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


The Conclusion To The Matter part 2

The Iraqi Dinar Will Not Revalue Here’s Why

Back in 2010 I wrote an article called “The Iraqi Dinar Will Revalue, Here’s Why” This turned out to be the most popular thing about the dinar I have ever written. It was copied and pasted in all the forums. Since I spent the last few months correcting things I have said and debunking myths, I thought I would end with the things that were talked about in this article. This subject became too long to include at the end of the last post. (Supposed to be in the last post)

Of course I no longer agree with the premise of this article. As you know by now I do not believe the dinar will revalue. There is something in my disclaimer I would like to point out. It is the part that says. “My opinion is subject to change if new information surfaces that I am not aware of.” Once I started looking in the right places lots of information surfaced I knew nothing about. So now I would like to go into this article with a bit more detail.

Iraq reducing its money supply

Well as we now know this is not the case. They have been expanding the money supply ever since 2004. There was an article that said Iraq was reducing the excess liquidity by 70 percent. This was one of the articles I used that came from Iraq to say Iraq was reducing its currency. Numbers at the CBI have indicated otherwise. It was a matter of not trusting the CBI’s numbers and looking to other sources to confirm currency supply. This goes along with the smoke and mirrors conspiracy thing. The truth is you can trust the numbers from the CBI. They need to be transparent. The IMF would not tolerate deceit.

It is interesting to note that the CBI has released a new version of the key financial indicators document which now shows currency outside of banks being 29 trillion and not the 35 trillion as it declared back in March. In fact the new document does not show the M2. The only real correction was line 79 which stated there was 35 trillion outside of banks. There are other numbers in this document that are missing. Now the new version of this document is saying there was really only 29 trillion outside of banks for the month of March. So what happened? If they did not need to be transparent then there would be no need to indicate they had 35 trillion outside of banks. They could have just lied about the numbers from the start and avoid a lot of headache.

It is my guess this whole turmoil started when Shabibi tried to do something with the currency and released this vast amount. He got a backlash from Maliki and certain members of parliament that support Maliki. This is the thing that caused all the turmoil and now the money is back at the CBI. Of course I don’t know for sure. I do not believe it was a typo. This is because line 79 added correctly with the other figures in the document. Shabibi got caught doing something. That much is obvious. You can go look at the document yourself. I downloaded the version that said there was 35 trillion outside of banks. Now one month later there is magically 29 trillion outside of banks in the new document. There was 28.5 trillion in February. So it is still an expansion and not a reduction. Things that make you go hmmmm.


The dinar article in question was the first one I wrote that talks about the oil effecting GDP, and how oil will not be traded for dinar. I do make the point that a higher GDP will affect the currency’s value. This is the only part of the article that was correct concerning any change in the value of the dinar.

Fractional Reserve Banking

People proposed questions in forums about currency supply. These were people who believed that there would be no revalue. These are also people with financial backgrounds and degrees. At that time I thought there would be a revalue and I knew this was a trick question. Here is the general question that was asked. How can America even support an RV when it only has 3 trillion dollars in circulation according to the money supply? If there is 25 trillion dinar in circulation how can it RV to $3.00 when the US does not even have that much money in circulation? I have read this question in at least three posts

While the question on surfaced sounded good the question itself was really deceitful. The person asking the question knew it was deceitful. They asked it only to argue against people’s hopes for a revalue. They were not interested in the truth, and they thought no one would address this question. It was obvious to me that this was not a question from someone who was searching to expose the truth, but its intended purpose was to antagonize. This was a question from someone who thought everyone in the dinar community was stupid and did not know what he (Mr. Finance Guru) knew about money. So after studying money for a while I was going to let these guys have it with both barrels.

If you really come to a place like I have where you no longer believe there is going to be a revalue, you don’t need to ask deceitful trick questions like this. The facts themselves will support your theory. So I gave my response which I stand by to this day.

In the first place not everyone believes the dinar will revalue that high. (Above the 3.00 mark) The 3 trillion US dollars mentioned here did not make up all of Americas money supply like this question led you to believe. This was only M1, and M1 is physical currency. Only 3 percent of America’s currency is physical currency. So where does the rest come from? Well there is also M2 which is M1 plus electronic currency. It is a different number. This was about 9 trillion at the time. Then there is M3. The Federal Reserve no longer reports on M3. They stopped reporting M3 in 2006. M2 would be base money and this is expanded through something called Fractional Reserve Banking. This is outlined in a book put out by the feds called Modern Money Mechanics. It works something like this (watch Video)

As a direct result of fractional reserve banking the money supply expands. Watch the next video to see how.

The point here is our currency supply is not 3 trillion dollars. That was just our physical currency which is only 3 percent of the money supply. (watch videos) According to the principles in fractional Reserve Banking it also means that outstanding debt is also money in circulation. The banks created the money when it generated the loans. So our national debt is over 15 trillion dollars. Consumer debt is 57 trillion. All of this is money in circulation. This explains why the dollar is in trouble. But don’t sit there and tell me that the US has only 3 trillion dollars to pay for the mythical revalue when there is plenty of other evidence that goes against the revalue theory.

So how much money is there? Well here are some links that explain it.

“In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time. There are several ways to define “money,” but standard measures usually include currency in circulation and demand deposits.” Notice that this standard definition of the money supply does not include debt. Check total debt and total money supple here

Notice that 3 of the 4 contraction and expansion measures for the money supply involve the loan process.

Some people have taken my statements here and thought I said that Iraq’s banks were going to use fractional reserve banking (FRB) to finance the revalue of the dinar. That’s not what I said or what I meant to say. My only reason to point that out in the article was to show America has more US dollars in circulation then the so-called financial experts in the forums were saying. This put a stop to those kinds of questions. At least while I was there.

Iraq won’t use FRB to finance a revalue because this process expands the money supply. Iraq needs to contract their money supply in order for the revalue theory to work. Most of Iraq’s money is base money it has not been expanded through the loan process. This narrows down the contraction measures to one thing which is Redenomination. If you doubt that debt becomes a part of the money supply just look at how money is expanded and contracted. If the fictional RV happened as portrayed in the forums this would cause an immediate increase in the world’s money supply. As people paid off debts like mortgages, credit cards, and cars the money supply would go through a slight decrease.

However, dumping that much money in the general world money supply would have an end result of inflation. This to me is a much better argument then saying the united states only has 3 trillion in circulation. If this is the case how did the United States acquire a debt of over 15 trillion? The point of explaining Fractional Reserve Banking was to show the expansion of the money supply. Not to explain the mechanics of the RV scenario.

The Rothschild Dynasty

In the article I posted in 2010 I talked about the Rothschild family. I talked about their involvement in the first two central banks that America had. I talked about their involvement in the Formation of the Federal Reserve. Part 1 of this article series talks about that. I was speaking about their involvement as part of a world banking cartel. I even said they owned or had a hand in almost all the Central Banks around the world. They basically controlled almost all the central banks.

I talked about what happened during the revolutionary war. I talked about how on one hand the Rothschilds said the colonial script (colonies money) would not amount to anything, and it was worthless. Then secretly they were buying up all the colonial script they could get. After the war one of the things Alexander Hamilton was able to do was place a value on the currency (colonial script) so the Rothschild family could cash in all of the colonial script they had purchased for next to nothing after the war. I mentioned that they are doing this with the dinar today. On one hand they are saying the currency is worthless and then the CBI will revalue the currency that all the fat cat banking cartel own.

Well first I want to address the Rothschild family. Let’s talk about who they are, their history, and what they really own. This alone would fill volumes of books, but in the interest of time I will sum everything up in 5 videos. First watch the videos to gain a basic back ground.

So if you took the time to watch these videos you know of the Rothschild’s involvement in the banking system, the industrial revolution, and the political system. Their old houses are used today as embassies and one mansion was even used as a headquarters to implement the Marshal plan. You see their involvement in the current central banking system. While there seems to be many conspiracy theories surrounding this family, controlling the banking system is not one of them. Here is one link that will provide numerous links for further study. Some of the links in my view are conspiracy minded. Other links bring forth documentation about the truth.

The Rothschild family operates their holdings by degrees of separation. Basically it works like this. Company A is owned by company B, which has a sister company C. all these companies have a parent company D, which is managed and controlled by company E which is controlled by the main corporation that the Rothschild family controls. So with all these degrees of separation there are few companies that bare the name Rothschild that are actually owned by them. It also makes it harder to trace ownership of a given company back to the Rothschild family.

