Why The Iraqi Dinar Will Never Revalue Part 1

podcast 7Sam I Am came by the studio last week. We began to have a discussion about the pending indictment for Sterling Currency Group. The case was brought before a grand jury on February 10th. The indictment was handed down soon after.

It comes as no surprise that many of these dinar gurus are paid by dealers to lie about the currency. In fact, some of these guys are paid well. The biggest problem is that they are lying about basic economics. They throw out junk economic terms with half meanings in order to fool people who have no background in economics. This includes most of the population.

45c98-sam252822529Before the dinar I could care less about economics. I only learned about this subject as an investor. The more I learned the more I knew I was scammed! If more people knew why it is impossible for the dinar to have a massive revalue like the gurus claim then there would be no one left to scam.

5575f-marcusSo while Sam and I had our chat we decided to do a podcast explaining the basic economics of this guru fiction and why it is impossible for the dinar to revalue in this manner. By the time your done you should know why the revalue or any revalue with any currency like the gurus describe is purely fictional. We had a long chat and it is broken down into two separate podcasts. Here is part 1


podcast 4The podcast player may not display if you are using Apple’s Safari browser, but it will display in every other browser. This is a problem that is unique to the Safari browser. At this time we provide no support for this problem.

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This Podcast was recorded on February 18th 2016

Podcast 4 – “Sam I Am” part 3

podcast 7Well now, all my cards are on the table with this latest podcast. At this point you should see that Sam is in the process of bringing his archives over. You should also see a new post from him on occasion. He has freedom to write about anything he wants to say. We are now equal partners in Iraq Currency Watch and now this is just as much his blog as it is mine. I think the merging of our two sites is a great mix. Hopefully many of Sam’s readers will be pleased with the results.

So now I give the invitation to all of Sam’s readers to subscribe. Actually, anyone who wants to can subscribe by clicking  the follow Iraq Currency Watch blue button to the right. By subscribing you will be informed whenever a new post or podcast is posted. Any email address that is provided is kept confidential and you will never receive advertisements! You will only be notified when Sam and I release a post or a podcast. You can also remove yourself from the list at any given time. Many great things are coming to Iraq Currency Watch. So if you enjoy the content you should join the hundreds of people who have already subscribed. It does not cost you anything to do this.

When I initially interviewed Sam for the Podcast we had 3 segments which became massive. So I decided to make each segment a separate podcast. I already posted the first two podcasts in my last post. Now we are releasing part 3. Some more surprises await.

podcast 4


The podcast player may not display if you are using Apple’s Safari browser, but it will display in every other browser. This is a problem that is unique to the Safari browser. At this time we provide no support for this problem.

This page loads fine in every other browser and all aspects of the page are visible. Therefore we recommend that you view this site using a different browser. Chrome, Firefox, Internet Explorer, and the new Microsoft Edge browser all work well with this site and the Podcasts.

We recommend that you download one of these browsers for your Apple computer and use it in place of Safari. This is an issue with Safari. It is not a WordPress or an ICW issue. 

Just a note of clarification, I could not remember the name of the document the government served SCG. I called it a consumer complaint when it fact it was a civil complaint. I am sorry about the confusion.

Our Friend TNTBS

Sam’s blog identified many of the people who were lying about this investment. This was the reason for his identity. Since his site has closed down others have taken on his cause. Below you will see a video from our friend TNTBS. Much of this information is based on Sam’s research. He also adds his own research into the mix. TNTBS presents this information in an entertaining and amusing approach.

Podcast Notes

Defending  The Faith





Jew and Greek








cropped-06-gcr-mockup6.jpgThe Truth About The Coming Global Currency Reset


The Scammers And The Pumpers,

I caught a lot of heat in January of 2012 when I claimed the dinar was a scam. People thought I fell off the deep end. I invested in the Iraqi dinar and then I talked about it on this blog. I strongly supported it until my study of currency revealed a whole different story. I told everyone to sell their dinar as soon as they could. I said that if Iraq redenominates there will be no dealers around to provide any liquidity. I said that this so-called dinar investment is really a scam. The dinar is a game of musical chairs. Anyone caught holding dinar when this thing finishes will be the people who lose everything.

Now it seems as though the whole so-called investment is crashing down all around us. Shortly after Tony goes to jail (see last post) we witness the government action of raiding the offices belonging to Sterling Currency Group aka Dinar Banker. They also seized assets such as aircraft, and expensive luxury cars. This happened on June 3rd, just 6 days after Tony was sentenced. Check out the raids with the following links.




Even though the dinar community is surprised by this it comes as no real surprise to me. As I watch the traffic from this site I see that the dinar is big on an international level too. Just last month alone I got traffic from United States, Canada, Malaysia, Taiwan, just to name a few. I also get a lot of traffic from Puerto Rico. The dinar is huge there. Now it seems that some dinar business in Puerto Rico was raided too.

“The raid conducted by the Federal Bureau of Investigation during the morning in a business that sells dinars, located on Roosevelt, Hato Rey Avenue, is related to a fraud investigation,”

“FBI agents, accompanied by the IRS and police officers in Puerto Rico, arrived at about 7:00 am at the offices of Internet Management Mendez. Quinones explained that could be there until noon.

He said that, in general, in raids seeking documents and computers.”


Today I have been reading through the civil complaint for the government’s case against Sterling Currency Group.  I can tell you that those boys are in a bit of trouble. Let me quote directly from the civil complaint so we all know the people involved.

