:  Dreams…are made of stuff like this?  Since the brginning of time, the
    human kind has put together the fragments of existing situati9ns,…like in this case, a country with a humungus amount of oil under it’s namesake (Iraq) and combined that with a people above that ground with a long history of civilized, and cultured, existence and are, today, re-inventing themselves into a brand new nation.  Iraq has all of the ingredients of a new country that can join a community of nations eager to buy it’s oil, share in its upwarde mobility and call it a welcome partner in its own desire to once again be a proud and noble state in the Middle East.  Today, it’s a dream.  But what a dream if it happens as all dreams must…that have what this nation has to offer?  And what it has to offer, is:  toady, a  unlimited supply of wealth to the world.    

  • Jim…..How long time 1 IQD = 1 U$D???
                  

  • Thinkoutthebox

    If the United States government has purchased around 5-6 trillion dinar, why the hell would I listen to this fool?

    • John Jagerson

      This is a myth I have heard many, many times. However, the pumpers never can prove that the US gov’t owns dinars or how many they own. Just rumors made up on message boards to get you to buy. I will admit I am a fool when you provide a link to a primary source that proves the gov’t owns 6T dinar. Good luck with that!

    • George Marshall

      Exactly, our gov’t will use dinar to purchase oil @ 30 USD/ dinar a barrel which was agreed upon at the end of major combat operations. You remember the aircraft carrier ” mission accomplished” speech. He also said in that speech that the war would not cost the American people one dime monetarily. This currency has so many security features built into it, it will be impossible for it to remain worthless, it is backed by valuable commodities. The dollar on the other hand is going to tank backed by the good faith and credit of the United States which I’m sorry to say has no more good faith or credit. WE ARE BROKE!
      Legend has it that President Bush while visiting wounded warriors as he so often did was telling them ” buy the Iraqi dinar son, buy the dinar”.
      Fiat currency is over very soon, asset backed currency will be the coin of the realm.

    • Bella Batali

      who told you that tnt tony? i would challenge you to find a link to a credible source backing up that statement

  • dixie

    John, your article is dated 4/14/2009 and i see comments as resent as “1 month ago.”  Today is 6/18/2012, is this a current website?  It is good information and I would like to share with my sister-in-law for her to educate herself on the facts / fictions of Dinar Investing.

  • Jeffnsondra

    I didn’t believe this AT ALL until some people I knew started getting the currency from an actual bank.  Because they were not getting it from some dealers in a back alley, I began to think it might actually be legit.  But the longer it’s dragged on, and the more I see them consumed by it – the less I have believed that what they expect to happen, will happen.  I would never order my life around such an expectation.  Life happens today.

  • Kevgjo

    Hey John im not real educated on all this dinar stuff im young just a college student and stuff my dad is in real deep on this saying how were going to be rich and im real skeptical about this and he says the same thing EVERY single week about how close it is to RV and im just so tired of it hes wasting his life and wont get a full time job because he thinks his boatload of money is around the corner 

    But could you just tell me what you think, Is the dinar every going to revalue? If so will it be close to U.S dollar can you tell me that in english terms i dont have a clue what you guys are talking about in those financial terms haha

    thanks, kevin

    • lmarkets

      Kevin – short answers.

      1. No it won’t ‘revalue’ to be anything like the dollar.
      2. If they ‘redenominated’ the currency it could be done to be roughly equal to the dollar, but a redenomination wouldn’t result in any gains to anyone.

      Hope that helps.

      • lynn

        My mother in law is so deep in this she keep buying more from the sterling currency group. She has caused so much damage waiting on her boat load of millions that she is almost 20,000 behind in rent It’s 2,000 mo , borrowing from all her friends and family. To top it off she got her landlord involved and he’s so blind he can’t read the fine print and understand the logic in all this. She has been waiting well over a year to the point that she stopped her son and I from making a major move to better our life and we have been stuck ever since. My husband has been through 6 jobs last year due to her selfishness. I have talked to her multiple times. So has her children and she swears to the lord that this will happen and she will get her millions any day now. It’s so upsetting the damage she has caused everyone. As the father in law had to shut his family business down after 40 plus years it’s so depressing to him he’s 76 and this is so hard. He can’t keep any money in the bank accounts as she has drained them dry due to her constant buying dinar and dong. She took accident insurance money to buy in more instead of buying a vehicle. What do you do let her fall flat on her face or what. We have a chance to try to make our move here soon and we are taking it. We are getting out. The family is so done with her bull.

        • johnjagerson

          I am sorry that this has been so painful for your family. However, thanks for sharing your experience. This is helpful for all the potential victims out there who still think “what’s the harm?”

          • Michael

            Every thing that has been accomplished in this world came at a cost and a price. Problem is today, few are willing to pay that cost or price and so the world is bankrupt.

            Go on back to happy hour and listen to all the bitching. It will suite you well when the GCR happens and you are broke in a world where many are doing good things and living much better than they ever expected.

        • Hate Gurus

          She must be listening to that con man Tony Renfrow !

        • Bella Batali

          I’m guessing she listens to TNT TOny, its almost like a cult. You should point out to her there’s currently rumors circulating that TNT Tony works for Sterling and comes up with these fake rumors to push sales. he even admitted it on his show last week but quickly corrected himself. Have her read this article. http://iraqidinarrevalue.blogspot.com/2014/02/did-tnt-tony-admit-on-his-radio-show.html

          • Steven p

            First of all I’ve listened to a few of Tnt’s calls and I was skeptical at first but week after week I would go online and verify their info and it always came out to be that they were telling the truth even when he said the bbc was trying to contact him. Not once have I heard this man say go buy dinar or go here to buy this or that. What it seems like to me is that you ma’am personally have nothing better to do from reading your other comments today then to be negative without any real knowledge on the matter or even trying to verify if the info being given out is true I’m pretty sure you havnt you only seem to be pushing negative feedback for what purpose? I have no idea.. But if you think the dinar the dong and other currencies are not goin to revalue in the near future you are def not in touch with the world markets and maybe need to go educate yourself before bashing someone’s info.

          • John R

            http://www.bbc.co.uk/news/blogs-trending-26187471 Tony declined to comment when questioned by the BBC. BBC says it’s a scam. “The International Monetary Fund told BBC Trending that the claims being made are “completely fraudulent”. Top economists that we have spoken to from Harvard University to the London School of Economics have dismissed the ideas being promoted as “complete hokum” and “dangerous”

          • Ben Baneker Bey

            You have to be careful to listen to so-called economist..I encourage people to read publications on what “currency” is or is not. Also study international banking and bills of exchange. If you factor in the BRICS bank and the USD lack of strength in that system; the traditional banking system since WWII (USD as world reserve currency) will change in some way.

          • Michael

            That is right, but you also have some common sense when making decisions or be willing to do your homework before making those decisions. Most people do nothing because they don’t believe any anything; not even themselves. Wonder why 95% of this nation is broke or one step away from the fiscal cliff and only 5% are wealth in a Capitalist Society? Pure ignorance!

          • coldheartedtrader

            I will gladley….hotep

          • Michael

            If it is the BBC Article I read, it is pure BS and basically the same kind of news media garbage we expect in this country.

            England has been trashing their Constitution just as the Corporation of Washington DC has been Trashing our Constitution.

            What is the English Constitution and how did it come about?

            The Magna Carta – brought about after 700 of monarchial tyranny of the citizens.

            What is the US Constitution? Depends on how you use it.

            The united States Constitution is the Organic Constitution that belongs to the People. Like the Magna Carta it is not a Living Document and cannot be changed. It can only be amended, but only if the amendment is in complete agreement with the Constitution; yet we see many trying to give away our 2nd Amendment and jail people for bearing arms.

            What does the 2nd Amendment Say? “the right of the people to keep and bear Arms, shall not be infringed.”

            This means, the Constitution belongs to the people and is not up for negotiations. It is not negotiable as it is our protection for our basic rights as human beings; our Birth Rights or our God Given Rights if you prefer.

            So, ask yourself why 46 United States Senators voted to give our 2nd Amendment away to the United Nations a year ago last March. Look it up and you will find TREASON!

          • Bill Gosse

            You are SO wrong??? What licences do you hold – NONE, im guessing. I have a family member $30k deep into this bs. I hold a series 6, 63 and 7 – so why isnt every licensed broker in on this action?? Because it is a scam. Iraq isnt even Iraq anymore and probably wont be over the next decade. People who believe they are going to get a 2,700% return on any investment, currency exchange rate, etc, are being robbed. The dinar will be redenominated, not R.V. Educate yourself. Or, spend all of your hard earned $$ on nothing. Hell, there is only $5BB dinar still in Iraq. Why would they want to R.V. at such a high rate and basically bankrupt themselves??? Makes no sense. I guess they just love Americans and want to make all of us rich at their expense, right??

          • walkingsmall

            First of all Bill, for those of us who understand just how corrupt the current financial system is: your licenses only indicate that you are another of the blinded masses who willingly perform their duties as puppets of the charade.

            ….Secondly, the nice returns currently anticipated are a result of worldwide reset activity. …..Yes, none of the so called ‘gurus’ have a clue as to the big picture, but there is a distinct feeling of change in the air. …..And it only makes sense to ‘hedge’ one’s bet in this rigged casino you call a financial system.

            …..Lastly: I also doubt most of the claims made by the hype artists out there. ….But, there is significant evidence to expect some form of gain. ….And those who have done their homework are sitting ‘pat’, waiting to see how the whole world settles these issues.

          • Michael

            Ignorance is not bliss. The ignorance of following a Fiat Currency system is pure stupidity. US citizens don’t know how to think any more because they have been dumbed down so much they thing the Federal Government is a Government.

            Go research the Act of 1871 and then read about the Federal Reserve Act of 1913 – the 16th Amendment and tell me why the 17th Amendment happened at the same time and what it did to the protection of our states.

            People who don’t know what is going on in this world are more dangerous than those doing the damage.

          • Michael

            That is a fact. In fact this is the only place you can depend on to get facts. So many so called Guru’s are so far off base, it is sickening and yet people follow them. Just like good Christians who followed Jim Jones to their death. I will stick with people who make sense.

          • Willie D

            Here we are 10 months later and you are more broke than ever. Are you ready to rehabilitate your ignorance or are you going all in on stupid?

          • Raymond

            Steven, since you made this post it has been over a year not and the dinar STILL has not revalued and TNT Tony is STILL saying it will. In fact go listen to some of his past posts and you’ll see that Tony has said it was going to revalue on such and such day many times. Those days has come and gone and nothing. Do you still believe in him? If so I know they have brains on sale at KMart. You should go buy one.

          • walkingsmall

            The new budget is out and there is a change in the dinar. ….From bits and pieces of the published budget, it looks like the new value of the dinar is going to be 12 cents US. …..Or that could be $1.20 US. ….Either way, the dreams of power and elite status for dinar investors have vanished.

            REPEAT: They are reinstating the dinar back into international status,,,,,,,,,but the dreams of a return to a nonsensical high rate is just more guru nonsense!

            P.S. – I hope the numbers are different, but for now it doesn’t look like the pot of gold wished for.

          • Suz

            tch tch tch now dear Raymond… branding is for cans not people… becareful of yr words.. u shouldnt talk tooooo soon. Tony is only a messenger.. everybody knows that!.. Everybody knows that financial reform is upon the world.. Soon things will never be the same again and those who waited it out- they gonna get the good stuff. Simply cause they in the knowing. 30 reforms to be completed in Iraq by mid Aug 15.. well only 20 has been completed and Jabourie is currently working on the 3 main laws to be implimented before RV.. 10 reforms to be done before mid Agust.. things are speeding up.. I sure wonder how many people here that is so quick to add their 5cents do have any currency that will revalue. those who dont.. or dont believe the RV is because they simply do not have ENOUGH KNOWLEDGE looks like u r part of that group… better get yours before its toooo late.

          • wowlikewow

            has it RV’d yet? how about now?!?!? now?!? oh, wait,

            now?!?!?!!??

            Sterling group just got busted by the trade commission-

            https://www.iraqidinar.org/sterling-currency-group-lawsuit-review

          • larry

            Steven I see that this post was about a year ago. What is the value of the Dinar today? Has it revalued? Are these so called Gurus still posting the same old, same old? Looks like you are also brainwashed into this revalue. You called this person def, well I am calling you an IDIOT for believing this dinar revalue bull shit. I have been in this game for over 10 years, the story has been the same from day one. The only thing that changed is that the Gurus after about a year change handles or if you do not understand that language, names. So before you call anyone def, look in the mirror and you have webster dictionary definition of an idiot.

          • larry

            Steven you are so full of it. Tony has been saying any minute for years. This is a scam and there are no other words to describe it. They may revalue but it will be so minor that you will not even get the money you put out, back. It is your right to keep on believing these SCAM ARTISTS, do not come back and cry spilled beans when the truth really comes out.

          • Michael

            That is BS. TNT has no affiliation with any dealers of currency anywhere in this country. Spreading rumors is nothing less than gossip and has no meaning other than pure ignorance.

        • Ed

          Get out of there now
          Do not enable her any longer
          She will go down with that kind of mind set and take you all with her

          • Michael

            And you Ed will eventually die of starvation simply because you do not do your due diligence. You have no clue what has been happening in this world and not all of it has been Kosher, but then when criminals lead and citizens remain complacent and apathetic, what else can one expect from a world on the verge of economic collapse. Without the GCR, we all go down.

        • Iknowwhoyouare

          This is coming from a person that lost custody of 7 children! The family as well as her own family kick her out of their house. For someone that thinks they know it all and have everything figured out you really ought to look at yourself before trying to trash someone else that had opened their home to you Connie! Yes they have invested some and they have fallen on hard times. But to blame them for your own situation. That is the lowest of low.

        • Michael

          Either she will win and come out smelling like a rose or all the world will sink into the quagmire the Federal Reserve has placed us in. It is now, sink or swim and she choses to swim in a world controlled by evil people who are in control of this country.
          Good for her. At least she is a survivalist even if she does not make it.

      • Bella Batali

        the dinar will never be $38 to $1 or anything like that. i wouldn’t outright call it a scam because it isn’t, if you buy dinar and get legit dinar you got what you paid for. ive had dinar since early on back in 2004. i never believed it would make me rich but thought i could make a few bucks. i bought at like 500. today i can sell at 800 so i have made money if i choose to sell, just not returns like many people expect

        • Skeptical investor

          So I wanted to run this past people on here, especially Bella, who seems pretty knowledgable and no nonsense.

          I know a guy who is heavily invested in Dinar. He is proposing the following to a group of associates:

          – We purchase dinar from the US Treasury (say $1000 USD for $1 million Dinar)

          – The Dinar are sent directly to him upon purchase

          – The next day he will send a check back to us with interest ($1100 USD)

          – When he sells the dinar after the RV he will take a 10% commission but we get the proceeds

          I have thought through every scenario. This is obviously too good to be true, but if he is paying us back extra for the initial purchase, there is essentially no risk.

          Can anyone on this forum come up with a reason why this would be a bad idea?

          • Sourkraut

            You can’t buy dinar from the US treasury. It would be through a “broker” like the con artists at sterling group. Listen to other people on this site. It’s not worth it. You’d be better off investing in US Stocks with a decent dividend, CDs, or just save your dollars. People have been buying into this for years, READ THE ABOVE ARTICLE! it will NEVER “revalue” or RV -which is a made up term by the con artists btw- and if the iraqi economy does improve, they will likely redenominate, which is a real term, which means in order to get ANY value from the stacks of dinar you have in your garage, you will have to travel to Iraq to exchange them, and you will get roughly what you paid for them, meanwhile Sterling has turned a profit because they sold them to you for about double their actual worth. Wake up people, you think all of a sudden someday soon (in the next week or so for sure!) There will be thousands of millionaires with stacks of dinars in the garages, just like that? What about those poor Iraqis who have stacks of worthless paper? Will they all be millionaires too? Will all those vietnamese rice farmers who have a few thousand dong suddenly become massively wealthy? It’s a SCAM PEOPLE!

          • Michael

            This is probably the worst advice I have seen in a long time. How much interest do you make on your savings account in “simple interest?” Very little. No chance of getting ahead because inflation eats up all your profits.

            The FDIC went bankrupt several years ago so you are not protected. The Fiat Currency you hold has no value what so ever. The Stock Market will come down again soon unless deferred by this GCR that is in the wind.

            Vietnamese, Indonesians, Iraqi’s, etc and other will not suddenly become wealthy, but they will have money again and it will have a value much high than our Fiat Currency of which is not ours as it belongs to the Federal reserve of which is NOT Federal and there is no reserve. Moreover, it belongs to the Rothschilds as they were the instigators of the biggest fraud ever perpetuated upon the American people.

            Look at the pre war Dong and look at the value today. Look at the Pre war GNP of Vietnam and consider the difference over time and understand they are producing and selling to the world with a worthless currency. That means what they purchase on the world market costs them far more than it should and is the reason they must revalue their currency to bring it up to a reasonable standard value. Pure Common Sense.

            Economics is not rocket science. If you produce something people want and they buy it, you have generated wealth. If that wealth circulates the economy moves forward.

            We don’t do anything in this country but print worthless paper.

          • farmerjohn

            Hey dude I understand the concept of investing your money into more sound investments like stocks and bonds. However some have become bottomless money pits in the past and have created catastrophic losses for investors aswell. But please don’t use the farmers of the world as a an example of rags to riches! Remember the potato famine my friend….

          • Suz

            oh sourkraut you couldnt be further from the truth!! lol

          • John R

            because it sounds like somebody’s trying to start a ponzi scheme

          • Michael

            Yes, it is called Social Security simply because it was stolen by Congress and transferred over to the Federal Reserve; a private banking corporation from England.

            I will bet you don’t even know what a ponzi is. Bet you can’t even explain a pyramid, but you can find one on the back of your US Dollar Bill.

          • John R

            People don’t generally listen to advice, they tend to choose the facts they like and base the decision on their own motivators such as greed and fear of loss. Anything that looks too good to be true generally is, the world is designed to keep a few very rich people very rich. If there was a miracle way to make money from Dinar they’d have already bought it all, too many people being rich would drain essential labour away from the bottom of the pile. This in turn would lead to countries having to rely on a migrant workforce which in turn puts more strain on the economy so the struggle for the institutions, governments is to try to keep the status quo while trying to keep the masses happy and thinking they are free while they in turn remain very rich and everybody else struggles along. Recessions are what happens when too many people who aren’t supposed to have money end up having money, it’s how the “world” restores the status quo and puts the people who weren’t born into the right families back where they belong. The few who escape this ever rotating wheel are exactly that, a few. It has nothing to do with england and nothing to do with USA, The people who have all the money aren’t restricted by international boundaries, they do what they want, the majority of americans and the majority of brits/english will work all their lives so they can holiday once or twice a year if they’re lucky and hopefully put their kids through school. That’s just how the free world is..

          • darrell

            If the dinar is bs then why did the US government load 100s of tractor trailer containers full of dinar and ship them back to the US from the Blad airbase in Iraq. I personally help put them on transport planes

          • johnjagerson

            For fun lets run some numbers on your “experience”. A stack of 1,000 dinar notes (lets say an average denomination of 100 dinar) has a volume of approximately 1.468 cubic feet. A 20 foot container, which is a little small for a tractor trailer but this will keep our estimates reasonable, is approximately 1280 cubic feet. So that means you could fit about 872 stacks of 1,000 dinar notes in a container. Now you say that there were hundreds of these container so lets assume 300 total, which equates to 261,600 stacks of notes. Each of these contain 1,000 slips of paper worth an average of 100 dinar. That means these “containers” you “saw” and “helped” load onto “transport planes” were holding 26.16 Trillion dinar. Which would be equal to 64% of the entire Iraqi money supply and many, many times larger than the actual printed amount of dinar.

            Probably not a true story.

          • Darrel lies alot

            It may be true if you consider Iraqi’s realized how gullible, greedy and stupid Americans could be when presented with an infinite supply of numb skulls they can trade worthless pink camel poo poo paper for in exchange for valuable USD. Heck I guess if this makes Darrel “The Liar” sleep good at night then let him believe it.

          • gurus are lonely

            You lying sack of guru shit. Nuff said.

          • Suz

            oooo must be the cabal’s stash! lol
            I do believe u… thats why its NOT a scam.. hopefully they dont have reserves.. that is also stoppped now. they wont print fiat money soon an will need to have currency to exchange to get by.. think about it

          • wowlikewow

            liar..

          • Suz

            i had to laugh… well said!

          • Michael

            If you are one who sent your dinar to a group, you better hope it went to one of the few accepted or you may never see your currency again. People do things like this all the time and get succored by those who take them to the cleaners.

            Good luck, but understand, “short cuts to profits easily may end up as someone else’s profits.” I know of several people who didi the same thing with promises of fast profits and they have lost their money; at least temporarily. There have been arrests made.

          • Suz

            I was hoping to see a reply from Bella..
            the idea is just very bad!!!! Groupies also bad idea…
            only scammers out there will promise to make or pay more out.. if you have your own stack of dinar- just wait it out- do not part with it.. if you are a US citizen you might get the contract rate.. or prefer market rate.. and not sign NDA..

            the ‘guy’ who made that offer is obviously a con …

          • Stephen O Neill

            I have Dinar , did I get scammed?

        • Michael

          Most never expected to get rich off of currencies, yet some have in the past and some will in the future but this round is about over and the majority missed the boat. That is a good thing.
          Now, as far as the high dollar profits, that is not the Currency Value but a special rate for oil credits and it is very limited. Thus, few people will partake of such profits.
          As for the $1 dollar, you are not taking in the fact the Dinar had a much high rate before the war and the assets held and being developed within Iraq are much high than anything they have ever seen in the past; placing them on the road to being the richest country in the middle east; if not the world.

        • Suz

          3 years ago yr post was way different to here… Im glad to see yr change of mind Bella. excellent.. hope you still have yr dinar..

      • utalk

        Is this still a scam? Seems like a lot is happening?

        • johnjagerson

          Yep, still a scam.

          • Joel Ortiz

            What do you believe when your father is constantly talking about it and how his friend who I know spoke to som

        • scam of the century

          We’ll soon find out . its revaluing before Christmas

          • Willie D

            But of course it’s revaluing before xmas. Every year it revalues before xmas. LMFAO!!! Imbeciles will always make excuses as to “appear” to not look stupid but it’s too late, the secret of this scam has been revealed well over 4yrs ago. ;-)

          • rv killah

            Which xmas? Certainly not the last 12 xmas because you’re still dreaming.

          • Lana Taal

            Past Christmas was 5 month ago…and still not going anywhere..

    • michelle

      The above Comment was actually posted by “Sam I Am” It is fake and designed to disperse false animosity for the gain of investors. Do Not be fooled by John Jagerson Or Sam I am. They are college buddies that are working together to discourage you with there own greed. http://mriqd.com/2014/01/03/rant-how-the-hack-gurus-make-money-on-free-conference-calls/ This is another sub-par crappy website launched by “John” and “sam i am”..The same IP address links Learningmarkets .com and dinardoucebags.com… I have MUCH more info to Display..But for now click the links and read all of the comments. You will see all negative comments are the same BS and all of the comments go to “pumpers”??? Has anyone here ever exchanged Usd for Euro and then after the trip exchanged Euro back to Usd? How then is Usd to IQD a scam? Ask yourself why a few guys would work so hard to create a bunch of crappy websites, blog all day, spend years to attempt to discourage a currency exchange, and then attempt to trick others into thinking your exchange is not legitimate… John Jagerson actually makes fun of the biblical premise behind this investment. http://dinardouchebags.blogspot.com/2012/04/john-jagerson-interview-follow-up.html For those of us that actually realize the biblical prophecies and the current logistics…The last link is for you. I will be posting more .John Jagerson is being exposed.

    • Bella Batali

      many people like you are in this sutaiton with family or freinds throwing away their life savings or 401k on dinar. even people who are optimistic on the dinar will tell you dont spend more than you can afford to lose. its one thing to buy a million dinar for a grand and sit on it, its another to cashout your 401k and waste it on dinar. its tough comming up with strategies to combat this as well because these people are so defensive any mention of this being a scam and they jump all over you. i would tell your dad this, if he is so confident in a huge rv why does he need so much dinar, a million would make him more money than he ever needs anyway if he truly believes in all this stuff. hopefully he isn’t a tnt tony follower as that is like a cult. I would have your dad read this book http://amzn.to/1f6OrRa its free on amazon and it doesn’t outright call the dinar a scam but it does say people have too high of expectations. it also covers alot of the basics about teh dinar, most people who own dinar dont even know this stuff so if your able to point out to your dad he and the people he’s listening to aren’t nearly as educated as they should be on their own investment it should maybe make him come around a little. also have him give this website http://www.iraqidinarrevalue.com and http://www.dinardouchebags.com and have him give those a read

    • Rosalyn Notarangelo

      My Dad is the same.grrrr

  • Kuda

    Iraqi Dinar Scam? Where? When? How?

    Hello John,
    I have seen scams before but can you explain to me where is the SCAM in this situation?

    I see Iraq about to declare itself a sovereign nation with true equality for all its people.  Maliki is marginalized and powerless, the Kurds, Shiites and Sunnis are all tired of war that has ravaged their country for decades.  Democracy is clearly on the horizon, Arab spring has awakened the Middle East to new possibilities of peace.I have reviewed Sterling Currency Group as a potential dinar source, and yes they are listed with UST.There is no “hype” as you say, no one is pumping me full of untruths.  I read articles and do research and put the pieces together myself.Iraq is sitting one of the largest deposits of oil/natural gas on the Earth- truth.Iraq also is sitting on incredible deposits of gold and other minerals, phosphorous, sulfur -truth.Iraq has some of the most fertile land in the region due to the convergence of the Tigris and Euphrates  rivers and the potential for its agricultural industry is enormous -truth.Their currency was once valued above $3 plus US  then devalued due to sanctions and war for a period of 20 years. The value of their currency has fallen through the floor and has finally settled in at around .00086 $ US.  The Iraqi Dinar has not revalued as of yet based on the country’s true wealth due to Chapter 7 sanctions and the instability of the new government.  Will they revalue the currency ever? It is very probable! Is there a probability of it going up in value? Yes- absolutely!  Is there a possibility of this Iraq falling into civil war and the currency being completely worthless- yes of course, but what is the probability of that?  The people of Iraq have lived in war and  squalor for decades yet they sit on some of the worlds richest ground. Will that continue to be the case?  I highly doubt that!As with any trade you must weigh the risk vs the reward and factor in the probability of that trade going in the right direction.  In the case of the dinar I see no evidence of scam. The only scam I see is in the US Federal Reserve Note. The only reason it holds any value at all is because other countries still us it to trade what? OIL . That is about to change.  The BRICS are about to replace the Petro Dollar with their own.

    The only other scam I have seen is the selling of old dinars with Saddam’s face on it as if it will have any future value.  If good people are reading this and getting turned away from this investment I guess that is their own choice , but are you really telling them the whole truth John?  I see you mixing in truth with fear.  What if this happens a people don’t invest because of your “information”? Are you still going to feel good about your slant on this article and videos?  What are your credentials in this area? 
    Thank you,
    Kuda

  • Marcus Curtis

    I bought into the dinar in 2010. I fell for it hook line and sinker. I did not invest a whole bunch of money. I had over 3,000,000 dinar. I started a blog back in 2010 to answer basic questions about for friends in 2010. this thing took off as people copied and pasted what I wrote in forums. I closed it down in June of 2011. I learned the truth about this investment in Jan. of 2012. I brought my blog back and began to refute and debunk all the lies about the mythical RV.

    John I used your videos in my last post. I stream it from You Tube. I only wish I saw your video or looked at your site back in 2010. A quick look in the forums just to see what people say seem to indicate that they think I lost my mind. but no one can refute the truth in your videos. I just want to say Thank You for making those videos they are a bigger help then you will ever know.

    Marcus Curtis

    • lmarkets

      Marcus – thanks for the comment that 

    • Ijoidjiojf

      It isn’t a get rich quick think. You have to purchase it and wait. In the next 15 years the dinar will revalue. It happened in Kuwait after the Persian Gulf War, hold on to your money don’t listen to guys like this. There is a reason why it is an investment. Investments do not result in instance revenues.

      • John Jagerson

        Actually it didn’t happen in Kuwait. This is an issue I have debunked many times in the comments but don’t trust me – go to the Kuwaiti central bank’s website and look for yourself. 

        Besides that – even if had happened in Kuwait that is apples and oranges. The Iraqi dinar today is not the old Saddam dinar or the older Swiss dinar. The only thing it has in common is the name.

        • George Marshall

          And trillions in oil to back it up. The currency is meticulously produced with many security features built in. Powerful people have big plans for this currency. It is going to revalue, no question about it.

          • walkingsmall

            Powerful people are also buying huge amounts of dinar, which indicates they think there is likelihood of a gain, but small enough that they can see they need a lot of money tied up in the transaction to make significant money!

            The likely scenario is a re denomination followed by a revaluation commensurate with their financial reserves, gold reserves, and oil production(not oil reserves). …..That might coincide with a revaluation giving dinar holders a gain of 3 to 5 times their initial cost. (There are many who think the US will get a special ‘currency exchange’ with returns up to 20 or so times initial outlay.)

            The real story here is: ONCE THE THREE ZEROS ARE GONE, THE CONCEPT OF MILLIONS IN RETURN FOR THOUSANDS RISKED, IS COMPLETELY NULLIFIED!

            …..AND THE PROOF LIES IN THE FACT THAT THE NUMBERS THEN ADD UP TO WHAT THE WORLD AND IRAQ ARE CAPABLE OF DOING!

          • Bella Batali

            who are these powerful people?

          • AA

            Roger rabbit and Mickey Mouse I mean c’mon you think your going to know everything that happens and those elite who control everything? Do you really think your going to find out who they are? Get real. If you look in the news you will see the world is in trouble it needs te GCR to happen and if that happens the dinar has to revalue including the dong

          • AlbPerez

            Who are these powerful people? The scam artists constantly make this charge but have no evidence to prove or even suggest it. It has just circulated long enough amongst the dinar crowd that it is now accepted as a “fact”. But no one has ever provided the slightest bit of evidence to support it.

            That’s the problem with the dinar. Every bit of “proof” is missing. The scam artists constantly tell you proof is everywhere, but when you ask for it or look for it, it’s no where to be found. No where. Simple things like speech transcripts, press releases, new denominations and bank “back” screens that show all this “proof” are never produced. It’s the most ridiculous mania. It would be comical if it didn’t involve real people wasting real money chasing dreams and fantasies.

          • *redenominate (fixed for you)

          • Bella Batali

            based on what

        • Bella Batali

          exactly, kuwait was not a revalue, kuwait basically got invaded, people freaked out thinking the money would become worthless and sold it in the streets for pennies on the dinar, those who were in the right place at the right time and bought it maybe made out, small number of people but it wasn’t a true revalue as the rate never officially changed. also even if it did like you said kuwait is a stable country with lots of international investments, a agriculture industry with dates, all iraq has is oil and isn’t a stable country.

          • Jon

            Oil gold silver all the minerals the list goes on, you seem to be clueless on what’s going on over there. Just like the majority of people on here who are dinar haters.

      • Bella Batali

        it may go up slowly and steadily over time but will not “revalue” and pop overnight.i bought dinar back in 2004 at 500 per mill i could sell it today for 800 so i made money but could have made more in the stock market or with silver. anyone getting into the dinar should give this book a read, its free on amazon for prime members http://amzn.to/1f6OrRa

    • walkingsmall

      Thank you Marcus, for your post and your actions.

      The IQD is not a scam in the larger sense of the word, as they are readily positioning themselves for a currency move, and will do so in a way that benefits their people and future generations. ….The portion that is an absolute ‘scam’, is the ‘rags to riches’ pitches being backed and financed by dinar dealers and other snake oil salesmen using the dinar as a platform.

      Along with you, I feel sorry for the many desperate people who are throwing their last available funds into this expecting an unjustifiable return on their tiny investment. …..Those folks will likely be devastated when events begin to unfold, while others will be delighted with a modest gain that Iraq and the rest of the world see as a just reward!

  • Jim

    John – I want to thank you for efforts in this arena. I am a public interest lawyer. For many years prior, I was a securities litigator. I have represented many defrauded investors and even defended a few imfamous malefactors, as well.

    Today I had an 87 year old client, who I have been trying to save his house from foreclosure, come in my office telling me his problems were solved because because his “Dinars had come home”…. In the next few days his $1000 investment made 3 years ago was getting cashed out for $12,000,0000!!!

    After being over joyed for him,I asked him a few questions, soon discovering he knew little or nothing about currency exchange or macro economics…

    When he left my office, smelling a rat, I got on line and looked around….

    This is a classic scam. It breaks my heart to see people get abused like this. The old adage applies: “If it sounds too good to be true…”

    KEEP UP THE GOOD FIGHT! HOPEFULLY, YOUR READERS WILL HEED YOUR SOUND AND SOBER ADVICE!

    • Thanks, Jim – likewise.

