Dave Schmidt’s Gold Heist

dave-schmidtIt was recently brought to my attention that Dave Schmidt, the former Washington state senator turned dinar guru, has a photo of a gold vault on his website where he says:
“… we are moving into the new “Golden Age” where the world’s gold will be released for a shift and change to our planet and our world.  Dave has countless photos of this gold that is beyond most people’s comprehension.  This gold has been kept hidden from the public for thousands of years and is kept in custody by “keepers” at various locations around the world.”
The photo accompanying the text is presumably one of those hidden gold locations that he mentioned, but it turns out that it’s actually a vault in the UK that was used as a dining hall during WWII. Seems Davie heisted the photo from a UK news site.  (Thanks to RamblerNash at Dinar Daily for pointing this out to me.)  The first photo below is a screenshot from Dave’s site, and the second photo is from a UK news article about the London vault.

Dave Schmidt gold


Can you say “busted”?  Now, Dave might claim that he never stated that this photo was from the secret stash, but I think the implication is obvious.  Anybody reading his site and seeing that photo is going to assume that this is supposed to be a photo of one of those secret vaults.  But I’ll tell ya what Dave … shows us the real photos along with some evidence that this gold exists and I’ll drop the matter.  Introduce us to this nameless, faceless “ambassador” you’ve been talking to about the Dragon Family’s gold, along with some evidence that the Dragon Family actually exists and I’ll remove this post.  For that matter, make one prediction about something … ANYTHING … that proves that you actually have any information worth listening to and I’ll humbly apologize for all of the “nasty” things I’ve said about you.  In the meantime, you remain on my Schmidt list.

See this page for gold photos








The Gold Delusion

podcast 7Welcome to another Iraq Currency Watch podcast. This episode is called The Gold Delusion. We will take the time to see what our economic leaders say about gold. Once you hear what they have to say then you will understand the gold delusion much better. We cover a number of topics besides gold in this podcast. This is the first podcast containing audio clips and sound bites from outside sources. We will also take a trip down memory lane and discuss the contents of the new book which is now available. A few other surprises await too. The direction of Iraq Currency Watch is discussed as we outline goals and reveal things about our archives. So click play and enjoy.

podcast 4


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Recorded March 18th 2016

Podcast 1Podcast Notes

Before you take the time to leave a comment about your position on gold click on this link below and read up on the subject. If I respond to your comment I may reference some things in this article.


Tales-from-the-GyppedCheck out the new book. Click the link below and get your copy. Scroll to the bottom of the article and click on the download link.

The Iraqi Dinar and the Bible


That’s A Fact Jack

Earlier this week I got into a conversation with some people. It was made known to me that what I believed about the dinar was just my opinion. These guys implied that their belief in the revalue was based upon facts, and they did their homework. One of the things I remember about school is, just because you did your homework did not necessarily mean you would get an A on that homework. It also did not mean you would pass any tests. It just meant that you completed an assignment.

As I began to think about their point I discovered that they were right! What I believe is my opinion. Now that does not mean I am wrong. It just means that my analysis is completely my opinion. Whether those things become true yet remains to be seen. I did my homework too and I based my opinion on facts as well. The real question here is this. Who is going to get the higher grade based on the assignment called the Iraqi Dinar?

I remember when I use to be a dinar investor. I remember when I had high confidence in this investment. I was a member of the Dinar Vets Forum. I posted in there on a weekly basis and I defended what I believed based upon the so-called facts. I ran into someone in that forum whose name was Dustin Hayes. He coined a term called “Forum Facts”. A forum fact was something that was believed to be true only in the dinar community and the dinar forums. Outside the community that forum fact had no basis in truth what so ever.

I thought I did my homework when I was invested in the dinar, but as it turns out all of my so-called facts were wrong. The information that I had was recycled guru lies that was received as gospel truth! So-called facts like the Kuwaiti revalue and other facts of that nature had no truth at all. The thing that influenced me and caused me to change my mind about this dinar investment was learning the truth about the facts I was basing my belief on. Once that happened I saw that this whole thing was a lie and the facts I was basing my conclusions on were all lies as well. I was deceived.

