On the heels of last month's list of articles and statements about the Iraq Dinar Scam comes another Forbes article entitled Dinar Deception Driven by False Hope. The author discusses the faltering value of the dinar within Iraq which prompts the question, if a substantial revaluation of the dinar is imminent why are so many Iraqis abandoning the dinar for the US dollar? Some of the gurus might suggest that this was their plan all along, to get the dinar out of circulation in Iraq by having Iraqis turn to the US dollar. But another article tells us why.
During the past month of violence, the Iraqi dinar’s value has fluctuated radically. Now black market money men are using Iraq’s poorer passport holders to take advantage of a government measure to stabilise currency.
In the middle of a long queue waiting to enter a branch of the Rafidain Bank, Iraq’s state bank and its largest, is Baghdad woman who wished only to be known as Sadoun. She’s waiting in the queue to exchange her Iraqi dinars for US$500. Although she’s not saying so now, when she gets in there to the tellers, she may well pretend she is going overseas. She may even show her passport with a forged international visa stamped inside it. This allows her to take advantage of a recent government subsidy meant to artificially maintain the Iraqi dinar’s value; the state bank buys the dinars at a higher rate.
In Sadoun’s case, she will exchange IQD1,900 for one US dollar. In the unofficial exchange shops, which are found throughout Iraq, she would exchange around IQD 1,200 for one US dollar. So that difference of around 10 percent makes the waiting in this queue worthwhile.
Sadoun is not the only person doing this. The fresh round of violence in Iraq which has seen over 500 dead in May, among other factors like politics, unresolved financial issues and regional conflicts, has caused dramatic fluctuations in the value of the dinar against the US dollar. Most Iraqis use dinars for small purchases, like groceries, but use US dollars when buying bigger ticket items – one of the main reasons for this is that they don’t need to carry around bags of cash in dinars, they need only take several bills in a wallet.
As local economist Majid al-Suri told NIQAS, “the decline in the dinar against the US dollar since April can be attributed to many political issues, as well as security and financial administration problems. This has seen many merchants and businessmen transfer money outside the country, exchanging their Iraqi dinar for dollars because they’re afraid the dinar will only become more unstable. A few months ago, Iraq’s central bank was selling around US$50 to US$150 million a day,” al-Suri explained. “Now demand has increased and it’s selling more than US$400 million a day. That’s a huge increase.”
http://www.iraq-businessnews.com/2013/06/01/dodgy-dinar-fake-passports-in-bogus-banking-currency-crisis/
In the middle of a long queue waiting to enter a branch of the Rafidain Bank, Iraq’s state bank and its largest, is Baghdad woman who wished only to be known as Sadoun. She’s waiting in the queue to exchange her Iraqi dinars for US$500. Although she’s not saying so now, when she gets in there to the tellers, she may well pretend she is going overseas. She may even show her passport with a forged international visa stamped inside it. This allows her to take advantage of a recent government subsidy meant to artificially maintain the Iraqi dinar’s value; the state bank buys the dinars at a higher rate.
In Sadoun’s case, she will exchange IQD1,900 for one US dollar. In the unofficial exchange shops, which are found throughout Iraq, she would exchange around IQD 1,200 for one US dollar. So that difference of around 10 percent makes the waiting in this queue worthwhile.
Sadoun is not the only person doing this. The fresh round of violence in Iraq which has seen over 500 dead in May, among other factors like politics, unresolved financial issues and regional conflicts, has caused dramatic fluctuations in the value of the dinar against the US dollar. Most Iraqis use dinars for small purchases, like groceries, but use US dollars when buying bigger ticket items – one of the main reasons for this is that they don’t need to carry around bags of cash in dinars, they need only take several bills in a wallet.
As local economist Majid al-Suri told NIQAS, “the decline in the dinar against the US dollar since April can be attributed to many political issues, as well as security and financial administration problems. This has seen many merchants and businessmen transfer money outside the country, exchanging their Iraqi dinar for dollars because they’re afraid the dinar will only become more unstable. A few months ago, Iraq’s central bank was selling around US$50 to US$150 million a day,” al-Suri explained. “Now demand has increased and it’s selling more than US$400 million a day. That’s a huge increase.”
http://www.iraq-businessnews.com/2013/06/01/dodgy-dinar-fake-passports-in-bogus-banking-currency-crisis/
So the author tells us that violence has contributed to the decline in the dinar's value within Iraq, and the popularity of the USD. He goes on to discuss the smuggling of US dollars into Iran which is also affecting the market value of the dinar. So unless you think that "The Plan" included hundreds of people being killed by terrorist bombs and US dollars being smuggled into Iran, I'd say that it's not very likely that this is all leading up to a huge increase in the value of the dinar.
I’d like to offer a few observations on the article.
First, it’s obvious from the article that Iraqis still have dinar, and plenty of it. (Cash outside of banks for April is tentatively showing 33.4 trillion. By the way, the M2 is still climbing as well - at 78.8 trillion as of March.) All the talk we’ve heard from gurus about how there’s nothing but US dollars being used on the streets of Iraq is BS. Some claim that only wealthy Iraqis have dinar, but here we see that poorer Iraqis have access to dinar as well.
Second, we have heard a number of gurus assuring their followers that everything in Iraq is just peachy keen. Sure, there’s a few bombs going off but so what? More people are murdered in Chicago every year than in all of Iraq (which isn’t true, by the way). But this article points out just how volatile a situation Iraq is currently dealing with. Contractors are pulling out until things calm down. Construction has stopped. All of this affects the market price of the dinar, of course. And yet the gurus insist that everything’s pointing to prosperity for Iraq and a higher value for the IQD. Why do they say that? Because if they told their followers the truth their numbers would go down, and that’s what it’s all about. Keeping the faithful on board so they can carry on the con as long as possible.
And finally, when Shabibi was removed the dinar world was subjected to endless guru babbling about what it meant for the RV. Some said that Shabibi wouldn’t RV so Maliki replaced him. (Apparently that was wrong because Shabs has been gone for over half a year and no RV yet.) Some said that Shabibi wanted to RV but Maliki wouldn’t give up any power and Shabs didn’t want Maliki to become a dictator with all of Iraq’s post-RV newfound wealth. Others just thought that Maliki didn't want to RV because he is evil and wants to keep his people poor. But here we see what Shabibi’s removal was really all about. There was a dispute between Maliki and Shabs over how to deal with the issue of dinar being smuggled into Iran. It now appears that by removing Shabibi Iraq is left with a chaotic situation that is taking a toll on the dinar’s value in country. If they bring Shabs back it might help them to get the smuggling under control and bring the market price up, but it likely won’t raise the official value of the IQD one iota. Once again, the gurus are proven to be clueless.
Also, in May a reader sent me some very interesting links. You can draw your own conclusions.
https://www.docketalarm.com/cases/Kansas_District_Court/2--12-cr-20041/USA_v_Renfrow_et_al/
http://www.justice.gov/tax/RRenfrow_Memo_and_Recommend.pdf
http://www.leagle.com/xmlResult.aspx?xmldoc=20091289612avfsupp2d677_11242.xml&docbase=CSLWAR3-2007-CURR
http://archive.recapthelaw.org/ksd/85758/
I then did a bit of digging on my own and found these links.
https://www.facebook.com/#!/raymondrenfrow
https://www.facebook.com/#!/tony.renfrow.1
http://www.youtube.com/watch?v=7Fmh15GNniQ
http://www.youtube.com/watch?v=_tPF_ZVOJNw&list=PL9674627430FCC1D6
http://www.dinardaily.net/t10264-ray-ren-ptr-trust-expert
Until next time .....
Thanks again Sam. If we listen to the spinsters and hype creators then we will hear how its all a plan by the powers that be to "suck" dinar out of circulation. Of course this is false just like all of their claims have proven to be.
ReplyDeleteThe fact is that even Iraqis don't want dinar. Maybe Southwest Pumper Guy can talk to them about their "wealth" and future economy.
Then their is the favorite pumper line about the dinar going "international". LOL.....this one is classic. All they need is an internationally traded currency for it to increase in value by hundreds or thousands of percent. Yeah right. Slick tounged spewrews sure cant make it sound believable though. International? Who would want to buy dinar outside of Iraq when nothing on earth can be bought with dinar except in Iraq? Iraq is owned by Iran, on the brink of governmental collapse, full of corruption and murder, and completely backwards as a society. Yeah....everyone just cant wait to be able to "internationally" trade dinar. What a joke.
OK SWPG. Lets continue our debate here. You said in your last statement that you agreed that economist say that a 100,000% RV is impossible and in the same paragraph say that if anyone can do it that it would be Iraq. LOL Then you constantly go around spewing false hope to everyone about the impossible that you said economist said cannot happen. I wonder why you do that. Hmmmmm.
You know what? Don't take my word for it. take John Jagersons. Ever heard of him? Let me post his credentials . You know about those right? O nevermind.....you seem to like to leave those off of the people you "interview".
Continued below.
I graduated from Utah Valley University with a degree in Business Administration where I emphasized in accounting and finance. I later completed the PLD at Harvard that has a strong international business focus. I have spent most of my career as an entrepreneur, which led me in two directions that eventually converged to form my current occupation. The first direction was to become involved in private equity (AKA venture and angel capital), which gave me experience in investment and risk analysis. The second was my experience (early in my career) importing products and equipment from Asia. While I was doing that I was frequently hedging currency risk and the currency-trading bug bit me. I haven’t turned back.
ReplyDeleteIn 2003 I left entrepreneurship briefly and went to work with Investools, which was a roll-up of several online companies focused on investor education and information. Investools later acquired the options-brokerage thinkorswim (Barrons’ #1 rated), which was later acquired by TDAmeritrade after I left the company. I was a Vice President at the firm and was responsible for content, training, and client education. Working at thinkorswim Group I had the opportunity to get to know how individual investors work. This gave me a lot of insight into the biggest mistakes they make as well as the commonalities among successful traders.
For a brief period I was also a principle for a small CTA (NFA registered) focusing on forex trading, but left the industry when regulation changes in the U.S. pushed so many domestic traders overseas. I currently still write two option advisory letters that have done well. I ended 2011 profitably, which is “pretty good” in my book even if I didn’t blow the doors off.
I have written three books published by McGraw Hill. Two of these were about the international currency market or “Forex”. The third is on gold investing. I am currently writing a book on the coming (in my opinion) bond market collapse. I regularly write and record videos for online publications including Nasdaq.com, Scottrade, International Stock Exchange (ISE), LearningMarkets.com, Mint (an Intuit company) and Alpari among others.
OK that was not brief and I apologize for that but I thought it would be helpful to make sure that people wondering about the dinar know that I am not just speculating. I have experience in this business and I can show them how to find real information for themselves.
How is that? Is that someone you would like to interview or would you like to go with a imaginary person again so that you can fill your sheeps heads full of conspiracy ignorance again with his "replys"? If you would like to interview him then I am sure he would like to as well since he has stated he would agree to interview with or debate any spewrew out there any time. O wait........Sam has already done the work for you.
http://dinardouchebags.blogspot.com/2012/01/interview-with-john-jagerson.html
Hmmmmm....seems he says the dinar is a pipe dream. So should we believe him with epic experience or you with hype nonsense constant pump? I think its obvious the answer to that. If you interview him then your sheep will see that a RV that in your "opinion" can happen is fantasy. If you don't interview him then your sheep will know why and see you for what you really are. I am sure Skeptic over on DV will be happy to post this there if he hasn't been banned yet.
Last week my friend's cell phone got a call from an "unavailable" number. Didn't answer it but noticed it dropped into vmx. The message was from an unknown female telling her that if she were to call (480) xxx-xxxx, she would get valuable information about turning $500 into $5 million by next month. Side bar....she knows nothing about the IQD. She called out of curiosity and the woman told her that if she were to send her a check for $500 that she guaranteed her a $5 million return in June. Long story short..she explained the whole dinar thing to this complete stranger! Now...can anyone top this bold piece of crap? Unbelievable...
ReplyDeleteSeparately, a close friend of mine bought dinar the same time as I did (we were suckered together). I sold my dinar back in July, 2011. He didn't have much and forgot about it. He finally went to the local pawn shop a couple weeks ago to sell them back. He was offered $500 for 1 million dinar. I thought that was low and suggested he try using an online dealer. The advertised buy prices from TampaDinar and DinarBanker were higher. He tried TampaDinar first. He sent all the data they requested and told him to wait 3-5 days for a confirmation e-mail to send in the dinar (Apparently, the sleuths at TampaDinar want to confirm you're not laundering money, LOL!). The e-mail never arrived. He called. The clueless idiot at the other end didn'tknow the hold-up and couldn't get ahold of the right department to get an answer. But he promised to track it down and swend my friend an e-mail update. Never happened. So he moved on to DinarBanker. DinarBanker also asked to confirm his identity and told him he would get a confirmation in 1-2 days. That was 5 days ago. It still hasn't arrived. You would think that a currency that is about to appreciate so massively and rapidly that it wouldn't be so difficult to sell them. Interestingly, it is incredibly easy to buy dinar from both these dealers. No ID confirmation. No pre-approval needed. Just send in your cashiers check or money order and they can have dinar to you the next day. They aren't the least bit worried about money laundering during the purchase. That, to me, illustrates why this mania is considered a scam by so many people.
ReplyDeleteThat doesn't surprise me in the slightest, networth. If you read the disclaimers on the "buy-back", they nearly all say the same thing. Eg: "We have the right to refuse a shipment" (Tampa) / "Your submission of this form does not obligate The Currency Vault to purchase your currency notes from you", etc.
DeleteHow many serious banks do you know who'll sell you Euro's for your vacation in Europe, then refuse to change any left-over money back into $? Their "money laundering" claim is a joke, as:-
A: Even most "registered" Dinar sellers don't import their Dinar from Iraq, but rather 3rd-hand via Jordan, and...
B: It only applies to sums of $10k and above (the 1970 Bank Secrecy Act and sections 5311 through 5332 of Title 31 of the United States Code require only cash above $10k to be reported on a CTR (currency transaction report). You can easily pay $1,000 cash into any bank account or change it for foreign currency without question. Dinar sellers claiming to need to "verify your identity" for $500 are lying through their teeth as a stalling tactic.
Other laughable rip-offs by Tampa at time of writing : "Buy 1,000 Chinese Yuan for $220 or 100,000 South Korean Won for $137 or 1m Vietnamese Dong for $98". LOL. Reality check : even TravelEx will give you at least 1,188 Yuan / 130,000 Won / 1.8m Dong for same $220. 1 gram gold bars are even more of a joke - $90 per gram from Tampa (it's $60 per gram elsewhere)...
It is indeed a scam.
As a follow-up (if anybody cares), my friend called DinarBanker and told them he had not yet received his "confirmation e-mail". They told him they were waiting on his proof of purchase from them (although they never told him that until he called). He advised them that he didn't buy his dinar from them (we bought from Dinar Trade about 3 years ago). As soon as they learned that, they were no longer interested in buying his dinar. They didn't want the risk (as they described it). What "risk" could it possibly be, he asked them? The pawn shop was willing to buy them on the spot but the price was very low. They claimed they couldn't vouch for the authenticity of them. What a laugh riot. So he moved on the DinarTrade. They, too, offered to buy dinar on their website. Their process requires the user to provide a bank account and routing number over the internet so they can electronically transfer the money to your account. Obviously, he is not going to that with these shady characters. I don't know what he is going to do next. Maybe he'll just go back to the pawn shop and take his lumps. But isn't it funny how incredibly easy it is to buy dinar, yet how incredibly difficult it is to sell them back to the same people that sell them? There are all kinds of objections, obstacles and deterrents. Fortunately, it's not that big of a deal to my buddy. He doesn't really need the money. He is just amused by the whole charade. If a currency is about to massively appreciate and make millions of dollars for so many people, why is it so incredibly difficult to sell them?
DeleteGee.....what happened to SWPG? I guess he isn't use to a site that doesn't ban anyone who uses logic and facts in their posts. I could see how it might be a little intimidating for him. Lots of "negative" people over here. Nothing like the "positive" crowd over at DV. LOL
ReplyDeletehttp://www.dinarrecaps.com/1/post/2013/06/sad-news-of-swfloridaguys-passing.html
ReplyDeleteNot sure I even believe this
Well.....from what is being said over at DV, SWFG has supposedly passed away in his sleep at 32 years old. Nothing to confirm it other than a member of DV supposedly speaking to his sister who said that he past. It seems his facebook page has been deleted and no other confirmation of any kind has been presented. Maybe you can look into it Sam. I really wouldn't even know where to start looking.
ReplyDeleteI understand the skepticism and cynicism. There's so much deceit and fraud in the dinar world. But I'm going to have to assume that this news is true and offer my condolences to friends and family. We had exchanged emails and were pursuing a friendly dialogue over the past week or two. It's very sad. If I learn anything more I'll pass it along.
ReplyDeleteFrom what I can tell, he had not posted anything on any forum in over a week. This is unheard of for a guru. Some members over at DV have pointed out that there is no information from where he supposedly lived about his passing. The only two accounts of his death are from Roger at DD and Stryker.
ReplyDeleteFrom what others have said on dv I can only conclude two things.....either he's on the run or he committed suicide because all of his social network sites are shut down and no one can find anything on him.
DeleteFrom what I read nothing is said about when he passed. He emailed me May 30 wanting to correspond and I answered him on June 3 which was the last day he posted at DV. I wondered why he wasn't getting back to me. I suppose it's possible he was alone and they just found him yesterday. I'm sorry, I just don't have any details at this time. I'm sure more will come out over the next week or so.
DeleteI read the posting about SWFG and interpreted it as relating to his persona or screen name, not to actual human being named Dan Huse who posted as SWFG. His "passing" never once referred to his name. I think his "passing" refers to his days as a guru or some sort of dinar pumper. The announcement on DinarDaddy referred to a pumper named "Poof" also passing away. I found it too coincidental that 2 dinar clowns would "pass away" at the same time. There certainly should be an obituary or death notice if Dan Huse and whoever posted as "Poof" passed away. I'm not trying to be cynical and I am sincerely sorry for their family and friends if they, indeed, passed away. But it never crossed my mind that the actual individuals who posted as SWFG and Poof passed away. I took the announcement as a declaration their screen names, their online personas, their days as some sort of dinar authority were done. I figured they probably tired of continuing the charade in the face of such obvious fraud and decided to get out.
ReplyDeleteI would rather assume that this is true and be proven wrong than assume that it isn't true and be proven wrong. I'm confident that the facts will unfold soon enough. Recently there was a story about Okie's son dying. I looked around and I found an Oklahoma obit for a man with the same last name and comments at the bottom expressed their sympathies to Lonnie, so I took that as confirmation. Then a couple of weeks ago there was a report that Okie was hit by a tornado. While I couldn't find any evidence that a tornado had been spotted in his area I did see that a strong thunderstorm system passed through the night he was supposedly hit. A follow up report said that Okie's house wasn't hit by a tornado but by a bad storm that blew a tree over and blew his windows out. Straight winds and microbursts can do that. My point is that it's just as wrong to always believe that people are lying as it is to always believe they're telling the truth. You just have to stay with the facts and sometimes it takes awhile for them to surface. I can wait.
ReplyDeleteI'm with you on that one Sam, but I wonder why his social media accounts were deleted. Two people I know passed away (one used to be a pretty good friend) within the past year, and both FaceBook accounts are still active so friends can post pictures, reminisce, etc. Seems kind of odd that his would be erased. Then again, some folks grieve differently too, I guess.
DeleteI never talked to dan, or really had any interaction with him at all, but he did indeed die, call the coroner, he did die, but there not saying how he died, there saying there is an ongoing investigation. sad. I would hope the haters on here would show some class like sam has.
ReplyDeleteI bet the coroner is sick and tired of a bunch of people calling nonstop about some guy they only knew as a character on the web.
ReplyDeleteWhat coroner should I even call? I'm sure the coroner releases that information to any schmuck that calls anonymously.
DeleteOk DV Family Daniel Scott Huse age 32 was sent to Moore Funeral Home yesterday in Private Funeral and buried Yesterday 6/11/2013. Moore Funeral Home said there won't be an Obituary on his Death! Rest in Peace SWFG!
ReplyDeleteRead more: http://dinarvets.com/forums/index.php?/topic/150902-swfg-passed-away/page-17#ixzz2W0txzK1J
Now the mindless over at DV are attempting to blame it all on the investigative work done on this site by Sam and other members. What a joke.
ReplyDeleteAll I did was compile a list of things that he had said and debunk them. Then I said that he was a MMA fighter which he himself had stated. Then I linked to a mugshot after a reader brought it to my attention. I didn't put the photo out there some other site did, and when he told me that those charges were dropped I removed the link. Dan seemed okay with what I was doing except that he felt that his background was being misrepresented. When I removed the link to the mugshot he thanked me and sent me an email apologizing for some of the things he said and asking if we could correspond, which I agreed to. There is no evidence that whatever happened had anything to do with this blog.
DeleteAgreed Sam. For them to even suggest that this site had anything to do with what happened is about as logical as the make believe "RV" that they have all been brainwashed into believing is a real thing. Their ridiculous claims are actually typical of their delusional state of mind.
ReplyDeleteAs a final update (if anybody still cares) my buddy was finally able to sell his dinar back. The TreasuryVault bought them for $825. They didn't care where they were purchased and he didn't have to validate his ID. He did have to mail his dinar and trust that they would send him a check. To their credit, they did. He still lost a couple hundred bucks based on what he bought them for but, it's not going to break his bank. The whole fiasco reinforces what a scam this is. Currencies (especially ones that are about to massively revalue), should be incredibly easy to sell. In fact, you would think the dinar clowns would be all over the place trying to gobble up every possible dinar they could get their hands on if they truly believed their own hype. Oh well. It will be a funny story to tell to the grandkids someday.
ReplyDelete