I covered this somewhat in a previous post called "The God Factor", but I'll go a little deeper into the topic today. The idea that investing in the dinar is wise because of biblical references to Babylon is problematic in many ways.
First of all, the idea that Babylon will be physically restored is just one interpretation of scripture. Bible prophecy isn't like other biblical topics. I mean we're all pretty much agreed that stealing is a sin, right? We can all pretty much agree that Jesus had twelve disciples. We can all believe in the resurrection or the golden rule. But nothing in the bible is more open to interpretation than prophecy, for one simple reason. It hasn't happened yet.
There are many different views concerning the identity of Babylon.
With this in mind, we need to consider other theories as to the identity of the Babylon from Revelation. Among them ... Rome, the Catholic Church, Jerusalem, the world system, Wall Street .... etc. Take your pick. It's hard to say until this all plays out.
Second, the bible warns believers against any participation in Babylon. Why would Christians want to help fund the building of a nation, kingdom, or empire that is considered evil and opposes God's kingdom?
And finally, even if what we've been told by some about Babylon being rebuilt is true, that doesn't mean that anybody is going to profit from owning dinar. It's quite possible that Iraq could become the wealthiest nation in the world without making anybody outside of Iraq rich. It's possible that we'll all be dead by the time Iraq emerges as the new Babylon. It's possible that it will happen in our lifetime but that the redenomination will leave dinar investors holding a currency that is going to be replaced with a new currency worth 1000 times as much. We call that a lop, and nobody will get rich from a lop. Consider the following article from June of 2011.
BAGHDAD -- A senior Iraqi Central Bank adviser says the government has adopted a two-pronged plan to restructure the national currency in order to facilitate large transactions and make government accounts more efficient, RFE/RL's Radio Free Iraq reports.
Mudhhir Muhammad Salih, a member of the bank's advisory panel, told RFE/RL on June 23 that in the short term, larger banknote denominations of the dinar would be issued to simplify major transactions.
He said that because so many Iraqis still dealt mainly in cash, it was cumbersome to carry bags full of money to pay for expensive items like cars. The inconvenience leads people making such purchases -- as well as many entrepreneurs -- to use dollars for those kinds of transactions instead of dinars, something the government wants to end.
He added that large denominations equivalent to around $100 would be issued to simplify major purchases, and new coins and lower denominations would be introduced for smaller transactions.
In the longer term, Saleh said a redenomination was needed wherein three zeros will be dropped so that the 25,000-dinar banknote -- currently the largest denomination -- becomes a 25-dinar note.
He said the change was inevitable, considering the economy is expecting high growth in the coming years with a planned increase in oil production to finance reconstruction projects.
In this scenario a 25K note (currently worth about $21.50 USD) would be replaced by a 25 note worth the same amount. This is how redenominations have always worked. Never in history has a redenomination worked like the gurus are telling us where the larger notes are removed as the money supply is reduced and the books are cooked to cover up the coming RV.
Some of us have been trying to get the word out for some time now, and yet people keep buying dinar and keep following these gurus and pumpers, believing that God is going to use the revaluation of the dinar to rebuild Babylon and make Christians rich so that they can fund all of these wonderful ministries in these "end times". I wonder if these people have ever even read the bible that they claim to believe? In the book of Acts a crippled man was begging for alms. Peter responded that he didn't have any silver or gold, and yet somehow under his leadership the first century church was able to establish the Christian faith which has endured for two millenia now. Why do people think you have to be rich to do God's work?
I have had this post sitting in the draft section of my blog for months now, contemplating whether or not I want to send it. I finally decided to post it after listening to people like Frank Villa and footforward babble on about Babylon and this "blessing" that is upon us.
If you want to be wealthy, seek wisdom. It's a very spiritual thing. The book of Proverbs is devoted to the topic.
Wisdom is the principal thing; therefore get wisdom: and with all thy getting get understanding. (Proverbs 4:7)
Riches and honour are with me: yea, durable riches and righteousness. (Proverbs 8:18)
It's hard to scam a wise person. It's hard to keep a wise person from prospering. The biblical path to wealth is hard work, delayed gratification, and developing your skill and expertise in a certain area. The lottery approach isn't in the bible, and I submit to you that believing you will become rich from an RV is a lottery mentality that's unbiblical.
There's an old story told about a man on the porch of his home during a torrential rain. The water started rising and it was obvious that his life was in danger. A boat came by and the people inside told him to get in before he drowns. The man declined claiming that God would save him. They left and the water kept rising. Another boat came by offering help but again he declined. Finally a third boat came by with the same results. The man ended up drowning and when he got to heaven he asked God why He didn't save him? God replied "What are you talking about? I sent you three boats!" The moral of the story? Sometimes answers to prayer arrive through very common sense solutions.
If Iraq redenominates as they've been telling us they will nobody can claim that they weren't warned. Banks have called this a scam. Government institutions have called it a scam. (Yeah, yeah I know - it's a legitimate currency. But you can only buy stuff with it in Iraq. And anybody who presents the statements from Iraq as supporting a 100,000% ROI is promoting a scam.) Numerous websites have either called it a scam or at least pointed out the true risk and potential return as this blog does. I don't know what Iraq is going to do, but I know what they're telling us and if they do what they say they will the only people who will get rich off of the dinar are the dealers, forum owners, and gurus who dangle the prospect of riches before inexperienced and gullible investors.