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Iraq is continuing to say they will redenominate and they will eventual.
They will issue a new currency. It will be lower denominations. The new currency, and only the new currency will be worth $.86.
The old currency you hold will not change value, it will still be worth .00086.
1000 of current dinar will equal 1 new dinar. There will be an exchange period where prices are listed in old and new dinar. During that period people will have to exchange old dinar for new dinar. They will receive 1 new dinar for every 1000 old dinar they turn in. After the exchange period is over the old dinar will become worthless.
This is a classic redenomination and has been done n different countries about 70 times in the 30 or so years. It is nothing new. Iraq has even used some of those countries as examples of what they will do.
The dinar RV is a scam.
The dinar as an investment is a scam.
Iraq has 80 trillion dinar, 40 circulation and 40 electronic.
There is ZERO chance they could RV that amount of currency. The whole world combined currently only has about 6 or 7 Trillion dollars worth of currency in circulation.
It's insane to think Iraq could RV 40 trillion circulating dinar to $1 giving them $40 trillion in dinar, or about 5 or 6 times more currency than the rest of the world combined. A $3 rv as predicted is even that much more ludicrous. It would give them $120 Trillion worth of currency, 15 times more than the rest of the world combined.
Kap is full of Krap
Kuwait never redenominated. They simply issued a new series of currency.
Kuwait had a very small amount of dinar. That's why they had and still have such a high rate. Back then they only had about 400 million dinar in circulation. MILLION, not billion, and certainly not trillions like Iraq. When Saddam invaded all the banks shut down. The central bank of Kuwait did not issue one single dinar at that 5 or 10 cent rate. So after Saddam was kicked out Kuwait issued a new series of dinar. All old dinar had to traded in. They checked the serial number on ever dinar traded in and did not honor the dinar that Saddam had stolen from the central bank. So Kuwait started with about 400 million dinar at about $3.50 and after the new series was issued they had about 400 million and the same about $3.50 rate. That is not a RV or a redenomination. It's a simple re-issue.
Iraq on the other had had a $3 rate back in the early eighties when they had about 20 billion dinar. They have since issued 80 trillion dinar at rate of lees than .001.
Kuwait issued ZERO dinar at low rate.
Iraq has issued 80 TRILLION at a rate less than .001
There is absolutely no similarity between the two.
Have they sent an e-mail update from their Jail cell today?
So Dinar Daddy was the BH group supplier. I'd say the authorities have a pretty close eye on him.
Click on my name and read my past post. You will see that I was warning this board years ago that these guy and their claims were a scam. They are now going to start going to jail. Look for more indictments in the future. Many of the dinar sites are doing the exact same thing and making the exact same claims these guys were doing. Breitling, Dinar Daddy, and many other should be looking over thier shoulders for guys with handcuffs.
Just realized it's a sticky, first post. The plan in that post is listed as a false claim in an indictment of dinar dealers.
Dinar pumpers indicted on 83 counts
Just a few of the things mentioned.
Material False Statements.
False claims made regarding U.S. Treasury dinar holdings.
False claims made regarding U.S. Treasury future involvement in the dinar and dinar exchange post “revaluation”.
False claims made regarding Executive Order 13303.
See number 2 there. It directly addresses the link Sunnybank provided. It is an indictable offense to push dinar and make such claims.
In fact, every one of the claims above were made on this site a number of times. Indictable offenses.
Page 3 sections 7 and 8 of the indictment gives a clear explanation of the difference between a revaluation and a redenomination, and explains how this group of individuals misled individuals regarding the definition of deleting 3 zeros
Also done hundreds of times on this board.
