Replay 605.562.3179, PIN CODE 409029#
RayRen: Good afternoon, super-fantastic TNT family! Today is Monday, December 21, 2015. [Doing audio checks] It’s four days shy of Christmas. Here we are, approaching the end of this year. Didn’t think we would be here in December, but it is what it is, so let’s just address the information we have. Then we can ponder on what we do not know, to see what will unfold before us.
Our intel guys are serious about their weekends, unless something big happens. They say we will talk about it ion Monday and that’s what we’ve been doing. Some of the intel is hard to come by because it’s being suppressed. We are at any minute, any hour, any day, which we were all last week. We can’t really put our finger on it, but know that progress is being made in the interim. All of it is exciting, but that is the part that should b eexciting.
We had indications from members sharing reports from over the weekend. One said that his bank was fully staffed on Sunday – for what purpose? We don’t know, just know they were there expecting something. Use your imagination. We heard that about another bank as well – employees working although not open to the general public. Time will tell all but it leads us to some good expectations. If they are getting ready for any hour, any day, so should we.
Some of the banking people have said Monday/Tuesday, others are saying Tuesday/ Wednesday, and some are saying the end of the month. They are being prepared, showing up on Sunday. We have heard of memos to the banks, and I’m trying to get my hands on a copy of one, or the actual verbiage. It seems they are expecting some live rates before Christmas, or at least that’s what I’m being told. We are just sharing the information – you decide.
Some people are saying the rates are being reset so they cannot see them, and others are seeing the rates and say they are still what we’ve been hearing. There has also been debate on whether these are placeholder rates or true rates. The rates are what some banking people are seeing because they have communicated that to me.
The banks have been told to expect a rush of customers this week. What would be a reason for people to rush to the bank before Christmas, when most people are broke? Hmm. When you get there, be ready to negotiate everything. Don’t assume anything. We are receiving information hat some people are getting bank perks even before exchanging, so dn’t be surprised if you can wheel and deal before your transactions. Take no prisoners – go in and ask for what you want, with a steady purpose. Say what you are expecting, with professional dress, manners and expectations. You go in to handle your business and let them know what you want. “Ask not, receive not”; the banks won’t hand it to you, but the bank wants to make things profitable, and if you don’t ask, you won’t get it.
I went Christmas shopping this weekend, and I just bought one item because we are on a budget. The salesperson gave me a price, and I said “That is out of my budget; I need a better price”, and she went to her cash register and somehow she got me a discount. She didn’t volunteer that discount, but when I asked for a lower price, she was able to do that. In your banking transactions, don’t take anything for granted – negotiate.
As for Iraq, we are just getting ‘we’re done’. They are waiting to get the lower denoms, which are being distributed through some areas, and the citizens are still seeing them as worthless. The banking guys are looking for this to unfold. I can’t wait to see the memos. Progress is coming, and right now the banks are still looking for this to happen before Christmas. We still have a few days yet to go, and we’ll see what happens. We will take it hour by hour, day by day.
I have two other good sources who haven’t reported yet, and I’ll hear from them after today’s call. If they have important intel, I will tweet it out. Otherwise, I will hold it until the next call on Wednesday – if we have a call on Wednesday. Focus on being ready. There is not a lot we can do about when this is publicly released to all of us. A few people might exchange before then, and we can feel good for them, but there is nothing we can do about the general release. We CAN be prepared for ourselves. There is still an expectation of 800 numbers and I haven’t heard anything contrary, so I expect that as well. Do you know what to do if there are no 800 numbers? Hopefully you already know which banks in your area exchange foreign currencies, and which can verify it on the spot. Make sure you have your checklist out, and have your house in order.
Let’s take a few questions:
717 caller: [Appreciation] Merry Christmas to all! I miss Tony, Pam and DC… Just one question: a month or so ago, someone said we all had to sign the NDA, regardless of whether we take the contract rates. Is that still the case?
Ray: No, the NDA only applies to the contract rates, so far as I know.
Caller: So if you were me, not having to rush in to get the contract rates, would you wait until January to have the extra time to work things out?
RayRen: Yes, unless the rates are time-sensitive. We are waiting for dinar to move, so I might go to the bank if it is released this week. The other currencies may or may not change before January. Also, there is a matter of leverage: if I turn over all the currencies now in order to get a better rate, then I might make another 5-6 million.
Caller; We’ll stick with our plan then, with everyone trying to get in right away. [Appreciation] Vegas, Vegas, Vegas! And Raleigh!
