1-23-2012 Guru Historian
Kuwaiti Dinar - Did Poeple Make Money?
[Historian] This is in response to the naysayers, who are frankly starting to annoy me.
[LRH1256] Historian ditto
[cjswest] Historian always there will be naysayers amongst us
[Historian] (Part 1 of 3) ::::: I think it is time that we apply to the naysayers of the dinar world the same standards that they apply to all other intel and intel providers. IMO, if the naysayers wish to disagree with the intel provided, they must prove it with documents and logic.
Opinion is not enough, since they do not consider that enough for anyone else. Let us start with this one, the Kuwaiti dinar RV. This is one reason why many people invest in the IQD. Following are 2 articles from mainstream news about the KWD RV.
The first has made the rounds before – the New York Times from March 1991. The second, from Inter Press News Agency reporting on Cairo in 2004, quotes an economics professor at Cairo University who recounts what happened with the KWD from 1990-1991.
IMO, naysayers DO NOT get to make negative claims without the burden of proof and logic. That is cowardice. A negative opinion is still a statement. The standard works both ways, and it is time that the dinar world applied it to everyone.
[Historian] (Part 2 of 3) ::::: Here is the article from the New York Times | March 25, 1991 | After the War; No Electricity but Kuwait Reopens Its Banks.
“Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money….
Click "Read More" on the right to get the full scoop : )
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.”
This article states that the event occurred. The relevant detail that this article does not state is whether the KWD lost its value prior to this. See the article below (Part 3 of 3) for that info.
[Historian] (Part 3 of 3) ::::: Here are excerpts from the Inter Press Services New Agency | June 15, 2004 | Cairo, reporting on Egyptians speculating in the IQD in 2004. Note: The year of this article is documented at the end (END/2004).
The article reports on Egyptians buying up bags of the new IQD because “they remembered what happened in Kuwait”. It goes on to state: “The speculation was based on credibility, says Alaa al-Shazly, economics professor at Cairo University.” …
Thousands of Egyptians working in the Gulf region brought home bags stuffed with the new Iraqi dinars... "They remembered what happened in Kuwait, and believed the same thing would happen in Iraq," al-Abyad said.
The value of the Kuwaiti dinar fell to less than 10 cents during the country's occupation by Iraqi forces in 1990, but climbed steeply after its liberation by coalition forces the following year. It now trades at 3.50 dollars…..
The speculation was based on credibility, says Alaa al-Shazly, economics professor at Cairo University." Some final notes: If you search the internet, you will find investors who remember the KWD dropping to .06.
According to some, it was not devalued officially, but simply lost value because of the war. Nevertheless, the stories of folks buying low and selling high are more likely true than not.
[Historian] OK. That's it. Would you please also post this in the forum?
[Agent 007] thank you for this one - a few people are questioning that Kuwait RV really didn't happen where people made money
[Agent 007] yes we will thanks
[Historian] Agent 007 Yes, I read that this morning. And it annoyed me very much. So I went looking for a few articles.
[scribe] Thank you Historian
[Agent 007] Historian ah lurking again? Thanks!!
[Historian] Agent 007 The next time those parties enter this room, would you please let them know I looked this up for them.
[TamRon400] Historian Thank you
[Historian] Agent 007 And now it's their turn to provide some articles to prove their views.
[Historian] Agent 007 Always lurking. Still buried in work, but I usually check in several times a day at least, even if I'm in ghost mode.
[Historian] scribe TamRon400 YW. Happy to be of service!
[scribe] Hey. They annoy me too
[cjswest] Historian that is some good reading
[Historian] scribe They are very annoying. But IMO they have been having too free a ride. Now it is time to level the playing field. IMO, we should all ask them to prove their point.
[scribe] That is true. I personally tend to
[Historian] cjswest Yes, I found the article from Cairo very interesting. It was not that hard to find. I just followed a thread in the top 5 search results of Google.
[Agent 007] Historian tough luv, huh?
[Historian] Agent 007 Yes, time for tough luv!
[cjswest] Historian i have a friend who was born in Egypt, he has been skeptical about this too, going to send this to him
[Historian] Agent 007 scribe cjswest TamRon400 OK, I have to get back to work now. Have a great day!
[Agent 007] Historian without offending, I would say this: "You go, Girl!!"
[Historian] cjswest Ask him to contact the university and that professor, if he is still skeptical. Have him do some research.
[Historian] BBL, but not sure when. Bye