Should i invest iraqi dinar

Despite their struggles, the country marches on, and even with all the violence and the wars, Iraq persists, with the most recent iteration of their government trying desperately to keep the institutions of democracy working, from law and order, and most importantly, the economy.

The government is constantly trying to revive the Iraqi dinar, but unfortunately, this has opened up the economy to unscrupulous traders who feel like the market is ripe for taking advantage of. At its most basic, Iraqi dinar investments work exactly like other currency investments: you buy an X amount of Iraqi dinars using a certain amount of U.

This works exactly like buying stocks or bonds in that you invest in something in the hopes that its future value will be worth more than what you paid for. Unscrupulous, unethical, and irresponsible, yes, but illegal? Not quite. As with most types of financial scams, the Dinar Gurus use certain techniques to scam people out of their hard-earned money for an investment that is neither sure nor lucrative. Dinar Gurus scam people by using the Forex foreign exchange market as a cover for their shady deals.

Forex refers to currency trading, and again, simply refers to buying foreign currency —in this case, the Iraqi Dinar —using U. Forex is a legitimate form of investment in and of itself and can be safer than investing in the stock market.

So what are the odds of that revaluation actually happening? Probably about the same as winning the Powerball lottery, which is to say virtually nil. Before you plunk down your hard-earned dollars for the currency equivalent of moose pasture, here are our top 10 reasons you should not invest in the Iraqi dinar.

There are simply too many warning signs to warrant investing in this currency. When it comes to the Iraqi dinar, caveat emptor or buyer beware should be the watchword. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification.

I Accept Show Purposes. Your Money. Personal Finance. Your Practice. That is about how quickly the Iraqi Dinar is going to appreciate too. After this article was published, I had numerous e-mails to the effect that I didn't know what the hell I was talking about, and that the Iraqi Dinar would absolutely, positively re-valuate within a few days and the buyers thereof would become fabulously wealthy.

Well, here we are 30 days later, and. If you think the Iraqi Dinar will make you rich, you must be listening to Baghdad Bob! I'll update again in another 30 days, and for those of you who are still wondering, I don't suggest the Dinar will substantially revaluate by that time either.

Well, surprise, surprise, surprise, the Iraqi Dinar did not re-valuate upwards in September, but we did see some interesting news on the Dinar front. I'll update again in 30 days -- during which time the Iraqi Dinar will not have revaluated then either.

But there will still be lots of suckers in denial at having been scammed sitting around thinking they are gazillionaires. Nothing new to report. The Iraqi Dinar is as far from an upwards re-valuation as ever -- you might as well wish for Jack's Magic Beanstock to take the Dinar upwards. But, lots of seriously deluded folks still continue to believe they are going to get enormously rich off the bales of Dinar's socked away in their attics and garages through America.

My guess is that pretty quick you'll be able to buy as many Dinars as you want at garage sales. Well, I must apologize to everybody for not updating at the end of November and December, , but I got very busy with clients' year-end planning.

So let me take this opportunity to update you on what has been happening with the Iraqi Dinar through January 31, , which is: Nothing, Absolutely Nothing. I have noticed, however, that sellers of Iraqi Dinar are starting to offer "free gifts" to suckers who buy that currency from them, sort of like "Buy 1 Trillion Iraqi Dinar And Get A Free Pinata" or somesuch the Vietnamese Dong, a currency of sorts, seems to be a popular give-a-way with purchases of Iraqi Dinar.

And so we come to the end of another month, and find the Iraqi Dinar to be. Now it's down to 1, Dinars to the U. Dollar, but hope spring eternal in the minds of suckers. Not only is the Iraqi Dinar headed in the wrong direction, but it is clear that there is not going to be anything like a huge re-valuation of the Dinar against the Dollar anytime soon. Probably most suckers have gone off to being scammed by some other currency by now anyway.

I'll check back again at the end of next month when the Dinar still hasn't revalued against the dollar, or even recovered its recent losses -- but there will still be folks with bales of Dinars in their garage and believing that they are on the cusp of making a gazillion dollars, that's the way scams go.

But then victims of financial scams never like to admit that they have been taken, so they believe "the deal was real" all the way to their graves, much to the delight of the scam artists. Another month, and another month where the Dinar did not massively appreciate but more suckers bought into the scam thinking that it would.

But we are starting to approach the one-year anniversary of the date that I wrote this article, after which I received numerous e-mails from folks telling me to basically, "Just wait, you'll see! Within a few weeks I'll be stinking rich and you'll just be a sad commentator for Forbes. As for myself, I have no patience for people who can't figure out that they were suckers.