The ultimate parent company of the Rothschild dynasty is a private Swiss company, “Rothschilds Continuation Holdings. AG (RCH) Rothschilds Continuation Holdings AG is a bank holding company which through its subsidiaries, provides banking, treasury, investment banking, fund management, private banking and trust management services to governments, corporations and individuals worldwide. The company is based in Zug, Switzerland. Rothschilds Continuation Holdings AG operates as a subsidiary of Paris Orleans S.A.”

The Rothschild family biographies give the illusion and impression that their total wealth has decreased over the years. But researchers estimate their wealth into something more than half of the entire world’s wealth.

Who owns and operates central banks?

Central Banks are separate from Governments for a reason. They are controlled by someone else. They are part of the elite banking cartel. They do not belong to the people of that country. A central bank is controlled in two ways. First through the International Monetary Fund, (IMF) and second through The Bank For International Settlements.

“The Bank for International Settlements (BIS) is an intergovernmental organization of central banks which fosters international monetary and financial cooperation and serves as a bank for central banks. It is not accountable to any national government. The BIS carries out its work through subcommittees, the secretariats it hosts, and through its annual General Meeting of all members. It also provides banking services, but only to central banks, or to international organizations like itself. Based in Basel, Switzerland, the BIS was established by the Hague agreements of 1930. The Hague Agreements are maintained by World International Property Organization or WIPO.”

“The World Intellectual Property Organization (WIPO) is one of the 17 specialized agencies of the United Nations. WIPO was created in 1967 “to encourage creative activity, to promote the protection of intellectual property throughout the world”

“As with all United Nations multi-government forums, WIPO is not an elected body. WIPO usually attempts to reach decisions by consensus, but in any vote, each Member State is entitled to one vote, regardless of population or contribution to the funding.”

“Unlike other branches of the United Nations, WIPO has significant financial resources independent of the contributions from its Member States. In 2006, over 90% of its income of just over CHF 250 million.”

So we can see how all this connects together. The Bank For International Settlements ultimately plugs back into the United Nations.

Bank For International Settlements Board of directors:

Christian Noyer, Paris (Chairman of the Board of Directors)
Hans Tietmeyer, Frankfurt am Main (Vice-Chairman)
Ben Bernanke, Washington, DC;
Mark Carney, Ottawa;
Mario Draghi, Rome;
William Dudley, New York;
Stefan Ingves, Stockholm;
Mervyn King, London;
Jean-Pierre Landau, Paris;
Guillermo Ortiz Martínez, Mexico City
Guy Quaden, Brussels;
Jean-Pierre Roth, Zürich;
Masaaki Shirakawa, Tokyo;
Jean-Claude Trichet, Frankfurt am Main;
Paul Tucker, London;
Alfons Vicomte Verplaetse, Brussels;
Axel A. Weber, Frankfurt am Main;
Nout Wellink, Amsterdam;
Zhou Xiaochuan, Beijing

Most of these people attend the Bilderberg meeting every year. These people control all the central banks around the world including the CBI. The collation provisional authority set up the CBI as an independent bank and as part of the international system so they could control it. When I say Rothschild owns the CBI I meant Rothschild controlled through BIS, IMF, and UN New World Order. For the Rothschild dynasty are the founding fathers of the central bank system.

Rothschild-owned Central Banks in ALL BUT THREE countries in 2011. (Check the link below) The first Rothschild world bank, the, “Bank for International Settlements (BIS),” is established in Basle, Switzerland.

You may not agree. You may even think that I am a bit to conspiracy theory minded. That’s fine believe what you want. I have provided all the evidence in the supporting links. There is no smoking gun. You got to look at all the evidence as a whole.

I was wrong when I said that the Rothschild institutions were going to revalue the dinar. I now think they already made their money off the dinar. When Iraq was invaded they left the central bank unguarded and Saddam made off with a bunch of dinar. But the invading forces took a lot of the old dinar as well. I now believe that the Rothschilds already made their money on the initial exchange back in 2004. I got several links for this as well. I am still digging in this area and I think the global interest already made their money off the first exchange. This is what the evidence suggest so far. It seems I found out about the dinar long after they were out.

So there it is, these last 6 posts gives my personal story about the dinar and my 2 year involvement with this currency. I am certain that this currency will redenominate and I believe that when this happens there will be no way to trade back for dollars here in the US. Once people figure this out the demand for the currency will stop. And once that happens you will not even be able to trade that worthless dinar paper for a stick of gum. There will be no demand for it. The dealers will all close up shop and you will not find them.