313 caller: How are you? I’m super-fantastic!
RayRen: I am superfantabulous to the Nth degree!
Caller: Merry Christmas! [Appreciation] Vegas, Vegas, Vegas!
312 caller: It would be so good to get this before Christmas – my family would be so surprised! I’ve heard you talk about place-holders several time; when the rate becomes live, will they be higher or lower?
RayRen: We are hearing extremely high rates – are they justified or not? Our dollar is not down, but we are seeing some very high rates. I don’t know; time will tell.
Caller: Have you actually talked to any bankers about the place-holder rates?
RayRen: They don’t know until this goes fully live – some bankers say they are place-holder rates, and other say they are not. When you are sitting across from the banker, and s/he says “this is the rate on the screen”, that’s when you’ll know.
Caller: What about the private exchanges?
RayRen: You have heard early exchangers, and they have said lower rates than we are hearing, but most were a month or two ago, and things can change in that time. A few Canadian folks shared what they were receiving for dong and zim. Most of us, if we just plan on the minimal rates and build your projections from that level, anything more will be icing on the cake – you are building up.
Caller: How is Already Blessed today?
RayRen: Already Blessed was sounding good earlier today… I know she is healthy. I just took it for granted she would be here. She knows I am mostly a one-man band, and she is trying to fit into my way of doing things after doing it differently with Tony. What used to take two or three of us to do, I am now kicking it in by myself. I’m getting it done! I told her to come hang out if she wants to, but she needs a break…
Caller: [Appreciation] Vegas, Vegas, Vegas!
512 caller: have the currency auctions stopped in Iraq?
RayRen: I heard those would stop on the 22nd, tomorrow, but haven’t checked.
Caller: Will that determine if the RV has gone off or not?
RayRen: I don’t’ have definitive information on that, but I don’t think so.
Caller: Merry Christmas from Georgetown, and I hope to see you in the bank on Wednesday, Tuesday or today! [Appreciation] Vegas, Vegas, Vegas!
954 caller: It is nice and warm here. Any changes on caps or taxes?
RayRen: I’ve heard nothing on caps, so it’s status quo as far as I’m concerned. I’ve heard nothing official on taxes, so on TNT we say to set aside 50% and see what happens.
281 caller: Are we going to have a jolly, jolly Christmas or are we still up in the air?
RayRen: I don’t really know, but the bank folks are looking for you to have a jolly Xmas, and I’m going along with them.
Caller: I did hear some info, and I met a big attorney who works in Iraq, who stays in the Abadi compound. He knows about the dinar, and they have told him that it is revaluing. He works with the international banks, but he wouldn’t tell me a lot. However, he was very aware of it, and I hope that is encouraging to everyone. Merry Christmas to everyone, blessings and a Happy New Year!
404 caller: I like all your Iraqi sources saying “we’re done”, and PM Abadi certainly seems to have been busy over the last week. Do your sources say anything about what the PM and the Secretary of Defense talked about? [RayRen: No.] If they want this to be ‘done by Christmas’, how many people do they expect to exchange by then?
RayRen: The banks are telling their people to expect a rush in the next few days, but not an expectation of it being ‘done’ or finished by Christmas. We did hear that earlier, but it’s doubtful that they could get it all finished by Christmas Eve.
Caller: Will bank employees be working until midnight on Christmas Eve?
RayRen: They have already been notified there will be no holidays until 1. January apart from Christmas itself. Why would they do that if not in anticipation of these exchanges?
Caller: [Appreciation] Vegas, Vegas, Vegas!
707 caller: Do you know the location of the exchanges? My bank in northern California buy and sell foreign currency, but don’t give out any information about exchanging. Tony said that WF in San Francisco would be one of the centers, and he mentioned Reno, too. It’s kind of frustrating knowing who to establish a relationship.
RayRen: What about the ones who are buying and selling now? Forget the managers who say “this isn’t going to happen”; they are not the decision-makers. Just find out what you need to know: you don’t care what the manager thinks, but whether this is a facility that deals with foreign currency. We have already had several members whose managers have told them ‘it ain’t gonna happen’ and now they are calling our people in to talk, telling them what they can do for them ‘at the right time’. When the time comes, that manager will either turn around, or tell you where they can handle it.
Caller: It just seems crazy that a bank would tell you that when you want to open an account to exchange there.
RayRen: If the local people are being told that they won’t handle dinar, they are not going to lose their jobs for you! The higher folks will change their minds, and then the bank will welcome you. Will you not exchange because they changed their minds?