“This Complaint seeks forfeiture of the below-listed properties to the United States as proceeds of specified unlawful activities and properties involved in money laundering offenses of Sterling Currency Group, LLC (“Sterling”); Sterling Online Processing Services, LLC (Sterling Online); GID Partners, LLC (GID); Alex Capital Holdings LLC (Alex); James Shaw (J.Shaw); Carole Laurette Shaw (C.Shaw); Tyson Rhame (Rhame); Frank Bell (Bell), and other entities controlled by these same businesses and individuals that have used the facilities of interstate commerce in a scheme to defraud investors in the Iraqi dinar by publishing and disseminating false information about the viability of that currency as an investment:”

Wow the dinar as an investment is actually false? Of course this is according to the complaint. What does the Department Of Justice really know about the dinar anyway? (Sarcasm) Now that we know who all the players are, the civil complaint proceeds to list the assets that the government will seize.  Some of these include various real estate properties, luxury cars, and even three airplanes. I will quote directly from the civil complaint again,

“Based on the evidence described below, the Defendant Properties are subject to forfeiture to the United States pursuant to 18 U.S.C. § 981(a)(1)(C) as proceeds of specified unlawful activity traceable directly and indirectly to violations of 18 U.S.C. §§  1341, 1343, 1349, 1956, and 1957. 3.Additionally, the Defendant Properties are subject to forfeiture to the United States pursuant to 18 U.S.C. § 981(a)(1)(A) as property involved in money laundering offenses in violation of 18 U.S.C. §§ 1956 and 1957.”

“Since at least 2004, Sterling Currency Group, LLC (“Sterling”), an Atlanta, Georgia-based business that also does business under the name Dinar Banker, has become one of the largest sellers of Iraqi dinar in the United States.  While Sterling also offers the sale of what its website calls “other exotic currencies,” including the Vietnamese Dong, Indonesian Rupiah, Afghani, and Chinese Yuan, the bulk of Sterling’s business comes from the sale of the Iraqi dinar.”

“8. Sterling is one of several money service businesses in the United States that purchases the Iraqi dinar abroad for sale to customers in the United States and Canada.”

“9.Sterling purchases its inventory of dinar notes from exchangers in the Middle East, transports the notes in bulk to the United States via commercial carrier, retrieves the notes from Hartsfield Jackson International Airport, and trucks them Case 1:15-cv-02032-LMM   Document 2   Filed 06/09/15   Page 14 of 48”

“15 for storage to a business location in Atlanta, Georgia, where they remain available to fill customer orders placed on its websites (initially at http://www.dinarbanker.com and now at http://www.sterlingcurrencygroup.com) and over the telephone.”

“10.Sterling operates in partnership with Sterling Online Processing (“Sterling Online”), which provides administrative services for Sterling, as well as GID Partners (“GID Partners”),  which is an Iraqi dinar exchanger purchased by Sterling.”

“Sterling’s success is at least partially attributable to its use of the facilities of interstate commerce, including wire communications, both directly and indirectly, to disseminate false and misleading information about the possibility of a revaluation of the dinar and to steer customers toward choosing Sterling over its competitors.”

“16.The revaluation (or simply, “RV”) theory has spread throughout the Internet and is promoted by a variety of internet blogs and individuals who hold themselves out to be currency experts or “dinar gurus.”  According to the RV theory, the dinar will experience an abrupt, exponential rise in value against the U.S. dollar and hence yield enormous profits for dinar holders.”

“17.An individual who worked for Sterling from approximately 2013 to 2015 confirmed that Bell at one point told customer service center representatives in a meeting that there would never be an Iraqi dinar revaluation.  Bell instructed the representatives not to tell callers that the revaluation will never occur but to tell the callers to do their own research”

This is the reason I said that dealers would not be around in the event of a redenomination. If certain dealers are breaking the law, and they are, then other dealers will close up shop as well due to liability issues in the event of a redenomination. The civil law suits will be enough to cause everyone to get out. Not just the civil complaints brought from The Department Of Justice, but the civil suits brought through private parties as well.

Perhaps the saddest part of the whole thing is that these people knew they were breaking the law. Email communications between the people at Sterling bring this out and they are even listed in the complaint. The people at Sterling knew that Iraq would not revalue and they knew this as early as 2010. Not only did they continue to sell dinar to people who thought there would be a revalue, but they had pumpers on the payroll to promote that idea! Let us look at some of the emails listed in the civil complaint.

“Email communications between Rhame, J.Shaw, C.Shaw, and Bell confirm that these individuals know that the concept of the dinar revaluation is a scam.

‘On November 3, 2010, J.Shaw sent an email to Rhame entitled, “Discussion Point,” an email that he also forwarded to C.Shaw, which read, in part:  Ty, The point of my call was not to talk about net worth. We have a business that I valued at $8-10 million in that formula (SCG). Laurette and I do not think about how much is hers and mine as you do in your relationship (like I should give her 99% of profits). We are 50-50 partners on everything and if we ever split up we would divide all assets as such. She has lately been very nervous and was crying last night because she knows we are running an illegal operation.  The point is that her [sic] and I have worked way too hard in life for us to risk everything based on your belief (even if I agree with you) that the Iraqi dinar will not RV and it is ok to make millions of dollars in false promises to our customers. Not only are we risking everything we own, we are risking serious jail time as promoters of a ponzi scheme. . . Jim”

“Additionally, a March 22, 2011, set of emails further shows that Rhame and C.Shaw were aware of Sterling’s wrongdoing.  a.Specifically, on that date, Rhame sent C.Shaw an email that copied J.Shaw with the subject, “Comments related to AMENDED Operating Agreement” in which he asserted, “This amendment is complete bullshit written for the purpose of obtaining banking. Jim and Ty are operation [sic] under the original partnership agreement. We are 50% partners and his ass will go to prison if mine does.” b.Thereafter, C.Shaw replied, “and won’t your asses have an interesting time there. NOT.

