From <!--EZCODE LINK START--><a href="http://www.usatoday.com/money/world/2004-08-03-dinars_x.htm">www.usatoday.com/money/world/2004-08-03-dinars_x.htm</a><!--EZCODE LINK END--><br><br><!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr>Posted 8/3/2004 12:30 AM Updated 8/3/2004 9:34 AM<br>        <br><!--EZCODE BOLD START--><strong>Investors in new Iraqi dinar spur thriving Web trade</strong><!--EZCODE BOLD END--><br>By John Waggoner, USA TODAY<br>Iraqis are serving dinars — and investors are flocking to the table.<br>                <br>By Ivan Sekretarev, AP<br><br>The <!--EZCODE BOLD START--><strong>new Iraqi dinar</strong><!--EZCODE BOLD END-->, introduced in October [2003], <!--EZCODE BOLD START--><strong>is now virtually worthless</strong><!--EZCODE BOLD END--<!--EZCODE EMOTICON START >: --><img src=http://www.ezboard.com/images/emoticons/mad.gif ALT=">:"><!--EZCODE EMOTICON END--> It takes <!--EZCODE BOLD START--><strong>1,460 dinars to equal $1</strong><!--EZCODE BOLD END-->, according to Bloomberg financial news service. (Related: Check the latest exchange rates at USATODAY.com).<br><br>But dinar trade is thriving on the Internet.<br><br>Internet auctioneer eBay, for example, lists 622 auctions of new Iraqi dinars, in lots from 1,000 to 5 million. Dozens of Web sites, such as
www.BuyDinarsHere.com,
www.DinarTrade.com and
www.InvestInDinar.com, sell dinars to U.S. investors.<br><br>The lure: Investors remember that the Kuwaiti dinar plunged to 10 cents after Iraq invaded Kuwait. It's worth $3.39 now.<br><br><!--EZCODE BOLD START--><strong>The Iraqi dinar sold for as much as $3 before the first Gulf War. </strong><!--EZCODE BOLD END-->And Iraq sits on the world's second-largest oil reserves, an enormous asset. "Even if it goes up to one penny per dinar, that's a lot of money," says Mahmoud Shalabi, president of SilverDinar.com.<br><br>Currently, a 250,000 dinar note is worth about $171. At a penny per dinar, the same note would be worth $2,500.<br><br>Interest has cooled since the U.S. handed power to the Iraqis. "Before the handover of Iraq, business was phenomenal," says Marshall Donnerbauer, president of InvestInDinar.com. "All the soldiers and contractors wanted to be investors before that."<br><br>The insurgency hasn't helped business. "It depends on the news," says Katja Morgenstern, president of Dinar Trading Company, which runs
www.buydinar.com. "If it's a bad week, business is slow."<br><br>Risks for investors are enormous. If Iraq inflates its currency or otherwise devalues it, dinars could get demolished. Further civil strife also could clobber the currency. Speculators who bought dinars early are sitting on big losses. Other problems:<br><br>•Pricing. Dinar exchange rates vary widely, and only large institutions can get 1,460 dinars to the dollar. Dinar Trading Company offered 1 million dinars for $1,345 Monday. Dinar Trade offered 1 million dinars for $1,050. "There are lots of different prices around," says Shalabi. "Everyone has his own price."<br><br>•Liquidity. <!--EZCODE BOLD START--><strong>Most dealers who sell dinars won't buy them, and U.S. banks won't buy them either</strong><!--EZCODE BOLD END-->. You can, however, sell dinars on eBay. Monday, 1 million dinars were being offered for $840 to $940.<br><br>•Fraud. Unlike the worthless Saddam-era dinars, new dinars are difficult to counterfeit. But some investors have ordered dinars from unscrupulous dealers and never received them, Morgenstern says.<br><br>Donnerbauer says there's a side benefit to holding millions of dinars. "I'm not a rich guy," he says. "But it's a good way to simulate being rich."<hr></blockquote><!--EZCODE QUOTE END--><br><br>At 1,460 dinars to equal $1, 1 Dinar = 1/1460 =$0.000684932<br><br><br>It seems that scams abound, selling Iraqi dinar & pushing the line...<!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr>Prior to United Nations sanctions, the Iraqi dinar traded at <!--EZCODE BOLD START--><strong>3.35 per U.S. dollar,</strong><!--EZCODE BOLD END--> and prior to the war in Iraq, the Iraqi dinar traded at .33 U.S. Dollars. During major combat operations, the Iraqi dinar declined to an all time low. However, after major combat operations, the value of the dinar increased 25%. Countries such as Germany (post WWII) and Kuwait (post Iraqi invasion) experienced a similar devaluation of their currency, but both countries recovered. Today, the dinar has increased from 3,500 against the dollar during the U.S. led invasion last year to 1,400 against the U.S. dollar. Imagine the growth potential of the Iraqi dinar once Iraq recovers and begins to enjoy the potential revenue of a country rich in oil and other natural resources.<hr></blockquote><!--EZCODE QUOTE END--><br><br>So they are tring to scam saying that your Iraqi Dinar at $0.000684932 may one day be again worth £3.22!<br><br>The thing is, this is not a scam by on-line dealers etc., it is a scam by the US/World Bank/IMF & it involves the bankruptcy of the US/weakness of the USDollar, the capitulation of the Iraqi people's resources in order to try & save the scam. <p></p><i></i>