Replay 805.399.1500, PIN CODE 409029#
Tony: Good afternoon, TNT! It is Friday, October 3, 2014. We never, ever thought we’d be here on this day, that’s for sure. We’re going to have a short call because we were delayed this morning. Is DC here? The song is called Do the Right Thing, and that’s what we’re going to do here.
I want to talk about how we as a society try to do the right thing. I’m just wondering about how all the states in the US, Texas can get Ebola, and, bright as they are in Texas, they let the guy go home! Then they don’t even clean up behind him! What’s doing on in Texas?! OMG, only in Texas… anywhere else, they would put him in the hospital with armed guards around him.
All the great news is coming out of Iraq, that people don’t believe or think isn’t happening. I don’t know if you read all the junk out there…
DC: Hope everyone’s doing well; sorry about the late call. Tony is a man of leisure, but I have to work. East to West… The question is ‘what’s going on with the cards in Iraq?” Even more cards have been loaded at $3.58. The remaining cards have all been adjusted back to $3.58. They are going to banks and spending money all day yesterday. They have info running on their television of how to use the cards, which banks are open for exchange, etc. Some got backdated to July, some to February, and glitches are being cleaned up now, so the tech staff is working today to fix that. The $3.58 has populated throughout the CIX and BIS system globally. We have had many confirmations in the US and around the world on the back screens.
My understanding is that not all the cards are fully distributed because of address changes and such, because they had to confirm who people are that they are giving the cards to. Now that it’s actually going forward, they have to check ID and such. On the television, the finance ministers and deputies plus others saying “the economic reform is occurring” in the present tense. They are explaining that this involves people being paid revenues and back pay from oil revenues, pensions, and so on. They are bringing in taxes now they have electronic banking – they couldn’t do that as easily with cash. They are also talking about prices at the merchants, and the new timeline. They expected a big to-do, and this has been a quiet, soft rollout, and that has led to confusion in some places we are talking to.
Tony: HCL has been this big thing, and they are paying people oil revenues right now, so HCL must have been approved.
DC: HCL was approved a while back. It’s a living document with a lot of back and forth. So there are adjustments plus new oil and gas production. Kurdistan has already been paid, and as well the remaining oil in tankers has been sold now.
Tony: On television, they were saying economic reform will be coming soon, and the tv is currently saying economic reform is happening now. So the related laws and such have been approved and processes are occurring starting yesterday. We’ve been waiting for years for the tariffs to be implemented today.
DC: Yes, and the television has also said the tariffs are being implemented now. That is more confirmation of what is going on, both in the newspapers and television. They need all the help they can get. In the past, they weren’t rich enough to do tariffs, which would especially affect the poor. This is yet another point that the RV has occurred.
Tony: A lot of this happened in the last two days. Last week, we said the rate is $3.58, and everyone said we were wrong. Then we told you it was in the Gazette, and they said it wasn’t, although they weren’t in Iraq either. Lo and behold, last night they changed all the bank rates to $3.58 throughout the entire world.
DC: I have a friend on one of the finance committees in the Senate, and he said that I was full of it with the rate of $3.58. He called me back this morning and said, “how did you know it was $3.58?”
The last economic reform is construction with its associated roads, power plants, and all the infrastructure Iraq has needed for so many years. That will be a massive stimulus and they now have the money to carry our the budget. All the budgets in the last four years have had a specific aspect of waiting for the RV. They had operational budgets for staff and utilities, and now they have the money for the extra things like infrastructure and social programs. Now that it’s been released, a lot of construction companies from around the world – the massive ones – are having major meetings because there is finally money to pay for all that. The government is saying they are ready to go, and they are working out all the payment, construction and payment details. That is also on the television right now.
Tony: We only said $3.58 because it’s been out there in the gazette, in documents, etc. Over a million people have had their cards updated with that rate, and this has been confirmed by many contacts. We do have a date, but cannot give it out.
DC: They are having the Eid festival, which is about giving to families and the poor. It’s a big deal with dinners and parties as well as religious aspects. They’re in the middle of that right now, but a lot of banks will still be open tomorrow to help the exchange process. What confuses everyone is that there haven’t been major announcements, but now there is scrolling on the bottom of the screens is that PM Abadi is going to give a major speech tomorrow. Obviously they expect this has to do with economic reform.
Parliament met again; there are still minor issues on the defense ministry positions but we think they have them sorted out…
Tony: On Wednesday, they published the name of the interior minister. The discussion now is not about the defense minister, but the deputies. I’ve been asked by two people not to publish the name, but it’s the same Sunni defense they all like. They have been arguing over the deputy positions as well as some key generals. They are trying to vote on this as a bloc, and it’s been back and forth. This is important because of ISIL, but it’s the same guy as has been doing it for the last five or six weeks. The last vote didn’t quite get there because of some MPs not being present (rather than opposed to the sitting minister). When approached by the US to find out if this is really an issue, they could see that he’s been sitting in the range of 225 votes, so what is the big deal? That has got everyone feeling it’s not a real issue, although some are still worried. Most people and countries are saying “Okay, good enough”, or they are neutral on most positions so long as Maliki doesn’t have any fingers in the pie.
Those who were worried about the budget, yesterday the paper and television were saying adamantly that the economic reforms are not waiting on the budget. They have said that before, but just repeated it yesterday evening.
Tony: They’re ready, they’re getting their money, and they are just waiting on the world. Someone yesterday did give approval, and several countries are putting on the pressure for decisions – or to decide that the defense minister is not central to the RV. So they are moving on. We are right at the point when we are ready to go. If we do have to do another call, all we can do is tell what’s going on.
DC: As for ISIL, there is still a lot of back and forth that we talked about on Wednesday. It’s looking good, lots of progress. Turkey joined in yesterday, and that gives the coalition bases on the Mediterranean, so that is a huge thing for us. Turkey can fight people in Syria, and those who know the area will fight better. So it’s great that Turkey joined in. There have been a few minor setbacks on the Syrian-Iraqi-Turkish border. The rest are being hit and more air support is being called in.
In the US, the UN is highly supportive, administration and UST are pushing things and the banks are very prepared: they are training again, calling in staff, etc., as we speak. They are prepared for the latest changes in the plan, and they are ready to go!
Tony: they are all on standby for the weekend. Most of the banks have already given their people a date when they expect this to happen, when they will get really busy. It could happen before then, of course. Everything is done, everyone is excited.
So how come we don’t see it then?!
DC: It’s a tossup – we are waiting on Adadi’s speech, some politicians have asked to wait until the weekend. We don’t know everything, but we do know those are two things they have been waiting on.
Tony: Note, DC did NOT say it would happen today or immediately after the speech.
DC: I’m very confused. There are a few things they want to wait for, but after that it’s ‘rip open’ time. There are smart people doing this, so clearly there is something we don’t understand. They have allowed millions of people to have post-dated checks back to January, and now suddenly across the world their family members have not been told what is going on. Some people are sitting at $3.58 and some at 1166, and that doesn’t make any sense to me.
Tony: The ones that are done are happy, and the others are being told that it’s being fixed.
DC: What happens with Kuwait and Saudi Arabia, two of Iraq’s biggest partners – what do they do?! There are two different rates, and they are very upset about that today. The rest of the world has put those two countries in a bind, and they are exerting a lot of pressure on everyone else to sort this out.
Tony: We know it’s done, we know the rate, it’s been confirmed, and although the banks are ready, we’re ready for activation. Do we want to discuss the rollout again? Remember what I told you about the weekend… and we are at the weekend now!
DC: Everyone is prepped for the weekend. The plans in the past have always been at the weekend because there is no live trading and it’s easy to control on the boards. There may be a fixed rate for longer than expected, maybe 3-4 days until the Forex people force them to get it done. My understanding is that they have slowed it down to allow dinarians and such to buy at the fixed rate. Others have contradicted that.
Tony: “No guts, no glory”. It’s that way for a reason. Get the most knowledgeable people over and done before it starts to float. If you don’t the knowledge or experience, don’t do it.