“Sterling’s unlawful business practices fall into at least two categories.  First, Sterling unlawfully used at least one revaluation promoter to disseminate false Case 1:15-cv-02032-LMM   Document 2   Filed 06/09/15   Page 19 of 48”

“20 information and steer prospective dinar purchasers toward Sterling.  Second, Sterling used telephone conversations and its own web site to make false representations and false promises to its customers.”

“Sterling has knowingly benefitted from false representations made by web sites and blogs, including “The GET Team.”

“24. The GET Team, which is led by an individual known as TerryK, runs an internet chat room and weekly conference calls in which information about the Iraqi dinar is discussed.  During those chats and conferences, TerryK spreads false information suggesting that the revaluation is about to occur.”

“25.In a September 13, 2010, email, TerryK introduced himself to Rhame:  Ty, My name is TerryK, I own the worlds [sic] largest Dinar web site going….we have currently 7200 members and currently we hold two calls a week with about 1500 on the call and 100’s if not 1,000’s on skype listening in…what I would like to do is open a discussion with you and maybe have you on a call this coming wed night.  It starts at 9pm and thought maybe 10-15 min on how you operate, how to cash in with your firm and then a question and answers session….let me know via email [sic].   terryk.”

“26.Thereafter, beginning at least as early as 2011, Sterling began making monthly payments in the amount of $4,000 to TerryK.  In total, Sterling has paid TerryK more than $150,000 since 2011.

“27.Since TerryK’s 2010 email, Sterling employees, including Bell and Rhame, have routinely spoken on the GET Team’s weekly conference calls.  For example,”

“28.In the GET Team chat room and during the weekly conference calls, TerryK also passed along false information purportedly received from sources about the revaluation of the Iraqi dinar and other currencies (such as the Vietnamese dong).

a.For example, on the January 8, 2014, conference call, TerryK stated that a source at Wells Fargo said that it would take at most 10 to 15 minutes to process the exchange of Iraqi dinar.

b.Additionally, on the March 12, 2014, conference call, TerryK stated that a source at Wells Fargo had told him “it” was supposed to happen but that the time kept changing.

c.Likewise, on the April 16, 2014, conference call, TerryK said that he had heard from the “UST,” a reference to the U.S. Department of Treasury, that the rate was good and that everything would be released that week.”

“29.On June 3, 2015, TerryK acknowledged during an interview with the Federal Bureau of Investigation (FBI) that he had fabricated source information on GET Team online postings and conference calls.”

“30.In fact, the U.S. Department of Treasury is not preparing and has never prepared for an Iraqi dinar revaluation.   31.Similarly, Wells Fargo does not trade in the Iraqi dinar and also warns its customers not to invest in it.  In fact, a publicly available Well Fargo Advisors Memorandum dated March 10, 2014, states that Wells Fargo is not preparing for an Iraqi dinar revaluation and has no plans whatsoever to exchange the Iraqi dinar.   32.Moreover, a November 7, 2011, email exchange between TerryK, Rhame and Bell confirms that TerryK and Sterling have sought to keep the specific nature of their relationship secret.   a.On that date, TerryK sent an email to Rhame and Bell that read:  I want to make sure that our arrangement is between us and no one else…As no one else needs to know about our arrangement…   Please confirm…   Thanks for all you guys do... [sic]” b.Bell’s reply, sent that same day, read, “Absolutely noone [sic] but us [sic].” 33.Although on May 28, 2015, Bell represented to the FBI during an interview that Sterling maintains a “firewall” between itself and revaluation promoters, email records belie his assertions.  a.For instance, on May 2, 2012, TerryK sent an email to Bell that read as follows:  Case 1:15-cv-02032-LMM   Document 2   Filed 06/09/15   Page 22 of 48

23 You should have gotten a lot of business on the reserves the past week, been pushing it hard on the site bro…..make sure TY is not selling dinar from the middle table that one is mine.….[sic]” Bell’s reply, sent the following day, read, “TK, Will do, thanks for your support.”  b.Likewise, on March 11, 2013, TerryK sent Bell an email that read,  FYI Received payment today, thanks for following up..What else can I do to help sales for your team? Just let me know buddy, I will be in the room later today to get some things moving as well [sic]. c.Also, on July 22, 2013, TerryK sent Bell an email reading as follows:  Frank, please find attached the banner invoice for the month of August 2013, I trust things are going well, as we keep promoting the heck out of Sterling.. [sic] If there is anything you need let me know.”

“34.On June 3, 2015, Bell acknowledged to FBI agents that Sterling should not have continued to do business with the dinar promoters.”

You can read the civil complaint in full by clicking on the link below


Channel 2 goes into further details about this case. Check out the next link



As usual, I have a few observations. The first one is the fact that this is just a civil complaint from the Department Of justice. I strongly suspect that criminal charges may soon follow.