Bottom line… the dinar is a legitimate currency. But ANY notion that it will RV a substantial amount is a massive scam.
http://www.toledoblade.com/local/2012/09/21/3-local-men-face-chargesof-defrauding-investors.html
http://jacksonville.com/news/crime/2012-09-20/story/ohio-indicts-jacksonville-man-iraqi-dinar-fraud-scheme#ixzz273uElQdC
http://www.13abc.com/story/19594414/local-men-charged-with-fraud-in-multi-million-dollar-scheme-to-sell-iraqi-currency
http://mriqd.com/2012/09/20/breaking-bh-group-brad-huebner-bayshore-capital-rudy-coehen-indicted-by-a-federal-grand-jury-for-fraud-schemes/#comment-89
Here’s the problem… most Iraqis still like to deal in cash. With the 25K note ($21.25) being the biggest, it makes it tough to buy big ticket items. That’s a lot of bills to carry around to purchase something that cost $1000. So the people want a bigger bill. The CBI wants to lop now, they are just waiting on Parliament to approve it. I think the CBI floated this 100K note rumor out there to light a fire under Parliaments’ arse. Saying either hurry up and approve the lop or we’re gonna put out a 100K note.
When the lop happens and they issue a new currency, they will probably have a 100 dinar note.
New 100,000 dinar notes to be issued.
http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fal-iraqnews.net%2Fnew%2F
Conscious / Baghdad / ?.? H. B
20/12/2010 3:52pm 20/12/2010 3:52 pm
Adviser said the Iraqi Central Bank the appearance of Mohammed Saleh, said that the Iraqi currency need to expand and we will issue a currency class 100 thousand dinars . .
Saleh said in a statement to the reporter (and Media News Agency / INA) that the central bank is considering the idea of re-structuring of currency in terms of specifications and forms??So we will work to issue new categories of currency have the ability to shorten the large amounts of financial aid. , Pointing out that the deal continued to use the $ 100 is the biggest proof of the urgent need for the currency of this magnitude.
Mbinna that the process of lifting of the zeroes needs time and official approval from the government and parliament, adding that the moment is Muhio . To delete the zeros from the currency.
So you think they're announcing over and over again that they'll make instant millionaires out of anyone with $1,000 to spare? Or worse yet... charge it on a credit card.
I like the dinar... just as I like any other currency. What's not to like. But it would be silly to own any since they have announced over and over that they will redenominate and lop 3 zeros.
And I see you still can't control yourself from making stupid personal comments when facts befuddle your severly limited knowledge.... LOL... but I see you did edit your post.
You are correct. The money supply numbers have continued to skyrocket. They now have 27 Trillion in circulation and a M2 number of 55 Trillion. Both require Iraq to lop their currency. Anyone holding dinar will soon lose a large % of their money.
Heard that last year, and the year before, and the year before, and the year before, and the year before, and the year before.
It will soon be lopped and you'll have to sell it back to a dinar dealer who will rake you over the coals.
If you were in Iraq you could get 5 Thousand new dinar for the 5 million you currently have.
Good luck!
Iraq Cetran Bank confirms, delete 3 zeros from currency.
“reduce the size of the money supply in the Iraqi market of 26 trillion dinars to approximately 25 billion dinars”
That without a doubt is a lop… 100% sure thing. A lop is the only way to reduce money supply by that much. They could maybe reduce 10, 20 maybe even up to 50 percent with other methods… but from 26T to 25B is a 99.9% reduction.
Iraqi Central Bank confirms its intention to delete the three zeroes from the currency
Ghassan Ali
The Central Bank of Iraq that he was serious in the application of deleting three zeros from the national currency in the near future. Bank adviser said the appearance of Mohammed Saleh, said that it depends at the present time to form the next Iraqi government and parliament two new Siokman on them, determining the mechanism under which the application of the deletion of zeros from the Iraqi currency.
The question being debated extensively about the success of this step in improving the Iraqi economy, says Chancellor valid in an interview with Radio Free Iraq that the deletion of zeros will contribute to reduce the size of inflation and reduce the size of the money supply in the Iraqi market of 26 trillion dinars to approximately 25 billion dinars, indicating that the Kurdish language to be added to the new currency as well as Arabic and English.
The consultant said that for the large number of money circulating in the Iraqi market has led to a confusion in large commercial transactions, the work of banks, noting that deleting three zeros from the Iraqi dinar will to reform the management system of the national currency and thus improve and revitalize the Iraqi economy.
