I was just about like every other investor I came into contact with. The Iraqi dinar was my first real investment outside of my 401k. I knew nothing about currencies or investing. I took a lot of things at face value. When I was told the Kuwait lie and the Germany lie I believed it hook line and sinker. There were a lot of lies I believed when I first got into this thing. I was about as green and gullible as I could possibly be. When I was writing posts for the blog I just repeated what I was reading in my own words. I never expected it to get as big as it did. The only point of the blog was to answer a few questions for friends and family. Soon my posts were repeated, copied, and pasted in dinar forums all over the community. As if I was some kind of authority.
I really could not understand why the hits on the blog were going up until one day I ventured into a forum and saw what I wrote on the blog. When I found out the truth I removed all the posts that had misleading information. My point of view had changed once I stopped taking the gurus word and dug in to verify the things that were said. The problem I had was that even though I removed these from the blog they were copied and pasted in the forums. There was no way to delete those posts. So the real reason for bringing Iraq Currency Watch back was to set the record straight and correct things I no longer believe. The second reason was to warn all the people who took the time to read my blog. I need to warn them about what is going to happen next. This is so they can make the right choice. These are my only goals. After this post I am done and I will no longer follow this investment. I will remove myself from investment communities and pursue the things that interest me.
I never made any money from this blog. I wanted to stay open and impartial. Making money on ads would color my perspective because now I am no better than the other gurus who make money because the reader believes there is going to be a revalue. These five posts are all about correcting misinformation and speaking the truth. In the first post I gave my personal story about how I got involved with the dinar. In the second post I correct a lot of things I believed at the time but found out later were not true. In the third post we follow the money and you begin to see the truth with this investment. In the fourth post we talk about revalue versus redenomination. We talked about the problems that could make the government unstable. If this happens everyone will lose.
Now I would like to talk about the network set up here in America to move the dinar. This dinar network is a combination of forums dealers and independent research teams. Most are dishonest and on the take. There are some that search for the truth and believe they are doing a good thing. These people don’t believe the things I revealed in the last 4 posts and for the most part are investors themselves like I once was. I hope that once you see the corruption in the way the dinar is sold you will understand why seasoned investors refer to this as a scam. I just want to show you research other people have done so you can be informed. Let this thing be established by more than one witness.
This first site is called Iraq Dinar Money. The column to the right shows a list of dealers and sites. It shows the ones who share the same IP address. It seems some sites are set up as independent analysis. They display Investment Intel and news related to Iraq. They give the appearance of being an independent site. Other sites sell dinar, but they are secretly connected to the analysis site. The illusion is these two sites are separate when in fact they share the same goal and they are one and the same. That goal is sell the dinar by any means. a lot of these sites even share the same IP address. This site is a great source for flushing out the scam artists. They tell lies to sell dinar and entice people into buying. This is also known as pumping
The other site that seems to do a great job at revealing conflicts of interest is called Dinar Douche Bags. This site reveals the real identity of the people lying to you. They have information on how gurus are connected to each other. They show all the con games going on with this investment.
The mission of Iraq Currency Watch has always been to seek the truth about this investment. I will admit I am kind of slow. After all, it took me two years to discover it. So basically I put to the test the things that are said about this investment. Iraqi Dinar Money shows how all the dealers are connected. Dinar Douchebags show and reveal the identity of all the liars. Between these three sites you should know enough about this scam to know that any money spent on the dinar will be wasted and you will lose. That is unless you can find some poor sucker on eBay who won’t listen to reason.
So now I want to talk about how my family and I got our dinar and how members of my family were scammed. When I heard about the dinar I did not dig as deep as I should have because I was looking at other currencies too. Time was limited. I found one of the independent analysis sites that were connected to the dealers. These sites are good at setting up straw men to tackle. When I decided to buy my dinar I purchased it all from Dinar Trade. This site was run by a man by the name of Ali Agha. I saw his clip on MSNBC. Ali sells the real deal. His currency is real dinar and as far as a fair exchange goes and getting real dinar in that department he is more than honest. He backs the authenticity of the currency. So I felt he was reputable.
What I did not realize at the time was how independent analysis sites were set up with Ali. At that time you could go to Dinar Daddy or Franks KTFM site and get hype about the dinar. Their job was pumping. They sent you to Ali’s site to purchase it. When you type in their special code you got a discount on your purchase. I think my discount was around 5 bucks. It was amazing how policy at Dinar Trade and intel by the gurus went hand in hand.
Let me give you an example. My brother had about 100,000 dinar. That’s all he wanted to invest. He did not want to invest anymore. Money was extremely tight and he was barely making it. During the whole summer of 2010 the gurus in the analysis forums said when the dinar RVs the rate will be over 3.00 and it will go up from there. Frank had a rate prediction of around $3.86. Everyone said when it RVs the rate will go up. Ali had a policy that you could lock into a rate after the revalue with 100,000 dinars if you made an appointment with him after the revalue. He would pro rate it.
Ali Agha from Dinar Trade changed his policy. He said that you need to have a million dinar to lock in a rate. At the same time and right on cue the gurus and pumpers changed what they were saying. They now said that when the rate comes out it will be high at first then it will go down. Now if you believe that the rate will go down after the initial RV and you now know that you need a million dinar to lock in a rate, what are you going to do? You are going to beg borrow and steal to get more dinars so you can maximize your profits right? Well my brother purchased a million dinar from Ali and he put in his code for his discount. I had other family members that sold family air looms for cheap to get the money to buy more dinars. I don’t know how much more money the dealers made as a result of this. I began to suspect that the pumpers were getting kickbacks from Dinar trade. My suspicion was this. The real reason for the discount code was to give commissions to the proper pumpers, and to credit those guys for the sales. Frank had his own code and Roger had his. This became more apparent later when Roger Dorman went on his own and started Treasury Vault. He introduced his wife Angela as the owner of Treasury vault as though she was just an acquaintance. My brother was scammed into buying 1,000,000 more dinars even though he was fine only holding 100,000.
Ali has had legal issues as well
Here is an insert from that legal case,
“From on or about January 1, 2008, through the date of this Order, Dinar Trade has exchanged approximately $4,400,000.00 into Iraqi dinars in approximately 5,000 transactions for residents of the State of Arkansas.”
It makes you wonder just how much dinar has been sold and is sitting here in the United States. Does anyone know? Please leave a comment if you do.
Dinar Trade started another policy that turned out to be beneficial for Ali. That policy was buying dinar on reserve. This is how it works. Let’s say you wanted to buy 10,000,000 dinar. Now Let’s say you did not have all the money for that much dinar. You could put 10 percent down. The dinar was held out in reserve. You had 30 days to come up with the rest of the money. If you did not come up with the money you lost your reserve and you lost your deposit.
I know a lady at the Starbucks where I work she used the reserve to try to get a million dinar. She put $100.00 down and she was not able to come up with the rest. She lost her money. She told me the gurus at the pumper sites where predicting it would RV within the month so she thought she would buy dinar on reserve put in the discount code and pay for it after the revalue, And that is how that scam worked. Who knows how many people bought dinar this way and lost. The dealers are making money because they don’t even need to provide the dinar in the transaction. They just sit back and collect, and the pumpers get their commission
Later on Ali closed down. Dinar Daddy’s owner, Roger Dorman with his wife Angela Dorman starts Treasury Vault. They have the same policy concerning reserve but they changed it. If you don’t meet the reserve time instead of losing all your money you get the equivalent deposit in dinar.
Around the end of April first part of May in 2011 Ali closes Dinar Trade. His excuse at that time was someone was making threats to his family. Now Ali is opening for business again. He just sent me an email.
To all of our valued and loyal customers and friends,
We would like to thank you for your continued loyalty and support. We have received overwhelming response to our newly introduced “Guarantee Reserve Program,” allowing you pay the initial 10% purchase amount with no obligation to pay the remaining 90% balance. If you choose this, you still will receive the 10% amount in Dinars.
Unlike other dealers, all of our currency programs are backed 100% by the capitalization of Dinar Trade. The “Guarantee on Reserve” program ensures the full amount of Dinars that you reserve are kept in our secure vault. Other dealers have often imitated our reserve program, but cannot match our customer service and industry-leading services.
So now he is back?………. He gives an interview on blog talk radio
In the link above is a call on Blog Talk Radio. The call is between Ali Agha and Roger Dorman. He talks about opening up his business and he talks about his contacts in Iraq. I believe Ali does indeed have contacts in Iraq. I think he is well-connected.
This whole thing puzzles me. I strongly suspect his real reasons for closing down and starting up again are different from what he says in this call. The timing is too suspicious to me. When Ali closes down it was just one and a half months later in June that Iraq announces their redenomination. They announce new lower denominations that will be printed with Kurdish symbols. The last video in the last post goes into detail about this.
Now this redenomination has been put on hold. The date of this article is April 14 2012.
“BAGHDAD, April 12 (Reuters) – Iraq has decided to hold off on a plan to knock three zeros off the nominal value of bank notes of its currency because it does not believe the economic climate is suitable, the cabinet secretary said on Thursday.”
We talked about the fact that Shabibi released 6.5 trillion more dinars into the money supply. Now all of a sudden Ali opens up for business once again! I think the dealers, pumpers, gurus, and even Iraq thinks we can get a little more milk out of this cow. These are my suspicions. I would like someone to provide evidence that proves otherwise.
DinarTrade.com has been around since May 5 2004. It was registered out of Bakersfield, California by Maria Agha. The site is run by Ali and it was started with his father. Now Ali is moving his headquarters to Las Vegas. The main Office will be there. He says the reason for this is because of threats on his family. I think the real reason may be because he thought the dinar was going to redenominate so he closes up shop. Then they postpone the redenomination a few years so he reopens in Vegas. He chooses Vegas because he is getting killed on taxes in California. Nevada has no state income taxes. This whole thing just smells funny to me. Why is Roger on a conference call with Ali? Isn’t he a competitor now? Treasury Vault competes with Dinar Trade right? Or does it? Rogers’s wife runs Treasury Vault. I noticed that Frank was missing from the call. Of course I downloaded the call and it is now in my archives.
It is stuff like this that causes me to suspect that when the redenomination comes and a new ISO number is issued the dealers will all pack up and go into hiding. They won’t buy dinar anymore because they won’t be able to sell it to new investors and they won’t trade it in because there may be issues with returning the currency to Iraq.
“Wait but Ali will provide liquidity because he owns a bank in Iraq right?”
Here is a list of all the banks in Iraq.
Central Bank of Iraq
State owned banks
Industrial Bank of Iraq
Agricultural Cooperative Bank of Iraq
Real Estate Bank of Iraq
Bank of Iraq
Trade Bank of Iraq
Ashur International Bank for Investment (Mobile: +9647700224514, +971505589633)
Kurdistan International Bank for Investment and Development
Bank of Baghdad
Basrah International Bank for Investment
Commercial Bank of Iraq
Credit Bank of Iraq
Dar Es Salaam Investment Bank
http://www.dfdi-bank.com/english_index.html (Dijlah and Furat Bank)
Economy Bank Iraq
Gulf Commercial Bank
Industrial Union Investment Bank
Investment Bank of Iraq
Iraqi Middle East Investment Bank
Union Bank of Iraq
United Investment Bank
Ali Agha is not listed as the owner of any of these banks. In fact these banks have not changed owners since 2006.
If you want to find out anything about dinar lies or anything about dealers or pumpers just use these three sites. Iraq Currency Watch, Dinar Douche Bags, and Iraq dinar money,
Let’s say you want to know more about the site dinar vets. Start by going to Iraq dinar money and search for the Site and its founder
Now let’s say you want to find out more about Adam Montana. Adam wrote a book and in this book he claims he is a Harvard graduate. Let’s say you want to know more. Well a quick dig and you discover that Adam is not this guy’s real name. Over at dinar Douchebags you can discover his real name which is in fact James Wolf,
Sam I Am has way too much time on his hands but he is uncovering some interesting things. He did analysis of Adams voice from a conference call and found his ski video on You Tube. Voice analysis confirmed that James Wolf is indeed Adam Montana.
This You Tube channel has videos revealing this guy. James Wolf AKA Adam Montana sells some VIP membership on his site which promotes giving financial advice after the revalue. I looked at Harvard. There is no record that I could find of one James Wolf ever graduating from that university. If anyone has a record of this please share. ummm James I know your reading this!!!
These are the kind of things associated with this currency that make real investors consider this whole thing a scam. Can anyone name another currency that is lied about so much?
Internationally Traded Currency
The big question I get from people is how will Iraq be an internationally traded currency if they redenominate? This is a step in the wrong direction isn’t it? The banks will trade it in after the RD, RV, RI or whatever. This is because the currency will be internationally traded right?
My response is this. Are the banks taking the dinar now? There used to be several in my area. There are none now. The dinar is only meant for use in Iraq. It is a pegged currency and it does not float. Right now it is not an internationally traded currency. But let’s consider for a moment that Iraq wants their dinar to be internationally traded like some of the other currencies on Forex.
Iraq’s currency could become an internationally traded currency after the redenomination process is finished. In other words they redenominate and you miss the trade in period because you are unable to exchange the old denominations for the new denominations. After the trade in period expires and the process is over then the new dinar becomes an internationally traded currency. No one knows for sure that they will redenominate and become an international currency at the same time! Just like no one knows that they will redenominate and dedollarize at the same time. They may choose to dedollarize long after the redenomination process.
Consider this, It would benefit Iraq to redenominate in country only and get rid of all the old currency outside its borders without providing liquidity. It would not need to send the billions of US dollars back to the United States that it once got for it’s now worthless currency in the first place. They won’t need to print as many lower denominations saving even more cost on the redenomination.
But I just want the new notes not the US dollars so what’s the problem?
The problem seems to be that there is a liability issue with the new notes. Even though you may want those notes now there will come a time when you will want to trade that new note for the US dollar. I tried to calculate just how much dinar is in the United States. I think that there is at least 2 1/5 trillion dinar here in the states. (Not sure of exact amount) If this is the case that means that over 2 billion US dollars are in Iraq because of this. Why would Iraq allow new denominations to come to America? Won’t Iraq be on the hook for that much money? Oh wait we all know how honest the politicians are over there right? You can trust the guys running that country half way around the world. (note the sarcasm) In your heart……What do you think Iraq is really going to do?
I really started this post thinking it would be my last, but this post is already getting way to long. So I will need to stop here and do one more. I want to talk about who really owns the central bank in Iraq. This post is already way too long to include all I want to say. I guess writing blog posts are like eating potato chips You can’t just eat one.