TNT – Friday

Good morning, TNT! Today is Friday, May 15, 2015. It’s ‘Finally going to get it Friday’! Who would have ever thought we would be here today? It’s a scary time for a whole lot of people. Everything is still good. DC?
DC: I understand there’s a whole new set of listeners, so I’ll do a quick introduction. That is Tony Renfrow and I’m Winston/DC. We have at least 47 countries and thousands of people listening to this live call, and with the replays we believe there are 1.3 million in our audience within the first 24 hours. We are talking about the dinar revaluation, with the best information we can get out of Iraq, bankers, the US from the highest to the exchangers in the banking industry, as well as other helpful sources throughout the world. WE started out as a small group and our sources expanded because they like us and respect that we are trying to help as many people as possible. We don’t sell anything, and donations don’t even cover this call and site. We are not financial advisers or attorneys, just two guys trying to help people with information. We start with Iraq because it’s their currency, and the move East to West to the United States.
Iraq has everything ready, prepped and trained for this. Iraqis are rolling their eyes all over the country although in the mosques they are saying this is seriously happening. Those of influence in the mosque have brought up concerns about why they are letting the US control this, and tensions are rising once again. They have been dealing with that all week, saying the US is holding this up. Of course, the US has a different take on that, but it’s causing a lot of tension. All the Iraqi governmental councils are getting a lot of grief about that, and it’s being aired in public forums like the mosques on Friday (which is their holy day similar to our Sunday). They give out news and world events at the mosque; this started long ago when people were illiterate and without public media. It’s causing a great deal of grief in Iraq and they are letting people know. Agencies have briefed their leaders around the world, and even the financial guys understand that pressure is mounting and being openly discussed.
They had a good weekend in Iraq. Parliament has passed a number of important laws that are NOT vital to the RV. This shows political maturity and the ability to make compromises in a quickly maturing system in Iraq. My colleagues are impressed. All the main ministries are prepared for this to go through, rolling their eyes, tired of waiting. Everyone else feels the same way in Iraq. Recent reports in the US and BBC talked about Ramadi. If you look at Baghdad, Ramadi is on the left, in Anbar province. This is a massive, desolate province without many towns. The big towns are Faluja and Ramadi; it’s a Sunni-based province where ISIL fermented. IN 2006-7, the surge we went through was in the Anbar province, where we beat back insurgents. In Ramadi, five car bombs went off. It’s a Sunni, ISIL-sympathizing area, and they set off big car bombs in front of the municipal center and then stormed the building. Countermeasures are in place and won’t take long to get the town back. The Kurdish president said that have broken he back of ISIL; I agree that ISIL is falling apart slowly.
Iraq is ready to go through, frustration is high, and they are blaming the US for this not going through. That is being felt at the highest level, and they will not wait much longer. It is good for us because that pressure will resolve this more quickly. What happened in Ramadi will not distract from the RV situation, much as we feel for those injured or killed.
Tony: So Iraq is all ready to go. They are not holding this up because they are telling their people that they are ready to go and ‘this weekend is your weekend’. After the last call, certain clerics told their people that the US is holding their country down. They are especially telling people this in the mosque. I don’t know what was on television.
DC: It’s more about the economic reforms and also the bombings.
Tony: The country is ready to go. Parliament did meet, but the laws they passed are for their country, NOT about the economic reform. They have completed the economic reform and now the US is holding them back. They are saying this to their people now. So we wait.
DC: Most of Europe is working on timing. Depending on your political leanings and frustration level, some say we just trying to choose the correct time to do this. It was suggested this happen Wednesday night and then last night. They are wrapping up and would like to choose the least disruptive time to do this, which means after markets close at the weekend. Those who are more critical say the US blocked it again on Wednesday and Thursday nights. I think the truth lies somewhere in between. I think they would really like this to go at the weekend, although they originally thought Thursday night/ Friday morning would be best for Iraq.
Rates were showing and bankers were calling people in yesterday. Screens went black last night because they are reloading the rates. Some have confirmed this and send out memos saying they are ready any time. Some banks have called in tellers, wealth managers and security. Smaller banks are feeling glum because they were told it would go yesterday and it was stopped again.
Tony: Yesterday, bankers called people and scheduled people to do their exchange. They brought people in saying they would do this last night. They worked through the night, the rates came in, went away, came back in and went away again. They came in this morning and there were no rates. At 7am this morning, though, they were calling people in again because we are doing this. Everyone is geared up to do this but it still hasn’t happened yet. Iraq has said they have done anything; the banks say “we haven’t seen it yet; we are sitting here waiting for this to happen!” So we are in a holding pattern right now, waiting for one agency to let this go. Some think we are ramping up now; others are saying that we are waiting on completion (rather than not doing it). It’s not a bad day, although it’s not super-fantastic day.
DC: We will talk politics for a moment in a nice way. I’m personally independent, but I want to explain the message others are giving and receiving. There is a lot of frustration about why this hasn’t pushed through to the general public. They know it’s gone through so why it is taking so long to get through to the public? Some think that more and more people are getting involved. Some acknowledge the frustration but want this to be as perfect as possible before being released.
Tony: Everyone I was with last night has currency – some just bought theirs and are expecting in tomorrow. If they don’t want this to expand any further, they should go right now! People are not seeing this as a negative any more, and it’s about to explode if this goes another 4-5 days.
DC: Many in this process are concerned with that. Some Senators have complained that their staff are all quitting because of this. They are trying to keep this quiet, but now the whole dang office knows. Bankers are having a worse problem so bank staff are now really worried. Some banks just don’t know what to do after this because most of their staff plan to quit after exchanging. So many are saying, “Just pull the trigger so that we stop losing our good people!”
Tony: A West Coast back VP is still saying their bank says this is a scam. She has dinar herself! But she has to tell her people the official line, and they are killing themselves every day this goes on. Every day it’s becoming a reality. I have a story, too. They are looking at the bank screens and it’s says, “Awaiting the revaluation of the Iraqi dinar”. They never saw that before, and bankers are in dismay. Hopefully it’s all over soon.
DC: I understand there are many new bankers listening; welcome and I hope you are learning something you are not getting from other sources. We are here to help and our goal is to make the exchange process smooth and painless for speculators and bankers both. We are happy to do conference calls if you need them to be successful in this process as possible.
Tony: Here is the big thing. I am not against the banks (mostly) or the government. Since I’ve been here (five years) there has been this big thing I got from the US Treasury – that 80-90% of dinarians will be broke in two years, that there will be a bunch of ‘toothless crack heads’ with too much money. What we are trying to do here is to teach people how to exchange, invest, change their lives, deal with money, to cut that percentage down to 20% or less. It’s about educating people in finance, life, making decisions to improve their lives and the lives of others. It’s about more than the dinar revaluation…
828 caller: This must be exploding every day. Obviously if the Obama administration is stopping this every time it’s ready to go. I’m surprised that the other side and the world don’t say “we’re tired of this!”
DC: The Obama administration guys mainly want this to be as least destructive timing as possible. They see a couple of windows and want to choose the best one possible. A lot of the stop and start is because of a fluid negotiating environment. That is their story and they are sticking to it. Other folks are saying that is about power plays and manipulation, and also the situation is afflicted by the Good Idea Fairy, constantly adding and changing things. I think there is truth to both sides, and no one has all the information about this to know for sure. There are folks listening to us from all sides, because we provide some transparency to the entire process. It’s an incredibly complicated worldwide event; this is the biggest financial event EVER, so you can imagine the politics, power, frustration and all the rest. That should piss off both sides.
Caller: So if they want this to happen at the least destructive time… how do they get that if we keep passing windows and such?
DC: That’s where the Good Idea Fairy comes in: “Why don’t’ you retake Tikrit?” or “We’d like you to move this line in the HCL…” Everyone goes “What?!” but they use the pause to negotiate further for their own sides.
Tony: I’ve given you a few books to read to help you understand what is happening here and also for your life and future: The Creature from Jekyll, Confessions of an Economic Hitman”. That will show you what we’ve all be going through for year. There are two more books that will take you to another level of understanding of your government and the real world: Negotiating 101 will tell you what is happening at the last minute, when there is a Go signal. The other one is The Art of War; that will give you the big picture. Don’t just write them down; get them and read them because it will change the way you look at your life, at news reports, etc.
DC: Another one is Millionaire Next Door. And I recommend The King of Rivals, about Lincoln’s cabinet. It’s dated but good for overall understanding. A lot of folks don’t’ care about understanding, they just want this to be over!
Tony: I was talking to someone last night who said, “I don’t care about all that; when are we going to exchange?!” And this gal is very bright, she owns her own mortgage company, but there are a lot of people like that.
209 caller: I was at a baseball game with my dad, and we stopped at a coffees hop. They had a tip jar, and in that there was a 10 trillion zim note and some other currencies. That alone would be worth about 1.9 million dollars! I got a picture and will post it if you get me in the forum. It was crazy.
Is the early exchangers program off the table now?
DC: A few started to go through at different banks, but that stopped because the banks were not sufficiently comfortable, especially with the timing issues from the US. There are some folks who have exchanged here recently; they did a few more yesterday and are planning for more really quickly.
Caller: So right now the codes are showing up but there are no transaction codes? How can they exchange then?