The second observation is that the government has finally acknowledged that the revalue is not going to happen and marketing the dinar on such a notion is not only untruthful, it is outright fraud. So much so that the government has been keeping intimate details on email records from various dealers at the very least since 2010. If I was a dealer and I had pumpers on the payroll I would be very worried at this point. Because more than likely the government is watching those dealers too and it decided to move against one of the biggest ones first.

My third observation is that the government moved against Puerto Rico and Sterling at roughly the same time. Although the civil complaint is dated the 9th. The raid from channel 2 news has a date of June 3rd. That is the same day that the government moved on Puerto Rico. Both raids happened at 7 am. Both raids involved the IRS and the FBI. So my question is obvious. Are these two Raids connected? Did SCG have any involvement with the Puerto Rico dinar business? I am not saying that they did and I do not know, but this is one hell of a coincidence!

My fourth observation is that this was just a few days after Tony’s sentence. Tony once said that he worked for Sterling on a conference call. I heard it myself. Another point is that his reduced sentence was very light for a plea bargain. He was looking at about 21 years for each count and he had 4 counts. He was also looking at a 250,000 dollar fine for each count. His sentence was greatly reduced. They dismissed 3 counts and only convicted him on 1 count. He has no fines to pay, and he is only serving 1 year and one day in jail. This is according to his sentence. Look at the last post to verify. This reduction is a lot more than what you would normally get in any plea bargain deal.

Is the reason for this due to information Tony provided about Sterling Currency Group? He had a banner for Sterling on his site. In the end I don’t know for sure, but consider the timing of the events and it would be easy to conclude that this goes beyond coincidence. Notice that Bell said “dinar promoters” as in more than one? In the end I really don’t know for sure.

When the BH group went down it was 6 months before we knew anything about what was going on. I think as time goes on more details will be revealed.

My fifth and final observation is that SCG is not the only dinar dealer that has paid gurus. I am not going to name any names but I know there are others as well. Will the same thing happen to them? Is Sterling the beginning of a process that will shut down dealers and thus remove liquidity for the dinar? Although I will say that I don’t keep tabs on every dealer, and even though there may actually be some honest ones out there, I know of a few that are not. They have pumpers too and those dealers know who they are. I would be worried if I were them.

I was telling the truth all along. The dinar investment is a scam, dealers won’t be around if Iraq redenominates, there is 30 trillion in dinar sitting outside of Iraq’s borders, this current dinar scam bears many similarities to the same scam Iraq did with the Swiss dinar, dinar has been exported all over the world in many different countries, and Iraq was exporting their currency which caused their reserves to grow at an abnormal rate!

When you stand back and look at the big picture you’ve got to ask yourself one question. Why did it take the government so long to do anything about this scam? Well now it looks like they have been building cases the whole time! Just how many cases has yet to be determined. In the end justice may come slowly, but when it finally arrives it will be quick and severe.

Just a final note to all you fake dinar pumpers who pretend to be Christians so you can take credit for boosting your sales. I have heard you pray on conference calls in the name of the Lord and I have heard you ask for God’s blessings when all the while you knew this thing was a scam! I caught you in lies! You targeted the Christian community in an effort to put money in your own pocket. Your judgement day is approaching too! Let me share one scripture with you.

Galatians 6:7-9King James Version (KJV)

7 Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap.

8 For he that soweth to his flesh shall of the flesh reap corruption; but he that soweth to the Spirit shall of the Spirit reap life everlasting.

Due to the emotionally charged nature of this topic all comments will need to be reviewed and approved before they are posted. I will approve your comments as quickly as possible should you decide to leave one.

If you purchased dinar please note the following form below.






Clarification for 40 facts

In my last article I gave 40 facts about the Iraqi dinar. These facts were meant to debunk a video that had a lot of wrong information. The video is now pulled down and no one has access to it anymore. This is a good thing. The video made wild claims. It said that Turkey revalued their currency. The video also said that Japan and Kuwait revalued their currencies. My post was just an effort to set the record straight. The article is called That’s a Fact Jack.

Baghdad Invest copied the article to their site. A lot of people commented and the discussion was great. As a result more people became familiar with the fact list. The fact list was arranged in a way so that when people saw the video they would recognize the things it said were untrue. That is why the video was at the bottom of the facts list. You got the facts first then you watched the video. People could see the truth and then when they saw the video they would identify all the wrong information.

A man named Stryker copied my whole article to his site. He also responded to each of the 40 facts I listed. He invited me to come on his show and debate these facts with him. I watch both of his videos and seen his response.

I am of the opinion that any discussion will not be civil. While I respect Stryker’s point of view I don’t feel like he would respect mine. In his video he was very condescending. He acted like I wrote the article and put his name on it. He acted like the whole thing was addressed to him. He was offended, He was rude, and he was arrogant as well as insulting. He was quite bitter and vindictive especially at the end where he talks about speaking to his “buddy” about my use of the phrase that’s a fact jack.

For these reasons I don’t feel like we could have a civil discussion. I don’t think anything will be accomplished. I am not upset with this guy and I actually like him, but I think he would be too emotional. If we can’t just talk about the facts in a friendly way then there would be no point! I remember him from my time at Dinar Vets. He has been around a while. We got along fine and I had respect for him back in the day. In fact we were friendly towards each other back then. I also understand his frustration.

