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
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?
The Curse of Saddam – Iraqi Dinar Deals
Dave Ramsey – Currency “Investing” is Ludicrous
Investment U – Is the Iraqi Dinar a Good Investment?
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?