The dinar is like a game of musical chairs. Whoever is caught holding this stuff when the whole thing crashes will lose. They won’t be able to find a seat once the music stops. And that is the scam behind the dinar.

Where do we go from here part 2

Where do we go from here? Good Question

In the last post we looked at the well-oiled dinar machine. We saw how the currency auctions buy US dollars and release more and more dinar. We saw how dinar makes its way back to the United States and is sold for US dollars. These dollars flow the other way into Iraq as a result of the dinar sales. We saw how over time the currency supply has expanded and there is now 35 trillion dinar outside of banks. Their M2 is 69 TRILLION. We saw how Jordan owns a great deal of the Nation Bank of Iraq and that it was given to them after the invasion. Jordan paid 7.3 million for 49 percent of the bank. They were and are instrumental in bringing the dinar state side

We also see that US dollars make their way to Iraq as they are traded for dinar. Because of this Iraq’s currency supply keeps expanding. They have not reduced the money supply. It has grown by trillions since I have been in this. In fact, in March of this year Shabibi has released another 6.5 trillion in the money supply. We followed the money and exposed the lies. Documents can be found on the CBI website.

So now let’s talk about what exactly is going on over there and let us identify all the players. Let us talk about our first player, the central bank. By looking at our central bank (the Federal Reserve) we can better understand Iraq’s central bank. What is a central bank?

After World War II the global government expanded. Under the United Nations umbrella global organizations were started. The International Monetary Fund, IBRD which became the World Bank, GATT which became The World Trade Organization, all started shortly after the war

These organizations all worked hand in hand with the Marshal Plan.

“The reconstruction plan, developed at a meeting of the participating European states, was established on June 5, 1947. It offered the same aid to the Soviet Union and its allies but they did not accept it, as to do so would be to allow a degree of US control over the Communist economies”

Under this plan nations were rebuilt. A central banking system was started that was modeled after the Federal Reserve, and nations surrendered their sovereignty.

After the Invasion of Iraq the Coalition Provisional Authority (CPA) came in and set up shop. They were the temporary government in Iraq. They set up the central bank. Laws regarding the central bank are found in order number 56. Here are some of my observations from that order.

“Recognizing the problems arising from the former regime’s policies regarding governance of the Central Bank of Iraq,

Further recognizing the CPA’s obligation to provide for the effective administration of Iraq, to ensure the well being of the Iraqi people and to enable the social functions and normal transactions of every day life,”

“This Order establishes a safe, sound, and independent Central Bank for the purposes of achieving and maintaining domestic price stability, fostering and maintaining a stable and competitive market-based financial system, and promoting sustainable growth, employment, and prosperity in Iraq.”

Order 56 establishes a central bank separate from the government. It was also written into the Iraqi constitution that the central bank would be separate from the government.

“Independent commissions and institutions

The High Commission for Human Rights, the Independent Electoral High Commission, and the Commission on Public Integrity are independent commissions subject to monitoring by the Council of Representatives. The Central Bank of Iraq, the Board of Supreme Audit, the Communications and Media Commission, and the Endowment Commission are financially and administratively independent institutions. The Foundation of Martyrs is attached to the Council of Ministers. The Federal Public Service Council regulates the affairs of the federal public service, including appointment and promotion.”

Maliki and Alawai battle for the prime minister position. After the election in the first part of March they fight it out all the way to November over who will be the new prime minister. The Supreme Court of Iraq decides to move the central banks authority to the cabinet. This was in January of 2011

“A January 18 court ruling put several key independent bodies such as the central bank and election commission under cabinet supervision, arguing they should be answerable to the cabinet instead of parliament because their work was executive in nature”

In February of 2012 the amount of currency out of the CBI in circulation was 28 trillion 538 billion. In March of that same year it ballooned to 34 trillion 999 billion. So in one month Shabibi released 6.5 trillion dinar. (click on the key financial indicators file)

Maliki tried to exercise the power given to him on January 18 2011 by the Supreme Court of Iraq. Parliament through a fit about this. They sent the cabinet a letter telling it not to interfere with the central banks policies

Maliki is being made out in the media as though he is trying to do a power grab. A vote of no confidence has yet to determine the fate of this government. In one corner we have the CBI run by Shabibi. In the other corner we have Maliki and the cabinet. And then we have parliament.

