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Wednesday, November 4, 2015

TNT CC NOTES, 4 NOV

Replay 605.562.3179, PIN CODE 409029#
Tony:  Good morning, TNT!  Today is Wednesday, November 4, 2015.  I don’t know what happened today but something … they aren’t letting you call in on the webcast until 15 minutes before the call but when I checked it before the call, there were already 20,000 on the line, and 35,000 total on the call.  I don’t know what they are hearing, but there are many more people than usual on the line.  We do have some really good, exciting news.  I do hope this is the very last call, our last week – it is that close.  I haven’t paid the bill, and hopefully don’t have to.  I pray to God that we don’t.
Man, everything is super-super positive –everyone is ready, the rates are on the board, and calls from several countries are seeing the rates and they all say pending. They have a date and time for this to go live, and it IS this week.  There isn’t much time left in this week. There have been meetings with bankers and wealth managers, and have called people in for appointments this week.  They all feel it’s happening this week.  The banks have brought in some people to find out what they need, to get a head start and build their client lists.  There is nothing wrong with that – it’s what we want to see.
My understanding at this point is that unless you have a couple hundred million USD, you will most likely NOT sign the NDA – that limit or higher.  That’s the latest thing I’ve been told, although I haven’t seen it in a document. That’s how they are trying to set it up, with higher rates than we originally thought – double, triple, trying to share the wealth with more people.
In Iraq, Abadi gave two speeches through the mosque, on Sunday and Monday, saying that everything the country has been waiting for, the people are about to see – prior to Eid.  Some people in Iraq expected to see this yesterday and/or today, and expect another update at evening mosque today.  They are supposed to be told exactly where they are with the reforms and when they should be completed.  Everyone is happy, and they fully expected to be paid yesterday or today, and they have been assured everything will be explained to them today in the mosque.
There is currently a meeting going on with several international agencies that started at 12.20am last night and it’s still going on. Once this is concluded, activation date and time will be given. That’s my understanding, anyway.
Supposedly NDAs under ten million US dollars will NOT be required, unless the bank is scared.  It could be 500 million at contract rate that an NDA will be needed.  I’m just giving you the pieces of information coming out of meetings. I’m just telling you in case we don’t end up doing a call.  If we do the call, I’ll explain the details then.  The rates are looking very good and on the screens in different countries.  Six banks in the US have the rates on the screens saying ‘pending’.
I’ll read this part, from Pam (the tyrant):  This keeps popping up and many are concerned.  Will the banks send out the currencies off to be verified or will they be verified on site?  Many are concerned about derivatives, counterfeits, banks taking the currency and the customer not getting credit, etc.”  That’s a text sent to Pam that she sent to me.  Here is the real deal:  years ago, when this was put together, I had bank personnel who had worked at the banks for years saying, “Don’t trust the bank!”  They would not leave their own money at the bank where they worked!  On the other side, people in the banks told us they had been trained, been told what to look for, and also that some personnel would be hostile because they missed the opportunity of a lifetime and might take it out on you.  Nobody can protect you from all of that except for you.  Bank people are human beings like you, and they get emotional. There will be a lot of emotions throughout this process, so be smart about it. It’s the same with the police – many are good, but some are bad.  There are bad people in every industry, and there will be some bad bank people out there, so you can be aware.  Banks will follow their own policies. Exchange centers should check your currency, deposit, and get you out the door.  Other banks will have to follow their regular procedures, and that usually involves counting the currency, sealing it, and sending it off to their regional centers for verification.  If you don’t like their process, you get to walk away.  You get to control that part.  If you don’t like it, leave it.  If you are not happy, go somewhere you are.  Don’t be forced to do something you don’t want to do. The power is in your hands about what you agree to. Ask how it is going to go, and agree to do that, or not.  When I buy a car, I don’t’ want to talk to a number of people and I want to get to the end.  If you are concerned about verification, ask how they do that and find out how much will be deposited in your account.  If you’re not satisfied, leave.  Keep it simple.
In the exchange centers, they have known about this for a while and it should be smooth.  The only possible problems might be in the smaller regional banks. Then some of these issues might come up.
They expected you all would be in the banks today, actually, but got held up because of these final meetings.  Hopefully we will get that date/time this is being released.
615 caller:  I’m a first-time caller.  My father was a lawyer and I used to read his law books so I understand law codes.  I’m trying to understand the tax implications.  I’m not a tax attorney, but I’d like to share my version.  I’m an attorney once removed, I guess!
I’ve heard a lot of discussion about taxes, and some seems close to true but others will get you into trouble.  In IRS Pub 44, it specifically lists foreign currency as a class 2 asset that you buy or sell for gain or loss.  So that usually falls under the taxation for capital gains.  The day you buy it, that cost is the ‘basis’, and after one year, it becomes long-term capital gains.  Until then, it’s considered income, as with all short-term capital gains.  After a year, there are a couple of tax rates:  if you fall in the 15% tax rate, and only exchange up to $200K, then you might pay no taxes.
Tony:  There is a possibility that there is no taxes, but depending on how much you  make in the exchange, there may well be taxes.  We cannot go through the whole tax code on this call.
Caller:  Federal income tax on the highest bracket is39.6%.  On 2013, there came in a net investment tax as well of 3.8%;  also, if you make more than 100K, you have to pay quarterly or you might pay an additional 2% tax.  As you said, though, set aside 50%, or more if your state has state income tax.
951 caller:  Do you really think this will happen before Christmas this year?
Tony:  Well, I’m broke and I need money.  All the requirements have been met, all the fussing and fighting has subsided, all the articles we saw last year… we are seeing none of that in the last few months. Every article has been about building the economy and building for growth and that money has to come from somewhere.  All the fighting has stopped and everyone wants this to go through.  All banks in the US and the world are seeing the same rates and the same timeframes for this to go live.  We used to look only the US banks, but I am hearing from all these other countries.  Hopefully by the end of this meeting this will all be done and finalized. That is what I’m looking at:  the level of the information, where it’s come from and what it is.  So now it’s different.
Caller:  On the last call you said that they were only waiting for one agency to approve this…
Tony:  On Monday, the IMF and one other agency were having a problem but they resolved it.  They are in a meeting right now, and hopefully at the conclusion they will say “this is the time and we’re going to do it.”  The banks have already been briefed on when to start, and they also ask, “How do you know this is the time, for sure?”  They are not sure, this is what they are being told, just like me.  People say that banks that told them they were not going to be involved a year ago, they are now calling to set up client appointments later this week!
Caller:  Okay!  Vegas, Vegas, Vegas!
717 caller:  That was a great tweet and we are all ready for some excitement in our lives!  I was listening to calls from a year ago because I wanted to hear that great belly laugh from you and DC.  That was very contagious.  In the documentary Laughology, they say you can add eight years to your life through laughing!  Is 404 around?
Tony:  I’m just not sure of the taxes because they are still trying to do some special thing and there might be zero taxes, 15% or 50%.  I just don’t know.
Caller:  [Appreciation]  Vegas, Vegas, Vegas!
423 caller:  Have you heard from Okie?
Tony:  I talked to Okie on Monday and Tuesday.  He is sounding better.  He is as happy as we are;  he has been around for a while.
410 caller:  When they are talking about a date and time this week, does this mean this week?  Or that it might go to Monday?
Tony:  I’m not going to say it can’t, but the date/time I know about it prior to Monday.
Caller:  Under ten million IQD there will probably be no NDA?
Tony:  NO, that is under ten million dollars!  It’s not a currency, it’s a dollar amount. So that is the total, that under ten million USD, it’s at the bank’s discretion. I heard from one of the banks yesterday that they won’t do any NDAs under five hundred million.
Caller:  Okay!  Vegas, Vegas, Vegas!
727 caller:  Do you know an exchange center in or around Santa Rosa, California?
Tony:  Do they even have banks in Santa Rosa?
Caller:  I was at a large branch of Wells Fargo where they have a wealth manager.  I purchased some of my currency there.  When I spoke to the WM, he said this would never happen, you would have to go to other countries, and so on.  He said that most people get mad when he says this, and he has a conversation with his father-in-law every w eek on this topic.  He said he gets his information from Paul Christopher, the WF chief foreign exchange strategist.
Tony:  Either he just exposed how far WF doesn’t trust him with this information, or he’s one of the biggest liars in the world.  Two of the top exchange locations in the country will be in Reno and San Francisco, and both belong to Wells Fargo.
Caller:  So when I make my call, I’ll drive to San Francisco… and I’ll stop at that branch and show him my deposit slip.  Vegas, Vegas, Vegas!
313 caller:  Did you hear the rumor that the dong is supposed to go live today?  I called the bank and it hasn’t hit the bank yet.
Tony:  I did hear that rumor, and I think anything’s possible.  What do you want to say?  Yes, I think that’s right;  I think we’re going to see it?  Yes, I did hear that it got approval to go today, but that doesn’t mean it’s going to go today.  I think it’s much too early for any of that to take place, but it did get approval and that is a good thing.
Caller:  [Appreciation]  Vegas, Vegas, Vegas!
404 caller:  You mentioned in your opening remarks that the process got underway at 12.20am today?  Is that correct?  And when it reaches its conclusion, will the RV go automatically, or will it still involve something further?  In the past, you said that there were algorithms that ‘couldn’t be stopped’, and yet…
Tony:  You listened closely and came to a logical conclusion.  My understanding is that after completion, it is FREE to go at some designated time.
Caller:  Is it ‘free to go’ henceforth, within a given timeframe?  Or does the process have to be reactivated?
Tony:  At the end of this meeting, in theory, everyone has agreed it can go.  I don’t know if it will go in five minutes, twelve hours or what.  They do seem to be saying by the end of this week.
Caller: Will this be when the banks are all open, all closed, or is that no longer relevant?
Tony:  They are more concerned about the markets than the banks.  The banks are more concerned about which day than what house.  Today is not a concern.
Caller:  [Appreciation]  Vegas, Vegas, Vegas!  May this be our last call!
816 caller:  I can’t usually hold long enough to get on the call!  To clarify something you said, if you have UNDER ten million, there will not be an NDA.  I thought we would not have to sign an NDA is you took the international rates.
Tony:  Nothing was said to me about contract rates.  If you have ten million US dollars or less, it’s up to the bank’s discretion whether you have to sign an NDA.  Before, they said that if you didn’t take contract rates, you wouldn’t have to sign an NDA.  Yesterday I heard from one of the banks that they would not do NDAs for people who exchange for less than five hundred million US dollars.  That from is one bank, at a higher level.  I just don’t know;  we’ll have to see what happens.
Caller:  I don’t plan to say anything, whether I sign an NDA or not – just don’t want to have to worry constantly.  I just want to take the international rate, get out, help people I know are in need and live the rest of my years not having to worry.
Tony:  All this information just gives you plan A and plan B;  if this comes up, this is not the first time you’ll have heard it.  They are considering all this, and I hope we will have all this information up front before you make your call and go to your appointment.  You have time to settle down on the plan you want.
Caller:  If they demand an NDA for over ten million, is that just at one bank?  Can you  split your funds between different banks?
Tony:  I don’t know.  There is no NDA required at street level, regardless of the amount, according to my sources.  One is saying ten million and above with the contract rate will have an NDA;  the other is saying 500 million with the contract rate for the NDA.  We’ll just have to see.  It sure sounds good for this week.
505 caller:  First-time caller… [Appreciation]
Tony:  If you really want to thank me, don’t ask me a year’s worth of questions!
Caller:  I’m from the Bay Area, and now I’m calling you from Mexico where I retired to.  I’m about 6-7 hours from Tucson, where my currency is being held, and I’m in the top 10% of currency holders so I don’t want to cross the border.  I have legal residency in Nevada and will exchange in Reno.  It sounds like there are few days of the higher rates and then will come back down.  I have an off-the-shelf trust read to be mailed to me.  If you were in my situation, traveling between countries, would you exchange without the trust?  With the trust I can avoid the initial taxes.  What are your thoughts?
