investing in iraqi dinar?

[yukichigai]

Originally posted by: So
And if the Iraqi gov't collapses and the dinar ends up worth $0.00?

If we're to believe CSI: Miami, Iraqi Dinars have the closest textile makeup to the US dollar. You can always use 'em to make counterfeit bills if the dinar becomes worthless. Y'know, if you happen to have a $30,000 printing press lying around along with some printing plates and a thorough knowledge of US currency.

I dunno, might be worth it. I mean at worst you're out $895. Better than most stock market gambles.


I'm glad nobody's tried to say that owning Iraqi Dinars is illegal, 'cause I'd have to point, laugh and call them retards.

 

[PHiuR]

i thought u wanted to start a diner in iraq.... =\

 

[Skiguy411]

Originally posted by: PHiuR
i thought u wanted to start a diner in iraq.... =\

 

[preslove]

It's probably legit, but that doesn't mean it's smart. To make any money in currency speculation you need TONS of capital. It also helps to have connections in governments in order to actually know what you're doing.

 

[fredtam]

Yeah it is probably legit. This USA Today article list other places to buy.
http://www.usatoday.com/tech/news/2004-08-03-dinars_x.htm
I think it would be worth risking a mere $1000

 

[brtspears2]

I could always use some nice monopoly money.

 

[DaveSimmons]

If you really think the Iraqi economy will grow at 200x the US economy, it would probably be a better investment to find a mutual fund that buys shares of companies in (or doing business in) Iraq than to buy a wad of bills.

 

[hevnsnt]

any other thoughts about this? I am considering dropping a couple hundreds bucks into it.. ??

 

[MournSanity]

I'm thinking about doing this. I mean, the risk is small, but the potential payoff is insane.

 

[DaveSimmons]

What if they switch to a new dinar design, to invalidate all the currency looted in the war and/or hoarded by Saddam's people?

They'd probably allow locals to turn in their old dinars up to some limit, but you'd have no way to do this. With a limit, the dealers in dinars wouldn't be able to buy much back from people like you.

I'd recommend even Google shares (gah!) before this scam.

 

[fredtam]

Originally posted by: DaveSimmons
What if they switch to a new dinar design, to invalidate all the currency looted in the war and/or hoarded by Saddam's people?

They'd probably allow locals to turn in their old dinars up to some limit, but you'd have no way to do this. With a limit, the dealers in dinars wouldn't be able to buy much back from people like you.

I'd recommend even Google shares (gah!) before this scam.

They did this already.

 

[KLin]

I wouldn't do it. Mexico did the same thing in '94. 1 new peso = 1000 old pesos. So if Iraq did the same thing and 1 new dinar = 1000 old dinars, then you'd basically only have your investment. But they could always make the new dinar worth quite a bit more than that, and you just wasted your money.

 

[KLin]

read this article.

 

[tRaptor]

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

WHERE THE (_)(&&* WHERE WE THERE.

Can you imagine, if you had invested $1,000 back then. $1,000 / .10 = 10,000 Kuwaiti Dinar, then saved it to today = $33,000. DAM!

But, yeah there is a risk of getting nothing.

Hell, maybe I'll buy $50 worth and hold on to it. Either way its only $50