“The IQD Iraq Dinar” mind virus

May 9, 2005 · Filed under Self-Defense

Name: The IQD Iraq Dinar
Category: Get rich quick
Anchor: Money
Vulnerabilities: Poverty, greed
Carrier: Internet, associate programs, eBay

Claim:
Iraq national currency is devaluated to ~ IQD 1500 = 1 USD as a result of war, regime change and civilian upheavals. But (!), the oil is still there, so the economy of Iraq is bound to revive and strengthen. Historically Iraq currency was pretty high ($3 per dinar), so if you buy a million of Iraq dinars now for less that $1000, you can get a million of USD and more when the counrty will rebound. As examples of previously missed opportunities Deutsche Mark, Kuwait Dinar and Soviet Russian Ruble are quoted.

Disinfection:

  • Iraq Dinar was declared to be equal to $3.22 in 1982 by Saddam Hussein. But it was not freely traded. Hence this exchange rate did not mean much.
  • Old Hussein’s dinars are worthless now as they are now replaced by the new Iraq dinars.
  • New Iraq Dinar is not freely traded either and mostly limited to Iraq and a single exchange there.
  • Iraq Central Bank stated objective is to keep it “stable” and prevent it sinking down. So much for “growth prospective”.
  • Reference to Soviet rubles is hilarious, as (1) the old ones were replaced with new rubles at 1000:1 rate, (2) the old ones are not accepted anymore and hence worthless now, and (3) even if they would, they would cost about 27000 Old Soviet rubles for $1 USD (new Russian Ruble is exchanged currently at about 1 USD = 27.8 RUR as of 5/9/2005.

See XE.com - Information on The IQD Iraq Dinar for more details.
See also Dinar dupe: currency con man touts value of Iraqi money

Add to del.icio.us

Comments are closed.