BGG ~ For any bank, banker, lawmaker, adviser or official (of any kind) to make the statement “the Dinar is a scam” is JUST as foolish as ANY of the internet BLOWHARD “Gurus”.
The Iraqi Dinar is the official currency of a COUNTRY. Numerous times I have pointed to SIGIR Report as guidance – see highlights on page 84 (page 94 in the PDF document format, it’s actually page 84 of the hard-copy) of the quarterly SIGIR report to THE US CONGRESS dated April of 2012…
THIS REPORT WAS SENT TO CONGRESS IN MAY of 2012. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO BE VALUED AT AROUND A DOLLAR IN 2013.
BGG ~ This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For ANY member of our Government to say they have no idea what is going on here – means they simply haven’t read some very basic documents presented them.
I have often pointed out this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGIR report gives us some VERY valuable insights…
1) This was 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. This goes directly to the validity of this venture – against all advice from Wells Fargo or other such naysayers.
2) It points out there had been a legitimate “plan” – or time frame in motion… having been projected to be done in 2013. What the current time frame is now, or what the current plan is – hard to say.
3) It gives us an idea as to who is was charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki, at that point. Period. Historically – he had been a “weak Dinar” policy advocate. Are they likely to now push this forward?
Make note, Mahdi is an actual economist and was one of the Vice Presidents of Iraq from 2005 to 2011. He formerly served as the Finance Minister in the Interim government and Oil Minister from 2014 to 2016 (Wikipedia sourced).
There has been a flurry of references to this same aforementioned “project” recently in various news articles.
4) Though no guarantee of a future plan they wind up engaging – this report pointed 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″…