So I thought it would be proper to put together a truthful fact list as to why I now believe the way I do. Please feel free to add to this fact sheet in the comment area, but keep in mind untruthful facts will be debunked! Some of these facts will be talked about in more detail in upcoming articles. This list of facts will correct guru lies and they will also include the way currency really works.

Fact 1: Currently there is over 34 trillion Iraqi dinar in circulation outside of the banks. That’s Trillion with a T!

Fact 2: The CBI has over 71 trillion Iraqi dinar in there M1 money supply. Check the CBI website

Fact 3: The CBI has over 85 trillion Iraqi dinar in their M2 money supply. Check the CBI website.

Fact 4: America’s total M2 money supply is only 11 trillion. There is not enough to cover a revalue to even a dollar.

Fact 5: In all of history there has never been a revalue above 50 percent. NEVER!

Fact 6: If the dinar were to revalue to 1 penny that would be a 1,000 percent revalue given the current exchange rate.

Fact 7: If the Dinar were to revalue to 1 dollar that would be 100,000 percent revalue given the current exchange rate.

Fact 8: If the dinar were to go to Its prewar rate it would be a 300,000 percent revalue given the current exchange rate.

Fact 9: Iraq was involved with a currency scam in the 1990’s which is similar to the current dinar scam going on today. In 1993 25 billion was lost to private investors outside of Iraq because of the same hype we see today. Check the Link below,


Fact 10: Iraq’s reserves have been growing as a direct result of their currency being exported. The United States does not have a bilateral investment treaty (BIT) with Iraq. There are no bilateral treaty obligations which protect the dinar outside of country. Check the link below. In addition Iraq’s National Investment Law does not cover the banking sector and excludes it’s currency. A copy of this law can be obtained here. http://www.export.gov/iraq


Fact 11: A redenomination would strengthen the dinar and drastically reduce the amount of currency in circulation.

Fact 12: A revalue like the gurus claim would be the same as adding currency to the money supply and it would contribute to hyper-inflation. It would not only make the currency weak it would totally collapse the currency. (check the feds document called Modern Money Mechanics)


Fact 13: There was never a Kuwaiti revalue after the gulf war. Check the Kuwaiti Central Bank Website. Look at Wiki-Pedia. and Check the link below.


Fact 14: In 2005 Turkey went through a redenomination with their currency. (TURKISH LIRA) They did not revalue their currency. Check the link below.


Fact 15: Only pegged currencies revalue. It is a policy decision made by the central bank for that country. Floating currencies don’t revalue. The market determines the price.


Fact 16: Japan’s currency floats. It did not revalue in the 1980’s.The yen isn’t pegged so it wasn’t a revaluation. Second, the yen gained ground simply because the dollar was devalued as a cold war strategy in 1985. Although there were people who did make money from the yen, it was never because of a revaluation. This is known as the Plaza Accord


Fact 17: There is a feasibility study that circulates the dinar forums as proof of a coming revalue. Gurus claim that it is proof for a $1.13 to $1.17 revalue. Here is the study.


The truth is this study is from 1984. It is during the Saddam era and it predates both gulf wars. It also predates the hyper-inflation Iraq went through during the 1990’s. In addition to this, the Gulf Wars in Iraq did not devalue the currency. The currency went through hyper-inflation during the 1990’s as a result of overprinting and Saddam invalidating the Swiss dinar outside of country. (See dinar updates 5) This Study no longer applies!

Fact 18: Oil in Iraq is sold in dollars. It is not sold in dinar.


Fact 19: Iraq is not reducing the money supply. Check the CBI website

Fact 20: The U.S. Treasury does not have trillions of dinar. (check the BH indictment)

Fact 21: Executive order 13303 does not protect the dinar investor. (Once again check the BH Indictment) The U.S. government got a conviction for fraud based on the statements in Fact 20 and Fact 21. According to the Federal Government, It is illegal to import Iraqi dinar. Check the link below.