DC: We have a difference of opinion here. I will take the highest rate and get out. Tony plans to ride the wave and I‘m sure he’ll do really well on it.
Tony: Even if you took the highest rate and reinvested at the international rate, you’ll still make money at it!
832 caller: On the last call, you said the leaders were ready but there was still some horse-trading going on. Is that still the case? I mean in the US, the other deal that was holding everything up.
DC: I don’t think we’ll address that, but we can talk about something similar, which is the defense minister. Over the last several weeks, people outside Iraq said that they have to have the defense ministry settled in order to have the economic reform. They have gone back and forth, and now it has been taken off the plate. Both sides are right on different days. It has not been consistent in the same agencies or countries. Finally everyone said, “Good enough; we’re fine.” Senior people told them to stop bickering and get on with it.
302 caller: Is there also a slow rollout for the US as for Iraq?
DC: It has changed so many times in the last year. Some prefer the shotgun approach where you just let rip, but the latest information says they will go in Iraq, but quietly, then they let the groups go – not just the Admiral’s group but also informational groups like TNT. That is, they will give us an 800 number to get all of us through the door. This will slow people getting through the door, and also those who have been complaining about contract rates will go through first. The vast majority who are happy with international rates will go through the bank just like a normal foreign currency exchange.
Tony: We have been told several times to do our exchanges before telling anyone else. Make sure that you who have been paying attention make your appointment before telling your groups who have not been paying attention. That will be a three to five day process, we’re told.
DC: They are not going to allow double-dipping, and some more people have been arrested for that this last week. Currency traders will switch to the international rate immediately, because that this only way they can exchange you.
316 caller: [chitchat] I know you don’t give advice, but in your opinion, what would you look for as a good safe investment after this. I’m setting aside money for high-risk, and also moderate-risk investment, but what do you think would be a low-risk strategy?
DC: I will work out what we need to live on, and then set aside the amount needed to make that amount at 4% per year. That’s what the financial advisors have always told me if I wanted to set my widowed grandma up with something safe. I’ll look for blue-chip companies, local bonds, annuities (though that is not to my taste), and other safe real estate that provides income through rental properties. That’s my strategy.
Tony: I like annuities, because they don’t require a lot of thought. You give them th money and they give you a rate of return you can count on. What DC’s doing is too complicated for the average person. If I am looking to make a legacy for my family, I’m looking at the 3-D printing companies. That is our future in so many areas. You cannot get in there soon enough because they will make that change happen.
Caller: I’ve investigated annuities and I want to be prudent. If the economy tanks, will those companies make it through the dark times.
Tony: Look at which companies made it through the last one because they’ll make it through the next one. They will be the last to go down.
DC: Again, we are not financial adviser, just two guys giving their opinions.
352 caller: [appreciation] How many are on the line today?
Tony: Currently 25,000.
Caller: Why don’t we push this thing over the edge? There are negative gurus and also many are in danger of losing their cards and houses. There is more power in thought than people understand, and I think we can do this together. Close your eyes, and think in their own minds that they have heard the RV is happening. Picture what you will do right then, jumping up and down or whatever. Repeat after me: “Choose to be that will the RV”, and DO IT! Thank you!
DC: We have had the rates from many different banks and sources, just so nobody gets upset.
Tony: That’s why I said it earlier. Let’s see if Texas is paying attention now…
281 caller: DC mentioned a couple of calls ago that in the big cities it might be harder to get a quick appointment because of all the dinarians there. Houston has many zip codes; would it be more prudent to get an appointment on the outskirts?
DC: It depends on where you live. Sugarland doesn’t have many dinarians. If they do this slower rollout, which I think is a good idea, they will not have problems with appointments. Anyone who calls right away should be seen within 24 hours. Atlanta, Dallas, Houston, Chicago and DC all have a lot of dinar-holders, NYC not so much. Las Vegas and Reno have a lot; SF not so much. The other cities, especially under 250K, should get in within a couple of hours.
