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WHNT's "Iraqi Dinar: Fact or Fiction?" (5/11/2014)

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Post by Sam I Am Sat May 11, 2019 4:11 am

WHNT's "Iraqi Dinar: Fact or Fiction?" (5/11/2014) Whnt

A couple of months ago Alabama TV station WHNT did a segment called "Iraqi Dinar Investment: Smart Move or Scam?".   It was a very good introduction to their follow-up segment which aired on Friday called "Iraqi Dinar: Fact or Fiction?"  In this segment they list several of the claims made by gurus to promote "The RV" and then debunk them.  If their reporting sounds a lot like what I've been saying there's a good reason.  We spoke briefly back in March, and they told me that they came across this blog while doing their research, and that led them to many of their findings.  Well if nothing else we've produced a good resource for debunking.  The best thing to come out of this report IMO was the IMF representative stating emphatically that there is no such thing as a Global Currency Reset (GCR).  Put that in your pipe and smoke it, Eagle1 / Tony / Okie!  I was also glad to see our friend John Jagerson in the video.  I'm preparing another interview with John for later this week.

I don't think it's any coincidence that a TV station in Alabama felt the need to do two reports on the dinar investment scam, and that Mississippi congressman Bennie Thompson warned his constituents not to buy dinar.  That region has been hit especially hard by the scammers because of the lower levels of education.  The dinar scam feeds on ignorance.  My ignorance of how currencies work is what made me vulnerable, which is why I've endeavored to educate people along these lines as I educate myself.  WHNT has now started educating people as well.  Hopefully Michelle Stark's excellent reporting will make a difference, not only in Alabama but nationwide.

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Post by RamblerNash Sun May 12, 2019 2:40 pm

Iraqi Dinar Investment: Smart Move or Scam?


This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.


(Video plays after News Station ad)

(ALBERTVILLE, Ala.) - The claims are pretty amazing. Invest in Iraq’s currency – called the dinar – and you could become fabulously wealthy.
How, you'll ask, is this possible? Supporters of dinar investment argue the currency will one day rise sharply in value against the U.S. dollar. They refer to this change as a "revaluation" or "RV" and some argue it could happen at any moment.
Tennessee Valley residents, along with many more across the country, are buying in. So, is it a smart move? Or a scam? WHNT News 19 is taking action to find out.

WHNT's "Iraqi Dinar: Fact or Fiction?" (5/11/2014) Tim_jones
Tim Jones, an Albertville resident who invested in dinar

Tim Jones, an Albertville resident with a house full of kids, is among those who own Iraqi dinar. Jones tells WHNT News 19 he was thinking of his children when he paid out 1,000 U.S. dollars to get 750,000 Iraqi dinar.

"I was like, 'Oh my goodness! Look at all this!,'" Jones said, describing the feeling he got holding the crisp new bills.

Jones bought his dinar years ago, expecting a "revaluation" to happen. It still hasn't, making him question whether he, along with friends and fellow church members, made the wrong choice.

Our investigation started online - where there are countless websites, blogs and forums devoted to Iraqi dinar. Many feature talk of an "imminent revaluation" and furious debate on when and where it will happen.

The founder of Iraqidinarchat.net agreed to talk with us on the phone - only using his first name - Mark. Mark said he invested in Iraqi dinar 10 years ago and believes his gamble will pay off, although perhaps not in a "windfall" as some suggest.

WHNT's "Iraqi Dinar: Fact or Fiction?" (5/11/2014) Dinar400

He said he created his website as an "informational hub" for investors and told WHNT News 19, "Most all of the content on the website comes from Arabic websites that are translated."

Along with news headlines, Mark posts updates from the "Gurus." "Gurus" are popular dinar promoters who encourage investors with claims of inside knowledge about Iraq or the looming revaluation.

Mark tells WHNT News 19 some of the claims are "absolutely outlandish." "I'm quite surprised that some of them haven't been sued," he said.

In fact, false claims about the dinar or its potential to rise in value have prompted several states - including Utah and Washington - to issue warnings about the currency.
In a 2011 alert, Utah's Department of Commerce warned:

"This scam comes in three parts: the hyped returns that play on an investorʹs greed, the deceptive practices of Iraqi Dinar dealers, and the fundamental misunderstanding of international finance."

"Websites selling dinars also exaggerate or misrepresent history as proof that such profits are possible, but history teaches a vastly different lesson."

The Alabama Securities Commission has also been tracking increased interest in dinar investment and in response to WHNT News 19's investigation, is issuing a statewide "investor alert." You can click here to read an advance copy of that full alert. Here's an excerpt regarding the dinar:

"The Iraqi dinar “investment opportunity” is a scam that has existed for more than a decade and has regained some of its former popularity. As with many foreign exchange currency trading frauds, the dinar investment opportunity is often pitched as a “can’t miss” method by which the interested investor can profit from a severely undervalued Iraqi currency that is “certain” to appreciate in value in just a short time."
"Fraudsters engaging in the dinar scam promise that extravagant profits can be realized if the investor buys the dinar at today’s values, typically 1,000 or more dinars to one U.S. dollar. The investor then exchanges the dinars for dollars at a later date, once the dinar exchange rate has improved."

State regulators aren't the only ones who warn against buying dinar for profit. The Better Business Bureau just listed Iraqi dinar investment as one of its "Top 10 Scams of 2013" and notes scammers may use "real current events and news stories to make pitches more appealing."

"The marketers of this plan are doing a great job," North Alabama BBB President Michele Mason explained, "They're putting so much out there that you're gonna find that that may overwhelm the negative that you may really need to see."

Scammers may use "real current events and news stories to make pitches more appealing." - Better Business Bureau

Another major red flag? Iraqi dinar generally cannot be bought or sold at U.S. banks so investors just like Tim Jones, often get it through private dealers, which can charge a 20 percent markup or more.

According to Alabama Securities Commission Director Joseph Borg, dinar dealers are often not properly registered to sell money as an investment and even if they are, it's against the law to make any guarantees about an investment's future performance.

"So right now," Borg explained, "Those who are selling dinars as an investment vehicle are probably doing so illegally."

That brings us back to Tim Jones, who bought in hoping dinar would be a blessing and after hearing the expert warnings WHNT News 19 found against dinar investment, doesn't have much hope.

"We should've never invested," Jones said.

If you've purchased dinars and feel you were sold false promises about their future potential, the Alabama Securities Commission wants to hear from you. Click here to read the full "investor alert" then call 1-800-222-1253.

UPDATED: WHNT News 19 continued our investigation into dinar with a special report that aired Friday, May 9th 2014. We put claims used to promote Iraqi dinar as a good investment to the test. Are the claims legit? Or are investors being misled? Click here to watch and read for yourself!


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Post by RamblerNash Sun May 12, 2019 2:53 pm

Iraqi Dinar Investment: Fact or Fiction?

POSTED 10:00 PM, MAY 9, 2014, BY MICHELLE STARK, UPDATED AT 08:05AM, MAY 13, 2014

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

(Video plays after News Station ad)

HUNTSVILLE, Ala. (WHNT) - Across the country and in the Tennessee Valley, people are buying Iraqi dinar.  They’ve been told it will one day rise sharply in value against the U.S. dollar, leading to a financial windfall for them.

Albertville resident Tim Jones is one of those who bought in, along with his pastor and several church members.

Years later, the payoff still hasn't come.  A WHNT News 19 investigation also uncovered warnings from state regulators, the Better Business Bureau and financial experts calling dinar investment a scam.

Despite the warnings, many people remain invested.  They continue to hold the physical currency - often purchased through private dealers at a markup - and point to specific claims as justification for buying in.

So are those claims, used to promote dinar as a good investment, fact or fiction?

WHNT News 19 took action to find out.  Here's what our investigation found:

Claim #1: There will be a "revaluation" or "RV" of Iraqi dinar, raising its value against the U.S. dollar and leading to a payoff for the investor

Currency expert John Jagerson, of LearningMarkets.com, tells WHNT News 19 a "revaluation" of Iraqi dinar "could not happen" and "is not planned to happen."

Jagerson, who spent years researching the subject and authored an e-book called The Iraqi Dinar Scam: Why Buying the Dinar is for Dummies, adds that many of the "facts" dinar investors believe are actually false.

Jagerson thinks many dinar promoters are "perpetrating falsehoods" to increase the attractiveness of dinar; perhaps profiting off connections to dinar dealers, or exclusive website memberships and online advertising.  State regulators agree, warning dinar promoters will "misrepresent history" to try to prove profits are possible.

As Jagerson explains, it's not in Iraq's interest to allow the dinar's value to rise - even through a small appreciation - since it would make it harder for the country to pay off debts, more expensive for foreign companies to do business and limit Iraq's post-war growth.

"Why would Iraq want to do to their currency what no other country wants to do?" Jagerson emphasized.  "It would be like standing on your economic brakes with both feet.  No one does it because it makes no sense."

He points out that dinar speculators also often confuse the economic terms revaluationand redenomination.

In a redenomination, often done when inflation has reached untenable levels in a country, old bills of larger denominations are swapped for new bills of smaller denominations.  An old 25,000 dinar note could, for example, be exchanged for a new 25 dinar note.  Under this "dropping the zeros" scenario, the purchasing power (or value) of the new note is the same as the old note.  Nobody makes any money.

As Reuters reports, Iraq is on record as saying it eventually intends "to redenominate the Iraqi dinar to simplify financial transactions in an economy that is still heavily centralised."  WHNT News 19 could find no credible reports of a stated intent to "revalue."

The U.S. State Department was also quite clear on the possibility of a "revaluation" in Iraq when contacted for comment.  The State Department is sometimes blamed for holding up Iraq's "RV" along with various international bodies.  Spokesperson Noel Clay however, gave WHNT News 19 the following statement:

"We are unaware of any plans by the Iraqi government to revalue the Iraqi Dinar.  Iraq is a sovereign nation and the U.S. government plays no role in determining Iraq's foreign exchange policies."

Claim #2: There was a "revaluation" in Kuwait that shows something similar is possible in Iraq

Banking and financial experts confirm to WHNT News 19 that while market forces did cause Kuwait's currency to fluctuate in value during and after the 1990 Iraqi invasion, there was never a revaluation like many describe.

"Historically, a revaluation where your currency suddenly becomes worth many times what it used to be in the foreign exchange, that's never happened. Ever," Jagerson said firmly.

When Iraq invaded Kuwait in 1990, the Iraqi dinar replaced the Kuwaiti dinar as currency.  Kuwaiti dinar was essentially relegated to black market status.  As explained on the Kuwaiti government's own website, banking stopped inside the country and invading Iraqis stole huge amounts of Kuwaiti dinar and riches.

After liberation, Kuwait's dinar was restored as that country's official currency and new banknotes were issued to keep all the stolen monies from being used.  During this issuing, the pre-invasion rate was simply reestablished.

Iraq's history and circumstances are also very different from Kuwait.

A top executive at one of the nation's largest banks spoke on background to WHNT News 19.  The executive explained that while it's possible some people may have profited from holding Kuwaiti dinar during a market-led appreciation post-liberation, expecting anything similar in Iraq is totally unrealistic.

A March 2014 Wells Fargo "International Strategy" memo explains further.  It describes, in detail, why both 1960s West Germany and Kuwait are "poor precedent for Iraq."  The memo also warns of elevated risks of illiquidity and fraud for dinar buyers.

Claim #3: President George W. Bush's Executive Order 13303 gives Americans special legal rights to hold or invest in Iraqi dinar

As you can see here, 13303 specifically protects the Development Fund for Iraq, as well as Iraqi oil products and interests - including ownership by U.S. persons - from any legal attachments or liens.  It does not mention dinar, or investment in dinar, at all.

In this 2012 federal indictment against "BH Group" for fraud in the marketing and selling of Iraqi dinars, a grand jury also charges: "Any assertion that Executive Order 13303 promotes, protects, or regulates the sale of or investment in, Iraqi dinar is false." See page 5, charge 14.

Claim #4: The U.S. Treasury holds a large position in Iraqi dinars

The same federal indictment against "BH Group" states that, 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."

Claim #5: I bought my dinar at a bank and it's a real currency, so it's clearly not a scam

Different U.S. banks appear to have purchased and sold dinar at various times in recent years.  At time of broadcast, WHNT News 19 could find no banks currently exchanging the currency, although they may exist.

Those with knowledge of the banking industry tell WHNT News 19 banks are under no "official" restriction when it comes to buying or selling Iraqi dinar and that some may have stopped due to concerns over dinar speculation.

Jay Lawrence, Southeast Communications Manager for Wells Fargo, provided the following statement to WHNT News 19, explaining why the bank does not deal in dinar:

"Wells Fargo does not offer any consumer exchange for Iraqi dinar.  Wells Fargo provides a wide range of foreign currency banknote services, generally for travel-related purposes to meet the needs of our customers traveling abroad.  We do not, however, expect a high number of customers traveling to Iraq for business or leisure purposes in the near future.
As a result, we do not trade Iraqi dinar and we have no plans to change this policy in the future.  We are aware that some websites or blogs promote the purchase of Iraqi dinar as an investment strategy.  We disagree with the view that holding Iraqi dinar banknotes is a sound investment strategy."

