Sunday, May 13, 2012

Douchie for May 6-12

This week's Douchie goes to Freeway Bill for saying:

5-9-2012   There is no document written and distributed by any bank that causes the validity of this investment to be in question... NONE! 

Really?  NONE?  How about this statement from Wells Fargo:

“Some investors are curious about the Iraqi currency as a potential investment. Expectations for the currency to significantly gain in value against the dollar repeatedly have been disappointed since its introduction in 2004. Considering the illiquidity and fraud risk, Wells Fargo Bank has no plans to trade in the Iraqi currency, and considering that Iraq remains a dangerous place with an uncertain future, we strongly advise investors against taking the risk of buying Iraqi dinar as an investment.”

Do the words "illiquidity" and "fraud" mean anything to you, Bill? 

This is from the BOA website:

"Bank of America, N.A. does not buy or sell Iraqi Dinar (IQD) banknotes, and currently has no plans to offer this service in the future. You may have read on the Internet or heard from friends that Bank of America, N.A. buys and sells Iraqi Dinar banknotes, or has plans to offer this service. This information is not correct.  We urge you to seek the advice of a competent, professional investment advisor before making an investment. You should treat with extreme caution any investment schemes you read about on the Internet, in chat rooms, or hear about from friends or acquaintances."

Then there's this from the state of Washington Department of Financial Institutions:

"The Washington State Department of Financial Institutions is warning consumers about potential scams regarding Iraqi Dinar currency exchange services. While foreign exchange scams are not new, the sudden popularity with the Dinar and resulting consumer complaints to our banking partners is concerning."

Okay, technically that's not a bank but a banking oversight organization, but the point is still valid.  But perhaps the most compelling statement issued by a bank that brings this investment into question came from the Central Bank of Iraq itself:

"According to a report from Al Sumaria News, Iraq’s Central Bank announced on Thursday that it is planning to delete the zeros from its currency, the Iraqi dinar."

In case you didn't know, "delete the zeros" in the world of economics has always meant "redenomination".  In the dinar world it's called a lop, and if they do that investors lose money on the spread and quite possibly lose everything if they're not able to exhcange their dinars for the new dinar or USD.  I'd say that qualifies as  "bringing the validity of this investment into question", wouldn't you?

Here's a memo from 5th 3rd Bank issued over a year ago:

"Effective Immediately, Fifth Third Bank will no longer offer the Iraqi Dinar currency for sale. Fifth Third offers foreign cash banknotes for the convenience of our customers who travel abroad. The bank does not intend for the service to be used as an investment vehicle. The increased demand for this currency due to rumors and speculation has made it difficult for us to manage within the parameters of the program’s intent, which is to provide currency for the travel needs of our customers. Due to the sourcing and customer service challenges this has caused, we are recommending customers in need of the Dinar make use of local currency exchange at their destination. All other currencies we offer will continue to be bought and sold as usual. We will continue to evaluate the Dinar as needed."

But apart from the actual memorandums issued for bank customers, the actions of the banks say it all.  One by one they've quit dealing with the dinar.  The gurus wanted us to believe it was because they knew the RV was imminent and they didn't want to let their dinars go, but that doesn't really explain why they won't buy them either does it?  I don't know about you, but if I'm having trouble finding a bank that will buy back my dinar I'm gonna question the validity of this investment. 

 I don't know why you guys make statements like this that are so easily disproven.  Maybe it's because you and your followers don't know how to use Google.  Or maybe you think nobody will bother to verify your "intel".  Or maybe you're just a douche.



  1. I'll go with "just a douche" for $500 Alex.

  2. Something that needs to be taken to dinar boards. I'm sure we have all seen this document. It's been used for years to pump dinar sales.
    "Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar."

    I always thought the document was old because it states the official rate is $3.208. It hasn't been that since Saddam was removed.

    Well... this is where the doc comes from.
    It states...
    "The Guidance For Technical And Economic Feasibility Studies And Post-Project Assessment Of Development Project (Regulations No. 1 for the Year of 1984 and it’s amendment for the year of 1990)"

    So there it is. The documents was written in 1984 and amended in 1990.

    This needs to spread around.
    Thanks to a guy named Barry on Iraq Business News.

    1. Thanks for the heads up on that, DaveD. But I can't get anything to display when I go to that URL. Little help, please.

    2. If you are getting the blank Arab page, there is an English tab in the upper right corner. The seventh bullet point is a link to the often posted page with the "(1.134) dollar per dinar" quote.

      On another note... did you hear Dinar Daddy's redenominaion talk today. He's finally admitting it's a redenomination they are planning and it's not an RV. He still leaves open the possibility it wont effect the small denomnations. He must be making a mint seeling those things. He charges about $2000 per million for those.

    3. Thanks DaveD. I used that DD info in my new post.

  3. Roger "Dinar Daddy" Dorman has been working very diligently toward rivaling Adam (Wolfyman) Montana as douchebag of the decade. I think when he first started his site his intentions might have been honorable, but as he came to the self-realization that the Dinar RV is a scam, he decided to concentrate his efforts on milking every dime he can out of the fraud before it comes crashing down by doing everything possible to keep the masses from discovering the truth. It began when he blocked all comments, transforming it into a "propaganda only" site. The naive have been taken on a ride they won't soon forget or recover from. When their legions of faithful followers finally learn the truth, there will be no place for these scumbags to hide.

  4. This is what Dinar Daddy posts in his "about us" section.

    "My personal style is straight-forward, simple, clean, organized, no-nonsense, thought-provoking, and honest. I choose to live my life where I move forward with unwavering faith in my Savior, my Country (USA), my Family, and Myself, including impressions I receive and follow through the Spirit. I’m a believer in His “Plan”. I’m also a believer in “The Plan”

    How very telling...


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