Fact 22: George Bush never said the war will pay for itself.

Fact 23: There was never an agreement for Iraq to compensate America for the war.

Fact 24: Dinar Gurus are being prosecuted for lying about this investment in order to make money off of unsuspecting people. The B.H. Group and David Olmsted serve as examples.

Fact 25: There are many more people who lied concerning the dinar. Tony TnT is just one of many people. In Fact a lot of gurus are multi-level marketers and they come from a questionable past. Check this link.


Fact 26: The B.H. indictment says that Iraq plans on redenominating their currency. They got convictions of fraud based on statements saying Iraq was going to revalue its currency. Check the indictment below


Fact 27: A revalue does not work in tiers. It does not occur in one country before it goes into another country. Revalues are global and they happen everywhere at once. Check Iraq’s history. Every time they changed the rate it was reflected the following day at the currency auctions. New rates go into effect immediately every where at once.

Fact 28: The dinar is the most lied about currency I have ever seen. There are a lot of scams associated with the dinar investment. Please note that this does not mean the dinar currency itself is a scam. It is valid and used in Iraq. The scam comes from people (dinar gurus) lying to sell the currency to foreign investors to make a huge profit from it.

Fact 29: The lower denominations were not printed in July of 2011 as the gurus claimed.

Fact 30: The dinar requires a reserve in order to give it value. The reserves for the dinar is the U.S. dollar. Currently there are not enough U.S. dollars (reserves) in Iraq to support a revalue to even a penny. Check the CBI website.

Fact 31: There is no coming Global Reset that will result in a revalue of the dinar. (article coming)

Fact 32: They don’t need to revalue the dinar in order to join the World Trade Organization (article coming with evidence)

Fact 33: The dinar cannot revalue according to the countries resources. There are not enough resources to back the dinar to even a dollar given the amount of Iraqi dinar in circulation.

Fact 34: There have been well over 70 redenominations in the past. In just about every case hyper-inflation happened as a result of over printing the currency. Redenominations happened both during hyper-inflation and years after hyper-inflation. Check out this study.


Fact 35: Removing the zeros is redenomination language not revalue language. Look at Turkey’s redenomination articles, and the study on redenomination above for examples.


Fact 36: Deleting the zeros does not mean pulling only the higher notes out of circulation. Once again this is redenomination language and it means changing out the entire series of notes. (See the link to the redenomination study)

Fact 37: When you go to Forex, (a currency exchange market) and you search for the Iraqi dinar. (IQD) They say the Iraqi dinar is going to redenominate. Furthermore Iraq announced a redenomination.


Fact 38: Currencies don’t work the same way as stocks and the stock market.

Fact 39: Some nations keep an artificially low value on their currency because it increases their exports which in turn provides jobs. The end result is a stronger economy. China can serve as this example.


Fact 40: Shabibi never said that they would have the most valuable currency … he said it would be the strongest and he was referring to it being backed 100%. Once again there is not enough reserves to revalue the dinar to a penny!

There it is. I have just listed 40 facts with links to back those facts. These facts are all true and you can base an opinion on them. Now it is important that when you form any belief or analysis that you get your facts straight. Forming an opinion based on guru lies or conspiracy theories can cause you to make the wrong choices in the end. If you believe in the revalue then you can put your fact in the comment area, but remember the burden of proof is on you.

The video below was made to sell dinar. In my view it is an effort to hype the currency. Now that you have had a chance to see the real facts pay close attention to so-called facts in the video.

People are getting hurt because of the type of hype you see in the video above. Families are being destroyed and people are selling everything they have to buy this crap based on the lies in the video. Dealers are cleaning up on dinar sales and that is the only wealth building going on!

