BBC Report: Iraqi Dinar TNT TONY, IMF has called “completely fraudulent”
BBC Report: Iraqi Dinar TNT TONY, IMF has called “completely fraudulent”
#BBCtrending: #Wearethepeople and the ‘fraudulent’ dinar ruse
14 February 2014 Last updated at 21:36 ET
A BBC Trending investigation has found that one of the biggest trends on Twitter in the US – #wearethepeople – involves claims about the Iraqi dinar which the International Monetary Fund has called “completely fraudulent”.
The hashtag #wearethepeople looks huge. Since it took off on 26 January, there have been more than four million tweets. At first glance, those using the hashtag appear to be making an anti-banking, anti-establishment argument – similar to the Occupy movement. “The bankers do not want us picking on them. Then be ethical! #wearethepeople,” for example.
But many of the tweets use terminology which is unintelligible to the outside observer. “Release the RV”, they say, “release the Global Currency Reset”. This might sound like financial jargon – but these are not economic terms recognised by economists. One of the biggest accounts pushing the hashtag – @THE_TNT_TEAM – has more than 250,000 followers. But tests run on the account suggest that between 65% and 80% of the followers are fake – meaning the scale of the trend is far smaller than the number of tweets would suggest. That said, those who are real followers are heavily engaged. Statistics from the group’s chat forum show as many as 25,000 people logging in per day.
So what’s it all about? “TNT Tony” – as the man behind this calls himself – encourages Americans to invest in the Iraqi dinar. He says the currency will be revalued imminently, making anyone who buys dinars rich overnight. TNT Tony hosts regular conference calls in which he updates his followers on the latest news on the dinar. Over the past few weeks, he has upped the ante, saying that a secret deal has been struck on the revaluation, and that this preferential rate is available only to the “elites”. In short, he claims there is a giant global currency conspiracy.
The International Monetary Fund told BBC Trending that the claims being made are “completely fraudulent”. Top economists that we have spoken to from Harvard University to the London School of Economics have dismissed the ideas being promoted as “complete hokum” and “dangerous”. The dinar has been stable since 2010, and – say economists – if is revalued then it is more likely to go down against the dollar than up. TNT Tony declined to answer questions for this report.
Dinars are not available for sale at high street banks in the US, so the purchase of dinars takes place via a “dinar dealer” who takes a large commission – about 20%. As long as there is no connection – and no kick-backs – between the “dinar dealers” and those encouraging people to buy them, then this is all 100% legal. In TNT Tony’s case, there is nothing we have seen that would suggest he operating outside the law.
TNT Tony is just one of a number of people who host online forums in which they offer “expert” advice and the latest “intelligence” on the dinar to anyone interested in investing. There is a long history of this in the US – dating back to soon after the invasion of Iraq in 2003. BBC Trending has been in contact with a number of Americans who have invested in dinars – some are hoping for a return of almost 1000 times their initial investment.
“It sucks you in,” says Marcus Curtis who spent more than $3,000 (£1800) on Iraqi dinars in 2010 and encouraged his friends and family to do the same. “I spent two years of my life in the forums talking to people and learning all this stuff that wasn’t true.” He is now one of a handful of people who research, blog and campaign – often with considerable zeal – against those promoting the dinar. He describes some of the characteristics of the forums as “cult-like”. There are examples of marriages breaking up and people losing their homes after spending money on dinars they cannot afford, he says. The hashtag #wearenotthepeople is still going strong, thanks to its fake – but also some very real – followers.
Reporting by Cordelia Hebblethwaite
admin comment from iraqidinarchat.net:
I agree with the authors opinion concerning TNT TONY, his real name is Tony Renfrow, that was left out of this article. There is a huge difference between many of the “dinar forums” and what they report or believe will ultimately happen with the Iraqi Dinar exchange rate. We report the news from Iraq and what they themselves release to the press as far as what their intentions are. We post the guru opinions so everyone has the opportunity to see what is real and what is just fiction. The very fact that the IMF has called Tony’s statements and predictions “completely fraudulent” should be a wake up call to all of his “followers”, after all, he claims to have “contacts and sources” in the IMF, obviously that is false, as has been stated for months on this site. Especially the “Global Currency Reset” that he keeps claiming is going to happen. It was stated pretty darn clear as being false, or made up by Tony.
With all due respect to the author, I disagree with several assumptions that were made about the Dinar’s value or potential, as we have stated for years, no one knows what Iraq will do until they do it, I think that it is unfair to make claims without spending the time to thoroughly research all the aspects of the country and their currency. I do not see how the Iraqi Dinar, “if is revalued then it is more likely to go down against the dollar than up”, as stated. If you read the articles out of Iraq, from the CBI and GOI, they has loosely stated their intentions or as least put several options on the table like “making it equal to the dollar”, “getting it back to it’s former glory” and other similar statements. As I have said before, if you expect to get rates of $4 to $38 dollars, then I agree with the statement, “completely fraudulent”. IMHO, the dinar should rise in value over time, how much time or how much, no one really knows, but I am sticking with it, one way or the other, I can always sell my dinar back to a dealer if I get tired of waiting on Iraq to get their stuff together. I didn’t graduate from “Harvard University or the London School of Economics”, but I have spent years researching this speculation and I remain positive that I will see a return greater than some other speculation opportunities. As we also have stated before, don’t put yourselves in a financial bind by spending money that you don’t have thinking you are going to get rich overnight, be patient and allow Iraq the time to get their house in order. You can follow the news and progress that Iraq is making.
I will state this again, there will be no “Global Currency Reset” as stated by Tony and his “followers”, God help us all if it ever occurs as reported by some left winger conspiracy theorists. It will CRUSH our entire economy as well as most other economy’s around the globe, plain and simple, it’s not going to happen as they claim. Don’t take my word or opinion for it, do your own research and decide whether this is a speculation for you based on the facts, not some guru’s word or some author that offers his or her opinion based on very little research or an incomplete understanding of the information being released by Iraq.