People tell me to invest in the Iraqi Dinar so should I?

 

1 million iraqi dinar

1 million iraqi dinar (Photo credit: mandiberg)

Q: What is the Iraqi Dinar?

A:  It is the Iraqi currency.  Right now the IQD is valued at way less than one cent USD.  Many people believe that any day now, it will be Revalued (RV) at an amount that will make those who have exchanged USD for IQD wealthy.

Q: Is the Iraqi Dinar a good investment?

That’s a question that I’ve been asking for a while now. I’ve looked at numerous websites, talk with others who have invested, asked my banker about it and asked God about it. On 2 or 3 occasions I almost made a small investment of $150 but I hesitated and now I’m glad!

A: No. Not unless you understand the foreign exchange market 100% and spend money that you can afford to lose.  If you have already invested in the Iraqi Dinar now MAY be the best time to sell it and take whatever you can get!

Q: Who would invest in Iraqi Dinar?

A:  People who want money, just like you and me.  People who want to get rich overnight, quit their jobs, pay off all their debts and go on a shopping spree.  To become wealthy overnight is a gift from God and a few people on this Earth have been given this gift (see 2 Chronicles 1:11-13).

I know of a group of people who have taken amounts from $150 – $1600 out of their paychecks for over a year now and bought Iraqi Dinars.  They bought them online from internet sites that “look” official.  They read information on other websites that listed all the pros and zero cons.  They are convinced that at any moment the IQD will be revalued and they can exchange what was once worthless paper into millions of USD.

Q: What’s wrong with that idea?

A: Simple, it’s a lie.

The lie is based on what happened with the Kuwaiti Dinar, which is not the same story as with the Iraqi Dinar.  There probably were some people who made big money when the value of the Kuwaiti Dinar shot up after Saddam Hussein was ousted.  However, the Kuwaiti Dinar had significant value before the Iraqi invasion.  That value was reduced to near zero to prevent money laundering.  After the restoration of Kuwait to the Kuwaiti government the original value was re-established.

Q: So what’s the difference?

A: Saddam Hussein not only tortured and killed people but he also grossly inflated the value of the Iraqi Dinar at more than $3 (and stuck his ugly mug on it).  The monetary powers that be did not consider Hussein’s’ value to be correct since it wasn’t based on market value economics but on dictator-nomics.  Now there is a new Iraqi Dinar without Mr. Ugly on it, which is the one valued at way less than a penny.

People who have invested in the Iraqi Dinar believe that there is no way to lose in this deal.  Whether or not the Dinar is revalued at $1.00 or .10 cents but many think it will RV at around $3.00 or more because Iraq has oil.  They see it as a win-win solution to all their woes despite any exchange fees and taxes.

What is most likely to happen is that the decimal point will be moved three digits to the left.  For example, a 25,000.00 Dinar will become a 25.00 Dinar. Then whatever value it is given will be close to that of the USD.  If that is the case, many people are likely to lose money in fees rather than make big money.  *** Disclaimer:  I’M NOT MAKING PREDICTIONS!  This is the greater probability from what I have learned researching this specific investment.  All investments have degrees of risk and reward.  Past performance is not an indicator of future performance.  Current performance is not an indicator of past or future performance.

Q: What makes you think that it won’t make people rich?

A: I’m an investor who hates to lose money especially after having lost money in investments and schemes.  Therefore, I’ve done a great deal of ASKing (see Ask, Seek, Knock page).  I wanted to invest in IQD over a year ago but after my research I found some things that alarmed me and kept me from buying.  Here are just some red flags.

  1. The Iraqi Dinar is sold almost exclusively online including Ebay rather than in banks. That includes big US banks like Bank of America and Chase.
  2. Sellers tell us when the IQD is RV investors can exchange for USD for a value 300 – 1000 times more than the purchase price.  This can make investors millions! This is too exaggerated to be true… it walks like a duck.
  3. The RV could be any day now!  Hurry buy your IQD before the rate goes up!  This is pressure to buy impulsively, which is usually always a bad decision.
  4. The RV will be March 21st! Many people have set dates and all of them have come and gone.  It’s just like people setting dates for the end of the world.
  5. When the IQD is RV your investment will skyrocket.  There is no certainty that the IQD will be RV… it talks like a duck.  Many countries never get RV.
  6. There is no way to lose.  You make a profit if it’s RV is .05 cents.  There are several ways to lose and all investments have potential to lose your money.
  7. Some sellers were put out of business by governments and others have changed the company name and keep selling.  It’s a BAD sign when companies change names!  Look into Dinar Banker turned into Sterling Currency Group.
  8. There will be fees of 5-20% to pay upon exchanging and IRS taxes but investors will make so much money that it won’t matter.  If anyone does make a profit it is likely to be small and, therefore, eaten up by fees and taxes.
  9. Listen to the conference calls, get the information packet, etc.  These “conference calls” and “information packets” are from the companies selling the IQD. Not governments or regulated exchange markets.
  10. We are the official, legitimate, original sellers of the IQD.  We have approval from the US Treasury, SEC and ABC!  Those approvals only make them look official.  It’s best to buy directly from the Foreign Securities Exchange or Forex. It’s a duck!

