Thread: Iraq/Dinar News. 09/05 to 01/14/07

Here's another article on Bank of New York that mentions potential merger of Chase.

Some analysts said the pairing of Bank of New York with Mellon puts pressure on competitors to consider acquisitions to join forces. "It is quite likely that State Street will consider merging with either Citigroup or J.P. Morgan Chase Northern Trust may think of combining with Bank of America," Bove said.

http://www.marketwatch.com/news/stor...71A5BF8D5AD%7D

Found this to be very interesting from IIF...

XE.com IQD "Scam" Reference

--------------------------------------------------------------------------------

This has been annoying me for some time on their website, so I decided to e-mail them and get clarification on what they are referring to with "scam" and all the negative news links. Here is the correspondence so far if anyone's interested (from bottom to top):


Thanks for your detailed response.

If I could just take a moment to mention some information I have gathered,
it may help you in your own quest for verified and updated information on
this currency.

It is correct that the IQD is not trading on the FOREX, however that is not
an indication of its local convertibility nor is it a unique circumstance
for a pegged currency. So this leaves me unsure as to what authorization
you are referring to with respect to currency trading in your earlier
response.

It is a simple fact that JP Morgan Chase buys and sells new iraqi dinars,
they charge a reasonable fee for the transaction above the current exchange
rate that is issued each day by the central bank of Iraq. The same is true
for select full-service branches of Bank of America. I say 'select
branches' but in some cases it has just been that the reps in some branches
were unaware that the currency was now available inside their conversion
options. There seems to be a lag in training.

In the UK dinars can be purchased from NatWest, Halifax, Barclays and Royal
Bank of Scotland. Some banks charge no conversion fees to customers that
have existing accounts. To the best of my knowledge, none of us note
holders have been warned by the banks that this may potentially be a "scam."
It could be that the banks are aware that the country's central bank is
backed transparently with US dollar and gold reserves. The banks may or may
not also be aware that the IMF standby agreement in place requires that the
govt maintain certain fiscal benchmarks - including currency reserves (which
to date have been well above the minimum requirements).

I now feel compelled to ask - if dealer overcharging and difficulty with
re-conversion is not the current [discounted] premise for the 'scam notice'
on your website, does XE.com really believe that the Central Bank of Iraq is
slowly raising the value of the currency to eventually defraud "investors?"
Also, in the last 3 years has the new IQD once behaved in a fashion that was
unstable? I am only aware of an appreciation that continues to take place.

I sincerely ask these questions because I wish for XE.com to be as informed
as possible with regard to these issues. I think the credibility of
XE.com's reputation is at stake if the before-mentioned facts go ignored and
a logical judgement on currency viability is muddied by the influence of
negative news articles readily available in the press.

There are positive news articles that show oil production is now at pre-war
levels and rising. Also, debt reduction is progressing rapidly and is on
target to be reduced from a previous 150 billion to approx 50 billion
through sovereign nation and paris-club forgiveness negotiations. Within
this past week the much anticipated Foreign Investors Law has been passed in
Iraq's parliament and new banks from Dubai and Saudi Arabia have already
announced their plans to open banking operations in-country. These are
fundamentals that actually affect and reflect on the value of the currency.
In contrast, the body-count news articles do not address the economic
situation of the country and cannot be credibly expressed as a reason for
cautioning the general public on the dinar's worth.

When you confirm international banks are now converting the dinar, will you
then change your judgement and remove this 'scam' label from your website?
If you choose not to it would certainly serve to perpetuate the status of
Iraq as a pariah. You stated you hoped that things would improve inside the
country, but this is at odds with your obvious ability to stop labeling the
country's currency as a scam which is a detriment to the democratically
elected govt. I can't imagine that a blanket statement to the press by Kofi
Annan, the Former UN Secretary who is directly implicated in the UN-Iraq Oil
for Food Scandal has more weight than some of the actual facts presented in
this e-mail.

All that being said, I do want to take the time to thank XE.com for
providing currency hobbiests like myself with the good conversion tools on
your website and for taking the time to respond to my e-mail. If you would
like to learn more on the IQD and have access to balanced news reporting on
Iraq, a good news and information resource can be found at
Investor's Iraq Forum - Why Buy Iraqi Dinar, Invest in Iraqi Stock Exchange, and More!

I have found it to be a well-moderated forum, with a large variety of input
being demonstrated, backed up with links to news articles on the economy,
stock exchange, politics and society. I have been studying Iraq in depth
since the invasion and have found this to be one of the best tools available
for research.

