TNT Call notes 16-April-2018
Replay: 641.715.0623, PIN CODE 409029#
RayRen: Good afternoon, TNT super-fantastic family! This is Marvelous Monday, April 16, 2018, with yours truly RayRen98 here, along with…
RayRen: There is no new intel; everything was quiet over the weekend apart from talk about the election on Iraqi television. The conflict between Kurdistan and Bagdad has been resolved. Parliament is meeting tomorrow and we hope there is a quorum. The Governor of the CBI and the Iraqi Finance Minister say they are ready for the RV, but the timing is not ideal due to corruption. The CBI also put out a call last night asking citizens to turn in their damaged currency to replace it with the new pristine currency. That will not affect us.
Right now the most exciting information we have is from our own banking community from last week. Iraq can say what it wants to say (or do) but when it comes down to it, it will between you and your bank, and that won’t get done until the banks here are willing to make the exchanges. The banks are gearing up, getting ready, turning over a new leaf. Some members have been given dates of the 22nd, the 29th, or being completed by the end of the month. We have been hearing ‘by the end of the April’ and now some employees are being told ‘May 1’, and in Iraq some are saying they want to get the elections out of the way first. All we can do is to wait and plan, and be ready for whenever this pops.
Questions from the TNT forum
Q: A friend asked is the banks would be reporting our transactions to the State Tax Board, seeing as they are supposed to report any transactions over $10K? A: Maybe you should check that with the banks. I’m not aware of banks reporting anything to any Tax Board. Over 10K, they do a FinCen report (to the Treasury) so that they can follow the movements of money, but that is not about taxation.
Q: Is there still a 30-day window prior to the elections where major changes could not be made? Is this specific to the Parliament – is the CBI excluded from this consideration? A: I am not sure about that one; I’ll have to look into that.
Q: Do you have any further information on military and vets needing to exchange at military finance offices? A: We have no details about veterans. You need to direct your questions to the finance office. If we get more, I’ll tell you.
Q: If I understand correctly there will be a limit of ten 100 trillion Zim notes that we can exchange. If we have an excess amount over the limit, can we put the balance in a Trust or LLC account or do we have to give it away as a gift to someone or be able to put it into humanitarian projects? A: That proposed limit is for one quad of Zim in any combination of the 100s and 50s in the trillions, billions, millions, or thousand Zim notes. If you put the excess in an entity that you will profit from, then probably that will not be allowed. But if you give the spare Zim to a charitable foundation, you will get the tax write off.
Q: Clarify, please. You have said the 6-7 Government “committees” each make recommendations, of what should be the final exchange procedures, to their superiors. Their superiors, in turn, then decide what to include in those final procedures. However, you indicated the Banking System might also have some decision making power – for instance, they decided they didn’t want the 100-year and 50-year payouts. So, does the Government have to negotiate with the banking system before the final exchange procedures are set? A: We don’t know how or what the final procedures are going to be; obviously, it has to be something the banks will agree to do, so I assume there is some level of negotiation.
Q: Since there are several countries in this basket, why are we waiting for Iraq? Can’t they all RV on their own and let Iraq join them when it is ready? A: That’s a question I asked two years ago. Apparently not, or they would have already.
Q: Is there any truth to the talk that you will have to be a member of a group to be able to exchange your Zim? A: No.
Q: It appears to me Iraq is going to have an election and that the RV may not happen till after the election. Several times you have stated, “This is a done deal and all we are waiting for is the announcement.” Do you still stand behind that statement? A: Yes.
[Birthday song for KJMAChorro and others whose birthday is today or this week.]
470/404 caller: What is Shabibi doing right now?
RayRen: No comment.
Caller: There was something in TNT chat about their sources in the IMF ‘letting things go on Thursday’, and they didn’t know how long it would take to trickle down to us. Anything from your sources on that?
RayRen: No; if my sources had verified that, I would have brought it onto this call.
316 caller: There is information coming out that the RV started last week, with tiers 1 and 2, and that tier 4 should start today.
RayRen: I have been getting that same information every week for the last four weeks. The thing that keeps me sane is picking which sources to listen to. Whatever intel comes in, the RV is going to happen the same time for all of us.
805 caller: Who exactly is saying that they will wait until after the election?
RayRen: It’s the talk of what different folks are saying, not an official briefing. Some of the banks are training wealth managers because they are expecting an influx of cash from us! A lot of tellers have also been trained to exchange currency. The average currency exchange in the past years have been 300-400 dollars. We are walking in with millions of dinar, dong, rupiah, etc. The tellers are not used to those quantities. That’s a training process in and of itself.
567 caller: What if the tellers were to load up with currency? Or did they have to sign some kind of agreement not to buy currency?
RayRen: The banking industry kept employees in the dark, and as the light started to dawn, the banks did make some employees agree not to buy currencies. Now that this knowledge is becoming more prevalent (and imminent), it may become a real issue for the banks.
240 caller: When you are negotiating for an interest rate, would that be yearly, quarterly, monthly? What interest would you suggest?
RayRen: Start at the top and move down: ask for the highest rate, at the shortest interval. Ask for daily interest, and failing that weekly. If it is compounded in a short frequency, a low interest will be a better deal for you than a large one compounded quarterly. Check the numbers to work all that out.
Caller: I’m not in the forum – can you write something to me about PYP – Protect Your Principal?
RayRen: The average currency holder has 400,000 worth of currency or less. That is nothing, if that’s all you’ll have after exchange, if you’re looking for something to take care of your for the rest of your life, much less looking after others. That’s why you need to Protect Your Principal. On exchange day, do you really need to pay your bills or debt? There is no immediate need to do that. What you do need is to set up your money to make money for you – anything else can wait or you can use Other People’s Money. Borrow that money at a low interest rate, and let your money go to work at a high interest rate. If you get a 2% loan, and use your principal for an investment at 10%. That is a net gain of 8% while you are servicing that 2% loan. Eventually, your 2% loan will be paid off, while your investments are still making money.
312 caller: Are they still set to protest in Iraq on the 18th because Abadi hasn’t done what he said he’d do?
RayRen: That would be day after tomorrow, and I haven’t heard anything further on that.
Tony: I didn’t want to interrupt. Yes, I am hearing they still plan to have their sit-in on the 18th, and it is about electricity, and about Abadi. Today they are tearing up election posters for Maliki and Allawi both. They have narrowed it down to Abadi and one other guy they think could be Prime Minister. We still don’t understand why Abadi hasn’t released the monetary reforms, when they have been talking about it for months. That’s strange behavior to me. We’ll just watch and see what happens. I think that the release will give Abadi momentum, and if it doesn’t happen, he deserves to lose the election!
RayRen: Do you know anything about major change not being allowed 30 days prior to the election?
Tony: No. But there are changes in any case. For example, Parliament was not supposed to be meeting until June, but in fact they are meeting tomorrow to pass some laws, with 90% participation.
608 caller: A while back there was a post saying David Rothschild would not let this happen under any circumstances. Have you head that comment?
Tony: I have heard that the cabal may block it, whoever that may be. There may be people in Iraq making money off the auctions. I understand them doing that, but there is more at stake here, and everyone will make more money once this goes.
Abu Dhabi caller: I went to the largest exchange dealer here in the UAE. The lady who normally does my exchanges knows that I want the higher denomination notes. This time they ran out of 25,000 notes, and only have 5,000 dinar notes. It looks like they are running dry, and that is good news for us.
Tony: It’s great news if they cannot get any more.
Caller: I will try to find out and let you know before the next call.
806 caller: Where do you get a 10% interest rate?
RayRen: After the RV I’ll let you know.
Tony: I’m using RayRen for my OPM! That’s my plan!
Tony: There are bank people who still think this will happen this month. If they start protesting Abadi tomorrow, and they are planning to stay until something happens, I think there is a better chance of our seeing this before the elections. Everything still looks super-positive to me, and if we get more information we’ll send out a tweet.
RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA