On Friday the 22nd. I was on a conference call Chuckles owns and runs Dinar Dater, Scooter Owns and runs Scooters Currency Diatribe, and Ten Million owns and runs Tens Dinar Den. The call was hosted by Proteus, He owns and operates Revalue.us
Check out the websites of everyone who was on the call for more information about them. The links are below,
Proteus asked a question concerning the CBI Law
Here is what the articles in question says,
ARTICLE 31 – Unit of Currency
The National Monetary unit of Iraq shall be the DINAR.
Article 32 – Issuance of Currency.
1. The CBI shall have the exclusive right to issue banknotes and coins INTENDED for CIRCULATION in Iraq. Banknotes issued under this Article shall be the first charge on the assets of the CBI. The CBI shall make appropriate arrangements for the issue of its banknotes and coins for circulation in Iraq. Banknotes and coins issued by the CBI and intended for circulation in Iraq are not: promissory Notes, Bills of Exchange, or any other type of commercial document under the applicable commercial law, and the CBI is obligated to honor them only as provided for in this Law.
2. Only banknotes and coins issued by the CBI that have not been demonetized shall be legal tender in Iraq.
3. The CBI shall be responsible for the supply of Iraq’s banknotes and coins and shall endeavor to maintain the availability of an adequate number of banknotes and coins in all regions at all times.
Article 33 – Printing of Banknotes and minting of Coins, accounting treatment of currency issued.
1. The CBI shall determine by regulation the denominations, measures, form, material, content, weights, designs, and other features of banknotes and coins. The Plates necessary to print or mint the currency and the intellectual property rights to the designs of the currency shall be the property of the CBI.
2. The CBI shall arrange for the printing of the banknotes and the minting of coins and for the security and safekeeping of banknotes and coins that have not yet been issued.
3. The CBI shall be exclusively responsible for the safe and secure destruction of banknotes and coins and for the custody and destruction, as may be necessary, of plates, dies, and retired banknotes and coins. The CBI shall the exclusive right to melt coins and to sell the metal derived thereby.
4. Upon request by any individual or entity, the CBI shall exchange, free of charge or commission, banknotes and coins with other banknotes and coins in equivalent amounts.
5. The aggregate amount of circulating banknotes and coins issued by the CBI shall be noted in the financial statement of the CBI as a liability; such liability shall not include banknotes and coins in the currency reserve inventory.
ARTICLE 34 – Withdrawal of unfit banknotes and coins
1. Banknotes and coins in circulation that are unfit for circulation shall cease to be legal tender. Subject to paragraph (2) of this article, the CBI shall withdraw, destroy, and replace, with banknotes or coins of an equivalent amount, any banknotes or coins presented to it that are unfit for circulation.
2. The CBI may decide to redeem banknotes and coins by by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes and coins shall be issued in the form of a regulation of the CBI specifying the period during which the exchange shall take place and the locations and times at which withdrawn banknotes and coins shall be presented for redemption.
3. The CBI shall not be required to provide any compensation for banknotes and coins that were lost, stolen, or destroyed: it may confiscate without compensation any banknotes that have been altered in their external appearance, including particular banknotes that have been written on, painted on, overprinted, stamped, or perforated, or to which adhesive matter has been applied.
ARTICLE 35 – Disposition of Currency
1. The CBI may decide to redeem banknotes and coins by issuing, free of charge, other banknotes or coins in equivalent amounts. A decision to redeem banknotes and coins shall be issued in the form of a regulation of the CBI specifying thew period during which the exchange shall take place and the locations and times at which withdrawn banknotes and coins shall be presented for redemption.
2. At the end of the exchange period, or at any other time specified by the CBI, redeemed banknotes and coins shall be demonetized and cease to be legal tender.
3. The CBI shall notify the public, by publication in the official publication, of the banknotes and coins that are legal tender.
ARTICLE 37 – Freedom of Currency
parties to a contract or any other voluntary undertaking or transaction, including a bill, note, or instrument or security for money, may denominate a payment obligation in any currency agreed upon. Payment in discharge of any debt or liability arising from a contract or any other voluntary undertaking or transaction, including on a bill, note, instrument, or security for money, may be made in any currency agreed upon as the currency of payment, An agreement under this article may be express or implied from the surrounding circumstances including course of dealing, usage of trade, or course of performance.
ARTICLE 38 – Enforcement of foreign currency obligations
a foreign currency obligation may be enforced according to its terms. When a person obtains an order to enforce an obligation in a foreign currency, the order shall require payment of an amount in the currency of Iraq sufficient to purchase the amount of the obligation in the foreign currency at the bank in Iraq at the close of business on the first day on which the bank quotes a DINAR RATE for purchase of the foreign currency before the day payment of the obligation is due to be received by the creditor, provided, however, that if the court determines that such method would, under the circumstances, be inequitable, it shall select a method of conversion that is equitable.
Because of these laws Proteus has stated that Iraq has no legal obligation to trade their new currency for older currency outside their borders. I agree with this assessment. Read his whole opinion here,
I chimed in and explained some of the things I read on the wiki links documents. This is what I quoted,
“NIL’s provisions should provide an open investment regime for foreign investors. However, the NIL does not permit foreign investors to own land, though they may lease (for 50 years, renewable). It also does not cover investments in the oil, banking and insurance sectors. (A copy of the National Investment Law can be obtained from the U.S. Department of Commerce Iraq Task Force website – http://www.export.gov/iraq/.)”
“Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes”.
“whether foreign investors will enjoy protection from expropriation that meets international standards will likely depend on domestic implementing legislation and/or future bilateral treaty obligations with investor states. The United States does not have a Bilateral Investment Treaty (BIT) with Iraq.”
“Article 27 of the NIL, which details the rights of Iraqis and foreigners with respect to Iraqi law, refers to dispute resolution. However, the absence of implementing regulation makes application of the law uncertain in practice”.
Furthermore under The Status of Forces agreements with the United States Section 20 made it illegal for US soldiers and contractors to leave Iraq with dinar or ship dinar out of the country.
Currency and foreign exchange
‘The United States Forces may not export Iraqi currency from Iraq, and shall take measures to ensure that members of the United States Forces, of the civilian component, and United States contractors and United States contractor employees do not export Iraqi currency from Iraq
Since banks in the US won’t touch the dinar you will need to use a dealer to provide liquidity. The exchange for the lower denominations will only happen in Iraq through a Redenomination.
Furthermore Forex announces what to watch out for concerning currency scams.
The United States Commodity Futures Trading Commission (CFTC), the federal agency that regulates commodity futures and options markets in the United States, warns consumers to take special care to protect themselves from the various kinds of frauds being perpetrated in today’s financial markets, including those involving so-called “foreign currency trading.”
A new federal law, the Commodity Futures Modernization Act of 2000, makes clear that the CFTC has the jurisdiction and authority to investigate and take legal action to close down a wide assortment of unregulated firms offering or selling foreign currency futures and options contracts to the general public. In addition, the CFTC has jurisdiction to investigate and prosecute foreign currency fraud occurring in its registered firms and their affiliates.
1. Stay Away From Opportunities That Sound Too Good to Be True
Get-rich-quick schemes, including those involving foreign currency trading, tend to be frauds.
2. Avoid Any Company that Predicts or Guarantees Large Profits
Be extremely wary of companies that guarantee profits, or that tout extremely high performance. In many cases, those claims are false.
3. Stay Away From Companies That Promise Little or No Financial Risk
Be suspicious of companies that downplay risks or state that written risk disclosure statements are routine formalities imposed by the government.
9. Don’t Deal With Anyone Who Won’t Give You Their Background
Plan to do a lot of checking of any information you receive to be sure that the company is and does exactly what it says.
Read the whole thing by clicking on the link below
These are just some of the warning signs. Here are some more links that declare the dinar a fraud,
I Also brought up that dealers have an MSB license and this license allows them to sell dinar for pneumatic reasons only. This means they can only sell the dinar as a collectable, They are not allowed under this license to market the dinar as an investment. This gives the buyer of said dinar legal recourse as every dealer has sold and marketed this as an investment!
The reaction around the community from this call was one of anger or discuss. Breitling said it was amateur hour… Really?
Well Breitling I would say we finally agree on something, When it comes to ripping people off I am indeed an amateur. When it comes to lying about the way economics work to make a buck your right , I don’t have any experience with that, When it comes to lying to people about the Iraqi dinar you are obviously the pro in the room!! Just a few questions,
First Why are you hiding? Show us what you look like. Tell us your real name Tony. Tell us how you are qualified to give the bull you dish out every day.
Second Do you still think I am a basket ball player? Shows your clueless,
Third, What is your connection with Roger and how much of a kickback do you get for pumping currency for currency vault? Don’t you know lying to sell this stuff and causing pain for thousands of people is just plain wrong?
Here is a list of things Breitling said that are simply not true,
Look at the connections between Roger Dorman of dinar daddy, Angela Dorman of treasury vault, And Breitling. Breitlings real name is Tony Elder,
Amature hour indeed, but the real amateur as to what is really happening in this world Tony appears to be you!!!