Welcome to the latest dinar update. As gurus give updates about a potential fictional revalue, I will give updates about an imminent redenomination. I know it has been a while since the last update. I really don’t follow the dinar as close as I use to. Since I have been free from this scam I have been busy doing other things.
As most people know I have another blog that deals with world economics. The Blog is known as BVAWE. I started a new series on the blog called The Real Battle. It deals with the rise of the New World Order. It talks about these people using oil and the banking structure to come to power. While I was working on this new series I came across this.
Suspicious Activity Involving the Iraqi Dinar
“Over the last year, the circumstances of the war in Iraq have created the phenomenon of businesses trading in new Iraqi dinars. Many of these businesses advertise or conduct business over the Internet, and suggest that the Iraqi dinar, much like the Kuwaiti dinar following Operation Desert Storm, will increase in value exponentially following United States military involvement in Iraq. Most investors purchase dinars from websites established particularly for selling dinars or from major auction websites.
FinCEN has been receiving inquiries regarding the legitimacy of websites offering Iraqi dinar sales. While it is not necessarily illegal to buy or sell Iraqi currency, there are a number of risks and compliance concerns for the financial community. For example, Iraqi officials state that it is illegal under Iraqi law to export dinars. Therefore, in addition to questions about the source of the currency, and the potential for investment or securities fraud, businesses offering to sell dinars may also pose the risk of being used to fund terrorism or as a vehicle for money laundering. FinCEN also has a particular interest in these businesses because they may be money services businesses required to comply with the Bank Secrecy Act.
Any United States entity that buys or sells currency, including Iraqi dinars, in amounts of more than $1,000 U.S. to any one person in one day may be a money services business under FinCEN’s regulations at 31 C.F.R. Section 103.11(uu). [Note: there have been questions about the old dinar with Hussein’s picture on it. That dinar ceased to be legal tender around January 15, 2004 and thus ceased to be currency for purposes of the Bank Secrecy Act.]“
I found this part interesting
“Moreover, even if the business is registered with FinCEN, that registration does not guarantee that the business is in compliance with other Bank Secrecy Act requirements or with applicable state law.”
This is excerpted from SAR Activity Review Issue 8, page 41
Years ago when I invested in the dinar I did a search to see if the dinar was a scam. Back then it was hard to find out any information on the currency outside of the dinar forums. Now it seems that there are independent articles all over the internet warning people about this. Well better late than never I guess. Here are a few examples.
“The hype about the investment in Iraqi Dinars has been going around for a while. Sellers explain that as democracy comes to Iraq, the economy will flourish and the value of the Dinar will grow.”
“Live Wire: Iraqi dinar scam is still out there”
“Beware ‘amazing investment opportunity’ in Iraqi dinars, experts say”
“Three Currency Scams to Avoid at All Costs”
“Going on 10 years, this scam hasn’t turned anyone into a millionaire, or even a thousand-aire. In fact, since the fall of Saddam Hussein’s regime, one note has been worth less than a tenth of a U.S. penny.
Word of warning today: Expect a flare-up in dinar marketing. Sellers often refer to the government of Iraq revaluing its currency to make it appear stronger and more attractive.
Wouldn’t you know, just as the dinar’s value plunges further, Iraq parliament is considering just that.
Last week, Al-Monitor (The Pulse of the Middle East), reported that a member of the Iraqi parliament’s Economic Committee said, “Reforming the management of the Iraqi currency now requires the deletion of three zeros. The Iraqi currency is weak, and the money supply has amounted to multi-trillions because of the existence of these useless zeros. The country will witness a significant increase in oil revenues, financial earnings and high budgets. Thus, we need to print new banknotes, as estimated by the Central Bank.”
This is redenomination language. When they talk about printing new notes because their currency has become weak they are talking about printing a new series of dinar and that is a redenomination. And that is what this scam is all about. It seems to me that these days there are all kinds of scam warnings about the dinar.
Wait a minute…The Iraqi dinar is a scam? Maybe this video will help explain one of the scam aspects.
When I decided to post another dinar update I did a quick search and found this Warning from Washington State about the dinar.
“The Washington State Department of Financial Institutions is warning consumers about potential scams regarding Iraqi Dinar currency exchange services. While foreign exchange scams are not new, the sudden popularity with the Dinar and resulting consumer complaints to our banking partners is concerning.
Several websites have recently begun advertising investment opportunities in Iraqi Dinars, the currency of Iraq. These websites are asking the consumers to send a check, wire, money order, or pay cash upon delivery of the Dinars. What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars”
Even though this warning is from 2011 this is the first time I saw it. So as you can see the Iraqi dealers are the only ones providing liquidity for the currency they are selling. Talk about a conflict of interest. When the Redenomination goes down how many dealers will there be left to provide the liquidity needed to exchange the investment?
I have included a contact form on the home page of this blog. Anything that is put there is kept confidential and will not be posted on this blog without your permission. From time to time I get requests to contact people but keep in mind I am not interested in debating anyone about this investment. My time is limited.
And Then There Is This
There are people who got into this investment because they believe that this fictional revalue is prophetic. They believe it can be found in biblical prophecy. As far as these people are concerned no amount of reason will convince them. Even if you explain the logic of why it won’t happen they won’t believe it because to them it is a matter of faith. I would like to personally address these people now.
1. First you should know that Kim Clement is a false prophet. He has said a number of things that have not come to pass. I observed him when he first came to TBN. I marked the things he said at that time and waited to see if they would come to pass. The time of the prediction came and went and what he predicted did not come true. Here is an extensive list of some of the many wrong predictions this man has made.
The Bible says,
Deu 18:20 But the prophet, which shall presume to speak a word in my name, which I have not commanded him to speak, or that shall speak in the name of other gods, even that prophet shall die.
Deu 18:21 And if thou say in thine heart, How shall we know the word which the LORD hath not spoken?
Deu 18:22 When a prophet speaketh in the name of the LORD, if the thing follow not, nor come to pass, that is the thing which the LORD hath not spoken, but the prophet hath spoken it presumptuously: thou shalt not be afraid of him.
Mat 24:24 For there shall arise false Christs, and false prophets, and shall shew great signs and wonders; insomuch that, if it were possible, they shall deceive the very elect.
So do you really want to trust this guy for dinar analysis? When I first invested in the dinar I wondered if the dinar was part of biblical prophecy. I am a long time student of the bible and I began to see if I could make a connection. The more I studied the more I saw that the dinar has nothing to do with biblical prophecy.
The other blog I have which I mentioned earlier is called Biblical Views and World Economics or BVAWE. It contains the prophecy research. It also explains world economics and how it relates to what is on the horizon. Although I will be quick to say it is based on my opinion and independent study. Right now the new series (The Real Battle) is taking all my writing and research time, but if anything interesting happens in the dinar world I will be sure to put it on this blog. If you want to see the other blog click the link below and see what a trillion dollars looks like.
here is the new series. There are 4 parts so far. Part 5 is coming