HAS IT HAPPENED BEFORE? Yes! Before the 1st Gulf war, Kuwait was not as famous as it is now, but still, it was a big oil producer. It's currency, the Kuwaiti Dinar, was worth 10 KD =  US. Then Saddam took over for 6 months and messed everything up, including taking billions of Kuwaiti Dinar paper money to Iraq. Soon after the war ended, the US helped stabilize Kuwait, which issued new paper money. Today, 1 Kuwaiti Dinar equals  US Can it happen again with the new Iraqi Dinar, backed by the United States? The winning formula is there, so why not? In 2003 after Iraq was over thrown One Million Dinar where worthless, they where burning them in the streets, then One million NEW Iraqi Dinars came out and went from sh.00 to 25 USD and to over 00.00 over night. The New Dinar have ALREADY INCREASED IN VALUE BY 50%!