Dinar Recap

I know it has been a while since I wrote an article for this site. I have been busy going through my other site on global economics. The site I am referring to is BVAWE. I have been fixing links that no longer work. I have been replacing pictures that had an expired URL and in its place was a void blank empty box. I have been fixing videos that no longer play and adding new videos that are very good and add to the collection I have up there already. Given the size of the site it has been a tremendous undertaking.

Some of those articles use to be on Iraq Currency Watch. (IRC) When I closed down ICR I moved them over there. When I opened up Iraq Currency Watch once again I left them alone. I did not move them back. BVAWE was in need of major maintenance and now that work is completed. I did not change the content of the articles. I just updated everything.

Now I want to recap and review some of the things I wrote about in this last quarter concerning the dinar. I just want to talk briefly about some points and maybe make a few new ones. I just want to briefly share some observations.

In the last two articles I took on the global currency reset theory. We exposed some of the problems with this theory. It has some of it’s origins in NESARA. The reset ideas are identical to NESARA. In addition this GCR theory seems to take advantage of global ideas and changes that are being considered and it is blending these ideas with the reset propaganda. This seems to give this theory some legitimacy on the surface. In the end it won’t increase the value of the dinar. People who know little about economics seem to fall for the GCR when they see articles about SDR’s and articles about replacing the dollar. So I want to briefly cover what happened globally and how we got to this point.

For a few decades the United States went into a banking deregulation phase. It all started in the 80’s with the savings and loans institutions. Some of these regulations were put in place after the Great Depression. These regulations were meant as a safe guard to protect us from another Great Depression. The last bit of regulation vanished with The Commodity Futures Modernization Act. This was signed into law by bill Clinton. It was one of the things that paved the way for the housing crisis and the 2008 melt down.

In 2008 everything came to a head. By the time the dust cleared 50 million people fell below the poverty line and 30 million people were unemployed. Millions of dollars in wealth just vanished in thin air partly because in our monetary system debt is monetized. This had a global impact. This means that when this crash hit in it’s full force the amount of currency that was in circulation fell because debt was being removed from the books due to bankruptcies and debt cancellations.

Some wealth was also lost due to perceived values in the housing market. This also had major global impact. To make matters worse the United States now had a struggling economy and some sort of recovery was now needed. So over time the interest rates were lowered and we went into something called Quantitative Easing. (Q.E.)

The Federal Reserve started buying $600 billion in mortgage-backed securities, but by March 2009 it held $1.75 trillion of bank debt and mortgage-backed securities. It acquired this debt by printing more money and purchasing the securities. The Federal Reserve started to print money and this began to make up for the amount that was lost due to debt monetization. This also had the added impact at the start of Q.E. of lowering the dollar’s value. So the amount of currency lost due to a contraction in Fractional Reserve Banking was being made up by expanding the base money supply.

This in turn made nations like China, Russia, India, and Brazil mad at the U.S. because as our dollar decreases in value it levels the playing field and lowers the price for the U.S. to exports goods. At the same time it raises the export costs for nations like China. America’s imports cost more because of this. The cost to export goods was beginning to rise in other countries and as a result the currency wars began. These nations would lose some of their export advantage. This was the strength of their economy. Their economies already took a beating in 2008 due to the global impact of the melt down and now the U.S. was increasing their currency supply.

So as a result China begins to call for a new reserve currency to replace the dollar. The only problem with this plan seems to be at this point there was nothing out there that could replace the dollar. As the New York Times points out,

“The world is trapped into buying dollars because the United States market is big, liquid and reliable as a safe haven. And America is trapped in an addiction to cheap credit, with foreign demand for the dollar allowing the nation to spend well beyond its means.”

This article also points out

“Moreover, the U.S. racked up a lot of government debt and the Fed began flooding the global financial system with dollars. The more dollars there are out there, the less value they should have. But the exact opposite happened. The dollar, if anything, gained slightly in value.

Contrary to all expectations, the U.S. dollar’s position as the world’s dominant reserve currency has been strengthened by the crisis. The world became even more dependent on the dollar than it had been before the crisis.”

This happened during a time when the euro had it’s own problems. The truth is there are no good alternatives to the dollar! China still insists that the worlds reserve still needs to change and that it should no longer be the dollar.

Now a call has emerged to use the International monetary fund’s Special drawing rights or SDR’s as the new international currency. You can think of SDRs as an artificial currency used by the IMF and defined as a “basket of national currencies”. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries’ governments. The IMF uses SDRs for internal accounting purposes.

An SDR is an international type of monetary reserve currency that was created by the International Monetary Fund in 1969. It’s purpose is to operate as a supplement to the existing reserves of member countries. It was created in response to concerns about the limitations of gold and dollars as the sole means of settling international accounts under Bretton Woods. SDRs are designed to augment international liquidity by supplementing the standard reserve currencies. Now there is debate as to whether or not SDR’s should replace the U.S. dollar.

Now all of these events have become mixed with speculation and wild conspiracy theories that say the dollar is going to crash overnight and that the IMF is calling for a NESARA like Global Currency Reset. Lyndsey Williams has claimed that this GCR event would be announced sometime during the first quarter of 2014. Well I am writing this on April 2nd and there has been no announcement of said event. Here is Lyndsey’s prediction

Gold and silver sellers/gurus have jumped on this by hyping a crash in the dollar and they have been urging people to buy Gold and Silver as a hedge of protection. The date for this overnight crash has been moved to the end of June 2014. When that time arrives or gets close the date will move again. Dinar gurus have taken this a step further by saying that the so-called GCR will bring a revalue of currencies like the dinar and dong when the dollar finally crashes overnight.

So can you see why it is hard to separate fact from fiction? After all China is really calling for a replacement to the U.S. dollar. I hope you can see why people get confused about what parts of this whole conspiracy are real. So let’s cover some things. I know I said some of this in the past but it bares repeating.

The first observation people make is that the U.S. got in this mess by over printing their currency. If that is indeed the case then another over printed currency is not going to replace the dollar. Here are the amount of currencies some of these nations have. China – 110 trillion Yuan, Russia – 29 trillion Ruble, India – 20 trillion Rupee, Vietnam – 3,519 trillion Dong, Euro zone – 9.2 trillion Euro. Now compare that with the U.S. dollar which is 11 Trillion. (M2)

Can someone please tell me why these other countries with over inflated currencies will replace the dollar? After all they seem to have the same problem finding the off switch to their printer! The truth is the dollar has gained strength since the 2008 meltdown and everyone has expected the exact opposite! Check the link below.

It won’t be easy replacing the dollar around the world. Right now there are several countries where the U.S. dollar is the official currency of that nation. Some of these countries are The Bahamas, Belize, Bermuda, Cambodia, Cayman Islands, East Timor, (tiny island country between Indonesia and Darwin Australia) Ecuador, Federated States of Micronesia (South Pacific) Marshall Islands, (near Micronesia) Organization of Eastern Caribbean States, Palau (east of the Philippines) Panama, and Zimbabwe. There are other countries that use the dollar along with their currency as well.

So this is not just a matter of the dollar being used as a reserve by central banks. This is also a matter of nations and their citizens using the dollar around the globe for commerce and exchange. Also consider that oil is purchased and sold around the world in most places only using the U.S. dollar. All of these things add up to make the dollar stronger than most people realize. It is not just a reserve currency! It’s a petro-dollar. It’s the official currency for nations around the world.

If America’s economy recovers they will raise interest rates and put an end to Q.E. The dollar would become even stronger as a result. but if they take those actions now it would be at the cost of any economic recovery in America.

There are other portions to this GCR conspiracy theory. Some believe that the GCR is part of bible prophecy so they accept it on that merit alone without researching anything else about the GCR theory. Some believe that an overnight dollar crash and a GCR event will be a prelude to the mark of the beast. Let me just say here and now that this conspiracy theory has absolutely nothing to do with bible prophecy. My personal research into the mark of the beast prophecies seems to indicate something totally different.

Don’t get me wrong. I am not saying that the dollar will never be replaced as a reserve currency. I am not saying that the dollar will not weaken. The dollar has not been the only currency used as a reserve in the past. It could very well be replaced. Right now the dollar is stronger than people think but that does not mean it will remain so.

What I am saying is that there will not be an overnight crash that makes the dollar totally worthless around the world. It won’t be shoved out of central banks overnight and replaced with some new global super currency put together by the IMF. If and when the dollar is replaced it will be a gradual process. It will take time. It could even be years. It will not be an overnight event like GCR promoters claim!

What I am saying is that there will not be an overnight crash of the U.S. dollar that will have an end result of making every dinar holder wealthy beyond their wildest dreams! 11 TRILLION U.S.DOLLARS ARE NOT GOING TO CRASH OVERNIGHT AND MAKE THE 34 TRILLION DINAR OUTSIDE OF THE BANK OF IRAQ WORTH 100,000 TIMES MORE!!!

Can you see the absurd notion in this belief?

By the way think about this. Right now Iraq has 34 trillion dinar outside of the bank in Iraq. The exchange rate in 2009 has been 1170. It moved four pips to 1166. So it has been a pretty steady exchange rate since 2009.

In 2009 Iraq had 21 trillion 776 billion dinar outside of their banks. Today Iraq has over 34 trillion 500 billion outside of the banks. So in 5 years Iraq added about 14 trillion dinar to their circulation outside of the banking structure alone! So the questions are

1. How come hyper-inflation has not consumed the dinar?

2. How has their exchange rate remained so stable? After all it is raised to fight inflation right? How come there has been no movement?

The answer to me is obvious. They have been exporting their currency. I have been able to calculate a very conservative number of slightly over 25 trillion dinar outside of Iraq’s border. I have read in some places and T.D. claims Iraq exported 30 trillion. If that is the case then this means that there is really only about 4 to 5 trillion in circulation within Iraq’s borders. Not bad for a currency that is only supposed to be used in Iraq! This is why hyper-inflation has not collapsed the currency. This is why the exchange rate has been so stable. This is why their reserves have been growing at a faster pace than normal. They have been exporting their currency!

This dinar investment/scam is bigger than most people realize. When I look at my analytics of people who view just my little dinar site I get hits from all over the world. Judging by the amount of people who visit this site the dinar investment is really big in Canada, Malaysia, United Kingdom, Australia, Puerto Rico, Singapore, Germany, India, Pakistan, Philippines, France, Indonesia, Croatia, Sweden, and Mexico.

These countries visit this site on a regular basis. These are not governments. These hits are from private citizens! I suspect that 25 to 30 trillion dinar are spread out over America and these groups of people too. This is massive and it is global! They all gave their dollars to Iraq in order to get dinar! In countries where the wages are lower and the cost of living is lower the investment in the dinar is probably smaller too. I suspect that millions of people have this currency. If and when Iraq does finally redenominate it will become really big news. It will impact millions.

Predictions from Zahlid

About three months ago a man appeared in the dinar community by the name of Zahlid. He claimed to work for the central Bank of Iraq. He claimed that Iraq was going to redenominate by March 15th 2014. He then said it would be by the end of March. Now it is April and there has been no redenomination. There has been no announcement of a soon to be redenomination. I have had my suspicions about him. He had an I.P. address located in Ireland.

Typically people who live in Ireland don’t work for the Central Bank of Iraq. In addition he made some jokes about camels and Iraqi people. Someone from Iraq is not going to do that.

I used the same test I give gurus. I wait until the prediction expires. If the event does not happen as promised then I consider the guru false. His prediction did not come to pass. I believe he does not work for the CBI as an employee or consultant.

I did say that I think he was legit. I did not say this because I believed it with a certainty. I said it because I wanted to see if that statement would anger some of the hardcore dinar community. The hate mail I got was unbelievable. For me this was a simple experiment. It amazes me that people don’t hold dinar gurus to the same standard that they held Zahlid too. While I had a nagging suspicion that this guy was a nut. It seems that no one that is invested in the dinar gets as angry about the constant guru lies. They just wait for the next prediction and start a cycle of hope all over again. I am not talking about the TNT tony’s that are out there. But the other less known predictions

Anyway to me it is now official. Zahlid is a made up name and this person lives in Ireland.

True Freedom

One of the amazing things that I noticed about selling my dinar was how liberating it was. I did not even realize the bondage I was in while I held dinar. It was only after I sold it that this became apparent to me. This is because I use to believe in the any minute revalue theory. I thought I would be wealthy soon. As a result I passed up contract work in my field. I passed up overtime. I did not go on vacations and trips with my family. My life became a constant consuming watchful eye on what this currency was going to do. It became my only concern. I could have made other investments that would have prospered. I could have accepted jobs and contract music work. I could have got overtime.

I passed all that up because I thought I was going to be rich and I did not need those things. I started this blog and devoted several hours to it. I did not place ads on it. I did not make money from it because I thought that I was going to have more money than I could spend and everything was going to be ok. In my mind I would start living my life again once this thing revalues.

You see in the end this so-called investment costs you more than the money you spend on it. It costs you your time. It costs you other opportunities that may come your way to make more money. For some people it cost them their family. For some it cost them their marriage. This whole thing is a bad deal all around. It places you in bondage and it steals everything from you! My true freedom came when I sold this crap and got on with my life.

I began to pursue other things. One of the things I have learned is true wealth is not measured in money. Wealth can also be measured in blessings. There are other things in life that make you wealthier then you realize!


This will be my last post for a while. I have other things that I am going to focus on for a while. If something major happens in the dinar community then I will come back and write about it. If Iraq begins a redenomination process I will come back and write about it. For now it is on to other things.

If you want to know more about my analysis of the Global Currency Reset or the 2008 meltdown then I would suggest you check out my other site. The Rabbit Hole series covers this in greater detail. There are third-party videos and links that are very good. This will allow you to do your own research

The Rabbit Hole part 1 Talks about the events as they unfolded in 2008. It also introduces CMKX and talks about it’s role with the Iraqi Dinar.

The Rabbit Hole Part 2 Covers the deregulation that happened and all the things that aligned to create the melt down. It also covers Basel I, Basel II, and Basel III. It goes into the reasons for these international accords

The Rabbit Hole part 3 gives a background on the Federal Reserve and the Exchange Stabilization Fund and the role it plays with the United States Treasury. It also covers information about oil and more information about CMKX.