DC: Imagine there are a few test locations like Atlanta, Reno and a few other places. They are given, say, 20 codes each, and they invite people they know to exchange, choosing those who have a lot of currency because the bank will get the 2% fee and those clients who they can make money from.
Tony: A few wealth managers who do have active screens, and they tried to do it but before they could complete the process, they got error codes. That is not bankers who are authorized to do early exchanges, just normal managers who saw the numbers on the screen and thought they would try it.
Caller: I also have a question about dong – is $2.27 the international code, and will the contract rates be higher? What about the tax situation?
DC: The rates are adjusting. We have always said that the standard rates were on the screen. I would be blown away if dong comes out at $2.27; I think it will be lower. There is no change in the tax situation; we just don’t know. We believe it will be long and short term cap gains apart from groups who have negotiated something different in advance.
404 caller: I think that the powers that be are their own worst enemies at this point. It sounds like there have been a further two pauses since Wednesday – is that true?
Tony: One was a stop and one was a pause.
Caller: For those who don’t want to read Art of War, you can watch it on YouTube. On the last call, you mentioned the dinar RV rate had been live for some time and Iraq sold international bonds at the RV rate. Now the markets are still closed, and won’t open until Sunday. What are we expecting to see those bond rates coming out at then?
DC: There are several answers there. The old historical bonds have been transacting back and forth for a week and a half. Then there are the Iraqi bonds based on the new rates, and those have been in the news because Iraq now has an A rating. There has been a lot more going on behind the scenes than we realize. The general revenue bonds have already been sold in some areas based on the new rate. They can reverse them back to the 1166 rate, but the value of the US dollars will not change, and that will show up when the RV happens.
Caller: I saw a comment that there might still be a ten-day window, as with Kuwait.
DC: Pam has mentioned that in the dinar world, but I’m not a subscriber to that mentality. It’s a different world than when Kuwait revalued. It’s all more complicated than it was in 1991. April 22 is a big date in this rollout, and so we’ll see.
Caller: Let’s hope this is the day and the weekend, and… Vegas, Vegas, Vegas.
DC: We often take calls from 404 because she asks great questions!
202 caller: What is the fifth currency in the first basket?
DC: The Afghani.
508 caller: I’m a second-time caller and first-time donor. I heard that there is a lower limit of $10 for donations… can you lower that?
Tony: I don’t’ know where you are seeing that; there was never any restriction on donations at all. I have received 97 cents!
Caller: [Appreciation] I understand that one of your goals is to prevent the public being left out. Was there is something in an earlier call about contract rates being rolled into international rates?
DC: That was about the dong, that the higher rate was not sustainable. So some said, why not use the contract pool to bump up the rates for everyone?
Caller: But some people have been paid at that higher rate, right?
DC: Yes, those who get in early will possibly get the contract rate, but after 2-5 days everyone will get the international rate.
Tony: Somebody will get the contract rate, and it may be based on how good a customer you are, how much currency you have, what you plan to do with that money. There has to be some benefit to both sides for you to get the contract rate. When you go in, you have to have a plan: how much you want to exchange and what you want to do with it. Otherwise, there is no incentive for the bank to give you the higher rate.
Yes, you need to call the 800 number and tell the bank how much you want to exchange. Don’t make up a number to get an appointment. But if you already planned to team up with someone and set up a trust, then do that. The banks have decided that they now want to be competitive with each other. The banks that said they would never do this are now opening saying they will be competitive. They want your business!
Caller: I spoke to a wealth manager and he is gone now! Then I talked to another wealth manager who seemed to be denying the GCR would happen at all, and that the dinar wouldn’t revalue for 100 years. They said Zimbabwe has its own currency.
Tony: It does: the zim. They just use seven other currencies as well.
Caller: [chitchat about Texas]
DC: As a way to explain what you’ll be going through with wealth managers. It’s like dating: if you show up looking like a slob and talking like a moron, you won’t get a second date. If you show up looking professional and interested in what they are looking for, then you will get on better with your wealth manager. Both people have to win in that relationship.
Tony: You can’t go to Macdonald’s on the first date, you have to go to a steak house.
301 caller: You said to put 50% aside for your taxes; will they allow me to open a second account for those taxes?
DC: Not in the first 15 minutes, but in the second meeting for sure. You can go to your own bank and do that, not at the exchange center.
Caller: I have bank accounts in three banks right now.
DC: Each bank will have its own 800 number to its own foreign exchange department. They will schedule your first appointment. This is the case for all of the main banks and some of the tier 2 banks. It’s like buying a car: you get to go to each bank in turn and see what they will offer. They expect that 90% will just buy the car. If you are fine with what your bank is offering, you will exchange at that first appointment. Then you meet with your wealth manager, and set up as many accounts as you wish. AS long as there is money in each, the bank doesn’t care how many accounts you have.