So we have an Iraqi government in turmoil. Even though Maliki was given control of the central bank by the court in January of 2011, He never exercised that control until Shabibi decides to release Trillions of dinar into circulation. The question still remains what is the game plan here?

The main reason I am going into detail about all this is because there are several guru lies that are coming out to pump the sale of dinar. Pumpers are taking the opportunity to sell more dinars as a result of the events overseas by lying to investors once again. I am not going to name names yet. I am just going to debunk the lies first.

1. The first lie says that if Maliki winds up controlling the central bank there is a 70 percent chance that they will not redenominate. Instead they will revalue the currency.

2. The second lie states that Maliki wants to control the CBI so that the government can have a more direct line to the IMF.

The truth is if Maliki winds up controlling the central bank then things will get worse for Iraq on a global level. This is because it goes against the IMF model of having an independent central bank. That’s what the CPA set up, and that’s what they want. That is what the NWO globalist elite want. They want a separate central bank so they can have better control of governments and their economies. This is why Russia denied assistance under the marshal plan. They did not want to surrender their sovereignty.

If Maliki controls the central bank then you kiss can WTO membership goodbye. The dinar will not be a reserve currency, and there will be other trade problems as well! Gurus will use this to try to say Maliki will enforce a revalue. This is just not the case. The one world government, aka UN, IMF, WTO, World Bank, will reject the dinar because the central bank will go against the model of independence.

If there is a vote of no confidence in Maliki without addressing his concerns of corruption in the central bank then that could create a split in an already divided government and the government itself may begin to fall apart and become an Islamic regime. These are all possibilities.

So let’s talk about the economics of all this

Keep in mind that the above video was up loaded to you tube a few years back. All the points Mr. Jagerson makes are still relative today


How would a Revalue work? If the dinar would go to $3.00 as some gurus claim and there is 35 trillion outside of banks? That would put a value on the dinar somewhere around 105 trillion US dollars. Anyone can see this is just not plausible. It is not possible for the dinar to RV to $1.00 given the current dinar outside banks. That’s a dollar value of 35 trillion. This amount is double our debt and it is triple our M2 money supply. Even an RV of 1 penny would bring a threat of hyperinflation as this would have an overall effect of expanding the money supply. That is a 1,000 percent increase in the currency’s value. This has never happened in History….. EVER! A Revalue is a policy decision just like devalue is a policy decision. It only affects peg currencies. Floating currencies adjust according to market demands. Pegged currencies like the dinar need to adjust from time to time.

Shabibi has always said that a revalue is used to combat inflation. It is what they do to control inflation. If the adjustment is too much it will have the opposite effect. The last revalue was just 4 pips 1170 to 1166. Slight movements are used to keep the currency in balance.


A redenomination is a whole different animal. I use to think that Iraq was not talking about redenomination when they were talking about raising the value of the currency and dropping the Zeros. After all how could Iraq do this with a 50, 250, and 500 in circulation? The basic Guru presentation is they will remove the 25,000 10,000, 5,000 and 1,000 notes. (The notes with three zeros) and then they will raise the value of the existing notes and introduce lower denominations. This will happen in one night as trillions of dinars suddenly rise in value. No one stops to consider the economic chaos that will come from this. Not only has an RV this big never happened before in history. This scenario has never happened before in history.

The truth is redenominations happen all the time. Reducing the amount of currency people carried, dropping the zeros, and raising the value is all redenomination language. When a redenomination happens a new ISO currency code is released. (AKA ISO 4217 Country-Currency Code) The ISO code is 3 letters that identifies the Currency for a country. For example, USD = US Dollar, IQD = Iraqi Dinar

In a straight across redenomination a new series of currency will be released and a new ISO code is issued. There is a trade in period or time frame when both series of currencies will coexist. Once the time frame expires the old series will no longer be valid. Every note in the old series will be taken out of circulation. If Iraq redenominates the 500, 250, and 50 notes will all be removed and will not be valid after the trade in period. Here is how a straight across redenomination will work.


