TNT Call notes 25-April-2016
RayRen: [TNT Rap] [audio checks] Good afternoon, TNT super-fantastic family! Welcome to Monday, April 25, 2016. This is RayRen98 here.
Let’s see what we have to talk about today. A lot has happened over in Iraq with the Parliament being turned upside down, people being sacked… we are waiting to hear from Abadi on the cabinet positions. And what about the bonds? The 15th has come and gone, and no one will speak to us about the bonds. It’s way overdue, and maybe it’s been put on ice as they get the cabinet together. It could be a reason, and it could just be a scapegoat.
In Iraq, the banks got a memo, but we don’t know what it said. Some of the exchangers are upset over being shut down, although that was a good sign for us of things yet to happen. We were told some time ago they wanted to freeze that currency and then revalue it. They have effectively frozen it, and that could be a sign of things moving along but we cannot put on our finger on exactly when.
In the US, some banks were looking at Saturday night and others at Sunday night and this morning. What’s happening there? Today/tomorrow sounds a lot better than October, November! That wasn’t a promise, it was an expectation. I don’t know when Abadi is going to make his announcement. That depends on his decisions and the power of his office.
To wrap up the intel in a nutshell, I thinking today, tomorrow – more tomorrow than today. Time will tell all. That is the intel this morning, unless something comes up during Q + A.
Questions from the forum. Please don’t write a paragraph – one question is better.
Q: Do you know the current situation with Maliki? How do you think he is affecting the process? A: I don’t think he is affecting it at all.
Q: Do you see the RV lining up for the Fall? A: No, I see it in the Spring – NOW.
Q: Do you see Mosul as a factor? A: Personally, I don’t think it is a factor, although it might be an excuse.
Q: Can you share on unbelievable piece of info? A: No. It has to make sense to me or I won’t pass it on.
Q: What are the Top Ten things you plan to do after the RV? A: My Top Ten is what I will do, and you will do something different. We are at different levels of thinking and of finance, so we can’t all do the same things post-RV. There are some things we can all do, but the last thing I’m going to tell you is ‘go shopping’. I don’t know where your mind is with wealth. Sure, I’m going shopping after the RV – if it happens today/tomorrow, I’m going shopping this week! Because I already have entities, and I don’t have to do any of that prep work that you need to do, so I can go shopping but wouldn’t recommend it to you until you get everything done that needs to be done. Sure, if you have your eye on a house, do that right away. ‘Shopping’ is getting multiple vehicles all at the same time. So shopping shouldn’t be on your Top Ten, but it is for me, and also hanging out on an island… and if the zim comes out like they say it should, I might buy the island!
Q: What security measures would you have in place post-RV? A: Protect your identify and your accounts, but I’m not going give details of my person security measures. Everything is based on individual choice and preference.
Q: Super Bowl person question? He’s doing okay, more popular than he wanted.
Q: At one time it was said there would not be any more sales of dinar and dong, but we can still buy both… A: I never said there would be no more sales of dinar/dong, although I believe that has been stopped in Iraq. What you can buy not may be what they have in their inventory, or your dealer’s supplier’s inventory. When those are exhausted, you will not be able to buy dinar. That started in Iraq a few weeks ago; I don’t know how long before we see the impact on this side of the water. When that supply runs out, we will see the end result of no more dinar available for purchase anywhere. Iraq knows where the currency is that they plan to redeem, so if they stop that circulation, they can pull the switch any time they want, because it’s not going back to Iraq anyway.
Q: Another long question… have private exchanges occurred this past weekend? A: I haven’t heard anything about this weekend; waiting on information from the banks.
Q: What is the effect of asset-backed currency on prices post-RV? A: I don’t see that we need an answer on that situation – there are too many viewpoints. I’m taking a back seat approach and see what happens. At that point, you will have a lot of money and access to professionals who can help you navigate that with ease. I am going to sit and wait on that, as there is nothing to worry about. I will wait until I have money and professional people willing to talk to me. You will have people to answer those questions and give you help along the way. It’s all hypothetical until it happens, and I want professional people to walk me through that. I suggest you do the same.
Q: Can internet groups be processed before the general public? A: that’s what we have been told and I assumed it’s still the case.
Q: I am confused about contract rates vs. international rates. Is there anything illegal about taking contract rates? Who benefits? A: I guess the governments benefit; I don’t spend a lot of time dwelling on that, especially as we cannot get clear answers. It is certainly not illegal.
Q: I could give my adult children currency beforehand, but I’m thinking of keeping the currency to get a higher rate, then give it to my children through trusts. A: Good idea. There is no inheritance tax involved in either scenario.
Q: I am 80 and want my daughter to exchange for me – any problem with that? A: Not if you give her a power of attorney and everything was purchased in your name.
First caller: Are you indicating the window is ‘any time, any window’ or are we still on ‘before the end of the month’?
RayRen: The banks are focusing on today/tomorrow. A memo went to the banks in Iraq, and Abadi is replacing people. Until we get more information, we don’t know what will pop up. We are looking for signs until we see reality. The bank memos – that is a sign, even if I don’t know what’s in it. Abadi replacing people – that’s a sign, even if we don’t know who, why and where. Funding the bonds would be a sign. It’s frustrating and exciting at the same time.
Caller: [Appreciation] Vegas, Vegas, Vegas! And Texas!
301 caller: Can you imagine Jack Lew helping Iraq revalue their currency? [Can’t hear the caller – Jack Lew is the Secretary of the Treasury.]
RayRen: I don’t know where they are in the process, so I don’t know how instrumental how anyone going over there can help. It could be posturing. I don’t know who this is; that doesn’t interest me. Until we know what the issue is, we can’t say “Hey, now Jack Lew is over there, the RV is done.” He could be over there for some other reason. In the past, we have assumed some dignitary went to Iraq for reasons we wanted, and later found out it was about something else.
Caller: [Appreciation] Vegas, Vegas, Vegas!
918 caller: during the exchange process, would the upper management of the bank answer questions concerning their position on bail-outs, bail-ins, derivatives and Basel II requirements?
RayRen: I would think so – I don’t see why they wouldn’t.
Caller: I would ask for their answers in writing. If they are going to be so open and transparent with us now, I don’t see why they wouldn’t.
RayRen: There should be something in print to support that information. The answers to those questions are not secrets. They will probably say “a certain percent is in derivatives and this is how we’re going to handle that”. I will listen to how they are dealing with that, and the impact on their viability. If they explain that, I won’t need it in writing because things change, but I want to know where they are and where they plan to go. If it’s a good enough plan, then I won’t let the derivatives be as big an issue as some people make them today. If they cannot give me the information, then I will go elsewhere.
Caller: I will exchange with the bank, then put that money into other state banks, credit unions, precious metals, etc.
RayRen: Take into consideration that we are not the first people in the US becoming wealthy and even super-wealthy. Look at what the super-wealthy have already been doing. You can at least look in that direction if it’s working for them. What are the super-wealthy doing today to feel at peace about their money. Look at what the pros are doing and follow suit. We won’t be looking at those issues on this call; we will go to their offices at the right time and we will find out where these sources and opportunities are, so we can have the same peace of mind as those who went this route before us.
405 caller: We’ve all been looking for different signs from Iraq. This doesn’t seem to be about Iraq as far as the actual RV being released to the world.
RayRen: The revaluation of what to the world? All the currencies? Okay, I’m with you.
Caller: How much of the process that has been revealed do we have a handle on? What percentage is done?
RayRen: A long time ago we were told that Iraqi dinar is the lynchpin here. If not, why didn’t we just keep rolling instead of waiting on a country split into three parts? Why would we keep waiting on Iraq if they were not a major player? The process couldn’t exist without them. If we think along these lines, we will be more at peace with the process. We won’t let all the mess on the internet affects us. That’s how I’m thinking.
Caller: We know who the major players are, but don’t know who’s pulling the strings. If you don’t know the players or the rules, we are just along for the ride. At one time I was very excited about every piece of good news, but now I just stay calm, pray, and know it’s going to happen.
RayRen: That’s my approach, too. Look for the opportunities, because every day this doesn’t happen, there are other opportunities if you are paying attention. What else can you do, what do you need to do to keep moving? Some might buy more currency, others may work on other things while they are waiting. Currency opportunities keep coming up. We all started with the Iraqi dinar, then the Vietnamese dong… remember when we were happy at the prospect of the dong being three cents! Then the Indonesian rupiah came up, then the Afghani, then the Iranian rial, if they ever removed the sanctions. Then the Zim came up, from Zimbabwe. Many of us hold all of them, and some hold other currencies as well. If you want to buy more currency, and you don’t have any spare money, see what other resources so that you can be in front of this so that when this happens, you will be further down the road. On OM we trained about self-directed Roth IRA, which this is a vehicle for asset planning for retirement. Now I hear success stories about converting a 401k into Roth IRA, and then using that to buy more currency. Think creatively about money you have set aside for retirement, so that you can be in control of that money and make it grow. How much better than a slow-growing 401k and transfer it to another account that will bring you 3,000%. That is a shift in understanding. Some people can still do this; get in touch with Roth IRA companies and see if you can convert your retirement funds into something that performs better. We have every conviction that this will happen and we are just waiting for it to come out from behind the curtain. There may still be a moment, an opportunity to position yourself better using a little of that retirement money.