To be fair Stryker was offended because I used terms like Gurus claim that. He was upset with me because he thought I lumped everyone into the same category. This is not the case. I did not say All Gurus or All Dealers are dishonest. I was not all inclusive because that is simply not the case. I did not single anyone out with the exception of Tony TnT, which I will clarify later. Nothing in that article was directed at Stryker or at anyone he may represent. He was offended at comments that were not directed towards him or his research team. Stryker did have some misconceptions about my facts that I want to clear up now

1. In the first video he seems to think that Baghdad Invest wrote the article. I think he figured it out by the end of the next video. But in the first video he seemed to address Baghdad Invest as the author

2. He said that I was hiding under a user name. Once again I think he was thinking of Baghdad Invest when he said that. I am not hiding. Google Iraq Currency Watch and my name come up. Google my name and Iraq Currency watch comes up. Everyone knows where I am and who I am. It is not hard to find me.

3. He seems to imply in his first video that I said the currency is a scam. That is not the case. The dinar is not a scam in and of itself. There are people using the dinar to operate scams. But I will qualify this later when we get into the facts

4. Stryker questioned the agenda of the author which is me. I believe at this time he assumed Baghdad Invest (B.I.) wrote this when all they did was copy my article and link to it. As for my personal agenda I don’t have any ads on my site that generate any compensation. The reason for the ad toward the bottom of the page is simple. It is placed there by the blog host to generate revenue for the server not me. There are no donate buttons. I have never ever made 1 dime from this whole thing. My opinion is not purchased and it can’t be paid for. I don’t sell other products on this site. So money is not the agenda and no one pays me. My only agenda is the truth, that’s it.

5. He seems to question why certain facts where in the list. And in some of his comments I could see that he did not understand why I was stating certain facts. He seemed unclear of the points I was making and the reason for certain links. In spite of his venting toward me I still like this guy. We probably even have similar political views. I am willing to bet that there are others who had problems understanding my points as well. So for the sake of clarity I will go through each fact in more detail in an effort to provide some clarity. I will address each video Stryker made. It is my hope that this will clear up any confusion.

The facts from the previous article will be BLUE. Stryker’s response will be PURPLE. My clarification will be BLACK and very important points will be RED.

Video 1

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

Stryker says that some articles in Iraq say 34 trillion and some say 35 trillion.

My numbers don’t come from articles. They come straight from the CBI. I said over 34 trillion and did not use an exact number.

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

Stryker says that I believe the government is transparent.

The truth is I believe the numbers from the CBI. Not the news articles.

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

Stryker thinks the CBI is not truthful and they are not giving accurate numbers.

All these numbers I got from the CBI website. They are in a document called key financial indicators. You can go to the CBI website and download the document. It is an excel document. That is what I base these first 3 facts on.

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

Stryker said that if you take 1 dollar out of circulation you are removing 1166 dinar out of circulation. It is an artificial economy.

I would challenge anyone. Go to google and type in United States money supply M2. I am not really sure what Stryker’s point has got to do with only 11 trillion U.S. dollars in circulation? The term I believe he is thinking of is dollarized or currency substitution. Here is a link.


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

Stryker agrees with me on this one.

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

To answer this Stryker goes into a rant about currency before the war the difference in oil prices before the war and now. He covers a few other points.

None of his points invalidate this fact. None of his points have anything to do with this fact.

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

Stryker says that the dinar will be a reserve currency and there will be about 25 billion in circulation in Iraq.

This does not even rebut Fact 7 and it is speculation at best.

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.

Instead of addressing this one Stryker thanks me. He says thanks for the lesson fact boy.

It’s nice to know that all my hard work is finally being appreciated. Thank You Stryker.

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,


Stryker gets on a soap box about my use of the word scam. Later on he criticizes me for using an article in my blog as proof for this fact.

If Stryker had taken the time to click on the link he would have found out that link is an article I wrote that contains third-party links which in turn verified that fact. The article explains everything about that fact in much more detail. So let me provide some third-party links now. I will not use my site at all.




There are three links and you will find more if you use Google. The link below is an ongoing lawsuit that says this current dinar scam has been going on since the first gulf war. This assessment is from the prosecuting attorney for another law suit under way in Ohio.


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


The link I provided above is a Wiki leaks document. This is an official government report from the embassy in Baghdad. Let me just quote the important stuff so you don’t have to read the whole thing.

“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 – http://www.export.gov/iraq/.)”

“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”.

The point is there are no treaties or laws in place between Iraq and America that demand Iraq honors it’s currency outside of it’s borders. I will go into much more detail in my next article.

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

Stryker says that this is surface research only. (not sure what he means by this)

My research is pretty detailed and the fact is not debunked by making fun of my research abilities.

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)


Stryker says that is the reason for so many studies.

Hopefully I can give Iraq a tip and this will save them some money and they won’t need to conduct any more studies. Here is the tip.


There you go, no need for any more studies. Hope that helps. This number is taken from their M2 supply. However the same holds true for their M0 supply.

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


Stryker said I got this one right, but I was speaking in half facts. He asked what my point was

Ok my point is simple. The video that this fact was addressing says that there was a Kuwaiti Revalue, second the Kuwaiti dinar fell and rose again due to market speculation. It had nothing to do with a revalue of the currency.

Some gurus in the past used Kuwait as a comparison to what Iraq’s currency is going to do and why Iraq’s currency will revalue. This is not the same thing. Kuwait was a market driven event. Any revalue is a policy driven event done by the central bank. Kuwait’s dinar history provides no evidence what so ever of a coming Iraqi revalue of even 1000 percent. That’s my point!

Video 2

Stryker started with fact 13 even though he covered it in the last video. He said I was speaking in half facts again.

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


Once again Stryker asks what’s my point?

