7-27-2012

B "explains" to a listener why the banks aren't dealing in dinar.  He says it's too much of a hassle to sell dinar, but he claims that they're still buying.  Here's my explanation for why they're not handling dinar.  They view the dinar investment as a scam.  B won't give you any documentation but I will.




This statement is from Wells Fargo:


“Some investors are curious about the Iraqi currency as a potential investment. Expectations for the currency to significantly gain in value against the dollar repeatedly have been disappointed since its introduction in 2004. Considering the illiquidity and fraud risk, Wells Fargo Bank has no plans to trade in the Iraqi currency, and considering that Iraq remains a dangerous place with an uncertain future, we strongly advise investors against taking the risk of buying Iraqi dinar as an investment.”


http://www.theiqdteam.com/uploads/3/5/3/7/3537881/internationalmarketsweekly.pdf






This is from the BOA website:

"Bank of America, N.A. does not buy or sell Iraqi Dinar (IQD) banknotes, and currently has no plans to offer this service in the future. You may have read on the Internet or heard from friends that Bank of America, N.A. buys and sells Iraqi Dinar banknotes, or has plans to offer this service. This information is not correct. We urge you to seek the advice of a competent, professional investment advisor before making an investment. You should treat with extreme caution any investment schemes you read about on the Internet, in chat rooms, or hear about from friends or acquaintances."

https://www4.bankofamerica.com/foreigncurrency/index.action?template=faqs#exchange_iraqi_dinar




Then there's this from the state of Washington Department of Financial Institutions:


"The Washington State Department of Financial Institutions is warning consumers about potential scams regarding Iraqi Dinar currency exchange services. While foreign exchange scams are not new, the sudden popularity with the Dinar and resulting consumer complaints to our banking partners is concerning."


http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm






A listener asks Breitling about the possibility of not being able to withdraw his funds from Warka after the RV.  B asks "why would they do that?"  He then starts talking about supply times velocity and ISX which has nothing to do with the question.  Here's my response to B's question.  They would do that if they didn't have the money.  Warka is in custodianship, and has been for some time.   


"Central bank deputy governor Mudher Kasim said the custodianship decision was prompted by growing liquidity problems at Warka, its difficulties in meeting depositor withdrawals, and its failure to reach an agreement in talks with Standard Chartered on the foreign bank acquiring a majority stake."


http://www.iraq-businessnews.com/tag/warka-bank/




B then talks about how Iraq isn't ready to have the dominant currency in the region, and mentions that sometimes it's the government behind the currency that's the problem.  Agreed.  I say that all the time, and this is one of the negatives that could pose a problem for this investment.  Iraq's government is rife with corruption and incompetence, and yet B continues to say he doesn't see any negatives. 


B says he never invests in something he doesn't understand.  Well then ..... nah!  Too easy.


http://www.youtube.com/watch?v=_YAFY5JRDKI&feature=plcp


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

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