Iraqi Dinar?
Fleet Owner
Joined: Aug 2001
Posts: 29,941
Likes: 46
From: Drummonds, TN USA
You know what bothers me the most?
When Saddam and Al Quiada were shut down they had billions.
BUT IN WHAT CURRENCY???
If you are a multi-billionaire terrorist, but all of your money is in Dinar, how do you "launder" it?
When Saddam and Al Quiada were shut down they had billions.
BUT IN WHAT CURRENCY???
If you are a multi-billionaire terrorist, but all of your money is in Dinar, how do you "launder" it?
Last edited by Greywolf; Feb 13, 2006 at 06:37 PM.
Fleet Mechanic
Joined: Feb 2004
Posts: 1,448
Likes: 2
From: CA Central Coast
Another thing to consider is that in certain countries where counterfeiting is common, the government will recall old money and issue new different looking currency, and if you don't exchange all of it the old currency is worthless. So if this deal has you actually holding the notes, I'd be even more wary.
I was in Yemen in '95 and when I went to a back alley currency exchanger (the Yemeni gov't had arrested the "legal" moneychangers for some reason) and he found out I had the new style US currency, he whipped out a strongbox FULL of $50's and $100's and begged me to swap him old for new. I told him not to worry, the US doesn't invalidate old currency but he didn't believe me.
Blew my mind seeing all that cash from what looked like a fleabitten old goatherd.
So I made him a deal, I used the "new" US currency to both swap for old and for Yemeni Dinar, both at a VERY favorable exchange rate, heh, heh.
I was in Yemen in '95 and when I went to a back alley currency exchanger (the Yemeni gov't had arrested the "legal" moneychangers for some reason) and he found out I had the new style US currency, he whipped out a strongbox FULL of $50's and $100's and begged me to swap him old for new. I told him not to worry, the US doesn't invalidate old currency but he didn't believe me.
Blew my mind seeing all that cash from what looked like a fleabitten old goatherd.
So I made him a deal, I used the "new" US currency to both swap for old and for Yemeni Dinar, both at a VERY favorable exchange rate, heh, heh.
Last edited by e1p1; Feb 13, 2006 at 11:03 PM. Reason: text edit
Thread Starter
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Senior User
Joined: Oct 2004
Posts: 342
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From: Gainesville, Georgia
All good points made. I have known this guy at work for a long, long time. He is a fine, honorable man and wants to see everyone doing well. He is very private, on the other hand. He has also taken some big losses in some of the investments. That is why he says that he is so diversified. If you are diversified, then when you do take a loss, it will not hurt so much. (ie. mutual funds)
Maybe "the wool has been pulled over his eyes" on this Dinar thing. I don't know if he gets a cut or not. I will have to ask him.
Maybe "the wool has been pulled over his eyes" on this Dinar thing. I don't know if he gets a cut or not. I will have to ask him.
Fleet Owner
Joined: Aug 2001
Posts: 29,941
Likes: 46
From: Drummonds, TN USA
It could well be that your friend is what would be considered a "Victim Participant".
For all I know he believes sincerely that it really is a sound and reasonable investment.
But I would not trust it as far as I could throw the Brooklyn Bridge!
For all I know he believes sincerely that it really is a sound and reasonable investment.
But I would not trust it as far as I could throw the Brooklyn Bridge!
Post Fiend
Joined: Feb 2004
Posts: 10,728
Likes: 1
From: Damascus-Boring, Ore
It's not me- and I've made money on currency exchange, but I do it indirectly. Euro bonds were a screaming deal when the dollar hit a 20 year high a few years ago. The Canuk dollar was a screaming deal five years ago, at .62 on the US dollar (bet it goes above parity). but there's other ways to play it that pay dividends (stocks, bonds) without assuming hige risk. When investing in anything, I look at the potential downside first.
Fleet Owner
Joined: Aug 2001
Posts: 29,941
Likes: 46
From: Drummonds, TN USA
Good points.
In this case, I really think we are dealing with either an economy under vast change, or in either case one that has a highly ingrained degree of duplicity.
It cannot be trusted.
I still have a one Peso piece, the aluminum content of which is worth far more than the face value of the coin itself.
The intrinsic value of it is far greater, and come to think of it I have a couple of various denomination centavo coins.
They will never be seen again.
If Dinar can be had in small amounts as historic souvenirs, it is one thing. But I would by no means buy into it heavily.
In this case, I really think we are dealing with either an economy under vast change, or in either case one that has a highly ingrained degree of duplicity.
It cannot be trusted.
I still have a one Peso piece, the aluminum content of which is worth far more than the face value of the coin itself.
The intrinsic value of it is far greater, and come to think of it I have a couple of various denomination centavo coins.
They will never be seen again.
If Dinar can be had in small amounts as historic souvenirs, it is one thing. But I would by no means buy into it heavily.
Last edited by Greywolf; Feb 15, 2006 at 06:51 PM.
Elder User
Joined: Feb 2003
Posts: 584
Likes: 0
The dinar may very well incease in value as the Iraqi govt improves and becomes more stable but there are far better investments with lower risk, higher returns and faster payback periods out there. Hell I'd rather put money in a T-Bill than a dinar.
Fleet Owner
Joined: Aug 2001
Posts: 29,941
Likes: 46
From: Drummonds, TN USA
Ya hafta figure: "WHAT'S growing?"
But you also hafta figure: "What is for real?"
I don't think Dinar is viable. Others may disagree.
To get on the international bandwagon - going with the Euro makes sence, it pegs the economy to an international standard.
This means the Dinar will be GONE.
Look at it...
Whatever rate of exchange it is at that DAY. Oops, oh well, too bad...
Either way, I am not going to wash their money with my own.
ESPECIALLY with my own!
I am not running a laundry.
Neither do I wish to be left with a worthless bag of scrap metal, and recycleable paper.
But you also hafta figure: "What is for real?"
I don't think Dinar is viable. Others may disagree.
To get on the international bandwagon - going with the Euro makes sence, it pegs the economy to an international standard.
This means the Dinar will be GONE.
Look at it...
Whatever rate of exchange it is at that DAY. Oops, oh well, too bad...
Either way, I am not going to wash their money with my own.
ESPECIALLY with my own!
I am not running a laundry.
Neither do I wish to be left with a worthless bag of scrap metal, and recycleable paper.
Last edited by Greywolf; Feb 15, 2006 at 08:14 PM.
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