Happy birthday America. 237 years ago we declared our independence from tyranny and it’s been a struggle ever since to maintain that independence. Hopefully the American people will remain vigilant enough to preserve our hard earned freedom for some time to come.
In the dinar world many have yet to declare their independence from guru hype and have chosen instead to remain under the tyranny of the emotional roller coaster brought on by RV fantasies. Hopefully they’ll catch on soon.
The removal of UN Chapter 7 sanctions caused quite a stir as most of the gurus viewed this is a direct precursor to the RV. As the days elapse it is becoming apparent to many that this was just more guru BS. The fact is the CBI has raised the value of the IQD several times through the years that those restrictions were in iplace. Chapter 7 had nothing to do with any RV or lack thereof.
One dinar dealer that I have written about named Marshall Wayne sent this notification out in a recent email.
“Today is a good day.
The UN Security Council voted to remove Iraq from Chapter 7 bankruptcy.”
This is yet another example of why you don’t want to listen to these guys. Why would the UNSC be dealing with the issue of bankruptcy? This isn’t a US bankruptcy court. This is the UN Security Council that imposed restrictions on the use of Iraq’s oil revenues following the Gulf War of 1990. Those restrictions have now been lifted which means that Iraq can use those oil revenues as they deem fit. However, it also means that other countries can come after Iraq for its debt obligations.
I think the logic behind some of the spin is that the $11 billion owed to Kuwait can only be paid via a substantial revaluation of the IQD, but I can assure you that Iraq isn’t going to destroy their economy to pay off a debt that they could pay off over the next couple of years with increasing oil revenues.
Also in June another dinar douchebag was convicted. This time the charges were illegally operating a money service business, failure to report on exporting and importing monetary instruments, and unlawful structure of transactions to evade reporting requirements. Nice to see somebody else being held accountable.
About a year ago I quit awarding Douchies to the pumper/guru who did or said the most despicable thing for the week, but I reserved the right to issue Douchies on an ad hoc basis for future cases of dinar douchebaggery. Such is now the case with Eagle1, the RV/currency basket intel guy for Frank (Frank26) Villa. During the last week of June he offered this priceless explanation for the delay in the release of the basket of currencies.
“We were initially advised to watch for this release to take place Sunday Night/Monday Morning on FOREX, with a 24-hour delay before the currencies became tradable.
Obviously we saw nothing. We expected that the delay might have been pushed to Tuesday in order to comply with normal international banking policies, and in fact were told that might be the case.
All of you have heard about the NSA leaker issue in the news, the fact that he fled to China, and that both China and Russia have cooperated in hiding him or preventing the US from finding the young man’s whereabouts.
Not in our wildest thinking did anyone consider that this event might have a bearing or interfere in any way with the release of these currencies.
Turns out that because of the administration’s demands on China for the return of this individual, they decided to throw a temper tantrum and provide a short delay in the release process by fussing over the revaluation of the Vietnamese Dong.”
I’ve heard some imaginative excuses before but this one takes the cake. The whole global reset currency basket story is absurd, and the idea that this “solution” to the world’s economic woes could be held up by a dispute over the fate of Edward Snowden is beyond absurd. Even diehard believers in the RV were calling BS on this one. If there was ever any doubt that Frankie Frankie and his team are world class liars this should dispel it henceforth and forthwith.
Think about it folks. Dinar investors are wondering what the holdup is for the RV of the IQD that was introduced in 2004. Well the war in Vietnam ended nearly forty years ago and they haven’t gotten around to RV’ing yet. Is that due to an incredibly long string of unforseen events, snags, glitches, and delays or could it possibly be that perhaps they don’t intend to RV? Yeah, I think that’s what it is. I think Vietnam has concluded that they can function just fine with a currency valued at $.000048 or whatever.
So congratulations to Eagle1 for winning the first Douchie of 2013. It was well deserved.
One man who has written and spoken out about the dinar scam is Jay Adkisson. He’s the author of the August 2012 Forbes Magazine article entitled “You Can’t Fix Stupid: The Iraqi Dinar Scam Lives“. As you might imagine he took a lot of flack from hopeful dinarians for writing that, but he stood his ground. In fact he’s gone beyond that, and is actually taunting his bashers a bit. He’s been updating that post on a monthly basis since he wrote it. On May 31 he wrote:
Another month, and another month where the Dinar did not massively appreciate but more suckers bought into the scam thinking that it would. But we are starting to approach the one-year anniversary of the date that I wrote this article, after which I received numerous e-mails from folks telling me to basically, “Just wait, you’ll see! Within a few weeks I’ll be stinking rich and you’ll just be a sad commentator for Forbes.” Well, at least they got the stinking part right, and so now own to the monthly update:
(1) As mentioned, the Dinar did not massively appreciate.
(2) There are no signs that the Dinar will ever massively appreciate.
(3) I did see that I had missed this article on the Dinar by John Wasik – http://www.forbes.com/sites/johnwasik/2012/02/24/dinar-doubts-multiply/ John is more diplomatic that I am; he can call folks “stupid” without using that word. As for myself, I have no patience for people who can’t figure out that they were suckers.
(4) Self-Annointed “Dinar Guru” Blanche Bonet put out this “amazingly” list of Iraqi Dinar “experts” who predicted that the Dinar was about to soar in value – http://www.dinarguru.com/ Trouble is, they were all wrong. The list does pretty much prove, however, that the “Iraqi Dinar community” is just a bunch of suckers trying to convince each other that they made good investments. As just mentioned, the trouble is that they are all just wrong.
(5) This video posted on YouTube discussed predictions that the Iraqi Dinar was about to appreciate upwards on May 11, 2013 – http://www.youtube.com/watch?v=iunTQLI432w Those predictions were wrong.
(6) Meanwhile, back to the real world, news came out that the Iraqi government is struggling mightily to try to keep the Dinar from DEvaluation, i.e., going down in value – http://www.al-monitor.com/pulse/originals/2013/05/baghdad-hault-dinar-collapse.html In the words of Homer Simpson, “D’oh!”
(7) Yahoo Finance weighed in here – http://answers.yahoo.com/question/index?qid=20130507151558AASjt4B
(8) And finally, a new book has been released, “The Iraqi Dinar Scam: Why Buying The Dinar Is For Dummies” by John Jagerson at http://www.amazon.com/gp/product/B007Z9DFN8
Talk to you again on June 30, when the Iraqi dinar still will not have revalued upwards (but maybe has gone down, again).
I love this guy!
Taking a cue from Jay, back in January I made my own predictions for the dinar in 2013. Well, the year’s half over so let’s see how I’m doing.
- The value of the dinar will not increase by more than 10% in any given month or by 50% this year unless there’s a lop. The same goes for the Vietnamese dong. So far the IQD is unchanged and the VND is slightly lower.
- We will see another indictment of one or more of the douchebags I’ve written about in the past. The conviction above was the result of an indictment from 2011 so technically no new indictments yet, but we have seen two convictions this year including Rudy who plead guilty in April.
- Iraq’s M2 will end the year at more than the current figure of 72 trillion unless they redenominate. Last I checked it’s around 78 trillion.
- Obama and Maliki will both end the year without being removed from office. Both have managed to survive physically and politically, although it hasn’t been pretty for sure.
See you soon.