The Rabbit Hole part 4 explains CMKX and NESARA. It covers the people behind the scenes of the government and reveals movers and shakers. It also talks about how NESARA, CMKX and the Iraqi Dinar are linked. It goes into why I consider them conspiracy theories.

The Rabbit Hole part 5 is the conclusion of this series. It ties everything together and talks about the global economic community. By the end of the series you get a crash course in economics and international trade. You learn about the petro-dollar and other events that shaped the global community.

This Rabbit Hole series contains dinar information. These articles use to be over here on Iraq Currency Watch. I wrote them when I still believed in the revalue of the dinar. Unless something bizarre happens. It should be a very long time before I write for this site again.


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Global Currency Reset part 2

The wisdom of the prudent is to give thought to their ways, but the folly of fools is deception.

Proverbs 14:8 NIV

In the last post we talked about the origins of the Global Currency Reset. We talked about and exposed NESARA for the conspiracy theory that is. We dealt with some of the many definitions to the terms Global Currency Reset or GCR. The article was getting kind of long so I decided to stop at a certain point and continue later with more information in a future article. I am jumping in the middle of a thought process here and a lot of information is already covered in the previous post. So for that reason I strongly suggest that you read The Global Currency Reset Part 1 before you read this article. Reading part 2 only is like going to a movie with a detailed plot and coming in a little after the middle.


The IMF plays a major role in one of the definitions of the GCR. According to Lyndsey Williams the IMF is going to force all nations to revalue their currency by the end of March and the values will be based on other things. The dollar will be worth a lot less as a result. See Dinar Update 3

Not only is this absurd it is not even practical. As I said before people only attribute the effects of over printing currency to America. They ignore the effects it has on all other nations that do the same thing as if America is the only one that is going to suffer for this practice and all other nations are immune.

While it is true that America has 11 trillion dollars. China printed over 110 trillion Whan!

That is 10 times the amount of America’s dollar

“Yuan’s Real Exchange Rate Undervalued 5%-10%, IMF Report Says”

The reason why China does this is due to the fact that their economy depends on exports. If china raises their currencies value in a GCR event then that would translate to higher costs to manufacture goods. This would decrease exports! By the way this applies to all the BRICS nations as well as it would apply to every other country. You are not going to get everyone to comply. There will be some defectors and that will cause everyone to ignore arbitrary IMF imposed GCR rates.

In the past China has always undervalued their currency. This acted as a 30 to 40 cent tariff on all goods coming into their country. This allowed the exports to increase and at the same time allowed them to control imports. Countries with over printed and inflated currencies have a greater chance to export goods because their currency values are low and that keeps manufacturing costs down. This may be one of the reasons why they inflate their currency in the first place.

These nations are not going to surrender the sovereignty of their currency value to the IMF. The IMF won’t be able to force China to raise it’s currency’s value especially based on some fictitious GCR event. And in any case all those countries would need to do to lower their value once again is to print even more currency. Is the IMF going to tell each nation how much currency it can print too? This notion is ridiculous to say the least.

As far as revalues go china serves as a great example. Let me paraphrase and bring up some things Jack pointed out

“Over the past decade, China has “Revalued” the Yuan by around 35% vs the dollar and in total. This was spread out across multiple steps. This is what real life revalues look like. A couple of percentage points here, and another couple of percentage points there a few years later. The most recent being 5% from 2011-2013. And even today, even with China’s deliberate under-pegging aberration, you’re still only talking about a 5-10 percent undervalued repricing . About 15 percent is the absolute highest estimate which is nothing even remotely close to a 100,000% REVALUE! The Guru’s false pumping of the dinar by trying to pretend the Dinar “MUST DESERVE” a 1980′s exchange rate and ignoring the fact its money supply is now 4,000 times higher than what it had in the 1980′s is ludicrous. This is the prime reason its rate fell in the first place!

However as long as China is a net exporter, they simply won’t want a massively stronger currency as it will hurt Chinese businesses by making it relatively more expensive for non-Chinese to import goods from China in all future trade. Having a stronger currency is no good if it kills off export growth!”

It is also true that china is experiencing some problems because of lack of environmental controls. China has cancer villages and many other environmental issues to overcome. I have also written an extensive report on China and their current geo political problems which can be found on my other blog.

This is why so many nations are mad at the Federal Government for Quantitative Easing. Because this lowers the value of the U.S.dollar and it serves to level the playing field for exports. It affects the exports for every nation that has a low currency value. Imagine what would happen to America’s economy if the U.S. dollar suddenly dropped significantly and hyperinflation came. The amount of Imports would suddenly decrease as their prices would soar. Now how would that effect china if all currency was reset and China no longer has it’s edge and the U.S. had a significantly lower value attached to their currency?

U.S. interest rates have been almost zero since the economic crisis began back in 2008. Gold and silver will react negatively to the news of a possible imminent increase in interest rates. This is because any increase in interest rates will strengthen the dollar. Q.E. is also an effort to boost the economy. When the unemployment rates drop and the U.S. economy finally begins to really recover then I expect the Federal Reserve to ease up on Q.E., and I expect interest rates to rise and the dollar to become stronger as a result. When this happens it should affect the price of gold and silver, but the people who sell precious metals and push this GCR won’t tell you that.


Here is Iraq’s current money supply

Iraq money outside of the banks = 34 Trillion

Iraq M0 = 70.9tn Dinar

Iraq M1 = 71.3tn Dinar

Iraq M2 = 85 Trillion

The reason guru’s won’t repost this or even talk about it is pretty obvious. Iraq still has over 71tn physical banknotes alone and there is little difference between M0 and M1 due to the primitive nature of Iraq’s banking system.

Their currency is so inflated that there is no possible way for them to revalue to even a penny! No GCR event can overlook this. If there was a GCR event and the IMF raised the value of the dinar as people claimed then it won’t be long until hyper-inflation would collapse the currency entirely due to the amount in circulation!

In addition to this Iraq announce that their plan is one of redenomination. Here are some of the designs they have considered for their new currency.

New Currency Design

New Currency Design

oh wait……My Mistake, Those are really Sam I Am bucks…They are offered out free of charge so that Dinar Gurus can buy a clue! Here is the new dinar.


Oh wait that is not it the youth would say My Bad! Here is the New Dinar

Dinar 2

Now this is not the new dinar from the CBI that is the ISIS dinar. Check the links below.

OK here is the New Dinar


This is being shown as the new dinar. Actually this is the dinar that was in circulation back when Ahmed Hassan al-Bakr was president. He is the guy that was in charge before Saddam took over.

look at the one dollar bill. The note on the bottom left. Now look at this eBay auction which is a dinar note from 1973. It is the exact same note.

This has been shown and displayed as new dinar on a few sites. This is just a small example of the deception that is out there. Iraq does have a plan of redenomination. I don’t think anyone has seen the new notes yet. I do believe that they are already printed, but that is only my opinion.

Religious Point of View

There are those who present the GCR as biblical prophecy. It is believed that this event that will move everyone closer to the mark of the beast and a one world economy that the Anti-Christ will rule. Christians who know little about biblical prophecy have fallen for this. This is one of the main reasons this group invested in the dinar. Who can argue with biblical prophecy?

First the mythical GCR has nothing to do with biblical prophecy and that notion is really false doctrine in that regards. I have studied the bible for many years and I love to research and look at biblical prophecy. This GCR is total Bunk when it comes to actual bible prophecy! It has nothing to do with it. The mark of the beast is totally different and it is issued during the time of the Anti-Christ by the false prophet. Even though a lot of dinar gurus are false prophets those are not the ones the bible is speaking of.

Buzz Words

Most people can’t really explain the mechanics of a GCR beyond using buzz words like Global Reset, Fiat Currency, Fractional Reserve Banking, and Linear-Thinking. These are just some of the buzz words I have seen on other sites. Let me provide some definitions to what these buzz words actually mean

Fiat Currency: Fiat is the Latin word for “it shall be”. Most currencies were based on physical commodities such as gold or silver at one time, but fiat money is based solely on faith. Fiat currency is money that a government has declared to be legal tender, but the fiat currency is not backed by a physical commodity and it has no intrinsic value. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of or the commodity it represents.

The U.S. dollar is considered a fiat currency because it is backed by nothing. The Iraqi dinar is not considered to be fiat because it has reserves. BUT the sick joke is 98 percent of what backs the dinar is the FIAT U.S. DOLLAR! And this gives the dinar value how?…….So how will the GCR regulate a currency that gets it’s value from the U.S. dollar? If the dollar falls then the dinar falls too! So does the Whan and many other currencies around the world. The dollar won’t fall while every inflated currency backed by the dollar rises! This is absurd!

“The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.”

This is how gold breaks down. There is 166,500 tons of gold in the world. 18 percent of that or 32,000 tons is held by Central Banks for reserve. Out of that the U.S. has 8,133.5 tons of gold which makes 72 percent of the reserves held by the U.S.

The Federal Reserve Bank of New York holds 540,000 Gold bars alone. Not bad for a fiat currency.

Now compare that to the dinar that has a grand total of just 2 percent gold in their reserves. The rest of their reserves are U.S. dollars

This is not even taking into account the petro dollar system which the U.S. put into play in 1973. This petro dollar system is one reason why the dollar has out lived the fiat currency life span. For more information on the petro-dollar system look at this article I wrote 2 years ago explaining it in detail. Watch the videos too

Linear-Thinking: If you are accused of “Linear Thinking” then you don’t understand the Global Currency Reset. What this really means is you pay too much attention to printed currency supplies and that has you caught up from seeing the truth.

If you are not a Linear Thinker then you know that currency supplies don’t matter and nations can have as much of it as they want. It won’t make any difference. Only the U.S.A. will be penalized for having too much currency because they are evil and bad………. If you can’t see that then you are a “Linear Thinker.”

What a bunch of B.S.!!! Currency supplies do matter and too much currency destroys the value end of story! I guess I am just a linear thinker after all.

Fractional Reserve Banking: FRB or Fractional Reserve Banking is a process that expands the money supply. It is said on some GCR sites that central banks will use this process to pay out the new currency values. The only problem with this is the fact that Fractional Reserve Banking is a process that is only used by the public banking system. Private central banks don’t use Fractional Reserve Banking.

FRB is a process that expands the money by monetizing the debt. In other words, when people participate in the loan process that debt is monetized. New money is created thus expanding the currency supply. Central banks don’t do this, public banks do. The CBI is not going to go into debt using a method of debt monetization so it can payout a new value that is adjusted to their currency because it is imposed by the IMF in a fictional GCR event! That shows you how clueless some of these guys are about economics.


Christine Lagarde is Managing Director of the International Monetary Fund. Some parts of the GCR conspiracy name her as the one responsible for the upcoming GCR event. They quote her twitter page and watch her for clues.

LaGarde’s Exact Tweet : “We need a reset in the way the economy grows around the world” This has somehow morphed into All currencies are going to reset.

All she is really talking about was resetting economies. The Goal here is to boost economic growth to pre-2007 levels! BEFORE THE 2008 MELTDOWN! These factors include reducing unemployment and inflation. There is some banking reform through Basel III which is really all about increasing balance sheets for banks. It has absolutely nothing to do with currency values! It is not a GCR guru-style “let’s pretend the world’s most inflated currencies are not really inflated and new values will be assigned!

People are just twisting the whole thing wildly out of context to mean overnight revalues of currencies and destruction of the dollar! All most people are really doing is confusing economy with currency. They are not interchangeable. It’s possible to have a strong currency and weak economy. Greece, Portugal, Fiji, serve as examples. It is also possible to have a weak currency and strong economy South Korea, China, and Japan, serve as examples too.

A few weeks back the BBC released an article about the dinar. They actually quoted me in that article. They also quoted the IMF. According to the IMF the Dinar investment was fraudulent. By the way this is a Direct Quote from the IMF. read the Article.


What do people mean when they say global currency reset? This in itself is a buzz phrase thrown around as though it has some sort of validity. The truth is it can be a complicated subject. Part of the reason for this is because there are so many different meanings attached to it.

The United States dollar is the most widely held currency in the Allocated Reserves today. A report released by the United Nations Conference on Trade and Development in 2010, called for abandoning the U.S. dollar as the single major reserve currency. Some have proposed the use of the International Monetary Fund’s (IMF) special drawing rights (SDRs) as a reserve.There is some truth to the move to a multi-polar financial reserve world.

This does not mean that the USA’s reserve status is going to collapse to zero as if the USD got replaced by say the IMF Special Drawing Rights. The US dollar will still make up a large chunk of reserves simply out of economic necessity for trade.Some people are wildly over-reacting to a trend for more multi-national reserves somehow meaning total collapse of the USA’s economy and a revalue of the worlds most inflated currencies.

The Global Currency Reset does not mean that the entire U.S. economy will collapse and the dollar will become worthless while the overprinted dinar, dong, and others become the new standard! That to me is the most absurd definition of the GCR out there!


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The Global Currency Reset Part 1

When you look at the mechanics of money and you consider how the exchange process works you begin to see certain rules that govern all money. The Federal Reserve released a book way back in the early part of the 20th century called Modern Money Mechanics. Let me give you an example of some of the physics that govern currency. The more currency a nation has in circulation the less it is worth. The less currency a nation has in circulation the more it is worth. This is one of the rules that apply to anything that is being used as a medium of exchange. Be it fiat currency or even gold.

When you look at the dinar and compare it to the mechanics of money there is no way that the currency can gain value. A lot of people are expecting this currency to revalue and create a financial windfall that will set them up for the rest of their lives. There have been revalues and they are not uncommon. In all of history there has never been a revalue above 50 percent. A revalue can only be done by a central bank. A revalue is a policy decision that is enacted to fight inflation. The typical revalue is between 3 to 7 percent. The largest one I have seen is about 30 percent. Revalues only happen to currencies that are pegged. Floating currencies don’t revalue because the market determines their value not the central bank. So the belief that drives dinar sales and the speculation in this currency is that it will revalue and people will be made wealthy from this revalue.

The problem is that when you consider how money actually works and money mechanics in general then you begin to realize that this belief is impossible. There are a few major problems behind the dinar and the money mechanics involved to make this happen.

First the dinar is currently valued at 1166 dinar to one U.S. dollar. If the dinar was to move to a value of just 1 U.S. penny then that would be a 1,000 percent revalue. Second Iraq’s M1 money supply is over 71 trillion dinar. This is the main reason the dinar is valued so low. If there was less currency in circulation then the dinar would be worth more. Third the dinar requires a reserve to back it and give it value. The reserves used that backs the dinar is the U.S. dollar. There are not enough U.S. dollars in Iraq’s reserves to back the dinar to even a penny. There are not enough reserves to move the dinar beyond 15 percent.

In spite of the impossibility of this ever happening and the improbability due to the actual way money really works, people get around it by saying the buzz words Global Currency Reset or GCR. Even though something like the expected revalue of the Iraqi dinar has never happened in the entire history of money, and given the fact that the laws that govern money mechanics makes this impossible. People still believe in the revalue due to their belief in this coming GCR event. Portions of the Global Currency Reset could be considered a conspiracy theory depending on which definition you believe.

When you Google the words Global Currency Reset a whole host of websites and blog sites come up promoting it or debunking it. There are also many definitions to the term Global Currency Reset. Some of these aspects blend together and people pick and choose which part of this theory they choose to believe. It is important to note that not everyone that believes in a Global Currency Reset believes everything that is written about this so-called coming dinar revalue. So for the sake of clarity let me go over just some of the definitions of GCR that are out there. Dinar speculators are mixed about these different definitions. Some of them only believe part of this theory and people tend to choose the parts that make the most sense to them. Let’s look at just some of the definitions of GCR


“NESARA is an acronym for the proposed National Economic Security and Reformation Act, a set of economic reforms suggested during the 1990s by Dr. Harvey Barnard. Barnard claimed that the proposals, which included replacing the income tax with a national sales tax, abolishing compound interest on secured loans, and returning to a bimetallic currency, would result in 0% inflation and a more stable economy. The proposals were never introduced before congress, and the only congressman known to have commented on the bill is Ron Paul, dismissively, and through a spokesman.” (From Wikipedia)

I checked the congressional record for the 1990’s. Then I did a search through the entire data base. This is what the search result said. “NESARA does not occur in the data base.” Then I did a search for National Economic Security And Reform Act. It was not in the congressional record at all. This means that this bill never came before congress. Don’t take my word for it. Look it up yourself

This means that if NESARA never came before congress then it never became law!

But, NESARA took on a life of it’s own. It has become a cult-like conspiracy theory promoted by Shaini Goodwin. She claims the act was actually passed with additional provisions. She also claims George W Bush and the Supreme Court have kept it hidden. In 2000 Barnard decided to release his proposal for NESARA on the internet. Soon after this a person known as the Dove of Oneness began posting about NESARA on internet forums. The Dove of Oneness has been identified as Shaini Goodwin. She was a former student of The Ramatha School of Enlightenment. Founded by Judy Zebra Knight aka Judith Darlene Hampton. Basically these are new age beliefs! Knight has appeared on U.S. TV shows such as Larry King, The Merv Griffen Show, and MSNBC. Her teachings have attracted people like Shirley MacLaine and Linda Evans. Among the bazaar teachings is the belief that a convert to this teaching is god!

Goodwin has embellished and added to NESARA. She makes references to white knights. Most of whom are high-ranking military officials who have been struggling to have the NESARA law implemented despite opposition from George Bush.

Barnard became aware of Goodwin’s description of NESARA before his death in 2005. He denied that NESARA had been enacted into law or even had been assigned a tracking number, and he condemned Goodwin’s allegations as a disinformation campaign. Since Goodwin began commenting on NESARA, other Internet-based Conspiracy theorist have attached itself to NESARA giving this whole thing a life of it’s own.

NESARA will attach itself to a legitimate thing to gain credibility. NESARA can be found in the fair tax movement, It has shown up at tea party events, and on occasion hides at those functions probably looking for converts. It has also attached itself to Something called CMKX, and it talks about the payout of CMKX. Using terms like global settlements and referencing the white knights. NESARA has attached itself to the revalue of the Iraqi dinar as well. These white nights are the men who will implement this supposedly secret law.

This opens up a whole new world as to why the dinar has not revalued yet! The term Global Currency Reset and Global Settlements first began with NESARA. According to current NESARA doctrine, when the dinar revalues then the government will make the CMKX pay out. This will cause the white nights to enforce the law, and the entire world resets, Then space aliens will show up on planet earth and introduce themselves. I am not making this up! This is what they believe! They believe that we are being watched right now. As soon as all this stuff happens Aliens will fly here in their spaceships.

Investigators who have researched Goodwin’s claims found that she began commenting on NESARA in connection with Omega Trust, a fraudulent investment scheme whose creator, Clyde Hood, was on trial at the time. According to Goodwin, Omega Trust investors would receive their returns after NESARA was announced. Goodwin repeatedly predicted that the NESARA announcement would occur in the very near future, although in later years she was more reserved in these predictions. The Omega Trust still lives on in the Internet as a supposed global poverty relief program and in part as a Global Currency Reset.

The Coming Dollar Crash

Not everyone who believes in the GCR believes in the garbage that NESARA teaches. It is important to note that this does not represent every dinar speculator. There is only an outré fringe of people who believe this. People choose and pick from different aspects of this GCR conspiracy and there are different definitions. I felt it was proper to cover the origins of the catch phrase Global Currency Reset and Global Settlements.

The dollar crash definition basically says that there is a coming crash to the U.S. dollar. This is due to in part to the United States debt and in part to the overprinting of the U.S. dollar. People have been predicting this demise of the dollar for years

The basic belief here is that the dollar will lose reserve status around the world and it will become unstable. When this happens countries around the world will replace their reserves and the dinar will revalue as a result. Sometimes the idea here is that the dinar will use it’s resources to revalue it’s currency rather than the U.S. dollar

Gold and silver sellers have been predicting the end of the dollar for some time now and the GCR is used to hype gold and silver sales. Dinar Gurus have taken this a step further and said that the collapse of the dollar and the GCR event will be the thing that brings about a revalue in the Iraqi dinar. So it does not matter about the history of revalues because something is getting ready to happen that has never happened before in history. Then the claim is made that people can’t understand this new system and they can’t escape fiat currency terms.

A rabbit trail of this belief says that countries will give values to their currency based on the resources that particular nation has. And the commodities that are in that nation such as oil will determine the currency value. The IMF will force all nations to place a different value on their currency based on national resources

Another belief is that the International Monetary Fund (IMF) will force all nations to simply revalue their currency. The dollar will go down because it is over printed and the dinar will go up. Gold and silver will go up as well. This belief is slightly different as it has nothing to do with a nation’s resources. This is popular among gold and silver sellers like Lyndsey Williams. He is one of many precious metal gurus that is currently spreading this hype

See dinar update 3. According to Williams, the IMF is going to make this announcement for a GCR around March of 2014

Another belief is that reserves around the world will be replaced with a group of currencies or a basket of currencies thus replacing the dollar. While this is the only plausible aspect of the GCR theory and it has some merit, it will not happen overnight and it will not result in a total removal of the dollar or a revalue that will make every dinar holder wealthy.

Then there is another aspect of the GCR belief which claims it is a part of biblical prophecy. People subscribe to it because they believe it is a fulfillment of bible prophecy. To these people money mechanics don’t matter because they take their faith in scripture and misapply it to the GCR event.

These are just some of the different definitions of GCR. As crazy as all this sounds “GCR” proponents can’t explain what they’re trying to convey beyond throwing around a few buzzwords like “fiat currency” and “fractional reserve banking” Then these same pumpers only attributing these things to America. Most of these guys don’t have a clue as to how the money mechanics associated with these terms really work. So let’s explore it

The problems with GCR

I think the best way to explain some of this is to use some terms and facts that Jack has shared over at Baghdad Invest. He has spent a great deal of time debunking common misunderstandings with the economics of this alleged GCR event. So let me paraphrase and share his data as it provides some great insight.

As for revaluing a currency based on a nations gold supplies this is what Jack thinks.

“Do you even comprehend how BRICS possess more gold than all other countries combined” being another perfect example of an outrageously false claim. BRICS have certainly been importing more gold but over half of what they import gets consumed in industrial use and demand for jewelry.

“In 2013, the country of China produced 342 tons of gold and consumed 840 tons thus importing 498 tons.” That isn’t even remotely the same as the lie “China has been secretly adding 498 tons to their currency reserves every year” that you seem to be pumping… The same is true of India. They use nearly all of what they import on jewelry. That’s why the Indian government slapped on a 10% duty on gold bullion but a 15% import duty for gold jewelry. Most gold in Asia is going to private citizens not banks. Combined Euro zone gold reserves alone are more than the combined BRICS reserves, so that’s another lie you have told.

As for “revaluing national currencies based on Gold in a Global Reset”, here is the Gold’s share of national reserves by country:

84% Portugal

76% Greece

70% USA

66% Germany

65% France

65% Italy

52% Netherlands

48% Austria

33% Belgium

23% Spain

12% UK

10% South Africa

7% India

2% Iraq

2% Saudi Arabia

1% China

1% Brazil

Ninety nine percent Of China and Brazil’s wealth is holding other countries paper money. Trillions of paper USD’s. Ninety eight percent of Iraq’s wealth is USD paper. Ninety three percent of India’s wealth is again paper money. It really is time to drop the total mental delusion that

A. We’re going back on a 100% full reserve gold standard. There simply isn’t enough gold in the world which is why we came off it in the first place! The entire combined GLOBAL reserves are around 32,000 tons or around $1.2 Trillion worth. Compare that to the $80 trillion global economy, and

B. That doing so will cause Iraq to soar and the USA to plummet because Iraq holds a tiny 30 tons of gold which is less than Nepal’s or Slovakia’s.

As far as backing all currency on a nation’s resources this is what Jack had to convey

Iraq only has $1.2 billion worth of gold. If you tried to back 85 trillion dinar solely with that you would end up with an equivalent dollar rate of 70833:1 or 60x LESS! Even if it doubled overnight Jim-Willie-style it would still only be worth $3 billion.

Basing a currency’s value on vague unspecified resources simply lying in the ground as Jan claims is total nonsense. As for backing the dinar with oil goes, Iraq may have 140 billion barrels of oil. Giving a $100 per barrel oil price is only equivalent to $14 trillion in assets. BUT that $14 trillion worth of oil is going to be spread over the next 127 years in the form of 3.0 million barrels per day actual production. If Iraq increases exports to 4 million barrels, then that $14 trillion worth of oil will still be spread over the next 96 years. Some highly deluded people genuinely think all that 140 billion barrels will all be magically teleported out of the ground in 2014 and donated to the CBI. It will be stuck in some giant warehouse for backing the dinar tomorrow without a single drop being sold or used ever again!

No country is going to squeeze in every single year of economy from 2014-2141AD all into a 2014 currency’s valuation. This is the absurd GCR in a nutshell. You could make the same argument with the USA and claim the US Dollar is going to skyrocket if you count 127 years’ worth of future US exports which equals $194 trillion or 13.8 times Iraq’s worth in oil reserves. Iraq has 85 trillion dinar (M2) and 140 billion barrels of oil or basically, enough to back 607 Dinar with 1 barrel worth $100. Except they won’t because Iraq will consume around 1/5 to 1/4 of it themselves and export virtually all of the rest to non-Iraqi’s and in both cases all that oil is no longer available to back the Dinar!

Same thing applies with minerals. If you have 1 million tons of aluminum resources and you dig it up and use 300 thousand tons to build stuff and then you sell 700 thousand tons to other countries, how much do you have left for the purpose of currency backing that is just sitting there in a pile and doing nothing? None!!!! People dig up oil and metals to use or export, and once it gets used or exported it’s not available for backing anything. This is why simply quoting a nation’s oil reserves and assigning an arbitrary GCR exchange rate to the currency based on that is absurd.

It’s also comically inconsistent. Apparently Canada is going to fall and Iraq is going to rise due to Iraq’s oil. This is hilarious given that Canada has 175 billion barrels of oil or 25% more oil than Iraq’s 140 billion barrels. Canada has a lot of other natural resources. China will also LOSE out due to being a net IMPORTER of virtually every raw resource going from oil & LNG to iron, copper & aluminum, titanium, uranium, coal, timber, rubber, etc. Why do people think they’re running around Africa & South America buttering up the locals? Because they don’t have enough resources to sustain even what they consume let alone surplus leftover to back 110 trillion Yuan at some wonder high rate! Yet more proof that the people shoveling this GCR conspiracy haven’t even bothered to research any of the countries they’re pumping.

Using non-recyclable resources like oil as currency backing and as an inflation hedge is also totally backwards and contradictory. As each year goes by, oil gets burnt up or sold to someone else to burn up. It becomes no longer available. Iraq can’t keep it in a vault for all eternity. They have to constantly sell it to fund central government in place of taxes or burn it internally for things like transportation, oil power stations, and construction, just out of necessity. Every time Iraq burns or exports a barrel of oil that oil will no longer be inside Iraq backing the dinar. This action will be making whatever GCR resource peg more and more OVER-valued as each year goes by.

If Iraq has 140 billion barrels of oil and sells oil at 1.1 billion barrels per year and consumes more internally on top of that. Then as each year goes by, its resources backing its currency increasingly dwindle and they’ll need to LOWER the value of their currency peg vs oil. They will do this with an endless stream of annual DOWNWARD RV’s because if they lose currency-backing-resources each year, then their resource-backed-currency will lose value each year too! And all the while their population is growing they still have to print more money for liquidity purposes amplifying this effect. What “Genius” came up with that? Avoiding inflation by using a constantly dwindling resource that is naturally permanently inflationary? If you want a hedge against inflation, you don’t peg your currency to an asset which shrinks each year like oil as that is exactly the same long-term effect as printing too much fiat money and not having the resources to back it!

There is just as many GCR gurus spewing out junk economics as there are RV gurus. Many people cling to this because they’re deathly afraid of admitting Iraq is going to redenominate and they are left trying to find some alternative “magic millionaire elixir” to allow Iraq to keep 85 trillion Dinar and somehow magically make it more valuable to avoid admitting the blatantly obvious “elephant in the room”! The Iraqi Dinar is 3,000 times weaker than the Kuwaiti Dinar simply because Iraq has printed 3,000 times more paper money than Kuwait. A vastly disproportionate people hanging round GCR conspiracy stuff are either Doomsday gold bugs predicting imminent $5,000 gold prices every month since 1999 or they are Dinar holders who have realized the absurdity of a 100,000% RV for Iraq, yet strangely they see nothing wrong in extending the same contorted logic to the whole planet to try to keep the dream going!

