TNT – Tony call Monday

PLEASE STAND BY FOR TNT CALL. NOTE: ONLY INTEL-RELATED INFO AND Q&A WILL BE TRANSCRIBED.

T = TONY | DC = DC GUY | C = CALLER | GWB = GURU WANNABE | WHR = WHINER | UGO – UNNAMED GOV’T OFFICIAL | NB = NSA BUGGER

TONY – Good afternoon, TNT. Today is Monday, September 8, 2014. It’s a great day and nothing but good news. There was a whole bunch of news over the weekend and it continues on this morning. Nothing but good news. DC would LOVE to tell you all about it.

DC – Tony loves to play around with those tweets and I have to clean it up right before the call – LOL!

T – We have a lot of good news, some of not even an hour old. That’s how things are going over there. I think it’s going to be a super, super fantastic week, as long as somebody doesn’t mess it up in the next couple hours. We had a long weekend. DC, can we do a step by step on the info, texts, emails, etc,. and do a timeline

DC – Let’s focus primarily on what’s going on in the east, starting on Friday. On Friday afternoon/evening, there were special celebrations and internal announcements about the RV. There were tons of dignitaries there with lots of partying. It was all extremely positively received. Everybody was blown away by the progress made infrastructure-wise. So there were showing their best side and it went over incredibly well. Part of the Friday meetings was to explain the RV process. They were wanting the completed GOI to get done on Friday but didn’t due to some parties that got in the way. Issues were solved and they had to redo some issues. They had to finalize the plans going forward after addressing issues.

DC – Abadi presented new, fresh ministers based on their own expertise, not family members. Also, they explained the goals they wanted to address going forward, infrastructure, power, sewer, roads, dealing with ISIS. Abadi gave them an agreement to sign to get everybody on board. He wanted the ministers to sign and support the others as well, not just their own areas. That’s what he was doing all weekend. They have 5 different votes scheduled, some have occurred, some are occurring, some still need to be done

T – Initially, on Friday there would be 1 vote with 5 different outcomes, but they changed it to 5 votes.

DC – Everybody agreed to it all and they broke it all out into 5 steps to simplify it. They are amazing everybody throughout the weekend as to why they’re so special. Everyone is amazed – well-done, Iraq! From all account, leaders from 6 different countries that I speak with were blown away

DC – So now we have 5 votes: confidence vote on Abadi, confidence vote on his ministers, confidence vote on his agenda, vote on budget, vote on seating ministers. They have spaced those votes out. Some have been done and others are going on now. There was one at 8AM, another at noon, another at 8PM, then another at 10PM, then another at 9:30AM Tuesday morning. What constitutes seating of the GOI? What most believe is you have to have the PM and his Council seated. It is the belief that has occurred. There are some clean-up votes going on now. IMO, those are not vital to have an RV. The final votes on the ministers are going on right now. That’s pretty live since that’s going on now.

T – We do know 1 vote has been taken and approved.

DC – Correct, and we do know the Council of Ministers is being voted on right now.

T – They’ve closed the doors and they are playing the national anthem, so this is happening right now.

DC – Right, we have people in there and that’s from 3 different sources.

DC – It’s really exciting When they announced things would wait until Tuesday, the dignitaries were not ready to wait that long. Some got irritated and asked whether they are going to do this or not.

T – On Friday, the plan was for some to get paid over the weekend and Tuesday morning for the public exchange. But there’s a new plan today.

DC – It got down to the banks in place, people on call Saturday/Sunday and were called in. The guys who were going to be actually processing it showed up and were in place reviewing procedures.

T – The timeline is shrinking.

DC – Yes, and on the financial front everybody is being notified this is happening. the 2-15 minute plan is still in place. More tests were done. Most dignitaries are still there, some had to leave. They are antsy to get this show on the road. More bad guys were dealt with and bombings took place this weekend. The Iraqi and Pershmingo forces are being provided for in the fight against ISIS.

T – There were some agreements made at the NATO Summit. Even though the timelines were moved, promises and agreements were made with NATO. They are making public the announcements all weekend, which will make them look bad to their NATO members or the obstructionists will look bad if they are not in agreement. At this point it’s too transparent to the leaders and to Iraq to their citizens for them not to do it.

DC – I’d like to spend a little time talking about the possibility of US shenanigans screwing this up for us. Could there be last-minute stuff? Yes, of course. We all know there is a group of US-based folks screwing around with this for a while. I’m not picking on sides because they all had their reasons. Those parties fighting for delays are now on board and supporting and in favor of getting this done. 2 1/2 weeks there were some agreements signed saying everybody is on board. POTUS got on the his phone and was telling everyone that everyone has agreed to this. If he was trying to delay this why would he sign this agreement and say he was on board? Some folks were real particular about having everyone sign their agreement, not leaving out the smaller ministers. Some said this was another delay tactic.

