Oh please, why do we continue on these threads? Hey bud, why don't you wait for your 25% of the $15M from the wife of the former Minister of Finance from Congo and buy a couple billion dinar then???? :eek: :eek: :eek: :eek: :eek: :eek: :eek:
your gratuitous insult was removed from the board. after you read his remark did you go out and short the chase? if you didn't why not?
Iraqi dinar / US exchange rate is frozen until january 8th. Could a reval. be near ? Only time will tell.
I'm tempted, cause they do have some closeminded old men up in higher exec levels who think cost cutting to bare minimums when business is on an upswing makes a winning formula. But I would not mess with their commercial side, the Chase part of JPM Chase is a monster. Wiseman, chill out, that's why I apologized prior to the insult. You can get cracked on or you can get cracked. Sounds like Iraqi dinar is going to be the penny FX. You never know.
This idea is not too far fetched. A friend of mine in Iraq says the following: that a lot of US solders are buying the local currency, putting into savings banks and just holding on for long term (they are not allowed to exchange the currency and bring it out of the country). They hope to return in a number of years to an appreciated asset. They explain that EVERY time the US has gone to war/fought in another country, that currency hits a low during the occupation/war/etc. Some people expect a repeat in Iraq.
It's highly speculative, not a straight up scam. When governments change currency, they are rarely considerate and fair about it. Bank deposits can also be seized by governments and others, happened a lot in South America. Iraq is in a Civil War and I doubt US can do much directly based on current lack of success, they will probably revert back to creating a puppet dictator, which is not as effective as it used to be. And since Iraq is being compared to Vietnam, take a look at Vietnam's currency. It's not really worth anything, the neighbor countries don't really accept it. Speaking of penny FX plays, I think Vietnamese dong is an excellent play.
If a country changes its currency, I assume that the currency you are holding becomes worthless, or are you able to exchange it for the country's new currency?
The government makes the entire populace broke overnight. Not one person in the entire country has a penny. Sheeeesh.....!