Tony:  I would have already made my trust and put the currency in the trust.  I would then go to the bank with the trust papers and its EIN and exchange into that account. IN my opinion, you don’t need the trust to be completed – you need a trust, an EIN, and a bank account in the trust’s name – that’s all.  Put the currency in the trust’s name initially so that you can use the trust’s bank account.
Caller:  Ah.  That makes sense.  If you want to go to Vegas, you go and drag the rest of us there.  I can’t handle second-hand smoke, myself, so could you possibly go to a town that really needs the money like New Orleans or some place where we could donate just by our presence there?
Tony:  Anywhere I go, there is going to be second-hand smoke, because I smoke!  If we are looking to help a local economy, we’re not going to put a dent in Las Vegas… or New Orleans, either.  They have people smoking, drinking, partying and gambling in New Orleans as well!  We do intend to go to North Carolina, Georgia, Minnesota and other places.  We limited the smaller venues to 1,500 and got 8,000 in 15 minutes!  But we will have smaller venues for those who don’t care for Las Vegas.
The bank will require documentation that the trust exists before they open the account.  If you have a skeleton trust, with the documents, get your EIN at irs.gov, then you have all that you require to open the account.  They just need to see that the trust exists, not all the paperwork, as long as you have the EIN to show it’s recognized by the US government.  You don’t have to wait for the RV to do all that, you can do that today!
770 caller:  If the dong has been approved, what does that actually mean?
Tony:  It means the dong can go when the dinar goes and the RV is announced. It cannot go before the RV, but it’s been given full approval to go.
Caller:  Does that mean we are that much closer, out of the woods?
Tony:  If nothing else happens, we are out of this by Monday at the latest.
Now, when I say ‘set up’, I mean that I have the name of my trust and the EIN; t hat doesn’t mean I have set up the entire day-to-day workings or purposes.  I don’t do trusts;  that’s what Ray does.  That’s what I would do, but I haven’t gone to Ray’s trust class. I can only tell you what I understand.  Pam went to his class and she says I need to do X, Y and Z.  I don’t need to do any of that because I have Ray!  I’m just putting that out there publicly, so that you know it’s Ray’s job to deal with trusts.
Next caller:  You said in the mosque that they would make an announcement in the evening mosque;  what time is that?
Tony: It’s over;  we just haven’t received the information yet.  Morning mosque goes from 5am to 10am;  in the evening I don’t think it starts until 6pm.  I don’t know how long it goes in the evening, thought.
Caller:  If this had happened a few years ago, I would have blown it and made terrible mistakes, but now I’m sober and settled. I know what to do and I will be leaving a legacy for 3-4 generations.  [Appreciation]  Vegas, Vegas, Vegas!
Tony:  Pam says she has something to do…
Pam:  I’m still sober, too.  Tony is not an expert is everything.  He can be wrong;  he doesn’t know everything.  Ask those questions to Dr. ;:Google, who does know everything!  Tony is not giving you legal or financial advice, and I’m not sure Tony even gives good advice!  Talk to professionals who do know what they’re talking about, or talk to Tony’s brother Ray!
Ray:  Okay. Based on what some have heard, it seems like we might see it today, at least with the dong. Be optimistic and enjoy your day.
Tony:  I am very optimistic on the time frames we are hearing.  Everything is being done right now, and banks are telling their managers the date/time when they expect to have lines out the door. That day is really close.  Banks and sources in banks in other countries still have the same or similar rates ‘pending’. There is no negative news, no doom and gloom, nobody stopping it or saying it won’t happen until 2016.  Everyone is just getting ready.  Abadi said that Monday/Tuesday they will see what they have been waiting for… definitely by Eid [which is Monday, 7. November].  They were expecting it yesterday, today and definitely by tomorrow. They are being updated in the mosques about all the reform measures, and I think it will be good news.  I hope and pray this is our last call apart from one telling you to go to the bank. Enjoy the rest of your day, and I look forward to this happening any moment, any hour, and any day of this week.

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