Monday, November 1, 2010

10-27 Bloomberg does not want you to buy Iraqi Dinar's. Kelby Smith said Bloomberg singing for Federal Reserve recently. Fed bought $17Trillion Dinars

Just recently I think I heard Kelby Smith share on RJ's last RBN show [I blogged recently below or last weeks click the label currency exchange at the bottom of this blog to see] that the Fed bought $17 Trillion worth of Iraqi Dinars [lining up with another or possibly the same contact via a different source inside the Whitehouse seeing alot of Dinars being bought up], and that Bloomberg sings for the Fed. So that seems to give me the feeling this article below is trying to stop people from buying dinars for the publishers own benefit of being able to buy more at the current low price in the near future after they can get more. But I could be wrong, but doubt it.

Japan Investors Duped Into Buying Iraqi Dinar as U.S. Withdraws

Japan Investors Duped Into Buying Iraqi Dinar as U.S. Withdraws
Bloomberg - [10/27/2010]

Japanese consumers are being warned about an investment scam promoting the purchase of the Iraqi dinar on predictions the currency will surge in value as U.S. combat troops withdraw from the country.

A man in western Japan spent 2 million yen ($25,000) to buy 500,000 Iraqi dinar ($428) after a caller recommended buying the currency because it was expected to gain as much as 30-fold, the National Consumer Affairs Center said on its website. The man, whose attempts to get a refund were unsuccessful, was among more than 200 people who bought the currency, the posting said.

“In most cases, the exchange rate is extremely bad,” Ryota Kato, a spokesman for the center, said yesterday by telephone. “And you wouldn’t be able to exchange the dinar back into yen because currently no Japanese bank will accept it.”

The Central Bank of Iraq exchanges 1,170 dinar for 1 U.S. dollar, according to its website, a rate that has been in place since early 2009. An Iraq government spokesman said in April the country has no plans to stop linking its currency to the dollar.

Kato said the center received 368 inquires about Iraqi dinar in the nine months ended September, compared with four for all of last year. Among the 202 people who said they purchased the currency, the average investment was 3.5 million yen.

“One person spent 20 million yen buying dinar,” said Kato, adding that the elderly have been targeted. Consumers are also advised to take precautions if asked to buy the Sudanese pound, he said.

“Our organization can’t judge whether these transactions are fraudulent, but you should be very careful when you deal with currencies that have low liquidity,” Kato said. “We’re still getting many inquiries.”


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