People keep talking about the oil that Iraq has as a means to base a new value on their currency. Countries don’t base currency values on oil reserves and then once again on oil exports years later when the oil actually gets dug up and sold. This is because you would be double counting everything and essentially trying to price in that same barrel of oil twice!

On the USA losing it’s reserve status these are some of Jack’s thoughts.

The USA’s “reserve status” is not going to collapse to zero as if the USD got replaced by say the SDR (IMF Special Drawing Rights) which gets expanded to include the BRICS countries as some are claiming or similar new supra-national reserve basket of currencies. The USD is still going to make up a large chunk of that simply out of economic necessity for trade. The USA still exports over $1.5 trillion in goods per year. This is 3/4 of China’s $2 trillion and still the 2nd place exporter out of some +190 countries. Some people are wildly over-reacting to a trend for more multi-national reserves somehow meaning total collapse of the USA’s economy. This is not true. Even in these dark times, exporting 3/4 of what China does with only 1/5th of the population, (300 million people vs 1.5 billion people) is hardly something to be embarrassed about.

What will happen if countries stop selling oil in dollars is that their future inflationary risk will be spread over a larger number of currencies. Basically they won’t continue to devalue at the same rate with a peg to multiple currencies rather than pure dollars. BUT – that won’t undo existing massive devaluation of inflated currencies like the Dinar, Dong, Rupiah, Rial, and others. they will remain weak until they redenominate simply because they’ve printed even more money in their own currencies than even the USA has. It’ll simply hedge against further future devaluation. It won’t undo the past. Just like a cut in a budget deficit will slow the rate of increase of more future debt – it won’t shrink the existing debt.

The USA has printed $11 trillion dollars for 300 million Americans which work out to $36 thousand per American. Even if real figures were double that still works out to $72 thousand per American. That is a worst case of 100% of all USD used only by Americans. Iraq however has printed 85 trillion Dinar for 30 million Iraqi people. That works out to over 2.8 million dinar per Iraqi citizen – the classical definition of past hyper-inflation. When everyone in your country is a multi-millionaire in local currency units and yet the average annual salary is barely $5 thousand in real international terms then that is exactly what hyper-inflation is. People who also believe reducing dollar holdings equal the dollar will tank and the Yuan will soar also need to get a grip of how much money China has printed.

Which of the big nations have printed the most currency units?

1. China – 110 trillion Yuan

2. Russia – 29 trillion Rubles

3. India – 20 trillion Rupee

4. USA – 10.9 trillion Dollars

5. Eurozone – 9.2 trillion Euro’s

Even if the USA’s money supply was double of the official figures, it would still only be 1/5th that of China’s.

A lot of people bash the Federal Reserve for printing too much money to bail out the banks (and rightly so), but strangely they seem to ignore the fact China has printed 10 times more Yuan than even the Federal Reserve has printed dollars! Inflation for many BRICS countries is just as high as the USA’s rate. Russia’s is 6.5%, India’s is 6.0-7.5%, Brazil’s is 6%, and South Africa’s rate is 5.5-6.5%. This is also assuming everyone else is honest and the USA is the only country which under-reports it! Food price inflation in China/India has been in double digits in many areas these past few years. Again it’s amazing how some people act like only the USA experiences inflation.

In short: Moving away from a pure dollar peg will slow down the rate of future devaluation based on Federal Reserve over-printing the money supply, but what it WON’T do is cause the dinar’s value to shoot up! This is because Iraq will continue to have 85 trillion dinar in circulation until they redenominate. It does not matter what the Fed does as Iraq’s problem is too many over-printed DINAR not too many over-printed dollars!

It’s a common guru fallacy that the dinar must be weak purely because of the dollar which will be corrected by a mythical GCR event. This is nonsense. The dinar is also weak vs the Euro (1590:1), GBP (1919:1), Gold (1.475m Dinar / oz), Silver (23,157 Dinar / oz), commodities (eg, Wheat ($272/mt) is 317,457 Dinar / mt (metric tonne), etc.

The Dinar is weak because Iraq has printed too many dinars. No matter what the dollar does the dinar will continue to be weak until they redenominate and reduce their 85 trillion money supply back down to the 85 billion it used to be pre-1990′s inflation. The USD could vanish off the face of the Earth overnight, and the dinar would still have a rate of 1590:1 vs the Euro!

Same is true of the Dong – it’s utterly mind-boggling how some people can sit there with a straight face and say a GCR will adjust the undervalued Dong, when the Dong’s 21600:1 rate vs the dollar is a direct result of the Vietnamese Central Bank printing an eye-watering 3.5 QUADRILLION Dong! For clarity’s sake that’s 3,519 trillion Dong vs the Fed’s $11 trillion-dollar.

There is some truth to the move to a multi-polar financial reserve world, but there’s also a whole lot of hysterical guru B.S. surrounding RVing the Dinar/Dong by +100,000% in either national “RV’s” or some mythical Global Currency Reset event which really isn’t about making any currency shoot up or down 1,000 times.

The move away from pure dollar to a mix of dollar, Euro’s, Yuan, etc, is more about ending a downward spiral of future unilateral Federal Reserve devaluations. Add to that the usual USA vs China power-bloc politics. Not some +100,000% return get-rich-quick scheme that involves convincing amateur speculators that all the 10 times most inflated currencies on Earth are unfairly undervalued and are not really inflated! This is about 99 percent of almost all Dinar/Dong RV pumping in a nutshell.


I would like to thank Jack for sharing this information. I have edited his comments in an effort to make his information easier to digest. I have not changed his information, his numbers, or his points..I just changed things like $ to dollar and tn to trillion. I changed some phrasing as well. All of Jack’s data is in tact and his points are made. Those were not changed

One thing I will say is Iraq has a little over 71 trillion dinar in their M1 alone. That entire dinar supply is only meant for a population of 30 million people. The dinar is only meant for circulation inside of Iraq. America has 11 Trillion U.S. dollars in their M2 for a population of over 300 million people. Two thirds of the U.S. dollar is exported and used around the world in currency reserves and by other nations as a means for exchange.

In part 2 we will examine more problems with the Global Currency Reset Doctrine and wrap things up.


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We are the Sheeple

BBC seeks the truth

The BBC just did a story on the Iraqi dinar. BBC started reporting on a trend that took twitter by storm. This was kind of like an Occupy Wall Street campaign in cyberspace. About 4 million tweets appeared that said various things but all had one phrase that said “#wearethepeople.”

This was a campaign that was started by dinar guru TNT Tony. Some tweets simply said “Release the RV #wearethepeople” I think the Sheeple who follow Tony may feel that this is a great course of action and it could result in launching this fictitious RV. This campaign has led to a BBC investigation which led to a proper analysis of the situation.

The BBC story was written by Cordelia Hebblethwaite. She did her due diligence and she treated the story with the proper analysis it deserves. I did speak with her on this topic. She spoke to a number of other people in the dinar community as well. She spent a great deal of time digging to find the truth. I found her reporting to be very fair and objective. I sure hope they do some follow-up articles.

In addition to the article the story will also be on BBC radio. Here are the links to the article and the radio show.

Blog Talk Radio

It seems that TNT Tony is no longer doing his Blog Talk show. For some reason his show is off the air. If you go and visit his blog Talk Page you get an error 404 message. The reason for this is not known and what he will do next to fill the gap of his Blog Talk show is anyone’s guess.

According to Ripoff report and the sites below TNT Tony is actually someone named Anthony Renfrow


It is my belief that this #wearethepeople is nothing more than an attempt to lead more followers to a false conclusion that there will be an RV soon if they participate in this ridiculous twitter tweeting escapade. Do these guys actually think they can force a Revalue by tweeting release the RV? I don’t think it is an effort to get new followers. I think it is an attempt to boost the hopes of those already looking for that financial windfall that they are expecting from this Iraqi Dinar.


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Guru TD has a revelation

In the dinar community it is really hard to get to the bottom of all the rumors out there. I was really surprised to read this on Dinar Daddy’s site

“Intel Guru TD Well friends yesterday I cashed out 95% of my dinar holdings. Over a week ago I received some troubling rumors from the sandbox that there were serious discussions coming to a unanimous consensus of Iraq’s intentions to only do a C/E IN HOUSE (i.e. inside Iraq only) . Of course I’m sure you’ll cry fowl but among points of discussion was the simple fact of 30-40 Trillion dinars outside of Iraq and the impossibility of simple arithmetic. In addition, I was told that the dinar we hold was never LEGALLY SANCTIONED (BY IRAQ) to be sold outside of Iraq. We all know it is not traded internationally. I’d also urge you to read …statements from the IMF, etc.

Banned From Dinar Recaps”

Never legally sanctioned is a reference to Iraq’s currency laws and some international treaties. These are the same laws that they will cite when they redenominate. I will cover that in a bit, but for those who don’t know who Guru TD is, his stuff can be found on Dinar Vets, Dinar Recaps, Dinar Daily, and Dinar Guru among other places. He is all over the dinar community. Is this a recent revelation for TD? Here is what he said just a short while back.

“Dinar Guru TD Well like most of you I’ve been holding my breath last couple days about the CBI site and I just received confirmation that it is only website maintenance going on so we can all exhale!! No changes in rates YET!! However I’m told that the next 75 days looks very promising for….”

Here are other view points from TD from 2013

“10-2-2013 Intel Guru TD Don’t Fret, the process is underway. I have changed my stance (due to reliable info) from cautiously optimistic to expectant of fruition. It might be just days to a few more weeks. WATCH SOON for a false announcement ( I’m told) ALA KUWAIT for a postponement of the currency reform program ( as like till sometime 2014) and you’ll know we are then there. Purchasing power increase for their citizens (and our ROI ) will be gradual and the longer the window of allowing the old notes to remain the better we can increase our ROI. AS I reported before they are following neighbor’s Turkey’s currency reform program in many respects. Turkey allowed a full year to exchange their old notes. Iraq may not be as long BUT the IQD is much more devalued than what the Lira was and the return could be much, much better BUT again don’t expect unrealistic returns. Most importantly there are no pesky obstacles or bickering going on !!”

It seems that TD has totally changed his view. I came to the same conclusions as an investor in 2012. I use to be totally head over heels involved in this investment before I learned the truth. Now it looks like we have a guru who is starting to see the light. So I will now share what recaps has decided to ban.

Banned From Dinar Recaps

Saturday night I wrote some observations and emailed them to Recaps BUT have been barred (Again) from posting.

I hope Dinar Daily and Baghdad Invest are open minded enough to post this.

I did not bash Recaps in any way just wrote up some observations regarding the Paul Bremer interview and some analysis of the dinar, it’s community and current happenings.

I guess Recaps only wishes to continue posting just hopium and if you don’t want to post about sudden wealth creation, millionaire status, tips & lifestyles of the rich articles and declare that in a moments notice “it is done”, “done” and “done” well then… don’t get posted.

Here’s in a nutshell what I tried to post ………..

Mr. Bremer’s interview didn’t yield much in terms of the actual dinar status but it was very revealing in many other ways, namely :


His comments should put to rest once and for all that No one other than Iraq is in control of it’s programs and policies. Mr. Bremer revealed that it was always the intention to get Iraq Reconstructed, hand over the reins and let Iraq walk on it’s own. That’s the definition of a country’s sovereignty.

Our role as Americans is always to assist and act in a noble way. We have done that all over the world : Germany, Japan, S. Korea, Iraq.

Gooorooos have for way too long indicated otherwise : it’s in the hands of 3 letter agencies, it’s in CL’s hands, it’s in Obama’s hands, etc. Ridiculous and now a senior political figure has set the record straight. Move on knowing Iraq is in charge of it’s own affairs.


This has been a pet peeve subject of mine for the longest time. There is indeed the strongest of correlations between a nation’s security and it’s “True Value” rate of currency. In Iraq’s case timely introduction of economic reform programs and joining the world international arena rests heavily on it.

Mr. Bremer remarked about the current war on terrorism ” It’s a close call at this point”.

Reality is the GOI is having a challenge indeed fighting the war and trying to recapture control of cities. I’ve received reports saying exactly that. You may have noticed that not much is being reported of the on ground fight. Journalists are not being allowed to cover it and it’s not going well.

Until they are able to gain control currency movements are not a priority.

Some in Dinarland have irresponsibly remarked that perhaps this is smoke & mirrors of the imminent RV. This is ridiculous ! Innocent people are caught up in this turmoil and it is real and a setback. War & terror is hell on earth. Yet, all what many dinarians care about is stuffing their pocketbooks. Who cares about Iraqis dying, let them eat cake.

A real sense of a nations security is vital to currency movements. Recently I did a piece here on Dinar Daily about what a typical episode can do to a nation’s currency. The case in point was the scandal in Turkey which I’ll do a synopsis here.

Recaps BTW was also allowed to publish the analysis yet it’s not their cup of tea to report actual, real time happenings. They’d much rather publish articles about lifestyles of the rich.

The Turkey saga has unfolded since December in real time before us and has serious consequences to a nation’s currency. Corruption scandal there has led to ministers resigning, massive arrests and has led to “INSTABILITY” forcing it’s Central Bank to inject millions of dollars, prop up the currency .

Inflation is rippling through the economy and the Turkish Lira is down 20%. Turkey, BTW is the largest economy in the Middle East and dwarfs Iraq in terms of economy, modernization of banking & infrastructure, etc. This is real and not Memorex.

Let’s assume for a minute that Iraq had introduced the IQD internationally last fall. What do you think the current crisis would have done to it’s rate ? Well much of the answer depends on it’s “real time” rate. Let’s say it “artificially ” introduced it $3+ , it would plummet dramatically and it would devastate their economy.

There are severe consequences for Iraq to do it right and at the right time.


Mr. Bremer stated some very real progress of Iraq, it’s per capita income is 6X higher, 27M Iraqis have cell phones. Their GDP is growing.

I and others have reported the massive expenditure into modernization of it’s banking system, training of personnel. However outside of Baghdad there is mistrust of citizens still and uniform transactions via credit cards, online banking & Atm’s remain challenging.

As Mr. Bremer remarked “There’s no mechanical way to predict what the currency will do. ” Market will reflect an assestment of the economic situation as well as the currency”. AND HE ALSO REMARKED ” THERE IS RISK WITH THE DINAR WHERE THERE ISN’T ONE WITH OTHER COUNTRY”.

Yes, the risk is plentiful. Iraq has made progress and still has much to do. It’s economy is still 95% oil dependant. The membership into the WTO requires diversification, the banking industry needs public & international exposure. Now, that’s not to say it can’t go international soon. The key is at what “sustainable rate”. Let’s not forget that Iraq has achieved GDP growth at 1166. Let’s not forget that Iraq has already RV’d from 1170, even from 3000. So could it move from 1166 ? Yes indeed ! Will it move overnight 500 % , 1000 % , 10,000 % . Most unlikely ! It can’t afford to artificial rates that are not supportable and let’s not forget that during Saddam’s time the $3+ rate was indeed ARTIFICIAL and not accepted by the IMF & world community.

Just look up the write ups here on Dinar Daily and Baghdad Invest, whom both are open forums & have the courage to show the history of nations who have had lots of zeros to their currencies. In each and every case a LOP was done. Look at the history of the China RV, it was a couple percentages each time.

I have reported (the only intel provider I might add) that the Iraq currency reform project is receiving cooperation from the Turks and helping Iraq unveil their program in parallel fashion to what Turkey did a few years ago.

Thank you Dinar Daily & Baghdad Invest to report real history .

Recaps : We love the articles about “What to do with sudden wealth” . Happy dreams.

You know folks you are welcome to believe what to believe and who to believe. What I recommend is to do your own diligence, fact finding and your own homework.

At least a couple of the sites do provide all kinds of information which will enable you to make wiser conclusions.

Will Mr. Bremer’s interview quiet some of the noise ? I doubt it cause soon afterwards Recaps posted from a Guru that we were still on a moment’s notice. Is the new definition of “moment” now months, years, ?? Anyone know ? Will they continue to insist Iraq got admitted into the WTO on December 29th, or any moment now ? Paradoxically on Recaps there are daily stories from real people, their economic collapse, no cars, jobs, food, . And yet, Recaps keeps posting false hopium to these people day in and day out. And contrary comments toward the untouchable gurus is strictly frowned upon.

You know folks when people are batting .000 day after day, month after month, years, some even 10 years then you really have to ask “why I should I still buy into you” Shouldn’t you ??


This really brings into focus what Zahlid has said. I find myself anxiously waiting to see what March has in store for us. TD was quoting some of jack’s arguments as well. When TD said “Inflation is rippling through the economy and the Turkish Lira is down 20%. Turkey, BTW is the largest economy in the Middle East and dwarfs Iraq in terms of economy, modernization of banking & infrastructure,” This information can be found in the comment section of an older article on Baghdad Invests way before TD brought it up. This is something Jack said.

It is good to see a guru set the record straight. It is good to see that Baghdad Invest is having an impact on people, and most of all it is finally good to see people reason and think this thing through to it’s logical conclusion.

The only thing that I disagree with is the amount of dinar outside of the country. Just my personal opinion, but I doubt there is 30 to 40 Trillion outside of the country when there is only 34 trillion outside of banks. I will explain my theory about how much dinar is held by spectators outside the country. Keep in mind that this is only a theory and my opinion. This is just a guess and I could be totally wrong on this. This does not have conclusive evidence. I will now show you my theory in steps. You will need Microsoft Excel to participate in this exercise.

1. To begin we must go The Central Bank of Iraq’s website. Go to the statistic page. Here is a link.

2. Download a document called key financial indicators and open it with Microsoft Excel.

3. Scroll down to line 79. It says a-Currency outside of banks. This is the currency that is in circulation. The number is rounded to the nearest billion. You see for December of 2013 the number is 34 Trillion 492 billion. That is how much dinar is in circulation.

4. At the bottom of the spread sheet to the far right there is a scroll bar. Use it to scroll back to the year 2005. You will see that currency outside of banks in December of 2005 is 9 trillion 113 billion for December of that year.

Here is my theory. In October of 2003 the dinar was exchanged. The old notes with Saddam’s picture were traded for the new notes that spectators have today. The trade in period expired at the end of the year and they had three months to trade out the old notes for the new notes. The central bank opened it’s doors in march of 2004. By the end of 2004 they had a little over 7 trillion outside of banks. By the end of 2005 they had all the currency they needed to conduct business.

Here is another wikileaks document from the Embassy in Baghdad. This is from July of 2008

2. (C) Fouad Mustafa, chairman of the Iraqi Private Banking Association and president Credit Bank of Iraq, told econoff on July 6 that private banks are growing and “doing well” in Iraq. In the past three years, the average capital of private banks in Iraq has grown from approximately USD 6 million to over USD 40 million. And while the overall environment for private banking had improved in the past five years, many challenges remained, Mustafa said.

Now why is that? Why has capital grown so much? I suspect that dinar was being exported and exchanged for U.S. dollars which caused the banks to grow and also assisted in the growth of reserves at the central bank as well. So from 2008 go back 3 years and I am willing to bet that is the point when the dinar was beginning to be exported all over the world. Older articles on this site goes into a bit more detail.

Look at the Key Financial indicator spreadsheet and you will see by the end of 2008 18 trillion 493 billion was now in circulation. The amount of currency in circulation has doubled in just in 3 years’ time. Banks were cleaning up by exporting the currency. The amount of dinar in circulation was growing due to the currency leaving the country. The more the reserves grew the more currency was released. They had to replace the currency that was leaving the country. (Currency Law article 32)

So now let’s take today’s totals of currency outside of banks which is 34 trillion 492 billion, and lets subtract the amount that was outside of banks at the end 2005 which is 9 trillion 113 billion. That leaves a total of 25 trillion 379 billion dinar

Right or wrong I believe there is about 25,379,000,000,000 dinar outside Iraq which is held by private spectators around the globe. This is not an exact number but I think approximately this much dinar is outside of Iraq. If this is indeed the case and they redenominate only within the borders of Iraq then that leaves a lot of spectators out in the cold. You have got to wonder how much dinar is held by private spectators in America!

People believe guru lies that say Iraq can’t redenominate in country and that they will be held accountable. Iraq is not going to redenominate.

So let’s start by looking at Iraq’s progress with new bank notes

As you can see there will be a redenomination. Now let’s look at Iraq’s currency Laws

Scroll down to article 32

Article 32

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 a first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of banknotes and coins required 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 by this law

2. Only bank notes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.

3. The CBI may, by regulation, limit the amounts of banknotes and coins that must be accepted as legal tender in payment for an obligation and restrict the denominations of such banknotes and coins in which payment may be made to specified amounts or a range of amounts.

this means that the CBI CAN DENY REDEMPTION if it… in its discretionary opinion thinks that cashing in all of the dinar out there that they have issued… will cause a run on the security of the back or on Iraq as a whole!

The CBI is only obligated to honor the currency according to this currency law. The dinar is only meant for circulation in Iraq. It was not meant to be exported. They will cite this law when they redenominate!

Look at this wiki leaks document.

America does not have a bilateral treaty obligation with Iraq, furthermore Iraq’s National Investment Law does not cover the banking sectors or it’s currency. This document is from the embassy in Baghdad. This means that Iraq is not obligated to honor it’s currency outside of it’s borders due to international treaties or laws!

So I guess there are questions you need to ask yourself. Do you think Iraq is going to keep the 25 billion U.S. dollars it collected as it’s currency was exported? Even if Iraq does not close it’s border when they redenominate how will you get there to trade in your dinar?

I still can’t help but ask these questions. How much of that dinar is here in America? How many private citizens is there in America that hold dinar? There is only one thing for sure, when this thing goes down a lot of people holding dinar will be shocked into waking up! This so-called investment has been the greatest currency scam I have ever seen!


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More Facts From Jack

A While back I wrote a piece called That’s A Fact Jack. It contained 40 facts about the Iraqi dinar. It seemed that this article made its way around the dinar community. It has been copied into forums and blogs alike. It made its way to websites too. I am totally fine with that because with me it’s about the information getting out there. The dinar community will address the areas that they do not agree with. I welcome that as my quest is more about finding the truth.

This article seemed to spark some pretty deep debate. Baghdad Invest was the first place to post a copy. A debate broke out in the comment area. There is a man who comments on Baghdad Invest who goes by the name of Jack. His comments are truthful, respectful, and accurate. He is really knowledgeable about the dinar and economics in general. He has gained my respect and I enjoy reading what he has to say. I have found myself hunting for his comments just to see what he has to say. He could very easily have his own blog site. Here is a sample of the exchange that happened in the comment area at Baghdad Invest

Posted by Knight January 28, 2014

Why don’t they post the M 0 money supply which is actually hard currency on hand. This figure is not reported. M 1 money supply is physical cash plus any asset that can be converted to cash. We do not know how much physical currency they have in circulation because they do not list this figure. Someone says they have done their homework when. The M 0 number is the most important. I don’t have a clue if this will ever happen but I have done my due diligence to the point where if you started crunching numbers you can’t because they don’t supply all the info and it seems to done by design.

Jack’s response was great

Posted by Jack January 28, 2014

Knight – “Why don’t they post the M 0 money supply which is actually hard currency on hand. This figure is not reported.”

Iraq M0 = 70.9tn Dinar

Iraq M1 = 71.3tn Dinar

They certainly do report it. The reason guru’s won’t repost it is obvious – Iraq still has over 71tn physical banknotes alone and there is little difference between M0 and M1 due to the primitive nature of Iraq’s banking system.

Your M1 definition is also off. M1 = checking account bank deposits which actually is cash still since it can be instantly withdrawn or electronically spent / exchanged at any time. Time deposit bonds, savings accounts, etc, are M2 not M1 but even then they are still “liquid” enough to be converted to cash within a very short time-frame. The longer-term less liquid stuff (money market funds, 10 year bonds, etc) is actually M3 and Iraq has very few of those either.

Jack responds with 15 more facts to add to the list of 40 Facts

Posted by Jack January 25, 2014

15 more facts:-

41. Forex is a zero sum game. If one person pays 1000 Dinar for $1 then “RV’s”, then the other person suddenly will end up paying 1,000x more for the same Dinar’s (except they won’t because knowing they’ll be 1,000x poorer they simply wouldn’t make the trade)! People who say “everyone’s a winner” are really just admitting they have absolutely no clue whatsoever about how currencies work and completely ignore the “flip-side” of the transaction because they’re obsessed solely with “me and my banknotes”. If I lend you €731 ($1,000 worth) of Euro’s in exchange for $1,000, and a year later you come back and give my the €731 back but demand I now pay $1m instead of $1,000, are we both “winners”? Of course not. Because you’re now demanding I bankrupt myself in order to make you a millionaire!

The “RV” scam is the same – it essentially demands the CBI be forced to acquire 1,000-3,500x more $ than it actually has to “buy back” everyone’s Dinar for 1,000-3,500x more. It wouldn’t make Iraq “winners” – it would totally bankrupt every bank in Iraq up to and including the CBI within 48hrs!

42. There is no “special rate” for Iraqi oil. The USA pays exactly the same for Iraqi oil as it does every other Gulf country. And it’s still actually cheaper for the USA to import South American oil than OPEC’s due to obviously lower shipping costs:-

43. Out of the daily 7.37m barrels of oil imported into the USA, and out of the 2.7m barrels of oil exported out of Iraq, only 226k barrels flow from Iraq to the USA:-

At $100 oil prices, that’s just $22.6m per day (or $8.25bn per year), which would take 10,317 years to “support” a $1 rate “RV”, 36,112 years to “support” a $3.5 rate “RV” or 361,123 years to “support” a $35 rate “RV”. These above facts alone completely destroy the completely delusional “oil credits” Guru made-up fantasy.

44. Iraq’s 2.7m daily oil exports make up just 3% of Earth’s total 90m barrels per day. It’s totally irrational to pretend Iraq’s going to “save” the $80,000bn annual global economy with $100bn annual oil revenue…

45. Iraq’s $210bn GDP is about 10% smaller than Greece or Finland, and roughly the same size as Portugal, Algeria & Ireland. This is a 0.26% share of the $80tn global economy.

46. With 85,122bn Dinar in circulation, if Iraq “RV’d” to $1, they’d end up with 1.06x planet Earth’s worth of money (but still have only a 0.26% share of the planet’s economy). If they “RV’d” to $3.5, they’d end up with 3.72x planet Earth’s worth of money (but still have only a 0.26% share of the planet’s economy). If they “RV’d” to $35, they’d end up with 37.2x planet Earth’s worth of money (but still have only a 0.26% share of the planet’s economy)! Can anyone seriously sit there with a straight face and say it’s “unfair” that a country with a 0.26% share of the global economy doesn’t have 360%-3,600% more money than everyone on Earth combined? Or that Iraq “should” have 1,418-14,180x more money than the size of its economy and that all that money “should” be immune to inflation for no reason whatsoever?

47. Iraq’s 140bn oil reserves is half that of Venezuela’s 298bn, who redenominated / lopped 3-zeros from 2,150:1 to 2.15:1 in 2008.

48. Similarly occupied by the West Afghanistan also redenominated / lopped from 4300:1 to 4.3:1 in 2002-2003.

49. The current NID notes you hold have *never* had a market rate anywhere near $3.22 The “$3.22″ rate bandied about applies only to the non-inflated demonetized “Swiss Dinar” which has already been corrected back in 2003 when they were redenominated at a rate of 150:1 vs the NID (New Iraq Dinar), ie, Iraqi’s who held the non-inflated Dinar’s have already been given 150 for every 1 held to match the value of the inflated NID (and the price of everything in Kurdish regions were adjusted upwards by 150x too) was – LONG before the Dinar hype started up. The “correction” people are waiting for not only doesn’t apply to the current banknotes, it has already taken place in 2003 for the banknotes it did apply to!

50. Oil reserves have ZERO effect on the currency as to include them would be trying to sell the same product twice – once when you find it, and a second time when you dig it up and actually sell it! The same is true of the “GCR” fantasy whose bogus economics are based on countries “factoring in” natural resources twice over (counting reserves then counting them again as exports). The real world doesn’t work like that. The only thing that possibly has any impact on currency values is exports (and only then by using the revenue for increased currency reserves). Oil reserves have ZERO impact. See Russia, Nigeria, Kazakhstan, Angola, Algeria, pre-lop Venezuela, etc (all top-20 oil exporting countries with weak currencies).