    • Guest

      I too had a client come into my law office with major financial issues due to investments waiting to pay off.  He too is facing foreclosure and has massive credit card debt.  One of his investments is in the Iraqi Dinar.  He is so convinced that he will getting a million dollar payout in the coming days.   I searched the internet and not even within a minute I find several articles from the likes of Forbes and Mint about the scam. It is a shame, but I guess there really is a sucker born every minute.

      • Steve Brenner

        I live with dinaraholics, buying even a small amount is like trying crack?
        Once the greed takes hold, reality seems to slowly disappear, many believe in the dinar so vigorously, they start to abandon their normal routine of working, paying bills, paying their mortgage, even taking care of their home? The lure of never working again sets in, which is very detrimental when others are affected by their beliefs. They also live and breathe this stuff daily and try and convince anyone having $ problems that this is a simple answer. Many dinaraholics tell family members how they will be purchasing homes for their siblings, moving to beautiful places, new cars, etc. it affects them in ways that now place others lives on hold? It is very difficult to try and convince dinaraholics to move on, I do tell them facts, when they repeat lies, such as The Kuwait reval, I have even been told, they just enjoy the dream!
        Maybe it has something to do with the demise of America and the loss of faith and hope in Govt.?

        • taco

          In recent years, with the unemployment rate as high as it’s gotten in the US, I’ve encountered so many of these new get rich quick scams, from investing in these ‘future revaluing’ currencies, ‘insurance’ companies that troll through job hunting sites, cattle-calling hundreds of people just looking for work, offering them lucritive sounding jobs, where YOU have to pay for your training, office space, supplies, driving, and the job itself is commission-only sales in areas THEY assign you. Then there’s the influx of ‘multilevel marketing’ scams, which are more or less pyramid scams that hide behind outrageous claims of their products.
          I wouldn’t say it’s the loss of faith and hope in Govt and America per-se as much as it’s a response to the more desperate nature of life in today’s world. Many people are desperate to find work and take care of their families. Other people are just plain greedy. Scams work best at playing on either your heart-strings, your purse-strings, or both.

    • jersey

      Jim to the rescue…..yep, lets encourage people to completely vet an investment where they will maybe lose 2 thousand bucks….that is what most invest…….but where the fuck were you when nobody vetted a presidential candidate who will cost you your entire life savings and way of life……..huh…..where?????? back off the dinar bashing and look at who you probably voted for.

    • Evanne Dorman

      My husband lost everything over dinar including me. Thanks for sharing this story. It makes me sad.

      • Mom

        I just walked out too, We lost everything. I kept telling him its a investment not a career. Its been going on over 6 1/2 years. even if he would of worked part time we could of saved everything which he paid cash for when he was a working man, says Were going to buy a bigger and better home tomorrow, that was 4 1/2 yrs ago. We had a 300,000 home he took a 70,000 loan on it and would tell the bank every week that he will have the cash tomorrow. I said lets at least sell the place and make 200,000+ and buy another home, he would just say no the Dinar is RVing tomorrow. Lost cars boats business, His children don’t want to here it any more and dont come around anymore,just keep saying they want there Dad back. I would plan vacations but we could never go because the RV is going to happen, so what you can cash in when we get back, He would say why would I want to go there on vacation because tomorrow I will be there building schools and hospitals there. He still sends me emails everyday on the Dinar RV, He now lives with his 88 year old Dad and still believes he is going to be a billionaire this week. Its so bad we saw something he wrote about the RV happening any minuet to one of the sites.word for word. My heart is broke and he cant stop. He was such a great man..

        • Eric The Redhearted

          Heartbreaking :(

      • Eric The Redhearted

        This is really sad. How do people become so stupid?

    • Bella Batali

      its not a scam people paid for dinar and got dinar, people who think you can make 1000% on an investment overnight are fools

      • Eric The Redhearted

        If they’re promising something they know they can’t deliver, it’s a scam

      • Johnny

        …of course it is a scam! Just because ‘you’ say it is not, now it is all well and the scam myth is busted? You hold dinar, and ‘you’ have apparently earned a bit of money, so that makes it not a scam? Just because ‘people paid for dinar and ‘got’ (received) dinar’ not by your own reasoning, is somehow not a myth…? I may sell you a worthless piece of jewelry, yet say it will be priceless “SOON”, and by your own reasoning; you purchased, said item, and received said item, therefor, it is not a scam….even though my intent, was to scam you from your money from the genesis…. be ‘mindful’ of what you propose, understand, you may help others flee from enticement; or, by your own admission, “this is not a scam…” ,help the thieves ‘scam’ others out of their hard earned money! Please put thought into what you ‘think’ you know about investing in the dinar ‘SCAM….’ by the way, a million people may say, “Black is the new White…!” this ‘still’ does not make it true… : )

  • AH

    Hey John, great article. I’ve been following you over at Sam’s site DD. Can you please explain to me in layman’s terms how the gurus are making money from their conference calls? I know you addressed it in an earlier comment but it was a little confusing. Thanks John.

    • Its called traffic pumping (different concept from dinar pumping) where the local carriers are able to charge the big carriers a fee for making the connection in rural areas. Some of these free-conference call services will pay the conference call hosts for the traffic. However, it is becoming more difficult to do it and the money was never that much anyway. I suspect most of them are either softly marketing a dealer or a paid site these days for cash. You can read a little more about it here. http://www.4gwirelessinfo.com/2009/05/free-conference-calls-who-pays.html

      • Bella Batali

        yeah they all have rural north dakota phone numbers. also when they do blogtalk radio they get a cut of advertising on their show. many people also claim diff gurus are linked to diff dealers. for a longtime there have been rumors tnt tony probably the largest most well known guru is linked with sterling he always mentions them. recently he seemd to have slipped up and admitted it, some say he misspoke others think he’s linked you decide for yourself read this article http://iraqidinarrevalue.blogspot.com/2014/02/did-tnt-tony-admit-on-his-radio-show.html

  • Jerry

    Hello, I have some family that got involved in this a while ago, and I really believed it was a scam. But out of respect I listened to them. Then I got excited and believed them, and even joined a chat room and started following the dinar news.
    However, after a few months of delays, and following “news” articles that don’t seem legit, I’m really embarrassed I bought into this scam, and angry that my family is still so blinded by it and putting so much hope into.
    Every time I show them links to different articles to disprove it, they show me links that disprove the articles I read, or just say things like “you can’t trust everything you read” – like trusting some guy on a chat board that you’ve never met before is actually a better idea! If I call a bank and talk to a banker who tells me it’s a scam, they call a bank and talk to someone who says with a wink that “something is going to happen soon”. I had a friend call the BBB, and the lady she talked to said the BBB doesn’t even know if it’s a scam, and that she actually bought some dinar a year ago. But she really doesn’t know, just hoping.
    So my question to you is, is a revaluation of the Iraqi Dinar even possible? And how can it’s a scam to my family?

    • An RV like they claim is impossible. The BBB actually does know this is a scam. See if this link helps. Or any of these…

      Pacific Rim Bank: They unintentionally (I hope) were helping the scammers for a while by offering exchange and deposit services for dinar investors.
      Washington State Department of Financial Institutions: They have been warning about the registration problem among dinar dealers for a long time.
      Utah State Department of Commerce: They ranked it as #9 in the 10 worst current scams hitting the State. Ironically, Utah is also the home state of “Dinar Daddy”, Treasury Vault and a few other dinar scammers.
      Forbes: “The Curse of Saddam”

      • Jerry

        Thank you for these. They answer a lot of questions.

  • Randy

    Okay, John… Where are your credentials? How are you really any different than the Dinar Traders, other than you have an opposite view?
    You mention gold coins in your scam overview. Really? So, if I bought gold coins when gold was a mere two hundred dollars an ounce, and then sold them when it was over a thousand an ounce, I would have been scammed? I’ll give you that the Dinar is a risk. Every investment is a risk, even Blue Chip stock is a risk on the long term. The point is, and I’ve said it here before and I’ll say it again – Everything in moderation is fine. Don’t invest more than you can afford to lose = in ANY investment – and you’ll be okay. But if you can’t afford to risk a couple hundred bucks on something, well, John, I don’t think you’d be one I’d go to for advice on money.

    • Randy – My whole point is to encourage people NOT to rely on me or the scammers. Go to the primary source and look for yourself. The problem is that everyone wants to have someone else just tell them what to do or that they will become rich. But, yes I am different than the dinar dealers and pumpers – I am not lying.

      The gold coin scam was actually very similar to this one. As you pointed out, gold has intrinsic value and some gold coins even have additional numismatic value. However, the scam was that dealers were telling coin buyers that the coin they were buying was worth much more than its melt-value or collectible value. This was based on lies. It was effective for the same reason the dinar scam is. The dinar is a real currency so that seems legit on the surface but its not going to RV or whatever, which is the lie. Mixing truth with a lie is a very effective tool for scammers. Just Google “Goldline” for a little more detail about a pretty mild version of the scam that got national attention because Glenn Beck was shilling for them.

      Comparing the risk of bluechips with the risk of buying the dinar is like saying the risk of walking out my front door is the same as walking out the door of an airplane. Yes, I could be killed either way but the odds are quite different. If everything in moderation is fine how about cocaine use? These are nonsense arguments to create a false equivalence between investing in assets with a track record vs those built around lies and fluff. They are repeated over and over again by the pumpers and scammers to get people to feel like this is some sort of lottery ticket. But if their victims ever took a few minutes to ask themselves whether they actually understand how the currency market works and whether this has EVER happened before they would not buy. Sadly if everyone who tells me they have just put a little bit of “play money” at risk was telling the truth I wouldn’t really care. But the fact is that this kind of talk builds the credibility of the scammers and many people (including a lot of returning service men and women) are putting money into it that they CAN’T lose. That is the harm and every time you regurgitate what the scammers say – you are making yourself a part of it.

      • Daryl

        I was a contractor in Iraq from ’04 to ’08. Dinar fever was HIGH. Many of us were vets who had been to the first Gulf war but didn’t buy any of the Kuwaiti dinar. We didn’t want to lose out on this one. I’m only in it for a grand – I know folks who are in a lot deeper. I didn’t think the dinar would ever hit but there was still that “what if” factor. I didn’t want to be “that guy” who coulda, woulda, shoulda – but didn’t.

        • Daryl – just make sure you understand why the dinar and the Kuwaiti dinar are very different. The two situations couldn’t be more opposite.

    • Bella Batali

      what does this guy have to gain by trying to help set you straight?

  • Scott

    I once went into a bar and I noticed a sign on the back of the door that said “free beer tomorrow” – believe it or not I actually went back the next day to that bar . . . yes tomorrow never comes – it’s always a day away. It’s amazing how gullible we can be . . .

    • Bella Batali

      thats hilarious

    • Bellie

      haha so true

    • Michael

      Yes, but you went back and the Bar made a little more money. Ha Ha. Love it! He/She is a good capitalist. Did you show up for Happy Hour?

    • Same_old

      I did too! Saw a sign in a meat market said $9 a pound for steak – went in and said ..Hey, Joe, the market down the street is selling same thing for $6 … Joe says well go buy it there .. I said I tried but he’s all out .. Joe says .. well, when I run out I will sell it for $5 ….. hah

    • Suz

      lol i dont think its being gullible… today it seems that everybody have their own version.. and understanding of things..

  • Donald

    John,

    My follow up question to my first is, when and how will this scam come crashing down? When will my girlfriends mom realize that the money she has put into it is worth nothing?

    • Most of these scams never fully go away but they eventually fade. Advance fee frauds, HYIPs, gold coins, etc all ebb and flow. In 5 years it might not be the dinar but will be the Vietnamese dong or something. I wish I could say that the authorities are able to fight these financial scams but they are very difficult to prosecute. And since so many of the scammers are unidentifiable (they don’t use their real names) it is easy to shut down and restart with a fresh batch of victims.

      • Steven

        Thank you for posting this information. My father recently informed me that through a friend he had come across and opportunity to invent in Iraqi Dinar and that it was supposed to be very profitable. Knowing my dad, I assumed that he had researched this investment before making this decision. However, my sister then told me that they would be shipping him hard currency, $1,000,00 Iraqi Dinar for $1,000, and that immediately started the sirens. After visiting the site that he went to and searching for as much info as I could I came across this article and your video. Not only was the article informative, but it was an exact description of the website my dad was dealing with, down to the MSB notice from a scanned IRS document and no mention of any risk in investing in Iraqi currency. I was able to get a hold of my dad and give him all of the information that you’ve outlined, and as of now he’s only out $110.00, since he put it on a hold so he could do some additional research instead of simply wiring off the $1,000 he was planning on investing. Thank you so much for taking time out of your schedule to produce this information.

        -Steven T.

  • Donald

    John,

    My question is a bit different from the few comments that I have read over. So, my girlfriends mom has recently become extremely wrapped up in this “investment opportunity”. I want to be able to tell her in fairly simple terms that these dreams of getting millions of dollars from “investing” only thousands is absurd. The problem is that the church she attends is pitching the entire idea to her and relating it to prophecy in the bible. I do not know where you lie as far as religion goes, but for her, she is a believer through a through. So, when her church pastors were able to intertwine this win-win pitch to her with Revelations in the bible, she was immediately enthralled. Truly, I just don’t want to see her throwing her money away anymore because she isn’t in the kind of position where she can do that. What can I say to her to give her a new outlook on it?

    • OK I am no bible reader, but I think the whole thing comes from a very tortured interpretation of Revelations (mostly chapter 17) that discusses the fall of Babylon before Jesus Christ’s second return. So the assumption is that Babylon must rise again to become powerful in order to be destroyed. But was John (the “Revelator”) talking about the actual real city of Babylon or was he speaking figuratively about Babylon as a euphemism for wickedness, which was how it was often used in the New Testament? OK enough Sunday School because the point is moot and I am definitely no preacher. The point is that whether Babylon (Iraq) rises again or not has no relevance with whether the dinar rises in value. This is the old “currencies are like stocks” argument. A growing economy does not create a growing currency value. In fact, it would be very undesirable for Iraq to have the dinar appreciate in the aggregate because it would make exports more expensive, which is what their whole economy is based on. So the bottom line is that the prophecy angle here is just to throw people off of the logic of why currencies don’t grow with an economy. They don’t need to do that and we can find case after case to show that a growing economy much more often leads to a falling currency. Even when it does appreciate (China) it is nominal and very, very slow.

      Now the scam part of this is what makes me sad. Relationship scams do very well in churches because that is a group of people who care about and trust each other. They really aren’t on the lookout for a “wolf in sheep’s clothing”. This is not the first scam to hit churches and it won’t be the last.

  • Sayitain’tso

    My brother sold his dinar back a few weeks ago. His wife called every bank and NOT ONE would take it.(my bank story) They ended up taking it to a currency exchange and lost money. What does that tell you! I wouldn’t even be so creepy as to sell mine on ebay, where I’m sure I could make my money back and then some. I would’t feel right knowing what I know soooo it’s the currency exchange for me. My suggestion to the dinarians is to step out of dinar world for awhile, spend time with your family, get back into your work…you will be surprised how differently you will look at this when you clear the dinar cobwebs out. Remember the defination of insanity is repeating the same thing over and over expecting different results.

    • Bella Batali

      ebay you can get maybe 850 to a 1000. dealers are paying about 800. banks and currency exchanges more like 600 or 700

  • Sayitain’tso

    Thank you John for careing enough to put your time and energy into informing the Dinar buying public. I got into this two years ago but will be selling my dinar back to a currency exchange. I don’t have alot but enough to pay some bills. I run two successful businesses and the little I spent came out of extra cash. No loss no gain for me personally. I do however know many, many wonderful folks who have put tens of thousands of dollars into this and will end up with a broken dream and broken lives. So many putting their hopes and dreams into the dinar. When one is involved in the dinar forums for a long period of time you make friendships…get to know people…it breaks my heart. I will remain friends with the folks I have come to know and love but you are right when you say people believe this all the way. Common sense has long gone and their lives have been driven by the RV of the dinar. What a perfect scam. If you look up a few of these gurus under their name with scam behind it you will be quite shocked who you find. They are old pros at the MLM scams, you will find page upon page of information. I have also tried to inform some close people who own dinar but they say no one is going to tell you the REAL truth because they (people like you John)don’t want you to profit. REALLY!!! That’s how brainwashed they are. I wish I never heard of the dinar but since I have it’s made me a much smarter and savy person.
    John, thank you for all you do. Hopefully your words and knowledge will save others from throwing their hard earned money away. God Bless you.

    • Wow- thanks a ton for the comment. I appreciate that a lot.

  • BelieveNGod

    John,
    Do you have any information about the sight dinarguru.com? My friends are caught up in this dinar investment and it is causing a huge conflict within their marriage. I feel very skeptical about the whole thing as does the wife. The information that seems to be keeping the other spouse so hooked, is coming from the dinarguru. Have you heard of this site before? From what I can tell it is just a message board. What are your opinions. Please help!!

    • Believe – yeah I get asked about that site once in a while but as far as I can tell it is just a fly-trap for google ads. The “gurus” just roll out date after date of when the RV will supposedly happen and then issue new reasons why it didn’t and when the next date will be.

      • John

        My wife’s friend has been broke for as long as I’ve known her. She’s the classic example of someone who has always felt that every menial job she’s ever had (or was qualified for) was below her. She is someone has always believed she deserved to be rich, despite never having been willing to put in the effort to give her a reasonable chance at success. She spends every penny she scrapes together on nice clothes and accessories so she can pretend to be well off even though she still lives with her mom (at 48 years old). This dinar “opportunity” was right up her ally. She immersed herself in forums led by scammers and populated by idiots and the desperate, she quit her job, and began actually shopping for multi-million dollar homes. I want to be there when the real estate agent asks her when and where her purchade money is coming from. She sound like the perfect victim for the scammers–someone who wants to be rich so bad that they willingly ignore facts and logic and surround themselves with other believers (i.e., idiots). John–as frustrating as it may be for you to continuously have to refute “facts” taken from message boards, I believe you are providing a valuable service to those willing to listen to reason. To those who view the dinar RV in the same way that the devout view religion…there’s no saving them. I am a hedge fund portfolio manager and have been in the business for a long time investing in every asset class except for non-energy commodities. I have made a fairly substantial amount of money over the course of my career executing a research-driven, fundamentals focused investment strategy. The claims made by the dinar faithful are so absurd I don’t even know where to begin.

        • Thanks.

        • Pat

          Thanks for your comment. I too, know someone who goes around shopping for million dollar homes, contingent on “an investment,” but the dinar never RV’s. The homes eventually get sold, but he repeats the processes lining up more houses.

          These people are being taken for fools, but they refuse to listen, or admit they have a problem. Year after year, they cling to the Iraqi Dinar, talking about their “big plans” and what they’re going to buy with all their money. Money that never comes. Sad. It’s like an addiction.

    • YourBanker

      I have never seen so many people make stuff up. I work at a large bank and there is no RV that is happening any time soon. Quit making up stories. Here is an example

      Please pass this along.   Take this with a grain of salt and know that I have personally spoke to a friend of another friend that lives in a hut near the Pakistan boarder.  Now he heard from a goat herder that was trading some of his goats at the local market that it had RV.  Now when I asked the rate he heard 3.89% of going rate of dirt.  I later went on to personally investigate this matter and found out that the “RV” stood for Recreational  Vehicle and his rate was 3.89%.   

      We all have a story.  

  • Are all of these dinar exchange websites scams? My mom wants me to do this with her but I am more than skeptical. How can I tell if its legit? They do stress on their site that they are not an investment company, but they definitely do not give any concrete info on what their company is about or how it works.

    • Freesia – yeah good luck getting much info from the dealers. Most of the time they just advertise on the dinar pumper sites and message boards. That way the message board can do the “advising” and the dealer pays them through ad fees.

      • Thanks John. I’m going to have my mom read your article. I think it would help her make a more informed decision. Do you know of any other articles or websites where we can read up on this more? The site she’s looking to invest in is dinarcorp.net. Do you know anything about them specifically?

        • Freesia – they are like all the others. I never recommend a dealer because how can you recommend the “best of the worst”. They know what they are doing. I am reasonably confident that she will probably get the dinars she purchases but will she ever be able to sell them back or exchange them later? That is the more important question.

          • Thanks again John . Unfortunately my parents are set on this. I feel sad for them but I can only do so much. She wasn’t interested in reading your article. So for her sake, I hope it all works out. As for me, I’m staying far from it!!!

          • Yeah I understand that. I have had very little success in convincing people who “want to believe” that the dinar is a good idea. Of course we love our parents even when they do silly things.

  • Jordan

    My Brother went to that meeting.. I cant post anything on here, but he took Dinar down to the meeting at the Wells fargo bank and was with only an Elite group to be let in. it is all hush hush, why I dont know. I too am skeptical. I can provide some details on email, but not on here.

    • Jordan – feel free to send me more details. I am anxious to do a little research about stuff like this. johnatlearningmarkets.com

      • Jordan

        OK, I will get as many details as I can. He did say that there was some wealthy people in there. Like I said I am skeptical as well. I bought 2,000 in Dinar just for a long time investment, with the hopes of doubleing or tippleing my money, not to become a rick as all these people are dreaming of. The thing that makes me so skeptical is, you can still buy Dinar on the open market right now, so why would they want to “cash ours in?” it makes zero sense to me. I have No idea why it is hush hush too.. also seems fishy. they all get so ticked at me when I ask them so many questions. It was an attorney he dealt with Inside Wells Fargo bank in reno. He drove there with a few guys, but they only let him in out of his group.

        • H2H

          Hi Jordan,
          Can you give more information in that meeting? My address is heart2heartmin@aol.com
          @aol:disqus 
          Thanks
          H2H

    • skeptical one

      Really people. Cold hard facts please. All this hush hush just proves the point that this is hogwash!

    • It’s Me…!

      Could you contact me on this meeting and fill me in please!

      • Bella Batali

        dont buy into this nonsense guys

    • Bella Batali

      of course you cant because its all secret intel and you had to sign an NDA lol http://iraqidinarrevalue.blogspot.com/2013/11/iraqi-dinar-and-truth-about-non.html

  • Ray

    I googled this just so my gf would have a better argument. She works for a big bank in TX and has had many *ignorant* LA residents come into her branch to get away from state taxes??? These same people have told her they will be mill-billionaires after the dinar goes crazy. The sad thing is, some of these people were wealthy to begin with.

  • April

    Hey John
    my dad was just invited to an exclusive buy back. He flew to Reno and took his dinars to a wells fargo to be counted. From what he told me, the US and China are buying back dinars and them burning them?!?! Only a few hundred people were invited and they were billionaires (or that’s what they said). They are telling him the government is printing money right now and deciding how to take the taxes out of it.
    It seems all very ridiculous to me but I am wondering if this is part of the ‘pupming’?
    (Sorry I think I posted this in the wrong place to begin with)

    • Wow – I don’t think I have ever heard of this one. First, it sounds totally bogus to me and is representative of the nonsense that pumpers use to get people to buy dinar or other related products (like advisory) This kind of “insider” stuff is always a red flag. So my first question is did he have to buy anything at the gathering he was invited to? I would love to hear a few more details about this buy-back. Do you know the company that did it?

    • Thomas

      I know two people that were there with your Dad April, that is what pushed me over the edge to purchase some Dinar. However, I dont think they have determined an exchange rate. And John, they were all in Wells Fargo on Presidents Day.I dont know how to explain that, do you? And trust me when I say that it went down. My two friends that were there dont need extra money.

      • Thomas – thanks for the note. Look, I don’t want to offend but I am very skeptical of these stories of secret meetings of rich people that don’t need more money but have bought the dinar anyway. They never seem to be able to be confirmed and are sourced from a friend of a friend and such. However, I am actually quite interested in what happened at this meeting if it indeed took place. I have heard stuff like this before and its usually a hard-sell by a dealer on whoever shows up. Was this just in a Wells Fargo branch office or something? I am writing a followup piece for this story and I would like to get a quote. Can you provide a little more detail about the location?

        • Thomas

          Hey John,

          I can tell you what went down, they were invited (like Aprils father) to a buy back @wells Fargo. I can only speculate as to whom was behind wells as the purchasing party. They still have not been given an exchange rate, but they had people there that were with the US treasury, IRS, and the private banking side of wells Fargo. There were dozens of brinks trucks and 2 or 3 De La Rue’s there and they were there all day, filling out paperwork and recording each persons dinar. Like I said, they still don’t have a rate or a timeline. But it did happen. And I’m with you about the “my friends dad blah blah” or the guru’s and etc. In fact, I have known about the dinar for 3 years and stayed away until Monday. When I called him and he was there with some decorated ex military officials and other wealthy investors, had to put some $ into it. Besides, if I lose 20%, big deal. But if I gain 1000% or perhaps more, Huge deal. Everyone is entitled to thir own opinion, but with the oil that Iraq has, the infastructure being in place, the stock market flourishing, and the conversations that took place in Reno about the amount of gold they very recently discovered there, I think it’s a potentially good investment. Talk to you soon.

          • OK so for anyone reading this thread – this is all classic pumper stories being made up or repeated. There are no specifics, no names and the person writing about it wasn’t there. Lots of references to “wealthy people” or “decorated military” personnel as a way to add credibility but nothing else. Just saying this this stuff happened doesn’t make it true. The old skeptical adage of “extraordinary claims require extraordinary proof” is never followed by scammers or their victims.

            Be careful about what you repeat off a message board. There is no RV and no date. I have heard versions of this exact story for years. Its always the same… no details and then it evaporates only reemerge a few months later at another (insert brand name) bank with a variety of other unnamed sources and participants.

            Thomas – despite your claims of only risking what you could lose you are unfortunately a witting or unwitting pawn of the scammers by passing along this nonsense. There are many people who cannot afford to lose what they have invested but did so anyway because of misrepresentations by people like you. If its true – prove it. Give me a location of the bank branch so I can call the manager and substantiate it. I will record the call and post it unedited.

          • jersey

            Guess we should just listen to the assholes who predicted the 22,000 dow. Kudlow. Yeah. don’t mislead. Encourage everyone to use their own brain……ie…listen to you….and then say someone shouldn’t pass along what they have heard because stupid people may not use their own brain. Circle jerk logic. Go on with yourself and put your faith in your little formulas for the dow and be a big man.

          • george

            EXACTLY

          • Thomas

            John,

            I am not making recommendations to invest or even where to buy it. So how am I leading anyone to slaughter, plus IF someone was to purchase this, they could sell it just as easy (if they buy it from a reputable source). Furthermore I would venture to say that if you were to call in to the branch that accommodated this transaction I am sure you will not get very far. WF also held the same meeting on Monday in Atlanta. Also, why would I drop names to you on a blog about something that you openly criticize? Give me your email address and I will give you the location of the branch, but I will not sacrifice my friends names to substantiate something that I already know happened. Remember, that I am not trying to scam anyone nor have I been scammed. I would liek to know when you heard from someone else that WF hosted a private buy back. I have searched for it for weeks and found nothing, until I read April’s thread. Please show me my story from someone else.

          • Thomas – specifically what you are doing is making comments that aren’t true. Are you recommending the dinar? No, but you are perpetuating the myths and garbage around the scam that other people take as credible. You say the meeting is “secret” or something? Anyone could say anything as long as they never have to prove it. As usual the pumpers won’t back anything up. You just claim knowledge about secret meetings and then refuse to prove anything while claiming that you aren’t hurting anyone. Nice. The bottom line is that real families are hurt by this scam and others. I am passionate about this one because so many service-men and women are being taken advantage of.

            I am willing to give you the benefit of the doubt that you have been tricked or are one level further removed from the actual scammer. Lets just assume that is true. Make sure you do your research and understand what these terms mean. For example, “registered on the For-ex” is not a real thing its just words crammed together to make people who don’t know any better think that there is something yet to happen that will finally unleash the fictional RV. I have never been able to figure out why dinar investors don’t just go the library and get a couple of forex books so at least they would understand the words they are using. Also – you can’t get your money back. If you buy dinar from a “reputable” dealer you take a 20% hair-cut right off the top not counting costs.

            As far as the story being an old one – it is. This is just the first time I have heard of this being called a “buy-back” at a branch of Wells Fargo though. These things are regurgitated all the time with no witnesses or details on the message boards every few months. Its always a new setting or with some new buzz-word to make it seem new and legit. Once or twice I have actually tracked these meetings down and they turned out to be a hard-sell to buy more.

            BTW – I don’t think April was making anything up. I think her dad is being scammed and from her comment it seems she is very concerned about it.

          • jersey

            Shut the hell up

          • rocket51

            I ask you. What investment do you not take a haircut? Granted 20% is a lot but in my case it is only $200. I am sure I waste that every month on one bad habit or another. Iraq does have a lot of assets and if they ever get their s*** together their cash, oil in the ground, gold, stock market and other international business interest could easily finance an improvement in their currency. After all, every fiat currancy is backed up by nothing more than a hope and a promise including the dollar. If there is really 80 trillion dinar out there then the logical thing for them to do is to find ways to get as much of that out of the hands of envestors at the lowest price possible.

          • rocket51

            I would not be surprised to hear that a few rich guys conned many out of their dinars in order to destroy them thus improving their own holdings and when the time is right and the numbers are right they make a killing.
            1.dinar is a real currency
            2. has a real listed value
            3. can be bought and sold
            not a scam
            unrealistic claims of unlikely numbers of profits in the millions for thousands invested, pretty close to a scam as you can get.
            claims such as these are scams but not the currency
            to hold or not to hold that is the question
            i’ll hold
            4. people who bought early say 2004 already could sell for a profit if they want to. another fact
            5. another fact most of the dinar gurus are full of crap
            6. there are a very few logical and reasonable ones too
            these ar the facts; make your own decisions

          • Bella Batali

            is this tnt tony lol

          • Gena

            I was told by Wells Fargo Bank that they do not and will not sell or exchange Dinar. Seems funny now that they would be knee deep in all these transactions. Of course, nothing really surprises me anymore.

          • Johnny

            True…. My Banker, who deals with currency exchange, investments and the like; when I asked, he said “if this were true, he would be first in line to buy!” Jeff, is his name, said to line the birdcage with it! LOL! Jeff is with Wells Fargo. Wells Fargo will has never, will never deal with the IQD.

          • george

            Amazing that all of u that know people that were there and it was stated earlier they were billionaires only and April’s father? u could count on 1 hand millionaires u might know, u never even spoke to a billionaire, but know a bunch personally at this 1 meeting, meaning u must know a ton more worldwide..lol

          • Thomas

            Nevermind, you clearly stated to April that you have “never heard that one”. I dont know “April” nor are we trying to sell anything, so ask yourself….why would we lie? what is our benifit or gain? We are simply looking for clarity on something that we thought you may know. Dont worry about the email, I guess, as with everything, time will tell.

          • William LaRue

            Your story not only makes no sense, but there is nothing in it that can be verified in any way; why should anyone of sound mind think that you have even a shred of credibility? And What the heck is a “De La Rue”, anyway? Given the similarity to my own last name, I’d be curious as to how the linkage to Brink’s trucks works.

            Who were the “decorated ex military officials”? Who are the “wealthy investors”? Why doesn’t the IRS have any notice posted as to the meeting on their website (as they are required to do)? I guess I could say that the Angel Gabriel was there with a flaming sword, with as much credibility.

            Please share the documentation for these claims so that others can verify your information; if you cannot do so, so that the source of these rumors can be checked for truth, what you are claiming is just rumor and hot air.

            Your attitude that if you lose out you can afford it seems healthy, although somewhat idealistic, but there are people who are sinking needed resources into this “opportunity” that are needed to meet daily expenses or long term needs. That makes these outrageous claims very dangerous if there is actually nothing but hype behind all the claims.

          • george

            were u there at the meeting that it went down? Or heard from a friend of a friend of a friend”s car mechanic that it went down

        • Kurt

          I agree with John however I purchased 2 mil. Iraqi Dinar 8 years ago while working in the Middle East. I have wasted more at a casino having fun then I paid for the Dinar. It is in my safe and if it comes to be, then great! If not, it was fun waiting to see.

          • Bella Batali

            thats the atttidue to have risk what you are willing to lose and realize its high risk high reward but these people cashing out 401ks are stupid

          • Same_old

            did the same — just waiting — maybe yes, maybe no. I like to count it once in a while and dream of Ferrari’s.

        • george

          the meeting never happened, come on………Billionaires only…lol???

      • Marconi306
        • Thomas

          Marconi,

          I understand your frustration about this and how it seems. I just wanted to speak to an INTELLEGENT person (John) to see if he had heard anything about it. I have been looking for anyone else that heard about this “secret” conspiracy type meeting. So when I saw the earlier post I asked John the question becasue I too was very skepital. I guess I should have emailed John about it instead of posting something for the peanut gallery to see and critique and post things like that “dealer” that was shut down by the justice court. Do you know why? Do you know that buying, selling, and owning dinar is 100% leagl. Banks wont recognize this currency until they are our of chapter 7 (from what I understand) thats why I was trying to find out more on this situation and who the purchasing party actually was.

