RayRat/Tony Call Notes 2/28/18

by **Ssmith** Thu Mar 01, 2018 8:43 am

TNT SHOWTIME CC (Notes by Adept1)
TNT Call 28-February-2018 Replay: 641.715.0623, PIN CODE 409029# AUDIO REPLAY LINK

RayRen: Good afternoon, TNT super-fantastic family! This is Wednesday, February 28 2018, with yours truly RayRat98 here, along with…

Tony: Goood morning, TNT!

RayRen: We had various updates yesterday, with things coming in every hour or so; we didn’t send out a tweet, so let’s bring you all up to speed: The UST has been receiving ‘pings’ for exchanges, and they are working out the final bugs. I am awaiting instructions on how to pursue the contract rate…it is going to be on the dinar only!

Bank story 1: A WF employee stated that all essential employees are now trained on the update for foreign currency exchanges. Bank story 2: Banks received a bulletin instructing to get this done, and acknowledging “no tax” on exchange process. Bank story 3 – some bank staff are being called in at 7 am – two hours before regular opening hours – so that they can get things in order.

A member noticed many cars in a WF parking lot at 10pm – that may be significant. This morning, the Kurds said they are deleting 5,000 fictitious names on the payroll. Also, we hear the three presidents are meeting to resolve issues concerning the Budget

Tony: The banks tested the system again to make sure everything went through – they would run one note to make sure it all goes through. That was done. The banks are giving us information about dates and times, in six different states. Everything was positive apart from one state that spoke of bus loads of people at the bank!

Every other state is geared up for this to go. I thought sure the first question would be about contract rates, and we will go into that topic. The contract rates are available for everybody, first come, first served.

PLEASE LISTEN so that we don’t have the same questions over and over again – it’s complicated enough as it is. During the exchange, if you have one million dollars’ worth of dinar, or less, you will go to the teller to do your exchange. One to ten million, you go to the teller and make an appointment with a private banker.

Ten million or above, you will make an appointment with a wealth manager. If you want to get the contract rate, you must call the 800 number and they will make you an appointment with a private banker or wealth manager. Who is eligible for the contract rate?

EVERYBODY. You will have to do two things to get the contract rate: 1) Make the phone call saying you want it and 2) sign the NDA. Every person who wants the contract rate MUST sign the NDA for ten years. The contract rate is a fixed rate of $28.50 per dinar.

There is no negotiation. Let’s look at a little history here. Initially, there was to be a limit of 20 million, and the rest you would exchange at the regular rate. They were going to give it to people with more currency so that they would leave it in the bank. There were also going to be contract rates on the dong, but no more – contract rates are only on the dinar.

Now they want to give the contract rate to those with ten million dinar or less. They are now first in line to get the contract rates, because they are trying to create parity amongst currency holders. They are reasoning the same way as they did for the Zim – they want to share it rather than crashing the economy, so those with the smallest amount will have the best chance to get the contract rates.

Three people put this together, and they say they’ll say that they will send me the agreement today. The guy who created it says there is no way he would sign it, but that is up to those who want the contract rate. When we were doing #wearethepeople, part of the agreement we made was that we would get an opportunity at the contract rate. They gave me a percentage, and it was more than I expected.

Now, everyone gets the $28.50, flat rate. If you sign the NDA, though, that also applies to ALL the currencies in this basket: Zim, dong, rupiah, etc. They have already told me I have to sign this anyway, so I will look at it. It’s 28 pages, and it lasts for ten years. A lot of it is legal definitions, signature pages, and so on. You jus thave to decide if it’s worth. Someone who has 10,000 dinar, the regular rate would equal $40,000; now that person can get $285,000 if they sign the NDA and follows the rules for the next ten years. If the person breaks the rules, their funds would be confiscated, and also any profits made by those funds. That’s for ten million and below. A guy who has ten million dinar @ 28.50 = 285 million dollars.

This last night they said that anyone can do it up to ten million dinar, and over that will be exchanged at the regular rate (about $4). So eleven million dinar = 285 million plus 4 million. However, that will still fall under that NDA as well as your other currencies. That applies to you and everyone in your immediate family as well. This one gal went to university and her parents signed off on an insurance claim. The parents sat tight but the daughter started bragging to her friends and violated the NDA, so they took back the money. That’s how easy it is to get into trouble with the NDA. Judge's email/phone: ksd_murguia_chambers@ksd.uscourts.gov 913-735-2340 DA's email/phone: Scott.Rask@usdoj.gov 913-551-6730 The contract rates should last for around ten days, and anyone can ask for them.

You can take the NDA home and have your lawyer look at it. They don’t want all that confusion of having attorneys come back at them, so they will let you look it. Those contract rates are available for the dinar ONLY> There may be some higher rates for the other currencies you have, depending on how much you have. Dong will be whatever’s on Forex; the others are about how much you have and how good a negotiator you are.

The banker is the one who will decide, and they want to give more to those with the lower amounts, to balance out those who have 100 Zim notes or 50 million dong. I know not everyone will like this, but that’s what they intend to do. The contract was supposed to be US only, but they are now allowing some contract rates outside the US at international banks. I don’t know which countries, because we just found that out today.

Tony: Just to reiterate, if you only have 4 x 25,000 dinar notes, and you want the contract rates, you still have to call the 800 numbers. Even with one 10,000 note, you still have to call the 800 number; that’s the only way to get that higher rate on dinar.

You also have to take your entire inventory to the bank when you want to go, and then they will decide how much of that they will give you at the contract rate. Again, they will favor the little guy. However, everyone will have to sign the NDA to get contract rates. For the first time, the little guy has the advantage IF you can withstand this NDA.