The statement directly contradicts claims from dinar promoters that "1-800" numbers are, or will be set up at Wells Fargo, to exchange dinar for customers.

Jagerson, along with state regulators, emphasize that it's not Iraqi dinar itself that's the problem.

 "It's the investment in the currency as a way to make profits that’s the scam," Jagerson said.

Claim #6: There's a "Global Currency Reset" that banks, governments and global players like the World Bank or IMF are secretly coordinating and/or holding up

"That's probably one of the biggest fantasies in the scam - that there is some kind of government conspiracy behind it," Jagerson said.

A high-level executive at one of the nation's largest banks also laughed off the idea of a currency reset.  The executive told WHNT News 19 private banks do not play a role in sovereign countries' exchange rate management.

The creation of any new global economic framework would also almost certainly have coverage in the respected financial media.

The International Monetary Fund's mission chief for Iraq, Carlo Sdralevich, was even more blunt, sending WHNT News 19 the following statement:

"No such a thing as a 'Global Currency Reset' exists. The IMF has no role in managing the Iraqi dinar or Iraq's exchange rate system.
We work with the Iraqi government and central bank to provide policy advice and technical assistance as part of our ongoing dialogue with them. Decisions on the exchange rate are taken by the country authorities in full independence and sovereignty.
There is no external constraint imposed preventing the Iraqi dinar's revaluation or devaluation. The stability of the dinar is the result of Iraq's own monetary and exchange rate policies."

Representatives from both the World Bank and U.S. State Department said the same, when asked by WHNT News 19 to clarify what operational powers they have in Iraq.

The State Department [url=http://www2.gwu.edu/~nsarchiv/NSAEBB/NSAEBB198/FOI Economy and Infrastructure.pdf]also addressed this document[/url] specifically, which some dinar supporters argue shows an official goal of a 1:1 exchange ratio of Iraqi dinar to U.S. dollars.

State Department spokesperson Noel Clay said of the document, "I am not familiar with it and cannot vouch for its validity.  Regardless, it is from June 2005 and Iraq has undergone significant change since then.  I would suggest that the document would hold little relevance to Iraq today."

Claim #7: Iraqi dinar is still a good buy, even without a "revaluation"

Even without an "RV" or "Global Currency Reset," some investors believe Iraq's oil reserves and development potential make dinar a good purchase.  Some investors argue the market could drive a strong appreciation in the future.

In 2009, CNBC financial host Jim Cramer appeared to give dinar investment a green light, commenting on the nation's potential for growth post-war, especially with regard to oil companies.  "I'm always in favor of owning the currency as a play," Cramer said.  Click here to watch the clip.
Currencies don't behave like stocks though and as Jagerson points out, a rising GDP doesn't guarantee gains.  In fact, history shows that for countries like Iraq, "Having a growing economy and growing oil exports does not equal a growing currency.  Generally, it's exactly the opposite," Jagerson explained.

Jagerson started researching Iraqi dinar after a close friend invested, then turned to him for expert insight.  Jagerson said he spotted the red flags immediately and wants to use his currency acumen to keep others from falling victim.  He's produced several online videos to explain, in simple terms, why the arguments in favor of dinar investment don't add up. Click here to watch them.

After reading the findings above, some dinar investors may be feeling misled.  Concerned individuals can contact the Alabama Securities Commission, which recently issued a statewide "Investor Alert" addressing dinar.

If you purchased the currency and feel you were sold false claims about its potential to rise in value, call (334) 242-2984 or 1-800-222-1253.  You can also email asc@asc.alabama.gov.

To read the warnings WHNT News 19 uncovered about dinar investment from state regulators, the Better Business Bureau and financial experts, click here.

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Post by Jayzze Mon May 13, 2019 10:30 am

the fact is the Iraqi dinar is the currency of iraq. even though its a currency it is a worthless piece of toilet paper at about a quarter of a penny. the real problem is the worthless con men / guru promoting not only this toilet paper but everything else they can sucker you to buy from them. I find it very enjoyable after a hard day dealing with the public these gready stupid people that think if you invest a couple of dollars you will become a millionaire. my advice to you and I have stated this many times is to go to Disney where dreams do come true not investing in dinar and your money will spent and not wasted
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