Trouble is, they were all wrong. The list does pretty much prove, however, that the "Iraqi Dinar community" is just a bunch of suckers trying to convince each other that they made good investments. As just mentioned, the trouble is that they are all just wrong.

Talk to you again on June 30, when the Iraqi dinar still will not have revalued upwards but maybe has gone down, again. Of course, nothing more has since happened with the Iraqi Dinar, other than more utterly baseless speculation that something might happen soon.

I'll check back in next month, when of course the Iraqi Dinar will not have RV'd, again. Welcome to the one 1 year anniversary of my article on Iraqi Dinars, where I predicted that -- despite about billion e-mails speculating that the Iraqi dinar was about to re-value RV tomorrow, next Monday, or next week -- the Iraqi Dinar would not RV or anything close to it. Now on to this month's news regarding the Dinar:.

So, if you now own 1, Iraqi Dinars, you will thereafter only own one. Research the history of cyber-currencies: It isn't good. See you again next month, when the Iraqi Dinar still will not have RV'd despite another million e-mails between investors saying that is is just about to do so. Well, here we are again folks! Another months with hundreds, if not thousands, of rumors of imminent re-valuation of the Iraqi Dinar against the U.

Hey, if you put your Iraqi Dinars into jelly jars and turn them twice a day, maybe that will do the trick. And now on to this month's update about the Iraqi Dinar:. And that is pretty much it -- a painfully non-newsworthy month for the Iraqi Dinar actually. What if a country had a currency and nobody cared, except for the folks stashing bales of the stuff in their attic in anticipation of glorious future riches?

I'll update again next month, when again nothing will have happened. Q: If it is a scam, why are their no prosecutions? A: Many scams operate for many years without prosecutions -- Bernie Madoff got away with it for a couple of decades -- and the Sequester has substantially limited new investigations and prosecutions.

Also, prosecutors and investigators have limited resources, and usually spend their time on cases where the victims complain the most. With the dinar, most of the victims are still "true believers" who haven't figured out that they have been scammed, and so are not complaining. Having said that, "Nobody has been convicted yet" has to be about the worst reason to invest in something that I have ever heard.

Q: Does the U. A: No, the foreign currency reserves of the U. That the U. Dollar, but it just didn't happened. What did happen was a bunch of articles telling folks to beware the Iraqi Dinar scam, such as:. Apart from these legitimate articles, there was the usual junk from the scam artists and true believers, i. Or something like that. I missed the update for 30 October I would like to tell you that it was because I had a big trial in October, which was true, or that I was very busy with ABA matters, which was true, or a bunch of other very true reasons why I might have missed the 30 October update.

But the real truth is that I just forgot. That happens when nothing is going on with something, and there is a whole lot of nothing go on with the Dinar.

And now on to the update, such as it is. Headquarters in New York and force a revaluation, the Iraqi dinar did not revaluate.

No press releases, no nothing. While the scam artists will now say that it is the calm before the storm or the RV , the more accurate appraisal is that it is the calm before the nothing actually happening, i. The sad truth is that many people are recidivist suckers, falling to stupid get-rich-quick schemes over and over and over. Or in the words of Homer Simpson, "I know that I've fallen for a lot of get-rich-quick schemes in the past, but this time I'm going to get rich, and quick!

Sorry for the lame update, especially one spanning two months, but there is only so much reporting one can do about absolutely nothing, and that's what is happening with the Iraqi dinar. Stay tuned for my special December 31st year-end "Nothing In Review" about absolutely nothing going on with the Iraqi dinar. And for those of you still harboring dreams of great riches with your jars of magic beans, well just keep turning them and good things will happen.

Well, loyal dinar investors, we are finally here! We are at the place where you need to get your confidentiality agreements with your financial advisers in place, and start looking for expensive houses on the French Riviera.

Yep, for you it is champagne and caviar from here on out. The latest rumors say that the Iraqi dinar is just about to RV. Bernie Maddoff is going back in business. Heck, even Charles Ponzi is coming back from the dead to pay off. It all starts right now! The sum total of all the activity regarding the Iraqi Dinar for could be summed up as Zero, or my Mexican friends like to say, Nada Grande.

And for all you True Believers in the Iraqi Dinar, please rest assured that will be exactly the same. There will be 30 million rumors of the impending RV so that they can sell more near-worthless Dinars to new suckers and more to old suckers , but nothing will actually happen.

For you, that beautiful home on the French Riviera is not happening.