However, the economic expert, Salim al-Jubouri disagreed with the consultant's central bank believes that the deletion of zeros from the Iraqi currency will not necessarily lead to improved national economy, but on the contrary may cause additional confusion in the local market, calling at the same time the Iraqi government to go to support market stability and the national currency allowance and replace it with a new value of another currency.
http://translate.google.com/translate?hl=en&sl=ar&u=http://www.iraqhurr.org/content/article/2107013.html&ei=U01ITN7kFdCJnQeQxrjiDQ&sa=X&oi=translate&ct=result&resnum=1&ved=0CDMQ7gEwAA&prev=/search%3Fq%3D%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%25D9%258A%26hl%3Den%26client%3Dfirefox-a%26sa%3DX%26tbo%3D1%26rls%3Dorg.mozilla:en-US:official%26tbs%3Dqdr:d
Dave Ramsey: "It’s borderline on a scam!"
Dear Dave,
What do you think about investing in the Iraqi dinar? According to the information, you get $250,000 in dinar for just $250. Is this a good idea?
Tiffany
Dear Tiffany,
This is the dumbest thing to come along in years. It’s borderline on a scam! A lot of military folks have fallen for this, and there are ads all over the internet for the stuff.
Buying and selling currency of any kind, whether it’s the yen, the pound, or the Euro, is ludicrous. Playing around with currencies is a great way to lose your entire investment in the blink of an eye. Add to that the fact that Iraq is an extremely unstable, war-torn country, and it makes it one of the dumbest things you could ever do with your hard-earned money.
Don’t do it, Tiffany. You might as well just throw your money out the window while you’re driving down the road. At least then you’ll get a laugh watching everyone go wild trying to pick it all up!
— Dave
Dave Ramsey is a personal money management expert, popular national radio personality and the author of three New York Times bestsellers.
http://finance.townhall.com/columnists/DaveRamsey/2010/07/02/dave_says-currency_investing_is_ludicrous!
Zeros lifted... gradual... no change in power.
Just as I have said for years.
Lop.... lifting zeros.
An exchnage period of probably 3 to 6 months... gradual
revenue neutral... no change in power.
Shabibi one more time on lop.
Shabibi: raising the zeroes of the Iraqi currency will be gradually
?????(?????????).. Baghdad (News) .. Said the Iraqi Central Bank Governor Sinan al-Shabibi that the process of lifting of the zeroes of the Iraqi currency (the dinar) will not affect the power that these zeros will be removed gradually and in stages. Denied Shabibi at a news conference attended by the (agency's news news) displays the documents the bank and archive files on Ptamlath internal and external for any damage to art during the recent offensive launched by the armed group in the thirteenth of this month and said: "The burning of the Central Bank did not lead to destruction of memory and archive the bank, there are additional memory reservation and occur on a daily reserved our places a very faithful and fortified can not be accessed before any hand, and burnt all the documents do not reveal a few secrets of trading the bank. and on the extent of the damage he said was not affected in any significant degree and published in the media is incorrect and exaggerated, referring to the deaths of 12 of the guards of the bank / Finished / (j. n)
http://translate.google.com/translate?hl=en&sl=ar&u=http://www.ikhnews.com/go_ar.php%3Fid%3D1277370787&ei=qbwjTMKYLML-nAemlZnADw&sa=X&oi=translate&ct=result&resnum=6&ved=0CEsQ7gEwBQ&prev=/search%3Fq%3D%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%25D9%258A%26hl%3Den%26client%3Dfirefox-a%26sa%3DG%26tbo%3D1%26rls%3Dorg.mozilla:en-US:official%26tbs%3Dqdr:d
Shabibi again says they will lop.
Breaking News - 24/06/2010 - 12:00 am
?????/ ????? ???
Baghdad / file Press
??? ????? ????? ??????? ??????? ???? ??????? ????
Denied the Iraqi Central Bank Governor Sinan al-Shabibi exposure
??????? ????? ?? ????? ??????? ???????? ????????? ????????
Document bank or archive files on the internal Ptamlath
????????? ??? ???
And external to any harm
During the latest offensive by the militants on the Bank, confirming the continuation of the Bank's work and support for all banks, Iraqi civil and governmental organizations. He Shabibi at a conference yesterday in the Rashid Hotel in Baghdad, and also attended a number of experts from the central bank and security chiefs that "the burning of the central bank did not produce destruction of memory and archive the bank, there are additional memory reservation, and spoke on a daily basis and is housed in our safe locations, very protected and can not be accessed by any party whatsoever, and all documents burned a few do not reveal the secret dealings of the bank, but he returned and the bank has been affected significantly by the killing 12 of his bodyguards. In response to questions from journalists, and if affected other banks as a result of this attack, Shabibi said the CBI is a bank banks do not deal with individuals, but government institutions, banks and third-party Wi those three were not affected by the fire on the contrary, trading his next morning any day 13 / 6 and the work was carried out banking until it comes to the staff Pavtrash the ground to complete their duties for fear Mnhsol acts of speculation in the price of the dollar, and received the instruments of banks and held off. and about the extent of the damage he said was significant not Ntzerr any degree and published in the media is incorrect and exaggerated and on the lifting of the zeroes of the dinar Shabibi said the process would not affect the strength of the dinar and these zeros will be removed gradually. in response to a question on the problems of banks and misappropriations .. Shabibi said that unfortunately, we find that the officials at the Ministry of Finance launched an attack, specifically Ministry adviser, said that the banks would go bankrupt for not tackling properly and non-compliance with the laws of the bank, this is not true Many banks have contributed to the progress of the sector banker, and there is no violation occurred of any bank here can not charge the banks arbitrarily. For his part, Director General of banking that banks Iraqi civil particularly ancient Kabtal Alorca and Iranian banks have credits and name of the banking and capital great, and we reject any accusations because the bank is responsible for the transactions of these banks, and we are now and then to freeze certain sections and keep revisiting the open actions from transactional banking and there was no reproach to any bank and especially against by some quarters recently.
http://translate.google.com/translate?hl=en&sl=ar&u=http://almalafpress.net/index.php%3Fd%3D175%26id%3D107798&ei=qbwjTMKYLML-nAemlZnADw&sa=X&oi=translate&ct=result&resnum=1&ved=0CDMQ7gEwAA&prev=/search%3Fq%3D%25D8%25A7%25D9%2584%25D8%25A3%25D8%25B5%25D9%2581%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25AF%25D9%258A%25D9%2586%25D8%25A7%25D8%25B1%2B%25D8%25A7%25D9%2584%25D8%25B9%25D8%25B1%25D8%25A7%25D9%2582%25D9%258A%26hl%3Den%26client%3Dfirefox-a%26sa%3DG%26tbo%3D1%26rls%3Dorg.mozilla:en-US:official%26tbs%3Dqdr:d
The 24 Trillion removed is what has been bought back over the years at the auctions. they put it right back into circulation. They still have a M1 number of 40 Trillion and an M2 number of almost 50 Trillion now.
No way it will RV. It will lop just as they have been saying for years it will. Early 2011 probably... as long as the Gov is settled.
Wayne... lop if just a slang term. It called redenomination or rebase. Just because an article doesn't say lop means nothing.
Look at the UNC study that I have linked many times. It is a study of all of the lops, redenominations in the last 30 or so years. Search for the word lop in it. It's not in it once. so by your reasoning that paper is not about lops.
Straight from the horses mouth.
There have been plenty who have scoffed at the lop talk because it’s only come from the CBI advisor or other CBI officials. Even the articles from economist talking about it have been shrugged off. Many have said they wont believe anything until they hear it from the CBI Governor, Shabibi himself.
Well, here it is.
http://www.zawya.com/printstory.cfm?storyid=ZW20100516000086&l=151440100516
Al Shabibi also said a planned re-basing of the Iraqi dinar, by knocking three zeroes from it, could be expected next year, with the move requiring "a lot of field work."
How long have you been watching the dinar?
There have been so called experts on the internet claiming confirmation from multiple sources of sure thing RVs for 5 full years now. There's at least one a month... probably closer to one a week.
Be interesting to see how long before their next conference call with a sure fire RV. Wonder what the excuse was for it not happening today as called.
