TNT Call notes 23-April-2018
Replay: 641.715.0623, PIN CODE 409029#
RayRen: Good afternoon, TNT super-fantastic family! This is Marvelous Monday, April 23, 2018, with yours truly RayRen98 here, along with…
Tony: Gooood morning, TNT!
RayRen: It’s confusing when we are getting different information from different sources. We heard that North America was ready to go from Friday evening, while Iraq is officially saying something different… and our sources in Iraq are saying something else again.
Here are a few updates from yesterday (posted early this morning):
- Demonstrators took to the streets in Baghdad demanding fair pay.
- Rafidain Bank is underwriting five-year loans to the citizens for vehicles.
- Abadi leads Sadr in the polls.
- Abadi and Maliki are being discussed on TV strongly contesting each other.
Monday Reports from Iraqi TV:
- UDB Bank has announced acquiring the necessary licensing to issue Vista International Credit Cards to the citizens of Iraq.
- Abadi is paying the farmers in Erbil back pay to the amount of 41 billion
Where do we go from there, Tony?
Tony: It sounds like Iraq spent a lot of money over the weekend, between Erbil and other payments. We know the protests are about money, about getting paid and bringing the tax down to 35%. There were a lot of protests in various areas. There were also reports about how they defeated ISIL and will defeat this economic situation. Articles came out about the three-zero notes. Why do they keep talking about this every day if they don’t plan on doing this until after the election? Why are do they continue bringing in the three-zero notes? We hear they are distributing the lower denominations to many areas, and in some down to the two, five, and ten dinar bills.
Iraq is a big place, about the same size as Texas. So different things might be happening in the different areas, with things happening that other areas are not aware of. If a person calls me from NY and says it’s raining in California, but I look out the window and it’s sunny, that doesn’t mean the intel is incorrect. Some areas are giving out the lower denominations, even if they are not doing so in the Green Zone. It’s just not done yet in Baghdad. We don’t really know the plan. I have been getting information from one source for ten years now; sometimes his dates have been a few days off, or a week off, but it usually does happen. Over in Iraq, they are saying one thing, and they’re constantly building up to do something else. Over here in the US, the banks are doing training and sending out memos that it’s really happening now. This morning and yesterday evening everyone was absolutely quiet. I can’t tell you if they are sitting there waiting for us; I do know the US Treasury has sent agents to various areas.
I truly don’t understand why they haven’t done it. It could still be done by the 30th, it just wasn’t done by today. Some articles say that the election is between Abadi and Maliki, and other say it’s between Abadi and Sadr. There is a race, and it is possible that Abadi may not come out on top. We know they are trying to get some people NOT to vote, because there are articles complaining about that. If it’s a fair election, we don’t know for sure who will win. The US supports Abadi, but we have to wait and see. Everywhere they talk about the ‘new Iraq’, and that the CBI has done what they said they would do. Abadi gave a speech saying how stable and secure the country is right now, more than it has ever been – the very words the CBI has been waiting for. But we’re still here.
I was just talking to my sources, and they don’t know what is going on – it’s just quiet. One of my sources in the US said that we shouldn’t be on this call! So we’ll see what happens later today. It’s all very confusing, which we expected at the end.
Questions from the TNT forum
Q: Why is it necessary for the other currencies in the first basket to wait for the dinar to go before they RV? A: We have answered this before. The other currencies in the first basket are part of the GCR, and the dinar is the foundation of the GCR. It’s also being used as a reserve currency, so it has to change before the others change.
Q: What happened to all the ATMs being active on Sunday? A: We discussed that.
Q: If a person has gifted Currency to six children would/could we all to exchange at the same time, making a total of 8 people exchanging? A: What do you mean by ‘exchanging at the same time’? You each need to call from your separate districts and make your appointments.
Q: What does the tweet with Abadi mean? Do we have to wait before we exchange? A: According to our US sources, we should already be at the bank! We have dates set up, banks moving people around to do it, Iraq telling their people this would be implemented back in December. Every time they put this off, it seems another ‘requirement’ pops up, like more laws, etc. If that is so, why have they been telling their people that this would happen over the last four years, with educating their people about the lower denominations and fils. Why would they do that last year if all the time we had to wait for more stability, or more laws. The plan was to do this before now, and that plan constantly changes. Either they will do this before the election, making people very happy and ensuring Abadi does get elected, or they will do it after the election. If he is not re-elected, I think we have an issue to seating the new government, and so on. That will take even longer because each administration wants to do their own way. That doesn’t make sense to me.
Q: What update can you share about the NDA? A: Status quo – it is supposedly written but we don’t have it yet.
Q: Will Abbot Downing be affected by the unlawful actions of Wells Fargo? A: I don’t think so.
Q: If this goes after the election, how soon will it take place? A: Already talked about that.
Q: If OUR exchanges are tax exempt, how will the Bank, or the IRS, distinguish our exchanges from those of any ordinary traveler who happens to exchange whatever currency they happen to exchange during the same period? Or, does the tax exemption apply only to currencies in the first basket, and not the total GCR currencies? A: The treaty we were told about applies to all the currencies, not just the ones we’re interested in. We haven’t seen the documents yet, but I would think that it applies to all currencies in the first basket, during this time frame. We’re not tax advisers, so you should ask your tax professional. It depends on what the tax treaty says; it seemed to be all-inclusive to me, but may we have a tax or Treasury person who can confirm that.
Q: Ray, would you please clarify something for me. Although the exchange is thought to be a non-taxable event, I have heard that if you do not exchange and deposit the funds directly into a trusts bank account, but rather exchange as an individual and then, at a later date, deposit the funds into a trust account, that the funds will then be subject to taxation. Can you tell me whether this is, in fact, the case, and, whether or not there are any other significant reasons why a trust needs to be in place prior to the exchange? A: Who did you hear that from? Ask that person for the supporting documentation that supports that. In the same way, I want the Treasury to sign off on the non-taxable position of your exchange.
