TNT Call 25-Apr-2014 Notes
Tony: Good morning, TNT! Today is April the 25th, 2014. We’re having a late call because we wanted to accommodate DC and he had something else to do. The reality was that we hoped this would be our only call today. We were verifying things, and they are looking very positive. DC will do his best to convince you that you are in the right place at the right time, without jumping off a cliff. We are not going to go in depth, but we can say some things.
DC: Television? We have seen on the BBC is saying this morning that…
We are in the exact same place, with everyone in lockdown. Everyone is getting fidgety and aggravated, because they are not used to being in lockdown, nor are the banks comfortable with this. Last minute changes took a little time, and now we are in the window.
Tony: At 2am on the BBC, is that Iraq and others currencies have revalued, bringing Iraq back into the global markets. We told you a few other things in the last weeks, at 2am, when nobody’s watching. So that is significant. That was on television.]
DC: In other global news, Jordan and Dubai have accepted the new rate, and positive things are happening in other countries.
Tony: Where are we at in accepting the rate?
DC: I understand that we are accepting the rate and now rolling it out.
Tony: We haven’t have announcements here in the US, but other countries are aware and ready to go. Our banks and exchange centers are ready to go, and people have been notified. We have to skirt around some stuff here.
DC: We’re in a great place, and the question is exactly when. They have backup plans in place, and we’re going to see positive movement. The elections are still there, and the politicians still expect the same thing.
Tony: Security is still in lockdown. [DC: Yes.] Security has been sequestered at this moment. We are right there! The RV happened a week ago, let’s just say that. It went live, all the countries have accepted it, the reality is that a few people still don’t want this to happen, but many more do. We’re on the one inch line. But this is more of a chess match going on daily. The match continues until it doesn’t. So many pieces have been moved off the board that we are down to the last couple of pieces dancing around the board until they get cornered. One side has a lot more pieces, but we still have to play the game until it’s done. We’re excited, we delayed the call because we hoped you would be excited, but here we are.
DC: We are frustrated and excited about exactly where we’re at. We’re just waiting. That’s all we can do.
252 caller: We’ve been on this call so many times and you’ve asked people to put their hands down. I know you don’t want to offend anyone, but we are the people and we need to care about each other. We have people with valid questions who cannot get on the line because some people come on again and again without anything new or just chatting with Tony or DC. Take your hand down if you’ve been on the call before! You are causing people to give up because they cannot get on when they need to. These are your brothers and sisters, and if you act like this in the good times, what will you do in the bad times. It’s disappointing to hear this going on. We need to stop acting like children. God bless everybody; keep your eyes on the King of Kings.
Tony: Thank you, sir. We really appreciate this. This guy has been on for 315 minutes, a long time to say that to you. I have 93 people with their hands up, and a lot are the same who have been on over and over again. Give someone else a chance!
903 caller: Just waiting on this to RV. We’ve sometimes been hard on you all, and we know what you can do. We thank you for what you have done. You cause the stress to be lighter, at least on me, and I thank you.
Tony: Because you have been hard, can you be harder on DC? <laughter>
601 caller: [transmission cut out, missed the question] If you don’t have patience, you’ll be among those who lose everything in the first few years. I appreciate you.
Next caller: We are newbies, only been in this for two months, and we have a lot of questions. About taxes: When you say take out 50% off the top, do you have to pay taxes every year?
Tony: This is what I said, and this is the plan I’m going to use. Because we don’t know what the tax rate will be, I’m setting aside 50% for taxes, and I’ll put it in an interest-bearing account. I’ll put 25% somewhere it will make money for me. I’ll take the other 25% and do what I need to do: pay bills, buy houses, cars, take a trip round the world. Sometime in the next nine months we will know what our tax is on this money. If it’s less than 50%, I get a windfall and my tax is paid. I can put the remainder to work. I have money making money, and the interest/earning will get taxed as income at whatever rate.
Husband: The tax lady we have may not know about the currency. If I sign the NDA, do I need to get someone who already knows about the currency, or make a change?
DC: The question is about your accountant? Your accountant is going to need to sign an NDA in order to see this income. They are used to it. If not, or if they are not comfortable with an NDA, then find someone who understands what is going on. But they will have to sign an NDA to know about this income.
Husband: What should I say when we go to the bank? They have never let us see the wealth manager before…
Tony: If you don’t already have a wealth manager, you won’t get one until this happens. Make sure you have a plan for when you walk into the bank. Can you believe that? They’ve been in this only two months, and they got on the call!
520 caller: Quote from Edmund Burke: The only thing needed for evil to triumph is for good men to do nothing. We can make a difference in our country and state, and I want to encourage everyone to do this.
The tax law has been changed for trusts. Trusts do not pay taxes; it’s only when you take the funds out for personal use that they pay taxes.
DC: That is not true. Different trusts have different tax strategies. Some trusts are pass-through trusts, and some stay at the trust level. But you will pay taxes, sooner or later. It just depends on what you and your attorney and accountant agree to.
727 caller: [Thanks and appreciation] We’ve been in just over a month and we have some questions. WE are gifting some dong to our kids in three different states. We will have time to fly to each of them and give them the money and make their appointments?
Tony: You’ll have time; I don’t think the rate will stay the same. You can complete your documents, put those and the dong in a Fedex mailer, and send them off. Then they can make their own appointments. Sterling uses Fedex and it gets there the next day. Just do your gift letters, send the currency, and get them all on a conference call. Or, the day this happens, send them each a plane ticket and get them to come to you!
Caller: We tried to open our new accounts, but because there was a charge-off, we could not open the accounts. Should be try again or go elsewhere.
Tony: Once this happens, the banks will open new accounts.
Caller: Our currency hasn’t arrived yet…
Tony: You cannot go to the bank until it arrives, and I would wait until it arrives before you make the 800 number call. Or you can go in, show them proof it’s on the way, and they will make you a second appointment.
Caller: When should be contact a tax attorney?
Tony: We don’t know the tax situation until this happens. You have 60 days before the end of the quarter, so you have some time.
423 caller: I am going to open a PayPal account just to donate to you. I am a truck driver, I have listened to books and calls, and yours are definitely the best value!
You said that this is not technically an investment. If they choose to tax it as an investment, what about the people we have made gifts to?
Tony: It’s a gift to them, not an investment. DC?
DC: Bottom line, if it’s a gift it will be treated in a different way, and that depends on the amount. One 25K dinar? Donate it to them beforehand, and let them pay the tax on it, not you.
Caller: So they would pay it on capital gains? Or as a gift, gift tax?
DC: Right now, it won’t be taxed because it’s under $14,000 per year. You should talk to a CPA who can check that you are okay. It’s a real issue, and we won’t know about it for a while, so set aside 50% as Tony suggested.
Tony: You don’t want to be holding the dinar, exchange it, you pay tax on it, and then they have to pay tax after you’ve given it to them. They need to sort out their tax after exchanging it themselves. We don’t know what the tax situation will be. So give it now!
Caller: Looking forward to meeting you all!
937 caller: [Thanks and appreciation]
tony: They are the best team in the dinar world!
Caller: First time on the call. Will my whole family be able to set one appointment and exchange all at once.
Tony: I don’t think so. But you can ask them, and maybe set up appointments back to back. They want you in and out in an hour. If you cannot meet that criterion, they will reschedule you for the end of the cycle.
Caller: If we can all go at once, will that give us more bargaining power?
Tony: The more you have, the easier it is to negotiate. They want to set the criteria, get you in and out on their terms. But we know the more money we have, the more opportunity we have to discuss things and work them out.
Caller: In your opinion, what will be negotiable, and to what extent?
DC: Here’s what I think will happen, and it can change tremendously. Our understanding is that everyone’s so impatient that they will NOT negotiate, but put you back at the end of the line. You have to ASK for the different contracts before you go in there. Once you are in the meeting, they will go over to the NDA and process, and you will agree and sign things and you’ll be done. Initially, the bank’s flexibility will be slim because they are under time pressure. It depends on your tolerance for risk. You are not negotiating for your entire life at that first appointment. Some fees and such should be negotiated a little later when they have a bit more time and patience.
Tony: They are going to give us the package first, before you go in. You will know what you’re looking at before you walk in, because they want to speed up the process. A few days after that you will meet your wealth manager, and then there will be more time and flexibility.
Caller: I am curious about the rates, fees, and whether they are negotiable.
Tony: They’ll say “here is our cookie-cutter; are you in or out?” They cannot negotiate with everyone; they want to get everyone through in about four days.
Caller: Better to go to the bank or Sterling?
Tony: Sterling cannot offer you the contract rates or the perks of the banks. You will have to decide that for yourself. You’ll have to choose if you can accept the contracts and NDAs as they stand or not. We’ll go over the information so you can make the best choice, but it’s your choice.
Caller: Based on the information you have, what percentage is it likely the RV will be here by the end of the month?
DC: Everyone is pushing to get this done. The guys trying to make money on continued delay don’t have a lot of power left; they’ve played their hands. Everyone we’ve talked to in Iraq, Jordan, Saudi, Brussels, DC, IMF, UN, DBI, and other agencies, everyone agrees they are trying to get this done right now.
Tony: they agreed with us yesterday, too! With the television broadcasts, we’re feeling better. We need to move on.
Caller: Where do we get the NDA from?
DC: They will give you the NDA at the bank, and they will give you copies for your CPA and/or attorney. Both are very used to signing these.
815 caller: Can we presume that the banks will know what a CCC is?
Tony: They will know; it’s what they do. If not, you’re at the wrong bank.
Caller: I bought a small quantity at the local Chase branch. Should I go back to them when this breaks?
Tony: Yes! If you have a personal relationship there, they can do things for you. The 800 numbers are for the general public. It will be alright to go to your local branch.
Caller: I am a trustee, and the plan is to exchange some dinar and dong into the trust, but the beneficiary is someone else.
Tony: That sounds normal to me, no problem.
Caller: So I sign the NDA, and they get funds handed over to them from time to time…
Tony: Yes. You are the trustee; that is your job.
DC: Depending on the type of trust and the NDA you sign, the beneficiary may have to sign as well if they have knowledge of the currency.
Caller: Tony, once you buy your first bank, I can offer you a great lending opportunity… and I might ask you to help me buy a bank, too. I could offer maybe 30 million in new deposits to go with the lending opportunity. Please write down this number!
405 caller: I’ve been on hold for 342 minutes! In reference to cashing out, will they pay us in UST vs. FRN?
Tony: When you go to the bank and they give you yellow, pink or purple bills, those are Treasury notes. If the bills are green, those are Federal Reserve notes. There are NO new dollar bills at all. The UST will be tracking the money exchanged for dinar; that is backed by the Treasury notes. The others are backed by the Federal Reserve until we change over. So it doesn’t make a difference once they go in your pocket. They are only different for tracking and for taxes.
Caller: So as far as penalties go, that depends on whether we take the contract rate or the street rate…
Tony: They say we can go over this with you before you go to the bank, and we’ll have a bank rep with us so that you can get that done before you go to the bank, so that you can go in and out within an hour. I’ll take the money (i.e., contract rate) because the rest of the details can be dealt with.
As I’ve told you before, when I was in network marketing, people used to say “I don’t want to make that much money because I don’t want to pay that much in taxes”. That just doesn’t make sense to me. DC?
DC: I’ll probably take the highest rate because I have no problem with an NDA or paying the taxes. If that means keeping quiet, that is fine with me. This is an investment; you need to treat it like one.