There are more red flags these are just a few that popped up in my eyes when I was searching.  Want more information?  Here are a few websites with clear information.

http://www.iraqidinar.org/iraqidinarscam.asp ,

http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm ,

http://www.learningmarkets.com/the-iraqi-dinar-scam/ ,

http://www.iraqi-dinar.org/

Q: Did you warn those people who bought IQD?

A:  I have tried but they refuse to listen.  Some have gotten angry and yelled, “You just read the information that I gave you!  Stick with that, it’s all you need to know!”   That is the most painful part of all this.  The way these people are acting about this “investment”.  They are convinced that this WILL make them overnight millionaires.  They say things like, “I’m looking into real estate to buy after the RV. This is the real deal.  However much the RV is I win.  I know I’m going to be rich, I just know I am.  I can feel it!”  Needless to say, their behavior was one more red flag that helped me decide to say, “No.” to the IQD.

Their behavior troubled me so much that I was compelled to research what the Bible says about riches and wealth.  (Keep in mind that I am an investor and I want to make money too so I’m not putting down money or rich people.)  The Bible has a plethora of warnings for us all regarding money.

Proverbs 13:11  “Wealth gained quickly will dwindle away, but the one who gathers it little by little will become rich.”  They’re going to RV the IQD any day now and I’m going to say, Take this job and shove it!”

Proverbs 13:13  “The one who despises instruction will pay the penalty, but whoever esteems instruction will be rewarded.”  I did listen to my banker who also researched it and said it sounded suspicious.  He has more money than me.

Proverbs 13:18  “The one who neglects discipline ends up in poverty and shame, but the one who accepts reproof is honored.”  They won’t let me or anyone point out the negatives.  Instead they get mad and walk away.

Proverbs 13:20  “The one who associates with the wise grows wise, but a companion of fools suffers harm.”  The people who I know all work together and talk about this constantly.

Proverbs 19:2  “It is dangerous to have zeal without knowledge, and the one who acts hastily makes poor choices.”  I’ve been there, done that and suffered!

Proverbs 19:3  “A person’s folly subverts his way, and his heart rages against the LORD.”  When life goes bad and people realize that they’ve been deceived they blame God.

Proverbs 22:3  “A shrewd person sees danger and hides himself, but the naive keep right on going and suffer for it.”  They keep buying more IQD!

Proverbs 23:5  “When you gaze upon riches, they are gone, for they surely make wings for themselves, and fly off into the sky like an eagle!”  They are obsessed with riches.

Proverbs 28:11  “A rich person is wise in his own eyes, but a discerning poor person can evaluate him properly.”  Look at the red flags!

Timothy 6:9  “Those who long to be rich, however, stumble into temptation and a trap and many senseless and harmful desires that plunge people into ruin and destruction.  6:10  For the love of money is the root of all evils.  Some people in reaching for it have strayed from the truth and stabbed themselves with many pains.”   I have stabbed myself and it hurts for a long time.

Luke 12:15  “Then he said to them, “Watch out and guard yourself from all types of greed, because one’s life does not consist in the abundance of his possessions.”  After stabbing myself on more than one occasion I’ve now learned to watch out and guard myself.

To the IQD sellers, you will not live it up in Switzerland!

Proverbs 13:21  “Calamity pursues sinners, but prosperity rewards the righteous.”

Proverbs 19:5  “A false witness will not go unpunished, and the one who spouts out lies will not escape punishment.”

Proverbs 22:16  “The one who oppresses the poor to increase his own gain and the one who gives to the rich – both end up only in poverty.”

Proverbs 28:13  “The one who covers his transgressions will not prosper, but whoever confesses them and forsakes them will find mercy.”

Habakkuk 2:9  “The one who builds his house by unjust gain is as good as dead.  He does this so he can build his nest way up high and escape the clutches of disaster.”

Timothy 6:10  “For the love of money is the root of all evils. Some people in reaching for it have strayed from the truth and stabbed themselves with many pains.”

2  Timothy 3:13  “But evil people and charlatans will go from bad to worse, deceiving others and being deceived themselves.”

John 8:44 “You belong to your father, the devil, and you want to carry out your father’s desire. He was a murderer from the beginning, not holding to the truth, for there is no truth in him. When he lies, he speaks his native language, for he is a liar and the father of lies.”

Psalm 101:7 “No-one who practices deceit will dwell in my house; no-one who speaks falsely will stand in my presence.”

If you have your own IQD story, questions, comments or criticisms please leave a post.

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3 comments on “People tell me to invest in the Iraqi Dinar so should I?

  1. Get rich quick schemes rarely work. Your advice is solid and I like your Biblical quotes.

  2. My brother suggested I might like this blog. He was entirely right. This post actually made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!

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