Replay 805.399.1500, PIN CODE 409029#
Tony: Good morning, TNT! Today is Wednesday, November 26, 2014, and I hope you have all have a Happy Thanksgiving. We are only going to have a one-hour call, with one question per caller AND we are ONLY going to take first-time callers as per the Tyrant (Pam). So if you have ever been on the call before, take your hand down so that we can take some new callers today. We want to give these people a change. At some point, the Tyrant should be on the line – she’ probably getting ready for tomorrow like all of you.
There are some really good things happening – DC?
DC: This is my favorite holiday of the year and I wish everyone the best. Iraq is supremely ready. They have passed a few more laws, verification sessions and big meetings in the last few years. A ton of people from the PM’s office, banks, CBI and the finance ministry are all saying this is happening now. They are running on television that this will be complete by 1. December. ISIL is being beaten back, too.
Something that is confusing to us is going on and we don’t understand it at all. However, it’s wonderful, too. Yesterday and this morning, prices have changed further in the major business centers – airports, major chains, etc., are reflecting the new rates as of yesterday. That’s what they are advertising on the boards and screens. We’ve been dealing with five different rates, but now all the major financial movers are reflecting the new international rate of $3.58. This morning, I got seven independent contacts on this, that they are paying for gas and such at the new rate. I had seven confirmations on my side alone. However, the banks are mainly showing the old 1166 rates, so it’s confusing but still a wonderful thing that you can do major purchases at the new rate.
Tony: So we had a guy buy airline ticket for 300 dinar, going out of the country, and that is the first time they took dinar for a plane ticket. He did it on his MasterCard, left the country, and at the next airport, he could pull $3,000 off that same MasterCard. He did that last night, and we figured the rate at $3.58 and his card worked both inside and outside the country. They told them the cards would be loaded by today, and that they would be adjusted internationally. They are waiting for some announcement to get everyone on the same rate. They said the process began last Saturday and it will be completed by 1st December. They are making it happen, which is all good news for us!
DC: Monday night it was supposed to go down. Iraq said they’d do it in the middle of the night Iraqi time, and the US stopped it. Iraq didn’t take that well, blew a gasket on Tuesday morning, and were livid. We understand in the meetings that they didn’t realize how sincere Iraq was, it was a misunderstanding, and now the major financial institutions are accepting the new rates, such as gas stations and airlines. They are having that slow rollout, which is confounding us, but they are making those changes since Monday night. Now the US is supporting the changes. They are now starting, and until it’s done nobody is breathing easy, but it’s looking good and I love that prices are changing at the major institutions now.
Tony: The US wanted to do a slow rollout, paying the VIPs and groups, getting them through methodically. They asked Iraq to do the same thing and even though they didn’t want to do it that way, that’s what seems to be happening. They are doing it by levels right now. Right now, we hear they are going through the hierarchy.
DC: That’s what they are doing, yes. So again, Iraq is being well-advised by top Iraqis and other statesmen, and we are grateful to those men and women. The UN keeps trying to press and push, yet keep everyone on calm. They helped resolve the misunderstanding on Monday night. We pray the US guys continue to be in agreement. The banks continue to cash people out in a major way, and although that is frustrating on one level, it’s encouraging that the systems are working, and it commits more people to get this done. We understand that everyone is prepared for the general public at any minute. We have been told the US banks are NOT working over Thanksgiving, but the call centers are working and the banks and exchange centers will take appointments for Monday. Don’t expect exchanges for the general public until Monday.
Tony: However, we know more people who are exchanging today and Friday. The system is working and sooner or later they will have to get to us. This is coming! The rates ranged from $3.58 (international) to mid-teens (contract rates) and also a few as high as $28.50. The contract rate pool is still available.
Tony: That is yesterday’s payouts.
941 caller: How do we validate that we are going to a real bank location?
Tony: You may not go into a bank – not all exchange locations are banks. It will probably be a banking office. All we are going to do is give you an 800 number.
DC: Our understanding is the banks want to keep this as low-key as possible, and that’s why they are having us tweet it out, and also there may be brochures. You call the number and they set up an appointment for you. Because it’s an internal loop, that should be great for security. If you call the 800 number we send out, it will connect you to them officially and the bank will give you the information.
Tony: If you see an 800 number just on some site somewhere, you’re taking that on yourself. We cannot stop stupid people doing what stupid people do. So get it from our tweet or site.
DC: The banks have printed up the brochure with the 800 number, and they will hand it to you at their branches if you ask. Call that number and they will direct you through the process. They will do that on top of sending it out online (through twitter or TNT).
Tony: They are trying to get the dinarians through first, the people paying attention, so they don’t want to make it that public.
Caller: So will the number you give us on Twitter the same as on the brochure?
Tony: Each bank will have their 800 number on the brochure, so it will probably be different than the one we give you through twitter. The 800 number we are give out will send them to a central exchange and then they can choose which bank they want.
201 caller: Will Sterling be available to exchange when the 800 numbers come out? Will the rates be on Forex?
DC: We don’t know what’s going to happen with Forex – that might not change until 1st January. That has changed so many times we just don’t know.
702 caller: Are they exchanging in Las Vegas?
DC: Yes, they are and they will be.
404 caller: I have a super-important question. We haven’t heard from Okie. Is that because he has cashed out?
Tony: I talked to him yesterday, and he has not exchanged. He is hearing good news, I can tell you that; he is being careful about what he is posting.
239 caller: This is Ray’s twin down in the Everglades. They don’t talk about me, DC!
Tony: I didn’t know about you! If you look like Ray, I feel sorry for you!
Caller: I’ve been listening to the call for years, and I’ve been waiting for hours, and none of my friends had a question that I would be allowed to ask. [Appreciation]
405 caller: I have a simple but complex question. We were here last year, been down this road for the last four years or so… what make today’s news different?
Ray: The information we shared at the very beginning…
DC: Where Iraq is politically, socially and militarily, what they are doing with their own slow rollout and how they reacted on Monday night and Tuesday morning. Also, the US has been exchanging people for 28 days, en masse.
Tony: The US and Great Britain have both been exchanging significant numbers since the beginning of November, which locks us in to doing this. That didn’t happen last year at this point. The fact we know people personally who have been paid or with appointments to exchange this week, that gives us confidence as well. What happened yesterday in public between major countries, that gives us confidence that we are light years ahead of where we were last year or last month. The plan for now is 1st and 5th December, those are significant dates for you and me, and those were not in place last year.
360 caller: I finally got through after two years! My question is: my daufghter is studying in Ireland right now. Can she exchange over there?
DC: Are you a citizen? That will be the issue. As a US citizen, that could be sticky.
Tony: So she has to come home, and you get to see her!
Caller: I know she needs money and we are praying for this!
Tony: If have you have a card, a credit or debit card, you can get a second card on your account and you can mail that card overnight to someone overseas. They can be used internationally and you can transfer money from card to card. If she is over there and needs money, send her a bank card.
Caller: How do I exchange for her?
DC: The 800 numbers and packet should explain all that. You might need a power of attorney. My deployed friends can have their spouses/parents exchange for them.
951 caller: Happy Thanksgiving! Back in November last year when the politicians were being exchanged, they promised the public we would have a better rate, and then we will sweep the past under the carpet. Now it seems like a low rate – why is that?
DC: One of the major points ‘we are the people’ got agreement on is that a decent percentage of those getting the contract rate will be the general public, and that is still the plan. I checked yesterday.
Caller: I hope we get this thing for sure by 1. December; this roller coaster is a pain!
239 caller: Is the Global Currency Reset still in play? Have they been exchanging the dong as well as dinar.
DC: It’s been on and off, but we understand that people we know are exchanging have exchanged all four currencies.
Skype caller: I am a first-time caller, and I have a question. What would keep the banks pushing this back further and further?
Tony: It’s not the banks doing it. DC will explain exactly who is doing this, and what made yesterday’s meeting make things a bit different today.
DC: Good question. The short answer is that a large number of folks putting this off are just being jerks, but others say they are forcing Iraq to grow up. They have done many actions they have been asked to do, and they are being snowed with ‘good ideas’ instead of shooting the darned thing. On Monday night, Iraq gave an organized response to assert their position, and the US agreed and backed off. Therefore, we believe that Iraq having more force behind this means they can no longer be divided and conquered. They are united now in pushing forward.
Tony: What they asked for and how they presented themselves, the US could have said, “You have grown up and that’s what we wanted to see”; what the US actually said was, “Okay, we cannot argue against that, we agree”.
416 caller: I’m from Toronto and I have a Canada-centered question.
Tony: We got calls from two people who exchanged in Canada yesterday, international rates, but they did exchange.
Caller: In previous calls, we were told you would tweet or text out the 800 numbers. Canadians are concerned that because we are not US citizens, can we cross the border and exchange in the US? Or if we have to wait for Forex, could our notes become ‘stale’ and useless, like in Kuwait?
DC: I firmly believe the Canadian government has a process for their citizens, with exchange centers in all major cities, and following that just exchange at any bank as soon as the rest of the world exchanges.
Tony: You are lucky because there is a delay plan here in the US. As soon as the 800 numbers come out, that is your signal as well.
DC: NDAs only apply to contract rates. All the exchange centers/banks at international rates will not have NDAs.
908 caller: Happy Thanksgiving.
817 caller: Are we still due to exchange by 1st December? Did anything change?
DC: We know they are prepared this at any moment. We don’t think those listening to us will exchange prior to the 1st, and many will be fine if it goes a few days longer. We are waiting for the public in Iraq to go and then we will be good.
Tony; They are telling their people in Iraq that this will be COMPLETED by 1st December. We have been told the exchange centers will not be operating over the weekend, but the call centers will be open, so that people can make their appointments starting on the 1st. The call centers will take calls even while the exchange centers are closed.
407 caller: First-time caller, but listening for years. One thing I’d like to ask about is the process for those with dinar within a self-directed Roth IRA. How will that be managed?
DC: It depends on your trust company and how they work. They all have different rules for 401k participants. On mine, they physically hold the dinar, and they then have to exchange it for me. Others give you control of the currency, but you have to write down everything you do with it, and you have to follow their rules.
Caller: I don’t have my physical dinar, and can’t get my hands on it directly, so I don’t know how this will work. It gets complicated because it’s an out-of-state depository.
DC: They will have to do that for you, and I have to pay $75 per hour plus a $100 one-time fee for those who have gold, hard assets, currency or whatever.
832 caller: I have waited almost two years to get through! I need to put some pieces together here. We have different tax rates, plus these other currencies. How does someone decide which rate is best if they are setting up foundations and churches to help other people. Now they are staying the banks will control how much we get depending on how much we leave with them; if the bank says we’ll give you X amount if you keep money with us for Y amount of time… How do you work that out, especially if you are close to retirement?
Tony: You want us to answer an hour’s conversation in two minutes!
DC: Get a really good trust attorney to help you. How long you want to keep it there depends on the conversation you have with individual wealth manager. Talk to the wealth manager about what you want to give and what you want to have the bank invest for you. It’s more about who controls it than how it’s divided up. I might give X, Y and Z to three different foundations, but the entirety of the amount counts for figuring out the rate. Get a good tax and trust attorney and let them help you when you meet with the wealth manager, more than the first exchange appointment when they are pushing us through the chute. Once you get over the emotional part, it will be calmer for everyone.
Tony: You do the exchange first, and then 72 hours later, you will meet with your wealth manager and THEN they may offer to bump you up if that is suitable. Okay, DC, we’re done!
DC: We believe there is a slightly confusing situation where prices are changing in Iraq. In some places they can buy things at the $3.58 rate while next door it’s different. We have nine independent confirmations from Iraq at the new rate, even though they had to pay different rates on their next purchases. This is a very positive move and we expect things to change quickly. It is a realistic possibility to make appointments before the 1st, and more likely you will change after that.
Ray: Continue to enjoy Wealth-seeking Wednesday and Happy Thanksgiving!
Tony: Pam is tied up but she would say “Be kind to each other, and have a good Thanksgiving!” The meeting yesterday was great and everyone is agreeable and authorized to do it whenever Iraq decides. They get to pick the time. Don’t expect to be rich before the 1st of December, which is Monday. Enjoy Thanksgiving. If we get some good news, we’ll have a call on Friday. The company has asked us to pay the bill! We are just that close to the 800 numbers. The procedure may have changed again this morning, but I think we’ll still send out the 800 numbers. If something fantastic happens, I will tweet it out anyway! Enjoy your day.