Next caller: How is Shabibi? He is going to be part of the new cabinet, isn’t he?
RayRen: I have heard nothing official about Shabibi, so I won’t speak on that. I don’t know that to be a fact. Is that what you want to happen?
Caller: Yes, because he can make the RV happen. I was hearing from another guru that Dr. Shabibi is the only one who can drop the lower denominations, and then we would have the RV after that.
RayRen: I don’t believe he is the only one who can get something done.
Caller: [Appreciation] Vegas, Vegas, Vegas! Go RV!
707 caller: If I have enough zim to reach over the cap, so there will be a structured settlement, can I give half to my daughter beforehand? When I call the 800 number, do I tell them the total amount? When I get there and if I find there is a cap, I don’t have to give half away.
RayRen: We don’t even know if there will be a cap! The bank people I talk to say they don’t know about how structured payouts can be done, from a legal standpoint. You’re taking something worth two trillion dollars’ worth of currency. You want to exchange it for two trillion dollars. How can the bank say, “we will exchange one trillion and will dole out the rest over 20 years?” How does that work, legally? Is it really the bank’s job to decide you don’t know how to manage your money?
Caller: I did make out a gifting letter to my daughter, without the amount, so I’m prepared.
RayRen: Let’s look at that. Let’s say I have given my children what I want to give them, but I have three trillion marked for my own use. Does it really make sense for me to give the kids a trillion each and then what? Do you expect them to give it back?
Let’s say the banks found a way to do a structured payout; would that be such a bad deal? So I get a trillion upfront, and I get a further trillion over time. I would never spend the trillion in the bank to do one thing. I would finance everything from the monthly allot-ment I’m going to receive. For some folks, that would be a disciplined way of how to spend your money. I would finance everything from that structured payout, because any bank would give you a loan on those terms. Who cares about house payments if they are made automatically from the bank account. That would still give me plenty to do all that I want to do. It could be a win, if they manage to set it up as a legal plan/option.
Next caller: You have been talking to a lot of doubting Thomases. I have a plan – they can send all their currency to me and I’ll burn it for them! I have already learned to wait. [Appreciation]
914 caller: I have a trust question. I heard another call that says you must have your trust set up before the RV if you want it to be tax-deferred.
RayRen: The only tax-deferred trusts are those which act as qualified plans. To me, it doesn’t make any difference if it’s post or pre-RV. If they tax the RV, either you or the trust is taxed after the RV – it’s whoever does the exchange. The taxable activity is converting it into US dollars. If that is taxable, the person or entity doing the exchange is what will be taxed.
Caller: I have a trust but it’s not a good trust and I don’t want to use it for this. What about the banks setting up a skeleton trust?
RayRen: Two people on OM talked to banks about this (amongst other topics). One member talked to four bankers with eight pages of questions. When he asked about shelf trusts, the bankers said they would be trustees on those trusts, and trustees call the shots. They have to agree with what you want to do with that money. Ask the bank and the wealth managers about those shell trust: what is does, what purpose it serves, and what role the bank plays. You can get those questions answered today. You want to know about shell trusts now, not in the heat of the moment, or during your exchange appointment.
For those concerned about a delay today – this is your opportunity to ask these questions and get the answers before you exchange.
602 caller: Is there anything since Wednesday about what’s happening in the mosques or on Iraqi television?
RayRen: The only thing I’ve heard is that Sadr is asking for a stand-down on the protests while they take stock of what ‘s going on and the end results, whether it had an impact on the government and the RV or not.
Thanks for your understanding – I had a tough time last week with sickness, and it’s hard to keep finding information. Then last weekend I took my wife out of town, something we had arranged a year ago. Thanks to those in Louisville for hanging out; we had a good time. We are still waiting for information. Our banking contacts are saying today/tomorrow; they seem to like Tuesday for some reason. I’m really waiting to see what Abadi has to say, how sound is his government and are they happy to move forward. So we wait, patiently, and consider today another opportunity to do what you want or need to do before the RV. It’s not too late to set up a self-directed Roth IRA, for instance. I had a member say that to me just today, that she set up a self-directed Roth IRA with currency in it. Let’s take advantage of the information and tools we have now; you’ll be surprised at the beneficial results if you put those things in place. If you can get some of those things done pre-RV, get them done and out of the way. Then you will be ready. We will continue to hold on and bring you the information that makes the most sense. We are in this together…
RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA