Wing-It Call Notes 8/16/16
Gerry leads the kids in prayer – asking for protection & guidance, etc., etc.
Disclaimer time. Gerry says we ‘re not attorneys, financial advisers, or CPAs. This is just our opinion and not to be taken as legal advice.
Art: Is expecting the temperatures in his area to moderate and says fall is in the air. He didn’t say if there is any chance of precipitation in the forecast. Last night one of his sources was 1,000% assured that last night was the night. Now they aren’t quite 1,000% assured, but think the numbers will be here today or tomorrow.
He suggests reading the new SitRep that just came out at DinarChronicles. (it’s also available at Dinar Daily) Yosef had talked about Abbott Downing and this is equally as good. Art says that’s all we know and there really isn’t any more intel. He says it’s all done, it’s ready and they are just taking care of some lose ends. He also think that the people have have been delaying this have been taken care of. Go read SitRep.
Gary: Wingman is under the weather. Gary says there isn’t a lot of intel out there, so what we really need to do is prepare ourselves.
First concern is the FinCin report. FinCin112. The box on line 31 or 32 that says “exchange”. You want to check that and get a copy of that.
Oh yeah. The first thing is that they want to speak with you and see what type of person you are. What are you going to do? Are you just going to take you money and run? Go be a playboy/girl/or something? If so, they are going to put you in that category.
Or are you going to be in Category #2? You want to fund some projects, but don’t want to take part in the day to day operations. That’s Great! That means that the rate you get is going to be higher than the people in Category #1. You’ll be a partner with the bank and that is what they want because that is how they make money. You want to be a good steward, you want to grow it.
Next question. If I have to fund all of my projects out of my portion, I’d like a little more percentage. Let’s see. Who did I get this from? Part 2 of the form, line 25e was what I was just told. Anyway. Oh look! It’s my buddy from Austin. He’s going help since Wingman is under the weather.
So when you ask them if you have to fund the projects out of your portion, if they say “yes” you need to ask them for a high percentage. If they say “no”, it’s because the banker wants to see what you are doing and be involved in the process. It like a loan to build a house.
Be respectful and ask if this is the best you have to offer for what I’m bringing to the table. Cashier’s Checks. Think about what you are going to be asking for. Write them down in advance. Some of the checks I’m going to be asking for are pretty sizable. I have to pay off my trust, my financial adviser. If I want a private jet, I’m going to need a check for the jet company. That way I can travel and just pick up the phone and they’ll meet me there.
Gary: That was it? I though you’d go a little longer.
Austin: Exciting times. Best thing I can say is don’t get down on yourself. Just be glad you have something others don’t. People have ridiculed you for this. I’m excited!
Gary: Well, I’m.. Well, I think I made a fox pass Be calm, Louisiana people – Please, please find high ground. More water is coming. I’m praying for you.
Gerry: Well, I’m in deep trouble there. I’m not sure. I’m going to looking to buy property and a house pretty quick. So I can move away from where I’m at to where no one knows me
Austin: Say you move from the suburbs to a higher end neighborhood by the lake, people aren’t going to know you out there. Everybody has a Mercedes. Everyone has a big house. You’re off the radar. You may want to keep a reasonable car if you go to the same church. I tell people I just got a job with a trust. That’s my story and I’m sticking to it. What do you think?
Gary: Stay below the radar. Zip your lip. .There’s a fine art to that. People in the oil business are good at that.
Gary: It seems that Zimbabwe and the whole country of Africa is all tied together. But Zimbabwe seems to be sitting on the hefty portion of minerals we need for technology. I’m reading these questions cold. Let’s see. We have a guest coming on. Hello wingman!
IKO: Hello. Did I miss anything? Joking about missing RV & 800#’s with Gary.
Gary: Remember we talked about what to do at the bank & our checklist? You weren’t here, so I went without you. Your reply, “is the best you can offer”. I’m getting a check for $400,00. Be prepared to tell them where these are going. I’m going to pay my car off and pay my property taxes. If they offer you a credit card. Take it, but ask the limit be set at $500,000.
Gary: If you are going to have a relationship with your banker, get a banker you have access to 24/7 so we can communicate.
IKO: When I went in to Wells a few years ago, I had just closed down my business and didn’t have a lot of money. But I got his cell # and we’ve had email exchanges at 11 pm at night. They’re here to help us.
Gary: I’m going to write this down. Ask them what kind of perks can you offer me?
General things. We got some more info this week from a guy who went through the training at Wells Fargo for the exchange. Don’t worry. I’m not going too far with this. One thing they are looking for, is that they want to feel comfortable with you. Especially if they are giving you something over the international rate.
You have the wherewithal to manage this kind of money. It’s OK to be a beginner. You don’t want to be something you’re not. You want to demonstrate you can make decisions, listen, take in information. All those things. It took me years to learn all these things and how to negotiate. But I did learn.
