BGG ~ After reading some of this “Amended Complaint” I simply cannot believe it. We have (privately) long speculated something like this was going on, I even predicted this kind of action by the government going back over a year.
I am still stunned at the depths of their LUNACY. I am mortified on behalf of consumers. However, I stop far short of calling the Iraqi Dinar “a scam”.
There will be all manner of attempts to “connect” the currency (or investment) itself to the sphere of misdeeds perpetrated by these particular business people. The two are completely separate. One is the currency of a country – the other are crooked business persons.
Referring to an Enorrste post from today on THE DINAR OBSERVER DAILY (you may want to put this on your favorites and check in several times a day – we do it often )
“…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”…
Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago.
It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??
Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s DINAR OBSERVER DAILY – highlights page 84 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…
1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.
2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over-time” now.
3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.
I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.
4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″…
BGG ~ The above is a “Flashback” I put together over a year ago using official documents and political events to give some perspective. It is particularly important today.
Here is a link to the SIGR library – the above information is available for corroboration:
The SIGR library Link http://cybercemetery.unt.edu/archive/sigir/20130930185834/http://www.sigir.mil/publications/quarterlyreports/index.html