Jack is Back

One of the earliest promoters of buying the Iraqi dinar was Jack DeAngelis.  For years he was out there telling people about the incredible potential profits to be made by buying the IQD.  Then in 2010 he did an abrupt 180 and told his followers to get out of the dinar and into precious metals.  He said that his contact in the military told him that he was going to make a fool of himself if he kept pumping the dinar, because it was eventually going to be replaced.

Well a couple of weeks ago Jack suddenly reemerged saying that it's time to get back into the dinar and the Vietnamese dong.  He calls them lottery tickets.  So what changed his mind about the intel from his military friend?  My guess is the precious metals have run out of steam and he needs a product to pump, and the demand for the IQD is still there so Jack figures he'll milk it for awhile until something better comes along.   

 
Like so many pumpers out there, Jack has a tendency to get his facts wrong.  In this video he states that currencies from war torn countries eventually return to their former value.  What he neglects to tell us is that they returned to that value via a redenomination.  Name one currency from a war torn country that climbed back up to its former value without a redenomination, Jack?  Then he says that the currencies of Iraq's neighbors of Saudi Arabia, Bahrain, and Kuwait are backed by oil.  Actually, they're not.  They're fiat currencies just like ours, and their values are determined by the global currency market.  Sure, their oil revenues are figured into the equation, but they aren't technically backed by anything.  Then Jack says that in 1990 the dinar was valued at $4.  Wrong again, Jack.  As this chart shows the dinar was around $3 in 1990 and heading south.

This is quite common with pumpers.  They exaggerate or simply make up facts to keep the hype going.  His motive?  Well the description to the video tells us that Jack has a book to sell, and that his radio show is returning soon.  What better way to bait people than with the dinar?