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Tuesday, December 07, 2004


Sanctimonious, smug, vain, pretentious radio talk show host Hugh Hewitt provides voiceovers for his advertising sponsors. For a very, very long time Hewitt has hustled investments in Iraq dinars. Can you believe it, dinars.
... At one time selling three dollars per dinar, the price has fallen to less than a cent per dinar.
Actually, it doesn't really matter what the price falls to and what it rises to: it's like investing in sand. From the Peak Oil message board somebody succinctly put it: currency works on the "greater fool" theory... meaning that you will always be able to find someone ELSE to take your paper (or electrons) in place of a good or service.

In this case, the buyers who pony up the money for the dinars are not getting a good or service. And only in a blue moon will they ever be able to find a "greater fool" to unload their "investment" when the time comes. As far as fools are concerned, Hewitt's investors are at the bottom of the Totem pole; I can't imagine anyone getting suckered any worse than this.

When the Middle-east starts to peg oil against the Euro, I can imagine this commercial still running. "But wait, don't miss your chance on the dinar, now worth a femtoCent, but sure to go up when Old Europe starts crumbling".


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