Tony: The UST told me a few years ago to keep the dinar separate from the other currencies, because they MAY be taxing that differently. They have never come back and said otherwise, so…
Caller: I was going to open an account for each currency I have.
Tony: We understand that the phone call will be two minutes. The first appointment is 20 minutes, and after that you will set up another appointment to sort out extra accounts and such. You may have to make an appointment at each bank if that is what you want to do.
Caller: Can you explain about the cap on the dong again?
DC: If contract rates are available, you will exchange up to 20 million dong at the contract rate and at the international rate for anything above that.
Caller: I don’t want the contract rate. I have 40 million dong.
Tony: So you just exchange your 40 million dong at the international rate.
Caller: [Appreciation] See you soon in Vegas!
410 caller: [chitchat] I’ve been hearing a lot of talk about the IMF and Greece paying 800 million to the IMF? They may some kind of payment last week; is that linked to the RV in some way? Like they are waiting for the dinar to come out so they can pay the IMF?
DC: Greece is part of the Euro, 27 countries who all have the same rate. Greece didn’t have the same economic growth or financial discipline as, say, Germany. So nobody quite knows what to do about Greece. They owe money to everyone. Germany bailed them out before, but they want to renegotiate the terms and Germany is saying NO. They don’t want to take any more hits for Greece, and there are big issues to do with the Euro and financial self-discipline. The dinar would help because there overall economy will take off like a bat out of hell.
Caller: I travel a lot and I’m not sure what to do in case the RV pops. What strategy would you suggest?
DC: Are you international or just in the US?
Caller: Some of both. Last time it seemed likely I was in Costa Rica.
DC: If you a re going for international rate, it’s no big deal because the rates will be stable for a while. If you are going for contract rate, there is no way that will last more than 2-7 days, so hop on a plane.
Tony: If I were going for the international rate, I’d carry two notes with me all the time. I’d call the 800 number close to where my money is kept, exchange those two notes, hire a private plane, and get home as quickly as possible to keep my appointment. If your currency is at home, make your appointment there to do it all at one time.
DC: If you are at a state without income tax, you can exchange all you want to there. If you are in a state that does have income tax, I’d be more concerned. Some states will say that if you made the money in their state, you will owe income tax on it there.
Caller: What do they mean by dropping the three-zero notes?
DC: That means pulling those higher notes out of circulation. They will still be valid, you just won’t see them very often. If you present a 25K dinar note, that will still be worth USD 25,000 x the rate.
512 caller: I’ve been fielding some concerns about the caps, and I need to clarify the amounts you are talking about.
DC: Dong and dinar are 20 million of each currency – that is, 20 million dong and 20 million dinar. If you have zim valued at more than 500 million US dollars, then the amount over 500 million USD will come as a structured payout. There is a chance that the zim cap will go up to one billion USD; that is still being decided.
Caller: Every time we turn around they put more restrictions on what we can do. They didn’t put any restrictions on those who exchanged earlier…
Tony: That is because this continues to grow. It’s self-fulfilling prophecy because of all the delays. After every call, people keep buying currency. The banks are telling their people to listen to this call, so they are adding to it themselves!
DC: I hope we are helping to educate folks, and welcome to them recently joining us. Iraq is ready to go and frustration levels are high; they are stating openly that the US are behind the delays. The banks are ready for this to go through, and they are ramping up again over a quiet time. Everyone is moving forward. All our sources are volunteers, helping us out and we are grateful.
Pam: I agree with what he said. Always seek professional help. Everyone is responsible for their own financial decisions. Research it and get professional advice.
Ray: [can’t hear] Don’t let the recipients give you advice! The writing is on the wall, so enjoy your weekend.
Tony: Thank you to everyone in TNT for supporting us. Thanks to the US government and Iraqis who have sent us information so we can make it through this process. Thank you also to the guy who brought me a piece of the Berlin wall – that’s a priceless gift. We did a call on Wednesday about people who want you to send them money or your dinar because they say they can get you a better rate. These are people you met on the internet – you don’t know their real names, addresses or other information, and you’re going to send them millions of dollars in currency?! Don’t do that! Don’t team up with someone unless you know them really well, because it’s a legal entanglement. Also, money changes people! You may think you know them, but once you have 20 million or their money in your bank account… Seek professional help.
There is a time they want to do this and we have to wait for that time. Many are frustrated that it didn’t go at 2am or 5am this morning. It’s suspended. Be prepared so you don’t have to get prepared. I hope to tweet something out to you later for a further call. Meanwhile, enjoy your day!”

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