If you watched this video then you know it is loaded with facts. They only problem is the facts are all wrong. For example it called Turkey’s redenomination a revalue. So you did your homework. So you studied facts. That does not mean you know what is going to happen. Remember that is only your opinion. In the end only time will tell whose opinion is right and who’s opinion is wrong, and that’s a fact jack!

Dinar updates 5

In my last post I introduce a reverse guru of sorts who goes by the name of Zahlid. He claims that he is a consultant for the Central Bank of Iraq. He claims that they are working with the Turkish MOF, and that he is advising them on how to go about a redenomination. He also said that the exchange would only happen in Iraq and you would need to go there to cash in.

When I posted what Zahid said a lot of people got angry. I gave a disclaimer and said that I did not know if Zahlid is really a part of the CBI. More than likely he was not, but that did not seem to matter. People were still mad that I posted the things Zahlid claimed.

Zahlid was posting his comments at a site called baghdadinvest.com. The article he was responding to was written by a man named Jack. This man has earned my respect as he basically talked facts and told the truth about the so-called investment. That is why I posted the link to his article in my last post. He used facts and figures to show the fallacy of the revalue. He was sharing information that I have been talking about for the last two years. So hats off to you Jack for doing your part in exposing all the guru lies!

Zahlid made a comment that the reserves at the central bank were growing as dinar was being exported. I had figured this out already through the research I had done just a few years ago. The thing that surprised me was he is the first person ever to acknowledge this. However this raises some very serious questions. If Iraq knows that their reserves are rising in part due to the export of their currency are they looking the other way as the currency leaves the country through certain channels? Is Iraq itself in on this Iraqi dinar scam?

I have always thought that this was a big possibility in the back of my mind. I never vocalized it in a direct accusation because I simply did not have the evidence. I only suspected it. Well Zahlid left another comment and he said this.

“@Marcus Curtis

my friend your analogy of this myth is all true, this situation was created by outside influence to attain our reserves prior to people being duped , im in know doubt things are already coming to light with regards to this, I have already maybe spoke to much on here due to my own honour for my country being blackned,even if we wanted to return to sadaams pre war rate it would be impossible even with the reserves of oil,gold,and gas resources and too e blunt ,we have know

interest in making outside investors profits from this currency reform as said before they will

be scattered like sand in the wind when the change happens, Syria found that out with us before

when there holdings were dissolved.There is over 60 tlion iqd which will be evaporated when the change happens,yes our currency will be manageable and in time will be the highest in the mddl east ,I do know main countries have been appeased but there will be a lot of disappointed people

come march when they see they have been fooled by this so called fools gold.



Well I began to think about what Zahlid was trying to tell me. Although some of it I can’t figure out. I thought to myself “when did Syria have their holdings with Iraq dissolved? What outside influences set this up so the CBI can build their reserves? As I began to dig I discovered that Iraq was involved in a currency scam under Saddam. Apparently Iraq has fooled other nations before. The recent dinar hoax is not the first time Iraq did this. Let me explain.

After the first gulf war George bush pulled out of Iraq leaving Saddam’s regime in power. A wide range of UN Sanctions were put in place. Because of embargoes imposed on Iraq, the CBI could no longer source paper currency from De La Rue. This was Iraq’s UK-based supplier. Saddam began to print dinars locally. He also started to outsource the printing of more bills from a Chinese based printer.

For some reason the new notes didn’t circulate at the same value with the pre-war Iraq notes but traded at a discount. Somewhere around April or May of 1992, the older dinar notes were worth around 3 US cents whereas the newer dinar notes traded at 1 cent. Before the war the dinar was equal to around three U.S. dollars. This was only two years back.

The poor quality of the new post-war notes meant that they were easily counterfeited. The new notes had no security features and they lacked a watermark. The paper for the new notes was thinner and easily torn. The ink ran on some of the new notes. The pre-war notes were printed by De La Rue with modern technology. Traders most likely discounted the newer notes because they may have thought that they would be accepting counterfeits.

