TNT Monday

TONY – Good afternoon, TNT. It’s Monday, March 23, 2015. In case you didn’t know it IS a superfantastic day and a great day to be a TNT member. First, we want to clear up some stuff. Hopefully everything we tell you will happen. There was a lot of stuff over the weekend about rates, dates, times, etc. that involved Ray.

RAY – We had a member who came in Open Mic (OM) and dropped some rates in, then it got picked up by Sunny, and then found its way to Recaps. I did NOT put out those rates. It just became a comedy of errors
TONY – I never heard of any super contract rates.

DC – It is still super-sensitive today. If you get on the call do not talk about anything slightly negative or we’ll cut you off. We’re not doing that to be jerks, but to be sensitive and we don’t want to mess up anything here at the end. Bottom line – it continues to move closer, all the drama has been dealt with and we are on the highest of alerts. Iraq continues prep work. They expect the RI or RV  in the next day or two, as said in the mosques. Some said yesterday it’ll be Tuesday – that was public info shared in the mosques. Many speeches from the CBI, Finance Ministry, Abadi, etc. that the private sector will be paid. The rest of the cards for the general public were supposed to be activated this morning but wasn’t done. That’s public and they have some explanations.

DC – ISIS is getting its behind kicked. In Iraq more training has gone on in banks. What they learned in Basra has been applied. Payouts have slowed in Baghdad to almost a halt. Lots of frustration there. Generally-speaking, the firm recommendation to Abadi and Shabibi is that the frustration is at critical mass.

T – So, on Saturday there was an article out that Abadi would activate the privates on Tuesday. On Sunday in the mosques they were telling them it would happen at any moment. They explained the procedures for using the Qi Cards in and outside the country. They told them their cards would be activated today and that did not happen. The people we talked to in Iraq are waiting for it at any moment. On their TV they’re showing celebrations. An article out today discusses that Parliament will discuss new procedures TOMORROW on how to handle the dinar and the USD.

DC – In the USA and rest of the world, all the banks have done preparatory and employee training. Some exchanges have gone on, mostly test cases to make sure it’s working well. Some key bankers are sequestered and locked down. All the tech and procedural stuff has been completed again successfully. Rates are what we talked about last week. Everybody is expecting it at any moment. The vast majority of super sensitive stuff is on lock down. Everybody is supportive and waiting for the big show.

T – Senior people sequestered. DC – Yes. T – 2nd Level security in today; everybody is super-sensitive and on their toes. Nobody know when, but everybody is anticipating we’re that close. Could it change? Believe me, it changed 5X yesterday. It could change in the next half hour. Even tho it’s a pattern (“pump ’em up Monday, Waiting Wednesday, etc), we are still giving you what we see as done, what we see in the system, what is being done. If we thought they were stringing us along we wouldn’t do that. We can’t tell you everything we know due to sensitivity. We are currently in the best position we can be without standing in the bank parking lot. If you are critical or negative today we will cut you off!


C – How do you respond to routine gov’t issues that need to be settled over a period of time (ISI, amnesty programs, etc.)? Is this actually imminent when there are long-term issues that need to be addressed? DC – Have there been delays? Yes. Everyone has been held for the past 23-24 days. They didn’t want to keep people in this high level this long. In terms of other laws, our sources – and there are plenty of them – the national guard, other laws, etc. are nice things to have but have been overruled as not necessary for the RV. Iraq is at a mature enough state to handle this. The message from Abadi and Shabibi, and the other big powers, is they are ready for this. Watch their actions not their words. Conversations are going on but the actions that are being taken by the CBI, IMF, BIS, Bank of England, etc. say otherwise. We would not be seeing screen rates, exchanges in other countries, etc. We have been here for 20 days. Are we saying it has to happen by Tuesday? No. I have said I hope it won’t go to April. I don’t have a crystal ball but our sources are “yes” across the world. It was supposed to happen over the weekend and didn’t. They pushed the date back 24-36 hours and kept everybody on lockdown.

C – Anything new on exchange procedures? DC – Nothing we’ve heard. Everything is the same.

T – That is one thing we left out: members of Parliament are telling Abadi it’s time to pay the people. That’s what they met about this morning.

C – Is everything still in one basket or spread out? DC – Everything is still in one basket and is supposed to go together.

C – Will you still tweet when it happens? T – We will be able to tweet out and do at least 1 call and record it. We heard from 1 bank that they’ll have their own 800# and will be competitive, per what we heard over the weekend.

C – Are the Iraqis still being paid different rates, based on where they are in the country? DC – Yes, some segments in Basra, Kurdistan are paid at the new rate and have full access to their money. Others were promised, and other not paid. It’s a giant cluster. T – The article we got said “pay the people like in Kurdistan.” That was the complaint that it’s time to pay everybody. Baghdad is anticipating it at any moment.

C – Will there be a lag time when the Iraqis get paid in Baghdad and when we get to exchange? DC – We’re told within in minutes. We heard Abadi will give a quick speech and there will be a quick blip. The rest of the world will be notified in seconds. When he makes the speech the world will catch up. On the US side there will not be a big announcement. Tony and others will tweet.

C – Tony’s tweet said “calm before the storm.” Are we in the storm now? T – I’m anticipating a Category 5 storm at any moment. It’s going to be crazy the moment it happens. DC – They are supposed to formally seat Shabibi again, maybe at the same time. Or, another scenario is Shabibi announces his retirement.

C – Last Thursday we saw a monumental move in the ISX, stocks moving up and down. What is your interpretation of that index move? DC – Okay, we’re going to dance on this one. The rates have not changed because that’s linked to the CBI. As soon as the CBi pushes that button, it syncs up and updates all the related stocks. The info leakage on what people in financial services thought is starting to come out and the buying is increasing at a large clip. The pros can invest in foreign markets but not foreign currencies, so they play the stock game.

C – I’m concerned doing my exchange with my local community bank: will they have the transaction codes as well as the training necessary to conduct the exchanges? DC – Local community banks have access to the Bank of Ireland system (WF system). Everybody that has that system will have access to foreign currency rates. Those guys, over the past several years, have trained 2-3 people in their banks to be trained and retrained. These senior tellers have signed NDAs and have actually been updated. The branch managers, owners, etc. often don’t even know about this.

DC – Those with access can pull it up and it shows “live.” They can plug in the numbers, they just can’t process (hit “enter”) or submit the entry to complete the exchange.

DC – A lot of Tier 3 bankers will be overwhelmed by this much cash. They’ll pass it into CDARS accounts or other community bank and credit union associations so their deposit-to-loan ratios aren’t messed up. Even that pool will be overwhelmed. Be mentally prepared for what you want to do.

C – How quickly after it happens will you be able to let us know and how quickly will you get the bank packages? DC – We (and others) are supposed to be notified within minutes of it happening. At that time, depending on the NDA terms, we will verify it’s gone thru and Tony will send out a tweet. Given a stricter NDA path, which I think is probably, is we will give as much info as we can do via Twitter. We’re expecting that, inside the NDA route, to get it done within 30 minutes, or 8-10 hours. T – We’ll probably get it from overseas before we hear about it over here. We have not been told not to say this. We’re just trying to abide by what we’re told and do the right thing. DC – We volunteered to help everybody They may tell us “thank-you” and move on if we don’t get any directions.

C – I request from the US officials that they keep the lines of communication open thru you guys as long as possible rather than have to re-establish communications with us all. Are there any BAD bank stories we should know about? DC – There are a ton of them. It’s not the bank’s fault. They were kept out of the loop.

T – We told you about people who have done exchanges only to have their accounts put on hold. They still can’t touch their money. There are a few of those across the country.
T – First, the category 5 storm I was referring to is ALL of you going to the bank and spending all this new money. The storm is all about us. Not a negative.

T – I hope we get to have multiple calls. If it was my choice we would so we could help you. But once we sign the NDA we will be helping them more than you. They don’t want us out there advising you as far as the dinar. I’d like to do 3 or 4, 7 days of calls. That’s something they’re going to have to decide. DC has said there could be some legal issues. They want to have separate 800#s so they can control that. We have our own contacts and we don’t have to rely on them to tell us it’s live. We’ll know it’s live – we have too many resources not to be informed. The only decision I have to make is do I tweet it out, or do we wait for them to give us permission? We’re hearing legally they don’t want us to do that. That’s the point we’re at – as soon as we’re notified. We have 3 of the top 4 banks we can find immediate info on. We could give you their exact rates at the moment. After we sign NDAs it’s a whole different ballgame. Our NDA is at 34 or so pages – yours is 4-5 pages.

RECAP: DC – Bottom line – Iraq is ready and we’re at “any minute” now. It is right here upon us. We’re in an “any minute” status. We’re getting a lot of opinions as to when Shabibi will let it go. He and Dr. Abadi will make that decision. (DC’s story about his brother – will not be transcribed). This is how the banks will look at you. You must handle yourself well and look the part (not like a hobo). Be kind to those folks who don’t know what you’re doing. T – Pam and I were talking about the other baskets and I said I can’t do this for another 10 years. We’ve had some ups and downs. The banking people have been on it too. A guy came on our intel call this morning and he went to the bank and they wouldn’t show him the screen, but said there was nothing there and this isn’t going to happen. Another bank in the same city had rates and more info. Don’t be mad at the bankers. They will be confused, so you will have to be patient. If you want that contract rate you have to be the best you can be. You need to have sympathy for them because they didn’t know. You want them to be on your side but be aware they still work for the bank. Don’t make it a war during the exchange. I’m superfantastic and happy. We went thru the rollercoast over the weekend but all the updates today is very positive. Everything being broadcast there in Iraq is saying it’s supposed to go on Tuesday. It may be Wednesday or Thursday. We’re just that close. Make sure you’re prepared for afterwards when the storm has arrived. Know what you’re supposed to do during the eye of the storm. Enjoy your day. I would love nothing more than to send a tweet out. We want it to be as smooth as possible for you. END OF CALL.

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