Q: With each persons life-time gift being over 5 million, is that life-time gift only for family members Or for family, friends, business and charities, etc.? Call the IRS directly and ask for the Gift division; they can answer all gift tax situations for you.
Q: Does the difference between RI and RV make ANY difference to anyone in Dinarland? A: I doesn’t make any difference to ME, and it shouldn’t make any difference to you. The RI is the Re-Instatement, and the RV is the Re-Valuation. Some say that the RI will happen first, with the RV some time afterwards. According to the Iraqi constitution, they cannot raise the rate more than 2% in 90 days, which inhibits the RV. That doesn’t make sense. The RI means the rate in Iraq will be 1:1 in-country. Then there will be the international rate, which will differ according to the country you’re in. We anticipate that will be $3.70 or thereabouts in the US. The banks have been working on this for years. All we need be concerned about is the international rate, not the in-country rate.
865/404 caller: I take it there were no fireworks on Sunday anywhere in Iraq?
Tony: I don’t know – there could have been but we didn’t see any. I know some people got money, but we didn’t get the RV we expected.
Caller: You made the comment that the US Treasury has sent agents to various centers – will there be on in every exchange center? What is their role?
Tony: They will not be in every location, and will not be doing any exchanges; they will probably be monitoring the largest locations. I don’t have more details on that.
240 caller: Any feedback from the IMF closed session?
Tony: We haven’t heard anything.
Next caller: Has there been any reaction from the CBI about Abadi’s speech saying that Iraq is secure and stable? And is Sadr the cleric?
Tony: We haven’t heard anything from the CBI on that. And that’s the only Sadr I know.
Next caller: Where can you apply a Payable on Death (POD)? I’ve heard so many times when people break wills; I just had a friend whose father-in-law left everything to the daughter who was caring for him, and her stepbrothers got angry and tried to break the will. Is there something else that can be done, like a POD.
Tony: Only on bank accounts, to the best of my knowledge – not on your usual assets, trusts, mortgages, and so on. If you want someone to have something, give it to them while you are alive! If I want someone to have access to my bank account, I’ll put them on the account now, and the same thing with my house. That way there can be no argument. These things can always be contested, so do it now!
Caller: You said something about trusts maybe a year ago, where the beneficiaries could become the trustees if/when the owner of the trust dies.
RayRen: That is the ownership perspective; I speak from the perspective of control. If you have given up ownership to the trust, then the control of those assets cannot be contested. You should speak to an attorney or a trust expert on that.
631 caller: The Iraqi elections are in 19 days. It seems to me that we are out of the comfort zone and getting into the ‘pulling the rabbit out of the hat’ zone. This make no sense whatsoever.
Tony: There are more negatives than positives after the election, which is why we are hoping that this will go before the 30th, as we were told by the wealth manager. That way everyone is happy and Abadi will still win (if he needs this to win).
Caller: [more of the same]
316 caller: Did I hear correctly that there is a two-hour window when the 800 numbers come out?
Tony: No, we’ve always been told that from the time the 800 numbers come out, they anticipate seeing the first exchange taking place within two hours. You can call them whenever you want, and set up an appointment for whenever suits you. .
MD caller: What’s the best way to make my exchange? I told my brother and sister about all this, and they sent me money to order currency for them. I have all the receipts, but the currency is equally theirs. Should we call go to the bank together? Or should I just do the exchange and divvy up the results?
Tony: If you do the exchange by yourself, and come how rich, they will know something has happened – especially if you decide that you have all the money and you make all the decisions. Now, you want to give them their third, BUT if you just give that to them, they will be in a taxable situation. The easiest way to do this is to give them their funds right now, so they can do their own exchanges and you’re not in their business. To the best of my understanding, they will not allow you to accompany your brother or sister; they will only let you bring an attorney or someone to help if you are disabled. Yes, you can certainly set up a joint account, but I would talk to an attorney first.
Caller: You’ve said the best form of trust is a complex trust – revocable or irrevocable?
RayRen: I would go for irrevocable.
Abu Dhabi: I asked the dealer about the 25K dinar notes, and they said my brother and I are the only ones buying Iraqi dinar from them. That means there will not be that many people in line when the dam breaks. Normally people here get paid every month, so if this doesn’t happen 26-28th, it probably won’t happen until a month from now.
870 caller: We haven’t told any of our family members yet; would it work to go to our exchange and THEN give them their share of whatever we have not exchanged? Then they can go to the bank and exchange their part tax-free, once we can prove this is real.
Tony: I went and got a notarized gift letter to show that some of this currency has been set aside – before the RV, when 25K dinar was worth $10. If you give them the currency AFTER the RV, then you will pay gift tax on the value of dinar post-RV. The way to avoid that completely is for you to give to charitable entities, and have the entity look after them. That way they learn to run the foundation AND you get a tax write-off. That way they continue the charitable work, and only pay income tax on their salaries.
Tony: The good news is that as I walk around throughout the day, doing my errands, I say that I am ‘super-fantastic’, and people’s face brighten up as they hear it. That alone changes people’s day. Try it! Everything we know about is done and ready; it was supposed to go over the weekend, and we still don’t know why. The banks are planning to have this done by the 30th. CBI has said they have completed everything they need to do, and over the weekend Abadi said that the country is stable and secure. At any moment this will be done and over with, and we can go forward to live the life we have been looking forward to. I hope to send out an update later.
RayRen: Enjoy your day and we’ll see what happens.
RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA