This Week's Douchie Winner - Jonnywg

10-7-2011 Guru Jonnywg I have just received a call that will disclose some information. The bank screens show that there was continued transactions from institutions. This by IMF law means if an rv has taken place…[and this is NOT CONFIRMED] we will have it shown to the public within 24 hours…about 5pm EST from our calculations. But there are 150 countries in 4-6 baskets and it is from the last one…so say tomorrow am at the latest. Also there will be more banking rates released closer to 5pm. The dong is in the 1st basket and the dinar the 4th or 5th. We are progressing but no cash yet.  At 5 pm I will try to nail down time frame but I feel if not by 5, then the will have to start a new trilateral agreement and confirm rate. The current rate posted is $5.60 USD.  

 10-7-2011  Guru Jonnywg i have just talked to the finance department and i have good news. the rates published yesterday have stabilized. 5.77 usd appears to be going forward as the active rate…the industrial/commercial activity has increased at one of the banks and remains constant at the other we feel at this time that a major effort to reach the rate agreed on in the trilateral agreement has been reached. $5.77, THUS OUR OPORTUNITY COULD BE REALIZED BY 3PM EST…also ther was activity in trading the VND in the same manner…i am not declaring an RV..but this information is real…we hope we are close to the end

10-7-2011 Guru Jonnywg  FYI: I would like to share the following that the MT 527 codes were activated at 6am…Thursday …as at 10 am the codes were changed to represent two different banks in IRAQ…one for CHASE THE Bank of Bagdad TRIQBA575 AND ONE FOR WELLS FARGO The warka Bank WAIVIQBA577…THESE ARE ACTIVE CODES…NOTE THAT A RATE GOES WITH EACH CODE $ 5.75 AT ONE BANK AND $5.77 AT THE OTHER…today as at 8am est i will post the codes again and new rate. These codes are connecte from bank in usa to their clearing supplier bank in IRAQ although little detail available multiple transactions in dinar happened and were on the screens…this information was verified by an IMF contact…it is believed to be cashins by small countries and large holders.  i was informed that the IMF is acting behind the scenes to adjust the rate… this does not guarranttee an RV as the IMF has to hit the rate guarranteed by the unilateral agreement between usa/iraq.  

Can anybody tell me what the hell this new guru is babbling about?  IMF laws!  Trilateral agreements?!? Currency baskets!  MT 527 codes!?  WOW!  I'm impressed!  There's an old saying that if you can't dazzle them with brilliance then baffle them with bullshit.  I think we have a case of the latter here.  What a douchebag!

David Pratt's Injunction

If you've been around the dinar world for very long you've probably heard of David Pratt, the man who has either infuriated or scared the crap out of most dinarians.  He claims that the only way to be safe with this investment is to procure an electronic account since the paper currency won't be honored upon an RV.  And of course he would be happy to help you set up your electronic dinar account for a modest fee.  Anyway, Mr. Pratt ran US Dinar Bank which then became US Dinar Ex (seems that they weren't a bank so they had to remove the word "bank" from their name), all three of which are listed in this injunction .  If you don't want to read all the way through this document I'll just hit the highlights for you.  

1. Pratt wasn't properly registered. 
2. Pratt offered dinars at a “discount” for between 75 and 85 cents and stated dinars would be listed on FOREX, the foreign exchange market. Pratt stated “the Dinar will open trading at between $1.50-$2.00 minimum.” Pratt projected the Dinar to rise “within days to the $3.00-$3.50 range.”
3. Pratt made fraudulent claims and omissions.

Well apparently Mr. P just regrouped and registered a new domain name and launched a new site called Dinar Fund, because when we went to www.usdinarex.com we got this message.

 

I guess old douchebags never die.  They just get a new domain name.

Dinar Fact Sheet

This document purportedly from the US Treasury was emailed to a member of the Dinar Vets forum back in August in response to an email he sent them about the dinar.  You can click on the image above to view the actual pdf.  It states the following:

The U.S. Treasury does not hold Iraqi dinars. Official U.S. foreign exchange reserve assets are comprised of euro, yen, gold, and Special Drawing Rights (or SDRs), an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves.

• A redenomination of the Iraqi currency would not lead to a revaluation by the same amount, and may have no effect on the currency’s value. Under a redenomination, a new currency replaces an old currency, but the value of the currency remains the same. On June 21, 2011, the Central Bank of Iraq (CBI) announced that it would be implementing a redenomination of the Iraqi dinar. Under the proposed redenomination, the Iraqi government would issue a new dinar note that will be equivalent to 1000 current dinars. The exchange rate would be 1.17 new dinars to the dollar, equivalent to 1,170 current dinars to the dollar.

• As a sovereign nation, Iraq has the sole responsibility for the management of its currency. The U.S. government is not in a position to revalue, or prevent the revaluation of, another country’s currency.

• The Iraqi dinar has been pegged at 1,170 dinars to the U.S. dollar since early January 2009. From 2006 to 2008, the CBI allowed the currency to appreciate by about 20 percent, primarily as a way to combat inflation (see chart at right). Inflation peaked at more than 70 percent in 2006 and has remained below 10 percent since early 2008.

• The Treasury Department does not prohibit U.S. citizens from exchanging dinar for dollars. Treasury is not aware of any U.S. financial institution engaged in the exchange of Iraqi dinars though there are some online money services businesses (MSBs) that advertise this service. Treasury requires certain MSBs to register with the Financial Crimes Enforcement Network (FinCEN), but does not recommend or endorse any such business.

• Executive Order 13303 does not pertain to U.S. citizens’ investments in the Iraqi dinar. The Order protects assets of the Development Fund for Iraq (DFI) and other Iraqi assets from legal attachments or liens. The Coalition Provisional Authority created the DFI in 2003 in order to promote the transparent use of Iraqi funds for purposes benefiting the people of Iraq. 

While the document doesn't have a government letterhead it's the closest thing that I've ever seen to an official statement from our government on this investment.  Nothing of this nature has ever been produced by pumpers or gurus to support their claims to my knowledge.  Still looking into this.