7-25-2012 AM

B says the dinar isn't a "Get Rich Quick" scheme.  Well as I documented in "The Breitling Catalog" B expected the RV in late 2010, and he expected it again in June 2011, and he consistently says that Iraq will RV to around $1.  If the average investor holds 1.2 million dinar as B's buddy Roger Dorman stated that means they would receive close to $800,000 after taxes.  I think most people would consider themselves rich if they could walk away with that kind of coin.  B has also stated in the past that the dinar is like holding a winning lottery ticket except that you don't know when you'll be able to cash it in.  How does that not qualify as "Get Rich Quick"?  Many people bought dinar based on what he said, but now he has changed his tune with no apologies for his past hype.


After making a pitch for The Treasury Vault (which is owned by his buddies Roger Dorman and wife Angela) B says that Iraq is different from other countries that lopped because

1. Their rate isn't correct and Brazil and Turkey had a correct rate and money supply.  B has yet to offer any documentation to prove his assertion that Iraq's money supply figures are wrong.  As I've pointed out before, Iraq is backing their currency 100% with their foreign currency reserves.  If you take the amount in their reserves (about $60 billion) and divide it by the amount in their reported M2 money supply (about 70 trillion dinar) you'll arrive at a figure near the current valuation ($.00086)  In fact Iraq has adjusted the rate several times over the past six years, which would suggest that the rate is about as correct as they can get it.  In order for Iraq to correct the rate to $.86 their figures would need to be off by more than 99%, and one would have to assume that the IMF is jeapordizing their credibility by knowingly allowing that.
2. Turkey had rampant inflation.  As I've pointed out many times Turkey's inflation rate had subsided and stabilized to around 8% which is about where Iraq's is now. 
3. Turkey's GDP was negative when they lopped.  Wrong again.  It was over 8%.
4. Brazil didn't reduce their money supply like Iraq is doing.  But Iraq isn't reducing the money supply, and their financial reports clearly show that.  In order to believe that they are you have to ignore a mountain of evidence to the contrary and trust gurus like Breitling who have yet to get anything right.
5. Nobody wanted Turkey's currency.  Nobody wants Iraq's either, except for gullible shmucks who believe guys like Breitling and think they're gonna be rich.  Even the Iraqi people prefer the US dollar.
6. Iraq is going to follow the examples of India and Canada who revalued their undervalued currencies.  India and Canada's revaluations were adjustments of less than 30% and they didn't need to issue new currency when they did that.  If Iraq takes the dinar's value up to 86 cents that would be a 100,000% increase.  If they follow India and Canada's examples they will RV to a little over 1/10 of a penny, or about $.0011.  That would barely be enough to cover the cost of purchasing dinar, but at least it's believable.     

I've pointed out before that there have been articles reporting that Iraq is coming out with a new 50 dinar note worth 50,000 dinar at the current rate, which would suggest a lop since they already have a 50.  Well B says maybe they don't like the way the 50 looks.  Nice try guy, but you gurus have been telling people for two years that the statements about removing three zeros are referring to removing the notes with three zeros from circulation, and that the new denominations of 1,5, 10 ... etc will be introduced along with the current 50, 250, and 500.  Well you can't have two 50 notes with two valuations in the same currency series.  If they just wanted to change the design they could change it without announcing that it would be worth 1000 times as much as the old 50.


http://www.youtube.com/watch?v=pGyma2sPoXc&feature=plcp


http://dinardouchebags.blogspot.com/2012/02/breitling-catalog.html

http://dinardouchebags.blogspot.com/2011/10/breitling-busted.html