TNT Monday

Tony: Good morning, TNT! Today is Monday, April 20, 2015, and I figured that out all by myself. Winston can barely talk this morning. I would ask that you have some good short questions, so that we don’t strain him too much.
We had a super-fantastic weekend, whether you know it or not. We are late because Pam wants to do questions out of the forum today. You know how she asks so politely, so we will go through some of those, and then take some live calls.
DC: Everything is looking well. Sorry about my voice… In Iraq, everything is looking very good, with everything promised to happen very quickly. IN the US, everyone is ready, too.
Tony: You might want to hear the details today.
DC: I understand we have many new people listening today in various offices. This is extremely informal, off the cuff, not rehearsed, and you’ll get that quickly. In good old Iraq, remember that last week Abadi and his team were at the White House, State Dept, and IMF and all those meetings were very successful. It’s great to be on the winning team. Those meetings secured financial and military help, with a few meetings about the RI/RV. Some concrete things have started in Iraq and we’ll spend more time on that.
What Tony and I were excited about on Friday, Saturday and today, there is a plan to open up the banks on Friday, which is unusual for the Sabbath In the Middle East. That had to be a super-special occasion. A lot of merchants changed their currency to the lower denominations, including fils. Most of those coins are barely worth scrap metal, pre-RV, so why would they pass them out. There has been training, again on a Friday and Saturday, on the use of the lower notes and coins, for retailers. That is very unusual for the holy day, and it hit things in gear for moving forward. They are continuing today.
Not every bank was open, but quite a few were in different areas, and they pulled people in. They are distributing notes and fil coins, and the only way for that to make sense is in terms of an RV. On Saturday, Abadi gave a speech/statement about several things. He spent most of Saturday talking to the Council of Ministers and Federation Council as well as his reps and more folks. He gave a speech about how last week went in the IMF, World Bank and the US, and why this was such an important visit. His speech is quoted in the newspaper, in many different websites, etc. Basically, the deficit of 25 million dollars plus the spending in ISIL are supported by the international community. They also mentioned that ‘monetary reform will occur ‘in the coming days’, some say it is completed and the final phase is in the next few days, and another said it will happen very quickly.
It’s important to see that they are in basic agreement and we need to understand what they are doing. Cynics say that Iraqis have seen ‘coming days’ on their television for a month. Well, this is now being said by the leader who has been fighting the natural assumption (from past history) that promises have been made without delivery, especially after Saddam Hussein and the next set of leaders. So it means a lot that Abadi is saying that in public, with the Finance and Interior Ministry officials and the CBI. It’s important that they put the pressure on.
IN the rest of Iraq, we have talked about frustration levels building in the last six levels; that is coming to a strong peak right now, and many intelligence agencies are worried that they are taking too darn long to perfect this process. They wait too long to be perfect and now that is creating problems in itself. That’s causing a lot of worry and concern, because Iraq has waited for so long and ‘good ideas’ continue to slow down this process. You cannot keep the lid on for much long, and that is actually good because they have all seen the Arab Spring plus ISIL to deal with. There is tremendous pressure to get this done. ISIL is being contained, but everyone is so pissed off at how long this is taking. The good news is that this is solved very quickly with an RI and/or RV. People are happy that the banks and merchants are getting ready, but the people are still concerned because they don’t have jobs or contracts aren’t being filled.
Internationally, they are letting Iraq know on a daily basis that there are hotheads and they need to get this done.
Tony: Friday was all about what we heard, which his that the Iraqi banks were open and doing early exchanges, right up to 6pm on Friday. Iraqis were excited because their banks had never been open on the holy day. They were hearing the process had started and we were told it was actually going through this time. Many people went to the bank and people got their lower denominations and fils and everyone was excited. On Sunday, PM Abadi told everyone about his trip, what happened, the money he got for the loans for the budget, and assistance to complete the economic reforms, including 25 million dollar deficit in their budget do to reduction in oil prices and the problems with ISIL. On the US television, they showed Abadi announcing that this week is the end of the economic strategy. They were reiterating his speech and you can find all that online. He was saying that this would end in the coming days – but we have been hearing this for three months now! Now that Abadi has said this, though, it should be in the next couple of days. Our sources in Iraq have told us that riots are scheduled for this week if it doesn’t happen; they are tired are hearing this, and people know riots are coming if it is not resolved. They know what riots mean, and they don’t want that to happen. We did hear that it would be released yesterday and we would be in the banks today. Obviously we are having this call, but in Iraq they are expecting this today, and if it doesn’t happen, there will be trouble. Nobody wants to see another Arab Spring, so we are in a pretty good spot. Abadi has said it and now he has to stand up to it.