          • Thomas – I get it but you have to understand how your original comments sound. You said you “knew” the meeting happened and you “knew” people who were there. But you were unable to provide any details or evidence. I am willing to assume you are not a dealer or pumper or whatever but you have to understand that those comments sound like one. You either do “know” these things and can prove it, or you don’t. I appreciated the email you sent me and I will keep it private but as you know, specifics weren’t provided in that either.

            I understand that you probably don’t have the vantage point that I have of hearing these kinds of claims for years. You probably did not understand that making claims like that drive people like me (who have heard them a million times) crazy. I publish a very small number of the comments I actually get since they are mostly just nonsense or threats and that is why I get a little hot when I hear them again. I liked your comment because you were civil (thanks) and it was actually a good example of exactly what reinforces this scam for people who don’t know any better.

            My guess is that you gathered this info from someone third-hand who in turn picked it up off a forum or conference call. The truth is that there aren’t mystery buyers out there with money-counting machines at a Wells Fargo buying dinar with IRS and treasury reps in attendance. If you really do have a source – press them for details. You will find they give you the same excuses I have been hearing for years.

      • Bella Batali

        its a scam

      • george

        Now suddenly you know 2 people who were at the meeting? Its billionaires only and u personally know 2 of them..lol???

      • Antonis Hadjinicolaou

        O got 4 billion dinars. if anyone who believes is not a scam and wants tk be ritch let me know because i dont need more than what i have

    • Ray

      A picture of the plane ticket with a US penny heads up on it, as well as the address, date and time of the meeting would be great. The name(s) of his contacts as well as their email address(es) would be good too.

      So, your father is a billionaire? If so, what currency? If not, why was he invited? Also, if he is a billionaire in US currency, what does he do?

    • Bella Batali

      that is the bigggest scam going on right now people are telling people to mail their dinar and tehyll be paid out at like 8:1 its a scam dont do it

    • Jimmy

      What ever happened with your dad?? The reason I ask is because just her in the last week I was told by a very reliable source he and a group of people he knows was invited to a Chase bank in Salt Lake City to sale his Dinar to China through the bank…. he told me he was paid three to one….. three USD to one Dinar….. The reason they were exchanging the Dinar at this rate is because China is buying oil from Iraq with the Dinar…. they are buying barrels of oil at 5.00 per barrel but have to use dinar??

      • John_Jagerson

        Jimmy – if you think about it for a minute I think you will realize why this is just a fantasy. Rumors exactly like this come out all the time but why would the Chinese need to buy dinar at a higher rate? You can buy dinar on the market right now (it sounds like you already have) why can’t they?

      • Lagoonboy

        The Iraqis would not take dinar for their oil. They would insist on being paid in US$. They are not fools.

        “Hey! Americans! You come buy a truckful of our money! You give us US$, yes? Thank you so very very much. Bye & thanks”.

        This conversation happened at a private meeting in Micky Mouse Bank in Tuledo where military top brass and billionaires paid dollars for dinars, and were so very very happy to do so.

      • george

        once again, no name…………..A very reliable source..lol………this is all u people do and say, never a name

    • Kathy Newby

      did he ever profit?

    • george

      LOL,April….Billionaires only were invited (and your dad) LOL……..Your dad is a billionaire? or just happened to be the only avg Joe hanging around that was mysteriously picked along side billionaires. And he has this top secret info that he knows US and China are burning them

  • ramdzan

    dear john,..hopefully u can comment on this….
    Remove zeros from currency in September
    Posted: February 19, 2012 in Iraqi Dinar/Politics, Top Headlines
    Tags: Central bank, Central Bank Iraq, Currency, Iraq, Local currency, Politics of Iraq, reuters, Securities Commission
    Posted 19/02/2012 08:05 AM

    BAGHDAD – Babinaoz (Reuters) – announced that the Economic Committee in the House of Representatives, in an agreement with the Iraqi Central Bank to begin the process of removing zeros from the local currency in September…. Edited for length.

    • Ramdzan – Yes I can comment. This is actually an old fake story that was picked up by AKNews back in 2010. It resurfaces once in a while and gets pumped on the message boards with a new date and source (in this case Reuters). Its just a fake. I have seen this one and other versions of it for years now. Do yourself a favor and try to find the original source before getting too excited.

  • Charley

    Just out of curiousity, where do these websites buy their dinars?

    • Hard currency brokers can get it in Iraq and ship it outside in bulk. They can get it right from the central bank’s primary dealers in Iraq. You could do it yourself if you wanted to spend enough and established a contract with one of the big brokers.

  • Charley

    So the rumors that the US Government bought up 4 trillion dinars, Donald trump bought 30 million dinars and George Bush bought 200 million dinars are all false? Even George Bush has stated that the Gulf Wars will “pay for themselves”

    Could it be a US Government plot to have the dinar RVed to make billions or trillions of dollars? Should would make Obama look good if he magically erased the National Debt.

    • Yes they are false. Yeah the national debt and currency trading don’t work like that. If you could do that why wouldn’t you just RV the dollar? Or one of the currencies that the Treasury actually does hold in reserve like the yuan?

      • Jon Legg

        Actually the list of currencies that the treasury hold are no where to be found. So that makes the whole holding of dinar by our government a big question mark. Only a selected few know, and sorry to say, we arent any of them.

    • Marconi306

      Dear Charley,
      “According with your comment, there is so much government conspiracy here that average Joe like you and I were not meant to know this enormous IQD deal”..Ok, yeah right..!! But your IQD dealer still want to help the average Joe.. “What a nice people”..!! Outstanding..!!

  • Why would these companies sell the Iraq Dinar if they actually felt or thought it was going to RV. I still feel that it is a good investment because of the risk reward but that is my only question.

    • I think the answer is self-evident. Why sell “gold” for less than its worth? If its fool’s gold. They sell it because they know what I know. There is no RV – never has been one like they predict and never will be.

  • James Graser

    John, a serious and well-meant, “Thank you!” I took the time, which actually took over 10-hours to check your facts. You assertions are correct. What is literally possible versus what is probable has too many people looking to this as a way to become rich. Fact is you would have better odds taking whatever investment $ you were planning to buy Iraqi Dinars and buy your US State’s Lottery Scratch-off tickets!! Thanks again John!

  • Fred

    Hi John, Thanks for all of the information that you have provided here, it is such a valuable resource. Quick question?? How do the Dinar Dealers and the Dinar Pumpers / Promoters make their money? I dont understand the “what’s in it for them?” piece. The pumpers lead the listeners to believe that they are volunteering their time. They also give away dinar on their calls out of pure generosity. My Wife is completely addicted to this stuff and my marriage is in complete diserary due to this and I am just trying to gain a better understanding of the inner workings.
    Thanks,

    • Hi Fred – the dealers make some money on fulfillment costs (shipping and handling) but most of it comes from the spread. They are able to buy dinar at a much lower rate (about 20%) than they sell it for. A spread on investment products is normal but 20% is extreme. To give you some sense of perspective, if you were to buy the Euro through an FX dealer it would cost you about three ten-thousandths (.0003) of a penny per dollar of value. Even a the hard currency dealers at the airport only charge a point or two.

      You should also know that those “conference calls” the pumpers use are a money making tool as well. The conference calling systems get paid from the local exchanges for users calling in and using LD and they pass some of that along to conference call hosts.

  • straightup

    I saw on youtube an interview done by CNBC, of an Iraqi man who said with ten thousand USD he and his father started selling dinar to the Americans and now they are bringing in over one hundred million a year!!!! I think it is both sad and laughable at the same time. You cannot convince these “investors” who are saying, “they are the chosen ones from God, to receive this monetary gift”. “God has put them in this place right now to become millionaires”, that they are wasting their time and what little money they have left. One woman on a website said she was going to commit suicide if this did not come through!!!!
    They are always promised 36-40 more hours out. They were even told it had happened the first of December, but the rest of the world did not know it yet!!!! Are they idiots??? Why can’t they see through all the ups and downs this is not real!! Oh, they don’t want to hear negative comments!!!

    • Bella Batali

      yeah its ali at dinartrade, this is really old news. recently sterling currency group got sued by their web designers and it came out in court they are making 20 million a MONTH yes a month!!! in profits. nothings been proven yet but it seemed as if tnt tony slipped up on his radio show the other day and said he worked for sterling. take a listen and decide for yourself http://iraqidinarrevalue.blogspot.com/2014/02/did-tnt-tony-admit-on-his-radio-show.html

  • derek

    Just wanted to say thank you for saving me $600.00 or more because as of last night I was considering this as a viable option to invest in and had to do a little research before I went all in. Definitely glad I found this site and could understand your videos. You know what they say, if it sounds to good to be true….

    Thanks again

    • JPInvestor

      So uh what are you going to do if it does explode? Oh my gosh I saved 600 dollars! its an investment man.

      • AlbPerez

        An investment? Hardly. It’s a scam. You lose 20% off the top in exchange fees. The dinar would have to appreciate 20% just to break even! Currencies don’t move 20% in a year. They don’t move 20% in 5 years. It’s incredibly rare that they move even 10% in a year. They certainly don’t “explode”. You’d be much better off just leaving the cash in a savings account earning a paltry amount of interest than buying and storing some ridiculous currency. Get a clue. Anybody that thinks buying hard currency of a foreign nation is an “investment” is incredibly naive.

        • Bella Batali

          ist not a scam people buy dinar and get dinar they got what they paid for. people do have over realistic expectations but that makes them suckers it doesnnt make this a scam. that said nobody will get rich off dinar. i bought mine in 2004 for like 500 so after almost 10 years i made 300 off a 500 investment if i choose to sell. not a scam but not making me rich either

      • Bella Batali

        buy 100,000 and put the rest into bitcoin and upand comming crypto currencies if you wanna gamble or speculate, at least those actually have a chance at making people rich

  • Alan3196

    Hi John,
    Just educating myself – the jury is still out on whether this can be called a scam as such, more of a case of “caviot emptor”.
    I haven’t bought just yet and may or may not.
    But I do have some questions after reading all of this:
    1 – Looking at the histogram of the IQD value over 10 years in 2002-2003 it was worth 6 IQD to US$1.00 6:1. 2003-2004 it dropped to 4:1. 2004-2005 it plummeted to 0.00005:1 and has pretty much stayed that way right up until now.
    2 – The various dealer websites promote various “moves” by the Iraqi Government that once implemented could see the IQD go up to 3 IQD to US$1.00 (3:1).
    3 – It is a very expensive thing for a country to create a new currency and they only just did so back in 2003 I think so it may be unlikely that a new currency will be created.
    4 – That said I do understand and agree with the question “If the currency is about to “boom” then why are all these people selling it?” Why would they not just keep it for themselves and buy Greece when they make their trillions?
    5 – IF there is a new currency created AND it is for argument sake valued at 1 new IQD to US$1.00, AND the IQD25,000.00 you bought from a dealer can be exchanged for the new currency at 1/3rd of the value therefore giving you New IQD 8,333.33 then would you not be able to exchange your new IQD for US$8,333.33?? OK so you may not be the multi millionaire that you thought you would become when you thought that the IQD would be worth 3:1 US$ but for say a US$1000.00 current purchase of IQD1,000,000.00 then based on my example above your would still make US$333,333.33 for that US$1000.00 outlay.
    6 – or have i got all of your comments and examples and responses totally wrong?
    7 – The worst I can see is that one buys say IQD 1,000,000.00 for US$1,000.00 and it becomes worthless “wall paper” as it will never be able to be sold.
    8 – The next scenario is that it will be worth 1/3rd of its value but revalued at a ratio of 1:1 still returning you a lot of money.
    9 – Best “pipe dream” scenario is that it rises to its pre-war value of 6:1 and one becomes a multi millionaire over night.
    10 – Did that NOT happen with the Kuwaiti Dinar? It did plummet to a ratio of 0.005:1 then increased to 3:1 and so those who invested US$1000.00 made approx $60,000.00 when it was revalued.
    Just wanting to make an educated decision here, and your advice is valued.

    • Alan – these are good questions, but I have answered them repeatedly. Read the article and comments and you will find answers to what you are looking for. One comment is to make sure you review your math in #5. A redenomination is like a reverse stock split. Wherever the target exchange rate is set is irrelevant. The aggregate value of the currency doesn’t go up or down immediately. There are several examples of what I mean in the article and comments.

      • teresa rogerson

        Thank you for providing the final draw for me, John, after weeks of reading and filtering, asking around, annoying banks, learning about economics… Now I can sigh with relief that I am not missing out on something by missing out on the dinar, and I have posted the article and video to my Facebook page. Thank you, John. I think that many people need to hear my story, below, though I am sure it is too long for the response. Perhaps there is another place for it to be heard, and this post is not the last time I will say it, but in fact is a beginning.

        Despite getting all the grades (4.0), having a masters degree, paying my $40K student loan off in 1.5 years, running my own business in California for the last 10 years, being a world champion athlete (in a lesser known sport), selling the most girl scout cookies, etc., etc., I have been duped and have made the WORST decisions over the last few years and lost a sudden sum of money I gained from my mother’s death.

        I would have read a story like this and called the person an idiot, and I have had to rub my nose in the reality I created and be humbled into listening to others who have invented the wheel for me, and listen most importantly to my gut, which speaks from behind desire and much more quietly.

        Two hundred thousand dollars gradually fell away from me in pieces, starting with loaning to “friends” who have not come close to repaying and offer excuses and “any day now” stories. I believed in a grant-procuring company that was rated ‘A’ by the BBB, only to find out later that the Nevada BBB does not lower the rating until all cases are closed, and by that time for several of us it was WAY too late (the criminals are in jail now). Further, I actually, yes, I did, trusted a Nigerian man with a huge sum of money for a “business deal” even though I barely knew him. We had been dating, the story is not the typical email scam but much more complex, but nonetheless the point is I did not do my due diligence in the least, and ignored my intuition.

        In trying to recoop, I hired a lawyer who was a hack as well, once again moving forward before being shown what any “normal” person would require before signing a check. Finally, I lost $9000 to an extremely wealthy client who refuses to pay their bill, though I am only at fault enough to discount my services, because I was wrapped up in the Nigerian case and did not give their project the attention it deserves.

        In ALL of these cases I ignored high-flying, carmine red flags, dusting over them or should I say turning my nose up at them as if they were temptations sent to stop me in my path to the glory.

        As a woman I am blessed with a high amount of intuition, but I overrode it each time. And while that same gut of mine tells me that we are indeed at some type of nadir in our society, a changing of the guard of sorts, at the bottom with the only option to come up– however you want to see it– I am saddened by our desperation and greed. Divided we fall.

        I think that much of my bad decision-making was done out of fear of not having enough, as well as a bit of laziness or a sense of entitlement to quick riches, despite my very hard-working ethic. The irony is that I lost my quick riches, and despite all of the learning, recently I was close to putting a last chunk into the dinar.

        The specter of my tendency to gamble my resources away, for the thrill of riding the edge and the possibility of an incredible high, despite the little voices inside and common sense; is the controlling mechanism that I am now examining. I was way too smart to have lost so many times in a row.

        I am seeing and feeling very much for the people referred to in these responses, in denial and not working, spending the last thousand, counting on Providence… The religious metaphor, John, is right on, and I wish there was a way that I could spare others from going in any way down the destructive road I took. I guess we have to learn, and I am for sure more the wiser for it. Meow.

      • And here lies your answer they are going to drop 3 zero’s from the current notes so they are being phased out because a new currency is being printed and this will likely happen in the next two months.

        Read below: source via http://www.xe.com

        February 06, 2010
        BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.

        Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.

        Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.

        Both will be legal tender in Iraq until the old notes are completely withdrawn.

        Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.

        Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.

        Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.

        Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.

        The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar.

        • http://www.xe.com/currency/iqd-iraqi-dinar#additionalinfo

          What is going to happen is that Iraq is getting rid of its old currency because this month it will release new currency but the new currency will have the same value as the old.

          25,000 Dinars will be reprinted as 25 Dinars but have the same conversion value as it does now so your 1,000,000.00 Dinars will become 1,000.00 Dinars at a value of $1.00 AUD = 0.83 New Dinars.

          Then when this goes up to say 3 Dinars per $1.00AUD you will exchange your 1,000.00 Dinars for $3,000.00 AUD

          But you will need to exchange your old Dinars for new Dinars first – there will be a transitional period whereby both currencies will co-exist until the old currency disappears (From Iraq) then the new currency will take over.

          It is the from Iraq part that is the catch once all the old currency is gone from Iraq and they announce that the old notes are no longer legal tender then if you are still holding the old notes they will become worthless.

          The key will be that as soon as the old currency becomes available get rid of the old currency.

          • Marconi306

            Dear friend Alan3196, your coffee was way too strong…! Next morning, please add less coffee and you will see a better conversion…! I guaranty you that your new 1 IQD will NOT exchange for 3 USD…

          • Hi Marconi306,

            I am not trying to justify the “scam” what I did was supply information found through my research into what is happening. Neither this website OR especially the Dinar sellers have or will tell you what is actually about to happen. As for your comment that you “guarantee” it will never get to 3 USD you should look back to 2002-2004 when it was actually upto 6 USD. Given how terrible the US economy is now and how poorly the US$ is performing and will likely get much worse I wouldnt be guaranteeing anything with regards to conversion rates between the US$ and other currencies. it is likely that when the redenomination occurs the exchange rate will be 1 new IQD to US$1.00

          • Alan – don’t get too hot about Marconi. He sounds harsher than I think he means to be in his comments.

            However, there are some legitimate problems with your assertions.

            1. The dinar of 2002-2004 was not priced at the exchange rate you are quoting. It was actually worse than the current exchange rate with the NEW dinar. I don’t know where you got your data but if you cite your source I can probably help you see what went wrong.

            2. The dinar pre invasion and the dinar post invasion are not the same currency. They are as different as two currencies can be.

            3. The US economy is currently growing and the dollar is 14% higher than its lows from 2008. Its value right now is about even with what it was in 1995, 1992, 1990, and 1987. This is as measured by the DX futures, which is the best basket comparison available. You might want to make sure you really understand how currencies move and why before making any assumptions about the dinar.

            4. Also keep in mind that a “strong dollar” is not necessarily a good thing because it weakens exports. A strong dinar would definitely be a bad thing. Almost all oil exporting economies try to peg to the dollar and/or the euro to avoid that problem. Its very expensive to do that but the alternative is to lose competitiveness with other exporters keeping their currencies pegged.

          • Hi John,

            Thanks again.
            My source was from http://www.xe.com/currency/iqd-iraqi-dinar#additionalinfo as I mentioned above.
            They are a reputable exchange rate company who you would well be aware of.
            On their website you can also look at a histogram dating back 10 years and on that histogram it does show that at one stage the Iraqi Dinar was 6:1 US$ then it dropped to 4:1 then right down to 0.00025:1 around 2003.
            True this could have been because a new Dinar was introduced post invasion which is what I am speculating.
            The thing is they say that Iraq will redenominate its currency and the old currency will be worth the same as the redenominated one – and this is where i get confused.
            Currently the exchange rate for 1 dinar is 0.0008 AUD so 25,000.00 Dinars will cost you AU$20.00.
            When the redenominate the Dinar it will be 25 Dinars not 25,000 Dinars so how can the exchange rate be the same if the value of the Dinar will not change? For this to have the same value then the exchange rate will also need to go up so that your redenominated Dinar will have the same value as the old therefore the exchange rate will be 1 AUD to 0.8 Dinars so 25 Dinars will give you AU$20.00.
            If on the other hand the exchange rate does not get adjusted to suite the redenominated Dinar then 25 Dinars will only be worth AU$0.016.
            Can you see where i am coming from?
            Either way I agree with you that the redenominated Dinar will NOT get to US$3.00 anytime soon and this is the key behind this “scam”.
            I wont be buying any as I dont think it is a valid risk but my neighbour is not convinced he says he has people who are in Iraq who know better than all of us.
            I say they are just trying to sell off their uncirculated notes so that they can bring in the new redenominated notes.
            Gees i’d be pissed if he was right though…LOL

          • Oh I see – yeah that makes sense. The problem with XE is that they quote the “official rates” on the exotic-currencies that don’t trade in the interbank market. If you go back that far what you are getting is the leftover official rate set by the old government, which was absurd. The currency was not free-floating and didn’t actually sell at that rate because it was nearly worthless for years. A very thin market did exist for it but it was not quoted in the interbank so XE.com would not have that data. You can find some historical data at the IMF from that period after the first gulf war when the unofficial trading exchange rate for the dinar was between 1,000-3,000 to the dollar. In either case – its moot. The dinar today is not the same one as that one was. The only thing it has in common is the name.

            When a currency is redenominated it means that the total value stays the same not the face value. So if you had $20 worth of dinar today and they redenominate tomorrow and your 25,000 dinar become 25 new dinar those new dinar are still only worth $20. The 25,000 dinar are actually exchanged for the 25 new dinar. Does that help?

      • Marconi306

        Dear John,
        It appears to me that this debate got to the very comic and ridiculous side, based on those guru dealer comments or people with desperate wish in order to pull more profit right now, so please don’t take it in any offending way.. I’m amazed about whole those individuals which come with so much “information” in order to proof the positive meaning and still get people scammed.. Mr.Alan example it is a good example of contradicting himself as follow : 3 IQD for 1 USD, and 1,000.00 IQD for 3,000.00 USD, confusing..?? I think so.. How about of those comments “OR” let’s say intentionally message here to confuse even more this scam.. I think all comments should count, even my harsh, perhaps comic side..!!

        • Fair enough. However, I have to say that Alan sounds to me like he is asking sincere questions and is confused about how it works rather than intentionally trying to mislead.

          As most of you know, I am OK with arguments and disagreements. I only block comments that are outright insults, or from pumpers (usually).

          • Hi Marconi306,

            Let me dumb it down for you.
            A neighbour comes to me with this “opportunity”.
            Rather than just blindly taking his word for it I did my due dilligence and researched it having no bias either way.
            Whilst doing so I found this website.
            I had questions.
            They were pretty well answered – Thanks John.
            I am a lay man when it comes to this and wanted to educate myself before jumping in.
            As a result and working through it I know it is not worth proceeding with.
            As for your comments – you seem to show a great lack of intelligence given that nothing you can said so far contributed to this forum save for unqualified degradation of a person who just wanted answers.
            Thanks again John.

          • Hi John,

            What does it mean when a country is going to “re-valuate” their currency?
            is this the same as re-denominating it?

            See this extract from my neighbours email below – and bear in mind I am only putting forward what others are being told to see if any of it makes sense to you:

            “I believe that somewhere I am positive that the United Nations told Iraq (Dr. Shabibi) that they had to keep inflation in the country under 7%. I posted in the forums last night about the growing concern about inflation as it grew another 1% last month. So with the news that Ray and I have today coupled with this news, this is all starting to fit together. This was part of the terms also agreed to concerning Chapter VII. I also see another article today about the core inflation is at 7%. One of Dr. Shabibi’s concerns was trying to grow the countries economy at the current exchange rate and still keep inflation low. We now have exactly what we wanted, high inflation which will trigger a dinar revaluation.”

          • Revalue usually means a country is intentionally changing the exchange rate of its currency versus a major benchmark. If you have enough foreign currency reserves you can usually budge or revalue your exchange rate by a few percentage points. The Bank of Japan for example spends trillions of yen each year in 1-3 revaluations to push their exchange rate against the dollar by 2-3%. It has never lasted more than a couple weeks, which is why I wonder why they do it. You have to be BIG to do this. It takes billions in reserves to push your exchange rate and the only direction anyone pushes their exchange rate is down not up. They do that because it gives you a trade advantage. I can’t think of a single example of an economy pushing their exchange rate up – why would they do that?

            A remonetization means you replace one currency with another. Usually they are very similar and the old currency is exchanged into the new one. This is fairly common and is what the Iraqis will do – if they do anything. So if you had 1000 of today’s dinar and they remonetize at a rate of 1000:1 then you would exchange your old dinar for 1 new dinar. This is what has happened over the last decade in Venezuela and Turkey.

            Honestly the email you quoted is just kind of nonsense. Remonetizing your currency doesn’t stop inflation. Historically speaking it almost always speeds it up. The Central Bank of Iraq publishes inflation data so there is no need to go to message boards to get that information. The official reports from the CBI show inflation still under 5% and core just under 7%, which is about where they have been for a couple of years now. I have no idea why the United Nations would tell Iraq anything about inflation and the truth is that there is no such agreement with the UN. Tell your friend to find the actual agreement if he is so confident. Lastly it seems that your friend is confusing a low exchange rate with high inflation, which is not the case. Iraq doesn’t have that low of an exchange rate compared to many other countries and they don’t necessarily have a problem with inflation. If that were the case why didn’t the US “revalue” the dollar by a 1000 times in the late 70’s when inflation was over 10%?

          • This is where my neighbour seems to be getting his “intell” from

            They talk a lot about the Iraqi Dinar’s RV

          • Yep the message boards are where most of the rumors and lies come from. It is a self-reinforcing community of ‘believers’, which really confuses me. I usually tell pumpers when they try to argue to make sure that their “intel” does not come off a message board and to find a primary source – which is almost always impossible.

  • Joe

    The smell test is what did it for me. If it revalued to what these pumpers say, then magically out of thin air people in the United States would try to exchange the equivalent to one year of America’s GDP. How does that even make sense? Banks don’t even have that much cash on hand!

    • Joe

      Oh, and don’t forget that the equivalent of one year of America’s GDP would be magically created on the backs of a developing country of 30 million people.. How do people not understand this is a scam?? 20% to buy, 20% to sell, means the currency has to appreciate 45% for you to break even!

  • Networth

    The Iraqi dinar is the perfect storm of financial desperation, ignorance and the internet. It is heartbreaking to see so many people fall for the foolish claims of the pumpers and promoters. A revaluation, as proposed by these people, has never happened in the history of the world. Germany after WWII and Kuwait after the Gulf War were not the least bit similar. But, of course, people don’t know that. They hear “revaluation” and figure they’re all the same. Currency exchange is a zero sum game. Wealth is neither created nor destroyed in the process. It is only transferred. People that believe wealth will be transferred to them through a revaluation of the Iraqi dinar should ask themselves from whom the wealth is going to be transferred. For them to receive the wealth of an RV, someone (or something) else must give up their wealth. Who will that be? The Central Bank of Iraq? The government of Iraq? Why would they do that? Why would anybody? It makes no sense. It’s an absolutely foolish notion. The government of Iraq would not willingly and voluntarily relinquish the wealth of it’s nation. No country would. They may squander it through fraud, corruption and mismanagement. But they would not willingly transfer it. What a preposterous contention. I dearly hope these promoters are exposed as the snake oil salesmen they are.

  • I just watched your videos…. 1 more thing.

    I dont remember the US going into Turkey, Venez, or Mexico to look for WMD’s or to kick out a dictator… did they?

    Please mention the real truth here… BIG Oil and politics.

    Please check the value of the Iranian currecny because it is about to change soon. EU just placed embargo banning Iranian oil.

    Why not throw China under the bus while your at it. Apparently they can move their currency value whenever they want. They want the dollar to go up, they do it…. they want the Euro to go up, they do it.

    Draw that up on your blackboard please.

    • OK – lets start at the bottom and work our way up through your comment.

      1. Its a whiteboard.
      2. China does not move the dollar directly they keep the yuan undervalued. I have written about this several times in the article comments. I am not sure what China has to do with the dinar, but moving your currency 20% DOWN over the last 10 years doesn’t seem to back up the idea of a 1000x increase in the dinar through an RV.
      3. Just checked the Rial and it looks a little lower than it did earlier this year but not by much. However, you make a really good point about oil exporters not just automatically having a rising currency. Over the last 10 years the Iranian Rial has dropped, dropped, dropped.
      4. I have no idea what you mean by big oil and politics. I have already shown several times that currencies don’t rise because you export oil. Why wouldn’t any of the others do that?
      5. I don’t remember the US doing that either, but, we can look to see how currencies do after an invasion… Wow they go down – who woulda thunk it?

      • Anthony Douglas

        I feel so foolish…will go tuck my tail between my legs…should have saved my money and put it in a savings account.

        • george

          i put 200 u.s. in. if it dont hit no big deal. i wont miss the 200 but if it hits i could use 300,000 or whatever it is. its like playing the loto

          • This is what I call the inverse-lotto logical fallacy. Based on this logic we could put 200 bucks into any asset and treat it as a lotto ticket. The difference, however, if we were to put that money into a lotto ticket, penny stock, gold bar, mutual fund, or deposit account is that in those cases there is actually historical precedent of a winner. What dinar-lotto buyers don’t know is that what they think could happen to the dinar has never happened and has no possible mechanism to happen in the future. At least with the lotto someone wins.

          • Marconi306

            Well, george…here, there is a Winner as well.. THE GURU DEALERS..!! Sorry, I didn’t mean to sound too funny..!! So, those individuals will never wish to have a “drawing day” (I mean RV) because then the “Dinar-Investment-Lotto” will be an exposure of some Lotto-Scam..right..?? However, your $200 would of got you 200 possibilities at the California MegaMillions, which I think you would of have a better chance of winning perhaps..!

  • Scott

    It is very easy to understand that this is a scam – let me give you an example, as an analogy, let me say that I expect the metal ‘lead’ to go through the roof. Let’s say 1 gram of lead is say equal to US$1 now (i’ve just made that up, but prob not far off) – now let’s say that I expect lead to be equal to 10,000 per gram in a few weeks . . .then why the hell can I still buy lead from “experts” at US$1 – see what i’m getting at? If dinar dealers are expecting the dinar to go through the roof and make anyone holding dinar millions of $$$, then why the hell are they selling it at a low price??!! Because they what to get rid of it – as they know it’s effectively worthless. The only people making money are the dinar dealers.

    • marconi

      Scott, you are a smart “investor”, I agree…!! Eveeeen if you are off few cents on your “lead”, it is way better then what these dinar guru “predicted” as much as 10,000 times increase… WHAT….!!

    • Yeah I have never found a good answer to this particular problem of the RV. Why not just stockpile endlessly?

      • marconi

        Dear John, Why not wishing to those Dinar Believeres out there a Happy New RV, so that we will make a better friends with them since whole this debate does not convince those naives anyway..?? I’m VERY positive that in a VERY near future this scam will end for some guru dinar dealers with some prison time..

  • BILLY GEORGE

    I WOULD LIKE JUST ONE PERSON OUT THERE TO SHOW OR PROVE THAT THEY HAVE MADE MONEY ON THERE EXCHANGE FROM DINAR TO US CURRANCY MY
    NIECE IS IN TO THIS THING FOR $60.000 SHE KEEPS SAYING ITS GOING TO PAY OFF MILLIONS
    NEXT WEEK SHE HAS MY BROTHER CONVENCED HE CAN GET RICH TOO HE BOUIGHT $500.00 HE HAS HIS WIFE OUT LOOKING FOR A 8 MILLON HOUSE
    WHAT CAN I DO TO STOP THEM FROM BEING SO STUPID. THANKS BILLY GEORGE 73 YEARS OLD

    • Billy – You could have them read this article and the comments stream or they should consider contacting the FTC – they have some interesting information as well on the scam and how it works.

  • BarFly

    Hello John and thank you for the detailed information. A lot of emotion on this blog, you are a patient man John.

    Several years back I was approached by a family member who urged to purchase some Dinars; I ignored the advice and forgot about it. Just recently this individual gave me 250,000.00 Dinars; as such I became interested in what is happening in Iraq. Thus far I am neutral in this blog meaning I don’t have a real opinion yet (still learning as much as possible). I don’t have any money invested but do believe the IQD will be worth something (it has to be worth something. Could one IQD be worth one US cent?).

    I serve on a bank board and inquired about the Dinar with the President, she said she had purchased some Dinars and also said that their bank will exchange the Dinars for US currency if there is an RV. I don’t mean any disrespect but am trying to learn as much as possible; what is your background, are you an Economist, an avid investor, a Banker…? I recently spoke with a friend who is an economics professor and he believes the Dinar could conceivably reach over $1.00US when the Iraqi Parliament finishes their budget. I am lost because both sides offer valid arguments. With this in mind, I am asking for your impartial “realistic” opinion on what you feel the best case scenario vs. the worst case scenario is for IQD investors.

    Once again, thank you for your time and information.

    Best regards,

    Robert

    • guru zombie

      hi john and readers
      one thing i have noticed about this never ending story that i have been watching for about a year now is that the people who believe in the rv quickly resort to name calling if someone does not agree with their position.they never come up with facts just insults.

    • Robert – my whole point is that dinar investors should do their own research off the message boards. Don’t believe me – take anything I say and go look it up. Take everything I said and look it up to see if it is actually true. To make it easy for anyone to do that I have summarizes my factual claims below. So far, no one has been able to debate these premises with anything other than insults and/or rumors.

      1. Has an RV like this ever occured? No.
      2. Have the Iraqis, U.S. or IMF ever released plans for an RV? No.
      2. Have remonetizations happened? Yes – frequently.
      3. Do remonetizations result in a rising currency? Almost never and in the past the currency usually falls again quickly.
      4. Do oil exporting countries have currencies with rising values? No.

      What I am not claiming is that banks won’t exchange dinars for dollars. Although most don’t I know there are a few out there that will. That is NOT the same thing as investment advice. You can also exchange euro for dollars. Does that make the euro a good investment?

      What is frustrating to me is the “what’s the harm, its just an investment or everyone has their own opinion” argument. Real people are hurt by this scam despite the facts that are easy to get.

      My bio is under “about us” at the bottom of this website. I would note that unlike any of the myriad gurus, “advisors”, message board operators, “bank presidents”, and many dealers I am a real person with a real name.

      • Barfly

        Thank you for the quick reply and information John. I am still interested in a best case VS worst case scenario. I understand you don’t have a crystal ball but am curious as the Dinar will be worth something. Thanks again, Robert

      • BarFly

        Hi John, I have now officially read all of the posts on this blog amd share your frustration. The Dinar pumpers are definitely taking advantage of people.

        My question, which perhaps you don’t want to address is what do you think the Dinar will be worth vs the Dollar? In my short due diligence I have heard the Dinar will make pretty wallpaper, be worth over $3.00US (which is not even slightly realistic) and a couple cents to a dollar. I am interested in your opinion. I acknowledge that this question doesn’t fit with the scope of your blog but would appreciate your worst and best case opinion for IQD investors.

        • Robert – its a fair question, but what you might not know is that the dinar doesn’t “have” to go anywhere. They could leave it at the current exchange rate indefinitely. Although there is bound to be some very small fluctuations, there are a few oil exporters who have done a good job at pegging to the dollar for extended periods of time. Right now the dinar has a low exchange rate to the dollar but that doesn’t prevent them from conducting international and domestic trade. South Korea and Japan have done that for decades.

          If they remonetize, I would guess it will be at a ratio of 100:1, which means that if nothing else changes the new dinar would be worth 100 old dinar or $1.17 in its exchange rate. Keep in mind that, a remonetization does not lead to a gain on the gross value since everything is converted. Its kind of like a reverse stock split if you are familiar with the concept. I really don’t know how likely a remonetization is, but is happens once in a while and the central bank in Iraq has hinted that they may do it in the future.

          If I had to guess I would say that the dinar will remain relatively stable while everything continues to be guaranteed and backed by the IMF. That will probably be a few more years in practical terms. Once a currency starts floating (more or less) on its own you usually see a drop in value for a while as the government funds internal and external projects. If a remonetization occurred I would expect that it wouldn’t happen sooner than 2-3 years after they are floating.

          The odds are strongly in favor of a dinar that drops in value for a while. However, there have been some exceptions to the rule. I can think of two oil exporters who’s currencies are up 20-30% over the last two decades. It could happen with the dinar as well but that is definitely the exception to the rule. Based on the current spread, even if they did pop 20% most investors would be barely at breakeven. That is my honest assessment of the best case scenario.

          One really important point to make here is that it is not in the best interest of the Iraqi economy to allow their currency to appreciate against the dollar and the euro. It would put them in a weaker competitive position when selling to their two biggest customers. The good news for them is that it is much easier to devalue your currency than let it appreciate. Selling to China would be even more difficult because China manages a weak currency policy already.

          • ROB

            Thank you again John, Great information!!

  • Zukopunch

    So after my dinar revalues,John, will I have a big enough stash of cash to fill that empty head of yours?
    The dinar might not revalue tomorrow, hell it might not revalue for years but it will eventually and I’ll make more money in a few years then most will make in a lifetime. It’s like winning the lottery with better odds. I’m not saying sell your fine china to get every cent of dinar you can but even if you pick up 1000 for a couple bucks and it comes through it’s like winning cash cab. Don’t sell your children thinking it’s gonna hit tomorrow but instead of buying some cigs or a lotto buy some dinar. Worst comes to worst we can use it to stuff and mount John donating him to a museum for the douche exhibit.. Sorry but I read some of your comments and your very condescending and rude.

    • Ummmm… I’m condescending and rude!?

      Despite the insults I wanted to publish this comment as a typical example of a dinar-pumper. No proof or evidence of an “RV” is offered just faith that it will somehow. Its all personal attacks, which is very typical. Even though this comment had no substance I think once in a while its good to have a reminder of the kind of “evidence” pumpers use to back up their bad decisions.

      • MarketingWiz

        Hello John. I stumbled across this site when Googling dinar revaluation scam. It is SOOO true that dinar investors get terribly offended and aggressive if you question the RV. A few months ago, I had lunch with a long-time close friend who told me about the dinar RV in a hushed, secretive tone as if it was very privileged information. He revealed that he had spent thousands on dinar and was expecting a huge ROI that would make him a multi-millionaire. (This is a typically smart person whose opinion I would normally value). Once I did some Internet research and read the pros and cons, I decided it was indeed a scam and did not purchase. I still get regular text messages and frequent emails from him that contain updates from a weekly call he listens to that further perpetuates and hypes this scam. I have actually listened to a couple of these calls and quite honestly, their level of credibility is ZERO. They SOUND like con men. I am shocked by my friend’s naivete. Anyway, when I politely questioned the legitimacy of the RV, he became defensive and annoyed and stated that if I didn’t want to get rich it was my problem. Wow! And he still tries to get me to invest, usually by saying that the RV is going to happen “tomorrow” and that I can still get in if I buy now. It’s been going to happen “tomorrow” for over six months now. If I didn’t know better, it sounds like a pyramid scheme. I honestly do not understand why it’s so important for these unfortunate investors to recruit even more. Maybe it makes them feel less stupid. Gee, I hope I don’t sound “condescending and rude.”

        • Thanks for the note Kathy. Yeah I have been hearing about an RV “very soon” for years. I keep expecting the scam to kind of die down but it just seems to grow and grow.

    • Paul

      Yes John, How rude of you to ask someone to back up what they say with facts ? You know what “my friend the Banker ” says ? Don’t let facts get in the way of a good story.

    • marconi

      Dude Zukopunch, you have better odds winning that lottery, believe it or not, than see your imaginary “RV” going anywhere.. However, “IF” that IDQ will increase in value, in 10 years from now, then you can fill that empty head of yours with the present Iraqi dinars that you have, because these will be out of circulation by then.. Just saying..!!

  • Lucy

    I sat down with a neighbor in July ’11 who tried to convince me to invest in this whole scam. I did some google about it and found out that it was BS. I’ve been away for a few months and ran into the same neighbor. He offered to give me 10K IRD – I said – thanks, no thanks – He got aggressive and long story short, he’s really pissed at me for not believing that it’s a legitimate investment because he has over 3 or 4 million of that currency under his bed ready for the big day – which is any day now! at least that’s what he’s been saying both times he spoke to me about it. Sad thing is that he’s roped another neighbor into the whole thing – a sweet older lady who doesn’t really know all the complexities about currency exchange. It is very sad to see someone who used to have their wits about them go nuts over money.

    • Lucy – thanks for the post. I wish there was some kind of good advice to give in a situation like this. I am often confused by the anger expressed by dinar-fans when confronted with facts that disagree with their expectations. I can’t really explain it. Its almost like the religion of dinar or something. People get really emotionally invested in it but they have to accept everything on faith alone.

  • Johnathan

    My question pertains to the difference in dealers. I may be a little confused, but when you mentioned how dealers register with the Treasury, did you leave the possibility that there are those who are registered properly and are distributing the dinar out at proper value? And if you invest with a “proper” dealer, does that mean that it is a better possibility of actually getting a profitable return on investment or just the fact that they will explain the inherent risks properly? I have two people who are friends of the family who invested fairly decent amounts of money into the dinar and have said their return investment money totalling $25 million plus has already been approved by the treasury and is sitting in their bank at their disposal. On the other hand, I have a personal friend who invested and said he has heard no word about getting a return on his yet. Why the two different stories?

    Thanks

    • Whether the dealer is registered or not will not make a difference in getting a return. The likelihood of even small profits in this trade are almost non-existent regardless of who you buy from. Registering with the Treasury as an MBS is as simple as filling out a form and posting a small bond. The dealers aren’t even acting like a real MBS so it is all kind of fake anyway and doesn’t make a difference.

    • Straightup

      John, I honestly do truly have a dear friend who is president of a bank in Texas. I asked him about the dinar rage a while back and he said “it is baloney, nothing but a scam which has been going around for quite some time.” He said, “buy silver or gold.” I was and still am worried over a friend who “invested” $3500.00 in this thing. She is on an emotional roller coaster ride. UP and DOWN…she thinks any day now…any day now. It is heart breaking to hear and see her in such turmoil. Sooo, I called my guys, who hold my investments with WellsFargo and they told me the same thing!!!! SCAM!!!!!!

    • marconi

      Dear friend,
      If it was not the New Year Eve that come with some euphoria and some champagne, then I might take it a little scary…!! I understand you have been all night long “having fun”, and why not writing something here…!! Take it easy, OK…!! This year just started..!!

  • soonerorlater

    ok so explain to me this…i spoke with the president of a local bank, friend of the family, who assured me that in the event of the IQD rate increasing, they are prepared for cashing in foreign currency. and this is coming from somebody who chose not to participate in this investment. he did not go into details the process of this, but did in fact tell me that it is not often that his bank, and others, have been informed to prepare for cashing in foreign currency. and the metaphor about the iraqi boy all of a sudden buying a mercedes is misleading. his 25,000 note is barely enough to buy a loaf of bread as it is right now. for the dinar to RV at 3x, he will now be able to fill his camel us with water AND buy a loaf of bread. i understand your concern with getting caught up in a scam, but that iraqi boy story was ridiculous.

    • Cody – if I had a nickle for every time someone told me that “A friend of mine who is the president of a bank said…bla bla bla RV bla bla” I would have at least 25,000 dinar;)

      There are a surprising number of “bank presidents” out there talking to their friends about the dinar. What is even more surprising is that none of these “presidents” are going on record about it. In fact the closest I ever found was the exact opposite from this bank – http://www.pacificrimbank.com/dinar.html

      Lastly – if you think the Iraqi-boy story is bad please feel free to explain why. Right now your whole argument is an appeal to authority (un-named at that). If the math is so obviously bad – correct it. I am willing to engage in a debate about facts.

      • soonerorlater

        i am not necessarily buying everything that he told me. but i asked you to explain to me, in reference to you mentioning that it is not as easy to cash in this foreign currency due to the demonetizing, why banks other than his are informed to have staff ready in the event that a large number of people pile into their bank to cash in. certainly you are not the only one who “knows” that it can’t happen that way. i’m sure the banks would know since it can’t happen, they won’t have to be over-staffed. also, would you mind explaining the new tax form 8938? why all of a sudden are we required to account for the foreign currency we have? i’ve never heard of anyone having to fill one out.

        and about the boy, i don’t know the exact math, but i know if our u.s. dollar were to lose its value, and next week it revalues back to where it was, i couldn’t all of a sudden buy a new car.

        • OK so you don’t understand the math but you “know” its wrong. Come on, Cody this isn’t that tough. If you have 25,000 dinar that is currently worth $22(ish) and it suddenly becomes worth $75K (at a $3 exchange rate as you suggested) – you don’t think you could buy a car with $75K dollars and have it shipped to you in Iraq? Does that make the absurdity of the situation any more clear?

          I am not a tax advisor but I can say that the IRS has been fighting a losing battle against foreign tax shelters for a long time. They have a very informative page about what that form is for and who needs to fill it out. It has a $50K minimum so its probably not going to apply to very many folks. I would mention however that they never mention the “dinar” anywhere. Amazing that it could be overlooked. It must be part of the grand dinar-conspiracy!

          To be honest I have no idea what you are saying in the first part of the paragraph. Banks are staffing up for some kind of dinar-conversion rush?? Is that what you are suggesting?

          • soonerorlater

            well according to demonetization, that 25,000 dinar must be traded for a smaller amount of dinar, at a rate of 3x, it would be roughly 8,333 dinar? that 25,000 dinar would not triple to 75,000 dinar, correct? that’s how the mommas boy on the video explained it. but that 8,333 dinar would still be worth the same that the 25,000 was worth. if the boy could buy a weeks worth of groceries with 25,000 dinar, he can still buy the same groceries with 8,333 dinar. i’m not arguing that this is not a scam. but if i understand correctly, having to trade in this high amount of dinar for lower amounts of “new bills” is what demonetization is all about. what will be the difference between the bills that are out now, and the new bills? how will somebody know that what someone already has, is not the new bills? i thought they already reissued the new bills without saddams face?

          • Cody – It seems I may be misunderstanding you but i can’t tell for sure. Perhaps we are talking past each other. At first it seemed like you were talking about an RV (fictional/scam) but now it seems I misunderstood you and you are talking about a remonetization (a real thing that happens). Countries in Iraq’s situation remonetize once in a while and if they remonetized 25,000 old dinar at a 3:1 rate then, yes you would get 8,333 in new dinar. Assuming everything else remains the same then the new dinar would still be worth $22 or so in the aggregate. No one gains in a remonetization, and yes they can do it over and over again. Some countries do.

            Where I think (hope) we were confused was the terms. The story about the boy was one to show how rediculous a 3:1 RV was and why countries can’t do that and why the dinar dealers and pumpers who say it will happen are lying. Remonetization is the way they do it and no one gains from those. In fact almost all modern remonetizations have led to a falling currency. Creating a new design for the money is not difficult. Sometimes countries change the color and design to make sure it is easy to tell.

      • Andrew

        John, all bank from tellers to supervisors to managers have all been promoted to Presidents and Vice Presidents.
        i have dinars but this whole thing is fishy.
        As the old saying goes, lots of big white boys have horses in the race. What you think.

  • Fred

    My wife is so consumed with this IQD stuff. She has been out of work for 9 months, stopped attending a class to learn a new trade and spends all of her time on the IQD formums with her “fellow dinarians”. She is so convinced that the RV will happen tomorrow, then the next day, then the next day etc. I work 12 hours a day to support her and her son. My daughters lives with thier mother and I pay support on top of everything else. She stays up all night in the forums and rarely comes to bed. She feels that she does not need to find a job because of the RV. We have not been married for a year yet and I am at my wits end. She has bill collectors calling, no money in savings, drives my car, and is behind on all of her bills. She is not willing to read this site. What can I do to convince her this is a scam. When will this nightmare end? I am so close to divorce!!

    • Fred – I am very sorry to hear your comment. I appreciate the frustration. This is a classic example of “what’s the harm” in a little hype and scamming. I wish I had something better to say…

      Best wishes.

  • B Sam

    John, I agree what you say but how does UST allows the dinar bankers operate so freely and take help from gurus/pumpers to maximise their sales, If this is a ponzi scheme, wouldn’t our government give people the heads up, our economy cannod afford another grand scam

    • On the scheme of things its actually a pretty small scam. Plus its in a gray area. You can lie all you want as long as you aren’t selling dinar. And you can sell it all you want as long as you don’t lie (too much). So you will notice that the dealers partner with message board operators and pumpers who do the lying and they do the selling. There is still a lot over overlap though.

  • Nathan Wheeler

    Presidential Order 13303…apparently, John you are not interested in facts…currency is legal to sell/buy in the USA.

    • This is a good one, Nathan. Besides some unusual liability exemptions what about this order makes you think an RV or appreciation of the dinar is possible or desired? I assume you have read it ;) There isn’t anything in there about an appreciating dinar or revaluation.

      In fact if anything EO 13303 would seem to create in incentive for raping the Iraqi economy by U.S. interests because they have liability protection. If you disagree that’s fine but quote where I am wrong from the E/O itself not where some dinar pumper said I was wrong.

  • Jake Phillips

    John – New to the site, great article. I was just recently introduced to the idea of investing in the dinar last week by a co-worker, so I spent the entire weekend researching it. After all of the due diligence, I came up with a scenario that to me makes perfect sense in explaining how there is NO way that this thing could play out the way these “dream chasers” believe it will.

    According to numbers I’ve seen from 2009, the “average hourly pay” for an Iraqi citizen is roughly US $2.10 per hour. That currently equates to ~2,500 Iraqi dinar, per hour. So let’s take an average early 20’s Iraqi boy that gets a job, say “moving rocks”. He goes out and puts in a hard 10 hour day worth of work. At the end of the day his supervisor approaches and hands him his fresh, crisp 25,000 dinar note.

    The boy takes his note and heads for the convenience store. He proceeds to fill his car up with gas, grab a coke, a bag of chips and a candy bar, basicallly blowing his entire days pay. He goes home and goes to sleep happy. The next day the boy gets up, goes to work, and again earns his 25,000 dinar. However, his car is full of gas and his belly is still full of sugar, so he takes this 25,000 dinar note home and puts it in a little tiny box under his bed.

    Now, day 3 begins and low-and-behold, this is the day that this magical “RV” happens. This is the day that an Iraqi dinar transforms from being worth a fraction of a US dollar to being worth 3 US dollars. The Iraqi boys wakes up, sees the morning news, grabs his 25,000 dinar note from under his bed, and proceeds to go down to the local Mercedes dealership where he buys himself a brand new $75,000 SLK 500.

    Wait………what???????????????????

    Anyone who even remotely believes something like that could happen is either high, or a full blown idiot.

    Keep up the good work, eventually they will see the light, even if it is too late.

    • Jake – thanks for the note. This is actually a really good way to think about how absurd the whole thing is. If the U.S. government had a massive conspiracy to create a bunch of millionaires why wouldn’t they do it by “revaluing” the dollar rather than the dinar. BTW I made a small edit to your comment so I don’t get flamed… you would be surprised… but let me know if you object ;)

      • Travis

        Just a question on the same comment. Obviously that senario wouldn’t possibly make sense. But wouldn’t it be true that if the value of their money increase, so would the cost of goods sold. So for example, say there is something that right now costs x amount of dinar. After “said” rv happens, the value of that item would have to go up to compensate to the increase in money value. For example when the Euro was going strong, in a country that used it, the cost of their goods were more expensive than they would be if you were in the US buying them. This because the Euro was more expensive. Is that the way it works?

        So if that 25,000 note was all the sudden worth 3 time American money, that doesn’t mean they would be able to go out and buy a new car, cause the value of their money in country would still value what it values, goods would be converted to still be sold at what the value was. So just cause their money increase in value against the US dollar, doesn’t mean it made it so those people were all the sudden millionaires…

        “please fell free to fix my comment if I didn’t explain it right, but please respond the the idea behind my post” thanks.

        • You have the right idea in some respects. What you describe is what happens when a currency is remonetized. So if you had 1,000 dinar today and that was enough to pay for a loaf of bread and a remonetization occurs and changes those 1,000 dinar into 1 new dinar which is still the price of a loaf of bread. What you are missing in your euro example is that what you describe does not happen that way. For example, in relative terms, low-end products in the U.S. are much cheaper than they are in China because of the relative strength of the US dollar not the other way around. This is an oversimplification but in general a mild rise in one currency compared to others doesn’t make any difference in the cost of goods all by itself.

  • Dakota Tom

    A civilian friend who went to Iraq to work for KBR and was there for approximately 2 years first told me about this. He bought some, I bought some, then I told some friends and they bought some. (feel pretty bad about that) I have since wrote it off as a learning experience and moved on. I had suspicions that it was a pipe dream but figured the dinar couldn’t loose all it’s value and would always be worth something. The big selling point I fell for was the Kuwait comparison and that the Iraqi Dinar wasn’t currently available to the world, (they made it sound almost illegal to own which added to the appeal, scam 101) but would soon be via acceptance by some world entity. Soon??? That was 2004. The stories change, the scam continues, and the dinar is basically worth the same as when I bought it. Problem is I bought it at 20some% percent over it’s real value. That is the scam, John is 100% spot on, and the scammers and the scammed don’t want to admit it!

    I have heard and read all the scammers stories about how it will RV, and you will only be able to exchange it at certain banks, or it will increase in value a little, most will sell, then it will really jump and the people who held their”s will be rich, the stories just keep coming and the scammers keep making their 20% spread. I actually had to threaten mail fraud on one ebay seller before I recieved some dinar, it was a tense couple of weeks. I am into it for approximately $1400.00 and that won’t hurt that much as it was long ago but would like to get something out of my 1,375,000 dinar. Current xe exchange is $1180.00. I would be ecstatic if I could get that out of it!!!

    My question is…will I ever be able to exchange Iraqi dinar like other world currency at banks or currency exchange places in order to get something back on my “investment”?

    I don’t do ebay and really don’t feel comfortable kicking the can down the road, that would make me feel like I myself was a con-man.

    Thanks John for your excellent explanation of what I knew deep down was true. Any advice would be greatly appreciated!

    regards, Tom

    • Tom – thanks for the note. Its always interesting to hear from some of the folks that have known about the scam for years rather than just finding out about it now. I don’t know that I have great advice about getting rid of the dinar. Have you talked to some of the dealers? I understand that some also buy dinar back from investors although from what I have heard the spread is very large. That’s why they won’t publish the buy-back price on their sites. But it might be worth it. I would assume that it will be possible to exchange dinar at a bank in the future. There used to be a few you could get dinar from in the U.S. but they don’t do it anymore because of the scam. When that will change is a big question. I wish I had better advice – sorry.

    • marconi

      Dear Tom,
      Just to add one more thing, I also spoke recently with one relative that works as a pilot and lives right on that region, so he said that IDQ increasing in value or RV it is NOT heard.. He works for one of the arab airline and daily visit Bahrain/Qatar/Iraq/Kuwait/Emirates.. So this scam spread only in few countries, and unfortunately in US since many buyers were not well educated or well informed prior, in order to avoid getting into..

  • Robert_S

    John — Have you heard of “Tony” Breitling? My friends who are still invested in this are buying into what he is saying because (as they put it) he’s supposedly a “well-known economist.” Here’s one of the videos they sent me to supposedly prove why Iraq won’t do what Turkey did with their currency. Could you please take 5 minutes and watch this video and give me your feedback on it? I can’t seem to convince my friends that this guy is just another scammer. Thanks!

    http://youtu.be/hzuL6zgvWQY

    • Yes, I have heard of him. As you can imagine that is not his real name (very common on the scam side of the business) and he pumps for a dinar forum/dealer.

      I don’t know what to say about the video. Its pretty much just nonsense, I had a hard time even following what he was saying. He clearly doesn’t understand (or thinks his viewers don’t) how monetary policy works and how hard-currency fits into any system. To be honest I do not understand the fad for lower denomination notes that has emerged over the last year or so. The scammers rely on investor ignorance to get you to buy. If someone doesn’t understand how currencies are backed (or not backed) and how a redenomination works then they are just as likely to believe Elder as they are to believe me.

      What I would suggest is for your friends to pick 5 facts that I state in my article (any 5 will do) and go find independent confirmation of those facts. That means confirmation from official sources who don’t have a stake in the investment-scam. They should then pull any 5 “facts” that seem to refute my argument that Elder uses in his video and do the same thing. For that matter they should just try to find out who this guy is in the first place. Why is he hiding and not using his real name, etc, etc. What they will find is that what he says is just made up by pumpers and dealers.

  • Bummer

    John — What is the business model for this scam? In other words,how are the dinar “gurus” who are perpetuating this scam making money from the RV Believers they create? Are they counterfeiting dinars? Or are they just making a huge spread between what they buy the Dinars for and what they turn around and resell them for? Or are creating worthless currency options and charging for them knowing that they will never have to deliver on the position? Just curious about what is in it for them. Thanks.

    • Yeah – they collect a pretty big spread. I have seen it average about 20% so if you are buying $10K worth of dinar they are collecting a pretty big spread plus shipping and such. Most of the message board operators and gurus are earning either commissions or advertising fees from the dealers. I have not seen a lot of option sellers out there myself – is that a big business for dinar dealers?

      • Evan

        Hey John,

        Could the US have any influence over whether Iraq RVed their currency? Wouldn’t be beneficial for the US to push for an RV, since there are an estimated 3 million owners of the Iraqi dinar in the US (what I have heard). That is a lot of tax money! Also, all the consumer purchases that would be made. Could this jump start the economy?

        What is your take on this?

        • No – unfortunately for dinar investors you can’t just arbitrarily revalue a currency to be worth whatever you want it to be. That change would have to be backed by something else. Right now the dinar is backed by some reserves but mostly just loans from the IMF which is in turn backed by the dollar and the euro. Plus you have to ask yourself why would the U.S. “revalue” the dinar in order to create wealth? If revaluing a currency was even possible why wouldn’t they just revalue the U.S. dollar to be worth 10 euro or 100 euro? It would certainly increase U.S. wealth and the Europeans would also get rich from all the purchases of European cars, vacations, and other exports. The answer should be obvious – you can’t just make a currency worth whatever you want. The reason it takes trillions of yen to move the dollar/yen exchange rate a few percentage points that then gets erased in a few days (happened twice this year alone) is that adjusting your exchange rate even a little is extremely difficult and expensive. It is not just a book entry like the scammers would like you to believe.

          • Evan

            True true. Could they set it to a higher value that they could sustain backed by oil? There are a lot of smart people out there. If they found a way to pull this off it would be great for The US economy. I mean the US has been over there for like 10 years. Its hard to believe they would spend so much money on this war and not come home with anything (Money wise). But it might well be for the good of Iraq and the end of terrorism.

            Your saying there is no possible chance a RV could happen? 100% sure?

          • That is actually the whole point. If it suddenly became 1,000 times more expensive to buy Iraqi oil than it used to because the exchange rate was changed like the scammers say it will during an RV then they wouldn’t be able to compete with other exporters. Oil exporting economies want a stable currency value not one that is being RV’ed or potentially RV’ed any time.

            Also, if you are arguing that the U.S. needs to make a profit from war you need to study your history a little. War is not profitable unless you physically bring home spoils – which is certainly not the case here. For example, the Vietnam war (the last U.S. war of similar size) was such a financial disaster that the U.S. dollar had to drop the gold standard and still suffered two financial crises in the late 70’s and early 80’s.

            Yes, I am 100% sure that there is no chance for an RV. The scammers will try to brush stuff like this off by saying that “you never know” or “no one knows the future..” that is all just B.S. to keep hopes alive and to try to convince people not to look at the real facts or be logical about this.

          • Evan

            Alright thanks man

  • MikeInNY

    News from the Funny Farm

    Well about two weeks ago we were told on PTR that the RV was happening. In fact, the RV was confirmed and people were being paid in Iraq at the new RV rate of $3.75. We were told it would take a few days for the rate to reach the rest of the world because the IMF was going to hold it up for 72 hours. Well it was party time, everyone was telling Dan and Tony how great they were and how they were going to all be millionaires.

    Did I make a mistake listening to John?

    Should I have bought Dinar?

    Was I about to kiss millions of dollars goodbye?

    Fast forward a week and guess what? No RV. If I was a Prozac salesman I could of make a mint selling to the members of PTR. People were yelling at each other asking how it could not have RV’ed. Well they had an answer. It seems that the Iraqi Dinar is part of a “basket” of over a hundred currencies that are going to RV at the same time. All the currencies need to be Basil 3 compliant (whatever that is) but they found that some were only Basil 2. All will be good in a week or two and then RV here we come.

    I’ll be back when there’s more crap (err news). Gotha go, I’ve got Santa on hold and I need to give him my Christmas list. The long distance charges to the North Pole are a killer.

    • Mike – awesome note and thanks for the update. I have been hearing that same story over and over again since about 2005. Its always the same – The scammers say the RV is just around the corner, they set a date, no RV happens, pull some excuse from collective butts. Every once in a while it gets pretty extreme when all the ‘gurus’ start setting the same date. Last April there was a date that a lot of folks were promoting and I got tons of flames on the site from future millionaires who were convinced I was just trying to keep everyone out of this “sure thing” for my own benefit. Needless to say that was not the first or last date I have seen come and go.

  • ohsirus
    • Are you kidding me? No, I am not going to rebut this ridiculous video. I listened to about the first third and turned if off. Its all the usual stuff. If you read the article above and the comments I have made you will find a rebuttal to just about everything this joker has to say.

  • Ashley

    I am a big big dummy. I see it now after arguing with my husband about this crap. I have been telling him and telling him this is a scam. It is making me so angry how much he is consumed with reading all that crap about it will RV any day now.

  • Bill

    John, I wished I had found your information prior to my purchase in June ’11. I could have saved myself 2Gs and a lot of effort. Granted, I looked at the IQD more of a gamble and only put in what I was willing to lose.

    However, to some, it was for hope, however false it that hope may be. Sometimes, hope is all they have and if false hope gets one to the point they no longer need it, well maybe, it is all they needed. Physiologically speaking.

    As to those of us that have IQD. Don’t waste any more effort on it. Stick it aside, no one knows the future. If an RV takes place, then it takes place and move on…who knows, we may be take a trip one day. If nothing else, when the truth is in full view, donate to one of the local children’s homes. Surely, several million dinars will buy food and clothing. Now, it is tax deductable.

    • Hi Bill – I want to endorse your idea that the worst that could happen (besides personal losses) would be a donation to Iraqi charities in the native currency. You never know what kind of good even a small amount like that might do. Thanks for the comment.

  • nan

    I know someone who just ordered from dinarguru.com and they sent him dinars overnight from europe. I just found out. I’m pretty sure he just got scammed. Have you ever heard of these people? The name itself sounds shady to me.

    • It looks more like a waste of time to me than anything else. This is a pretty classic message board full of a bunch of lies, half-truths, and total nonsense that they are charging people for. I will leave it up to readers to decide whether that qualifies as a scam or not because I think I have been clear on that issue. Thanks for the comment and I have to agree that I cannot figure out the whole “guru” thing. Why do they use that term? It just seems so corny and stupid. However, guru is not the only religious term you will hear on these message boards. You also get lots of other religious comments as if prayers or “guru’s” could somehow turn the dinar into a million dollar opportunity supernaturally. There must be something about dinar buyers that they respond to the whole religious/guru thing, which just seems very tragic to me.

    • marconi

      Dear nan,
      Some dinar buyers in Arkansas sued one of the dinar sellers (dinartrade.com firm) from California, and they have been banned to sell any IDQ here in US, therefore these individuals moved their scam operation in UK, in order to continue to sell and avoid any other complication in US..

  • Coqui

    I started out as a member and ended up creating a forum dedicated in alerting others of the iraqi dinar scam.

    I agree with John, the dinars are a scam. It’s the false information Dealers and their Pumpers promote which helps cause sales of the Iraqi Dinars is what makes the Iraqi Dinars a scam. False RV information creates sales. That’s whats it’s all about. Sales.

    The dealers stocks the dinars and the pumpers help sell them via false information. It’s organized crime to me and they should be locked up for scamming people out of their money. It’s a criminal network well planned and organized. For some, jail time is inevitable.

    My advice to all is to copy all their false information and send it to the FBI cyber fraud division along with the forums web address.

    Most forum Administrators sell and/or permit this fraud/scam to continue but prefer to keep their mouths shut because they receive kick backs by the iraqi dinar dealers being advertised in such forums.

    We the people need to put an end to this scam. Don’t buy into it like I once did for believing in false information. It’s about alerting others avoid being scammed and victims of these perpetrators.

    Thanks for the info. John.

  • john

    if it was a scam, then why would the United States government buy 4 trillion dinar.

    • John – don’t quote spam from dinar message boards. Cite your source. How do you know the US has 4T dinar and for what purposes?

      • Michelle

        OK Why would Banks Sell it NOT one bank but I know of 15 different Big name banks and I know FOR A FACT they have sold MILLIONS… HOW and Why would they do this if it is a scam…I think they will be in ALOT of Law suits.,.I think I will carry tjis Blog to B of A and talk to there Law Department Monday Morning..I want to know…

        • Please do call because I think it will be an enlightening conversation. You can’t buy the dinar from BofA or any other “15” banks in the U.S. That is just lies from the message boards. There used to be a few banks you could get it from but not anymore. Also remember that when we talk about the dinar scam we are not denying that this is an actual currency – it is. We are calling the investment in the dinar based on some made-up RV or whatever a scam.

  • Nathan

    So I had a friend over the phone last night ask me if I liked “RVing”. I said I don’t own a trailer. Well then the can of worms was opened, and now I have to go online to find out what the heck is the big deal with the Dinar. Your videos were a big help but I am left with a couple questions: 1- you talked about a 20% or 23% breakeven point, are you saying that when I have 1000 Dinar in my pocket, I have driven off the lot with a 20% loss? Where does that loss go or come from? And 2-what kind of profit do the dealers make? Are they selling Dinar at a 20% profit, and if so maybe I should become a dealer? just kidding. I was just thinking that as a 3-5 year trial, it doesn’t seem like that big of a potential for loss(I would never put more than $500-$1000 in this thing, an amount which many people have no problem blowing on smoking, all out gambling, and other guaranteed zero return “investments”) I liked one comment you received stating that it would be more intelligent to place money in an ING savings account, but this does have a FUN!!! element compared to a boring old savings account.

    • marconi

      Nathan your post come very strong and loud like : what is a $500 perhaps a $1000 invested in this “investment”.. Dear “friend” with all my do “respect” you tell people here with some other words go ahead.. Your post it is nothing but misleading others to buy and nothing more.. Very wrong because it appear that you like individuals here that read your post to go ahead and buy your worthless IDQ, which is more like a very costly toilet paper.. As I’ve mentioned in the past, IF 20000 people will spend $1000 in IDQ, then there is the profit that all these guru dinar dealers need in order to make a profit.. Whole idea it is to mislead individuals and make them buy.. “Have a nice day”..

    • Nathan I would probably agree with you if the “possibility” of an RV was real. Even if it was just very, very unlikely it might be worth it to roll the dice. However, the scam is that an RV as described by all the pumpers out there can’t happen – its impossible. It would literally be better to put that money into the lottery where there is at least a chance that someone will win.

  • USAVet

    THE PROBLEM you are encountering here John, as you well know, is that your logic and explanations are way over the head of most people here.

    I don’t claim to follow it all…but the logical arguments you make on why the Iraqi currency will more likely go down in value, and why it is very unlikely to go up – are certainly sound. Unfortunately, there are many people who read what you have to say, not have a clue what you are saying, and simply dismiss it out of hand…. not even thinking that it could raise a number of red flags, they happily walk into the minefield and invest in Iraqi dollars. Only when they realize they lost their money, do they perhaps realize they were “scammed”, but more likely think they were “unlucky” and move on to the next mouth-watering, to-good-to-be-true scam.

  • Sean

    I am a contractor, currently in Afghanistan. I see 10’s of thousands of dollars spent on this Pipe dream. I dont understand why people think its that easy to get rich. I have talked some sense into open minded “investors”, but there are still people wasting money.
    Please people read this article with an open mind. It makes sense. Research both the positive and negative sides of the Dinar “investment”. Put your money into ING Direct, you will make a bigger return on it. Plus its safe, bot going to get rich but at least you will come out on top unlike the Dinar “investment”. Thanks for the article John. If you have a newsletter, please send to my email. Thanks!!

    • Thanks for the note – Sean. Its always nice to hear from someone who is there and has seen the scam in action.

  • Adam

    Doesn’t Iraq have to import a lot of food and other goods? How do they pay for it? With .00018 currency? Seems to me they would want it to appreciate at least to some degree, just for logistic purposes. Of course I might not no what I’m talking about, but I just keep imagining some Iraqi with a wheelbarrow full of dinars headed down to buy a loaf of wonder bread.

    • Adam – good question. The answer is yes, they can buy goods and services with their currency just like any other economy. You could ask the same question of any economy that has a low base-currency value compared to the dollar. There are several of those around the world and it doesn’t stop them. The value of the dinar vs. the dollar is not that uncommon of an exchange rate. For example, the Japanese Yen is worth about a penny U.S. but they don’t need to carry around stacks of yen to buy a loaf of bread. The South Korean won is worth about 9/100ths of a U.S. penny but again no need for wheelbarrows. I would encourage you to find the answer for yourself why a low exchange rate vs the dollar does not have to be a problem. I think you would find the international currency market very interesting. In fact, a very low exchange rate vs. the dollar can give you a significant advantage as an exporter. Since Iraq will depend on exports for economic prosperity it would be counter to their own self-interest to intentionally let their currency appreciate very much.

  • RecoveredFromDeenarr

    John:
    Thank you for posting some sense, in an “investment” [ and I do use that term rather loosely ] that a lot of people need to wrap their heads around. Most of the “investors” out there are simply not willing to accept actual factual evidence such as GDP, Imports, Exports, Unemployment, and inflationary rates as proof of what is really going on in Iraq.

    I was a regular member of peoplesdinar, peoplestalk radio, and okie oil man’s website, and heavily watching the “its going to RV any day” scenario. I can proudly say I was banned from each of these sites for calling these pumpers, and scammers what they are. Liars… Plain and simple liars.

    One of the things that happened to members of the boards was the outright scathing that they received when they had questioned the laughable “intel” once it didn’t pan out. Not only were they scathed by other members [ sheeple ] of the forums, but by the so called guru’s themselves. Boldly asking: Where is your intel ?. Its a tragic thing that is going on, and thousands of people have bought into it… and continue to do so. I could post literally years worth of quotes from the same group of people who have claimed every weekend that it was going to “RV on saturday”.

    Thank you again for posting real proof, based on factual evidence.

    – Karl

    • Thanks for the note Karl. I have heard similar stories out there and it is always a little sad. Best wishes.

    • MikeInNY

      I’m also a member of Peoples Dinar, Peoples Talk Radio, and Okie Oil Man’s site, in fact I have signed up under a number of different user names on each site so when I get banned I can move on to a different user name and log on again. I love that when one of their deadlines passes by they come up with a new reason as to why the Dinar has not RV’ed.

      Currently on PTR the big talk is that the Dinar is part of a “basket” of currencies that are going to RV. In fact, we’ve been told that the Dinar RV is going to solve the financial issues both here and in Europe. Now they say the problem holding up the RV could be Israel and Iran.

      Come on… give me a break.

      • marconi

        Hahahaha…. Your post made me smile quiet hard.. Perhaps the asteroid that just passed recently was the main reason, so the RV got to wait just a “little”.. Maybe before 12.12.12…who knows…:(
        THANKS MikeUnNY, nice one..

        • MikeInNY

          My pleasure Marconi… You know, I think Okie and Tony at PTR are the best comics in town. Every day we get to hear their RV-gasm. IT’S RV-ING, YES… YES… YES!!!!

          • marconi

            You know…all this trio “animosity” in between the Ahmadinejad-Netanyahu and Maliki got to be a little suspicious, because these are responsible for none-RV yet.. They kept all this for themselves…apparently they are secretly very good friends and these are the people who hold the world’s economy to prosper.. Interesting…:(

  • RecoveredFromDeenarr

    John:
    Thank you for posting some sense, actual and factual sense.
    As a person who at one time was heavily invested in the dinar over the last 2 years, I have seen the same retort from people who wanted to believe in the get rich

  • Bummer

    Thanks for your help on this subject. I’ve got a friend who is really into the whole Dinar thing and he forwarded a few emails to me and I wanted to get your feedback on their comment:

    How Fractional Banking Economics will allow a high RV EXPLAINED: ….(Edited for length by John)

    • Bummer – Hey I try to keep the comments under a certain length so I edited your post. If you disagree with that please tell me and I will just remove it. If you have a link to the full article that you were posting I would be happy to put that in the comment as an alternative.

      The example was certainly creative, which was why I wanted to respond. However, the writer forgets the most important thing. How do you arbitrarily change the value of your currency compared to another? In other words, where did the original $10,000 come from? That is the real problem. If changing your currency’s value versus another was such a wealth generator, why doesn’t everyone do it? Why do the Chinese spend trillions to keep their currency as low as possible? Keep in mind that most currency regimes that push their currency value down are only budging their values by a few % points. No one wants to push their currency up very much there isn’t any advantage and it would cost too much. The rest of the example was just fantasy built on that erroneous premise.

      I don’t even need to point out that the writer ignored the margin in oil production, the direct role of the fed (or lack thereof) in international trade, how the fractional reserve system actually works – its much more complex than the writer suggested, etc, etc.

  • Kenny

    I have a friend who tells me that the US Treasury, or maybe it’s the Fed, owns a huge amount of dinar. Is there any truth to that?

    • Nope, but don’t take my word for it. Go look it up yourself. The Fed’s balance sheet and much of the Treasury’s holdings are available to the public. In fact, there is more information available for free about what they do and what they own than you would ever want to read.

      • Kenny

        Is it still true today that the only place you can actually sell back the dinar is in Iraq itself? A lot of the people on this message board claim they are buying and selling them at banks. I hear Chase thrown around alot.

        • I get questions like this all the time and the best answer is to call the banks yourself. Go ahead and ask them. My objective is to try and motivate investors to get off the scammer’s message boards and do their own research. None of this stuff is a secret and you should be able to get an answer in about 10 minutes right from the “horses mouth.”

          BTW – if the banks won’t take them (which you will find they won’t) you can always sell them on eBay. I hate to suggest kicking the can down the road like that, but I see a lot of investors unloading their dinar on eBay.

          • sam

            I bought my dinar from a bank. Why would the bank involve themselves in a currency that is considered a scam?
            I am not doubting what your responses are, however, I am wondering why the bank would put themselves in a situation of selling a currency that is a scam.

          • Sam – I think you need to read the article. I am pretty clear about why the dinar (as an investment) is a scam. What I would ask you is if the bank gave you the dinar with a promise that it was a good investment or if they just exchanged the dinar as a matter of normal business. The former is a scam while the latter is just normal business. However, you will find that the scam has gotten so bad that there are many places in the world where the banks won’t even exchange dinar for business purposes anymore. The United States is like this.

  • Matt

    Hey John thanks for sharing this information. I have a couple questions I would really like your opinion on.

    1) Can you please clarify what you meant in video two regarding the two options of either “finding the funds to run a government” VS “paying back your obligations”. How does inflating the currency help support both these actions?

    2) Wasn’t Iraq’s debt reduced by over 80% after implementing the new Dinar in 2003? This wasn’t mentioned in your article when comparing to Germany or Kuwait. Does it make a difference?

    3) I have read that Iraq has over TEN Trillion Dollars of proven oil reserves and has the worlds largest (mostly untapped) gas reserves. Will this have an effect on the currency in the next 10 years? Why or why not?

    4) Why are you calling this a scam? Aren’t all investments a risk? I don’t mean to be critical on your wording, I’m curious why you feel it is unethical to sell Dinars?

    4) Does buying Dinars support the Iraqi people in any way regardless of ROI?

    • Matt,

      1. The government pays for itself through balance sheet adjustments. It issues currency to pay for operations and to accommodate commerce but it can expand the money supply by issuing more debt. Its always a balance between having enough “money” to pay for your ongoing government operations versus managing your international debt.

      2. Iraq can’t really be compared to Germany. As a ratio of debt to GDP Iraq is in pretty bad shape. It would take a lot of “forgiveness” to make a big difference. They are still basically managed by the IMF so we don’t really know for sure where they are going to come out when they start floating more normally.

      3. I expect that oil exports will have an impact on the dinar. We shall see how big those exports get and how expensive it is to manage the business at that level. Keep in mind that I have provided several examples of other oil producers who don’t have an appreciating currency either.

      4. This is a question I answer over and over again. The scam is that dealers are telling “investors” that the dinar will appreciate in value based on lies. Currencies aren’t like stocks. The pre-war valuation that gets tossed around wasn’t real. Much of the economic data and oil reserve information thrown around is pure speculation, etc. etc. That is the scam.

      5. Buying the dinar provides some support for the dinar. I am not sure how much in total, but it is probably a little bit of support. Does this support the people? I don’t know how. Buying the currency is not like making an investment in the country or a business in Iraq. Would you support the Germans by buying the euro? If you think Iraqi business and the economy is an interesting opportunity then invest in Iraqi businesses not the dinar. I have provided several examples of how it is much more common for a growing economy to have a falling currency than an appreciating one. Frankly, if dinar buyers were big enough to push the dinar up in value by very much it would hurt the Iraqi economy because they are export dependent and it would make their exports more expensive versus their peers.

      • Matt

        1) What makes you think government expenses are so high… are you referring to the corruption?

        2) Isn’t 80% a lot of forgiveness? And IMF help can only be a good thing to count on…

        3) Other oil producers don’t have the largest untapped reserve.. Oil prices are rising every year and the Iraq oil isn’t going anywhere… Other experts believe Iraq is likely to produce more oil then any other country and at a time of desperate need. I don’t understand how or why this would not effect the currency…

        4) I understand and agree, thanks.

        5) Interesting, thanks.

        One more question please – 6) In your opinion, what would raise the value of the Iraqi Dinar?

        Thank you for your time and knowledge, I have enjoyed reading your website a lot. If there is anything I can help you with let me know.

        Cheers,
        Matt

        • It doesn’t have anything to do with what I think – The Iraqi’s have a budget that you can get that is open to the public. Go get it and read it – you will find it quite informative. They submit financial reports to the IMF that are also quite insightful. The IMF “helps” emerging countries all the time, which is basically their charter. What you have to ask yourself over and over again is “has this ever happened before?” You will find that getting help from the IMF does not make your currency go up in value. Currency values are a combination of confidence, demand, and supply. If the Iraqi’s kept supply low and demand for exports was very high then it could appreciate in value. However, you won’t find a single example of a country emerging from a situation like this and actually pulling that off, but theoretically it is possible. Part of the reason it isn’t likely is because it is not be in their best interest to allow the currency to appreciate. It would make their exports less competitive. This is why most rentier economies peg their currency (or attempt to do so) to the dollar.

          The best advice I can give any investor is to go do your own research on how monetary and fiscal policy works in the real world. How do mature economies do it and how do emerging economies do it. Its not an easy research project but it will answer all your questions (I promise). Until you understand how that works, the dealers will still have the upper hand because you won’t know why what they say isn’t true. They are counting on you not doing that.

  • Thank you so much for the information! I was so close to buying into this, it sounds like a great opportunity!but research found it out. thanks again I appreciate the video it was great.

  • Dennis

    I have a friend who bought into the dinars and he can’t afford it. I tried to tell him different, but he reads from a website that tells him that it will happen any day now. I decided to let him believe what he wants if that makes him happy. But when will he get tired of hearing next week, next week???

  • rob

    I have no dinars,been watching this for awhile now.
    Thanks for giving a realistic view for the people that need it.The internet is making it easy for crooks to suck poor people into unsafe investments.Its a shame the SEC isn’t protecting investers as they should in all stocks and especially the Pink stocks.I have never made easy money in anything that everyone else new about,Keeping my day job. Thanks.

    • Rob, you gave some good advice here. Best wishes

      • marconi

        Dear Rob,
        Well said… Hope that many others will approach this scam with the same attitude so that this crooks will never foul anybody out there..

      • kellie240

        John,

        I just want to say thank you so much for writing this fact based assessment of the diner revaluation risks… AND for answering so many comments so thoroughly. My sister bought into this scam and refuses to believe anything other than what the not-so-secret conference calls and diner pusher websites offer up. I am desperate for someone to “debunk” all her statements and in your replies here you are offering real, fact based rebuttles. Thank you.

        • Thanks Kellie – I wish you good luck. In my experience it becomes almost a religion or faith with many dinar investors so I hope you can make some progress with your sister.

    • marconi

      Dear Rob,
      Well said… Hope that many others will approach this scam with the same attitude so that this crooks will never foul anybody out there..

    • StraightUp

      John, I think these people, who have been so badly taken, want to believe with all their hearts this is true even though the writing is on the wall, and has been for years!!! They all claim to have “intel”, from senators, Iraqi government officials, etc. It is sickening to hear or read when they say, “they are God’s chosen ones to receive this monetary gift”…a lot of this started in churches..the big churches, not really tied to one faith, well when it does not happen, how are they going to feel about God then? Will they rebuke him??? I just don’t see God’s work in this at all. In fact a friend tried to get me to invest and upon praying, God told me harshly,”don’t do that!! It is evil”! Well I immediately backed off!!!! There is a lot of money changing hands in the back ground. Yes, a lot of people are getting rich, quick…but not the ones who bought the dinars. It is the agents, also the ones feeding this false information out to the unsuspecting public, and yes some of the Iraqi people preying on these misguided people who are expecting a get rich fix. Some of these dinars are even counterfeit. Hope they have this money to lose and are not betting the farm.

  • Marcia

    It is no more a scam than the lottery is, or going to Vegas is. The odds are absolutely against you, but that does not mean you cannot walk away a winner – just be responsible in how you choose to “invest”.

    I purchased some Dinar about 7 years ago. Every week I have owned it websites and forums have been proclaiming a RV “any day now!” As no one ever promised me that the value would ever increase, and as no one ever mislead me on what the actual FACTS were – I have never felt scammed.

    I put only as much money into it as I would have normally blown on really stupid and irrelevant stuff in the first place. For me it was a single purchase that I’ve tucked away. In the 7 years I have owned my currency it has, in fact, changed in value enough that I have nearly made back what I actually put into it – provided I sell it off to another person, bank, or exchange it somewhere in the Middle East which is not hard to do for a business traveler.

    That said… the risk is inherently understood. The only advice I would give to people is this: If you choose to put your money into some Dinar, do so with caution and with a degree of restraint. Only put into it what you are willing to lose, and if you have any doubts do not purchase the Dinar at all.

    For me, the entertainment value in watching the changes in the Dinar and in having a reason to pay attention to the economic changes in Iraq have been well-worth the money I put into it. At this point I consider it no differently than I would a weekend in Las Vegas, though at considerably less expensive a ride. ;)

    • Marcia – this is the most cogent response from a dinar investor I have ever read. Thanks for the comment. If everyone had your experience there would be no need for my article. Unfortunately, you are the exception to the rule. Most investors buy the dinar because they were told about a fictional “revaluation”, government conspiracy or some other nonsense and they do not understand the risk.

      Best wishes.

    • marconi306

      Dear Marcia,
      Keep in your mind one thing, every single dealer that sell this worthless IDQ currency advertise in there web site that this money will go back to pre war era and will have the same value of USD + 3.0 which was the unrealistic value set by Saddam regime.. Also whole other propaganda that make naive and uneducated citizens fall for.. And the most important these IDQ dealers DO NOT have a proper documents, in order to trade this currency.. They have NOT registered with Security and Exchange Commission in US, and they sell this currency as a collectable banknotes.. All that you read from their web site show nothing else than notorious mislead in order to convince buyers.. You talk about echanging these dinars while you travel.. In which country you are referring since many country DOES NOT accept IDQ currency..!! And how many individuals you might think will travel to Middle East in order to maybe find a country thay maybe will exchange a thousand US only worth in Dinar currency at any exchange office at any giving time and and any regular traveler, so that also sound in your message as a mislead.. And which country will sell you their currency for nothing and later on will buy it back from you 10,000 times more expensive..?? Answer, NONE.. However any substantial amount of exchange that you might be interested, then you will be guide to the banks, and then the headache will start based on legislation or traveling with more than 10,000.00 worth of US dollars..

  • Mike

    I have a frined that said they bought their Dinar at Chase Bank and have the recite and certifacate to prove it. they also said that they are waiting for it to RV this week and gave a site to check out its validity but the site is not chase bank.

    I have found others how said they word and chase and bank of americas and were selling them, but i have seen others here say they could not find a bank that was exchanging the curancy either way. I live close to the south border and travel to Mexico alot and deal with US/Paso exchange alot and find very few places to change the money back to US dollars, even though I’m rith here and most of them are not banks but third party venders they do the exchange.

    as a normal exchange not and invetment one, I seen the paso go from 10:1 to 14.50:1 and I think it currently at 11.50:1 MX/US last I checked. I know it can be very alot in a day oe week or month, I have seen it fist hand but I am not fimailar with the RV thing, they say it going to RV from the current as af 10 min ago 1147.90:1 to like .33:1 or ?? 2:1 ??. what I want to know is how the hole RV think works in genarel on any given currency. can anyone explain the RV to me and also has anyone here heard of a bank like Chase or BA selling or exchaning the Dinar?

  • RobbieK

    This guy John talks WAY too much and writes too much in his replies. On an elementary level I feel he’s even confused with. Trying to be an instructor and he doesn’t have the ability. In the end, you don’t even prove this is a scam, so I’m not sure why you even made the video. As a business executive, my suggestion is people find a local investment broker, ask them about investing in currency, specifically about the Dinar, then make a decision from there. Bust just be aware that not all investment brokers are good at what they do. The majority are horrible and lazy, so get a 2nd opinion and even more. And my suggestion is to those out there who are getting “taps” on the shoulder by fellow Church members about investing, believe me, Churches are full of those who will take your money and you’ll never see it again.

    • Robbie – The best evidence of an illogical argument is the ad-hominem attack. I see it all the time. I suppose you can pick on me and my writing / video style all you want but it won’t change the facts about dinar dealers and the hype behind the dinar “investment.”

    • marconi

      Dear “business executive” RobbieK,
      My feeling is that you are quiet upset about these facts since you appear to be one of the misguided “investor of dinar”, or perhaps business executive of one of the dinar scam guru dealers…special because you write Dinar with the capital, so that make me think that you are so meticulous interested in this story, which upset you in the end.. Arguing about the facts will not change whole this dinar scam no matter how you feel, either Churches scam..!

  • My question with all of this is how does a country such as Kuwait have it’s currency valued at around $3.00 USD and the Neighboring country such as Iraq have a currency value of .00085 USD. I realize that it is because of the war but if Iraq becomes a Sovereign nation..is it folly to assume that the currency would be the same value or at least close to that of Kuwait? Is Iraq not larger with more resources than that of its neighbor. So I guess my question really is…how is the Iraqi dinar valued at .00085…if it is because of the war and the war was over…why would it not have parity with Kuwait?

    • Hans – Geographic proximity doesn’t have anything to do with currency values. Most of it depends on how much money is outstanding, what trade is like, how are interest rates and inflation managed and whether the currency is allowed to float or is managed in some kind of peg. On each of these points, Iraq differs considerably from Kuwait.

      Think about it like this… The South Korean won is trading at about 1,100 to 1 US Dollar, while the Chinese trade at 5 or 6 to the dollar and the Japanese Yen trades at 76 to the dollar. Monetary and fiscal policy as well as growth and trade rates are very different despite the fact that these major economies are neighbors.

      Also keep in mind that the Iraqi dinar is not “coming back” to its old value. Its a completely different currency it just shares the same name. There is no prewar value of the current Iraqi dinar because the dinar that was used before the war is gone. It can be confusing, but that is a very important distinction to make. They may share the same name but today’s dinar is not the dinar from 2000.

      • Katarzyna

        John: I found your videos most-helpful. I agree with you that the Dinar hype is probably a scam. But what if it’s not? I have a $500K education (two master’s and a doctorate), $150K of which is still outstanding in student loans, which are currently in deferment due to economic hardship. I, like many others, need a financial miracle, not to mention a job! We can ill-afford to wait on Obama and his “congressional supercommittee” to kickstart the sluggish economy. Purchasing a few hundred dollars worth of Iraqi Dinar, which, according to the hucksters of hot air, could potentially be worth hundreds of thousands of dollars, might be a worthwhile gamble. Banking on the future of the Iraqi government, however, does strick me as a very risky “investment.”

        • Frankly – my argument is not that people shouldn’t do stupid things. We all do silly things sometimes. My point is to make sure that dinar buyers understand the actual risks and not the hype. The lottery may be a stupid bet but people still do it. I just think the dealers should be honest about the facts.

  • D

    1) It is a scam
    2) If you want to spend $150 you will be adding foreign currency to your coin collection.
    3) It is a scam, anything you have to rush to do should make a bell go off. John is 100% correct, there is no “inside info.” Banks would have invested in this long before the average Joe would have gotten their chance.
    4) the US treasury would investigate this, however, it is not worth their while and many of the violators are over seas. This currency scam is funding terrorist organizations at the detriment of the US consumer.
    5) Listen to John. If the opportunity was legitimate, it would made available through normal registered means. It’s not.

    6) Finally, has anyone thought why Banks made the currency available to exchange earlier this year but stopped? Perhaps they caught wind of the Scam and wanted to limit their liability.

    • Nial

      What part is the scam? Is it the fact that some dealers are saying it is going to rise in value?

      I have bought Dinar in Janurary and I dont see any rush BUT i would not be without it and to be honest if you feel it is a scam i would not want you to have it.

      The fact is YOU do not know for sure it is a scam therefore by saying it is you are robbing some people of a chance to make up their own mind and POSSIBLY making a gain.

      What happened in 2003 when people in Iraq lost a huge amount of wealth? it changed in value to the down side…. I believe it will one day soon be “the strongest currency in the middle east”

      IF John relises he is wrong before it revalues do you think he would have the nuts to admit he was wrong?

      • marconi

        Dear Nial… PLEASE BUY MORE, and keep dreaming of your “RV”… How about you spend every penny that you have, so that you will learn the right lesson for next time currency rumors..

        • Nial

          I have bought all I need and I have no regrets. After much research I am very confident in what I have done, I am not dreaming, just watching it slowly unfold. I will not need a ‘next time’ the problem is you wont have a next time! ;-)

          • marconi

            Dear Nail,
            The ONLY thing that I agree or perhaps sympathize with you, it’s just that your slowly unfold “RV dream” will make you feel better as a stimulation of your mood, but other than that, SORRY about your confidance.. It won’t happen.. Kindly please make a little sense about whole this issue.. !! So think as a mature individual and ask yourself why Iraqi goverment will sell their own currency of a fraction of a dollar, and later on buy it back from individuals like you for 10,000 times more…??? True fact, well they will NEVER do that..

      • Nial – Rather than repeat the whole “revaluation is not what you think” explanation, which I have already repeated several times since I wrote the original article, I will just refer you to the article. I think you will find the answers to your questions there.

        • Nial

          The problem is that this is your opinion and opinion is not fact. Some people that take your opinion as fact will be very dissapointed one day.

          • Nial – be more specific. Almost everything I say in the article are facts not opinion. Which of these are not true?

        • RAV

          If the dinar is a scam and I have the potential to lose 20% (give or take), then I’ll take those odds. I am holding several stocks that lost 100%, and each time I spend $1.00 on a lottery ticket, I have the potential to lose 100%. Are stocks a scam? How about the lottery?

          • I am not sure you read the article. The scam is what the dealers and message board advisers are saying about the dinar and past currency revaluations/redenominations. Your comparison between lottery tickets and the dinar is apt in one sense but isn’t really the same thing because the dealers aren’t telling you the truth about the odds. Just because you have had stocks drop to zero does not mean that what the dealers are telling you about the dinar are true – they are two very different things. Also your risk with the dinar is not limited to 20% so make sure you understand what has happened with other redenominations in the past.

  • Steve

    Hi John,

    Ok, I have read all the arguments and really it comes down to this. WHY WOULD ANYONE SELL IRAQI DINAR IF IT IS GOING TO JUMP 1000%. HELLO people. Think about it for a second. It’s a SURE THING so I am going to sell you my fortune for only X$ cuz I am a nice guy and want to spread the wealth. Wake up people at stop the insanity. Greed can so erode the human mind!

    • Nial

      Greed is exactly why anybody would sell you dinar not hold onto it…. What the heck do you think they do with the profit they made from selling it to you??…. BUY MORE!!

    • Eric

      Uh, you ever heard of the Kuwaiti dinar? Or the Turkish Lira? I have news for you, currency is revalued frequently. I don’t have any idea where you folks are getting your ideas. But a little simple searching will reveal much.

      • Eric, actually the Kuwaiti dinar and Lira are really good examples of my point. The lira was redenominated. If you had a million lira before the redenomination you didn’t have a million lira after because it was consolidated. The bolivar, peso, lira, ruble, etc, etc. all well through a similar process, which is actually pretty common. No one profits from a redenomination. In fact, the majority of currencies that experience a redenomination continue to lose value. The Kuwaiti dinar was redenominated as well but it was done a little differently. I think if you actually read the article, or the discussion below about the Kuwaiti dinar, you would find the answers you are looking for.

  • maria

    Would it be a crime for a bank to knowingly participate in something that could be considered criminal, such as selling you a foreign currency, and then later saying that it is a scam? I am refering to the Iraqi dinars. Because that means that Chase, Well fargo, Bank of America, 5th/3rd bank, Citi,and First National and I am sure others that I have not mentioned are participating in this.Just recently a friend of mine was convinced into investing his money into dinars and he’s been trying to convince me to doing the same.

    • Maria – keep in mind that there is a BIG difference between exchanging currency (trading in your dollars or euro and getting dinar or some other currency) and “investing” in currency like the dinar. Banks routinely exchange one currency for another for perfectly mundane reasons. You might be sending some cash to a relative or making a purchase or planning to visit a foreign country (even Iraq) and you would therefore need some of the native currency, which is fine.

      However, marketing the dinar as an investment that is held assuming that it will appreciate in value is not the same. The scam is perpetrated by most of the dealers, advisors and message board operators that are telling lies about how the dinar is “sure to appreciate in value in the short term.” They have taken a thinly traded currency that would be like any other and pumped it into what we refer to as a “rain-maker scam.” These are actually a pretty common scam so it is sad to see so many folks falling for this particular variation.

    • marconi

      BIG MISLEAD…These banks do not sell or buy IDQs as we speak…

      • Marconi – I don’t think that comment was made to mislead so calm down. The fact is that there are still plenty of banks that will arrange for an exchange of currency including the dinar. There are very few of them but they are out there. However, again, there is a big difference between a bank being willing to exchange currency and “selling” the dinar to speculators. Sometimes new investors do not understand that difference so that is why I clarified it.

        • marconi

          Dear John, I have called myself these major banks and ask specificaly about any transaction regarding IDQ… The answer was NO… So I don’t know of which banks are you talking about… Perhaps a small-unheard banks which got the “fever” as many speculators did, and have gotten “vaccumed” into this BIG SCAM too.. There is NO banks as we speak in US which WILL buy back your previously purchased IDQ even from the same source… So your purchase it is NO REFUND for sure… Go figure…

          • Point taken – however, its a side issue. The problem is not whether banks will buy or sell or exchange dinar. The issue is whether the dinar can reasonably be expected to do what dealers and pumpers are suggesting. If those things were even remotely possible it wouldn’t be so difficult to sell your dinar right now, when it is virtually impossible without taking a huge discount. Banks and others would be lining up to buy dinar if any of the things they are predicting had every happened before or were even possible.

        • marconi

          It is also very “interesting” that these guys start telling people out there that they will be able to exchange these IDQs in the future at any exchange Office as of Airports, etc…

  • Heidi Pooley

    Since “they” require you to submit your banking information complete with your own bank account number, so “they” can put all of this money in your account, can’t “they” also on the date of RV take all the money out of the account? Since this is done on foreign soil, and people so not use real names wouldn’t it be hard to track soen the real people that are doing this scam? I am afraid that since Muslims hate Christians and it is churches that are being so duped, then this seems one way that it would ultimately huirt Christians by not only selling a worthless Dinar, but also have the ability to take your maomney since everyone so freely gives their bank account away. If “they” say that on one certain day thaqt it did RV, then at that time “they” could take out everyones money at once. The banks would not be liable since the bank account info was so freely given out to put this money in. I refused to give my friend any money and she thinbks that I am so silly. I mean losing 20.00 is not much, but what if the real scam is NOT the initial investment but a way to clean out bank acccounts legitametely because “they” were given all this info? Just athought and what do you think about my idea? NO-one else mentioned that possibility at all.

    • Heidi I would not use the same brush to paint all muslims and all christians. I have many friends in both camps and they seem to get along with me and each other just fine. Second, since there is no RV that will magically increase the value of the dinar it is probably moot where you have your deposit. Finally though I agree that giving out bank account information to anyone without very thorough due-diligence is a very bad idea.

  • New Investor

    The other day I was talking to my Econ professor after class and the subject of the Iraq Dinar came up. I told him that I had seen a few websites that indicated that you could make millions on an investment of only a few hundred dollars. I told him that this looked a lot like the penny stock scams that he had talked about. He told me that normally I had a better chance to make money on a good penny stock than any currency investment. But what he said next I found very interesting. He said, remember one thing, this is the Middle East and we are dealing with a fairly new government run by people with huge egos and when that type of ego takes over, rational thinking and logic go out the window. He told me that they are already saying that they are going to be the richest country with the strongest currency in the Middle East and with that ego and attitude they could RI/RV their currency to an artificial fixed rate higher than the other countries around them. He indicated that some people could make a huge profit if they moved fast if this happened.

    John, what do you think? It would be nice to pay off my student loans, but…

    • Tim – I am surprised that this comment came from an econ professor. It doesn’t matter whether they are in the Middle East or not, you can’t just arbitrarily set your currency’s value at multiples of its prior value. If that were the case, why wouldn’t Switzerland devalue their currency right now rather than sustaining massive losses by trying to sell reserves? It takes billions and billions of francs, dollars, euro or whatever to just budge your exchange rate a couple % points artificially. Unfortunately for central banks, making dramatic changes to your exchange rate is not really a policy decision you can make.

      Much of the confusion comes from the fact that a country can “Remonetize” their currency. Lets say that the Iraqi government wants a dinar that is worth $2.00. They can do that by issuing new currency that replaces the old currency. When a government does that they exchange the old currency you currently have for the new. If you had 10,000 dinar, worth $8.54 at an exchange rate of 1170 dinar to the dollar then you would get 4.27 new dinar in exchange for your old dinar that has a better exchange rate (2:1) with the dollar, but the same total value – $8.54.

      Ask your professor to please point to any currency “revaluation” that has worked the way he suggests any time in the last 50 years (100 years for that matter).

    • Jovel

      John,

      Your last statement “this investment is a gamble” is correct. The word “investment” is what bothers me, it coming from you. So, you do think that the dinars is an investment, a risky one, but a valid investment right? Then, you are implying to people not to invest. Right here you may get in trouble, because you are acting as a financial adviser, you are recommending readers not to invest. This is the problem, if
      or when this investment profits many people will not be happy with you. You are a smart person, and I know for sure you have dinars, because you know this “risky investment, has a potential like any other risky investment in the market. One thing your forgot to mentioned is that people do not have buy dinars in hard currency, but they can hold it electronically with a bank account at Warka Bank or buy into many funds
      available in the USA. Now to the people reading this post: do your research as with any other investment, and make your own decision. Gurus like this guy are not alway correct. Do not invest more than what you can afford to lose, be patience, because this investment is not for everyone. To those who did not invest because of Mr John’s advice, make sure you get his number you may need it in the future.

      • Jovel – I don’t know where you are writing from so you may not know this, but in the U.S. you can write pretty much whatever you want and it is not considered financial advice as long as it is published and available to a general readership. Its the “publisher exemption” in the securities and exchange act. That is how folks on CNBC, or book authors, or newsletter writers that advocate for or against a particular investment can do that without having to be licensed.

        I definitely do not own any dinars and I don’t plan to in the future. When I say it is a “gamble” I am being extremely generous. My personal opinion is that there is next to zero chance anyone but the dealers will make any profits from buying the dinar. The only thing we agree on is that people should do their own research. However, I have been asking for “researchers” to give me just one example of a currency in this situation ever appreciating like the dealers say the dinar will. The information is not secret or that hard to understand, but so far there have been no takers.

        Finally – I don’t know why it is so common for dinar pumpers like yourself to hint that I may be subject to people hunting me down for my article in the future. No matter how nonsensical it is, I find it disturbing and kinda creepy. I am confident that most normal people are mature enough to accept responsibility for their own actions. And while I am at it… What’s the deal with the term “guru”? I hear that all the time in the dinar-world – give me a break. The best thing investors can do is to do the hard work of actual research. Don’t go to message boards, dealers, “gurus” or whatever – be your own source of “intel.”

        • Jovel

          I am in the USA and you are implying to people not to invest in the dinar. Just like the dealers that you are accusing of “scam” for selling people dinars, you are scamming them of an opportunity. I’m not an uneducated person like your followers have accused dinar investors. I have a Master Degreed in finance, but you don’t need a degreed to see a great opportunity with the dinar investment you need logic. You mentioned that the economy of a country is not attached to their currency. Where in the world did you go to school?! Look at the us, the USA as an example, how is our economy? What happened to our dollar and credit rating? Is it because maybe our economy is in bad shape perhaps? You give me a break! And stop preaching nonsense! Let people make their own decisions. This investment is no different than buying penny stock,is a risky investment, and never a scam from any perspective.

          • Lets do as you suggest and look at the U.S. dollar. The hypothesis you have proposed is pretty easy to test. If the US economy is growing then the dollar should be appreciating and if the U.S. economy is shrinking the dollar should be falling (we’ll assume you mean against a basket of other currencies.)

            Right now the U.S. economy is growing and yet the dollar is falling. During the last recession the U.S. dollar appreciated. The prior recession of of 2001 the dollar fell. Going back a little further the next recession of the early 1990’s was accompanied by a rising dollar. OK, well one out of three isn’t terrible but I think your hypothesis is in trouble.

            The recovery at the beginning of 2009 was accompanied by a falling dollar. The 2003-2007 growth phase was also accompanied by a falling dollar. The boom of the mid-90’s resulted in a rising dollar. The boom of the mid-late 80’s was accompanied by a complete nose-dive in the dollar. Hmmm, it seems the dollar only followed a booming economy one out of 4 times in recent history.

            When you took your econ courses as part of your “Masters Degreed” did they not explain to you that fiscal and monetary policy in and outside the U.S. is mostly independent of economic growth? I am surprised they didn’t since that is a pretty basic concept in macro-economics. I know I am being a little snarky, but I don’t think you are being completely honest about your experience.

          • Jovel

            I can not believe you are using those example! But you know lets leave it at that. You are the smart guy, you’ll figure it out. But one thing I don’t understand is why don’t you write an article against stocks, penny stocks, options and the real estate scam? You know how many people have lost their homes because of Wall Street greedy? What is your agenda against this investment? Saving people from being scam? Like a great savior? I don’t get
            it! Like you said, we are grown ups, we
            know what we are doing.

          • What examples would you want? That pretty much covers everything in the last 30 years since the dollar was fully free-floating, which specifically addresses your argument about the U.S. dollar and its relationship (or lack thereof) to economic growth. I didn’t cherry-pick any data. This covers the entirety of the last three decades. I see however, that since your argument is no good you default to the typical dinar-pumper tactic of ad hominem attacks. If you have another case example of a currency that has done what you think the dinar will do – name it!

            Give me a break, get off the message boards and go do some real research.

            By the way I have written many articles and videos about other investment scams including, target date funds, FX expert advisers, absolute return funds, penny stocks, real estate equity scams, HYPs, etc, etc. They are all available and open to the public if you want to read them.

      • marconi

        Jovel,
        It appears that your Warka Bank it is in Iraq, and so you find a good way of investing in IDQ by opening an electronic account with IDQ at upper Iraqi mentioned bank.. Nice…, but still NOT sure IF you will be able, so let’s “assume” that you will “succeed”, despite the fact that you might need a Iraqi citizen-ship in order to do it, physical address, etc.. Anyway, go ahead, because it is like you invest in Bernie Maydoff ponzi scheme which at his golden age, it was almost very “credible-strong” investment and very hard to get into his ponzi circle, unless you had 2 $US mill to “risk”.. We all know now how “strong” it was..!! In my opinion your real “guru” intention here is ONLY to convince others with this upper post that there still is so many “opportunities or ways” in order to own IDQs.. Still NOT sure why you would like to “invest-risk” any amount of money into a country that you would not be able to visit quietly, or do it with a HUGH amount of un-certainty..?! Just to let you know, Iraq today has more un-certainty than a year ago.. Seems to me, that this Iraqi dinar SCAM got to a NEW level, and you hope that many naives will believe that..!!

        • Jovel

          Marconi,

          My account is not in Iraq, it’s here in the good USA! You’ll need to do your own research on this my friend.

          • marconi306

            Excuse me but I don’t believe it since I have NOT heard or seen any Warka Bank in US.. Perhaps as I’ve mentioned your scam dinar dealer offer something like that on line ONLY type of bank activity.. Either way my research got to the nowhere point, and have concluded big SCAM, bottom line.. Remember one thing, arguing about any of your mislead “research” won’t convince me about your worthless IDQ and the progress of that country.. I have been in Middle East/Persian Golf many times and I have a very personal idea of what it is going on in that part of the world.. Keep dreaming about your “RV” because all “research” indicates remonetize IDQ for the equal value worth in USD/Euro/Gold Francs, etc.. You just keep coming with un-realistic example…!!

  • MikeInNY

    John,

    Can a country like Iraq prevent their currency from trading on the open market (Forex) indefinitely? If they can, I would think they not only would love this scam but may in some way be behind it. Think about it, people are happy to send them billions of dollars for their Dinar because their sure it’s going to RV in the next few days. Iraq is more than happy to use our dollars.

    I would think the minute the Dinar is traded on Forex people would see its true international value and this scam would fall apart and Iraq’s gravy train would be cut off. What do you think?

    • They can’t prevent it from being traded but they can make it difficult to trade. The Chinese do this with their currency. it is very expensive and difficult to trade that currency even within the interbank market. The Iraqi economy is small enough that I thing the volume of purchases of the hard currency in the U.S. and around the world could make a small difference, but I don’t think there is good enough data on the size of the gray market for dinar to really say for sure.

      Even if the dinar was traded easily in the fx market they could still do a lot to try and maintain its value. That usually doesn’t happen, but sometimes countries with very strict fiscal policies (Iraq does not have this yet) can manage their currency within a fairly tight range. Right now the IMF is helping to keep things stable by managing the debt guarantees. However when that ends, you might see a speculative attack or just excess spending break the dinar.

      • MikeInNY

        “However when that ends, you might see a speculative attack or just excess spending break the dinar.”

        Do you think this would drive the value of the Dinar to the Dollar down or could its value actually go up?

        • Actually it is quite possible for the dinar to go up in value. For example, the Chinese currency has risen in value over the last several years more than 20% against the dollar. Most currencies emerging from a situation like the dinar is – go down but not all of them. What is impossible is the mythical “revaluation” that increased the dinar’s value 1,000 fold (or whatever.) But, yes it is possible for the dinar to appreciate in value. Most don’t, but it could.

          You have to keep in mind though that currency values in large economies change very slowly. Real currency traders use very large amounts of leverage to magnify those changes on a daily basis but dinar investors are unleveraged because they are invested in the hard currency itself.

          • Nathan Wheeler

            so if it goes up even a little, it’s a profit like a business, and therefore, not a scam. To say it’s a scam is strong wording when you yourself admit that profit could be made from investing in this currency.

          • Nathan – its possible for anything to go up in value. Who knows maybe your pocket lint will be a valuable fuel source of the future. Start saving!

      • sanchez in sa

        Wow just got off the phone with my brother that just bought Dinars from a bank here in texas He was told by someone to go to this bank ask for A MILLION WORTH OF DOLL.
        How do banks fall in to the scamm cause i do belive that it is.

        • Sanchez – not sure what “DOLL” means. Can you clarify? On the surface I seriously doubt that he actually got these bills from a real bank. Is it possible that he might have gotten them from someone that said they got if from a bank? But keep in mind that the dinar is just a currency and banks can theoretically exchange currency on demand. The scam is what is being promoted by dealers that the dinar will revalue by several multiples.

  • Jim Kauth

    Many people in my church have invested in dinars. My pastor has promoted it to several members as a way finance the gospel. Attached is a recent email he sent to members of our church who have invested in dinars:

    Hi everyone:

    Lots of good news on the dinar front. The best news is that the DFI fund and all the frozen assets of Iraq have been released into their hands. They just added 180 Billion USD to their economy! Next, the Central Bank of Iraq came out and said they are going to put out notes similar in denomination to the USD. This would be 1, 5, 10,20.50, 100. The purpose of these smaller notes is so that it will be easier for the Iraqi citizen to purchase things in Iraq with the new dinar rather than using USD. The great news about this official statement is that for this new currency to be useful it needs to have the same type of value of the USD. If they give out smaller notes without revaluing the dinar, the people would need grocery bags of dinar to buy bread and milk. This statement about new lower denominations makes our notes with three zeros very valuable when the revalue takes place. This will take time to transpire. How long? We don’t know, but it is good news that it is going to take place. When we were trying to open the campus in 2004 every week I would ask, “When can we move in?” Every week I was told it was possible this week but there was work to do. Eventually we got into our new church but it took a lot of work taking care of the details while all the big indicators pointed clearly that we were going to open a church. This is what is going on with our investment. The indicators point to the RV, the details will determine when. Kim Clement prophesied this week that Christian investments are going to pay off including the dinar this summer. He said that we must pray over this word and use it for spiritual warfare. Pray for the seating of the three Vice Presidents and the Defense Secretary. Pray for the issuing of the small notes to be completed. Pray for safety and security. Above all, pray for this season to be a season that when the doors of economy open the doors of the gospel will to Iraq. This is God’s ultimate plan for the Middle East and Northern Africa. These nations are the next to see the evil dictators removed and democracy opening opportunities for jobs, equality and beyond this, freedom to hear the truth about Jesus. When we keep our priorities straight this investment will bring a blessing. While you wait, work your plans to get out of debt. Create your wealth building strategies for kingdom advancement and freedom of your time to do the things God is assigning you to do in this new season. If you have the money to do what ever you would want to do, what would you be doing? Start preparing yourself to do this right now. Don’t wait until you have the money, put yourself in a place so the money can come to you. The word of God is called a lamp unto our path. When you walk down a dark path with a flashlight you only see so far and you walk in the light you are given. Eventually you get to your destination. Be faithful with the plans you can make today in the light God has given you to follow. In time you will be at your destiny with the wealth that is needed for that time and place. You are on the right path and God is going to bless us richly.

    I am withholding his name and the name of our church.

    What do you make of this John? I am saddened by it.

    • Jim – I don’t have a good explanation for this sort of thing. I have noticed that often pro-dinar comments are tied to religious language as well (see an earlier comment for a good example.) I am not sure why there is a connection, however, we can probably chalk it up to the nature of “relationship scams” which often take advantage of people in tight social groups like a church or club.

  • DDRG

    First of all John, you are sitting on this blog complaining about the Dinar “gurus” who are doing the exact smame thing that you are. The only diference is that you are “anti-investment” in the Dinar. People here are sitting on the edge of their seats listening to every nagative word you have to say about those who invest in the dinar and making a decision whether to take a chance on this investment. You made a statement in a prior post:Looking for the RV seems a lot like all these dooms-day cults expecting asteroids, raptures, or whatever to happen any day now….well that says a lot about you right there. The Bible speaks the truth and there is evidence of a “rapture” coming one day but you obviously dont believe it. I would like to hear you explain how the Bible is a “scam” as well. Once I saw your post about that, I started laughing and realized that you are just like the so called dinar “gurus” but you are the “anti guru”. Just because you claim to be an expert by writing a couple of books or post some videos does not make you an expert. If I had to guess…I would say that somewhere you have a stash of Iraqi Dinar and you will be the first to the bank if it RV’s. You are very condesending and not everyone is falling for your “expert opinion”. God will return and the Dinar will RV…I hope you don’t miss the boat on both.

    • DDRG – If your argument is that the bible is true therefore the dinar is a good investment then I don’t know what else to say. However, it also seems you are also suggesting that the things I say are the same as the “guru’s”, which is actually not true. Everything I said can be independently verified from official sources without any need for message boards, so-called inside sources, or dinar-pumpers.

    • stevden

      Hate to divest into religion here, but I just can’t resist pointing this out. The word “Rapture” is not actually in the bible.

  • Rhonda

    John, you said, ” The current U.S. dollar hasn’t been redemoninated (AKA revalued)”, but redenomination and revaluation are not the same:

    Revaluation

    Revaluation means a rise of a price of goods or products. This term is specially used as revaluation of a currency, where it means a rise of currency to the relation with a foreign currency in a fixed exchange rate. In floating exchange rate correct term would be appreciation. The antonym of revaluation is devaluation. Altering the face value of a currency without changing its foreign exchange rate is a redenomination, not a revaluation.

    In general terms Revaluation means a calculated adjustment to a country’s official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country’s government (i.e. central bank) can alter the official value of the currency. Contrast to “devaluation”.

    For example, suppose a government has set 10 units of its currency equal to one U.S. dollar. To revalue, the government might change the rate to five units per dollar. This would result in that currency being twice as expensive to people buying that currency with U.S. dollars than previously and the U.S. dollar costing half as much to those buying it with foreign currency.
    Before the Chinese government revalued the yuan, it was pegged to the U.S. dollar. It is now pegged to a basket of world currencies.

    • Yes I am very clear on the difference between the two terms. Where you appear confused is whether it is possible for a government to just arbitrarily revalue their aggregate currency-value in terms of another. If it were, why wouldn’t the Chinese just restate their currency value as lower than the basket (AKA the dollar) they use now to pump up exports? Why wouldn’t the Japanese do that rather than spending the trillions of yen they did this month and in September 2010 to barely nudge the exchange rate? It would all be much easier if you could just set your rate at anything you want but what would keep everyone else from matching your rate? Do yourself a favor and just find one, just one example of a country that was able to artificially revalue their currency like you suggest the dinar will. There aren’t any.

  • Kevin Denray

    I feel like a total stoop now.

    • Kevin – not sure what a “stoop” is. Can you give a little more detail?

  • Billy Bob

    Hey John, just curious because you talk as if the CBI is owned by Iraq which is not so, it is just part of the Rothschilds and croonies who own all the Central Banks including the Federal Reserve. The US dollar is now about .73 value on the world market and since I bought my dinar I have more than doubled my investment.
    I know it is not a scam but when the dinar is replaced with the newer currency with the 3 languages and I can trade mine in for the newer ones at 1:1 I still stand a chance of doubling or tripling my initial investment again when the rate is adjusted
    Will they RV at 3-8.oo like those idiot gurus claim? Of course not but the IMF have said a while back it should come out around 1.17, so around 1:1 with the US dollar and then I can ride the currency and take the chance it will go up again.
    PS- you said in a previous post “Currencies aren’t stocks and countries aren’t companies.” when actually the USA is a corporation and always has been.
    Just remember that Iraq never had a Central bank before so things will be different

    • OK short answers since these are very common questions/claims, however, I can’t address the conspiracy claims because its like arguing about invisible dragons.

      1. I don’t know what price you bought your dinar at so good for you. However, that is not a typical experience. Because the spread is so wide – the vast majority of investors are still sitting at a loss.
      2. The IMF has not said the dinar will revalue at 1.17 or whatever. You are welcome to post a link to the official announcement, but you won’t find one. Be careful about what you believe from some message board.
      3. Things will probably be different with a central bank – I agree. However that doesn’t mean it will be better.

  • Dave

    John, what do you think about banks selling the Dinar? I was told, and am pretty sure, certain banks were actually selling it a while back.

    • I think there were some banks that would exchange dinar in the past. I don’t know if there are any that still do. I would assume that you can still order dinars from a bank just like any other currency but I can’t say that for sure. Keep in mind that exchanging dinar for dollars is not the same thing as “selling” the dinar as an investment. No banks do that.

      • Steve Patterson

        I agree with some of the post about this being a scam, however I don’t believe the scam is in the currency. I feel the scam is in the dealers that handle the currency and also the pumpers that lead you to believe it is about to revalue at any moment and the next day it is down played.
        This forces people to make drastic decisions based upon certain intel that may or may not be from credible sources. In my opinion I believe this to be a legitment investment based upon the Executive Order 13303 that allowed the US citizens to invest. Question’s to ask yourselves is,why would Iraq form their goverment with no intent to revalue?.Why would Iraq be coming to the US to make a purchase for 32 F16’s with worthless currency? I’m sure Lockheed Martin is not interested in oil as a form of payment. Why would so many countries forgive Iraq’s debt and Iraq’s currency be worthless? Mr. Shabibi has even stated Iraq’s currency will be revalued soon and will be one of the richest nations in the world. In my opinion Iraq will not sit back and let Kuwait out do them.

        • Steve – I don’t think you read the article because I also state that the scam is from the dealers and pumpers on the internet.

          EO 13303 doesn’t protect you from losses in investments in Iraq. Businesses and individuals can and do sustain losses there like they do anywhere else. EO 13303 provide some strange but limited liability protection for certain activities in the country but not protection from business or investment losses.

          Your comment about worthless currency is a non-sequitur. A low exchange rate does not equal a worthless currency. The Japanese have a very low exchange rate and they are the third largest economy in the world. Dr. Al-Shabibi has referred to a “revaluation” in public but it does not mean they are going to multiply the currency by 10,000% overnight. This is more accurately defined as a remonetization when they revalue the currency but the aggregate value is unchanged. It has happened several times in the last few decades – so it isn’t something you can’t learn more about in reality rather than on a message board. Also keep in mind that of course he is going to be pumping his economy – that is part of his job. Everybody says their company/country will be growing and represents an attractive investment, but just because everyone says it doesn’t mean its true.

        • marconi306

          Dear Steve,
          Your comment sound more like mislead than any debate, and it is so obvious that your intention it is to convince people to buy.. Just like “dennis crain” post which appear very similar and much like : go ahead and invest because in the end what I have to risk, just 4500 dollars.. You guys are arguing in the interest of mislead and misguide other.. So, to respond to your un-realistic comment : if other will spend as much as you did and then multiply that amount with 100000 people so here it is the profit to this scammers.. And about 32 F-16 airplane that Iraq might intend to buy, well whatever their military necessary investment might be, then obviously they would NOT pay these with worthless and uncirculated IDQ..

  • dear sir:i was a contractor in iraq for 2 years and purchased 5 million dinars. i did my research.i’m not an under educated hick nor am i a good ol boy.the united states treasury reporting agency backs up that the value of the iraqi dinar traded at $3.22 per usd before the invasion.also i would mention that the imf suggested (and this information is coming from their website)that iraq revalue the dinar at .85 to the usd.now i by no means think i will become an overnight rags to riches type person,or story,however,since my origional investment for the 5 million i hold was $4,500.00. if it does in fact go back to being as useless as toilet tissue,then my loss will be nothing compared to buying gold at an overinflated price ,then seeing it go back to the level it was 5 years ago.so in short,i guess what i’m saying is this is a risk i think i can live with.i’m not disagreeing with you,i simply am saying it’s a chance i’m willing to take,after all is said and done what do i actually stand to loose? $4,500,00?

    • Dennis – I am also sure you are not a hick. However, you have some facts wrong. The dinar did not trade at $3.22 pre-war and the treasury does not report that. That was an artificial value that the Iraqi government placed on the currency but no-one would trade it for that. Also it wouldn’t matter if it did. The dinar today is not the dinar of 10 years ago. They share the same name but that is it. The monetary policy and fiscal structure is completely different. Also, the information you are quoting from the IMF is not true either. Please provide a link to that if you actually saw it yourself.

      We agree on your last sentence. It is a chance and it sounds like $4,500 is what you could lose, which doesn’t sound life-changing to me. However, where I disagree with that common argument is that it implies that there is a “chance” for a revaluation. There isn’t – it doesn’t work like that. Currencies like this remonetize (sometimes mistakenly called “revalued”) and the aggregate value doesn’t change.

  • troy

    us banks sell it.

    • marconi

      Which us banks Troy…??? Because, BofA/WellsFargo/US Bank/City Bank/Chase Bank and all European Banks DOES NOT accept any worthless IDQ what so ever.. AND IF, any small-tiny banks almost non-heard of in the US sells it, then obviously they want to get out of these as soon as possible, since it was not worth it to deal with as a currency exchange opportunity.. Majority of Middle Eastern countries DOES NOT accept IDQ, so go figure.. Keep saying over and over again as this well documented web-site tells you too based on true facts, HOW do you plan to exchange back into $US your IDQ currency, “when” your “un-realistic RV dream” will “ever” occurs..??? I don’t think you will consider traveling to Iraq with hundreds or millions of value worth of IDQ “revalued”.. I can assure you that you will NOT pass custom and border check point unless you enter as a US Gov personnel.. AND let’s “assume” that you “might” squeeze, than you will never make it back, guarantee.. Sorry, kind of sad, but that will never change for a lot of years ahead.. And by the time that whole this travelling will be more “flexible in Iraq” then you will have a very old banknote in your possession which will not be possible to exchange it with the present ones.. I would NOT consider this an investment ever, it is just a scam in every angle you look at since NONE of these IDQ dealer have a proper documentation.. I have traveled all over the world and never have any problem entering in US with any foreign currency, either to take these back to their original places.. However, due to some countries legislation including US, you will not be in a “right place” to take large amount of bills out of that country, without using a proper bank policy and procedure which might involve or could be considered a money laundering or a very suspicious “activity-maneuver”.. Bank Secrecy Act it is in place in almost every country as far as I’m concern and Iraq makes no difference since US “tells” them why..!!

  • troy

    I was told of this investment by a friend and so they bought there dinar online, however I bought mine at fifth/third bank in ft myers fl. Funny, nothing in the articles about banks selling dinar, only online dealers, so dont believe everything you read. Watch what happens in the coming months, please dont burn it yet.

    • Keep in mind that exchanging dinars at a bank (like any currency) is not the same as the bank “selling” dinar as an investment. Most large banks will exchange currencies for you even if it is rather exotic like the dinar. But that definitely does not mean they are offering it as an investment. Think about it like this… what if I wanted to visit Turkey and took $500 to the bank to get Turkish lira to take with me on my trip. Is the bank telling me that lira is a good investment? No they are just providing an exchange service. By the way the lira was “revalued” recently – why don’t you research how many lira investors made money from that?

  • Steven

    I have found each argument interesting and informative. I invested blind honestly into Iraqi Dinar taking my friends word for it. In saying that I did not go over bored with how much i put into it. In any investment there is risk. So for those who are not sold on this and are well informed just try to influence your friends whom are sold on this to not be greedy and spread there investments. NEVER put all your eggs in one basket. Thank you John I always like to hear both sides of the story.

  • FSU NOle

    Dear John,

    My family keeps pumping money into this scam cause their friends who make alot of money told them so, they think if it doesn’t work they loose very little. They say it’s legit because the man they buy it from registers the money and rights down their information in a form, etc. I told them that even if the dinar went to $1 how would people buy a can of coke when they’re smallest note is 50. They claim that George W. Bush has invested millions and the U.S govt has done the same because they know whats going to happen. What can I tell them to make them stop waisting money on this silly idea? I tried explaining to them my knowledge on this and what I’ve researched but what do I know I’m just a Finance/Accounting major. I even showed them Iraq’s monetary policy stated on their Central Bank website and reports by the IMF stating in order to keep inflation stable the currency will remain the same value if not demonitize.

    • FSU – In my experience it is extremely difficult to convince the converted that the dinar “investment” is not what they think. There are a lot more message boards, conference calls and dealers willing to tell them what they want to hear. The problem is that most of what they believe is based on rumor that is unfalsifiable because there is no evidence one way or the other. They believe that the government has huge stocks of dinars but there is no evidence of that – just rumors. We can point that out, but it can be explained away as just part of a grand-conspiracy or something. It leads to these frustrating circular arguments that always leads back to believing what they want to believe even though there is no evidence for it.

      In my experience – arguing with people that hold irrational scam-beliefs is not effective. You can present the alternative and some will begin to investigate on their own and some won’t.

      • OkkultNeuron

        Hello John,

        I decided to check out one of these online Dinar communities because a friend of mine is into it. The psychologically manipulative tactics of these forums are very impressive and quite insulting to its members. This particular group’s mission is to advise its members on wealth management, asset protection, legal matters and psychologically preparing for massive gain in net worth once the Dinar is revalued and everyone is inevitably wealthy. Listening to some of this information is like receiving a full course in the art of deception by example. Is it illegal if a website forum / community that does not directly sell Dinars but promote false hopes and dreams in people during conference calls if there are no disclaimers on the website? Thanks for the videos and information.

        • For the most part the U.S. is extremely liberal when it comes to free speech. For example, you can write a book about what a great deal the dinar is and repeat all the lies and you will be protected by the first ammendment. However, if that book is closely tied to a commercial venture that profits from sales of the dinar or some other service that is dinar related the FTC can come investigate. This is one of the problems (non-dinar) scammers like Kevin Trudeau run into.

          The bottom line is that a message board is probably protected but if they are charging for the service… it gets a lot more gray and the government could start investigating (although is it extremely unlikely that they would.) I kinda chuckled at your example… I saw a site once that was dedicated to helping dinar investors (victims) to overcome S.W.S. (Sudden Wealth Syndrome). It would have been funny if it weren’t so sad.

  • tomcat

    Hello John,
    Just one more question. My friend thinks that because of the problems this country is in that the dollar won’t be the international currency any longer and that the dinar will replace it. It’s like some huge governmental conspiricy. He mentions that we have signed some deal where the US will be able to purchase oil from Iraq for $30 a barrel until it runs out and that we will pay for it with dinars.
    Is there way that you can conceive that something like this might help the dinar to be valued at $5 to $8 per dinar?
    Thanks.

    • Tomcat – yeah that stuff is all just made up. There are lots of rumors about secret contracts and conspiracies floating around those message boards but they don’t have any actual evidence behind them whatsoever. Its like believing in aliens.

      Its not that the dollar can’t fall – but assuming that it could be replaced by the dinar is a big stretch. The oil exports of a rentier economy has not lead to a strong currency in the past and there isn’t anything different with Iraq that would make it possible to suddenly become the world economic power.

  • I have an elderly friend that called me all excited about this and of course it sounded like a scam. He’s pretty set in his ways and I’m afraid of telling him it’s a scam knowing that he’ll get mad but hopefully with your website and all of the other websites out there that warn against this, he can be persuaded to NOT spend of portion of his limited income on this. If your money is absolutely burning a hole in your pocket, take it to Vegas, you have a far better chance of becoming a millionaire by playing the slots (slim chance that it). Thank you for explaining it and keep up the good work.

    • Thanks Roger – I am sorry to hear about your friend.

  • tomcat

    Hello John,
    I have a friend who is convinced that many high ranking members or our government from Obama to members of congress to GW Bush have all bought into this. It just didn’t make sense to me. The logic and numbers don’t add up. Thanks for explaining it so thoroughly. It comes down to my friend is believing a bunch of lies.

  • tomcat

    Hello John,
    I learned a lot from you today. I have a friend who is really convinced that this dinar thing is going through and will revalue at about $8 per dinar. He is convinced that everybody in our government from Obama to all the senators and representatives and even GW Bush have all purchased dinars. That has convinced him that it all must be true. I mentioned that it all may be a lie to convince people to buy the dinars. The numbers just don’t add up. Why would anyone sell anything for $1,200 that may be worth $8 mil. in a few months or years? It’s like we’ve always heard, If it sounds too good to be true, it is.

    • Tomcat – that is actually a really good point. I tell traders all the time that investment assets like stocks or currencies don’t reflect the value of today’s numbers. They move because traders are anticipating the future numbers. If the future is “known” as many of these dinar scammers suggest then why would they sell the asset for less than its present discounted value? Its one of the most basic fundamentals of investment analysis – the value of an asset is equal to the discounted present value of its payment stream.

  • Edward Kelly

    Thank you for your analysis. Many church friends are into this unfortunate scam. I find it difficult to believe that so many people choose to believe wild unsubstantiated claims – and don’t even attempt to assess the validity of the claims. I listened in to one of these conference calls and it was the most unpersuasive thing I’ve ever done. It seems that whatever is said becomes truth without any fact checking whatsoever.

    • Edward – thanks for the comment. I have been hearing about this coming from churches a lot lately. Although that is not necessarily unusual the frequency seems to be increasing – which does seem a little weird. Was this just something you just heard about from fellow church members or was it being advocated or sold by a church member or leader? I am just curious.

  • Robert

    This might sound harsh, but in addition to the wild claims made by dinar salesmen, one of the reasons I initially started thinking the “dinar investment opportunity” was a scam was by looking at the profiles of the people on the dinar forums and Facebook pages. Most of the members are young people just out of high school or college, grandmothers, or good ol’ boys. Many of these people also have very poor grammar. I don’t say this to belittle any particular group or individuals, but who these people are, what they write, and how they write it says a lot about the legitimacy of this investment. I don’t see many professional investors on these message boards. That’s a pretty big red flag for me. All I see are people who have little investing experience and who constantly repeat lies and misinformation that some direct-marketing scam artist tells them as if it were fact. I guess the old saying is true. If you repeat something long enough people will believe it’s the truth. I get the feeling that many of these individuals are the same people who buy lottery tickets every week. They also think if they just keep a positive attitude and believe hard enough the dinar has to “revalue” and make them millionaires. They only hear what they want to hear. I’ve honestly never seen anything like this. It’s disheartening to see people so gullible.

    • It is sad – but it happens a lot. This is common issue with people who have fallen for a scam. I saw a case about a year ago with a forex-based ponzi scheme where the victims actually petitioned the court to allow the scammer to continue trading for them, because they “knew” that he really could execute on his trading-strategy if he could just not steal the money.

  • Paul

    Hi John

    I really appreciated your response,now i feel more re-assured. Just curious as to what is your background,you seem to understand how currency really works. I never really understood how currency really operate because what I learned in school doesn’t seem to always make sense in the real world. Is there any good material that you recommend in learning how currency really works.

    thanks

    • Paul – I have written two books about forex (and one on gold) if you are interested in more of what I have to say, but I also have other recommendations. Most stuff by Kathy Lien is very good and I think she has a brand new book that can be found on Amazon. Ashraf Laidi is also very good and has a couple of great books available for pretty low cost as well.

      I learned about the forex by owning an import/export firm, working for a brokerage that offered currency trading, and running a commodity trading advisory firm that focused on forex trading. I still trade my own account and write commentary about the market everyday.

  • Craig D

    A man doing yard work for us today started talking about the Iraqi dinar so I decided to do some research. Didn’t take long before warning bells went off & I started getting a bad feeling about it.

    Iraqi dinars seem like just so much pretty paper and at the end of the day that’s about all they’ll be worth.

    Sad part of this is, the guy working for me is socking away every spare penny he has into these things, confided his wife was getting very upset about it all, and was convinced I’d see him being chauffeured in a fancy limo any day now due to his fantastic wealth.

    I think the appeal of this dinar deal, and the reason so many get caught up in it, is the overwhelming appeal of becoming fantastically wealthy – coupled with naive, inexperienced investors, people who have not the means or experience to invest normally in things like stocks, bondd, precious metals, or derivatives or what have you.

    I’m a big believer in precious metals myself. Sure, I’d love to get filthyrich off of them, but I’ll be happy if I just ‘do okay’. Worst case scenario, I STILL have physical possession of metal and it’s never going to devalue to zero. If the guy working in my yard had put the same money he’s been socking away on dinars these last few years into gold, or silver, or something similar, he’d probably come out smelling like a rose.

    • Martin

      Hi Craig – You are exactly right. Many people invest in the dinar because the cost of getting started is so low. These people don’t have the financial resources or patience to buy stocks or precious metals, but they can usually find an extra $500 or so to buy this worthless paper in the hopes of becoming filthy rich. I have a friend who waited too long to start a real retirement plan and has lost tens of thousands of dollars over the years getting sucked into get rich quick schemes that never panned out trying to make up for lost time. He never learns, and now he’s about $10,000 invested in the Iraqi dinar. It’s kind of pathetic. He’s also a defender. If I try to talk to him about the reality of this investment he gets upset with me and tells me I haven’t done my research. I guess by research he means listening to the dinar guru conference calls and reading all the message boards that are paid for by the currency dealers selling this crap. I don’t get it. I really hope Iraq does whatever it is they are going to do with their currency soon so people can stop getting scammed by this.

  • paul

    Hi John

    Have you heard of First Liberty National, I seen there ad in USA Today. They are selling dinars, are they a legitimate company. Also, if one purchases dinar and receive the hard currency, how would one then re-sell them, would the banks in U.S buy them back or would you have to got to Iraq.

    • Paul I don’t recommend any companies. This one in particular seems a little fishy. They operate out of some house in a town just North of Houston. Not that I have anything against working from a home-office (I do it), but how do you expect to show up anyplace if you have an issue after you purchase your currency? Sometimes banks will exchange currency but how the dinar will work is uncertain. We really don’t know whether you will be able to exchange them in the U.S. or will have to send them to an agent in Iraq to do it.

  • Hangfire

    Bottom line, DO YOUR OWN RESEARCH and then go from there. Viewing John’s take on the Dinar is part of that research. Everyone is “guessing” and can paint the picture to either support or knock the dinar. Buying currency is always a risk and as John said, be aware of potential losses. I however feel that Iraq will once again be the dominant influence in the middle east. It will take time, that’s fine with me. It’s just like gambling, only gamble what you can afford to lose. GOOD LUCK TO EVERYONE EITHER WAY!

    • Actually, the bottom line of this article is that I am not guessing, and I can show you that dinar dealers and message boards are lying. Be careful about suggesting that the risk of the dinar rising is similar to the risk it will fall. Historically speaking the odds are much, much larger to the downside. It is not the same risk. If all it took to appreciate your currency was to be the “dominate influence” in your geographic area, then why isn’t the U.S. dollar rising?

  • Martin

    Hi Jon – I really wish the Iraq government would just go ahead and redenominate their currency and get this all over with. As long as the situation remains like it is now, there’s always going to be scammers out there misinforming people and causing trouble. I purchased some dinar several months ago before I realized what was really going on, but some of my co-workers still refuse to believe that they’ve been had. It’s really starting to cause some hard feelings at work. I feel sorry for these people. I walk past their desks and they’re either on a dinar forum reading the latest hype or looking at expensive cars and houses. They are going to be crushed when this all finally shakes out and the dinar they are holding is either worthless or worth approximately the same as it is now. I’ve had to stop talking to them about the dinar because they don’t want to hear the truth. Anything you say to them that’s not positive is seen as an attack. Like another poster mentioned, these people were also encouraged to buy dinar through their relationships at church. People often talk about the possible negative financial ramifications of investing in the Iraqi dinar, but there’s a toll it can take on people’s relationships as well. I appreciate the information you’ve provided in the article and videos. Without commentary like yours, there wouldn’t be any voice of reason on the internet regarding this scam…I mean “investment opportunity.”

    • Thanks Martin. I am sorry that you are having a hard time with your friends – it is a story I have heard before. Actually I originally wrote the first version of this article in 2008 after a very good friend of mine told me he had purchased dinars. I still see him in person about once a month and each month he asks me “how’s the dinar doing?” I have found that the best thing to do is just change the subject. – best wishes.

      • Nial

        Can i ask? What will you say about the ‘dinar investment’ IF the value goes back to a pre-war value of $3.22 per 1IQD?? I have been on the rollercoster ride since early this year and just go off about two weeks ago….. I now listen to a 5hr call every night called the call squad. They back up what they say with new articles. Believe me this WILL happen.

        • What do you mean “what would I say?” Why do you care? I suppose I would say the same thing I would say if someone showed me their real Morgenthau notes, Nigerian riches, or Lincoln’s lost gold. Believe whatever you want, but a long rambling conference call doesn’t make it true or even possible.

          By the way the IQD was not worth $3.22 before the war (assuming you mean the invasion in 2003). I know you have heard that a million times from dinar dealers and message boards, but that actually was an erroneous and arbitrary exchange rate set by the dictatorship in Iraq. In the international market the dinar was being exchanged at about 3,000 dinar to the dollar since the mid-1990s. No matter what a dictatorship wants their currency’s value to be, the market will still establish the price – just ask the (former) West German government. The Iraqi government went on a massive printing campaign following the first gulf war with much smaller revenues, which basically destroyed the pre-1991 value of the dinar. However, even before then the dinar’s market exchange rate was still closer to 3 dinar to the dollar since the mid-1980’s.

          All of that is moot anyway. The dinar today is not the same thing as the pre-2003 dinar or the pre-1991 dinar. They have the same name, but they represent a different monetary base, policy and in the former case a different government. It would be a bit like saying that the current Russian ruble should “revalue” to its pre 1920 valuations just because they have the same name before and after the war(s).

          • Nial

            Would you apoligize to everyone IF the value did increase greatly? I feel from your videos you personally have had a bad experience with a ‘currency dealer’ Can i confirm that YOU think the ‘scam’ is that the currency dealer or people selling the dinar telling people that it will rise in value without pointing out the ‘down side’? Do you think is there a possibly that it will rise in value or do you think there is ‘no chance’?

            I understand a cc does not make this ture OR possible BUT the news articles discussed on ‘the call squad’ DOES make it possible.

            Even if you do not compare the new dinar now in circulation to the old dinar (pre war) how could an iraqi afford one of the 23,000 new cars arriving in Iraq next month at the current exchange rate?

          • I usually don’t answer plurium interrogationum style questions, but this time I will – Apologize for what? Everything in this article is true and can be confirmed independently. No one needs to take me at my word. Go look it up yourself (except, please no message board quotes). Everything I wrote about here is well documented and available to the public.

            I have not had any bad experiences with a currency dealer – My experience comes from trying to help others either get their money back after being scammed or trying to understand the risks of their purchase. I think it is possible for the dinar to appreciate nominally like any other currency. Most currencies will fluctuate over time and sometimes they will rally against the majors. However, all prior redenominated currencies in the last few decades have fallen significantly in value after they go through that process. I think the odds are significantly against appreciation, but its certainly possible that the dinar might buck the trend and gain a little in the short term. I couldn’t disagree more about the news articles comment. Give me a specific example from a legitimate source and we can discuss it. Most of the stuff discussed on these message boards and conference calls is just made up. As far as your car import comment goes I think you misunderstand how exchange rates work. Having a currency with a low exchange rate does not mean you cannot use that currency to buy goods and services from other countries. For example, the Yen trades at 78 to the dollar and the peso in Chile trades at almost 500 to the dollar and they are both able to buy cars and other goods from the international market.

        • marconi306

          Dear Neil, your post appears like a very convinced type of situation, but it is obvious that you have NO clue with all my do respect of what you are talking about, and appears also like you pass some mislead info from other in order to debate all this Iraqi dinar worthless investment.. Your info come from a mislead dealer that brain-wash a lot of people including yourself.. Study a little more about Irak currency trading based on international currency market and then come here and debate… There is no REAL country which accept your Iraqi dinars, either they do trading with that currency…

          • marconi

            Dear Neil,
            Fact: According with CBI rate your worthless iraqi dinar exchange comes to $ 0.0008561… So, in your imagination and your “IF”, these IDQ will go up in value over-night 10,000 times.. VERY interesting, but I don’t think a normal individual will think that it’s possible with all Iraqi oil reserve and capabilities.. Just to let you know, I was in Turkey when they change the turkish Lira, and Brazil when they change the Real, and I never ever heard of any “RV”.. These countries let you change the old banknotes or bills with the new ones at the same rate(nothing more/nothing less), and there was no speculation prior to that event as you might assume right now with IDQ..
            I would like to know how you will exchange your IDQ when you will face this situation in the near future with your IDQ.. Perhaps might ask your IDQ dealer : “Why, they are NOT buying back these dinars since they know that RV it’s coming, so they will become more rich instead of you”..??

        • Scott

          I agree with you Nial, I have Dinars and it will re-value. Historically every country that was put into the war position has gone through this too and their currency re-values after all of the rebuilding of the governments. Many millionaires and billionaires do this and try to keep it to themselves, so that is why we never hear about it. Also the U.S. government is the 2nd largest holder of Dinars. So it will pay for all of our war costs. George Bush sent Iraq way over 1 trillion U.S. Dollars and exchanged it at 4000 Dinar to 1 U.S. Dollar. So you do the math and see how much money this country will make from that war.

          • Scott – don’t just regurgitate what you read on a message board or dinar dealer’s website. Unfortunately, pretty much everything you just wrote is just lies you have been told.

            No country has revalued like you suggest after a war – they all remonetized their currency. The myth about the war paying for itself through government holdings is just an internet myth with no evidence of any kind to support it. Think about it – why does the U.S. need dinars if it were possible to do that? Couldn’t they just revalue the dollar to be anything they want instead? The problem is that fiat currencies rely on confidence and the market to assign value. The government can’t just say that its currency is now worth thousands of times its former value in terms of other currencies – if they could why wouldn’t they be doing it right now?

          • marconi

            Dear Scott,
            I would like to get to the bottom of this outrageous comment type of myth and speculation, that US goverment holds trillions of IDQs.. Why in the world US Gov will purchase that worthless currency even at that low rate as you’ve speculated, instead of getting a trillion barel of oil for all the time and money that US spent with “re-construction of Iraq”..??? I would rather think in terms of business that these two countries might probably exchange “goods” insted of currency.. But I’m not going to get into politic and speculation as you just did.. All I can tell you it’s that, the Dinar dealers brought this type of poison comment and everybody pass it over, so that every individual like yourself assumed that US gov it is behind something, and regular Joe want a pice of it, too.. Also KEEP in your mind that every single dinar dealer DID NOT comply with Security and Exchange Commission in US.. NOW, you DO the math..!!! Since they DON’T have the proper documentation in order to trade currency, that might be a BIG question mark..!! It is SO obvious that they are NOT trading any currency here, since they shipp these IDQ bills with Fedex, which “might be against” US law as well, don’t you think..???

          • Stormb69

            Same question,. It’s now 4 years later and nothing. Ready to give up yet?

        • Stormb69

          Well it’s now 2015, 4 years after you posted this. So how’s it worked out for you so far?

    • marconi

      Hi Martin,
      Sound very common your situation in general with what I’ve seen.. However, as long people still sell this banknotes or iraqi bills even on the eBay, then go figure what it is the “real” value of this currency.. My question to your friends is, why we can’t sell US dollars on eBay, or actually yes you can, but you “might” NOT comply with the US law.. Good one, ringht..I know..!
      I would tell your friends to frame these bills and and posted on the house somewhere, so that they can always remember this days/era..!!

      • The whole eBay thing confuses me a little. Sometimes I see a lot of sellers letting go of mint condition dinars for very little money and then other times it seems like they are able to sell for just under what the dealers are selling for. I wonder if it has anything to do with the ebb and flow of the hype out there on the message boards. Such as the recent frenzy around 6/30/2011 that drove so much chatter – I wonder if that affects how much sellers are getting on eBay and such.

  • Mad4Jazzy

    I first saw this on YouTube. The poster advised you requested him to remove it. Why? I guarantee that was a good way to get the word out, and I was in that discussion. You get a lot of people that just do not understand what they are doing on this issue via YouTube. People here do. (or you’re screening them). Anyway, if you really want to get your opinion out on this subject, YouTube is a good way to go along side your website my friend. All the coin dealers on on there pushing it. Your webmaster embedded the video incorrectly here. The ratio is off. (By the way, the poster on YouTube has re-posted a short version with a link directing his viewers to this site to watch the full video.)

    • Mad – thanks for the note. I regularly have videos reposted by others on youtube and as a matter of routine I ask them to take them down. However, I understand your points and I think perhaps I should reconsider in this case.

      BTW – I only screen comments with insults. Commenters on Youtube tend to be much more hostile on average than the readers here on the site who are usually pretty gracious even if they disagree with me so I probably only screen 1 in 20 comments due to an insult (to me or another reader) or extreme profanity. If you scan through the comments on this article I think you will still find that its about a 50:50 split with those who disagree with me vs. those who agree.

  • I am much appreciative of your article and video. I am a first time investor and want to learn as much as I can before I start. If I buy dinar, it will definitely be sometime in the near future when it is RV’ed. Then I can use it for the cheapest toilet paper I’ve EVER bought. Watch out Charmin, Scott and AngelSoft, you’ve got some fierce competition coming!

  • The Dinar Truth

    John,

    One of the comments I see on these different forums is, “The Dinar must RV between $3.00 and $4.00 to support the Iraq budget”. Let’s look at this from a different angle. Assume we wake up tomorrow morning to find that the Dinar RV’ed for $3.22. What would the real effect be on Iraq’s economy if the value went up that much overnight? I don’t think many people think about that.

    • Its a tough question to answer because remonetization don’t work like that anyway. Its kind of like asking “What would happen to the U.S. economy if the Fed suddenly decided to make the dollar worth 70 euro rather than .7 euro?” It would likely be a big change, but since currency values can’t be adjusted like that it is something we would never be able to analyze.

      • Cris

        Hi, I have a friend who’s invested a great deal of her recently inherited money on the Iraqi Dinar. She tells me a “ton” of the folks she works with have done so as well. She even purchased some for me and her family. I am not a math wiz, but I just can’t make the math work out. She’s expecting a huge windfall and I have tried to tell her the numbers don’t compute. I must admit, it would be great to have a substantial chunk of change to plot out my wishes and dreams with, but I cannot wrap my brain around this! She showed me a web site where the guy went on and on about the “investment” and how “totally real” it was and that potential investors should not fret when reading negative articles on the internet. She also told me that somehow the FED is involved and that this is real. My gut tells me “NO”, it’s not! She also stated that there’s NO WAY she’ll be losing any money. However, after reading your article, I can see the possibility of that very thing happening to her. What can I say to her to help her? I don’t want her to be disappointed and most importantly, I don’t want her losing all her money. Especially, since she has been soooooo generous and has purchased this stuff for so many people thinking she’s giving them a leg up in the world! Thanks for your time and have a great day!

        • Cris – there isn’t much you can do to convert the true-believers. Just be a good friend and help her out if she needs it. Your assessment of the deal is correct, but it will probably be difficult to convince your friend. Some of the issues are around the half-truths that are often told by the scammers. The U.S. government, other governments and the IMF are involved in reconstruction and funding in Iraq, but that does not mean that they are plotting some kind of revaluation to turn dinar investors into millionaires. If she wants the counterpoint to what she is seeing online – you could point her to this video.

    • marconi

      Dear The Dinar Truth,
      Let’s “assume” that your RV unrealistic post it’s QUIET “Ferrari kind of thing dream”…!!!
      Whatever you guys are “smoking” that it is quiet “high”, so obviously your post sound VERY MUCH like mislead than a real market demand for your worthless toilet bills named Iraqi dinars.. Go ahead yourself and invest in dinars, be my guest.. You got to be out of your mind or your papa didn’t beat you strong enough years ago..!!!

      • Talonj

        Marconi,

        Don’t be too hard on DinarTruth. He might be trying to show how insane the whole RV thing is to his friends.

        Your, “papa didn’t beat you strong enough years ago..” comment is too funny, but is most likely what is wrong with a lot of folks not just the Dinars investors!

        • marconi

          Dear Talonj,
          You know what it’s real funny : How many people took the “bait” and believed in whole this scam.. Not only, some of them are quiet hostile if you try to explaine them about the whole dinar scam.. Bottom line is that, incredible number of people were “blind” and haven’t seen yet why this is the scam.. I honestly can’t believe that it went that far.. I won’t be surprised to even see someone behind bars based on mislead, like Japan already did.. Just a matter of time, I guess, and it will happen in US, too..!!
          Like whole other ponzi scheme..too..!!

          • Talonj

            Marconi,

            It would be real funny to me too, but I have a few family members who keep drinking the “Cool Aid”. No matter what I tell them, they just keep drinking. For me it is somewhat sad.

            You write like a guy I use to work with on an aircraft program in Texas (he is from Italy)

      • Marconi – I think you misunderstood “DT’s” comment. Also, its OK to disagree without flaming each other.

  • Brian

    Hello,

    I tried to get a friend whos considering investing a large amount of cash to read your article and watch the videos. Lets just say hes a little thick headed and won’t let go of the idea.

    I figure if i can’t persuade ihim not to invest maybe i can help him invest the right way? Is there any advice I can give him on investing a safer way than buying from a dealer he finds on google?

    • That is a fair question, but I really don’t have a great recommendation. I suppose I would suggest looking them up with the BBB first, but that can be kind of misleading. Make sure that whoever he is buying from has a physical location and a phone number in case he has problems or questions. That should help avoid any non-dinar related issues.

  • Dan

    John –

    I enjoyed your webcasts but I disagree with you on return. I purchased dinar at 730 IQD per million four years ago and I can sell it now at a nice profit. I don’t see the “scam” in my return. However, I can show you numerous stocks that hit the floor over problems and management situations.. look at GE for example. Boy, wish I had that initial investment back.

    Also, Dr. Sinan Al-Shabibi governor of the CBI spoke about the revalue of the currency and inflation at the Q&A session at the US Chamber of Commerce on 4-19-11. It can be found on youtube at http://www.youtube.com/watch?v=NiURyFl9rIw (turn your speakers up).

    I think investing in the country which has the largest reserve of sweet crude oil in the world, isn’t that bad of an idea. All investment is a risk but as long as oil is needed and they are a HUGE producer… I’ll take my chances.

    Just my opinion.

    • Hi Dan – Thanks for the comment. I have seen that Q&A – it was interesting, however you have to keep in mind a few things.

      1. Make sure you understand what “remonetization” actually means. It is not an unusual action for a developing economy and is something that I suspect the Iraqi government will eventually do, but the process does not multiply the currency’s aggregate value like many dinar investors assume.

      2. I would agree that investing in a single stock (GE or otherwise) is generally a bad idea. A well diversified portfolio is historically the most reliable approach to long term profits.

      3. Keep in mind that a currency is not a stock. Buying a currency is not “investing in the country.” If growth and currency values were correlated then the dollar would look quite a bit different than it does now. The same could be said about many oil producing countries with very high growth rates accompanied by falling currency values. Frankly if you are interested in investing in the future of Iraq’s oil production, why not buy shares in HAL, SLB, WFT? They are legitimate firms under intense pressure to increase oil production in Iraq.

  • Let’s just call me Gordon

    Oh, by the way, many thanks John, for caring enough to spend time and resources putting this info out there, and replying to the emotional outcries to the contrary. You didn’t have to, but there are some people out there that will be helped by this. Add my name to that list.

    Guess I better go to work tomorrow with a better attitude! :)

    • Gordon – thanks for the note, however, you are too generous. Like most of the info available in article form out there on the internet, there is just no way to really present all the information someone needs to know before investing in the currency market (developing currencies or otherwise.) I hope that I can provide enough info to at least get new investors started. It is possible to make decent profits in the investing world and currencies can play a productive role within a well-diversified portfolio, but there is a learning curve first.

  • Let’s just call me Gordon

    Wow. By FAR the most compelling breakdown (either for or against) the dinar investment that I have read thus far. Hi, my name is “Gordon”, and I am a dinar investor. I suppose the first step to recovery is acknowledgment of a problem.

    I wish there were some pro-investment articles/intel that were laid out like this, sans all of the emotion and vehement denial of anything contrary to investors’ Ferrari dreams, but it just doesn’t exist……..and I’m on ALL of the forums. Gotta say, this has been an EXTREMELY painful article to read. But oftentimes, truth has that kind of effect.

  • ministerb

    Frankly, this information is a much more speculatory than buying a legitimate currency of a nation and holding it until it increases. There is far too much concrete information from everyting from the US government down to the man on the street in Baghdad that verifies this is fact and not rumor. The world financial organizations do not participate in “scams”.

    • Ministerb – one more time… The dinar itself is not the scam. I agree that it is just a currency like many others. The dealers, analysts, gurus, message board operators, etc are perpetrating the scam with misinformation and lies about the currency. I know the title of the article may be a little confusing so please read the whole thing first before making a comment.

    • marconi

      Dear ministerb,
      Have you ever been in Bagdad..? Not your whatever frind that it’s on the street on Bagdad as you mentioned.. I heard this kind of statment many times, like : our man it’s in Iraq, Bagdad,etc.. I guess NOT.. Well, I have been in Middle East.. IT”S NOT FAN, and the crimes in that country and robbery exceed your imagination..believe it or not.. Before you post this outrageous rumors or comments, try to be more accurate if possible..since a lot of “investors” believe all this BS that many people posted on all this Iraqi dinars web-pages.. You invest in uncertanty, and worthless currency, instable political situation that can change very easy.. That is how this currency will go even more down in value.. These people have “unfinished” matters for more than 1000 years, and it will probably never ever stop in our life time.. True story..!! Have a nice day..!!

  • bob

    my problem with what you are saying is if you spend 1200 for one millon dinars and sell anytime you want to for 855.55 what do you have to lose 350.00 come on thats not a lot of money to gamble on making any kind of profit in todays market. remember the old saying it takes money to make money..let me get this right john you are saying that the dinar will never go up in price. ‘NEVER’.I find this hard to believe that you would put this out with so many people that might have 100,000 or 200.000 and thats not hurting no one, but ‘WHAT IF’ TKS

    • Bob- I think that if you actually read the article you will find the answer to your questions.

    • marconi306

      Dear Bob, your big “IF” has cost you on this market already $ 350.00, and that is how this scammers makes money.. Just to use your words : multiplay that with just 200 K people.. Good numbers right…??? These 200K individuals and their naive behavior or misinformed made these Iraqi dealer rich.. I would not be surprised to even see someone arrested in the future based on money laundry transaction since these dealer accept money order.. Please enjoy your investment…!!

      • Hear, hear! I don’t know whether many dinar investors know that the normal spread on a currency trade with a major is about 1/100th of a % or less. Even emerging market currencies have a spread that is a mere fraction of a full % point. Paying a 20% spread for the dinar is like buying IBM stock today for $181 while knowing that you can’t sell it back for more than $145. I get questions all the time from traders who want to take advantage of the oil market and a falling dollar. There are much better ways to do that than with the dinar and you don’t have to pay a massive spread or store the physical paper either.

  • Skeptic

    John,

    Do you know why this scam is being peddled by churches? A good friend of mine believes that investing in the Iraqi dinar will make her a good chunk of money, because her pastor apparently gets financial tips from God. From what I’ve heard, this scam is being pushed by many other churches as well.

    • Actually it doesn’t have anything to do with the “church” per se. Stuff like that falls into the category of relationship scams. Community clubs, churches, and other organizations are breeding grounds for it because there is a network of trusted relationships. Ponzi schemes are another kind of scam that often take off within a tight group like church congregations.

      • marconi

        Dear John, I read whole your post comments and have been very pleased.. I think it will be better for you to stop “argue or explain” to this “RV individuals” here, because they will never ever understand.. In my opinion you just waste your time, because they are so blind and hungry of getting rich overnight.. Many of this DO NOT has any knowledge about currency trading or how whole this works.. Many of them get their info from the same dealer that they got their very expensive toilette paper named Iraqi dinars.. So, obviously there is nothing to explain.. In one day these RV individuals will realize that their dream got nowhere.. These RV individuals also DO NOT understand that even Wells Fargo Bank in whole USA have a recorded voice message at their Foreign Currency Department telling everyone out there that “Wells Fargo DO NOT intent to buy or sell Iraqi dinars now, or in the future”.. There is NO bank in US right now buying Iraqi dinars.. So what that tells me…??? Very simple.. Not worth it the risk.. If everyone tells me that in US as we speak, there is a bank that buys Iraqi dinars from anyone out there, then that is a big lie.. There is NO bank even in Europe or Exchange Office that buys Iraqi dinars from anybody.. How these individuals will sell their Iraqi currencies, by taking a flight straight to Bagdad…GOOD LUCK with that.. !!YEAAAH RIGHT..!!! All these individuals will get arrested by Iraqi Custom and Border Agents.. And if not, then they will get robbed on the streets of Bagdad or even killed.. Iraq is NO joke, and trading currency..?? You got to be insane..!! First, this actual Iraqi paper bills will be exchanged with the new banknotes in the near future.. So the CBI will allow a time frame to exchange them for the SAME VALUE with the new bills.. That was the process in the countries which you already mentioned.. How they will do that…??? Good question, since there is NO bank here in US to accept these Iraqi dinars.. Taking a flight to Bagdad…!! YEAAH RIGHT…!! The Iraqi dinars dealers here in US will NOT exchange for free this hundreds of millions of dinars with the new banknotes, I guarantee that.. Let them brake their “neck”…and obviously lose their investment, because the only one making money here by scam are ONLY the Dealers…

        • Marconi – thanks for the comment. What I hope to do with this article is not convince the converted, but to help new investors or people considering an investment understand the real risks. I make the arguments so that those investors can see both sides of the common points that scammers use to try and sell dinars.

  • Randy

    John, you’re a wet sock. The “risks” that you drum on about are singular, not plural, in that the only “risk” is the amount you put into it, and if you don’t have a couple of hundred to drop on an investment, then maybe you aren’t the right person to be speaking on financial issues. You see how easy it is to poison the well and do paranoia speak? Yes, of course you do.

    • I agree that the money you put into the dinar is the money you have at risk. However, how big is that risk? There is a common misconception among dinar investors that all investment risks are the same. There is a big difference between investment alternatives, like bonds, stocks, metals, deposits, etc., and my point in the article is to make sure that dinar investors understand where their potential investment fits on that wide spectrum.

      As an aside, I am always curious about the common ad hominem arguments (like your comment) used by many dinar investors. Why is that?

  • Sceptic

    One point I never see stated is the enormous profits the dinar sellers may be making up front. Given the rate from the CBI is 1170 IQD per $, 1 million IQD is appx $855. I checked on of the sellers web sites and it was selling 1 million IQD for $1220 and that is pretty much the average for all the sellers. that is a 42% profit if their price is the CBI rate.

    • Sceptic – its a good business to be in from a margin perspective. However, the average spread that we see is closer to 20% rather than what you quoted here. In either case it is pretty wide.

  • France

    John,
    Thanks for your response. Point taken.

    Most new “investors” go forth with blind hope and little education so I’m not so sure about the dinar being any more/less a case in point.

    Investing will always be a game of chance. Regardless of whether it’s calculated, educated or just plain gambling on a lead heard around the water cooler, risk is at the heart of all investing.

    As many people are uneducated (or at least disregard the risk)in the dinar scenario as there are people who frequent casinos, play lotteries and bet on chicken fights!

    Thanks for sharing your insight and for caring…that wasn’t lost on me. In fact, it made me think further.

    France

  • France

    John… I completely agree with your expertise.

    That said, there are two kinds of “investors”. One expects to make money on every calculated risk they choose to gamble on. The other decides that for a small amount of financial input, they will spin the wheel and see where it lands. Investment companies, casinos, the lottery, dinar…they ALL carry risk, all are hyped in one way or another but only one is being labled a scam. Hmmm. “Spin” can be a tricky thing.

    I also do not buy lottery tickets nor do I “play” the market. To me, it’s the same as taking my paycheck and throwing the cash out of the window to fall into the street. On the flip side, I have also done some careful investing in huge companies (i.e., Phizer)and funds that have paid off nicely as well as others that fell on their faces. I’m sure you have as well. Are you being scammed?

    Tho I appreciate your schooled advice specifically regarding purchasing dinar and believing the hype about the kind of return that is being offered, I still see it as a small gamble. To label it as a “scam” is erroneous, otherwise, heading to any casino should be labeled a scam too for the owners of the casinos and the family members that take each other there surely know the risk.

    Anyone who holds dinar knows there is a risk. The people I personally know have gambled very small amounts that range from $25 to $400. Even the decision to invest the larger sum was based on loss not gain. I think you are overstating the loss factor.

    Yes, there will always be people who will sell the farm for a chance to be a millionaire, but there are far more who simply decided that the possibility exists for good fortune to smile upon them. Thank heavens for Phizer!

    There are scams out there. There are people who take small facts and blow them out of sensible proportion. That will forever be the case, for the world and humans are driven by money whether that be necessity or greed. I, for one, don’t appreciate being lumped in with those being taken for a ride by a “scam”. I chose to hold dinar. Money is a tricky thing and as my daughter once told me…”Money is a renewable resource.”

    Unprecedented things happen lifetimes and in the world all the time….and this world is certainly going thru chaos in all sectors….economies, governments, technologies, ecologies….like we have never seen (or at least documented) before.

    Yes, hard facts remain and I appreciate them. Sometimes they too can be terribly misleading.

    • France – I think the only place we disagree is how many dinar investors are actually aware of the risks. In my experience, most of them are being misinformed. If dealers, advisers, message board operators were honest, I wouldn’t suggest a scam was at play. Just to be clear – the dinar “investment” is not the only scam I have written about. Forex EA’s, target date funds, absolute return funds, high yield interest programs, penny stock promotions, collectible gold coins, and seminar companies have all gotten similar treatment. I think it is worthwhile to point out where investors are being lied to and why. I am aware that there are a few investors who are fully informed regardless of the kind of information that is being hyped. However, for the most part they are part of a very small minority. More power to them if they want to buy the dinar or whatever – as long as they really know how it works and not just what the dealer is selling (scamming) them.

  • Arukokobuleke

    John, I read somewhere that it’s illegal to own the dinar,and yet there are thousands of Americans who have the dinar in their possession and no one has been arrested for owning dinar. Why is that? Frankly speaking, I tend to agree with you on some of your advice, for the fact that the deallers of Iraqi dinar doesn’t want to buy them back, not even for what you paid for it. I wonder why? Do you mean to tell us that the United State Government knew that the so called Iraqi dinar is a worthless paper and yet it allows its people to invest in it? If this is the case, I would call it tripple loss.(1)We lost lives in Iraq (2)We lost billions in tax payers money in Iraq and now (3)Individuals who are looking for ways to make money are now throwing away their money and the government allows it.

    • Its perfectly legal to own the dinar in the U.S. As far as I know there aren’t any restrictions for owning any foreign currency. There are some reporting requirements if you are going to transport more than $10,000 into or out of the country but other than that its fine. The dinar issue is actually a pretty small thing, and regulatory/enforcement agencies are swamped with much more serious scammers than a few dinar dealers. Although it might be a big deal for an individual who has been hurt, it is small in the big scheme of things. The best we can do (which I think is better than aggressive enforcement anyway) is to educate people so they understand how it works and what is real.

  • Mark Barboza

    Of course you do realize that the nominal value of the dinar in that region of the world is over $2 usd. And of course there is the fact that Iraq has more oil underfoot than any country in the M.E. Oh, and by the way, it’s not just the oil, but agriculturally, they have enough farmland to feed an estimated 30 million people. Oh, and the fact that processing the oil is VERY cheap because of the depth and grade of the crude. Oh, and their economy is now growing faster than China. Did you do any fact finding because the cicumstances that are in play right now have never happened like this ever, anywhere in the world? It takes a little common sense and research to put the pieces together, but for a small investment, it seems very likely that the Iraqi dinar has nowhere to go but up. If you think that they are going to do business with the rest of the world in the coming months with everyone, and I mean everyone who is throwing money into Iraq, at 1170 to the U.S. dollar than you are not looking at things correctly.I am not preaching but rather looking and reading everything I can and have been doing this for quite a while. I have never e-mailed any site but I would just like to say that you should research the region and all that is happening and make a logical choice. Check everything YOURSELF, then make a choice. I think the risk is worth the potential gain. It has nowhere to go but up, as for when or how much, who knows.

    • Mark – Here are answers to your (rhetorical) questions.

      1. No the nominal value of the dinar is not $2. The stated value of the dinar is currently 1170 dinar to the dollar per the Iraqi government.

      2. Yes, the Iraqi’s themselves say they have the largest or at least second largest oil reserves in the world. Even if we assume that is true, its the logical fallacy of the “false premise.” I have already addressed the difference between a currency and stock in an oil company. They are not the same thing. Currencies don’t grow in value just because your economy’s GDP or exports do. The premise of large oil reserves does not logically connect to the conclusion of an appreciating currency. This is an easy one for you to research yourself – find an economy that pumps a lot of oil with a currency that has also appreciated in value over the long (or short term) like you say the dinar will. They don’t exist.

      3. The Iraqi government reports projected growth of just over 11% in 2011. Which sounds great, but they only grew by 3% in 2010, so I suggest the jury is still out on that one. If they meet their projections it would actually put them ahead of China, but still behind Paraguay, Taiwan, India, Singapore, and Afghanistan (among others). Have those currencies appreciated like you suggest the dinar will? Nope.

      4. Yes, it is perfectly reasonable for economies to do business with each other with disparate exchange rates. For example, the Japanese yen has traded for decades between 150 and 80 to the US dollar. A low exchange rate doesn’t mean you can’t or won’t trade with the world. It has nothing to do with prestige, credit worthiness, or the ability to sell oil. It can be more expensive to conduct transactions like that, which is why many recovery economies remonetize (not revalue) their currency with lower denominations. I fully explained the difference between the two actions in the article.

      • Mark Barboza

        You keep saying that oil does not make a countries currency worth more. However, we are not just talking about oil. We are talking about a total rebuilding of a country from the ground up, that is where you are missing the point. Not just oil, but roads power grids, housing,water, sewage, everything that goes with a thriving economy. Why is it that Kuwait is where it is today? Oil was the major factor in bringing in business to build that country into what it is today, wouldn’t you agree. And because of their countries wealth, so their currency follows with its peg @ 3.65 usd per dinar. And Kuwait doesn’t have the natural resources that Iraq possesses. The nominal value of all dinar in the region is over $2 usd to the dinar, not just the Iraqi dinar. Iraq is going to value their currency in line with the other oil producing countries in the M.E., they have to so as not to have an unfair advantage over their neighbors. Isn’t that why the U.S. has been after China all these years to value their currency fairly to put them on an even playing field with everyone else? You can’t look at this the same way as Afganistan or Taiwan or Paraguay, are you kidding. A counties currency is valued on many things, I suggest you look at what is going on in Iraq, the big picture. Oh, did I mention the natural gas reserves? Have you read anything about the multi national contracts that are being signed for everything from cars, weapons,housing, hotels, you name it, everybody is vieing for a piece of the pie.

        • Mark

          – The Kuwaiti dinar hasn’t appreciated against the dollar more than 6% in the last 25 years so I don’t think this is a good example for you to use. The Kuwaiti dinar was briefly disrupted during the First Gulf War when it was replaced temporarily by the Iraqi dinar after the occupation, but then it was swapped back when the original government and currency regime was restored.

          – Nominal value means “stated” value and the stated value is officially 1170 to the US Dollar. That is the official rate from the CBI themselves.

          – Restructuring the economy and infrastructure means spending, which is usually not a good thing for a currency’s value so I think this example is also not so great.

          – I think you are confusing a low exchange rate with a devalued currency in your oil example. Those aren’t the same thing. The Iraqi government would not have a competitive advantage over other oil economies because their exchange rate was low. If that were the case, why would they change it?

          – In the situation with China don’t confuse political rhetoric with real currency management policies. The Chinese do keep their currency relatively low by buying US debt (and a lot of it). However, even then the yuan has only appreciated 28% against the dollar since the late 80’s.

          – Your last comments are just “special pleading” (e.g. Iraq is different than these other situations) so I don’t have much I can say about that. I know the hype sounds compelling, and I won’t convince you, but perhaps someone else will read this and save their money.

          • Mark Barboza

            Well John, here’s the thing.This is an investment just like any other investment, buying low and hopefully selling higher than what you bought for. It is a legitimate investment, buying currency is not a scam. It is not an expensive venture if you are a person that does things within reason. And, since it is money that has value, you can always just sell it back and get around 80% of your money back if you want to back out. It’s not like throwing your money away buying lottery tickets. But it is not a scam by no means. I’ll be holding on to my dinar and we’ll see what happens. Old saying, fortune favors the bold. Like I said, the Iraqi dinar has no where to go but up.

          • Actually I think we agree – mostly. However, I wonder if you read my article. I am not saying that buying currencies is a scam (I trade currencies quite actively). I am saying that the hype and information available from most dinar dealers, message boards, and advisers are grossly misrepresented – that is the scam. The truth is that what most dinar investors expect to happen has never happened before and is extremely improbable to happen now. Most of them are wildly misinformed about how the currency markets work, how international trade is conducted, what happens to a country’s balance of payments when they grow, etc, etc. That is the real issue here. I think your messages have been a really good example of the common misconceptions that dinar investors are waking up to.

            Hopefully others will read this before they make an investment and have to deal with a 20% spread.

    • Stormb69

      Let’s see, it’s 4 years later and what’s changed:
      1) The country of Iraq is fragmenting because of ISIS
      2) The price of oil has tanked to under $50/bbl and is projected to stay that way for years due to TOO MUCH OIL.
      3) The Dinar is still basically worthless.
      4) The Iraq economy only grew by 4.21% in 2014.

  • Paulo

    True that john, i remember when people had the money but there was no products at the groceries store shelves, inflation was like 300 % month, we had a huge pantry and stocked everything, from food to fuel…

  • Paulo

    We have to study the past to understand the future…History most of times repeat itself!

  • Paulo

    Don’t mind you asking at all… Cruzeiro (novo), Cruzado, cruzado (novo), Cruzeiro again lol, Cruzeiro Real and Real, The last one is a strong currency now, about R$1.60 reais per 1 US$, but there was no super profit deal for any of those RV…

  • Paulo

    So, if all this was true and the dinar does RV. Does that mean that everybody in Iraq will become a millionaire???
    I myself lived through not one but 6 different currencies (my dad 7), and we never saw a supper appreciation of any of those currency changes, and i didn’t get rich with any one of those “opportunities”… but a, what do i know, if you guys want to expend you hard earned money, it’s your money people…

    • Paulo – do you mind if I ask what currencies those were? I am just curious. I think sometimes the confusion for dinar investors comes from the fact that the new currency that replaces the old during a remonetization process will often have the same name. The Mexican Peso, Argentine Peso, Venezuelan Bolivar, Turkish Lira, and Kuwaiti Dinar are good examples of that. I was just curious if that same thing happened to you and the currencies you are referring to.

  • Post-Up

    While making a deposit at Bank of America in Florida last week, I asked the manager if she knew anything about the Dinar. Her eyes slightly went wide and she said yes WE know all about the Dinar. She made no other comments to any of my additional questions or statements.

    Would her eyes bug because the situation is a scam or is there something else going on? To your knowledge, have bank employees been informed that the Dinar sellers (not the Dinar)and their hype are a scam? You do not have to post this question if you feel it is another promo gimmick and you can reply in private if you desire.

    And yes, I am $1,500.00 invested into the Dinar and I was fully prepared to loose it all when I made my payment.

    • Post – I am pretty skeptical of these kinds of stories. I have heard versions of this for years. I have no idea what she meant by that but I seriously doubt that some bank branch manager has any more training in how currencies are remonetized than the average person.

      To answer your question – I don’t know whether bank employees are trained on anything having to do with the dinar specifically. However, I worked my way through college years ago as an escrow officer, and in that capacity I was regularly trained on scams and financial frauds and got alerts about new scams from our underwriters. So I suppose it is likely that bank employees go through similar training.

  • It is sad that people have put there lives on hold for money thanks for your information and dont stop,if it happens good if it doesnt it just money and if itsounds to good to be true we all know the rest.

  • Rob S

    Hi John – I don’t know if you’ve heard this or not, but there’s one thing that always comes up when you try to present the facts about currency redenomination to Iraqi dinar investors. Their last line of defense is to bring up the “authors of the plan.” For some reason (and I can’t find any hard proof of this), people believe that George Bush and Dick Chaney somehow orchestrated all of this as a way for the Iraqi war/liberation to eventually pay for itself while simultaneously getting the United States out of debt. They say that’s the reason why you can’t compare what’s going to happen to the Iraqi dinar to what has happened to other countries’ currencies in the past. They go on to say that the United States holds more Iraqi dinar than any other country. The conversation goes something like this…” Why would they own that much if it was basically worthless?. It’s because they have a plan. That’s how Bill Clinton balanced the budget during his term as President. He used the money the government made when Kuwait revalued in the ’90s.” As you can see, dinar investors have an answer or excuse for everything…even blaming President Obama for holding up the dinar RV because he wants to find a way to get more tax revenue from it. Are you aware of any of these scenarios that are currently being passed around? I really don’t know how to respond when someone brings these things up because I can’t prove or disprove any of this, but it sounds completely insane to me.

    • Rob – In my experience those are pretty extreme theories. Usually the debate I have with dinar fans is about the definition of “revaluation” and whether currencies always go up if you are a big oil exporter. However, I have heard stuff like that once in a while – and I don’t think there is anything you can do to convince someone out of extreme points of view like that.

      The problem with those kinds of arguments is that they aren’t falsifiable (which is a classic logical fallacy) and and are usually self-reinforcing. Just take the fact that the dinar did not “RV” on June 30th like so many people were saying. The dealers, “gurus”, and other advisers will come up with some reason why it didn’t happen but you can’t prove it so it just reinforces their point of view.

  • peaceout

    Mr. Jagerson,

    I saw the second half of your video and the risks you point out are legitimate risks, but I never heard of an investment without risk. To be honest, at the current exchange rate, I don’t think the risk is that high. There are ways to liquidate. I think you should research the different liquidation strategies available. I have bought and sold Iraqi dinar here:

    [link removed]

    I have used the website above and I never had a problem.

    • Peace – Yes, I am aware that you can buy and sell the dinar, but to do so means you eat a massive spread. I also agree that all investments contain risks but the risks of the dinar “investment” are grossly misrepresented by dealers. That is the point of my article.

  • peaceout

    Mr. Jagerson,

    I saw your video and there are some holes in your presentation. First, you insinuate that because the dealers are registered only with the treasury and they are not registered to give investment advice, that it supports your conclusion that the Iraqi dinar is not a good investment. Some of my best investment advice came from people I knew that were not registered for anything. I don’t see how dealer registration is relevant to the merits of the Iraqi dinar as an investment. Next, you say that the deutsche mark and the Kuwaiti dinar were fixed rates and not free floating in accordance with the policies of the respective central banks. Well, the Central bank of Iraq (“CBI”) has also stated that they intend to keep the exchange rate as it currently stands. The Iraqi Dinar is NOT free floating and it is NOT traded on the FOREX market, such as the EURO, Yen, Dollar etc. So, that argument also seems irrelevant and it does not address the Iraqi economy or the Iraqi dinar directly. If you want to prove that the Iraqi dinar is a bad investment, you need to address the future of the Iraqi economy and the future of the Iraqi dinar in international transactions — not dealer licenses or former postwar currencies. One thing I do know is that the US dollar is going to continue to drop in value in the coming years and the CBI will be forced to revalue the currency. Trust me they will have no choice, if they want to be a major player in the international transactions. Many US Oil corporations and international businesses are so heavily invested in Iraq. The USA has built a US embassy in Iraq that is bigger than the Vatican (it can be seen from outer space!). In view of the thousands of lives lost and billions of dollars spent in Iraq, I don’t see how the economy of Iraq will be allowed to falter. The country is rich in natural resources (especially Oil).

    • Peace – You suggest that a growing economy and oil exporting industry leads to a rising currency value. Please find a good example of that situation ever leading to a large appreciation in the currency. Currencies aren’t stocks and countries aren’t companies. A country’s currency can fall in value regardless of growth, natural resources, or exports. For example, of the top 10 oil exporters (excluding the U.S. at #3) only the Brazilian real, Chinese yuan, and Canadian dollar are up more than a few percentage points against the dollar since 2005. To be clear none of the winners are up very much, but they are up a little. That means there are 7 others that are down slightly, or a lot. If you want to short the dollar – just short the dollar. You won’t pay a 20% spread and you can enter or exit your trade whenever you want.

      Yep the embassy complex is massive. I am not sure what big buildings have to do with a currency’s value, but you are right – its really big. The argument I think you are making here is that it is somehow in the best interests of the US to revalue the dinar. Why would that be? If the U.S. want’s access to cheap oil, why not just keep the dinar devalued? That would be much easier and you wouldn’t have to fight the Chinese and Europeans over it.

  • Bob Gaston

    John – I received the following in an email recently.
    I know it’s lengthy – but would mind addressing some of the points herein?
    There’s just so much double-speak, half-truths, and obfuscation on this subject that I’d really really appreciate getting insight from someone of your experience..

    Editors note: There was a long email included in this comment that was edited out before it was approved to be posted on the site. I apologize for that, but it was copyrighted content. However, if you object to the edit, just let us know and we will remove the entire comment.

    • Bob – I read the email you sent me but I don’t have a lot of comments to make. For the most part it was just fiction. As you now know, there wasn’t a revaluation today and I don’t suspect we will see a remonetization process for a while. The problem with these kinds of message board services is that each time the “RV” doesn’t happen they come up with some kind of conspiracy that explains it and then set a new date. Now that June 30th is behind us I wonder what the next date will be? I have seen this over and over again for years.

      Also – you can be sure that anytime a “guru” on the internet claims to have a secret source in the CBI, Fed, or IMF they are definitely lying. There may be traders with an edge like that, but they definitely aren’t posting their “intel” on internet message boards.

  • Just Lurking

    C’mon people, if this were not a scam, no way would people be selling it on ebay, etc. for cheap prices?

    IT’S TOO EASY!

    In reality, major investors/brokers would be paying TOP DOLLAR for each note just to make a small profit- and the average person would not be able to even purchase the currency, but major financial professionals, traders, investors, etc. are not touching it! Why?

    Is it that they lost their interest in making money, or just want to share the wealth with the everyday Joe?

    “It could be anyday now!” LOL

    • Lurking – yeah it is a little counter-intuitive. Looking for the RV seems a lot like all these dooms-day cults expecting asteroids, raptures, or whatever to happen any day now.

  • Mike

    It seems that someone can turn just about anything into a Scam. The Iraqi Dinar is not a Scam. The only scam here is if you buy into all the hype and dont do some research. Its sad when someone has spent their last dollar buying Dinar. Its an investment and with plenty of risks. Its to bad someone had to make it look like a scam.

    • sam m

      Very well said Mike. It is not a scam, it’s a shame to buy into the hype and not to research. It is an investment, seemingly with many risks.

      • Sam / Mike – thanks for the comments. In spirit I think we agree completely – research is always needed before any investment.

        However, I feel like I need to clarify something about the title of this article. I am not calling dinar-investors scammers, nor am I calling the dinar itself a scam. The dinar is a currency like many others, and in my opinion most dinar investors are victims not criminals. Specifically, I am calling the vast majority of dinar dealers, advisers, and message board operators the scammers.

        I also want to clarify the term ‘research’. The research I hear about the most usually tries to make the dinar seem like a stock as if Iraq was an oil company. For example; “if the Iraqi government can boost oil exports the dinar will improve in value.” Historically-speaking that is not a good assumption. There aren’t any modern remonetized currencies that appreciated in value over the long term. They have always continued dropping in value whether they were an oil exporter or not.

        One of several reasons I have a problem with dealers and advisors is because they perpetuate those research-myths. I believe that most of them are aware that there aren’t historical examples for what they are saying, but it makes a compelling story to investors who are not experienced in the currency markets.

        Buying the dinar is the same thing as shorting the US Dollar or whatever your local currency is versus the dinar. If you want to short the dollar or whatever, there are much easier, safer, liquid, and lower cost ways to do it. If you really want to do research – find an example of a remonetized currency that materially appreciated in value vs the dollar or the euro following the conversion. If you can’t find one… what does that tell you about the potential for the dinar?

        • hog wild

          You said the word scam…you did call it a scam many times. Donald Trump said only a fool would hire someone else to invest their money.

          • Yes I did call it a scam. And…?

          • Dan

            First you do call it a sam, then you say you didn’t, then you say you did. Credibility is waning fast… (people, just do your own research).

  • Gerald J

    John I wish I had read this before my friend had invested. She first informed me about the Dinar and felt that she is honestly in a good investment as I am sure some of the others felt. She has already sent the wire for the amount which is either 300 USD or 600. I simply checked the information and then googled; eventually getting to your web page and reading all the comments as well as the vids. Great job sir and I convey my appreciations to you and those who made comments.

    • Thanks Gerald… The funny thing is that I wrote the original article when a good friend was visiting me and told me he had invested a similar amount. After doing a little research I got quite passionate about it because so many service-people have become victims. They are justifiably optimistic about the prospects for the Iraqi economy, but are being mislead by dinar dealers.

  • Tonia G.

    Thank you, John. You’ve helped enormously!

  • This is from an IMF document dated March 2011 (I posted the web link above). It refers to the June 30th date for the revalue. My business partner approached me today about spending $1,200 for the purchase of dinars. I am extremely hesitant to agree!

    A critical step will be to complete the financial restructuring of the two largest stateowned
    banks, Rafidain and Rasheed, based on their completed financial and operational audits. In this regard, we formed a Bank Reconciliation Unit that comprises technical level staff from the banks, the CBI and the Ministry of Finance, and with the assistance of Ernst and Young (who were the agents of the Ministry of
    Finance in the external debt restructuring process) to: (i) deal with all legacy external liabilities taking into account the government’s actions in the context of Iraq’s external debt restructuring (ii) indentify and propose to write-off non-performing loans to defunct state-owned enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue the remaining foreign currency denominated balance sheet items. The BRU will work under the supervision of the Restructuring Oversight Committee (ROC), consisting of
    the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The BRU will send its recommendations for final approval to the respective boards of the two banks. Through this process, we aim to complete the restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).

    • Tonia – the “revalue” they are talking about in Part IV, Section 12 has nothing to do with the state currency (IQD). The state-owned banks in the country have serious book-keeping issues within their balance sheet and so auditors still have more work to do to make sure the asset values are correct and any changes that need to be made are finished.

      Also June 30th has nothing to do with the currency either. This is a goal date to have the financial statements cleaned up and adjusted for the most recent agreements with the IMF. We won’t likely hear anything about how it went or whether there are new issues that have been discovered for another few months. Even then – none of that has anything to do with some kind of currency revaluation.

  • John L.

    Hello John,
    I have been desperately searching for an explanation of this scam that is understandable to a lay person, both for myself and a dear friend whose ne’er do well husband invested the last of their money in this scam. Their gas was turned off last week and electricity yesterday. They’re in arrears on their house payments. Yet she has persisted in believing that somehow they will become wealthy. This is tragic. Yes, I concede it’s true that everyone has to look after themselves financially, but at the same time there are scam artists bilking hundreds of thousands of people out of their money. Don’t you think that Congress should investigate and that new regulations be written about so-called money service businesses? I’d have these people behind bars if I had my way.
    Best regards and thank you for your video.

    • John – I am very sorry to hear your story. I am not sure why they won’t deal with the whole MSB situation. As part of a book we are writing I have called the Treasury for quotes but they won’t respond. I suspect that the real issue is that they are too busy with the whole economy and bond mess right now. It allows scammers to flourish.

  • Rob S

    Hi John,
    Thanks for the articles and the videos. One thing I hear quoted frequently is a comparison between the large denomination bank notes the United States once used and the current Iraqi dinar bank notes. As you know, the United States used to have high denomination currency ($500, $1,000, $5,000, $10,000, and $100,000 notes) that is still legal tender and still worth it’s face value. Some people say the high denomination Iraqi bank notes will be treated the same way regardless of any revaluation or redenomination. I would think that the two situations are not the same because it’s my understanding that the large denominations used by the United States at one time weren’t in widespread use by the general public the way the current Iraqi dinar bank notes are. Can you please explain why the large denomination bank notes the United States once used kept their value after they were taken out of circulation and why that situation shouldn’t be compared to the Iraqi dinar?

    • Rob – when a currency is goes through a redenomination process, all the bills (large and small) are adjusted. Unfortunately you can’t pick and choose which bills you revalue and which you don’t. If you revalue your currency the whole things gets adjusted. The current U.S. dollar hasn’t been redemoninated (AKA revalued) so those big bills never had to go through any kind of redenomination process. That’s the biggest reason these two situations are different. The US dollar has not been redenominated or revalued or “lopped” or whatever – so it is not comparable to the dinar.

    • Ben S.

      Rob–in reference to the use of the large denominations of U.S. currency: you’re correct. The larger denominations weren’t in circulation to the general public. The extremely large notes (i.e., $5,000 and $10,000 notes) were only used between banks and between banks and the Federal Reserve since only they needed to use those larger denominations. The general public has no practical use to use a $10,000 note because most businesses can’t make change for such a large denomination. The large denominations were taken out of circulation with the advent of computers. So now, instead of physically moving money from the Fed to a bank, it just types in the banks’s routing info to route the money digitally. Very similar how the bank moves your money around.

      • Ben – thanks for the comment. Your explanation was much better than mine. Did you know that the largest denomination was a $100,000 gold certificate? As you point out, these were only used for bank transactions. Some of the large denominations are still available for collectors but I can’t imagine anyone hanging onto the $100K bill just for fun.

  • Chris Briandi

    Why did the Iraqi dinar come off the foreign currency exchange list at the bank?

    • Chris – I am not sure I understand your question? Are you asking why the dinar used to be exchanged at banks and now isn’t? Can you clarify?

  • Daniel Smektala

    John,

    I like to hear both sides of this story, but the truth is that there are huge gaps of current information about your take on Iraq.

    The truth is that CBI has bought back all the large bills that are in circulation. The big bills are only held by banks and speculators. There are not anywhere near 27 trillion bills outstanding.

    Also, Iraq inflation is below 5% and dropping. There have been 4 democratic elections and the country is stabilized. The country could possibly have the WORLDS LARGEST OIL RESERVES. CBI has stated NUMEROUS times they are buying back the currency and there will be a revaluation. There is absolutely no basis for a reverse split.

    Just look at the article released on June 22nd. CBI to revalue the local currency.

    http://translate.google.com/translate?hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=auto&tl=en&u=http://www.aknews.com/ar/aknews/2/247913/

    • Daniel,

      Rumors and facts are two different things. I know it is tempting to look at vague and poorly translated stories on AKNews as the truth, but they aren’t. The CBI may not be the most communicative central bank in the world but they do make official public releases and none of the things you mentioned are actually true.

      For example, current inflation is over 6% and while it is much lower than just after the war it has not continued to drop. Also keep in mind that for the most part, inflation numbers from the CBI are self-reported from very sketchy data. That isn’t my opinion – the CBI has made several comments about that in their official reports. Inflation data is unreliable even in developed and stable economies. It is unrealistic to assume that the CBI has a reliable metric.

      Money supply has continued to grow and is up over 20% over the prior annual period. That includes currency in circulation as well as reserves held by banks. Even if the so-called “big bills” were being held by banks and speculators they would still be outstanding as a liability for the central bank.

      I am not a geologist so I can’t say anything about the oil reserves, but I can say that oil production and exports haven’t shown an ability to grow a currency’s value in the past. Venezuela, Russia, and the Saudi Riyal are all different, but good examples of that problem with your theory. In fact, I would be very interested in an example of an oil exporting country with a floating currency that has appreciated in value against a major currency basket in the last 10 years. Give it a try, but you won’t find one.

      By the way – don’t take my word for it (or the AKNews.com for that matter). This kind of data (and much more) has recently been summarized nicely in the official country report prepared in cooperation with the IMF and released by the CBI in March 2011 and is available right from the bank’s website.

  • John
    i heard what you said abou the iraq dinar scam. It appears that all information leads to June 30th being an important date for ther Iraq gov’t to be able to do world trade and keep their money. right now their money is placed away fpr any trade they do based on a sanction.

    are you aware of this information or is this a scam too?
    It appears there is a RV coming very soon.
    Thnaks
    Tony

    • Tony – I don’t know anything about the 30th, but I can say that I have been hearing that an RV would be coming “soon” every month for a few years now. I agree that they will remonetize the dinar eventually, but I don’t think there are firm dates for that yet.

  • Reg

    G’day John. Thanks for the videos and opinions.

    One of my family members has asked me for my advice on this “opportunity”, as I trade daily for income. Mind you, they did ask AFTER out-laying the cash. A similar scenario to Grace’s mentioned earlier, where $200-$300 investment would return 10,000%! I gave my opinion that it was a scam. His pride then kicked in and proceeded to imply I had no idea. Some of us dislike making mistakes!

    I really wanted to make aware to your readers that this “scam” has reached my small regional town in Australia, so it’s tentacles stretch far and wide. Also, I mainly here stories of people being scammed through friends, family and acquaintances, an insidious method.

    All the best from across the earth.

    • Thanks Reg,

      I know that phenomenon is often referred to as a “relationship scam”. The scammers are able to network through their victims relationships and borrow on their credibility. I know this is how a lot of “advance fee” frauds and ponzi schemes become so large.

  • Alan

    John,

    I would like to get your opinion on one other fact that doesn’t seem to get discussed by the people who believe that the IQD will appreciate to its former level. I have also heard that it will be revalued (RVed) to over $3 to the IQD. As I understand it there have been north of 27 trillion in IQD printed since the new Dinar was introduced. If this actually became revalued even at $1 to the IQD let alone triple that could there suddenly be such a substantial increase in money worldwide? From the perspective of hard currency wouldn’t it be a dramatic increase in the worldwide currency supply? From that perspective alone it makes more sense that there would be a renumeration at about 1000 to 1.

    • Alan – you got it right. In fact, “revaluation” is a misnomer. What is happening to the dinar (eventually) is a demonetization/remonetization process. Sometimes this is called “dropping the zeroes”.

      When this happens the old currency is exchanged for the new currency at some kind of ratio. In this case, I suspect it will be 1,000:1, but we will have to find out later for sure. The new currency usually has the same name but actually replaces the old currency.

  • Grace Kraft

    a co-workers son was influenced by a local “pastor” to invest $200 in the Iraq dinar. he claims in 2 months value will rise to an unheard of amount !! (1 million) do to hussein’s face will no longer be on new dinar? this is the craziest thing i have ever heard of. and her son is only 18yrs old. have you heard of this new dinar scam?
    thanks

    • Grace – I have seen a lot of scams related to the dinar, but this one does seem a little extreme. Hopefully this friend of yours will only risk $200 and avoid any other problems.

      I have heard that the mythical-revaluation will occur in “2 months” just about every week for the last few years. Thanks for the story.

      Frankly I think everyone should stay off the internet/dinar message boards and stop taking advice from “pastors”, dealers, or advisers so they can do their own research. Prior revaluations in similar situations are all public record and very well documented. You can get some excellent books from reputable publishers about the bolivar, lira, mark, peso, peso, Kuwaiti dinar, and others on Amazon for a few bucks. I find that once people got the whole story (and not the altered versions from a dealer or internet group) they are much better able to make a rational decision about the currency.

      • YOURMOM

        Hi there,
        First, Im just finding this page today. It has kept me busy all day reading what youve written and all your responses.
        I just want to say great job explaining a lot of questions Ive had about this investment. You mentioned about being able to get booksinformation about previous RV’s. You mention Kuwait but Ive never been able to find any (real) information that didnt come from a guru or something. Without going into too much detail can you tell me how that went down and how Iraq would not be a simular situation?
        Thanks so much!

        • Briefly here is what happened in Kuwait. The invasion basically overthrew the government and for a little while the Iraqi dinar was used in place of the Kuwaiti dinar. During that period when the Iraqi army was occupying Kuwait, you practically couldn’t sell the Kuwaiti dinar because it was worth so little. Once the Iraqi army left, the SAME (this is important) Kuwaiti government was restored. The Kuwaiti dinar was reinstituted as the currency and its value came back up (mostly). Because of the disruption, the Kuwaiti dinar was redenominated but the values weren’t adjusted very much. There were people who bought Kuwaiti dinars during the Iraqi occupation for a substantial discount. Many of them (not all) made a lot of money when the Iraqis left and the Kuwaiti dinar was restored.

          OK so the differences are really important because dealers want you to think that the current situation in Iraq is like the situation was in Kuwait. In fact they couldn’t be more different.

          1. The Iraqi government, agencies, capital account, and central bank is NOT the same as those that existed under Saddam Hussein. The Iraqi dinar today is also NOT the same one used before the U.S. invasion. Same name but different agencies, backing, printing…everything. This was not the case in Kuwait. The Kuwaiti government went back to ruling the country with pretty much the same structure, policies and capital account structure once the Iraqi army left. This is really important because you have to remember that a currency is backed by the government that issues it.

          2. The Pre-U.S. invasion Iraqi dinar was not worth very much on the international exchange. What is often quoted was the value the Hussein government said it was worth, but not what it was actually exchanged for (which was very difficult anyway) internationally. It had fallen in value dramatically. By contrast the Kuwaiti dinar has been relatively stable at its target rate for decades. You can exchange it internationally for what the Kuwaiti government says it is worth.

          3. Finally, the currency market is not what it was in the early 1990’s. Even major currencies back then were heavily managed and kept within a tight trading range. It was much easier to manage a transition like this before the foreign exchange morphed into what it is now. Even if the Iraqi government today was the same one of 15 years ago it would be virtually impossible for them to restore the currency’s value because the capital account would be too changed.

  • mark

    this is silly so what if it does go up… give it a few years or even 50 years. your kids with inherit the wealth… what happens if you dont have dinar because of this foolish guy that is telling you not too buy them…then what… are you gonna complain to him that it was his fault… either way you can buy or resell them…

    • Mark – Just to be clear. No one (including me) can say that it is impossible for the dinar to go up. My article is not about that. It is about whether dinar dealers are telling the truth about how revaluations work (usually not), the historical results of other revaluations (usually not), and the credibility and security of the “investment” itself.

      You could buy comic books and they might go up in value. For that matter – you could sock away dollars, euro, yen, yuan, gold, or any number of other currencies and they all might go up. The point of my article is to make sure that investors looking at the dinar understand the real risks and not the lies.

      The truth is that almost all currencies that go through a remonetization process lose significant value; the dealers are not authorized by the government to market this as an investment; and “reselling” the dinar may be very difficult in the future – it usually is in this kind of situation. I think that many investors are under the impression that this is a unique situation – it isn’t. We have seen this many times and it works out poorly almost every time.

  • Richard Burley

    so your best advise is to do my research, get educated and practice in the “live” market? Quick story: i did the suggestions in 2006 and 2007 with Bear Sterns, and lost nearly half my investment with “ligitimate” “registered” investment advice people who told me to invest with equities, fixed income and mortgage backed securities…I went with Bear Sterns. Bear sterns went Bankrupt and the last of their meger assets were sold to J.P. Morgan. I Picked myself up and dusted myself off, and made some headway and then listened to other – similar people – in the investment advice world and they suggested i go with a larger more secure company. I made some initial progress by investing with Lehman brothers…guess what happened? Lost again, big time…I have taken your advise to research and get educated and have been thouroughly ‘schooled’ by active participation in the marketplaceand i now choose to apply that same process to the Iraqi Dinar. Go RV!

    • I can’t tell if you are kidding or not. I hope you are just joking about both experiences. If you aren’t joking about a dinar investment just make sure you understand how currencies are actually “revalued” when they “drop the zeros.”

      • Mike

        Dropping the zeros with the Iraqi Dinar is just simply pulling the three zero notes out of circulation. Do your research

        • Mike – interesting comment. How about if you share your research? When has the Iraqi government or IMF ever announced a plan of removing three zero notes from circulation? Don’t quote a message board – we want to see an official story from the government, the IMF or the Iraqi Central Bank.

          The problem here of course is that this is a rumor I hear all the time. Unfortunately for dinar investors counting on it – it won’t happen. The myth that only speculators and banks will be holding the big bills is popular, and kind of odd. Why would those notes be considered “out of circulation?” And why would that make it easier to increase the value of the old dinar?

  • john

    im hoping that GOD interviens and i wont have to wallpaper my bathroom with it keep the faith but dont spend the food money on it

    • You can always sell it on ebay. I hate to suggest pushing the problem down the road, but I see a lot of dinar buyers unload their dinar for a discount through ebay. Even better is to sell it back to whoever sold it to you. You may have to eat a discount but something is better than nothing.

  • Donovan

    Thanx Man! My Army buddy at work is really preaching to us about Iraqi Danir investing. Funny thing is that he starts off explaning it exactly the way you said. Stating that even if the Danir appreciated 1 cent, US we can make a killing. A few guys have fallen for it so far. Thanx again for the education concerning the Iraqi Danir Scam.

    • Zimi

      What if you listen to John and you don’t buy dinars and then the dinars hit $3.OO? Will you hate yourself and him or what? The way I see it you can possibly lose around $1250 if you buy a million dinars (or $250 if you buy 100K)if they don’t revalue OR you can lose $3 million if they do revalue.

      I wouldn’t want to lose $1250 (painful for a few weeks perhaps) but it would be absolutely excruciating to know I could have bought a million dinars and I didn’t do it if they revalue at anything over 10 cents. As a matter of fact, it would hurt me every time I thought about it for the rest of my life. Yes, there may be a risk in buying dinars but there is a risk in not buying them! And there is nothing in between ..except maybe buying less dinars.

      I wonder, John, how many dinars did you buy?

      • Answer: I own no dinars. I also don’t buy lottery tickets.

        Your argument could be made about any investment. What if I invest $1200 in some penny stock at random? Could I lose that money? Probably. Do I have a remote chance of making a big return – yes, very remote. However, this is a terrible analogy since it is entirely possible for some penny stocks to improve in value whereas there is no possibility of the dinar going to $3.

  • Yousef

    Thanks a lot for the education its really appteciated.

    I was going to invesit in it, but thanks to you.

    I saved my money!

    Thanks againe,

  • Dandy

    Can the us fbi not do any thing to stop…dinar banker…dinar trade .. or dinar daddy from this scammm?

    • Most of these operators are so small there isn’t much that the big agencies can do. It falls into a kind of limbo area, where much of what they say is “kind of true” and some is just absurd but they are just too small for anyone to pay much attention on an individual basis. If you give them the benefit of the doubt then it is true that individuals are paying for dinars – so it isn’t like a ponzi scheme or something. Its still a scam but not on the same scale.

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