51. All most people do is keep confusing “economy” with “currency”. They are not interchangeable. It’s possible to have a strong currency and weak economy (Greece, Portugal, Fiji, etc) – and it’s possible to have a weak currency and strong economy (China, South Korea, Japan, etc). Currency is not a “stock” in the GDP

52. Currency and debt are also not the same thing. Greece is drowning in debt yet is still 1:1.37 vs the $. Conversely, Vietnam’s debt is only a fraction of its GDP yet its ultra-weak currency 21,060:1 is because they have printed several QUADRILLION Dong.

53. “Iraq wants a strong currency because they plan to export more” is totally backwards! All the major exporters WANT weaker currencies because it makes them more relatively competitive vs peer countries. Exporters benefit more from weaker currencies (their products are more competitively priced – see China’s UNDER-pegging of the Yuan vs the USD), and importers benefit more from stronger ones (it allows them to buy import more per $).

54. The effect of Iraq appreciating the Dinar 100,000-3,500,000% vs every other country is exactly the same as the Dinar remaining static against EVERY other country depreciating their currencies by 1,000-3,500,000! Think of the negative effect that would have on trade! If everything moved 1,000x fold without any redenomination, then quite obviously every Iraqi product will suddenly become 1,000x more expensive for non-Iraqi’s to import as the obvious flip side to the 1166:1 to 1.166:1 “RV exchange” would be that today 1 Dinar = $0.00085 and tomorrow that same 1 Dinar would become $0.85 (or it would cost non-Iraqi’s 1,000x more to import Iraqi goods as it would take 1,000x more USD’s to buy the same number of Dinars!) It’s shocking that people never see the obvious common sense “flip-side” that if the Dinar magically appreciated 1,000x vs the $ overnight, the effect would be exactly the same as if Obama devalued the USD 1,000x against a static Dinar! NO-ONE would trade with Iraq and Iraq’s export economy would collapse overnight!

55. The CBI has $80bn of currency reserves ($1.2bn gold bullion + mostly USD’s) to back 85,122bn over-printed Dinar (less than $1 worth of assets for every 1064 Dinar). In reality, this gives them 10% lee-way though they actually want a slight buffer as a tool against internal inflation (as explained in last year’s IMF report):-

- If it “RV’d” to $1, the CBI would run out of Dollars & Gold before exchanging even 0.1% of everyone’s banknotes.

- If it “RV’d” to $3.5, the CBI would run out of Dollars & Gold before exchanging even 0.027% of everyone’s banknotes.

- If it “RV’d” to $35, the CBI would run out of Dollars & Gold before exchanging even 0.0027% of everyone’s banknotes.

No matter what “rate” you pick, the +100,000% Dinar “RV” is a mathematically & economically impossible scam, always has been & always will be.

From this point the real debate began. I am not going into what everyone said. I just want to highlight a few things that I found interesting.

Posted by Hitherunto January 25, 2014

Man, I wish I had an hour to address all of these ‘facts!’ Couple of quick observations:

1. Your M1 figures are based on 2012 CBI data, they have spent more than 18 months repatriating IQD from circulation.

2. I’ve lost count how many prominent, respected commentaries I’ve read that point to a shift away from petrodollar reserve platform, towards an SDR platform based on a formulaic approach to sovereign-state commodity value. I’m not just referring to Glenn Beck or Jim Willie, who many think are looney – Jim Sinclair, Jim Grant, Peter Schiff, WEF founder, Jim Rogers, Marc Faber, Doug Casey (and many more) all see a shift from West to East with respect to a global reserve currency framework. You can believe what you want, but I kinda take the word of those guys with conviction. All the talk about the impossibility of a currency increasing in value by 10000% is kinda silly, since we’re talking about inversely-correlated pairings. Take a forex 101 class, it’ll start to make some sense. If you don’t believe there will be an economic reset of correlated currencies, there isn’t much to discuss. ;-)

I’ll try to come back later and address the numerous facts you’ve listed – it’s some great research, but many are not facts at all, or are based on some pretty old data points. For the record, I have no idea if the dinar will revalue at a high rate. The info you posted on dollar pegging, on M1, on future IQD value needing to be based on USD affixing value…man, the info is one bubble off plumb…

This is Jack’s Reply,

Posted by Jack January 25, 2014

“Your M1 figures are based on 2012 CBI data, they have spent more than 18 months repatriating IQD from circulation.”

1. Rubbish. People have been pumping this “Iraq have secretly been taking all the banknotes out of circulation” guru nonsense every year since around “Okie Oil Man’s” original 2007 comedy act, and every year it’s proven wrong, again & again. You can almost set your calendar by it, LOL. In Dec 2012, Iraq’s M1 was 63,736bn Dinar. Figures from Q4 2013 show that Iraq’s M1 is still 71,777bn Dinar. Iraq is NOT reducing their money supply at all. Quite the opposite, between 2012-2013 they increased it by around 12.5%.

2a. As for “SDR’s”, first of all, Iraq has only 1.188bn SDR’s (worth all of $1.829bn).

b. SDR’s are almost half $ anyway : 41.9% USD / 37.4% EUR / 11.3% GBP / 9.4% JPY. An SDR is a basket of 4 currencies and spreading the 100% USD risk across more Euro currencies. In no way shape or form will that result in any significant “RV” because the Dinar is still not undervalued vs the Euro at 1590:1 or the GBP at 1917:1 or the Yen at 11.37:1. It’s laughable people predict the “collapse of the West” then pump SDR’s which are comprised of 90.6% Western currencies (or 100% if you call Japan “Western”) … :-)

It doesn’t matter how many countries reduce 100% pure USD reserves for a mix of 42% USD / 37% Euro’s, etc (SDR’s), as the IQD is still not undervalued vs any of them both individually or the SDR as a whole, given the tens of trillions worth of Dinar they’ve created. This will continue to be the true until they redenominate.

Hitherunto said,

Posted by Hitherunto January 25, 2014

Jack, at some point you will allow the scales to be removed from your eyes. I’m not talking about Iraq’s SDRs…and if you think USD will comprise half of the SDR framework, there’s no point in continuing the conversation. Every single time anyone mentions a transition away from US petrodollar framework, you shut down emotionally. The line forms to the left with economists way smarter than me or you than understand the global shift. Do you even comprehend how BRICS possess more gold than all other countries combined, or how both the IMF and BIS have stated – on record – that voting rights for SDR platform will see a shrinkage in Western influence? The instant you lifted your leg on commentary by Jim Willie, I figured you had another agenda. Either your a Keynsesian or blindly loyal to US economic dominance – in either case, you’re in for a rude awakening, brotha…

This is Jack’s Reply,

Posted by Jack January 25, 2014

Hitherunto, you’re the one who believes every contradictory “rumor” you read without even checking basic easily verifiable facts, and now you’re just upset & embarrassed that that’s been pointed out. “The CBI took half of Iraqi’s money away from them in 2013, it’s true I read it on the net!”. Enough said as to the “quality” of your “intel”…

“Do you even comprehend how BRICS possess more gold than all other countries combined” being another perfect example of an outrageously false claim. BRICS have certainly been importing more gold but over half of what they import gets consumed in industrial use & demand for jewellery:-

“In 2013, the country [China] produced 342t of gold and consumed 840t, importing 498t”. That isn’t even remotely the same as the lie “China has been secretly adding 498t to their currency reserves every year” that you seem to be pumping… Same is true of India – they use nearly all of what they import in jewelry. That’s why the Indian govt slapped on a 10% duty on gold bullion but a 15% import duty for gold jewelry. Most gold in Asia is going to private citizens not banks. Combined Eurozone gold reserves alone are more than the combined BRICS reserves, so that’s another lie you’ve told.

As for “revaluing national currencies based on Gold in a global reset”, here’s Gold’s share of national reserves by country:-

84% Portugal

76% Greece

70% USA

66% Germany

65% France

65% Italy

52% Netherlands

48% Austria

33% Belgium

23% Spain

12% UK

10% South Africa

7% India

2% Iraq

2% Saudi Arabia

1% China

1% Brazil

99% Of China & Brazil’s wealth is holding other countries paper money (trillions of paper USD’s). 98% of Iraq’s is USD paper. 93% of India is again paper money. It really is time to drop the total mental delusion that a. We’re going back on a 100% full reserve gold standard. There simply isn’t enough gold in the world which is why we came off it in the first place! The entire combined GLOBAL reserves is around 32,000 tons or around $1.2tn worth (compare that to the $80tn global economy), and b. That doing so will cause Iraq to soar and the USA to plummet because Iraq holds a tiny 30t ($1.5bn…) which is less than Nepal’s or Slovakia’s…

Yes I know about their proposal to include BRICs currencies in SDR’s, but even if that happens, the Dinar is STILL not undervalued vs any of them because it is STILL not undervalued vs any of the BRICS currencies either. Just like the inflated…

- Iranian Rial at 38,078:1 vs SDR

- Indonesian Rupiah at 18,623:1 vs SDR

- Colombian Peso at 3,075:1 vs SDR

- Lebanese Pound at 2,311:1 vs SDR.

- South Korean Won at 1,631:1 vs SDR

- Chilean Peso at 843:1 vs SDR

etc, etc, for about two dozen other countries… aren’t “undervalued” vs the SDR or $ either, both now and post any BRICs inclusion.

You seem to be one of those ‘special people’ who thinks that Indian’s buying private wedding rings, etc, will magically cause Iraq’s currencies to shoot up 1000x fold for no reason… Or that “Western 35-90% paper / 10-65% gold” reserves backing 10tn money supplies are “worthless” but China’s & Iraq’s 98-99% paper / 1-2% gold backing +80tn-110tn trillion money supplies are “under-valued”. LOL. :-D

Iraq has $80bn of Forex reserves (98.5% paper USD’s + 1.5% gold) to try and back a 85,122bn Dinar money supply. Whether they back it with $80bn Dollars or dump Dollars in favor of : €58.4bn Euro’s ($80bn worth) or £48.5bn Pounds ($80bn worth) or 52.0 SDR’s ($80bn worth) or 63,029,099 oz Gold ($80bn worth) (in reality Iraq only has $1.2bn), what determines the Dinar’s value is the amount they have, not how many currencies they spread it across… All the latter does is increase stability against FUTURE devaluations of the USD, it does not “magically” correct 20 years worth of the devaluating effect of Iraq expanding its money supply by printing 85tn Dinar which is precisely why it fell +1,000x in value in the first place… The only thing that DOES correct that is a redenomination, which is precisely what Iraq are planning to do…

If you have $4,000 and you swapped $1,496 for €1,093 EUR, swapped another $452 for £274 GBP, swapped another $376 for 38436 JPY, and kept the remaining $1,676 as USD’s, you’d still have $4,000 worth of currency in total, not $4m-140m. LOL. Well that’s exactly what an SDR is in a nutshell. Nothing more than that.

And if BRICS-included SDR’s were modified to 9x equal 11.1% shares of USD / EUR / GBP / JPY / CNY / INR / ZAR / RUB / BRL, you’d STILL have $4,000 worth. It won’t make ANY country’s hyper-inflated currency shoot up, it’s just a hedge against further FUTURE unilateral devaluation of the USD for currencies that are pegged to the USA (and only then on the false assumption that the USA’s inflation rate will only ever be higher (Russia’s is 6.5%, India’s is 6.0-7.5%, Brazil’s is 6%, South Africa’s is 5.5-6.5%, etc).

Hope this helps to clear up your obvious deep confusion…

Jack posted a reply to numbers. He also quoted numbers in his reply,

Posted by Jack January 25, 2014


But not half the rude awakening by those “The End Is Nigh” nuts who think the best hedge against a collapsing USD is to buy someone else’s 1,164x more worthless fiat paper that’s both pegged to the USD and 98.5% backed by paper USD reserves :-D

Hitherunto responded to Jack

Posted by Hitherunto January 26, 2014

Wrong through and through, Jack.

I will trust Jim Grant, Doug Casey, Marc Faber, Peter Schiff, Klaus Schwab, Jim Rogers, Jim Willie, Mark Skousen, Gerald Celente, Mike Maloney, John Williams (Shadow Stats founder, world-renown economist who kinda know a little about gold purchases, and claims BRICS have purchased more gold in last 18 months than all other countries combined), billionaire Eric Sprott…geez, my fingers hurt just typing the names of people who disagree with you. Nobody said currencies would revalue based on gold, you kinda tripped yourself up there. That exposes your bias. Your 80B reserve IQD number is askew as well (actually, significantly so).

Just admit to everyone here that you love statistics that support your bias and world view, and refuse to embrace a global shift because you refuse to see the end of American hegemony. It’s ok, it took me almost a decade to come around to it too. We don’t need to go back and forth citing our pet stats, I know where you stand. Remember – lies, damn lies, and statistics. My suggestion? Broaden your world view beyond your nose. Your a pit bull, locked onto your subjective views of the world, and the world spins contrary to this myopia.

Oh…and follow the advice of Jim Rogers, and learn Mandarin. It’ll come in handy some day.

Here is Jack’s reply,

Posted by Jack January 26, 2014

“and claims BRICS have purchased more gold in last 18 months than all other countries combined”

Earlier you said “possess more gold” now it’s just “imported more gold in 2012-2013″. Glad to see you’ve corrected your mistake.

“Your 80B reserve IQD number is askew as well (actually, significantly so).”

No really it isn’t. Iraq’s reserves were $61.04bn (Dec 2011) increased to $70.33bn (Dec 2012) increased to $76bn (June 2013):-

“BAGHDAD/ Aswat al-Iraq: Central Bank of Iraq (CBI) announced that its foreign currency reserves reached to $76.5 billion.”

increased to around $80bn (end of last year):-

“The bank announced recently that the reserves of Iraq’s foreign exchange and gold amounted to about $ 80 billion, compared with approximately $ 74 billion in June.”

This is just you trying to “pretend away” any “inconvenient” facts you don’t want to hear again…


I got Jack’s permission to add his facts to my list. Now there are 55 fact’s in this list. A special Thank you goes out to Jack for sharing this information. A special thank you also goes to Baghdad Invest for their unbiased views and their desire to find out the truth about this investment. There is a wealth of information in the comment section over at Baghdad Invest where this article is posted. I would highly recommend that everyone read through it.

The big monkey wrench in this whole dinar investment is the amount of currency that Iraq has in circulation. The numbers don’t lie and they show this revalue to be pure fiction! Before people can believe in a revalue the amount of dinar in circulation has to decrease. This is where the gurus come in. They make up bogus scenarios like Global Currency Reset. They talk about different numbers which do not have any truth to the real amount of dinar out there. The truth is this. Any revalue of the Iraqi dinar to even 1,000 percent would bankrupt the nation. If Iraq paid you for your dinar exchange then that money has got to come from somewhere. This would result in Iraq losing and you would be gaining Iraq’s wealth. This is not going to happen.


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Clarification for 40 facts

In my last article I gave 40 facts about the Iraqi dinar. These facts were meant to debunk a video that had a lot of wrong information. The video is now pulled down and no one has access to it anymore. This is a good thing. The video made wild claims. It said that Turkey revalued their currency. The video also said that Japan and Kuwait revalued their currencies. My post was just an effort to set the record straight. The article is called That’s a Fact Jack.

Baghdad Invest copied the article to their site. A lot of people commented and the discussion was great. As a result more people became familiar with the fact list. The fact list was arranged in a way so that when people saw the video they would recognize the things it said were untrue. That is why the video was at the bottom of the facts list. You got the facts first then you watched the video. People could see the truth and then when they saw the video they would identify all the wrong information.

A man named Stryker copied my whole article to his site. He also responded to each of the 40 facts I listed. He invited me to come on his show and debate these facts with him. I watch both of his videos and seen his response.

I am of the opinion that any discussion will not be civil. While I respect Stryker’s point of view I don’t feel like he would respect mine. In his video he was very condescending. He acted like I wrote the article and put his name on it. He acted like the whole thing was addressed to him. He was offended, He was rude, and he was arrogant as well as insulting. He was quite bitter and vindictive especially at the end where he talks about speaking to his “buddy” about my use of the phrase that’s a fact jack.

For these reasons I don’t feel like we could have a civil discussion. I don’t think anything will be accomplished. I am not upset with this guy and I actually like him, but I think he would be too emotional. If we can’t just talk about the facts in a friendly way then there would be no point! I remember him from my time at Dinar Vets. He has been around a while. We got along fine and I had respect for him back in the day. In fact we were friendly towards each other back then. I also understand his frustration.

To be fair Stryker was offended because I used terms like Gurus claim that. He was upset with me because he thought I lumped everyone into the same category. This is not the case. I did not say All Gurus or All Dealers are dishonest. I was not all inclusive because that is simply not the case. I did not single anyone out with the exception of Tony TnT, which I will clarify later. Nothing in that article was directed at Stryker or at anyone he may represent. He was offended at comments that were not directed towards him or his research team. Stryker did have some misconceptions about my facts that I want to clear up now

1. In the first video he seems to think that Baghdad Invest wrote the article. I think he figured it out by the end of the next video. But in the first video he seemed to address Baghdad Invest as the author

2. He said that I was hiding under a user name. Once again I think he was thinking of Baghdad Invest when he said that. I am not hiding. Google Iraq Currency Watch and my name come up. Google my name and Iraq Currency watch comes up. Everyone knows where I am and who I am. It is not hard to find me.

3. He seems to imply in his first video that I said the currency is a scam. That is not the case. The dinar is not a scam in and of itself. There are people using the dinar to operate scams. But I will qualify this later when we get into the facts

4. Stryker questioned the agenda of the author which is me. I believe at this time he assumed Baghdad Invest (B.I.) wrote this when all they did was copy my article and link to it. As for my personal agenda I don’t have any ads on my site that generate any compensation. The reason for the ad toward the bottom of the page is simple. It is placed there by the blog host to generate revenue for the server not me. There are no donate buttons. I have never ever made 1 dime from this whole thing. My opinion is not purchased and it can’t be paid for. I don’t sell other products on this site. So money is not the agenda and no one pays me. My only agenda is the truth, that’s it.

5. He seems to question why certain facts where in the list. And in some of his comments I could see that he did not understand why I was stating certain facts. He seemed unclear of the points I was making and the reason for certain links. In spite of his venting toward me I still like this guy. We probably even have similar political views. I am willing to bet that there are others who had problems understanding my points as well. So for the sake of clarity I will go through each fact in more detail in an effort to provide some clarity. I will address each video Stryker made. It is my hope that this will clear up any confusion.

The facts from the previous article will be BLUE. Stryker’s response will be PURPLE. My clarification will be BLACK and very important points will be RED.

Video 1

Fact 1: Currently there is over 34 trillion Iraqi dinar in circulation outside of the banks. That’s Trillion with a T!

Stryker says that some articles in Iraq say 34 trillion and some say 35 trillion.

My numbers don’t come from articles. They come straight from the CBI. I said over 34 trillion and did not use an exact number.

Fact 2: The CBI has over 71 trillion Iraqi dinar in there M1 money supply. Check the CBI website

Stryker says that I believe the government is transparent.

The truth is I believe the numbers from the CBI. Not the news articles.

Fact 3: The CBI has over 85 trillion Iraqi dinar in their M2 money supply. Check the CBI website.

Stryker thinks the CBI is not truthful and they are not giving accurate numbers.

All these numbers I got from the CBI website. They are in a document called key financial indicators. You can go to the CBI website and download the document. It is an excel document. That is what I base these first 3 facts on.

Fact 4: America’s total M2 money supply is only 11 trillion. There is not enough to cover a revalue to even a dollar.

Stryker said that if you take 1 dollar out of circulation you are removing 1166 dinar out of circulation. It is an artificial economy.

I would challenge anyone. Go to google and type in United States money supply M2. I am not really sure what Stryker’s point has got to do with only 11 trillion U.S. dollars in circulation? The term I believe he is thinking of is dollarized or currency substitution. Here is a link.

Fact 5: In all of history there has never been a revalue above 50 percent. NEVER!

Stryker agrees with me on this one.

Fact 6: If the dinar were to revalue to 1 penny that would be a 1,000 percent revalue given the current exchange rate.

To answer this Stryker goes into a rant about currency before the war the difference in oil prices before the war and now. He covers a few other points.

None of his points invalidate this fact. None of his points have anything to do with this fact.

Fact 7: If the Dinar were to revalue to 1 dollar that would be 100,000 percent revalue given the current exchange rate.

Stryker says that the dinar will be a reserve currency and there will be about 25 billion in circulation in Iraq.

This does not even rebut Fact 7 and it is speculation at best.

Fact 8: If the dinar were to go to its prewar rate it would be a 300,000 percent revalue given the current exchange rate.

Instead of addressing this one Stryker thanks me. He says thanks for the lesson fact boy.

It’s nice to know that all my hard work is finally being appreciated. Thank You Stryker.

Fact 9: Iraq was involved with a currency scam in the 1990’s which is similar to the current dinar scam going on today. In 1993 25 billion was lost to private investors outside of Iraq because of the same hype we see today. Check the Link below,

Stryker gets on a soap box about my use of the word scam. Later on he criticizes me for using an article in my blog as proof for this fact.

If Stryker had taken the time to click on the link he would have found out that link is an article I wrote that contains third-party links which in turn verified that fact. The article explains everything about that fact in much more detail. So let me provide some third-party links now. I will not use my site at all.

There are three links and you will find more if you use Google. The link below is an ongoing lawsuit that says this current dinar scam has been going on since the first gulf war. This assessment is from the prosecuting attorney for another law suit under way in Ohio.

Fact 10: Iraq’s reserves have been growing as a direct result of their currency being exported. The United States does not have a bilateral investment treaty (BIT) with Iraq. There are no bilateral treaty obligations which protect the dinar outside of country. Check the link below. In addition Iraq’s National Investment Law does not cover the banking sector and excludes it’s currency. A copy of this law can be obtained here.

The link I provided above is a Wiki leaks document. This is an official government report from the embassy in Baghdad. Let me just quote the important stuff so you don’t have to read the whole thing.

“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 –”

“Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes”.

“whether foreign investors will enjoy protection from expropriation that meets international standards will likely depend on domestic implementing legislation and/or future bilateral treaty obligations with investor states. The United States does not have a Bilateral Investment Treaty (BIT) with Iraq.”

“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”.

The point is there are no treaties or laws in place between Iraq and America that demand Iraq honors it’s currency outside of it’s borders. I will go into much more detail in my next article.

Fact 11: A redenomination would strengthen the dinar and drastically reduce the amount of currency in circulation.

Stryker says that this is surface research only. (not sure what he means by this)

My research is pretty detailed and the fact is not debunked by making fun of my research abilities.

Fact 12: A revalue like the gurus claim would be the same as adding currency to the money supply and it would contribute to hyper-inflation. It would not only make the currency weak it would totally collapse the currency. (check the feds document called Modern Money Mechanics)

Stryker says that is the reason for so many studies.

Hopefully I can give Iraq a tip and this will save them some money and they won’t need to conduct any more studies. Here is the tip.


There you go, no need for any more studies. Hope that helps. This number is taken from their M2 supply. However the same holds true for their M0 supply.

Fact 13: There was never a Kuwaiti revalue after the gulf war. Check the Kuwaiti Central Bank Website. Look at Wikipedia. and Check the link below.

Stryker said I got this one right, but I was speaking in half facts. He asked what my point was

Ok my point is simple. The video that this fact was addressing says that there was a Kuwaiti Revalue, second the Kuwaiti dinar fell and rose again due to market speculation. It had nothing to do with a revalue of the currency.

Some gurus in the past used Kuwait as a comparison to what Iraq’s currency is going to do and why Iraq’s currency will revalue. This is not the same thing. Kuwait was a market driven event. Any revalue is a policy driven event done by the central bank. Kuwait’s dinar history provides no evidence what so ever of a coming Iraqi revalue of even 1000 percent. That’s my point!

Video 2

Stryker started with fact 13 even though he covered it in the last video. He said I was speaking in half facts again.

Fact 14: In 2005 Turkey went through a redenomination with their currency. (TURKISH LIRA) They did not revalue their currency. Check the link below.

Once again Stryker asks what’s my point?

The point is this. The video I was debunking said that the Turkish Lira revalued. The fact was addressing the video and that was the reason for the link. If he had taken the time to watch the video he would have known that.

Fact 15: Only pegged currencies revalue. It is a policy decision made by the central bank for that country. Floating currencies don’t revalue. The market determines the price.

Once again Stryker asks what is my point? and once again this point is meant to address the video.

Fact 16: Japan’s currency floats. It did not revalue in the 1980’s.The yen isn’t pegged so it wasn’t a revaluation. Second, the yen gained ground simply because the dollar was devalued as a cold war strategy in 1985. Although there were people who did make money from the yen, it was never because of a revaluation. This is known as the Plaza Accord

Stryker says that Japan has nothing to do with the dinar and that no Guru even mentions Japan.

Once again this fact addresses the video. This is because the video says that Japans floating currency revalued. The video showed this as proof that Iraq’s currency was certain to revalue because Japans currency did the same thing.

Fact 17: There is a feasibility study that circulates the dinar forums as proof of a coming revalue. Gurus claim that it is proof for a $1.13 to $1.17 revalue. Here is the study.

The truth is this study is from 1984. It is during the Saddam era and it predates both gulf wars. It also predates the hyper-inflation Iraq went through during the 1990’s. In addition to this, the Gulf Wars in Iraq did not devalue the currency. The currency went through hyper-inflation during the 1990′s as a result of overprinting and Saddam invalidating the Swiss dinar outside of country. (See dinar updates 5) This Study no longer applies!

Stryker says that Iraq did not have hyperinflation in the 90’s. He says it was a combination of 3 things.

Please note the following link.

Scroll down to see Iraq’s hyper- inflation. You will see hyper-inflation happened between the years 1987 to 1995. That equates to approximately 315% inflation per year averaged over that eight-year period. I guess because I did not include the years 87, 88, and 89 I was only using a half fact. The truth is this study still predates hyper-inflation and it does not invalidate that fact!

Fact 18: Oil in Iraq is sold in dollars. It is not sold in dinar.

Stryker asks what does that fact have to do with the revalue of the dinar?

I found that question odd because later on he makes a case for assets possibly backing the currency and throughout the video talks about Iraq’s oil supply as if it is going to have something to do with the new rate. Maybe I just don’t understand his point.

Fact 19: Iraq is not reducing the money supply. Check the CBI website

Here Stryker says that I do no real research. He says he looks at articles that say Iraq keeps money in vaults outside of banks waiting to be destroyed. He claims you can’t trust everything the banks tell you.

This is one of the fundamental differences between my belief and Stryker’s. My fact is based on the central banks numbers. Line 79 of the Key financial indicators says that Iraq has 34 trillion 466 billion outside of banks as of this writing. This is not money waiting in vaults to be destroyed.

This is money that went to the public banking system and has been released into circulation. Stryker raises a good point when he talks about the dollar. His point about Iraq being dollarized and not that many dinar in circulation could be true.

There is a lot of dinar outside of Iraq. I don’t have exact circulation numbers but trillions left the country. That would make up for any lack of dinar inside of Iraq if there is one.

Fact 20: The U.S. Treasury does not have trillions of dinar. (check the BH indictment)

Here Stryker says I have no real research and that I do not know for sure.

The problem is I do have some real research and I will show it to you in a minute. This same evidence covers fact 21, and 22.

Fact 21: Executive order 13303 does not protect the dinar investor. (Once again check the BH Indictment) The U.S. government got a conviction for fraud based on the statements in Fact 20 and Fact 21. According to the Federal Government, It is illegal to import Iraqi dinar. Check the link below.

He agreed with me on this but he says no one said 13303 protected the investor.

Stryker should know that this is one of the forum facts that circulated D.V. back when I was there. Everyone believed that 13303 protected people who purchased dinar. It was also on dealers websites. Keep in mind that I am not implying that every dealer had this on their site. I am not going to name any dealer or any guru. I am not going after anyone. I only want the truth.

Stryker thinks because I say dealers I mean all dealers. He thinks if I say Gurus I mean all Gurus. That is simply not the case. I am not lumping everyone together. This is a misunderstanding on his part.

Stryker did not agree with the statement about importing Iraqi dinar is illegal. He asked the question, what proof do I have? Check out this link.

Stryker seen this link at the end of fact 26 and he criticized it for saying real scam. If he had taken the time to click on the link like us surface researchers do then he would have discovered that a download would have opened. He could have downloaded the entire B.H. Indictment unedited as it was submitted to the court. Those who have been involved in the dinar community for any length of time need no introduction. For those who do need an introduction I will allow this indictment to do that. So I am going to quote directly from this document. You can download it and compare it to the statements below to see if I am being truthful.

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.

CHARLES N. EMMENECKER is a self-styled entrepreneur who resides in Sylvania, Ohio. In recent years, CHARLES EMMENECKER has primarily marketed and sold a health­ related beverage described as “Xango.” In August 2010, CHARLES EMMENECKER merged his direct-marketing business with BRADFORD HUEBNER’s dinar business, which BRADFORD HUEBNER and MICHAEL TEADT were operating. By this time, BRADFORD HUEBNER had allied himself with a Jacksonville, Florida based resident by the name of RUDOLPH COENEN, in connection with marketing two non-existent “hedge funds” to both the BH Group’s dinar customers, as well as CHARLES EMMENECKER’s Xango distribution list.

MICHAEL TEADT entered into a conspiracy with BRADFORD HUEBNER regarding the sale oflraqi dinar currency in July 2010.

5. RUDOLPH M. COENEN is a resident of Jacksonville, Florida and holds himself out as a currency expert and former Vice President at JP Morgan Chase. RUDOLPH COENEN has variously claimed to be a former Marine who was wounded in combat during the first Gulf War, as well as a Purple Heart recipient. In fact, RUDOLPH COENEN worked for JP Morgan Chase for a total of one day as an Account Executive/Loan Officer and not as a Vice President, never served in the first Gulf War, was never wounded in combat, and never received a Purple Heart. RUDOLPH COENEN was instrumental in developing materially false and misleading statements regarding the Iraqi dinar currency and in falsifying information regarding the two non-existent hedge funds.

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,

Now look at this link. It is from U.S. Customs and the Department of Homeland Security

I am going to quote directly from homeland security and customs using their link.

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.”

Now this part is important. I did not say that importing Iraqi dinar is illegal. I said According to the Government importing Iraqi dinar is illegal. Also according to the government they don’t have trillions of dinars for investment. I am not saying this at all. The government is.

It is also important to note that I don’t know if they have also including Iraq Currency law in their indictment. The indictment could be referencing Iraq currency law too. (which I have and studied)

Here is a man they convicted for fraud just for making these statements. Check this link out

So as you can see these facts are accurate. That is why they are included. They are not made up and there is evidence to support them.

Fact 22: George Bush never said the war will pay for itself.

Stryker said that Dick Cheney said it or Donald Rumsfeld said it. He said it was a half fact because someone said it.

The truth is this was another forum fact that circulated the forum back when I was at Dinar Vets. People said that George Bush said the war would pay for itself. It was implied that Bush was hinting about a revalue of the Iraqi dinar and it was part of some great plan. The only problem is no one ever said it. The Bush Administration said oil revenues in Iraq will help pay to rebuild the country. Check out these links.

This somehow evolved into Bush said the war will pay for itself. It circulated the forums as fact with no links or sound bites. No proof what so ever.

Fact 23: There was never an agreement for Iraq to compensate America for the war.

Stryker agreed with this assessment, but wondered why I brought it up.

This was another forum fact that was around in 2010-2011.  This was just one of the many rumors told to sell dinar. It usually went along with Bush said the war would pay for itself. This whole thing gave credence to something called the plan. These were all rumors and lies. Stryker should know this.

Here are 3 threads where people claim the war costs must be repaid.

Fact 24: Dinar Gurus are being prosecuted for lying about this investment in order to make money off of unsuspecting people. The B.H. Group and David Olmsted serve as examples.

Stryker claims that the B.H. group was busted due to hedge funds and it had nothing to do with the dinar. I would say read the indictment and decide for yourself.

Fact 25: There are many more people who lied concerning the dinar. Tony TnT is just one of many people. In Fact a lot of gurus are multi-level marketers and they come from a questionable past. Check this link.

Stryker says I cannot say he is a liar unless I have proof.

Well I would say click on the Facebook link. Read it and then click on the links within the Facebook link.

Google 14 daily plus and Anthony Renfrow just to see what comes up. You can also click the links below.–12-cr-20041/USA_v._Renfrow_et_al/1/

His brother Ray was indicted too

Both men pedal dinar together and make major bucks from conference calls according to this link.

There is much more on the internet concerning this man. This is just the tip of the iceberg.

Fact 26: The B.H. indictment says that Iraq plans on redenominating their currency. They got convictions of fraud based on statements saying Iraq was going to revalue its currency. Check the indictment below

Stryker criticized the link because it said real scam.

Once again, just click on it and instead of a webpage opening up a download happens. You can download the whole B.H. indictment. Let me quote directly from the indictment.

7. The term “revaluation” (casually shortened to “RV” in dinar-sales parlance), refers to the contention that at some point in the near future, the dinar will rise against the U.S. dollar, a circumstance which will enrich earlier purchasers of the dinar. BRADFORD HUEBNER, CHARLES EMMENECKER, RUDOLPH COENEN and MICHAEL TEADT repeatedly advanced claims to potential investors over the telephone, through web pages, and through a weekly internet conference call that even relatively small investors in the dinar would, following the “revaluation” or “RV,” become wealthy overnight.

8. A “redenomination” of the dinar refers to an actual proposal by the Central Bank of Iraq, announced as recently as June 21, 2011, to re-print the currency to remove three zeroes from the physical dinar banknotes as a matter of convenience. A redenomination of the Iraqi currency would not lead to a revaluation by the same amount, and may have no effect on the currency’s value. Under a redenomination, a new currency replaces an old currency, but the value remains the same. Under the proposed redenomination, the Iraqi government would issue a new dinar note that will be equivalent to 1000 current dinars. The exchange rate would be 1.17 new dinars to the dollar, equivalent to 1,170 current dinars to the dollar.

Fact 27: A revalue does not work in tiers. It does not occur in one country before it goes into another country. Revalues are global and they happen everywhere at once. Check Iraq’s history. Every time they changed the rate it was reflected the following day at the currency auctions. New rates go into effect immediately everywhere at once.

I am not really sure of Stryker’s point is here but this is modern money mechanics. I never said that pegged currencies don’t revalue, or that revalues never happen. I said that historically speaking there has never been a revalue above 50 percent.

Fact 28: The dinar is the most lied about currency I have ever seen. There are a lot of scams associated with the dinar investment. Please note that this does not mean the dinar currency itself is a scam. It is valid and used in Iraq. The scam comes from people (dinar gurus) lying to sell the currency to foreign investors to make a huge profit from it.

On this point Stryker says that I am declaring everyone is a pumper. Everyone is a scammer.

This is not the case. I don’t create a list of names or say where these rumors come from. I just go after the rumor itself. Not everyone involved in the dinar is dishonest and that is not what I am trying to communicate here.

My observation is there is an element in the dinar community that is based on rumors and lies. I am not accusing anyone except those who have already been indicted, and even then I am only repeating things directly from the indictments.

Fact 29: The lower denominations were not printed in July of 2011 as the gurus claimed.

Here Stryker claims I got my dates wrong. He goes into different explanations about the new currency.

When I first joined the dinar community in 2010 It was always said that the lower denominations were already printed for the revalue. This rumor circulated often and everyone including myself believed it until these articles came out

These articles came out in July of 2011. They say that Iraq is going to redenominate their currency. Then they say that when they print the new lower denominations they are going to add Kurdish symbols to it.

This shattered the rumor that the lower denominations were already printed which everyone in the dinar community believed at the time. This is when I first began to seriously doubt this investment. Shortly after this I closed down Iraq Currency Watch.

Here are 3 threads that contain claims that the lower denominations were already printed before July 2011.

This also adds credibility to the term Forum Fact.

Fact 30: The dinar requires a reserve in order to give it value. The reserves for the dinar are the U.S. dollar. Currently there are not enough U.S. dollars (reserves) in Iraq to support a revalue to even a penny. Check the CBI website.

Stryker goes into an explanation about the DFI funds may become part of the reserves and how 13303 protects the DFI funds

Just for the record currency reserves and oil reserves are two different things. One has nothing to do with the other. It does not matter how much oil Iraq has. The currency is not backed by Iraq’s resources. It is backed by the reserves the central bank has. The DFI funds are intended to be used for rebuilding Iraq. Any assertion that part of these funds will go into the central bank’s reserves is pure speculation at best and not based on fact. The current reserve amount can be found at the central bank. I go by those numbers.

Fact 31: There is no coming Global Reset that will result in a revalue of the dinar. (article coming)

His response to this was to claim that George H Bush said this or maybe it was Reagan.

President Bush said there is going to be a New World Order. He was speaking about holding nations accountable. He was not talking about currency rearranging itself.

Fact 32: They don’t need to revalue the dinar in order to join the World Trade Organization (article coming with evidence)

On this Stryker comments on researching IMF documents.

I don’t know how he concludes that I am not looking at those documents along with GATT and World Trade Organization documents. This research is still going on. I never say anything without supporting links unless I am speaking from an opinion. Even then I give supporting facts. There were only two facts where I said article coming. Then I will present my evidence. You can decide then if I am right or wrong.

Fact 33: The dinar cannot revalue according to the countries resources. There are not enough resources to back the dinar to even a dollar given the amount of Iraqi dinar in circulation.

Once again Stryker says I have faith in the CBI

Fact 34: There have been well over 70 redenominations in the past. In just about every case hyper-inflation happened as a result of over printing the currency. Redenominations happened both during hyper-inflation and years after hyper-inflation. Check out this study.

Stryker says that this is an education on currencies that have nothing to do with the Iraqi dinar. He then cites all the resources Iraq has including oil resources.

This is the reason for Fact 18. The resources in Iraq have nothing to do with the currency! The two things that directly affect the currency is the amount they have in circulation and the reserves that are in possession of the CBI that are used to back that currency. The oil reserves don’t back the currency.

Fact 35: Removing the zeros is redenomination language not revalue language. Look at Turkey’s redenomination articles, and the study on redenomination above for examples.

Here Stryker says that Turkey has different Resources and it is different entirely.

This fact was meant to address the video which says that Turkey revalued their currency. A country’s resources are totally different from the country’s currency. National resources do not back currencies. Reserves at a central bank backs currencies

Fact 36: Deleting the zeros does not mean pulling only the higher notes out of circulation. Once again this is redenomination language and it means changing out the entire series of notes. (See the link to the redenomination study)

Here Stryker claims that they are speculating on a revalue before they redenominate.

I think if both happen it will be the other way around. Even so, his opinion does not make this fact void. Read redenomination language and you will see terms like Deleting the Zeros, Removing the Zeros, pulling higher notes out of circulation. This is evidence for a redenomination not evidence for a revalue.

Simply look at the 3rd video In D.C Where Shabibi said deleting the zeros means redenomination

Fact 37: When you go to Forex, (a currency exchange market) and you search for the Iraqi dinar. (IQD) They say the Iraqi dinar is going to redenominate. Furthermore Iraq announced a redenomination.

On this fact Stryker says that it is someone’s opinion on Forex.

I made a mistake on this fact. I meant XE says the currency will redenominate. Forex does not say this. When you search Forex for the Iraqi dinar it really says that it does not trade with the IQD at this time. As far as XE goes, it is a disclaimer put out by Check it out and see. I am sorry for this slip up. Yes sometimes I make mistakes. Let me correct this fact.

Fact 37: When you go to XE and search for the Iraqi dinar the site says the dinar is going to redenominate. It is a disclaimer based on Iraq’s announcement.

Fact 38: Currencies don’t work the same way as stocks and the stock market.

Stryker asks what is the point of this fact?

This fact was included due to the many comparisons of currency to stock. These Forum facts also circulated the forums.

This link below reveals that the B.H. Group has said this before. The link also shows more light in the ongoing prosecution. It is a 3 page article.

Fact 39: Some nations keep an artificially low value on their currency because it increases their exports which in turn provide jobs. The end result is a stronger economy. China can serve as this example.

This fact is a conclusion that backs up fact 38 and that’s why it is included.

Fact 40: Shabibi never said that they would have the most valuable currency … he said it would be the strongest and he was referring to it being backed 100%. Once again there is not enough reserves to revalue the dinar to a penny!

Stryker claims Shabibi never said this but the link below totally debunks this claim.


Stryker was pretty angry with me for writing this piece. It is clear that he tried to rebut the things I said without researching the links that I posted. He made a lot of assumptions during his rebuttal that are not true. He called me names and mocks my research. He called me Bozo more than a few times, and in a mocking way he referred to me as fact boy. He went on a rant several times and declared how superior his research was to mine even though he never took the time to clearly understand the reason behind some of the facts or research the links.

To be fair I don’t blame him for his reaction. I was once a dinar investor myself. I had millions of dinar. I was pretty mad when I found out about those facts that I listed. When this happens you are forced to face a totally different reality. I have been called a lot worse since I brought Iraq Currency Watch back. I remember Stryker from the days I hung out at Dinar Vets. He was always a decent man and we got along fine. My opinion of him has not changed and I still respect his point of view. That is why I have not attacked him. I just disagree with him. I believe the truth needs no defense.

Our disagreement basically boils down to one thing. He does not believe the numbers that the CBI puts out there. I totally believe the numbers that the CBI puts out. The CBI is a member of the IMF and BIS. They have to give an account to these global organizations and they are under a microscope. They have adopted a policy of transparency see the link below.

If you think the central bank is being deceitful and they are not reporting real numbers, then why would you want to invest in their currency in the first place? What makes you think they are going to treat you in a fair manner? If you invested in the Iraqi dinar then this is my advice. Don’t take my word for anything. Don’t take Stryker’s word for anything. Click on the links and do your own research. Reach your own conclusions. Let that determine your course of action!

Just for the record I am not a liberal. I am a conservative. I am a capitalist and I have nothing against a guy making an honest living, but in a lot of cases the dinar investment isn’t based on honesty. In my last article I said the only ones building wealth were the dealers. The reason why I said that was because the video I was debunking showed all these redenominations. It presented them as revalues. Then it talks about wealth building by purchasing the Iraqi dinar. This was dishonest so I addressed it. If Stryker had taken the time to watch the video he would have known this.


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