The dinar has become some sort of cult. There are those who are trapped inside of this scam that listen to every word from people who say they have an inside track on this investment. It seems that these people not only lie to promote the sale of dinar, they use fictitious names and identities. Some even claim to be Christian in an effort to gain trust. They claim to know people on the inside. They claim to be connected. A person like this is known as a Dinar Guru or simply Guru. For years they have spread rumors that made the investment seem legitimate. As a result trillions of dinar have been exported from Iraq and the currency has been presented as an investment.
The dinar is only meant to be circulated inside of Iraq and it really has no value outside of the country. As of this writing there is over 34 trillion dinar in circulation outside of the banks in Iraq. Of that, no one knows exactly how much is outside of the country and how much speculators hold. To put a comparison on this consider the fact that America’s M2 money supply as of this writing is only 11 trillion U.S. dollars.
The gurus promise wealth and riches if you invest, but that simply is not the case. (see dinar update 5) As Americans begin to catch on to this hoax, the gurus are beginning to be exposed for the liars that they are. Dinar Douchebags is one site that has exposed the identities of these guys. In addition the media has picked up on the scam and several articles and stories have been done concerning the Hoax called “The Iraqi Dinar.” The government has even got a few convictions. The government is in the process of prosecuting other popular Gurus as I write this latest article.
These Gurus make money several ways. They sell memberships to spoon feed innocent victims false intel. Some get kickbacks from sales. Others make money by placing ads on their sites. Some Gurus even make money off of conference calls. Mr. IQD posted information on their site revealing just how much money these guys were making off of bogus intel. Check the link out here.
This whole thing has been a cult. The victim gets trapped with the promise of wealth and riches. Some people are dealing with hard times and hopeless circumstances. They begin to look to the dinar as their last chance in life. As a result these guys become fanatical. They hang on every word the Gurus say. They wait for some any moment revalue that will help them out of their problems. They invest outrageous amounts of money in the dinar. They won’t listen to truth logic or reason. So the dinar has a cult like following and a subculture community.
This community can be found on many forums and blog sites. Other conspiracies have linked to the dinar investment as well. Conspiracies like NESARA and CMKX are looking for a revalue of this currency in order for their beliefs to be realized. There are also forums and sites that represent these groups. Dinar information can be found in those communities as well.
But now the truth has come out and it is beginning to take over the search engines. More and more people are learning that this whole thing is really a scam to make these Gurus and dealers rich. I believe that sales in America are beginning to dwindle and people want out. Just do a search for dinar on eBay. Sites like Dinar Douchebags, Baghdad Invest, Mr. IQD, and Iraq Currency Watch have put an enormous amount of effort into researching and finding out the truth about who these gurus are and what the dinar is really going to do. Most of these people were investors in the dinar at one point until they realized that they were scammed. The intension is to provide a warning and to provide disclosure so people are aware of the real risks involved. This is something you won’t get from gurus. I also hope that Iraq will continue with its redenomination plans. If it sees that dinar sales are dwindling then just maybe they will go ahead and redenominate.
But just when you thought the truth was coming out and the Gurus could no longer make any money off their lies I stumbled across this.
“After the newspaper ads featured in USA Today and other major US newspapers, the popular Iraqi Dinar scam has moved to another country. Just when you thought it was safe for the US-based investors, with all the warnings recently published by major media sources, the scammers have found yet another country ripe for profit.
10,000 Iraqi Dinars selling at B$ 110 was the title of a recent ad than ran in a Brunei newspaper. And people are jumping on it like crazy. Rumors are the sellers have run out of stock in less than one week.”
Here is the link to read the whole thing.
So dealers have been advertising in USA today and selling out of stock. Well let’s have a look at one of those ads.
As you can see they discuss a Kuwaiti revalue except they are careful not to use the word revalue. They talk about the Iraqi dinar appreciating to half the value of the Kuwaiti dinar. While they don’t say that the dinar will do that, they present it as a possibility.
Now there has never been a Kuwaiti revalue. The Kuwaiti dinar did fall in value because people lost faith in the currency. fleeing Kuwaiti citizens exchanged their currency for pennies on the dollar. It regained its value after Saddam was kicked out of the country. The ones who made the most money from it were the banking structures that allowed the people who fled Kuwait to exchange their currency for pennies on the dollar.
That is a lot different from this so-called revalue which is in fact a policy decision issued by the Central Bank of Iraq. The Kuwaiti central bank never devalued the currency or issued any kind of policy change while Iraq invaded Kuwait. This is a much different scenario! This does not mean that Iraq is going to issue a policy decision and revalue its currency!
This has been debunked several times but it seems that it is still being used to sell dinar. This was one of the reasons I purchased dinar. This is one of the lies told by Gurus. This is one of the lies I discovered. look at the supporting links
People are getting hurt because of this get rich quick scam and the gurus could care less. Just as long as their pockets get lined who cares about the people getting hurt! This cult is dangerous!