One person I know went to ABC bank in a town, and they said No. He went to another branch ten miles away, and they said Yes. Call around – you might be surprised. Give it a try and let me know what happens.
Caller: [Appreciation] Vegas, Vegas, Vegas! Merry Christmas and Happy New Year!
646 caller: Personally, I doubt this will be done before Christmas. How is Tony doing?
RayRen: Tony is doing great – I talked to him this morning. I assume DC is working. Already Blessed was doing great this morning; we didn’t really discuss being on the call at this time, because we already discussed her taking the time off she needs.
Caller: [Appreciation] Vegas, Vegas, Vegas!
772 caller: I like the intel you brought in this morning – intel is more flowing, sounds better.
RayRen: Nothing has really changed apart from the spokesperson. We get the same information as before, although sometimes the timing is off… some comes after the call.
Caller: When you first came on today, you expressed the possibility that negotiation may be a large part of what goes on in the appointment… that the banks may be offering less than the UST is offering, and it’s up to us to prod them along – yes?
RayRen: Go to the bank in a business-like way, ask what they are offering, and say “No, I want this.” Don’t go in wrong, go in strong.
Caller: There are realistic figures and some that are out of the ballpark, and you have to decide where you want to be, in percentages. Is this a change of attitude or process?
RayRen: Slightly, yes. A year ago, we had no idea of the negotiating we could do; we thought we’d have to go in, take the rate and exchange. Now we are finding that if you have enough bucks, you will receive an additional level of respect, based on how you handle yourself, what you are asking for, and what you bring to the table. The person with one million will have a different negotiation than someone with ten million. You are demanding some things, and what are you offering in return? That’s how we start negotiating: the bank will say “if you will leave X amount here, then we can look at a higher rate”, for example. We have to be prepared to leave some there, and then see what they are offering.
Caller: I’m happy to see this out of the box. It’s additional intel from the beginning. I want you out of the box where I can see you! Is there any other information that some of us may not have asked the question about, that we need to know about this process.
RayRen: I don’t know anything about the process itself that we haven’t already covered. It’s more like recollecting what you’ve heard on the calls. There are new products that the bank is creating, and just because they are offering X percent, that doesn’t mean you cannot ask for more. Check the perks list and see what you can negotiate those perks – for example, which perks are taxable, especially if you don’t need those perks anyway. If they offer tickets to the baseball game, and I don’t care for baseball, so I want to give them away, but then I’m taxed on those tickets as income… check every line item and compare. That’s what I will do.
Caller: The number 72 …
RayRen: The Rule of 72 refers how long it takes your money to double depending on your rate of interest – 2% vs. 5% vs. 9%. If I know I want ten million in my account after so many years, and I am starting with one million, the rule of 72% will help me figure that out.
Caller: [Appreciation] Vegas, Vegas, Vegas! Or Raleigh! Or both!
806 caller: Merry Christmas and Happy New Year! Appreciate all that you do, and like everyone else I wish it were here today! I want to bring up a few things for the newbies. “We are the people”… does anyone monitor that? Don’t believe anything you see on that site or social media sites. They switch out everything with your names, and making it look real, and that hurts my heart. They are liars and scammers, and they make it look like it is coming from you, Tony or Pam. Any news on Sterling, that we need to know?
RayRen: I haven’t heard anything on Sterling for quite some time. I’ll look into that.
Caller: If you want to talk further, you have my number. Hopefully this is over with today, or before Christmas. [Appreciation] Vegas, Vegas, Vegas!
RayRen: It’s the top of the hour. We are still on ‘any minute, any hour, any day’. The banks seem to be looking for this to still pop out this week, before Christmas. The banks say everything has been done; it’s now a timing thing. If you know someone who can put their finger on it, have them call and let me know! While we wait, make sure you are ready when the time comes. Check and double-check. Many say “I’m ready”, but we had a currency fluctuation where they could pick up a few thousand, and some members were flying around in a panic. Assess the changes in your lifestyle and have a plan (or a set of plans) for each situation that came up in your assessments, then you are ready for this. The rest of us need to do more planning, so that when this happens, you will not have to be one of those flapping around asking everyone else what to do. Plan your work and then work your plan. If there is a need for us to reconvene, I’m ready to drop everything to do that. Any other information, I will tweet to you, and I hope the next call is IT. Sure would be nice to knock this out before Christmas arrives so that we can sit back and enjoy Xmas day. Before the 31st or after, it’s your choice. Have a good day!