Iraqi Dinar

[drmctcher]

Hi All
As I've been reading MJ's book and trying to change my way of thinking from sidewalker to Fastlane, my sidewalking father-in-law is always throwing sludge on my windshield. He sent me an email today about investing in Iraqi Dinar's (Iraqi money),he said "This is a chance to make some money like the "big" guys do". He and a chiroprator friend of his with a little money are thinking that it's the next BIG thing. From what I have learned on the forum and the book, he and his friend are by passing the process, for the BIG EVENT. I'm thinking that as a current sidewalk/slowlaner I have no business thinking about some speculative investment such as this. I know he is just trying to help out my family
(his grandkids/daughter), but it's just smack in my imo. :smx4: Is my thinking in line towards fastlane thinking, just wanted your opinion if I'm looking/thinking the right direction. I want to take steps in the right direction. Thanks for any feedback.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Bowden]

I don't know if it's a good investment. but I can tell you this. I have been to Iraq (Marines) and that country is going to need A TON of money and fixing up. I remember selling 1 million dinar of uncirculated bills on ebay for a little over $900.00. I'm not sure of the current going rate, but I remember looking it up on why it was going for so much. Turns out people back then thought it was a good investment, so maybe it still could be today. Whatever you decide, good luck!

 

[Russ H]

Invest in what you know.

If you don't know, learn.

Otherwise, it's gambling.

(with all due respect to your family members)

-Russ H.

 

[^eagle^]

New Investment Scam: Buying the Iraqi Dinar | MintLife Blog | Personal Finance News & Advice

Its amazing what comes up just by googling "(insert subject here) scam"

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DeletedUser394]

This subject has come up before.

Do they know anything about foreign currency investing and/or Iraq? (I can't imagine how much a chiropractor would know about those two subjects)

In any case, you should do your own due diligence

As for getting in the direction of the fastlane;

-Do you know what you want in life? (your goals)

-Do you have a plan to accomplish them?

-Have you taken any action to accomplish your plan?

"I have no business thinking about some speculative investment such as this."

Do you want to know how to invest in foreign currency? Then learn all you can about it, through books, articles, mentors, and practice. Otherwise, don't. If you have more interest in say.. real estate, go with that. If you have no interest in learning about foreign currency investing, don't consider investing in it.

Some resources;

Investopedia.com: Forex Articles and Insight

Forex | Currency Trading| FX/4X Trade| FOREX.com

Investor's Iraq Forum - Iraq Dinar Forum, Iraq Investments, Iraq Stock Exchange, Iraq Bank, Iraq News, Iraqi Dinar

 

[drmctcher]

Thanks for all the responses. I understand the fact that if a person wants to invest in something there needs to be some due diligence done. I was just getting the general feeling on the subject. It also just makes me LOL as I make changes toward a more fastlane way of thinking, to see your family and friends on the sidewalk, continue to look for that one big event !!

Thanks again

 

[Rob Burgundy]

Wow,Im really glad I came across this. A few months back I had someone ask me advice about buying the dinar that someone ha presented them and I advised against it. I said the US pulling out of Iraq will do nothing but destabilize the region and make the value f the dinar sink even more. And on top of that they could always say that the are installing a new form of currency making this worth nothing. Glad I was correct about this BS.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[John Rogers]

When I was deployed in 2004 there was no shortage of people buying up lots of Iraqi dinar. The mindset seemed to be one of hope that the currency would skyrocket in the same fashion that the Kuwaiti dinar did after they were liberated.

It looks like a $1.00 investment then would yield about a $2.50 return now.

Not bad, but certainly not what people were hoping for.

 

[GlobalWealth]

I get at least one email/call per week from someone who bought a truckload of dinars anticipating a revaluation that will make them overnight millionaires. They all seem to want to know how to move the money offshore and/or avoid paying taxes on the gain.

I have actually had a few email/calls from people who are staking their future on this revaluation. I now just laugh a bit, the same way I do when someone tells me their path to riches is the gas station lottery.

Maybe the revaluation happens and people make millions. Maybe not. Either way, unless you are knowledgeable about the economic situation in Iraq, this is like pulling the slot machine arm.

 

[^eagle^]

In order for the Dinar to reach the values of pre GWI TWo things have to happen.

1. The US has to totally tank. Not an impossible scenario given the current situation but Highly improbable.

2. The Iraqi government has to cut ties with The US as an ally and team up with an emerging economy like China. Another Highly improbable scenario since the US has now "annexed" Iraq in its global empire through the use of debt.

Moves like what the Dinar sellers are touting just do not happen without War and pestilence. And the nations we are talking about having to have those conditions in order for this valuation to take place would make canned food a better investment.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[dfw1]

Investing in the Iraqi Dinar is not fastlane. As far as i know when you buy the Dinar you actually receive the physical currency. Now, if the Dinar goes up in value... where are you going to cash in those Dinars? I think the only place you might be able to is at the Central Bank in New York. I'm not sure. I first found out about investing in Dinars back in 2005, seems like this "Invest in Dinars Scheme" is still going on. How do you know the dinars you buy are not fake? If you do this you minus well look into HYIP too.

 

[michael]

When I was deployed in 2004 there was no shortage of people buying up lots of Iraqi dinar. The mindset seemed to be one of hope that the currency would skyrocket in the same fashion that the Kuwaiti dinar did after they were liberated.

It looks like a $1.00 investment then would yield about a $2.50 return now.

Not bad, but certainly not what people were hoping for.

Compared to the suckers who invested in government bonds, sp indexes, mutual funds etc a 250% return over 6 years (17% annually compounding) is great.

 

[^eagle^]

I found a website where you can buy authenticated dinar. However they charge almost double what the current worth is for the authenticated Dinar (20000 dinar is about 20 to 25 bucks). They are selling them for 49.99! In other words it has to appreciate 100% before you Break even. LOL NIce spread.

I go to a group where this scam is spreading like wildfire. I just shake my head and nod agreelingly while they spout on about some crazy stuff. I know of people who actually buy this stuff on 10% margin and if they cant pay off the 90% in 30 days they forfeit their money but they keep buying every thirty days waiting for that Event.

I gave one of these guys my number and told them to tell them I trade currencies. I never got a call from them. Think about it. Do your due dilligence.

Stay far away from this.

:coco::coco::coco:

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[John Rogers]

Compared to the suckers who invested in government bonds, sp indexes, mutual funds etc a 250% return over 6 years (17% annually compounding) is great.

Hindsight being 20/20, I don't disagree with that, but at the time it was a crap game I wasn't interested in playing (nor am I now).

 

[^eagle^]

A downward sloping curve is good but as you can see we have been leveling out. The IQD is not even tradable on the international market which is why you have to buy hard paper currency. Keep in mind the 100% spread and decide for yourself if this is a good investment.

http://www.advfn.com/p.php?pid=qkchart&symbol=FX^USDIQD

So those in the know made out OK if they obtained the dinar without a huge spread..... But Now.... I dunno. Looks like a lot of government intervention as the curve tries to move up but is flattened out. Look nat the five year chart to get a bird's eye perspective

 

[CommonCents]

fastlane here is becoming a Dinar dealer to sell the hope and reams to others and capturing that spread yourself.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[michael]

Hindsight being 20/20, I don't disagree with that, but at the time it was a crap game I wasn't interested in playing (nor am I now).

I would never had bought the Dinar either, without having looked at it in depth I think it was and still is a gamble to buy. Just looking at how it performed I thought it was interesting to note it ended up out performing the 'safe options'. As you said.. hindsight is 20/20

The IQD is not even tradable on the international market which is why you have to buy hard paper currency.

So are you saying it must be traded at banks and currency booths but can't be traded on a more liquid electronic market? Crazy. This makes it worthless as anything more than a gamble.

Keep in mind the 100% spread and decide for yourself if this is a good investment.

, 100% spread is insane.

 

[luckyintx]

I have been invested in the Dinar for almost a year now, and I do know it will revalue, it has to because of the hidden progress this county has made, there is in no way form, or fashion that this investment can be a scam, they have one of the top 5 most reputable economist as head over the Central Bank of Iraq. ALSO for people who believe in the Bible, the 18th chapter of Revelation speaks of Babylon ( Iraq) rising and making the nations of the world rich, and is a prophesy. I of course am not justifying my investment by exploiting the bible, but I full heartedly believe that if a prophecy is given in the Bible, it WILL come to pass. I watch and read everyday the news ( must use discernment) on Iraq's progress, and there is a lot going on through their government that is not being publicized. If you are invested, or have thought about it, googling it isn't going to help as that is simple maintream advertising. Some recommended news sites are The Currency Newshound, The Iraqi Dinar Daddy, Dinars, IQD, Dinar Revaluation, Iraq Currency, Free forum : Bond Ladys Corner, and Iraq Investments <---( professional investor who gives some personal opinions on the investment). Hope this helps whoever may want to venture into this investment. No it is not a get rich quick scheme, but it is a viable and possibly rewarding investment imo.

Kory

 

[Jake]

Revalue how? The Iraqi economy is only so big. How much stronger can the currency become before the entire economy is bought up?

A quick look at the monetary aggregates on the Iraqi Central Banks website Central Bank of Iraq - Statistics shows their M2 was 65,111 BILLION Iraqi Dinar

U.S M2 in Sept was 9,578.2 Billion U.S Dollars

so at a glance we can find and compare the M2 of each country.

Iraq - 65,111 Billion
U.S - 9,578.2 Billion

Now lets compare their economies. The U.S is the worlds largest economy, has a vast amount of resources, productive businesses, and it's currency is used in international trade and is the worlds reserve currency. It also has 1/7th the money supply

Iraq is a war torn nation, not very productive, has oil, and a huge over hang of speculators holding their currency waiting for a re-valuation.

So, can the Dinar and USD reach parity with today's purchasing power? Not a chance! Their economy can only support so much. If by some "act of god" the currency was able to defy simple mathematics and reach parity or even .10/1 the Iraqi government would be forced to change out the currency and ban any currency outside of the borders from being exchanged to the new currency because thousands of new billionaires would purchase every last bit of Iraq.

So there you have it. My analysis is far from perfect but it shows you why a revaluation to the levels that people are talking about is not only improbable but also impossible.

Can the currency gain on the $? Sure. Can it be a good investment? Possibly. Will it reach the levels people are talking about? Impossible! In my opinion you have a way better chance of losing purchasing power than gaining it(in real terms). Exchange rates don't matter when you're losing purchasing power.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ryantreb]

Wow,Im really glad I came across this. A few months back I had someone ask me advice about buying the dinar that someone ha presented them and I advised against it. I said the US pulling out of Iraq will do nothing but destabilize the region and make the value f the dinar sink even more. And on top of that they could always say that the are installing a new form of currency making this worth nothing. Glad I was correct about this BS.

Hit the nail on the head.

- Army Intel Analyst with 9 years experience and 2 deployments to Iraq.

 

[^eagle^]

You can make money at this if you are selling the Iraqi Dinar at5 double its value and telling people to hang on to it. What a scam LOL. My buddie asked me about this scam. I set him straight.

 

[dude91]

Countries have usually taken years to recover after having war on their own turf. Iraq is same. It is one of the top oil producing nations but security of life is still doubtful. This is one of the major reasons why people would stay away from doing business in iraq.

I don't think the dinar is going any where.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.