The point is this. The video I was debunking said that the Turkish Lira revalued. The fact was addressing the video and that was the reason for the link. If he had taken the time to watch the video he would have known that.

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.


Once again Stryker asks what is my point? and once again this point is meant to address the video.

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


Stryker says that Japan has nothing to do with the dinar and that no Guru even mentions Japan.

Once again this fact addresses the video. This is because the video says that Japans floating currency revalued. The video showed this as proof that Iraq’s currency was certain to revalue because Japans currency did the same thing.

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!

Stryker says that Iraq did not have hyperinflation in the 90’s. He says it was a combination of 3 things.

Please note the following link.


Scroll down to see Iraq’s hyper- inflation. You will see hyper-inflation happened between the years 1987 to 1995. That equates to approximately 315% inflation per year averaged over that eight-year period. I guess because I did not include the years 87, 88, and 89 I was only using a half fact. The truth is this study still predates hyper-inflation and it does not invalidate that fact!

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


Stryker asks what does that fact have to do with the revalue of the dinar?

I found that question odd because later on he makes a case for assets possibly backing the currency and throughout the video talks about Iraq’s oil supply as if it is going to have something to do with the new rate. Maybe I just don’t understand his point.

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

Here Stryker says that I do no real research. He says he looks at articles that say Iraq keeps money in vaults outside of banks waiting to be destroyed. He claims you can’t trust everything the banks tell you.

This is one of the fundamental differences between my belief and Stryker’s. My fact is based on the central banks numbers. Line 79 of the Key financial indicators says that Iraq has 34 trillion 466 billion outside of banks as of this writing. This is not money waiting in vaults to be destroyed.

This is money that went to the public banking system and has been released into circulation. Stryker raises a good point when he talks about the dollar. His point about Iraq being dollarized and not that many dinar in circulation could be true.

There is a lot of dinar outside of Iraq. I don’t have exact circulation numbers but trillions left the country. That would make up for any lack of dinar inside of Iraq if there is one.

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

Here Stryker says I have no real research and that I do not know for sure.

The problem is I do have some real research and I will show it to you in a minute. This same evidence covers fact 21, and 22.

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.

He agreed with me on this but he says no one said 13303 protected the investor.

Stryker should know that this is one of the forum facts that circulated D.V. back when I was there. Everyone believed that 13303 protected people who purchased dinar. It was also on dealers websites. Keep in mind that I am not implying that every dealer had this on their site. I am not going to name any dealer or any guru. I am not going after anyone. I only want the truth.

Stryker thinks because I say dealers I mean all dealers. He thinks if I say Gurus I mean all Gurus. That is simply not the case. I am not lumping everyone together. This is a misunderstanding on his part.

Stryker did not agree with the statement about importing Iraqi dinar is illegal. He asked the question, what proof do I have? Check out this link.


Stryker seen this link at the end of fact 26 and he criticized it for saying real scam. If he had taken the time to click on the link like us surface researchers do then he would have discovered that a download would have opened. He could have downloaded the entire B.H. Indictment unedited as it was submitted to the court. Those who have been involved in the dinar community for any length of time need no introduction. For those who do need an introduction I will allow this indictment to do that. So I am going to quote directly from this document. You can download it and compare it to the statements below to see if I am being truthful.

The “BH Group” was formed by BRADFORD HUEBNER to market and sell the Iraqi official currency, the “dinar,” to individuals as an investment.

BRADFORD HUEBNER filed paperwork registering the BH Group as a money service business specializing in the sale of Iraqi dinar.

CHARLES N. EMMENECKER is a self-styled entrepreneur who resides in Sylvania, Ohio. In recent years, CHARLES EMMENECKER has primarily marketed and sold a health­ related beverage described as “Xango.” In August 2010, CHARLES EMMENECKER merged his direct-marketing business with BRADFORD HUEBNER’s dinar business, which BRADFORD HUEBNER and MICHAEL TEADT were operating. By this time, BRADFORD HUEBNER had allied himself with a Jacksonville, Florida based resident by the name of RUDOLPH COENEN, in connection with marketing two non-existent “hedge funds” to both the BH Group’s dinar customers, as well as CHARLES EMMENECKER’s Xango distribution list.

MICHAEL TEADT entered into a conspiracy with BRADFORD HUEBNER regarding the sale oflraqi dinar currency in July 2010.

5. RUDOLPH M. COENEN is a resident of Jacksonville, Florida and holds himself out as a currency expert and former Vice President at JP Morgan Chase. RUDOLPH COENEN has variously claimed to be a former Marine who was wounded in combat during the first Gulf War, as well as a Purple Heart recipient. In fact, RUDOLPH COENEN worked for JP Morgan Chase for a total of one day as an Account Executive/Loan Officer and not as a Vice President, never served in the first Gulf War, was never wounded in combat, and never received a Purple Heart. RUDOLPH COENEN was instrumental in developing materially false and misleading statements regarding the Iraqi dinar currency and in falsifying information regarding the two non-existent hedge funds.

14. BRADFORD HUEBNER, RUDOLPH COENEN, CHARLES EMMENECKER, and MICHAEL TEADT often discussed during weekly telephone conference calls with potential investors, Executive Order 13303 which they alleged to protect the right of U.S. citizens who invest in Iraqi dinar currency. In fact, Executive Order 13303 protects assets of the Development Fund of lraq (DFI) and other Iraqi assets from legal attachments or liens. The Coalition Provisional Authority created the DFI in 2003 in order to promote the transparent use of Iraqi funds for purposes benefiting the people of lraq. Any assertion that Executive Order 13303 promotes, protects, or regulates the sale of, or investment in, Iraqi dinar is false.

15. BRADFORD HUEBNER, RUDOLPH COENEN, CHARLES EMMENECKER, and MICHAEL TEADT often discussed during weekly telephone conference calls with potential investors, the U.S. Department of the Treasury holding the Iraqi dinar, further alleging the Department of the Treasury held trillions of lraqi dinar for investment purposes. In fact, the U.S. Department of the Treasury does not hold any Iraqi dinar for investment purposes and holds only a nominal amount for use in daily operations. It was further the purpose and object of the conspiracy that BRADFORD HUEBNER,

Now look at this link. It is from U.S. Customs and the Department of Homeland Security


I am going to quote directly from homeland security and customs using their link.

According to court documents, Olmsted arranged for shipments of Iraqi dinars, the country’s currency, to be sent from the country of Jordan to the United States in split shipments in February 2011. He had previously been federally licensed to conduct foreign currency transactions in 2004 and 2006, but his license lapsed in 2008. Also, importing Iraqi currency is against federal law.”

Now this part is important. I did not say that importing Iraqi dinar is illegal. I said According to the Government importing Iraqi dinar is illegal. Also according to the government they don’t have trillions of dinars for investment. I am not saying this at all. The government is.

It is also important to note that I don’t know if they have also including Iraq Currency law in their indictment. The indictment could be referencing Iraq currency law too. (which I have and studied)

Here is a man they convicted for fraud just for making these statements. Check this link out


So as you can see these facts are accurate. That is why they are included. They are not made up and there is evidence to support them.

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

Stryker said that Dick Cheney said it or Donald Rumsfeld said it. He said it was a half fact because someone said it.

The truth is this was another forum fact that circulated the forum back when I was at Dinar Vets. People said that George Bush said the war would pay for itself. It was implied that Bush was hinting about a revalue of the Iraqi dinar and it was part of some great plan. The only problem is no one ever said it. The Bush Administration said oil revenues in Iraq will help pay to rebuild the country. Check out these links.



This somehow evolved into Bush said the war will pay for itself. It circulated the forums as fact with no links or sound bites. No proof what so ever.

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

Stryker agreed with this assessment, but wondered why I brought it up.

This was another forum fact that was around in 2010-2011.  This was just one of the many rumors told to sell dinar. It usually went along with Bush said the war would pay for itself. This whole thing gave credence to something called the plan. These were all rumors and lies. Stryker should know this.

Here are 3 threads where people claim the war costs must be repaid.




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.

Stryker claims that the B.H. group was busted due to hedge funds and it had nothing to do with the dinar. I would say read the indictment and decide for yourself.

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.

Stryker says I cannot say he is a liar unless I have proof.

Well I would say click on the Facebook link. Read it and then click on the links within the Facebook link.


Google 14 daily plus and Anthony Renfrow just to see what comes up. You can also click the links below.




His brother Ray was indicted too


Both men pedal dinar together and make major bucks from conference calls according to this link.


There is much more on the internet concerning this man. This is just the tip of the iceberg.

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


Stryker criticized the link because it said real scam.

Once again, just click on it and instead of a webpage opening up a download happens. You can download the whole B.H. indictment. Let me quote directly from the indictment.

7. The term “revaluation” (casually shortened to “RV” in dinar-sales parlance), refers to the contention that at some point in the near future, the dinar will rise against the U.S. dollar, a circumstance which will enrich earlier purchasers of the dinar. BRADFORD HUEBNER, CHARLES EMMENECKER, RUDOLPH COENEN and MICHAEL TEADT repeatedly advanced claims to potential investors over the telephone, through web pages, and through a weekly internet conference call that even relatively small investors in the dinar would, following the “revaluation” or “RV,” become wealthy overnight.

8. A “redenomination” of the dinar refers to an actual proposal by the Central Bank of Iraq, announced as recently as June 21, 2011, to re-print the currency to remove three zeroes from the physical dinar banknotes as a matter of convenience. A redenomination of the Iraqi currency would not lead to a revaluation by the same amount, and may have no effect on the currency’s value. Under a redenomination, a new currency replaces an old currency, but the value remains the same. Under the proposed redenomination, the Iraqi government would issue a new dinar note that will be equivalent to 1000 current dinars. The exchange rate would be 1.17 new dinars to the dollar, equivalent to 1,170 current dinars to the dollar.

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 everywhere at once.

I am not really sure of Stryker’s point is here but this is modern money mechanics. I never said that pegged currencies don’t revalue, or that revalues never happen. I said that historically speaking there has never been a revalue above 50 percent.

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.

On this point Stryker says that I am declaring everyone is a pumper. Everyone is a scammer.

This is not the case. I don’t create a list of names or say where these rumors come from. I just go after the rumor itself. Not everyone involved in the dinar is dishonest and that is not what I am trying to communicate here.

My observation is there is an element in the dinar community that is based on rumors and lies. I am not accusing anyone except those who have already been indicted, and even then I am only repeating things directly from the indictments.

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

Here Stryker claims I got my dates wrong. He goes into different explanations about the new currency.

When I first joined the dinar community in 2010 It was always said that the lower denominations were already printed for the revalue. This rumor circulated often and everyone including myself believed it until these articles came out




These articles came out in July of 2011. They say that Iraq is going to redenominate their currency. Then they say that when they print the new lower denominations they are going to add Kurdish symbols to it.

This shattered the rumor that the lower denominations were already printed which everyone in the dinar community believed at the time. This is when I first began to seriously doubt this investment. Shortly after this I closed down Iraq Currency Watch.

Here are 3 threads that contain claims that the lower denominations were already printed before July 2011.




This also adds credibility to the term Forum Fact.

Fact 30: The dinar requires a reserve in order to give it value. The reserves for the dinar are 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.

Stryker goes into an explanation about the DFI funds may become part of the reserves and how 13303 protects the DFI funds

Just for the record currency reserves and oil reserves are two different things. One has nothing to do with the other. It does not matter how much oil Iraq has. The currency is not backed by Iraq’s resources. It is backed by the reserves the central bank has. The DFI funds are intended to be used for rebuilding Iraq. Any assertion that part of these funds will go into the central bank’s reserves is pure speculation at best and not based on fact. The current reserve amount can be found at the central bank. I go by those numbers.

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

His response to this was to claim that George H Bush said this or maybe it was Reagan.

President Bush said there is going to be a New World Order. He was speaking about holding nations accountable. He was not talking about currency rearranging itself.

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

On this Stryker comments on researching IMF documents.

I don’t know how he concludes that I am not looking at those documents along with GATT and World Trade Organization documents. This research is still going on. I never say anything without supporting links unless I am speaking from an opinion. Even then I give supporting facts. There were only two facts where I said article coming. Then I will present my evidence. You can decide then if I am right or wrong.

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.

Once again Stryker says I have faith in the CBI

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.


Stryker says that this is an education on currencies that have nothing to do with the Iraqi dinar. He then cites all the resources Iraq has including oil resources.

This is the reason for Fact 18. The resources in Iraq have nothing to do with the currency! The two things that directly affect the currency is the amount they have in circulation and the reserves that are in possession of the CBI that are used to back that currency. The oil reserves don’t back the currency.

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.


Here Stryker says that Turkey has different Resources and it is different entirely.

This fact was meant to address the video which says that Turkey revalued their currency. A country’s resources are totally different from the country’s currency. National resources do not back currencies. Reserves at a central bank backs currencies

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)

Here Stryker claims that they are speculating on a revalue before they redenominate.

I think if both happen it will be the other way around. Even so, his opinion does not make this fact void. Read redenomination language and you will see terms like Deleting the Zeros, Removing the Zeros, pulling higher notes out of circulation. This is evidence for a redenomination not evidence for a revalue.

Simply look at the 3rd video In D.C Where Shabibi said deleting the zeros means redenomination

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.


On this fact Stryker says that it is someone’s opinion on Forex.

I made a mistake on this fact. I meant XE says the currency will redenominate. Forex does not say this. When you search Forex for the Iraqi dinar it really says that it does not trade with the IQD at this time. As far as XE goes, it is a disclaimer put out by xe.com. Check it out and see. I am sorry for this slip up. Yes sometimes I make mistakes. Let me correct this fact.

Fact 37: When you go to XE and search for the Iraqi dinar the site says the dinar is going to redenominate. It is a disclaimer based on Iraq’s announcement.

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

Stryker asks what is the point of this fact?

This fact was included due to the many comparisons of currency to stock. These Forum facts also circulated the forums.


This link below reveals that the B.H. Group has said this before. The link also shows more light in the ongoing prosecution. It is a 3 page article.


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


This fact is a conclusion that backs up fact 38 and that’s why it is included.

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!

Stryker claims Shabibi never said this but the link below totally debunks this claim.



Stryker was pretty angry with me for writing this piece. It is clear that he tried to rebut the things I said without researching the links that I posted. He made a lot of assumptions during his rebuttal that are not true. He called me names and mocks my research. He called me Bozo more than a few times, and in a mocking way he referred to me as fact boy. He went on a rant several times and declared how superior his research was to mine even though he never took the time to clearly understand the reason behind some of the facts or research the links.

To be fair I don’t blame him for his reaction. I was once a dinar investor myself. I had millions of dinar. I was pretty mad when I found out about those facts that I listed. When this happens you are forced to face a totally different reality. I have been called a lot worse since I brought Iraq Currency Watch back. I remember Stryker from the days I hung out at Dinar Vets. He was always a decent man and we got along fine. My opinion of him has not changed and I still respect his point of view. That is why I have not attacked him. I just disagree with him. I believe the truth needs no defense.

Our disagreement basically boils down to one thing. He does not believe the numbers that the CBI puts out there. I totally believe the numbers that the CBI puts out. The CBI is a member of the IMF and BIS. They have to give an account to these global organizations and they are under a microscope. They have adopted a policy of transparency see the link below.


If you think the central bank is being deceitful and they are not reporting real numbers, then why would you want to invest in their currency in the first place? What makes you think they are going to treat you in a fair manner? If you invested in the Iraqi dinar then this is my advice. Don’t take my word for anything. Don’t take Stryker’s word for anything. Click on the links and do your own research. Reach your own conclusions. Let that determine your course of action!

Just for the record I am not a liberal. I am a conservative. I am a capitalist and I have nothing against a guy making an honest living, but in a lot of cases the dinar investment isn’t based on honesty. In my last article I said the only ones building wealth were the dealers. The reason why I said that was because the video I was debunking showed all these redenominations. It presented them as revalues. Then it talks about wealth building by purchasing the Iraqi dinar. This was dishonest so I addressed it. If Stryker had taken the time to watch the video he would have known this.