Invest in Iraqi Dinars!?
20 August 2006 – 9:41 pm
A few days ago I found out that some scam artist convinced my grandmother to invest in Iraqi Dinars (because they can only go up!).
No one in my family knew about this until recently when my grandmother passed away and each of my aunts and uncles received their lot of the “investment”.
All eleven of them received $250,000 Dinars (IQD)!
Fortunately I later found out that my grandmother only invested $3,000, but now follow the numbers:
11 Siblings x $250,000 IQD = $2,750,000 IQD
Then comes the conversion to US Dollars:
$1 USD = $1,468.60 IQD
or
$1 IQD = 0.068ยข USD
Look at the last number: 1 Dinar is not even worth 7% of a PENNY!
So doing the math, it looks like everyone got screwed:
$2,750,000 IQD / $1,468.60 IQD per USD = $1,872.53 USD
That’s a whooping $170.23 per sibling!
On top of that, it’s still a drop of 37% from the original $3,000 USD investment!
