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

Thank you bluezzguy for that transcript! :)

Has anyone seen this article? Experts, please give your opinions!


Investors in new Iraqi dinar spur thriving Web trade
By John Waggoner, USA TODAY
Iraqis are serving dinars — and investors are flocking to the table.

An Iraqi man gets money at a Mosul bank last year.
By Ivan Sekretarev, AP

The new Iraqi dinar, introduced in October, is now virtually worthless: It takes 1,460 dinars to equal $1, according to Bloomberg financial news service. (Related: Check the latest exchange rates at USATODAY.com).

But dinar trade is thriving on the Internet.

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, Iraq dinars Dinar Trade and Buy Iraqi Dinar, sell dinars to U.S. investors.

The lure: Investors remember that the Kuwaiti dinar plunged to 10 cents after Iraq invaded Kuwait. It's worth $3.39 now.

The Iraqi dinar sold for as much as $3 before the first Gulf War. 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.

Currently, a 250,000 dinar note is worth about $171. At a penny per dinar, the same note would be worth $2,500.

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."

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."

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:

•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."

•Liquidity. Most dealers who sell dinars won't buy them, and U.S. banks won't buy them either. You can, however, sell dinars on eBay. Monday, 1 million dinars were being offered for $840 to $940.

•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.

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."

Oh, my poor Karin! You're going to have a nervous breakdown before this is done aren't you my dear! (along with a bunch of us!) I, personally don't think that we have anything to worry about the switching of governments...IMO...just THINK of the global CONSEQUENCES! Sit tight and get ready for my B-Day celebration! (hopefully! lol! )


Tiff

Originally Posted by karinc

A friend of mine said her son had heard on the news that Iraq is considering changing government?!? Because Maliki's government hasn't been able to perform so much... It scared the --- out of me! Because if they were to change government now, then I think we can see into the stars for a revalue...
Has anybody else heard anything like this?

Not to worry, I think this is what he might of heard.
****************
Reshuffle likely in 100-day-old Cabinet

Reuters


Baghdad: Iraq's Prime Minister plans to reshuffle his Cabinet just 100 days after it was formed because of frustrations with some ministers' performance and disloyalty among others, Deputy Prime Minister Barham Salih told Reuters.

In a weekend interview, he said Prime Minister Nouri Al Maliki would make the changes soon in an "important signal" of commitment to efficiency in his national unity coalition and to his efforts to rally factions behind a reconciliation plan to avert civil war.

Some changes would involve the movement of Shiite cleric Moqtada Al Sadr, several political sources said yesterday. A key player in the government formed in May after months of wrangling, Al Sadr denies his Mehdi Army runs some of the sectarian death squads behind much recent violence.

"There would be a government reshuffle. There would be some changes in a number of Cabinet portfolios," Salih, the most senior Kurdish official in the Cabinet, said.

"It's only natural for the Prime Minister and the political leadership to contemplate reshuffling and changing to improve the ability of the government," he added. He declined to elaborate on the changes but said some could involve a change in the distribution of portfolios among the Shiite, Sunni, Kurdish and secular blocs in government.

"Some people have a foot in the government and a foot outside," Salih said. "They have to make a choice. Either they are part of the government and abide by the policies of the government or be outside the government.

"My hope is that all elements of the Iraqi polity will be genuinely united and committed to the government for national reconciliation. Those who are committed to that, their role in government should be enhanced."

A senior official in Al Maliki's United Alliance, said he expected some changes to be announced before Parliament reconvenes in a week after its summer recess. One minister from Al Sadr movement, the transport minister, has already resigned, officials said.

The Alliance official said aides to Al Sadr, who is not himself in the Cabinet, were seeking to put new people into ministries controlled by his movement.
*****************
Arco

This is the link for my USA post.

USATODAY.com - Investors in new Iraqi dinar spur thriving Web trade

Originally Posted by karinc

A friend of mine said her son had heard on the news that Iraq is considering changing government?!? Because Maliki's government hasn't been able to perform so much... It scared the --- out of me! Because if they were to change government now, then I think we can see into the stars for a revalue...
Has anybody else heard anything like this?

Iraq is not considering changing government...what would they change to? The only thing that they could change to is total chaos within the depths of total civil war with some whacko ayatollah coming out as leader wanting to print new money with his mug on it. There is no alternative government...only civil war and total anarchy which is unlikely at this time.

Originally Posted by karinc

A friend of mine said her son had heard on the news that Iraq is considering changing government?!? Because Maliki's government hasn't been able to perform so much...

Has anybody else heard anything like this?

Yes I have. It is here. The US has given Al-Maliki and the Iraqi government 6 months to get things under control or the US is supposedly going to step in and set up their own military dictatorship.

Time is running out for them.... tick tock tick tock......


Iraqi paper views premier's forthcoming US visit


Iraqi paper views premier's forthcoming US visit | Iraq Updates



21 July 2006 (BBC Monitoring)
Prime Minister Nuri al-Maliki will leave for Washington in the next two days on a visit to the United States during which he will meet with his host President George Bush at a time the two men desperately need such a visit.


======================

"The spectre of the increase in violence in the country will overshadow Al-Maliki's visit to Washington as this does not serve the US presence in Iraq. Iraqi sources are now openly saying that Washington has given the Baghdad government a six-month period to end violence and safeguard stability in the country. Otherwise, a national salvation government will be set up and this will mean toppling Al-Maliki's government, dissolving the Council of Representatives, and placing the country under a strong military leadership that is not affiliated to any political party or forces that will prepare the country, during an interim period which might last two years, for new general elections while placing the security forces with their various police and army groupings under the command of the US forces that will be responsible for all their field movements and activities."


Permalink

http://www.rolclub.com/iraqi-dinar-d...html#post96173


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"The US has given Al-Maliki and the Iraqi government 6 months to get things under control or the US is supposedly going to step in and set up their own military dictatorship."

now THERE'S a scenario.

Originally Posted by ccgideon

This is the link for my USA post.

USATODAY.com - Investors in new Iraqi dinar spur thriving Web trade

This was dated:
Posted 8/3/2004 12:30 AM Updated 8/3/2004 9:34 AM

Originally Posted by tiffany

Oh, my poor Karin! You're going to have a nervous breakdown before this is done aren't you my dear! (along with a bunch of us!) I, personally don't think that we have anything to worry about the switching of governments...IMO...just THINK of the global CONSEQUENCES! Sit tight and get ready for my B-Day celebration! (hopefully! lol! )


Tiff

Yeah, sure will...am on the verge to it now!

I hope you are right and that your birthday will be THE day!!!