One 25,000 note old dinars =                            One 25 note new dinars
One 10,000 note old dinars=                             One 10 note new dinars
One 5,000 note old dinars=                               One 5 note new dinars
One 1,000 note old dinars=                               One 1 note new dinar
Two 500 notes old dinars=                                One 1 note new dinar
Four 250 notes old dinar=                                 One 1 note new dinar
Twenty 50 notes old dinar=                               One 1 note new dinar

Keep in mind that the dinar further breaks down in units of fils, Kind of like our dollar breaks down into cents. This will be reflected in the redenomination process.

When there is a redenomination every old note will be pulled out of circulation. 35 trillion outside of banks will become 35 billion outside of banks. There will be no loss of value. Between 1960 and 2005 there were 70 currency redenominations. Some countries redenominated more than once. Since Redenomination has a historical precedence and the mythical RV of a 100,000 has none. Which one do you think Iraq is likely to do?

Terms like removing the zeros, raising the value, and LOP, carrying less money, Are all slang terms for redenomination. See for yourself. Check the links below. The problem here is Iraq, News organizations, and international governments are using redenomination and revalue interchangeably as if they all have the same meaning. This is where a lot of the confusion is coming from. While some of the articles declare a revalue of the currency, they really reveal and declare a redenomination process.

One More

At this point I have almost said everything I set out to say. I will only post an article one more time. This will be the conclusion to the matter. After that I will be done. I plan to move on with my life after this and move away from following the dinar investment. If you are holding dinar or you are considering investing, be very careful! The gurus and the forums will not tell you what is really going on. This is because they are all making money off of you believing there will be a mythical revalue.

Where do we go from here part 1

Where do we go from Here?

That is a good question. So what now? I would like to move on with my life. Eventually I would like to finish with the dinar all together. I feel a sense of obligation to my readers. I need to let them know exactly what to expect and exactly what I believe is about to unfold. I probably will only post about this a one more time. I will leave the site up as an archive so people have what they need to combat anyone telling lies to make a buck. You pumpers know who you are! Don’t come on this site thinking you can get away with it because you will be NUKED! Too many people have too much invested and too much to lose. I won’t stand for anyone pumping here. You will be exposed!!

People had a hard time believing I sold all of my dinar. In fact, I get asked all the time did you really do that? Now that is the most asked question followed by, How much did you have? Then its, how much money did you lose?

I do think it is a good idea to count the cost. What did I lose? I had a total of 3 million 650 thousand dinar. I paid 1070 per million. I sold it all for 900 per million. I sold it back to a dinar dealer. I lost a little over $500.00. I also lost two years of my life following this investment. I spent long hours away from my family. I just knew that any minute I would be rich. I was really gung-ho! This is probably why so many people find it hard to believe I sold everything.

What did I gain? While I did not make any money I gained a great deal of things. For one I gained an education about currency and how it works. I gained an education about economics that most people don’t have simply because they don’t care. People don’t venture to far away from their life to learn something about which they have no interest. It was the carrot dangling on the end of a dinar stick that caused me to learn what I know today. If it was not for the dinar, I would still be clueless about money and economics.

I gained a great deal of good friends. I found that for the most part people who have invested in this are really good people. They don’t know they are being scammed. They tend to be responsible and accountable. They tend to carry more of a burden in life and they tend to be very giving in nature. I made some great friends as a result of this.

I gained knowledge of the internet. I learned about blogging and websites and search engines and stuff I really did not want to know about. (thank you carrot on a dinar stick) I only learned that stuff to spread the word about the dinar. Now everything I have learned I can apply to my music. It will come in handy when I develop my music site. This was something I was going to do after the dinar revalued. Not a bad haul for 500 bucks. I returned to the life I had before the dinar. I appreciate it a whole lot more too! I am reminded of a line in the movie, Shaw Shank Redemption. Get busy living or get busy dying.

What is going on with the dinar?

To understand the answer to this question we got to talk about two things.

1. Government in turmoil,

We got to understand the power struggle going on in Iraq right now. We got to realize all the players and what they are after. I will cover this in the next post.

2. Follow the money,

Whenever you want to figure out why a politician, a government, or a social group does a certain thing you got to follow the financing. Who is providing the money and why. When you follow the money all kinds of answers and agendas come into view. So let’s follow the dinar in the rest of this post. How does the dinar get here to America?

Some people argue over whether or not it is illegal to own dinar. Some quote executive order 13303. Then there is this article.