DC: In the US, banks have been on lockdown, and law enforcement/security are on alert as well. They are all asking if it is real this time. We talked about early exchanges, and I understand that those are supposed to begin, and they are still planning that but it’s going very slowly because the banks are frustrated and unsure. They sent everyone home and said they would call them back in when it’s public in the newspapers. Some are letting people in, and some are just disgusted – which we can all understand. Everyone is prepared for this to go through and we are ready to help then when we can. Tony and I have volunteered to educate as many people as we can with these calls and with early exchanges. We will do whatever we can to help this process along. We are still happy to help, and understand that plans may be changed according to how this changes in DC. We just want everyone to go through as calmly and quickly as possible.
Tony: I want to talk about the banks a little bit. They will like me today! The banks are hearing just what we are hearing. They’ve had people on standby for 2-3 weeks, just waiting to do this. Friday they told the mall to go home, they just got made. On Sunday, another bank sent out memos telling their people to get ready to come in! we understand both sides of that. Over the weekend, certain people got their accounts shut down at certain banks – including my account. They were people who sent wire transfers to Sterling to pay off their reserves. They are directed to notify the fraud department for anything to do with dinar – they have been told that dinar is a scam, it’s never going to happen, and so they shut down the accounts. They have to do that keep their employees who might otherwise get that this is real. I understand that. If they let this go through, their employees will know it’s real and they will get upset. I know this is upsetting for all of you, but look at the bigger picture. When this happens, they will want your money and it will be greater, later.
We are so close to this. It’s being processed. I don’t know when it will happen, but I do know what the next 4-5 window is now. Every day or weekend we hear this, they are doing more and more things in public that will make it happen, so we are closer and closer to the RV. A few months ago, one of the other ‘gurus’ sent a question that I want to read from the questions on the forum. Hang on…
“How much longer may Iraq endure the building pressure of a delayed RV without a melt-down? How much longer will we have to endure this? When do you think enough is enough?” We are part of the process! People are getting paid! Someone is trying to start a protest again, and this is NOT the time to do that. When there comes a time to do that, when there is a possibility that we will be excluded or mistreated, I’ll be the first to jump in. That is not happening. We cannot do something that Iraqi citizens aren’t doing: demand that they release the RV! If they are not doing it, how can we ask another country to do something to benefit us? There are other things that need to be in place for this to happen, and they are getting done. In the US, they have to look at the bigger picture for the rest of the citizens. It’s not for us to agitate just because we want it today. I wanted this two years ago! We are part of the process, and that is what we need to appreciate. If anyone gets agitated, it has to be the citizens of Iraq, and they are planning to do that. We need to have a plan for when this happens, and the moment after it happens. We cannot DEMAND they do anything! There is nothing to be started, not this late in the game. We are part of the process, this is absolutely happening, but it’s government business, not our business (in terms of timing). People are asking to be put on a list we don’t even have yet. If they ask us, we will give them information to be put on a list. We do know people who have exchanged, what they were paid, what the structure is… we just don’t know what OUR structure is. The thing is, people got paid this weekend, and this morning they got paid on historical bonds. We know people are going to get money in their accounts tomorrow. That means that the public RV is right here, right now. Over a trillion dollars were transferred over the weekend, and that means our turn is that much closer.
Q: Now that it seems security has improved, what else needs to happen for the RV to happen completely?
DC: Very little: tweaks to military information re: ISIL and Mosul. Those have been transferred. They have asked for a few other minor tweaks, and they just need the Council of Ministers to give the nod. Most folks just need a nod, and those occurred after they came back. Everything is on track for this to go.
Q: Are we over-emphasizing Iraq’s need for the RV? [Tony/DC: NO.]
Q: How can US not have a voice in how this RV goes out? [Too fast for me to write.]