Tony: So people who think they’ll hop on a plane to Atlanta, don’t – you’ll double the numbers there! But I’ll be first in line… No, you guys will be cashing out while I’m still wading through my NDA.
Caller: How does the slow rollout affect this group of people, the ones listening now.
DC: It’s wonderful to slow down stress, the rates are more stable, you’re competing with fewer people wanting to exchange, and it will give the bank people learn better and faster. It also helps with lines, security, etc.
Caller: So the Admiral’s group will go first, and then our group…?
DC: The Admiral’s group is well-organized, and I understand that the information guys (like Tony) and the financial groups (like the Admiral’s group) will go at the same time.
Caller: Will we need to bring ALL our receipts for all the currencies to the bank? Some have bought a bit every month.
DC: You have to have every receipt for the IRS. We were told by the bank that we don’t need the receipts, but I will bring mine just to be safe.
Tony: And take everything that is pending, like reserves. It won’t hurt to bring them with you, and if you do need them, you’ll be heartsick if you go to the end of the line.
636 caller: Sorry about your baseball team the other day… Some yes or no questions: Anything in the St Louis area? We don’t have Chase or WF here.
DC: There are quite a few participating banks in that area.
Caller: The dong goes at the same time as the dinar?
DC: We believe they will go at the same time, but there is a possible hold on dong. You probably won’t need CCC letters, but again, better safe than sorry. There are still two contract rates at the money, at least for dinar, and one market/international rate.
Caller: On Wednesday’s call, you said they are lined up at the banks in Iraq, yet I saw an Orthodox bishop on Fox News on Tuesday in a live interview, and he said everyone is afraid of ISIL and locking themselves in their houses.
DC: ISIL has been doing pinpoint strikes where Anbar touches Baghdad. Some Christians are also afraid to leave their houses because some guy might kidnap them. Some banks are worried and chose to close down so as not to give ISIL the opportunity to set car bombs or whatever. That is a concern, but it is not stopping the banks. Both Jews and Christians are especially worried about ISIL, so those parts of the town are really shut down.
Caller: It’s my belief that our administration has closed this down because they don’t want five million new millionaires because of the middle class. I don’t understand why they haven’t pushed this through months ago because of increased taxes, etc. Is it possible this RV will go internationally and the US not be part of it.
DC: We’ve talked about this in the past, and because it’s so close, I’m not going to kick that hornets’ nest. Can the US stop this now? NO. What they can do, if they really wanted to, is to make the exchange process really painful, but my understanding is that they are prepared to be very helpful. The UST has been helping with that. They have been unhelpful I the past, it’s true, but now they are being very helpful, because they are beat up even more than the rest of us. Regardless of your political stripes, many people have been beat to hell by this process.
Tony: It’s more than just money in our pockets. This is a global process, and we have avoided a lot of pain for other Americans by the changes that we had to wait for. It’s the whole population that will feel the affects on the economy, especially the dollar.
Caller: Are we looking at paying taxes on 15. December, or will it go into 2015 with some possible new tax laws.
DC: We just don’t know. It’s not clear at all. Some have talked of just taking some tax off the top, but we just don’t know.
Tony: Prepare for the worst. If you don’t, this tax event will ruin the rest of your life. Prepare for the worst and hope for the best.
DC: Economic reform is occurring in Iraq; you can check that on their television. Everyone is being paid and Iraq is moving forward. We are to be paid very soon, with new rates being shown throughout the world. We are not telling you the exact time, but things are looking really, really good. Thank you to the IMF, UST, and everyone else working behind the scenes.
Pam: Thank you to the Mods, transcribers and all the wonderful members who help others or just hang in there and support us. You know what you know; take your time and think about it. Be careful about who you trust!
Tony: there is the news – it could be any time, could be the weekend, could be the Tuesday plan. Abadi is set to make a major announcement tomorrow. It’s already after midnight in Iraq. At 3pm eastern time yesterday, all countries were in agreement for this to go. However, we are still here. Nothing but good things to report. Congratulations to Iraq, and we’ll see everyone on the final call, and I hope that is over the weekend.