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THE END IS NEAR - By MARCUS CURTIS
Lately I have seen a few people predict that the end of this dinar investment was near. I saw this as I was cruising through some of the dinar forums this week. Although they may be talking about a revalue, I believe the end is going to be something completely different. Who knows, maybe the end is near. The end has been near for the past 10 years. So at this point, it is hard to tell.
Apparently September or October is supposed to be the time that everything will change. Maybe in November I will write about how wrong these guys are yet again. If people have not figured this out by now then I don’t know what it will take. There is no Iraqi dinar revalue and there is no global currency reset. Even in spite of all the evidence I put out there, people have yet to refute many of the main points I have made.
Time For Some Changes
I really needed to update this site. The changes are long overdue. The old look and feel was not html 5 code. It would not configure to mobile devices like iPads, cell phones and tablets. The new look and feel of this site will now configure to any mobile device. It has modern and updated code. That is the main reason for the new look and design for Iraq Currency Watch.
Questions about article 32
Lately I have been getting some feedback about a post I wrote a while back. In the post I said that according to Iraq’s currency laws (especially section 32) that the Iraqi dinar was only intended to be used in Iraq. Some people have disagreed with that analysis. I have also said that the Federal Government claims that the dinar is illegal to export and bring to the states. So for the sake of clarification allow me to expand on this.
So far there have been 4 main cases brought against dinar dealers. With each conviction, indictment, or civil complaint the government has exposed many of the lies that have been floating around in the dinar community for years. Please note that I am not saying that the dinar is illegal to export and import, Departments of the Federal Government made this claim with its prosecution of dinar dealers. Let me go into a little more detail.
1. The first conviction was made against a man by the name of David Olmsted, aka Dale Cooper Jr. This is what was said about the dinar from The Department of Homeland Security and U.S. Customs.
“According to court documents, Olmsted arranged for shipments of Iraqi dinars, the country’s currency, to be sent from the country of Jordan to the United States in split shipments in February 2011. He had previously been federally licensed to conduct foreign currency transactions in 2004 and 2006, but his license lapsed in 2008. Also, importing Iraqi currency is against federal law.”
2. The Second set of convictions was against the B.H. Group. Many lies were exposed in this conviction. This is directly from the indictment.
The “BH Group” was formed by BRADFORD HUEBNER to market and sell the Iraqi official currency, the “dinar,” to individuals as an investment.
BRADFORD HUEBNER filed paperwork registering the BH Group as a money service business specializing in the sale of Iraqi dinar.
14. BRADFORD HUEBNER, RUDOLPH COENEN, CHARLES EMMENECKER, and MICHAEL TEADT often discussed during weekly telephone conference calls with potential investors, Executive Order 13303 which they alleged to protect the right of U.S. citizens who invest in Iraqi dinar currency. In fact, Executive Order 13303 protects assets of the Development Fund of lraq (DFI) and other Iraqi assets from legal attachments or liens. The Coalition Provisional Authority created the DFI in 2003 in order to promote the transparent use of Iraqi funds for purposes benefiting the people of lraq. Any assertion that Executive Order 13303 promotes, protects, or regulates the sale of, or investment in, Iraqi dinar is false.
15. BRADFORD HUEBNER, RUDOLPH COENEN, CHARLES EMMENECKER, and MICHAEL TEADT often discussed during weekly telephone conference calls with potential investors, the U.S. Department of the Treasury holding the Iraqi dinar, further alleging the Department of the Treasury held trillions of lraqi dinar for investment purposes. In fact, the U.S. Department of the Treasury does not hold any Iraqi dinar for investment purposes and holds only a nominal amount for use in daily operations. It was further the purpose and object of the conspiracy that BRADFORD HUEBNER,
Download the indictment using the link below
3. A civil complaint was also filed against Sterling Currency Group. Some of the Details are found here.
Here we find out that dealers and even some pumpers knew that the dinar will never revalue. According to the indictment they sold this worthless paper anyway. The government has been watching them since 2010.
“Email communications between Rhame, J.Shaw, C.Shaw, and Bell confirm that these individuals know that the concept of the dinar revaluation is a scam.
“Sterling has knowingly benefitted from false representations made by web sites and blogs, including “The GET Team.”
“26.Thereafter, beginning at least as early as 2011, Sterling began making monthly payments in the amount of $4,000 to TerryK. In total, Sterling has paid TerryK more than $150,000 since 2011.”
Not only did certain dinar dealers know that the dinar would not revalue, but for the first time we can now see that pumpers are on the payroll.
Check out the video in the link below from channel 11 News. It is an updated story that takes place about a week after the bust on SCG
At the same time the raid was conducted on SCG another raid was carried out in Puerto Rico by the FBI.
“The raid conducted by the Federal Bureau of Investigation during the morning in a business that sells dinars, located on Roosevelt, Hato Rey Avenue, is related to a fraud investigation,”
“FBI agents, accompanied by the IRS and police officers in Puerto Rico, arrived at about 7:00 am at the offices of Internet Management Mendez. Quinones explained that could be there until noon.