Best Regards,

Todd




----- Original Message -----
From: "XE.com Currency Services" <E-mail Removed>
To: "E-mail Removed"
Sent: Monday, December 04, 2006 4:37 PM
Subject: Re: IQD Scam???


> Hi Todd,
>
> Thank you for your e-mail.
>
> We actually launched our IQD opinion page in response to the many requests
> we had from our users regarding our view of the authenticity of the
> "investments" in the IQD.
>
> First of all, we do clearly state that it is our opinion. It was never
> intended to provide a balanced argument of the pros and cons of buying
> Iraqi Dinar, simply to provide our opinion of the situation. Our
> commentary is essence balanced out by the large number of sites selling
> the Iraqi Dinar which did not list any of the potential issues with
> spending money on the currency.
>
> It does however remain our view that the IQD is not at all a "sure thing"
> as an investment, and that anyone planning to purchase the currency should
> be aware that it is a high risk strategy.
>
> In addition to this, although you mention that JP Morgan Chase are selling
> the IQD (which we have been unable to verify) we are still not aware of
> any authorized trade in IQD on the international markets at this time.
>
> We certainly do not label the currency as a scam. We merely suggest the
> act of selling Iraqi Dinar without the backing of the international
> community, and with the promise of large scale returns on investment is a
> dubious practice.
>
> With that said, we do hope that the projects and regeneration in Iraq
> succeed for the sake of the people in Iraq. We also hope that everyone
> who has invested money in the IQD (including yourself) sees the profit
> that you believe will be returned on your investment.
>
> However, although there is progress in many areas, many international
> commentators do however believe that there are problems still looming in
> Iraq which may affect the currency. For example, please see below a link
> to an article in The Times (UK) Secretary General of the United Nations,
> Kofi Annan:
>
> Telegraph | News | Annan: Iraq 'much worse' than civil war
>
> In the meantime, while people continue to ask our opinion, we will
> continue to offer it and to caution potential investors as to some of the
> issues that we perceive relating to the currency.
>
> Thank you for your interest in our company and services.
>
> Sincerely,
>
> XE.com Currency Services
> "E-mail Removed"
>
> XE.com: The World's Most Popular Currency Site
> Answers to Frequent Asked Questions:
> XE.com - Frequently Asked Questions
>
> ----- Original Message -----
> From: "E-mail Removed">
> To: E-mail Removed
> Sent: December 2, 2006 1:22:46 PM
> Subject: IQD Scam???

>> To whom it may concern,

>> Forgive me if I'm wrong, but I believe the new IQD is at an all time
>> high despite your long list of negative news links assigned to this
>> currency. Perhaps it's irresponsible to label a country's currency as a
>> scam without referring to any current financial information to back up
>> that statement. Despite the violence we're still seeing an appreciation
>> take place, so I would suggest revisting the fundamentals of this
>> currency and distancing yourself from the obvious political opinions that
>> have lead to this warning on your website. I would appreciate it if you
>> considered balancing your news links with information about successful
>> reconstruction projects, rising GDP and increased per capita income
>> levels.

>> Best Regards,

>> One of many IQD investors

>> P.S. - JP Morgan Chase is now buying and selling dinars for cash at
>> current rates in the USA, as are other banks internationally, so the
>> currency is now in a convertible status.

Originally Posted by shotgunsusie

i dont know about that but i read a post some time back from some soldier who was over there protecting the teams that were out researching oil. said that everyone was going to be surprised when the numbers come out as iraq has more oil than saudi ever thought of having.

Originally Posted by Wm.Knowles

A very good statement! In addition we recently heard that they have 500 fields of oil and plan to lease 20 of them. My friends in the energy field tell me once a field like those in iraq have been surveyed (by Japex), based on the survey, there is a professional statement as to how much oil is in the field. That the energy professional relies on these surveys and they are held in such high regard that they can be "taken to the bank". Depending on how large these fields are, then someone knows how much oil is there. And the leases will be sold based on these surveys. Oil in the ground or gold in the vault is referred to as "stored value" in economics. So when we make estimates about how money Iraqi has the oil fields have to be taken into account as to how much wealth a country (iraq) has. Their oil means a lot more to national wealth than just "Oil in the ground" once there is a professional survey completed. And since they reported 500 fields, their weath is in the upper atmoshere. Thanks

Newsy reports mentioned that, oil ministry intended to present gas & oil fields for the foreign investment international companies for increase producing of the crude in the state for the next coming years.

An official in oil ministry said that, the ministry have 520 founded oil and gas fields in different districts of the state, and the ministry prepared a plan to investing big part of it through the coming period, while they investing currently about 20 fields only.He pointed that, developing the founded fields would continue for 5 years, so the ministry lifted the pattern of introducing studies and supplies for investing the promising fields, saying that oil ministry currently investing 20 fields from about 520 one cause of finance shortage and no spare parts availability.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2663

Illigitimi non carborundum...


That's what reminded me of RR..Isn't that his sig?

Originally Posted by danny51

I was thinking about a "Sheep Boogie"!!

danny thats cool, but make sure you, and everyone else into the flossie fantasy bring your own. BYO sheep to the Caymans.

Im born in NZ, and as you find out early on there, Kiwis dont share their sheep...

Originally Posted by AlwaysDreaming

> Hi Todd,
>
> Thank you for your e-mail.
>
> We actually launched our IQD opinion page in response to the many requests
> we had from our users regarding our view of the authenticity of the
> "investments" in the IQD.
>
> First of all, we do clearly state that it is our opinion. It was never
> intended to provide a balanced argument of the pros and cons of buying
> Iraqi Dinar, simply to provide our opinion of the situation. Our
> commentary is essence balanced out by the large number of sites selling
> the Iraqi Dinar which did not list any of the potential issues with
> spending money on the currency.
>
> It does however remain our view that the IQD is not at all a "sure thing"
> as an investment, and that anyone planning to purchase the currency should
> be aware that it is a high risk strategy.
>
> In addition to this, although you mention that JP Morgan Chase are selling
> the IQD (which we have been unable to verify) we are still not aware of
> any authorized trade in IQD on the international markets at this time.
>
> We certainly do not label the currency as a scam. We merely suggest the
> act of selling Iraqi Dinar without the backing of the international
> community, and with the promise of large scale returns on investment is a
> dubious practice.
>
> With that said, we do hope that the projects and regeneration in Iraq
> succeed for the sake of the people in Iraq. We also hope that everyone
> who has invested money in the IQD (including yourself) sees the profit
> that you believe will be returned on your investment.
>
> However, although there is progress in many areas, many international
> commentators do however believe that there are problems still looming in
> Iraq which may affect the currency. For example, please see below a link
> to an article in The Times (UK) Secretary General of the United Nations,
> Kofi Annan:
>

This is the very first site that I posted on Rolclub that got me hammered. I got it from a Aussie freind.With that statement above in red, Shows me they are very misinformed or just not in the know. Now this is great what you have posted. i can now send this to me Aussie Buddy.

Originally Posted by FlagcityAutoD

Every one talks like this Dinar was going to RV on Monday now they are saying it will happen the 11-14 what do they know? I beleve it will happen and it will and is going to happen the 11-14 maybe but I sure am glad that no one has said what year this is going to happen! I would be a little on the down side if I would beleve everyone that has toled me that it is going to RV on the 11th or 14th We will have to see it may. I would love for it to happen soon as well as everyone on rolclub wants it to. I just will not say it is going to happen on this day or that day. Well that is how I feel about this thing sorry if I made you all mad.. Have a good week ...

I for one appreciate the information and the possibilities of a reval date being stated.. gives me something to look forward too.. are you criticizing people who try to give us this information or what? if you choose not to read or be hopeful for it then thats your choice.. dont understand what your contribution is ??

man.... i hear crickets in here...... guess I ll turn the lights out now .... wake me up when cbi posts :)

Originally Posted by Socata 850

Why are so many posts so testy today? Is it the post weekend let down of another week gone by without the reval? Just think of it this way, WE ARE ONE DAY CLOSER TO THE REVAL !!! We have much to look forward to !! Neno is going to have alot of "stuff" to clean out and move to other threads. It will come folks, after all this time we can't allow ourselves to slide into the muck of the IIF and end up like those poor souls.

People are testy because many people hype about a RV tomorrow or the next day (for many good reasons) and when it doesn't happen they get very, very let down.

Personally, i'm not counting any chickens until they've hatched. I'm not thinking it's gonna RV tomorrow (or the next day) but if it does tomorrow, i'll be a happy camper then!

Yes we are one day closer but i'm not gonna hoot and holler about a RV until it happens.

Originally Posted by Vipor

Who says the cost of the menu isn't already built into the cost of the meal.

You're right, actually it is. And so are the forks, knives, plates, napkins, table, chairs, cook, waiters, building, parking lot.... they are all built in to the price of a meal at a restaurant.