Well it was an exciting week with the review of Okie Oilman's site and the subsequent scurrying/denying/deleting/revamping that occurred. I'm going to need some time to sort through everything to form any conclusions about who is guilty of what and just what the heck Miskebam was up to, so I'll withhold any comments for now. Let's just get straight to the weekly award presentation.
Sometimes these Douchie Awards are close - a photo finish if you will. A few have even been declared a tie. But then there are those times when some douchebag just absolutely runs off and leaves the rest of the pack in their dust like Secretariat did at the 1973 Belmont.
On Monday night I listened to a conference call from Brad Huebner and Charlie Emmenecker from the BH Group. Folks, it was 27 minutes of unmitigated shameless douchebaggery. Not even two minutes into the call Brad brings up "the blessing", characterizing the RV as a gift from the almighty to level the international playing field. A minute later he was going on about the RV-O-Meter (Currency Newshound's unofficial indicator of how close the RV is) being set at 99.4%. Actually it's been over 99% since late 2010 and just goes up a few pips now and then ... you know, kinda like the IQD.
He then proceeds to give us the latest up-to-date dinar news, straight from the streets of Las Vegas. That's right folks, Ali Agha and Dinar Trade are back. Well, that's sort of dinar news. I mean at least we have another place to sell the stuff now. Brad then goes off on a tangent about Ali's comments about the maneuverings in Iraq between the CBI and the GOI, stating that Shabibi has a 3 stage plan to revalue the IQD and make it into a "world currency reserve" that would enable countries to get paid back for all they've done for Iraq. Try as I might, I have never been able to locate any document to support this claim. Somebody help me out here.
Brad then mentions one of the leaders of his exchange group that "has some 2.5 trillion dinars committed to our group" (that's over $2 billion, people .... anybody smell horse poop here? Maybe he meant 2.5 billion. Who knows? Could just be another case of dinar math.) He states that as a precursor to his claim that US banks have had a change of heart about the IQD over the past four weeks, and the logical conclusion (according to Brad) is that they want to keep the dinars here in the US to buy cheap oil with in the future rather than allowing them to be returned to Iraq by dinar dealers. The problem with this reasoning of course, is that Iraq's oil has been purchased in US dollars for the last forty years, and if we allow the use or start using other currencies for that purpose the status of the USD as the global reserve currency will crumble. So Mr. Huebner better damn well hope dinars aren't used to buy Iraq's oil any time soon. Think it through, Brad.
He then goes on to pump, pump, pump. "Dinar 101". "Buy dinar". "Tell other people to buy dinar". "The Treasury Vault is our exclusive supplier of dinar." (True, because unfortunately Brad's dinars were confiscated in an IRS raid.) "Be sure to mention that you're a member of the BH Group so you'll get all the benefits you're entitled to." Translation: "Let Roger and Angela know that I sent you so that I'll get my cut."
Then Brad puts the "ouch" in "douchebag" when he takes a swipe at Ali, claiming that Ali is duplicating The Treasury Vault's no-risk reserve program after taking millions from people in his previous reserve program. I doubt you'll hear Ali on any BH calls any time soon after that.
Brad then puts the icing on the cake when he pitches his new (penny stock) venture of buying up existing businesses and developing them, comparing what they're doing to what Mitt Romney and Warren Buffet did to get where they are and even referring to this as "a mini-Berkshire-Hathaway being hatched". Really guys? You're comparing yourselves to the likes of Romney and Buffett?
Wrapping up the call Charlie and Brad discuss all of the new discoveries of oil in Iraq, which we are supposed to conclude will translate into an increase in the value of the dinar. (As our friend John Jagerson points out, owning the currency of a country with a growing economy isn't like owning stock in a growing company. Often countries with growing economies have currencies that depreciate.) They go on to mention a new auto manufacturing facility in Iraq, and say "look what happened to China's economy when they started building cars!" Folks, do a quick check of China's currency over the past 15 years. It's gone up a little over 30%. That's about 2% a year. None of what Brad and Charlie talked about here has anything to do with making money off the dinar. If you want to profit from the economic growth in Iraq you'd probably be better off investing in companies who are making money in Iraq.
After a quick pitch for Xango (do yourself a favour and Google the keywords "Xango" and "snake oil") Charlie says he's looking forward to hearing what our dear friend Tony Breitling has to say in the coming days, which in and of itself is infinitely doucheworthy. Oy vey!