DC – So then, tests were worked out during these 2 weeks. They could have screwed up and not supported the agreements and messed everything up. But they didn’t. They could have NOT supported the coaltiion Abadi was building and scuttled that in a thousand ways. They could have allowed ISIS/ISIL do their evil deeds but they didn’t. If they were going to mess this up they could have. But because of some last-minute details over the weekend, everyone started playing a little man-to-man offense and they need to back off and play zone. There will be some ruffled feathers. The softer side of diplomacy has been shown. Bottom line is if the USA was going to mess this up they could have already.

DC – In Washington, POTUS and Biden came out last week to announce that the inclusive GOI would be formed this week. They could have not said anything. My point is that the USA is fully-supporting this and wanting to get this done. And I am NOT a spokesperson for the Admin. If you’ve been listening to the past several speeches by POTUS, you’ll catch nuanced phrases like “broad economic increase,” ” massive projects, etc. and other clues they were hinting at.

T – There were specific enough in their speeches they would form the GOI this week.

DC – We know everybody is highly worried that someone will come in and kick the can. But we believe everyone is actually willfully helping the situation.

T – The squeaky wheel gets the grease and now they are all on board.

DC – The UN Security Council wants this done now. IMF/BIS is trying to coordinate and keep all updated. The banks are ready and everybody is setup.

T – The IMF/BIS took a major step on Friday. Can we talk about this?

DC – They took a major step that they have confidence to get this done in a short amount of time

C – I’m actually more confused today than I was on Friday. What’s the goal line? We talked about the 9th being the Constitutional deadline. But what needs to be voted on? Could this be missed?

DC – We are too close to the end. Votes yesterday or tomorrow have been bumped back to today. The Constitution says there must be a formal seating of the PM and his ministers. Scholars ask does that mean all the ministers or the PM’s council. Our understanding is they those things have occurred and they are now wracking up the 32 as we speak. We believe the ministers have been seated right now. Once that’s done, we’re done. You have to remember that Maliki never had his key positions filled or voted on. So there is a legitimate argument to say we don’t need all 32 to be done.

T – The Constitution does not require all 32 to be voted on.

DC – The Constitution says all ministers must be seated but in the past they didn’t and the PM still got elected. We understand the PM was voted on yet again this morning.

C – There was supposed to be a confidence vote on the PM this morning. Did that happen?

DC – Yes, that time frame did happen. But has already happened and another vote taken today.

C – What about Plan A, Plan B, etc. and the windows?

DC – Right now we are operating on Plan A with an extension. There were too many cooks in the kitchen. It was supposed to be done Thursday, then Friday, etc. so they’re saying just hurry it up, knowing that Tuesday was staring them in the face.

C – You said there were consequences for not getting it done?

DC – The main reason was to stop the USA from doing stupid stuff and preventing shenanigans. Now the USA is supportive in most of the Plan A process. World leaders said, “fine, Iraq must get the “t’s” crossed” so they moved Plan A back a bit.

T – The window of timing is the same, but the date has changed.

C – So, who’s got the ball after the GOI is seated, all terms have been met, etc.?

DC – The BIS in coordination with the PM and Governor of the CBI.

T – I know what you’re asking: we are just waiting for the public announcement, sometime between today and tomorrow.

C – When you exchange at the bank, will the funds be available immediately?

T – Most place will bag it, put your name on it with the amount, send it off for verification, and give you credit for 10% right away. But because it’s currency you won’t have to wait more than 24-48 hours. We don’t have the packages yet but this is what we’ve been told over the years.

C – Is the ZIM still going with the 1st basket?

T – My understanding is that it is.

C – So it appears that the votes are in and the back wall of the 9th is not important?

DC – We believe the PM has been seated, key ministers have been formally seated, and we’re pretty certain this has occurred. They are in the process of wrapping up the rest of them right now.

T – So much has been accomplished that for it NOT to happen would be so blatant in everybody’s face and the whole world will know about it.

C – For over a year now, it has come down to a key person or group has stopped it at the last minute.

T – The agenda has changed and a higher priority has taken over and they’ve been on board for the past 2 weeks. There would be a lot of explaining to do if it gets screwed up.

C – Does Maliki have anything to do with the GOI and what is his status?

DC – Like any gov’t official, he’s always going to have power and influence. Three weeks ago he came out and publicly supported Abadi, which diminished his input dramatically. Is there a position open for him? Kind of. What’s the best way to watch him? To keep him around. Basically, you keep your friends close and your enemies closer. They want to give him a minor position so they can keep an eye on him and keep him contained.

C – Isn’t POTUS supposed to make a speech on Wednesday about Iraq?

DC – Yes, the reason is because the GOI is supposed to be formed by Tuesday. He will also sell his agenda on what he’s doing about ISIS. He will say they have done their part and now it’s time to do our part.

C – Is Biden still in Baghdad?

DC – We cannot say for security reasons.

C – I don’t understand the difference between contract and int’l rates. Please explain.

DC – The CBI will have a posted rate on their site. It will be on Forex also. There will also be a market rate which is a free-floating rate. The dinar will be no different with pressure on the upside and downside. The CBI may say 3.71 but the Forex may push it to 5.00, but the int’l rate will be published on their site and it will be what they have. The contract rate is what the gov’ts are willing to pay us little guys for oil credits. China is the biggest buyer right now, and they are buying at a discount in large quantities because they need it. Those are the different rates.

C – What about the tax rates for those rates?

DC – We have been told there are different qualifiers that apply based on the type of income it is, long-term, short-term, etc. My understanding is there may be some legislation passed in the next couple of months that changes it all. That’s why we say save at least 50% (including your particular state’s taxes) for your tax liability after everything is passed and settled.

T – At one time we heard there would be no tax on the int’l rate. We don’t know what they are going to do yet. We hope the law will be clearly established by Dec. 31. You need to use restraint and put that money away. You will regret it for the rest of your life it you don’t. Whatever the fed and your state is, put it aside.

NOTE: Vice-President Biden’s schedule is public: 11:30 AM- The President and Vice President meet with Secretary of Agriculture Vilsack (Roosevelt Room, Closed Press) 1:00 PM – Press Briefing by Press Secretary Josh Earnest 2:30 PM – The President and Vice President meet with Secretary of the Treasury Lew (Oval Office, Closed Press)

NOTE: POTUS, VP, and JL have a closed meeting scheduled to begin in 2 minutes.

C – Is there really a cross-section of dignitaries and political figures in Iraq and did they have celebrations already?

DC – Yes, there was a combo of folks. Most thought they’d be headed home on Saturday and most are prepared to stay until Tuesday. They want to be part of the biggest financial transaction of all time. Those who could, stayed. Those who couldn’t left.

C – Is Abadi now called the official PM, not the designate?

DC – Yes.

C – Is it printed in the Gazette yet?

DC – Yes, in the past few hours.

C – Can you tell us something you haven’t already?

DC – We believe a lot of things are strongly in process and it will be revealed quickly.

T – We’re getting all kinds of news from the Parliament, votes being taken, etc. it’s going to be an informative day today!

C – When you exchange do you have to go in and exchange into USD first?

DC – We understand you could purchase directly to another currency but you can’t forgo taxes. The taxman will come instantly – can’t defer those taxes. The IRS has beaten us to the punch on that. The only question is how much.

C – Do we have to tell the 800# how much we have? I’m concerned about security going to the bank.

T – DC is concerned because he has so much of it – LOL! No, really, he’s trying to be aware that once it’s out there it may be an issue. At the beginning it probably won’t be an issue because it’ll roll out quietly. But a bit later bank employees may be mad once they find out where the exchange centers are. They’ll have security in the parking lots and at the bank. You still have to get there. I’m not telling anyone when I’m going to the bank. I’m not concerned about it. Most people won’t walk out of the bank with that much cash.

C – For the normal person like me who doesn’t have a whole lot, what is the best scenario given the 3 rates?

DC – I would go for the highest rate I could get. Regardless of whether you have 2 dinar notes, or 1,000 dinar notes, I don’t want my entire financial portfolio in one place. It’s my family’s future.

C – Are we within the window in the next day or so for this to happen?

DC – Yes.

C – What are the penalties if they miss the Wednesday deadline? What’s off the table?

DC – Really bad. They go back to the interim GOI. But that’s not a question anymore. Abadi has been seated and some major cabinet members have been seated.

T – We’re getting all kinds of stuff here.

DC – Yes, 14 more have been seated. It’s not likely the Constitutional deadline will be passed. They just did it.

C – Is the RV attached to it?

DC – It is a stand-alone, but part of it. The USA wanted a stable Iraqi gov’t and that was a good idea. Our understanding is the CIB, PM, and BIS are already in agreement to push this out.

T – Iraq has waned to do this since April 1. So it’s not them. They have been unable to get their people to agree. The opposition was what we are seeing now. They’re not agreeing right now, but it’s not a big deal. There is no perfect harmony in gov’t.

C – Can you please recap how to take care of senior loved ones without touching their benefits?

C – You need a trust of foundation and should seek professional advice. I would let them use my card or bank account with their own credit/debit card tied to my account. If they get a lump sum they may lose their benefits.

DC – Talk to estate attorneys

RECAP: DC – We’ve just been notified the PM has been seated and 17 ministers (don’t quote me) have been seated and more voting is underway. Banks across the world are ready. Everyone is in Iraq to enjoy the biggest financial transaction ever – not to enjoy the 120 degree heat. We are ready for the next call.

T – That’s all the good news. They’re cutting it close right down to the last minute. We are getting stuff every 10-15 minutes that they are posting live out of Parliament. It’s all good. Don’t be discouraged because somebody walks out. It is getting done as we speak. We’re right here in the window and it’s all planned for those votes today and the announcement for the GOI to be made. In the meantime, go thru those 1st ten things you’ll do: where is my money, do I have all my receipts, etc. Get prepared and have everything in one place. NOW is the time to do all that. After the announcement we’ll go through the 800#s. Hopefully we’ll have another call today, if not “THE” call. Otherwise I fully expect it tomorrow.

END OF CALL.

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