Iraqi Dinar

This is such a broad subject, I am not sure which board it belongs in.

I am not wealthy but I live in a wealthy city. People are talking about the Iraqi Dinar like it's the winning lottery ticket.

The more I look into this, the more excited I get. Is this even close to being real?

Very roughly, $1.00US buys you about 1,178 Iraqi Dinar. Let's just say 1,000 dinar.

If Bush's grand plan somehow involves the Iraqi Dinar being revalued right before the elections (which would be any day) to help get McCain elected, is the US Government going to fund the $700 billion buyout with IRAQI DINAR?!?!

Ink that deal.

Then pressure the powers that be to revalue the Iraqi Dinar. Then what?

I heard today that Iraq has enough oil stock piled to be one of the richest nations on earth.

That may explain why we reinvaded Iraq. That may also explain why we haven't seen the benefits in our own backyard (US) yet.

That may also explain why McCain wants to put off the debate. Is he waiting for the $700US billion to be inked. Then wait afew more days for the revalue to take place. Then, after the White Houses cashes in it's winning lottery ticket (Iraqi Dinar), McCain comes out and says "Did you still want to debate me or do you want to give up now?"

Another case in point.

Is it true that Chase Bank is the only bank you can purchase actual Iraqi Dinar notes? Can anyone confirm or deny with some respectable link??

Because Chase just sucked up Wachovia. And Washington Mutual failed on Thursday. Did anyone even hear that??

Wamu is the biggest bank failure in US history.

Guess who the feds are turning it over to? Chase.

Google it.

So, somebody talk to me about the Iraqi Dinar.

If this is the real deal, what happens the day after the US Government and US citizens cash in??

Here is the current rate: 1 Iraqi Dinar cost about 1/10 of 1 US penny. Ouch!

After the revalue, I am hearing that 1 Iraqi Dinar will cost between $2.00US and $5.89US.

Do the math on a $1,000US investment.

Now do the math on a $700 BILLION US dollar investment.

Is that really possible?

If it goes down like that, isn't some nation going to be on the losing side of this? Like Iraq? Iran? Russia? China? How does all this work?

So can somebody help me sort this out in my head?

This just seems way, way to good to be true but I know very successful business people that are just giddy right now.

They wouldn't be successful if they did stupid things with their money?

So, what is really about to go down?

Anybody?

Revaluation will mean that a "new" iraqi dinar is created, which may well equal 5 USD.

However the way it will work is that the old iraqi dinar will be convertible into new dinar at an exchange rate. In this case, 1000 old dinar will convert into about 0.2 new dinar.

There is no quick money to be made here my friend, sorry to shatter your illusion.

That explains some of the scam warnings I have seen about the Iraqi Dinar.

If it smells like a fish, it sure ain't gold.

Such an easy explanation. Thanks.

There are obviously allot of people on the internet giving advice that have no idea what they are talking about.

I will continue to follow this just to see how it finishes. I don't have much choice. I know people acting like happy little school girls over this right now. Giggling and chair dancing. Bug eyed and all.

We'll see how it all works out.

Thankfully, non of the people I know work in a high rise (hint: jumpers).

Originally posted by Genfinity
Because Chase just sucked up Wachovia.

What? JPM Chase bought WaMu, but to my knowledge Wachovia is still its own entity.

Let me try to find the website I got that from (regarding Wachovia getting picked up by Chase).

It's possible I misread it somehow.

I have been all over the internet in the last 48 hours or so trying to catch up on the financial crisis.

I work for a financial institution and we are recovering from Hurricane Ike in Houston so that should explain afew things.

Thanks for the clarification request. Let me look into it and get back with you on this thread.

Originally posted by Genfinity
Now do the math on a $700 BILLION US dollar investment.

Economics doesn't work like that. They can't just re-evaluate a few things and bingo the U.S. suddenly has thousands of trillions in surplus.

Sounds more like a cheat in a video game.

Okay all.

I don''t know what gave me the idea that Wachovia was already a property of Chase. I must have misread something.

However, I did find an article from July 2008 suggesting Chase could/should buy Wachovia at www.bizjournals.com...

Here is another that doesn't look good for Wachovia properties.

From markets.chron.com...
WB-PD WACHOVIA CAPITAL TRU... -49.94%

That was in one day, today.

Here is another:
WB-PS Wachovia Corporation -47.91%

WB was down alittle more then 27% in one day, today.

So it doesn't look good for them regardless.

I am still looking at Iraqi Dinar as an investment but I am going to spend the weekend studying pro and con articles about it.

I am also curious about the buyout and the Presidential debate.

I read in the paper today that people in the mid eastern part of the US are experiencing gas shortages similiar to what Houston saw after Hurricane Ike.

Power grid failures seem to be happening more often. Gas lines are coming back. Next in line will be a shortage of staple food items at American grocery stores; a direct result of a gas shortage.

Doesn't it seem like 1967 all over again?

The President of an unpopular war is on the way out.
Inflation is increasing.
Gas lines are coming back.
Trouble with Iran (which happened in 1979).

The winner of the Presidential election could very well be the guy that LOSES his bid for the White House. It is impossible to fix this country in 4 years. Whoever wins will be blamed for what ever happens while they were in charge. He will not be re-elected, no way, no how.

I am not looking for get-rich-quick investments but I am looking for secure investments.

The Dinar could have a change at being $2.00US = 1 dinar but I would be shocked to see that happen over night. Over years or a decade or two, sure.

I am not sure what kind of return I am looking for simply because I am looking at currency investments for the first time in my life.

Pro or con, all of your opinions here and on other boards I am on are greatly appreciated.

I hear that the revaluation may happen soon. Chase bank has been selling/buying dinars for quite awhile now. JPMorgan/Chase is one of the top banks in the world, if not the top bank. They helped Iraq set up their banking system. Don't be a "naysayer" as that is how many lost out when the Kuwaiti dinar revalued in the 90s. You've got to believe! I do!

reply to post by 44soulslayer


But wasn't there a new dinar created on 2003?

reply to post by anachryon


If the Dinar fails to reach its potential, I"ll be the first to jump. I'm already scouting one of the tallest buildings in Houston, that way, I shall have given everything I own for poverty's sake. If it works out I'll meet you on Paradise Island; if not, I'll seeyou in heaven.

reply to post by anachryon


As far as I know Wachovia would have failed shortly after WaMu, had not some sort of deal been reached with Citigroup. Only a couple of days after that Wells Fargo cahnged the equation with a better bid for Wachovia. It went to court some type of agreement was reached and as far as I know (could very well be wrong given speed of developments and not following things as closely) Wells is still set to acquire Wachovia.

As far as the Iraqi Dinar goes there have been multiple scams, speculations, and get rich quick schemes for as long as we've been there. I don't understand currency trading as well as I'd like to and damn sure wouldn't do anything with any 3rd world currency right now, especially Iraq.

Chase is not selling or buying Dinar after Saturday? Does that mean that there is something brewing? I have heard it will reval @ 0.23. Anyone else heard something similiar?

reply to post by Genfinity


where is your information on 2 to 5 us dol. per iqd

On the dinar, Let me state the facts for you,

1. The dinar was changed in 2003.
2. I have spent 31 months in Iraq since 2004 and have talked with US military that have researched Iraqs oil prospects.
3. If the Iraqi people stop fighting and work together to extract their reserves ALL Iraqi people will be wealthy. It will be the wealthiest nation on earth by far. The oil reserves they have that are untapped could supply the entire worlds oil needs for 150 years. That is only what we know so far. They have more reserves that haven't been researched yet. This is what I have been told by Engineers that did the surveying. They say that the reserves are in Northern Iraq. That is why Iran was trying to seize control of Northern Iraq.
4. The dinar you have will eventually go up in value. It may take 20 years or more. It could be much sooner if the Iraq people stop fighting and start working together.
5. Should the dinar be changed again your dinar now will be worthless. That is the chance you take. If it is not changed you can make a nice little profit.
6. I bought my dinar for 600 in 2004. It is now valued at 1100.
7. It sure would help the US economy if the President could help revalue the Iraqi dinar. There are thousands of US that have served in Iraq that would benefit. It would help Iraqis and US. It's a win win situation. It puzzles me why the President hasn't done anything yet. That doesn't surprize me with Bush, Hopefully Obama will be the man....Lets hope so..