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Monday, January 2, 2012

WELLS FARGO : "PERSONAL BANKER COMMENT", 2 JAN


Just returned from an early breakfast I had with now a very good friend of mine working as a Personal Bank,Vp, for the lat 10 years and prior 12 years in currency exchange with for a private investment company. He said the IQD is still a minimum of 2 years off.
There will be arise in value about 3% to 5% from the current rate. He says we are following the wrong info or intel. Money is not emotional about the people of Iraq’s needs. Money is not going to change because the US or Euro countries need the money. It is very global the way it is positioned. The country of Iraq still no investor power. Oil is not enough… He states,”where are the loans, interest earning services, no real infrastructure, and other indicators that prove the value of the currency?”
This is extremely high risk with no return. He suggested not to invest. He has 3 customers in the last 6 months that have over purchases IQD that are not able to make house payments, getting their bills paid on time, and/or keep their accounts to an acceptable rate. He feels these folks will be the first to fully crash and burn as the economy tightens up.
I completely stopped buying additional dinar 6 months ago and was finding myself over spending as well.
Be very careful & wise. Not every investment can turn a positive return.
Let’s go RV 

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