You Can’t Fix Stupid: The Iraqi Dinar Scam
06 August 2012.
By John Lee.
In a recent article on Forbes magazine website, legal expert and anti-scam campaigner Jay Adkisson challenges the idea that vast wealth will be made from a dramatic appreciation of the Iraqi dinar, saying, “You can’t fix stupid“.
“Scams involving the arbitrage of foreign currencies have been around as long as there have been, well, foreign currencies“, he explains, “but … why the Dinar scam has been largely successful [is that] with the Dinar scam you can actually get the cold hard Dinars if you want them.”
“Yep, suckers around America have their closets and garages full of bales of Dinars, just waiting for that glorious day when they will re-valuate. Which is never.”
“To help sell the scam, the scam artists have set up all sorts of websites and bulletin boards and newsletter and social media and you-name-it to try to create the impression that the Dinars are valuable and are about to re-valuate at any moment.
“I’ve had people tell me that their Dinars are going to re-valuate ‘within the week’ or ‘by the end of the month’, and they’ve been telling me for years.”
Adkisson goes on to explain how, human nature being what it it, people refuse to believe they have been scammed, and likens the idea of a massive increase in the value of the dinar to ‘magic beans’.
“Many remain truly convinced that their initial investment was a good one, and no amount of proof or logic can dissuade them“, he says. On dinar-related bulletin boards, some will even argue openly that logic is over-rated, or irrelevant to the argument.
“It is a scam because the Dinar has no chance of significant appreciation, i.e., appreciation that would make buying Dinars worthwhile … there is absolutely no reason to believe that the Iraqi Dinar will significantly appreciate in the long term, and it utterly insane to believe that the Iraqi Dinar will significantly appreciate in the short term, i.e., within 10 years …
“You might as well buy bags of sand, because they are going to appreciate more quickly than the Iraqi Dinar.”