DC: Bottom line, yes the US plays a part in this, but in the past they had more control. They have turned over most of that control, although they are still influencing things long-term in the Middle East. We will always be in each other’s business, like family. They will always have some involvement. However, the decision on timing fluctuates on how bad ISIL turns out, how well the PM is doing, and all kinds of other things. Right now, we are told there are few items they want to have polished up a little bit that came from the IMF. The US had some involvement with that list, but not a veto on this happening without. It’s not a big Machiavellian situation; they just want to get this darn thing done. The pressure to get this done is immense in the US, China, and the IMF as well as Iraq – on a short timeline, too.
Tony: Everything they have planned in the last ten years have been like me and my wife – the only way we will be separated is if I die. There is too much importance from them to us and from us to them for this to fall apart. Every country we have been at war with has turned into an ally and we support them, too, afterwards.
Tony: Will husband and wife with separate currency have one appointment?
DC: You can do it separately or together, your choice.
Q: Will this go into June?
DC: Highly, highly unlikely.
Q: The IMF wants reduction in US voting rights, and also they want to rebalance other currencies. Is the US withdrawing their permission until their voting rights are maintained? Is the rest of the world circumventing this issue through the IAAB? [Tony is reading the questions too quickly; I cannot keep up!] Could the US withhold the RV until the voting rights issue is settled? Is that causing the delays?
DC: [Didn’t follow his answer] The IMF (International Monetary Fund) has asked for the US to lower their veto-proof 17%. This has been going on for a long time; the US keeps saying No. Is the IMF or other countries holding the RV hostage to these voting rights? No, because it’s not that important a piece. Is the start of the AIIB a way to circumvent the US? Yes, but it’s also to help the Asian economies and trade grow. The US has a lot of problems with it due to loss of influence and transparency. A lot of countries feel they have to play ball with China, who was the starting force here, and it was a little jab at the US as well. There is almost no relationship with the RV; it is a separate deal, and although China has a little influence on the RV, it’s not like the high US influence. It’s highly unlikely the US will agree to lowering the 17% and everyone knows that. Even the most anti-imperialist types on the left will not agree to that. So is the AIIB involved in the RV? Yes, a little, but not enough to worry about. No one is holding that over Iraq’s head as an ultimatum. It’s as unrelated as it can be in the same organization.
Q: Many are asking for the Ten Things List – it’s under Tony Blast section of the forum, available to members and nonmembers. The transcripts are on www.tntdinar.com. This is only about the Ten Things YOU will do first when the RV is released, so it’s individual to each person.
Q: Are structured payouts still in play in Texas and Georgia? There was a concern that the states who have the largest numbers of dinars/dinarians, and so that banks intend to limit the amount of money people will have access to imeediately and structre the rest. If you have over $500 million dollars worth of zim, you will have a 50-year payout. The rest is okay.
Q: Why the secrecy about which banks will do early payouts? We have information we are not supposed to have. We cannot reveal our sources or their banks. That would not be fair. We are letting you know in advance what the requirements may be, so that if there is a particular bank you want to work with, get your accounts open early if you can. I am not going to expose them more than that, because that may cause further delays as we broadcast to 300,000 people.
Q: If there is slow rollout in Iraq for a month, how are the currency dealers still selling dinar? The average citizen still has dinar at the 1166 official rate, while some groups have been converted to the $4 rate. Why is the currency is still available? Some folks can still order. Some dealers buy through Jordan or Dubai, but it has been restricted quite a bit, and it’s not as easy or cheap as it used to be. Speculators buying dinar have always been part of the process because of oil credits, reserves, and to raise money for Iraq. That provides economic stimulus for Iraq. The CBI and IMF already know what dinars are in the US, the UK, Germany, Australia, etc. In the US, they know who knows exactly what currency, by serial numbers. Any registered dealer tells the UST who has bought which notes. Those checks have already been written by Iraq. When the RV starts en masse, the dealers will stop exchanging, and that will tell us this is upon us.
Tony: I have received a couple of comments. DC called me and said, “You ordered X, Y and Z, because it just came up in last night’s meeting!” That’s not fair! People want to know when they can start exchanging one note, and that’s not going to be until they announce the formal RV – otherwise, it’s the same as saying the RV is happening.
Q: When do you personally thing this is going to happen?
DC: I am supremely frustrated, because this has been in a ‘good enough’ position umpteen times and it hasn’t gone through. I understand why it hasn’t gone through, but my personal opinion is that a bunch of perfectionists who are trying to nail this so tight… and I get that… but I think you get this close enough and move along. You prepare as much as you can, you go into battle, and figure out the problems as you go along. It’s easy to be a Monday morning quarterback on this, but my personal opinion is that we are all very ready for this to move on. I’m also excited for the world with regard to what rates are going to be and how the GDP will grow in the US and the rest of the world.
Q: Can you go back over the explanation of the caps, with currency amounts and USD?
DC: About three weeks ago, there was a lot of talk and consternation about the amounts of currency available. Bank staff told their contacts that this is real (in Georgia) and they realized some locations have more than that banks can handle. Most will be managed by the banks by putting people in different cities. For zim only, they are imposing a limit of $500 million, that over that large amount, the rest will be exchanged at the same rate but with a 50 year structured payout. They only expected at most 2,000 would have zim, but Tony opened his mouth and more people bought them – maybe ten thousand or more rather than one thousand. For the rest of the currencies, it’s hard to get up to that number, so they are not worried about those thousand or so people who have more than that amount in each currency. With zim, quite a few people have more than that, so they will pay up to $500,000,000 upfront, and then put the rest on a payout over 50 years. That will be inheritable, and yes, it would be good to put it into an entity. Consult with an estate attorney on that. Like any stream of income, you can divide it up however you want, give it to charities, etc. You need good financial and legal advice to deal with that amount correctly; you can change it as you see fit. Also, that could go up to a billion.
Tony: What about the limits on contract rates.
DC: The latest we have is 20 million dong and 20 million dinar, so that more people have access to the contract funds, and a few wealthy currency holders cannot scoop the pool. You can do one note and be just fine, or you could have a million. If you are one of the few with over 20 million dinar and/or dong, then beyond that you have many options such as creating other entities, giving it to charities, or taking international rates for the rest.
Those with reserves are unlikely to get access to contract rates, because it will probably take two weeks to get your reserves to the bank, and the contract pool will probably run out in 2-3 days. So do have a realistic expectation: you may have five million in hand and 30 million in reserves, and that is still very good. You’ll probably get your reserves exchanged at the international rate, and that is still phenomenal.
Tony: And then the first mouse, second mouse, third mouse comes into play. I’d be ecstatic if I were you.
310 caller: Where do the US currency dealers get their dinar from?
DC: Most comes out of Jordan or Dubai, from currency dealers; some comes from Baghdad. They are licensed and actively audited by the US Treasury. I only bought my dinar from dealers licensed by the UST; this means they are watching for fraud and other bad things. They account for every bill by serial number and then it’s shipped to buyers.
Caller: There are 36+ million citizens of Iraq; what do they use at the grocery store?
DC: Some of them are using debit cards at the new rates, but most are using old worn out bills that are hard to use. There isn’t much currency left and it’s getting worn out. There is very little paper currency left on the streets.
Caller: Will you personally exchange your currency in your legal name or use entities?
DC: I will exchange through entities, various ones set up in different ways. You can also do that after the fact, but I did it ahead of time.
Tony: Pam says we have to pay for forum access – I heard her say that myself! How do we do that? We are joking, guys. Nobody pays for forum access. It’s absolutely free, and Pam cut it off two years ago. Folks are going crazy – it’s a joke, people!
479 caller: Are their banks set up to exchange in Arkansas? With contract rates?
DC: Yes. Tier 2 banks will be there, and the closest of the big banks will be Tulsa OK or Memphis TN. My impression is that most tier 2 banks will NOT have contract rates because they are not trained and they are slower ramping up.
Caller: If we have a WF mortgage department here – will they have contract rates?
DC: Possibly. You will have to ask WF where the nearest exchange center is. They may will be using their other departments as exchange locations.
Caller: If I call from AK, will they give me A number or a clutch of numbers?
DC: You call the 800 number, and give them your details, and they will tell you the nearest place where they are trained to do exchanges.
Tony: We haven’t got the package yet. A while back, we were told there would be one 800 number for ALL the banks, and you would give them the information and they would tell you where to go. We don’t know if each bank will have an 800 number…
DC: The latest information we have is that you will call each bank directly and ask to make an appointment for your currency, and they will direct you towards the closest bank. That is subject to change, so have a flexible mind in this process or you will lose.
702 caller: Since the bonds have started, I hear they are cherry-picking, not flowing. If that is true, wouldn’t the RV have had to happen?
DC: We don’t hear cherry-picking; we hear they are flowing.
Tony: The first of the bonds were paid Friday before last, but there was a complication. That was resolved last Friday, and we hear that money is being deposited today and tomorrow. We have had confirmation that some have received money already today.
Caller: Would that push through the groups and packages?
Tony: We would hope so. However, we are not going until the Iraqi people go. The formal announcement has not been made yet. DC explained that at the start of the call…
DC: I am not online much. Abadi did talk to many folks on Saturday, and said the monetary reform will come in the next few days, and this was repeated in the different papers and from the CBI and Finance Ministry. I think that is all Abadi or Shabibi will say and the rest we will find out afterwards.
Tony: They said a couple of different things such as ‘in the coming days’, ‘economic strategy will end this week’, and so on. The latter scrolling on the television right now.
404 caller: Most of my questions have been answered. This soft announcement that Abadi was making to various groups, did they make that into the formal announcement. Just as this call started, I was watching Iraqi television. Abadi was being interviewed for 20 minutes, very smiling and informal, and then switched over to parliament. Are those two partnered together as the soft announcement?
DC: I believe that Saturday’s announcement will be as much as we get. Parliament is meeting, but I think what needs to be solved has already been sorted out by the Council of Ministers and Federation Council.
719 caller: [chitchat] We talk about the ‘early exchange’ but you also said that until the people in Iraq go, we don’t go.
Tony: The early exchange is something separate. The public won’t go until Iraq goes.
Caller: What is the difference, given that the banks called in their friends and family?
DC: In the banks favor, there is a lot less risk with friends and family than with the general public. They are controllable, easier to deal with, and will keep their money in that bank for a long time. Joe Public is a lot less comfortable, so they haven’t got to the comfort level required for the early exchanges or the 14,000.
Caller: This is getting way drawn out for the Iraqi people – this is just ridiculous. So the new position for the zim is that if you have over 500 million dollars’ worth of zim, after that the structured payout kicks in.
Tony: Yes, but that could change; it could go to a billion. We were asked not to say 500 million, that’s why we said ‘north of 100 million in dollars’. For contract rates, it’s over 20 million dinar and/or dong that you have in hand – not the US dollar value. Above that, you will have to exchange at international rates.
DC: The boss said this call is over. I want to tell a quick funny story about precision in words. In my former life, I helped upload stuff from drones, and it was hard to work out how to make a surveillance drone into a targeted weapon. Anyway, the munitions guys (who love explosives) have nicknames like Boom-boom as distinct from the MIT guys who are all about kinetic energy, etc. There are a lot of safety concerns, especially the MIT engineers who have never been outdoors in their lives. So there we all were out in the NV desert, and I had to translate the MIT technicalities into bomb-speak for the munitions guys and vice versa.
Iraq is ready to go; the announcements this weekend were preliminary, and there are internal pressures in Iraq and everyone is helping them get this moving. People are frustrated all over the world, and they are pushing this through. Positive actions have taken place like the bonds, and they are tied to getting this process moving.
Tony: Pam says she has said too much already!
Ray: I am kinetically charged! Continue to enjoy Marvelous, Magnificent Monday.
TC: Pam had to leave a little early, so that’s why it’s time to hang up now. It was a great weekend. Friday was historic for them in Iraq, and Abadi made several speeches that make us think we are finally there. It’s different from hearing it from MPs, Ministers and all the rest. Their government is aware that there are riots planned for later in the week, and they want this to be released before then. Banking people in the US are very frustrated, having called people in, and they hope this happens. It’s all great news; we are in a great place, more public than ever. If anything is holding this up, they have already been agreed in the meetings. Our window definitely opens tomorrow; I don’ t know when it will close. So I don’t look for it today, although they could shock us and the world. I am anticipating a call any time this week. Hopefully we will get the package and help any way we can. Thank you to everyone, and I hope the next call will be THE call. Enjoy the rest of your day!

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