What’s amazing is these guys can do this over and over and over and people will still believe them.
This is proof positive of a scam! But do I have a deal for you!
This is the new thing in the dinar. Ali is offering the same deal.
Send in $1000, and you control 10 million dinar. If it RVs 1:1, you get $10 million dollars. This should tell you guys that this thing will never RV, it is a MASSIVE SCAM.
Think about this. Say 1000 people take them up on the offer. If it RVd during the 30 days they would be on the hook for $10 BILLION. Do you think these guys have 10 billion dollars???
The only way they can make this offer is if they are 100% absolutely sure that the dinar will not RV.
Ali and these big pumpers, by offering this deal, they are admitting that they know a RV is not gonna happen.
I am willing at this time to make the same deal… but I will only charge $500 dollars for you to control 10 Million dinar.
Send me $500 , you control 10 million dinar for 30 days. No RV… it’s my $500. Spread the word, I’ll do this for anyone that wants it.
How can I make this offer? Because I, just like Ali, and just like TerryK and Gankins… they are just like me… they know without a doubt the dinar will not RV.
No one could offer 10,000 times leverage unless they are sure they would never have to pay.
You ever think for even a second that the 30 or so articles in the past that state they will redenominate and raise 3 zeros are true? That they just might do what they say they are going to do.
They will lop 3 zeros. You will have to give 1000 current dinars to get 1 new dinar.
They will reduce their money supply from 20 trillion to 20 billion.
ALL the facts point to that happening.
Monday morning cash in for $3.20
You alls be rich!!
Kuwait had 400 MILLION dinar in circulation when Saddam invaded. He stole Billions from the Central Bank and that's why the value dropped. As soon as he was kicked out they issued a new currency and checked the serial number on every dinar and wouldn't honor any of the stolen dinar. So they went right back to the 400 million in circulation.
How will Iraq do anything similar to that?
Actually... a lop is pretty similar.
You could say Kuwait lopped out all the stolen dinar.
LOL... yes Wayne, 3 x 20 trilllion = 60 trillion and yes, that's multiplication. Very good.
Now what is the point of your post?
Sorry Tim, but every one of those post is about an article out of Iraq. It's not me saying they will lop. It's the MOF or a CBI official saying they will lop. The articles out now even state that the plan has been in the works for 3 years. They have never given a date... I have never given a date... until recently where they have said it will happen late 2010 or early 2011.
Unlike the pumpers who have given big RV dates week after week after week for 5 or 6 years now.
I'm not "tweaking" anything. These are FACTS.
The truth about the dinar is my agenda and if you don't want the truth then don't read my post. There are plenty of people that will tell you exactly what you want to hear.
These are the Money Stock Rankings from the end of 2008, I'm sure Iraq is higher on the list now considering how much their money supply grew in the last year.
So answer me a question. Where do you think Iraq should be on this list? Beccause if they RV to even $1 they total all the others put together and that's laughable. At $3... no words describe how ridiculous that is.
So where should they be on the list with their tiny GDP?
