Tony conducted a two and a half hour conference call this morning starting at 10:00 AM PST, including about 90 minutes of Q&A. Tony’s Washington contact “DC” was present for the first portion of the call and contributed some explanatory remarks.
Tony opened by saying that a lot of good information has been received, the roller coaster ride is almost over, and that we are still hoping for the RV to be activated today. The next call should be about beginning the next phase of our lives, and how we can begin to live the “good life”.
There are some changes in the way things will be done during and after the currency exchange process, some of which cannot be discussed during this call.
At this point Tony commented on his preference to deal with ideas rather than administrative details, emphasizing his record of integrity in his dealings and his ability to keep his purpose and his goals in focus. He noted that there are dinar sites out there criticizing TNT, yet no other site is providing reliable information concerning the RV/CE processes. He remarked yet again that the work he does in TNT, for which he did not volunteer, requires an enormous amount of personal sacrifice on his part, and on the part of the staff and their families, and that he would not wish his job on anybody.
Moving into a description of the RV situation as it stands as of this morning/afternoon – Tony stated that there is no negative news, there are no further deals to be made or agreements to be signed, everybody is cued up, including the banks, the IMF and the UST. Enhanced security arrangements are in place, and call centers are being manned full time in order to avoid providing timing clues triggered by call center activation. Exchange centers will be manned only after the 800 numbers are released.
There are some bankers who want this to happen right now, others who would prefer to wait until after January 1. However the banks don’t control the timing – that will be determined by the IMF, which will then give the OK to the UST to release the 800 numbers.
There is confirmation that the bond sale in Iraq was concluded incorporating a dollar exchange rate of $3.71.
Many contracts are in place in Iraq for economic development projects which must commence immediately after the first of the year. Payments on these contracts must be made at the new rate. As DC put it – “the cost of playing poker is becoming unacceptably high” (for those who might wish to further delay this process).
The WTO audit took place over the weekend and was completed successfully.
With respect to the “three zero” notes – DC explained that the process of removing these high-denomination notes from circulation has been going on for two years and is not directly correlated with the timing of the RV.
As it stands now, based on the best information available, there will be a single 800 number specific to each available contract rate for the IQN and the VNN. (It is not clear if the IQN/VNN tiered contract rates will be paired.) Each rate will be associated with a specific NDA and with specific but unspecified restrictions. The nature of these restrictions will not be known until the release of the 800 numbers. The latest NDA information indicates that there are thirteen different versions of the NDA currently in play, although it is not clear that all of these versions will be used.
Once having selected the desired contract rate, and upon calling the respective 800 number, the individual dinar/dong holder will be asked to select the bank at which an appointment is desired for the currency exchange. He/she will also be asked to provide the amount of the respective currencies on hand as well as appropriate personal information. The manner in which reserve/lay-away currency will be handled is not yet known. Currency holders seeking to exchange at a contract rate will be required to provide proof of U.S. citizenship. Tony does not believe that using the proceeds of a VNN currency exchange to pay off dinar reserves will be considered “double dipping”.
Oil credits are the basis for the high contract rates, as well as a vehicle for recapture of the costs of the Iraq war. The U.S. co-operation with respect to the China contract rate is based on the fact that China does not have internal petroleum reserves in ground, and that it is in the interests of the U.S. to assist China in securing long-term petroleum supplies.
In response to a question concerning the delay of the RV from its anticipated activation last week, Tony stated that a number of officials have been removed, retired, resigned and even arrested since last Tuesday.
Tony reiterated that all four currencies (dinar, dong, zim, and rupiah) should reset simultaneously, and that the rates remain consistent with previous rate information.
In closing, Tony stated that he is looking for the RV announcement soon. It could be today, tonight, or tomorrow. Everything known at this point is positive for the RV. Rather than concerning ourselves with the exact timing of the RV, we should be focusing on what we will need to be doing, what exact sequence of actions we will need to take, when the RV is announced.
He stated that he expected that the next TNT call would be the one following the RV announcement.
[NOTE: EVERY EFFORT HAS BEEN MADE TO REPORT ACCURATELY THE SUBSTANCE OF TONY’S REMARKS, IF NOT THE ACTUAL WORDS FROM MY NOTES. IF ANY ERRORS OR SIGNIFICANT OMISSIONS HAVE BEEN MADE, I WILL MAKE CORRECTIONS AS APPROPRIATE BASED ON COMMENTS POSTED.]