Scam (5/3/13)

You’ll often hear dinar investors say “how can this be a scam if XYZ bank was selling it?”  Well if that bank sold dinar as a courtesy to their customers who are going to Iraq (where else are you going to use it?) then it’s not a scam.  But if they sold it by marketing it as an investment with incredible potential then it is.  That’s one reason the banks quit handling dinar.  They were concerned about the liability they might incur by selling it to people who only want it as an investment.

Think of it this way.  If you buy a bag of beans at a grocery store for $2, take them home, cook them, and then eat them …. is that a scam?  Of course not.  It’s a perfectly legitimate transaction.  But if that store advertises those beans as magic beans that can grow a beanstalk that will reach up to an incredible new land in the sky, and sells them for $50  …. okay, now it’s a scam.  Comprende?

Although I haven’t called the dinar investment a scam there are plenty of entities that have, or at least issued some cautionary statement about it. Here’s a short list:

You Can’t Fix Stupid: The Iraqi Dinar Scam Lives

The Investment Scam That Refuses To Die

The Iraqi Dinar Scam / Fraud Prevention Unit

Washington State Dept. of Financial Institutions

Better Business Bureau

AMTFL Consulting Agency of Canada

Wisconsin Dept. of Financial Institutions

Learning Markets – The Iraqi Dinar Scam

Money Show: Why Won’t The Iraqi Dinar Scam Die?

Scam Detector – Iraqi Dinars

Eagle Research – Iraqi Dinar

The Curse of Saddam – Iraqi Dinar Deals

419 Legal – Iraqi Dinar Scam

Dave Ramsey – Currency “Investing” is Ludicrous

Treece Advisory Corp

World Currency Watch

Wall Street Daily

Investment U – Is the Iraqi Dinar a Good Investment?

Iraq Business News

Debunking the Dinar

Salt Lake Tribune

Oklahoma Bankers Association

Idaho Estate Planning

Wells Fargo Advisory

Pacific Rim Bank

Bank of America

5th/3rd Bank

Federal Indictment of Brad Huebner, Rudolph Coenen

Okay, maybe that wasn’t so short. It always puzzles me when people accuse me or others like me of being paid to bash the dinar or “reverse pump”. Why would anybody pay me to say what all of these institutions have already stated for free? All I’ve done is put the information in one easily accessible location.  And even more puzzling; why do so many people choose to believe the likes of unqualified and mostly anonymous “experts” on the internet and ignore the advice of identified, qualified professionals in banking, investing, government, and law enforcement when it comes to buying dinar, especially given the track record of fraud and deceit documented in this blog?