Rank Country Value Date of Info
1 European Union $5,542,000,000,000 31 December 2008
2 Japan $5,417,000,000,000 31 December 2008
3 China $2,434,000,000,000 31 December 2008
4 United States $1,436,000,000,000 31 December 2008
5 Canada $356,200,000,000 31 December 2008
6 Russia $252,500,000,000 31 December 2008
7 Switzerland $207,000,000,000 31 December 2008
8 Sweden $185,400,000,000 31 December 2008
9 Denmark $143,000,000,000 31 December 2008
10 Poland $118,200,000,000 31 December 2008
11 Saudi Arabia $113,200,000,000 31 December 2008
12 Brazil $95,030,000,000 31 December 2008
13 Mexico $92,340,000,000 31 December 2008
14 Czech Republic $86,550,000,000 31 December 2008
15 Korea, South $80,660,000,000 31 December 2008
16 Venezuela $79,910,000,000 31 December 2008
17 Syria $73,540,000,000 31 December 2008
18 Hong Kong $63,030,000,000 31 December 2008
19 Algeria $60,910,000,000 31 December 2008
20 Turkey $53,250,000,000 31 December 2008
21 Singapore $52,570,000,000 31 December 2008
22 Malaysia $51,510,000,000 31 December 2008
23 South Africa $44,660,000,000 31 December 2008
24 Indonesia $41,710,000,000 31 December 2008
25 Nigeria $35,290,000,000 31 December 2008
26 Hungary $32,780,000,000 31 December 2008
27 Egypt $31,720,000,000 31 December 2008
28 Ukraine $29,240,000,000 31 December 2008
29 Thailand $28,760,000,000 31 December 2008
30 Libya $26,660,000,000 31 December 2008
31 Iraq $26,100,000,000 31 December 2008
32 Slovakia $25,520,000,000 31 December 2008
33 Romania $25,300,000,000 31 December 2008
34 Philippines $22,530,000,000 31 December 2008
35 Colombia $21,580,000,000 31 December 2008
36 Israel $20,730,000,000 31 December 2007
37 Kazakhstan $16,120,000,000 31 December 2008
38 Peru $15,420,000,000 31 December 2008
39 Kuwait $15,310,000,000 31 December 2008
40 Chile $14,720,000,000 31 December 2008
http://www.photius.com/rankings/economy/stock_of_money_2010_0.html
Good luck with that.
They have stated over and over that they will lop at the end of the year or early next year.
Hope you don't lose too much.
See now what a scam this is?
These pumpers are trying to convince you that Iraq will have 12 times more currency than the rest of the world put together.
Iraq has practically no economy... so there is little demand for dinar.
I did not say it increased the amount. I said that if they have 20 trillion and they increase the value to $3 they then have $60 Trillion (that's 60 trillion DOLLARS) worth of dinar. It's the same 20 trillion dinar, but it's now valued at $60 Trillion DOLLARS.
The comparison is that the whole world combined only has $5 Trillion DOLLARS worth of currency in circulation.
What are you talking about? The post I replied to was abut the pumpers claiming there was going to be a RV to $3 or more.
They currently have 20 some trillion dinar in circulation. If they RV those to $3 each, that's $60 Trillion... not sure the math can get any more simple than that.
Did you not see the little $ I put in front of the 60
They keep DEvaluing their currency, yet the same pumpers that are pumping dinar are pumping dong.
You must be fairly new to the world of dinar. There have been pumpers making up lies and pushing sure thing RV dates for 5 or 6 years now.
They are either paid by dealers to push these lies, or they are trying to drive traffic to their web site.
They are scammers, nothing more.
Iraq has about 20 trillion dinar in circulation... fact
The whole world combined right now has about $5 Trillion dollars worth of currency in circulation... Fact
So if Iraq was to RV at $3 they would have $60 trillion... or 12 times more than the whole world combined... soon to be fact???? I'll let you make up your own mind on that.
I'm sure you can produce a link or something with that info in it.
Maybe you can show the PR that Korea put out. They recently lopped and gave a couple days notice.
IMF report on Iraqi Stand By Arrangement.
http://www.imf.org/external/pubs/ft/scr/2010/cr1072.pdf
32. The lack of data and large structural changes in the Iraqi economy preclude any meaningful estimation of the equilibrium real exchange rate. A very crude assessment suggests that the dinar is broadly in line with fundamentals.4 With the drop in oil prices, it appears that a possible prior undervaluation has disappeared, and that the dinar could even be somewhat overvalued.
4 Rough estimates based on the external sustainability approach aimed at determining the current account balance that would stabilize the country’s net foreign asset position relative to GDP suggest that the real effective exchange rate is broadly in line with the equilibrium real exchange rate. The current account norm for 2014 was estimated at a surplus of 2.9 percent of GDP. Under current projections, the current account surplus isexpected to be only marginally lower than the norm in 2014.
55. Staff supports the CBI’s intention to continue to manage the exchange rate with a view to keeping inflation under control. Although difficult to assess, the exchange rate appears to be broadly in line with fundamentals, taking into account the expected increase in oil production.
Does this sound like a country about to do a massive RV????