He said that, in general, in raids seeking documents and computers.”
I am sure as time goes on we will learn more about these raids. It may take a while.
There Has Been Yet Another Legal Action Taken By Authorities!
The point I am trying to make is simple. Apparently the government has been watching the dinar dealers and the pumper networks as early as 2010. Just read through some of the cases. They have been gathering evidence the entire time. They probably have records on every dealer. Maybe the prophecy is right. Maybe we are at the end of this thing. But it won’t end as investors suspect. It may very well end with a lot of people going to jail. I really don’t know what the outcome will be. Everyone under indictment is innocent until they are proven guilty, but to watch this whole thing implode has been at the very least interesting. This is not just one group of people selling dinar.
Iraq’s Currency Laws
Section 32 says this
Article 32 – Issuance of Currency.
1. The CBI shall have the exclusive right to issue banknotes and coins INTENDED for CIRCULATION in Iraq. Banknotes issued under this Article shall be the first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins for circulation in Iraq. Banknotes and coins issued by the CBI and intended for circulation in Iraq are not: promissory Notes, Bills of Exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to honor them only as provided for in this Law.
2. Only banknotes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.
3. The CBI shall be responsible for the supply of Iraq’s banknotes and coins and shall endeavor to maintain the availability of an adequate number of banknotes and coins in all regions at all times.
Intended for use basically means circulation or currency. That is currency used to conduct commerce. The currency is not supposed to be used outside of Iraq for the purpose of conducting exchange for goods and services. It is only meant to be used in Iraq for this purpose. People have been using the currency as an investment. This is not the intended use for the dinar.
Sure the currency is exported, all currencies are exported. The reason for this is so people can convert dollars to whatever currency they need in preparation for their visit to that country. The dinar is only supposed to be used as a medium of exchange in Iraq.
Article 32 section 3 declares that Iraq has the responsibility to keep a reasonable amount of currency in country for exchange.
ARTICLE 34 – Withdrawal of unfit banknotes and coins
1. Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation.
2. The CBI may decide to redeem banknotes and coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes and coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes and coins shall be presented for redemption.
3. The CBI shall not be required to provide any compensation for banknotes and coins that were lost, stolen, or destroyed: it may confiscate without compensation any banknotes that have been altered in their external appearance, including particular banknotes that have been written on, painted on, overprinted, stamped, or perforated, or to which adhesive matter has been applied.
Here we see that the CBI (Central Bank of Iraq) is responsible for maintaining the currency. Any damaged notes will be replaced and according to articles 32 and 34 the CBI must maintain a reasonable supply of currency. This means as the currency is exported it must be replaced. The CBI will release more into circulation to maintain the supply. This is the exact reason that the currency supply outside of banks has been increasing ever since 2004! Today there are well over 35 trillion dinar outside of the banks in Iraq. There are several trillion dinar outside of the country. I would say most of that is outside the borders of Iraq.
ARTICLE 35 – Disposition of Currency
1. The CBI may decide to redeem banknotes and coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes and coins shall be issued in the form of a regulation of the CBI specifying thew period during which the exchange shall take place and the locations and times at which withdrawn banknotes and coins shall be presented for redemption.
2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.
3. The CBI shall notify the public, by publication in the official publication, of the banknotes and coins that are legal tender.
Here we can see the redenomination language. Article 35 talks about the right to redenominate or replace currency. They are not required to honor currency outside their borders because article 32 states “INTENDED for CIRCULATION in IRAQ.” They can claim that the currency is intended to only be used in Iraq and that they will not honor currency that was illegally sent outside of their borders.
They may claim that using the currency as an investment is against the intended use of the currency. They will cite the costs of maintaining a currency supply. The amount of costs used to replace currency that was exported will be a central argument and they will site article 32 of these laws.
If you don’t think that can happen then I would suggest you revisit the events that unfolded in 1992 and 1993. Here we see a history where the country encouraged people outside of their borders to invest in their currency on one hand then they closed the borders and invalidated the currency outside their borders after the bulk of the investments were made. They cited currency laws and they said their enemies tried to destroy them through investing in their currency. This is where the Swiss dinar came from!
Don’t take my word for any of this! Do your own research! The following links should get you started.
So the big question here is this, Will history repeat and will the same thing happen that happened in 1993? Maybe the end is near, but chances are that won’t be a good thing for the investors or the dealers.
The other important point is that within Iraq’s foreign investment laws their Currency is exempt. Let me quote from a document from America’s foreign embassy in Iraq.
“NIL’s provisions should provide an open investment regime for foreign investors. However, the NIL does not permit foreign investors to own land, though they may lease (for 50 years, renewable). It also does not cover investments in the oil, banking and insurance sectors. (A copy of the National Investment Law can be obtained from the U.S. Department of Commerce Iraq Task Force website – http://www.export.gov/iraq/.)”
“Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes”.
“Article 27 of the NIL, which details the rights of Iraqis and foreigners with respect to Iraqi law, refers to dispute resolution. However, the absence of implementing regulation makes application of the law uncertain in practice”.
- GURU HUNTER
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Join date : 2012-04-10
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