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The Investment Scam That Refuses to Die

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When a sales pitch begins with, "I'd like to explain to you why the Iraqi Dinar is not a scam," it's...a scam.

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Now, Iraqi Dinar discussion boards are absolutely lit up with talk of the revaluation and something Dinar aficionados call the "Triple Zero Lop." This will, as the name suggests, remove three zeros from the Dinar, turning your 25,000 Dinar note into a 25. Here's how Jan explains it:

Jan: Yes, that will happen in January 2013. The value of the dinar will remain the same. They will start printing the new currency. It is overall a good thing as the deletion of the zeros is expected to raise the value of the dinar and will serve the actual purpose of investment (which is to go up).

Me: So like, a 500 dinar note would be worth 5?

Jan: No, the value will remain the same. Iraq only does this for their accounting purposes.

Me: You lost me...

Jan: At the moment, for example, the Iraqi people literally carry a bag of money to buy a loaf of bread. By deleting the zeros, the CBI diminishes the number of dinars they will have to put out.


Let's take a closer look at this math, shall we?

Me: Okay, if I buy 3 million in Dinars today and three zeros get dropped at some point, doesn't that make my 3 million only worth 300,000?

Jan: Not sure what you are asking?

Me: If I buy 3 million in dinars today and three zeros get dropped, isn't my 3 million then worth 300,000?

Silence.

Me: Jan? You still with me?

Jan: Can you please hold for a very brief moment (on phone)...I do apologize....

No positions in stocks mentioned.
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