There is a news article written in 1993 called “Fortunes in Iraqi Bills Gone Overnight” Here are a few highlights.

To many outside the Arab world a pile of banknotes, each with an engraving of Saddam Hussein in a military uniform, might not seem like a sound investment. But many Jordanians, sure that the United Nations embargo against Iraq would one day be lifted, believed that the hard currency of their neighbor would regain its old value once Baghdad resumes oil sales.

Jordanian businessmen accepted Iraqi currency for payment, often in deals with the Iraqi Government, and squirreled it away. Shepherds sold their flocks, people traded in their gold jewelry and families mortgaged their homes, or withdrew their savings, to buy the Iraqi bills.

Remember this was going on in 1992-1993 The article continues,

Government officials estimate the value of hoarded Iraqi currency in Jordan at $100 million.

And Jordanians were not alone. Investors from Saudi Arabia, the United Arab Emirates and even Kuwait bought up millions of the banknotes, sometimes shipping them out of Jordan by the truckload. Iraq Complains of Hoarding

Iraqi officials say the Governments of Kuwait and the United Arab Emirates alone are hoarding 10 billion prewar Iraqi dinars as part of an effort to hasten the country’s economic collapse and force it to print money with no monetary backing.

Gulf Arab speculators would call up and place orders for a million dinars or more, Bashir Mostapha Nobani, a currency trader, said. “They always wanted the prewar 25-dinar notes because they are easier to ship in bulk than smaller denominations and because they did not have faith in the new Iraqi currency.”

In an effort to fight inflation within their country Iraq decided to invalidate the pre-war 25 dinar notes. This is what the article says

As the old 25-dinar notes began to disappear from the market, inflation soared, and Iraqi monetary officials, in what Western diplomats describe as a desperate effort to stifle it, invalidated the old notes. The move abruptly removed an estimated 25 billion dinars from circulation.

“This decision, in the short term, helps Iraq,” one Western diplomat said. “But in the long term it could prove devastating. Few people outside Iraq will now trust the currency, making imports harder to get and bleeding the hard currency reserves. Eventually this could fuel hyperinflation, as there will be lots of money and little left to buy.”

And that is exactly what happened! But the article continues

Baghdad permitted Iraqis to exchange the 25-dinar notes for the new currency, but they closed the borders for six days to keep speculators outside the country. The border was reopened Tuesday, after the Monday deadline to turn in the old notes passed. Baghdad Imposes Exit Tax

In an effort to cut down on smuggling, Baghdad also imposed a stiff exit tax of 15,000 dinars, the equivalent of $250 on the black market and $48,000 at the official exchange rate. The tax has slowed cross-border traffic from Iraq to a trickle.

Iraqi officials say they have no intention of compensating anyone else, even the Jordanian businessmen they traded with.

“It was their mistake to speculate in Iraqi currency,” Shawki Kubaisi, the chairman of the Iraqi Trade Bank, said in Amman. “This is a matter of our national sovereignty, taken to improve our economy.”

But Jordanian businessmen, who have lost tens of millions of dollars, say the move was akin to theft.

Here is a link to the article


So here we see an Iraqi government that did business with its neighbors and paid them with pre-war dinars. Then it invalidated those dinars and provided a 6 day trade in period. To make matters worse they closed the borders so no one could trade in their currency during the trade in period. When they opened their borders anyone caught with dinar had to pay a high tax to cross the border thus Iraq was able to confiscate the currency. With this deceitful practice they removed 25 billion dinar from circulation. Remember that some of this currency the government themselves used to trade with other nations.

The Kurds in northern Iraq were not able to exchange their pre-war notes. The exchange period was closed to them. The 25-dinar notes continued to circulate and became known as the “Swiss dinars,” because they were printed with plates made in Switzerland. In the fall of 2002 it became more and more likely that the United States would invade. Because of this the Swiss dinar became more and more valuable. By this time the other nations that held the pre-war dinar already disposed of it. 25 billion dinar was gone and in the end speculators from other countries first invested because they thought the value of the dinar would return to pre-war levels. (Does any of this sound familiar?) But Iraq would not allow these nations to exchange it. They could not get through the border. Here are more links to further your study.



Now fast forward to today’s date. Do you honestly think that Iraq won’t pull the same thing again? Some people say that Iraq has no choice and they got to honor their currency because of federal laws and the MSB license that dealers are required to have. FinCEN will force Iraq to honor their currency and the dealers will be able to trade it in.

Ok let’s look consider that for a moment. MSB is an acronym for Money Service Business. This is a license that must be obtained by a private business in order to conduct certain money services. These services are things like wire transfers, currency exchanges, Money orders, check cashing, and traveler’s checks. These services are normally done in a bank, but this license allows a private business to provide the same service. This is why dinar dealers are required to have the MSB license.

Here is a fact sheet regarding MSB


FinCEN stands for Financial Crimes Enforcement Network Here is a quote from their site.

“FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN is appointed by the Secretary of the Treasury and reports to the Treasury Under Secretary for Terrorism and Financial Intelligence. FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.”

These are the guys that issue the MSB licenses to the dinar dealers. It allows them to sell the dinar as a collectible item. Here is a link to their site.


here is a look at their international program

“FinCEN works to establish and strengthen mechanisms for the exchange of information globally, and to engage, encourage, and support international partners in taking necessary steps to construct regimes to combat money laundering, terrorist financing, and other financial crimes. FinCEN responds to requests from financial intelligence units (FIUs) that are members of the Egmont Group, and acts as a conduit for requests from domestic law enforcement to foreign FIUs. FinCEN also issues strategic products for law enforcement agencies and FIUs on topics of international interest.”

Here is the link.


Now that we have our background established how does all of this work on a legal basis? First and foremost it is against the law for a business with a MSB license to provide investment advice! You need a special license for that. Yet we see some dealers who have a MSB license marketing the dinar as an investment.

Second-any investment needs to have legal disclosure. The risks of any investment will need to be covered during the purchase of said investment. That is not being done.



Third-there are some gurus who not only hype the scam, but they sell dinar or get kickbacks from dealers that sell dinar. Not only is this illegal, but the agents of any MSB must be listed with FinCEN! Some of these gurus on the payroll are being presented as an independent analysis and that is simply not the case. They are excepting money from dealers.

According to the department of homeland security importing the dinar is against Federal law. They got a prosecution based on this. It was even established in the Status Of Forces Agreement (SOFA) that U.S. solders could not bring back dinar after their tour of duty.

According to Iraqi law the dinar can only be used an honored within the borders of Iraq and it is illegal to export the currency. Check the official links below

Click to access 20081119_SOFA_FINAL_AGREED_TEXT.pdf

Click to access CBILAW-EN_f.pdf


Dinar has been exported in the past to provide a means of exchange From US dollars for people traveling to Iraq. People cannot use it as a means of exchange outside the borders of Iraq or use it for investment purposes. Check the BH indictment!

When Iraq enters the redenomination process it will site these laws as a reason for exchanging the currency in country only. So you would need to go to Iraq to exchange your old dinar for the new dinar or you would need to know someone who is willing to go on your behalf. You can’t use the banks and the banks do not offer an exchange service for the dinar to begin with.

FinCEN will go after the law breakers. But those law breakers are the gurus and the people marketing the dinar as an investment. It’s jurisdiction is limited outside of the United States and in the end Iraq has national sovereignty! Iraq will more than likely cooperate with anything FinCEN wants to investigate but in the end FinCEN will go after the dealers and their agents/gurus who market the dinar as an investment. Those are the ones breaking the law. So now,

I would highly recommend that you be honest with yourself just this one time. Given the fact that Iraq will profit by only doing a redenomination within their borders and their reserves will remain stable. Considering the fact that Iraq has done this once before, What do you think Iraq is really going to do?