TNT Call notes 16-May-2016
RayRen: [TNT Rap] [audio checks] Good afternoon, TNT super-fantastic family! Today is Monday, May 16, 2016. This is RayRen98 here, working the controls. Some people didn’t think we would still be on this side of the yard, but it’s okay. In the meantime, let’s take advantage of those things that are left, to position ourselves and continue to be ready or even readier. Can you be readier than ready?
What information do we have to discuss? Information went pretty well last week, including some things we weren’t supposed to know about. WE did have some expectations going through the weekend that this would go through this morning. I shared some of that. Banks were receiving information that certain activities would be taking place, so that they would be exchanging customers this morning. And there might still be some!
We had some anticipations, and as we get to the end all kinds of things are flying out there, that it would be crazy near the end. I read something this morning that some sources would be putting out 800 numbers over the weekend or at 1pm today. Where are we right now with US banking information? They are still APB high, sometime this week. Some thought they would go this morning, and some received information that it’s all done, they are ready for us to exchange. All contacts and sources seem to say that it is done, but no one really knows. The banking people believe that they would possibly be exchanging us this morning going into this week, and they got that from their superiors. There are not promises, but at least signs of progress tell us not to give up, without despair and without getting hooked into every tiny piece of information. There are going to be near-misses, outright misinformation, and changes of plan throughout. Don’t take everything hook, line and sinker, expecting it to be true facts. These are not facts until they are in the past, until they have taken place. So don’t depend on it as a fact and then you won’t be let down if it doesn’t materialize. These are all someone’s best guess; when I hear from 2-3 other places, then I tend to like it better. Some sources are saying this is done, and it might be for all I know… by the end of the day we don’t know what might happen. That’s why I said in the tweet that this is possibly our last training opportunity; I don’t’ know that I’ll have another opportunity to review this another time.
In Iraq, there is a media blackout, with no interviews or press in Parliament today.
On OpenMike, people have been sharing videos and photos of the big meetings this weekend, and who is involved. There has been so controversy around Dr. Shabibi, and the conclusion is that it’s a current photo. There has been information and updating; I don’t have it officially, but I do believe he has taken the lead chair or point position over at the CBI. We’ll see what progress comes from that as we wait for official confirmation. Some people take the lead and it’s not official but it is effective.
That’s pretty much it for any intel to share, and expectations of what is to come. The banks are still saying ‘this week’ between now and Thursday. We hoped that Iraq would inform its citizens, for a rate change; I was kind of expecting that between the weekend and today. Anything can pop up and develop; it’s just a matter of timing.
For those who have not listened to the archive calls, there are few things I want to touch on. If you are single, you are creating and exchanging into your own account. You own that, as a single person. Make sure you set up a POD or Payable On Death on that account. You are designating one or more beneficiaries who can present your death certificate, and will receive what’s in that account without red tape or probate. Do this even if you set up entities, because you could expire before you set those up. This is a good safety precaution for the single people IF something were to happen while you are building the rest of your estate.
Married people – for the most part, anything in a joint account will go straight to the survivor, but check, and use a POD just in case. One you transition from ownership to control, it will wash out the old stuff.
Make sure your proper identification is current, not expired. You don’t’ want to get to the bank and find they won’t accept your ID because it’s expired. You will want to have two forms of ID, and one at least needs to be a picture ID. We heard at one point that the NDA people will want two forms of photo ID, so if you can get a second one, do that.
Verify your inventory on your currency; sort it by currency, and then by denomination. Verify that inventory before you arrive at the bank: know how many 25K, 50K, notes you have.
Make sure you locate and identify which bank in your area you want to do business with, if no 800 numbers roll out. Even if there are 800 numbers, you may prefer a different bank or branch. Ask which branches exchange foreign currency; don’t ask about dinar or dong or zim, just ask about currency in general. If they ask which currency, use something anyone might have like GB pounds, euros, or whatever. On exchange day, those branches that do foreign currency will probably exchange your dinar/dong/zim.
You also want to ask if they can verify currency on site. You want them to verify it in front of you, not sending it off and then three days later they claim that some of your currency is counterfeit. Even if all your currency is legitimate, you don’t want them to send it off anywhere; you want to keep it in your hands until you exchange it, and then you will know it is a done deal. All you want to know is how much they will deposit into your account and how soon you can have access to it. Trust, but verify.
Negotiate, negotiate, negotiate! You can negotiate anything: fees, rates, perks, what the bank will do for you and what you will do for them. Don’t fight, negotiate. If you don’t ask for it, don’t expect to get it! Ask for what you want, and the worst they can do is say No, and they might say Yes. If you don’t ask for it, you will not receive it, so ASK. Don’t worry about being ridiculous or outrageous; they’ll let you know if they can’t do it, and then you can ask what they can do for you.
DIVERSIFY: don’t get all wrapped up in one institution. Don’t put all your eggs in one basket, either with investing or banking. I intend to exchange in one bank, but that doesn’t mean one bank will keep all that money. For reasons of safety and opportunity, you should spread it around. Banks are competitive; branch out, find out what each bank can do for you.
Diversification, verification and negotiation – these should be the top three words for you.
Questions from the forum:
Q: Last week I read something in chat saying “enjoy your Friday and look forward to an exciting new week – what happened? A: That was from the information in the present.
Q: Anything new on rates/cards/prices in Iraq? A: Nothing new on that front.
Q: I don’t’ get it about trusts and whether to be an owner or controller; is there another website I can go to? A: Not really. It’s about liability – owners have liability and controllers don’t. If you have a situation where you own something, you have exclusive use of it and you make all the decisions. Let’s say you have a car: you can do whatever you want with that vehicle. A controller can make the same decisions – where and when to drive, do the maintenance, color, etc. If you own it, I can sue you and take it away from you. If you don’t own it, they can’t. If you can make all those decisions and control that asset without owning it, then you have the benefits without the liabilities. That’s the difference between ownership and control. Who owns it? That is what the trust is for; it owns the vehicle but lets you have exclusive use and say-so, as the one in charge. There are several entity types you can use to do this: LLCs, corporations, trusts, etc. You need to explore which will suit you best.
Q: If you set up a standard trust for exchange purposes only, can you amend it at a later date? A: Why? I’m not sure I know what you mean by a ‘standard’ trust. Why do you want a trust? Your purpose may not necessarily need this avenue. Many just want anonymity, and you don’t need a trust for that. A trust is a meticulous tool, and you have to be meticulous in its planning and creation. It’s too complex to do into on this call.
Q: For self-directed Roth IRA, what alternatives are best if you are self-employed and don’t have a tax-deferred vehicle. A: If you don’t already have an investment vehicle to roll over into the Roth IRA, you will have to fund it with actual money. You can then use the Roth IRA to buy currency and hold it until exchange time. That exchange time is more important than the moment of the RV. If your Roth IRA buys currency, you don’t have to exchange it on RV day.
Q: Who has control over the release now? A: Who do you want to be in charge? I don’t know whose hand is over this. In Iraq, I imagine that Iraqis will be in charge of their initial release, and then it will have a domino effect.
Q: What about gold-backed or asset-backed currencies? A: I stay away from that topic because I don’t think it makes any difference to the RV or our exchanges. I have professionals to advise me on that aspect, which I don’t know a lot about and don’t need to know about, given that I cannot do anything about it. Once I cross that bridge, I can employ professionals who can advise me on those points. I will share with you then, but until then, I don’t see the point of chasing 2-3 possible realities until one of them surfaces. That’s why I don’t talk about it, although others do. When it comes through, then I will leap into action. It’s not like there is a rush or that you will lose money because you don’t know if it’s asset-backed or not. Nothing will happen immediately. If our currency loses value, you will see it coming, or your professionals will, and they will recommend appropriate actions to compensate. It’s about ‘then’, not now.
Q: Time frames are reported, and they come and go. They are verified as best you can, and only then do you report, correct? A: Yes, basically. I’ve reported time frames of rate changes indicated by memos, and those kicked in. Time frames as far as an actual RV – I haven’t reported those. Now, in Iraq, they want to get this done by the end of the month, but wanting to get it done and actually getting it done, those are two different things. We do get it from different sources, so it doesn’t feel like ‘pie in the sky’.
406 caller: What’s your best guess on when this might happen?
RayRen: I don’t have solid information on that. Some banks are saying this week, and some sources in Iraq are saying the same. But I don’t have ‘best guess’ myself.
301 caller: Do you know anything about contracts on all the different currencies?
RayRen: Don’t be surprised if there are; go in with that mindset and take what’s available. Ask for everything else you want, too!
918 caller: When I exchange my currency, before I put my team together, I will ask the bank two questions: Is this bank Basel III compliant? Am I exchanging my foreign currency and receiving fiat currency, or gold/asset-backed? If they know, you can tell your team. If they don’t know, you still aren’t going to lose, and you can go forward. Do you think those are good questions to ask?
RayRen: Sure, if it makes you happy. My professionals will know that already. I don’t need to ask the bank – they are into banking, not currency and shifts in US money. The professionals eat, sleep and drink currency, so they will know the answers an how to react to the market.
707 caller: Do you think these elections will drag out this RV? Does Obama benefit from this happening on his watch?
RayRen: No. I don’t see where it’s politically motivated either way, or for it benefiting President Obama if he does or does not have the power to make it happen.
301 caller: Tony once said that there isn’t going to be an NDA up until 500 something; do you remember him saying that?
RayRen: We were told at one point that there was the possibility of a structured payout = zim; first it was on 500 million and then on one billion dollars after exchange. We shared that about a year ago and then didn’t hear any more about it. That was the last we heard about structure payout if your total is more than one billion dollars. But that had nothing to do with the zim; the NDA is about contract rates on dinar/dong, and also caps on 20 million dinar and/or 50 million dong. I haven’t heard any new information on those caps.
340 caller: I have a friend who invested a little bit in currency; she doesn’t listen to the calls, she bought some currency on my recommendation. She wants to know which is the easiest one to deal with. Would that be dong or dinar?
RayRen: So you know someone who wants to be a millionaire but doesn’t want to go through the steps required – what she needs to know, understand, etc.?
Caller: That’s right.
RayRen: Currency is currency; you exchange it for what you can get in US dollars. No currency is any easier or more complicated than another.
Caller: So are there structured payouts or not? If not, we can just walk out of the bank as millionaires?
RayRen: That’s right. We haven’t heard any more about structured payouts, but even if that is true and legal, is that such a bad deal?
Caller: How many days after exchange will we meet in Vegas?
RayRen: We’ll have to see what facilities are available in Vegas. We may have to wait for a couple of months to find a location that is available for the large number of people. We might exchange this weeks but not have the Vegas meeting until August or September. We’ll just have to see.
Caller: Will you still have the site up after the RV?
RayRen: For a little while. We’ll see what happens when we cross that bridge. The information so far is saying ‘this week’, the banks are suggesting that and so is Iraq. That is what they are thinking may take place -- not promises but anticipation.
I think you are making a mistake carrying people who are not willing to learn how to carry themselves and many their own money. They will lose their money and then blame you for it. They need to understand for themselves; they are asking to be broke! We have to get people away from this ‘I didn’t know’ syndrome. This is the big leagues that all of you are getting into!
816 caller: Is there a list of what to do first when this is released?
RayRen: There is a list like that in the forum, ready for people to download and modify. Look for the Ten Things, Bank Perks, how to follow TNT on Twitter, etc. There shouldn’t be anyone on this line who has not been set up for all that.
[I had to go. Go to Sunny’s Cliff Notes for RayRen’s closing remarks.]
RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA