(Notes by Adept1):
Replay 605.562.3179, PIN CODE 409029#
TNT Call notes 7-September-2016
Ray: Good afternoon, TNT super-fantastic family! Today is Wednesday, September 7, 2016. [We did not have a call on Monday because of the Labor Day holiday.] RayRen98 here… [missed the first few minutes]
We hear that some people are going doing without food in Iraq. They are fasting to make a point. We’ve been focused on so much other stuff the word doesn’t come to me – hunger strike? I don’t understand the reasoning on that; if I can’t get done what I want by protesting in the street, I don’t think starving myself to death will do it either. But their major concern in Iraq is about corruption; you don’t heard them saying a lot about the currency – or I don’t, anyway.
Mosul keeps being talked about, and some folks are saying that is just a distraction. Some things are meant to be scapegoats for particular reasons – it’s something to think about. Then there are the news/articles about the currency brokers selling dollars over there. I remember being told that when it’s ready to hit the fan, there will be a push for everyone to use the dollars, so hmmmm.
We heard about banks buying out other banks over the weekend – who knew that would happen? And what does that do to their internal systems, electronic systems and so on in the midst of this big RV activity we are anticipating? Interesting.
We are picking up information like major currency market shifts by the end of the month – that doesn’t mean AT the end of the month. That suggests ‘in the process, any day’ they are getting things done. Things are changing.
Then we have bank stories from individuals. One person had a dong exchange that is still showing ‘pending’ yesterday; I’m waiting to hear about that today. We heard about a dinar exchange, and they were told their account would be funded in 24-36 hours. Right now that person is MIA, and we may hear from that source today. People are hving bank appointments, with calls last Friday saying “come in Tuesday morning with your currency, this is it.” One person said that they were put on hold, that their exchange could not proceed. Then others anticipate seeing their bankers this week, and others have reported appointments today/tomorrow to discuss banking and possible exchange. One person’s banker said that the G20 put on the green light, but for existing preferred customers only; they processed those individuals, and they report that their accounts were funded today, and they are going back to continue the process they had started. The US dollar amounts for those accounts should be about $200,000 for one million of that particular currency. That bank does two currencies, as I understand it. So we are in the midst, in the season. Yesterday was there time, and today could be our time, and tomorrow could be everyone’s time. I do believe we are in the season.
I believe that is all that I can share with you.
Questions from the Forum
Q: Ray, on a recent call you mentioned that post RV one of the things that were being lined up was digital; can you elaborate on that because just saying digitally is too broad of a spectrum.
A: I can’t right now, so we’ll have to let it stay broad for the time being. Things will happen, and then it will be clear, not hidden or tricky.
Q: Rayren…I keep hearing that there is a prerequisite for getting a good rate for the Zim that we MUST have a 3 page Humanitarian Project Plan in order to negotiate the best rates? Where did this come from and is this legit or rumor. No such qualification was mentioned to me by the WF banker with which I conduct my business.
A: Nor to me, either, from my different banker, so all I can say is that I’ve never heard it.
Q: I’m in Toronto and I would love to know if exchanges are happening here. Do you know which banks?
A: Yes, and I can’t say which ones.
Q: Can you describe the process, who and in what order must things be done for this to be “triggered”?
A: I really don’t know that. The bankers are frustrated, saying this really should have happened, don’t know what or why; others have managed to do exchanges and accounts have been funded.
Q: Last Monday your bankers were telling you that you would be in the bank last Thursday or Friday. What about this Thursday or Friday?
A: Sounds good to me! The banking community is really in a worse situation with this than we are, because we are gung-ho, but they are confused and don’t know what to think. But at least this is the final roller-coaster ride. I’m looking for all of this to be over pretty soon.
Q: Any updates from Iraqi television or in the mosques?
A: No more than I shared.
Q: Do you see Iraq being an official member of the WTO within the next ten days?
A: Anything is possible, and more than likely probable.
Q: Outside of the IQD contract rate, do you expect the market rate will top out above $12.oo before it settles back down in the $4 range and opinions on what time frames. What average rate for the week is the bank screen showing for Zim-IQD-VND? It would be nice to have a current base line… Any word on taxes?
A: I have not idea about where the rates will go. Lots of people are watching what happened in Kuwait. I don’t think we’ll lose anything by watching the market rate go up and come back down, because I don’t think it will go lower than the opening rate. As for ‘average rates’, IQD = an average of $4.00; VND = an average of 40 cents ; Zim = maybe nine cents. I haven’t heard anything on taxes.
Q: Any word on the card rates of those Iraqi Olympians?
Q: Ray, we don’t have an account anywhere that would give us access to a wealth manager. Is it still too soon for me to make that kind of a call and get any good results?
A: It’s not too late to establish a relationship with a wealth manager.
Q: Why do you leave out 1/3 of the country for your post-RV conferences? There is nothing for Mountain Time or Central Time north of Texas.
A: The idea came about to launch these banking seminars so the banks can tell us what they have to offer. To put on such an undertaking, I needed individuals to organize, secure locations, talk to banking people who were willing to talk to 500-1000 people, without much involvement on my part aside from coordination. So that determined the locations.
Q: I want to set up a trust or LLC and I need direction on which. I want fix up my home to sell and downsize to a Tiny House but want to develop property to put homes on (thinking shipping container size lots). Each member of the corporation would have a lot on the property along with common area kitchens pools gym gathering place tiki bar gardens etc. What would I set up after exchange?
A: I can’t tell you what to do with all of these points. Focus on learning what you can do with each type of entity, then use the tool that best fits your desires.
Q: This is the first time I have heard anything about small denominations or fils being put into circulation?
A: Yes, I have, but we’ll just have to wait on that.
Q: In the tweet, it sounded like someone exchanged but didn’t get cash in accounts; I guess IOUs? Do you feel that is safe? Remember Tony said that we need a deposit slip with cash before leaving the bank.
A: They didn’t receive an IOU, they were just told their accounts would be funded in the morning, and that is the case. They have been funded and are now making their next moves.
865/404 caller: Re the exchange process, and especially WF saying they are the only ones to handle Zim, while the other banks will handle the other currencies. What does this mean for us? Multiple appointments? Or one with Abbot Downing and the rest with Wells Fargo?
RayRen: I am not hearing this from my own banking sources, but from members saying this or that. I know there are WF people on the line – please contact me and let me know if the zim is the only currency you will handle, so that we can plan. I don’t know if that is true or not; my WF sources have not said anything about this. It would be great to have something definitive so that people don’t come in acting crazy.
Caller: Re ‘average rates’, might it be easier to give a range?
RayRen: I’d rather give the average! I don’t know what the current ranges are – I haven’t heard any since the ones I gave you the other day. I’m really trying to be calm on this call, if that means anything to you. I give what I can give while thinking about what I can’t give.
[I had to leave the call here. For Ray’s closing remarks, check Sunny’s Cliff Notes.]