Bankers want to know you can handle your wealth and that influences what they offer. From experience, don’t try to be something you aren’t. Be honest. Say you need to think about it. If you need a break – take one. You shouldn’t have to worry about getting in there the first couple days. You might have to wait a week in a highly populated area. Don’t panic. You’re in the system when you make the call. They are there to help, etc., etc. Enough said for now. Sounds like you got all the basics.
Gary: Rumbling that Iran will be floating their currency. That will poop in the punch bowl.
IKO: They won’t do that. Iran won’t go along. They depend on the region. Mainstay of the GCR is all the Arab states cooperating – not price fixing. So far there’s been no evidence. There hasn’t even been evidence that the US is holding it up. May just be paranoid thinking. It may just wind down. I heard a rumor this am they are waiting for January because they want the market to crash.
That doesn’t make good sense. As soon as it doesn’t happen when people says it should, we look for excuses. Maybe it’s not quite ready. The thing is full of human mistakes, human error and you have 208 countries all trying to pull together on the biggest agreement in the history of the civilized world. That’s probably what’s happening. Not all the paranoid stuff.
IKO: Perfect example. We knew they were in trouble and any moment they would cry uncle, do back deals. None of that has worked. Now it’s public. Slow, slow. Let’s not panic Europe because they are having issues.
Gary: Where are most of the derivatives housed at?
IKO: Yes, Deutsche bank. 160 Trillion that we know about. There are even more hidden. Did you hear anything about used car credit bubble?
IKO: They found another avenue. I just got a great deal on a 2 yr old car. I was talking to guy about credit ratings. If you can fog a mirror, you can get a car loan. Same thing with easy credit for housing, now there are so many cars, they are doing it for them. They form a cooperative and move the vehicles and we’ll still make money on the repos. Dirty thing they’re doing.
Gary: Derivatives are housed in one bank. In my opinion. Tied to the top 4 banks. WF has gotten rid of most of theirs. When China goes asset backed on October 1st, with the stroke of a pen, life is good again. The pen is mightier than the sword. It’s not about Iraq. We’re in the closing act. Waiting for them to raise or drop the curtain.
Question #4: How are you going to diversify your money post RV? You’ve said using more than one bank and you’ve mentioned getting it offshore. (let’s remember the disclaimer! LOL)
IKO: You’re doing that to protect you money, not to avoid taxes. Put some of your money into other foreign currencies that appear to have a lot of growth potential, but make sure they’re safe. Seek professional advice.
Surround yourself with good info and apply the filter we’ve been learning about for the past few years.
There are people out there, but they’re not cheap.
IKO: We’ll RV before 4th qtr. We’ve been coached, Gary & I, we want to focus on parking our money and not making it work for us. See what develops. I’m not going to be doing any kind of investments.
Safe, vanilla – savings, CD’s, fixed interest rates. I’m not doing anything in the market for at least a year. I want the economy to give a solid indication of where it’s going before I do any trading, purchase foreign bonds, etc. Want to see what the GCR gives.
Don’t know what the rules to the game are. Don’t worry about the 4th qtr. Let you money sit in the trust, NIB account. Watch & learn.
Gary: That was a great politician’s answer.
IKO: Seems they really have done a good job setting this up. It is my understanding that Wells has set up an entirely separate corporation to do the exchange. Not a division, an entirely separate corporation.
Gary: So what’s on their call is absolutely right. Wells Fargo will never ever have anything to do with the Dinar and that is totally correct. It’s a separate division/corporation. We just didn’t think outside the box..
Caller WA: I’ve been reviewing my notes and you said to put my money in a State Bank or a Republic bank.
Gary: No, a State Bank. The one I’m looking at gave up their Federal charter and went back to a state bank charter. I feel they are in a little bit better shape. All banks are tied into the federal government – they have government regulation. You can also put your money in a credit union, but I’ve heard the limits are $10,000,000.
Caller: I struggle with the conversation about moving my money off shore legally. Won’t WF be extremely unhappy when you move you money offshore? Obviously you don’t tell them before the fact. When the money is in your account, you quietly move it off shore.
Caller: So you can freely talk to them about that?
Gary: I believe so.
LV Caller: Wants to buy a house, but doesn’t have money to get a trust now. Pay cash and then move it into trust?
IKO: Interest rates on a mortgage are 3% right now. If you can make 9-10%, you don’t want to spend that capital. Let your money work for you and make mortgage payments instead. You don’t have to be a multi-millionaire to have a trust. You just have to hire the expertise to manage it for you.
Caller MN: Go into all cash for end of world scenario after RV per other gurus. Get other currencies or go offshore to hedge against all this?
IKO: I would say, not quite in that fashion. But you do want to protect against some hyper-inflation and it looks like more than a couple months. Be careful of what you hear in a chat room.
Gary: Praying the call out.
Call notes courtesy of Ssmith,
Exchange tips and post RV info
Link to SitRep: All Good Things