Here is a small quote from this article.

“Iraqi Dinar and US Banks

The SOFA, or Status of Forces Agreement, was proposed in November 2008. The proposal is for the abolishment of the sale of the Iraqi Dinar by banks throughout the world, making the export of the Dinar illegal. The government of Iraq constantly notifies the banking institutions to stop the practice of selling the Iraqi currency.”

Even if this were true this agreement expired at the end of 2011 when all the troops were brought home. The question still remains if is it illegal like this article claims, how does the dinar get through customs? Back when I bought all of my dinar, I purchased it all from Dinar Trade. At that time you could still get dinar in some of the banks in my area. I went through dinar trade because they had the best rates.

Let’s go back and look at how things were set up when I bought my dinar. As far as I could tell most of the dinar coming to America came from the Bank of Ireland through a business they had set up called Foreign Currency Exchange.

The bank of Ireland got it from the Bank of Jordan. The bank of Jordan owns 49 percent of the National Bank of Iraq. (NBI) This was awarded to them after the invasion. Check out the Wiki Leaks document dated may 7th 2004.

2. (C) Ali K. Al-Husry, Chairman of the Board and CEO of the Export & Finance Bank (EFB), called on the Ambassador February 29 to detail a strategic partnership agreement EFB had signed January 4 with the National Bank of Iraq (NBI) whereby EFB acquired 49 percent of NBI’s paid up capital in return for USD 7.3 million. The agreement gave EFB management control of NBI, according to the bank’s proprietary chronology that Embassy is faxing to NEA/ARN (protect). Al-Husry said that the deal had been approved by the Central Bank of Iraq and also by the Central Bank of Jordan.

This is from 2003 and it explains the last Wiki Leaks Document.

2. (S) Marto made clear that in addition to issues regarding frozen Iraqi assets, he would like to discuss the status of the $1.4 billion in Central Bank of Jordan claims on the Iraqi Central Bank. He said that Jordan felt strongly that these claims were different from other government’s claims on Iraq and that they should not be lumped with other Iraqi government obligations dealt with by the Paris Club. In response to the question raised in para 4 of reftel, Marto confirmed that the Jordan National Bank, was heavily exposed to Iraqi trade and was in danger of financial collapse if its claims on Iraq were not covered.

Dinar flowed from the CBI to the Iraqi banks via the auctions, from NBI to Jordan, from Jordan to Ireland, From Ireland’s Foreign Currency Exchange to the banks and dealers in the US. The Dinar dealers had a network set up to move the currency. Some Sites hyped the currency to unsuspecting investors like you and me, and other sites sold the dinar. I believe these sites where working hand in hand with each other. More on that in a future post. Everyone is getting a cut. US dollars flowed from American citizens to the dealers, from the dealers to the bank of Jordan in most cases via Bank of Ireland, From the Bank of Jordan to the National Bank of Iraq, and from the NBI to the CBI Auctions where it was exchanged for dinar once again. Everyone gets their cut in this process

It is important to note that this is only one of the main paths dinar was brought to the US. By the year 2008 the Iraqi banks were doing great. All these US dollars were coming From American citizens. American Citizens were promised they would be made rich by the dinar dealers. The banks in Iraq were cleaning up. Check out this Wiki Leaks document. It is dated 2008

Fouad Mustafa, chairman of the Iraqi Private Banking Association and president Credit Bank of Iraq, told econoff on July 6 that private banks are growing and “doing well” in Iraq. In the past three years, the average capital of private banks in Iraq has grown from approximately USD 6 million to over USD 40 million.

The Credit Bank currently has about USD 500 million on its balance sheet and 10,000 customers. It adds new customers every month. All of its bank branches are connected electronically, allowing customers to deposit or withdraw funds from any branch.

By the time I heard about the dinar the banks were doing well, but Iraq’s progress had been slow. At that time Iraq ranked 152 out of 181 nations at the World Trade Center check out this wiki link. Here are a few observations

“NIL’s provisions should provide an open investment regime for foreign investors. However, the NIL does not permit foreign investors to own land, though they may lease (for 50 years, renewable). It also does not cover investments in the oil, banking and insurance sectors. (A copy of the National Investment Law can be obtained from the U.S. Department of Commerce Iraq Task Force website –”

“Banks may engage in spot transactions in any currency, but are not allowed to engage in forward transactions in Iraqi Dinar for speculative purposes”.

“whether foreign investors will enjoy protection from expropriation that meets international standards will likely depend on domestic implementing legislation and/or future bilateral treaty obligations with investor states. The United States does not have a Bilateral Investment Treaty (BIT) with Iraq.”

“Article 27 of the NIL, which details the rights of Iraqis and foreigners with respect to Iraqi law, refers to dispute resolution. However, the absence of implementing regulation makes application of the law uncertain in practice”.

So by 2009 this was a well-oiled machine. Now we get to the Status Of Forces Agreement

Article 20

Currency and foreign exchange


‘The United States Forces may not export Iraqi currency from Iraq, and shall take measures to ensure that members of the United States Forces, of the civilian component, and United States contractors and United States contractor employees do not export Iraqi currency from Iraq.”

This is part of what the first article posted was talking about. Dinar could only enter through the proper back door channels. It was only illegal to go outside the banking structure.

Something changed in May of 2011. Foreign Currency Exchanged was sold to Wells Fargo

09 May 2011

Bank of Ireland announces that it has agreed to sell its US based foreign currency business, Foreign Currency Exchange Corporation, Inc. (“FCE”) to Wells Fargo Bank N.A. (“Wells Fargo”).

This happens to be the same time Ali from Dinar trade closes up shop. This is also the same time the banks in my area stop selling dinar. When I sold my dinar a few weeks back none of the banks would exchange it. My brother down in Texas could not sell his dinar through any bank that had a foreign exchange service where he lived. He is in Dallas Texas. They knew of no currency place that would exchange it. Banks in my area that use to deal with it won’t even touch it now. No bank wants it. This to me was a big Red flag!

My options for getting rid of the dinar were now limited. I could sell it on eBay and try to break even, or I could sell it back to a dealer. I sold it back to safe dinar. I had my money in just a few days. They gave me 900 per million. Dealers need the dinar to sell to new people who are just learning about this investment. Dealers are still getting dinar from Jordan too. You can get dinar from Jordan. Look at this eBay auction


Item condition: Uncirculated
Ended: Apr 19, 201217:50:21 PDT
Starting bid:
US $880.00 [ 0 bids ]
FREE Economy Shipping
Item location: JORDAN, Jordan

The dinar keeps coming in and the dealers buy it up and sell it to new investors. They also supply a sense of liquidity when somebody wants to get out. The US money now goes the other direction. It goes through Jordan, from there it goes to the NBI, from there it goes to the CBI auction and more dinars are sent out. Once again this is but one path. Shabibi released 6.5 trillion dinar in the month of March why? This is the way we wash the money, wash the money, wash the money!

Dinars come to the US and Dollars go to the Central Bank of Iraq! Everybody gets their cut in the process. The currency auctions buy more and more US dollars and the currency supply expands. It is important to note that this expansion is not a normal expansion due to the loan process or newly acquired debt. This is the base money supply expanding. This is much harder to contract and makes a Redenomination scenario much more plausible.

How will this all play out?

Please allow me to give you my opinion of the wiki Leaks documents I poured over. This is what I now think will happen. The currency supply will continue to expand because it keeps More US dollars coming into Iraq at a time when the dollar is getting scarce. Iraq will need to redenominate because of the supply. If they redenominate today they will take 69 trillion and make it about 69 billion dinars. Thus reducing the currency supply and raising the value. At the same time they will remove and delete the zeros!

When this happens people in the United States will not be able to go to the banks and trade in their dinar. At that time US citizens will have no legal recourse even on an international basis because of the lack of law. They will go to the dealers to try to trade out their dinar. The dealers will all be gone. They will close up shop and take their profits and cuts with them. They will be looking for the next con, or maybe they will just retire all together. The American people would have shipped anywhere from 500 million to 2 billion US dollars over to Iraq with no way to get it back. Once the transfer period expires and time runs out to trade in the new notes for the old Americans will be stuck holding a lot of worthless dinar paper.

And that is how the scam works! You will need to go to Iraq to trade in. the hard part will be getting through customs with a vast amount of dinar and getting to Iraq with no way to protect you or the dinar. Good luck with that.

I use to believe that the dinar itself is not a scam. There are just people running scams with a legitimate currency. After reading a ton of Wiki Leaks documents, I no longer believe that. I believe