If you mess up the NDA, they will prosecute you. The organizer says that he would not sign the NDA, but I know people who have signed it, and I will have to sign it myself. You will have to look at it and see if you can abide by what it says. That daughter said too much on FB, and her parents lost their insurance settlement. If you don’t feel you can live with the terms, then don’t sign the NDA. The extra money doesn’t help you if you lose it all two years later because you or your family members cannot keep their mouths shut.

Other than that, the Budget said they didn’t vote today. They didn’t have a quorum at the end of the day. The vote is set for tomorrow at the beginning of the day, and the three presidents should be there to ensure it goes through. Did that change the schedule for this week?

So far, I ‘m hearing nothing has changed; we should see something by the end of this week. I said that on Monday. They told me the day, and they are saying nothing has changed. We don’t need the Budget to do this, and the day is scheduled on a bunch of different levels.

About the Zim, we asked some questions this morning. We heard that every Zim note says “I promise to pay the bearer on demand”, and nothing beats a failure but a try. They will put your Zim will go through the Delarue machine, and it will kick out the notes that are not good.

Questions from the TNT forum Q: Tony, you mentioned on Monday’s call that you were given a day this week for the exchange to be released. Is that still an expected day?

A: Yes.

Q: You and Tony have stated that your information is that there will be no tax on the money we receive in our currency exchange. We need written confirmation of this to pass on to those to whom we have gifted dinar, as well as for ourselves. Please pass on this info as soon as you get it. Will this come from the IRS or some other source?

Tony: I asked that question again this morning, and I don’t know that you will get anything to prove this. The banks have been told, “this is a nontaxable event.” Keep your receipts and notes of your exchange, should the issue come up. When you exchange, the banks, UST and IRS will know about it, and they know the status.

Q: If I exchange in my own name, and then later transfer the funds to my trust, will it become taxable to the trust at that time?

A: The last I heard, 50 million is exempt and after that you will be taxed – but your professional team should save you some on that.

Q: Can you please address the points fee subject on exchanges one more time…..how does this differ from the spread……is one more flexible in regards to negotiating it down or zeroing out than the other?

A: There is a FEE that is 3-5 points (or percent?); I imagine those points are negotiable. The fee is what they charge for doing the deal. The spread is the difference between the buy and sell rates – that is a completely different issue. The spread may be negotiable with a private banker; it is not negotiable at the teller line. They will exchange with the rate on their screens.

Q: Regarding the criteria to meet with a Wealth Manager can one request to meet with a WM with Abbott Downing?

A: You cannot exchange through Abbott Downing – that is an investment house. All you can do is exchange and then contact Abbott Downing. Otherwise, call them up and ask! AB only handles accounts of 50 million or more, but you can always call them yourself and ask.

Q: Previously, it was stated that the budget was not required for us to move forward. Since it has not happened, are they going to now wait even longer? Or is this really about WF bank still not ready? Can we move on without WF?

A: I don’t think the Budget is required, so whether it has passed or been published is immaterial either way. We cannot move on without WF because they one of the foundation banks.

Q: How long do we have to wait to wire money to another bank? I plan to buy a house for each of my married kids. How does that work in terms of the taxes on those homes??

A: No more than 500,000 in the first 30 days; however, you can leave with $7,000 cash, and the rest will be available in 24-48 hours. You can still wire more than 500,000, but it will go through an additional review. To buy a house, use a cashier’s check – it’s only wire transfers that might raise a red flag.

Q: Will a person be able to exchange, at the same appointment, to the daily limits; Zim, dong and Dinar into these three; 1.. Personal account; 2. 501C3 for a family Center; 3. Corporation?

A: Q: If you have gifted Zim is that number included in the 10 max 100T or combination of 100T? A: I don’t understand your question. If you have given Zim away, it is no longer part of your total, it’s part of the recipient’s total.

Q: (1) what is the value of a lower denomination dinar? A: There are ones, fives, tens, and twenties. Any note is worth that denomination x the rate, just like any other note. (2) what is the assurance that our exchanged currency will be into US (gold backed) treasury notes instead of federal reserve notes??

A: You will be exchanged into US dollars as digits on a screen, that’s all you need to know. Years ago they told us to put dinar in a separate account because dinar would be exchanged by gold-backed notes and the other currencies would not. The US Treasury will be tracking all that. It has nothing to do with us; when the money comes out of the ATM, it won’t be this kind of dollar or that kind of dollar—it will be in dollars that you can spend to a dollar amount.

Q: If we exchange in our personal name (not taxable) and then transfer the funds to a trust. Will those funds then become taxable or just the interest we make on it??

A: Q: I currently reside on a small island in the Caribbean and have concerns about staying invisible after the exchange. My initial plan was to fly to Miami to conduct my exchange at a WF branch, leaving the majority of the exchanged U.S. dollars in the U.S. bank until I could set up a U.S. trust. After listening to Monday’s call I now understand that I have to exchange my currency on the island and not in the U.S. as previously thought. The island has U.S. foreign currency exchange issues which will not allow me the opportunity to convert the local dollars into U.S. dollars. Should I gift my currency to my son who lives in the US?

A: That’s a personal issue, so talk to an attorney anda banker where you live and see what they advise you to do. [Ray came back and said that he was texted information that he can exchange ON his island.)

Q: I have gifted a 100 Trillion note to four of my nephews. If all four take the one note to exchange, will the bank let them each put one fourth of the exchange amount into their own account. If 10 million is the exchange amount, will each be able to put 2.5 million into their own account?

A: One person will do the exchange, and will be the exchanger of record. He will then gift them the money and pay the gift tax. However, this is how I would do it: I would exchange it into a trust with four beneficiaries, or create four different trusts and deposit a quarter of that exchange into each trust, so that the original exchanger is not liable for gift tax.

Q: Is there any status on the Rial??

A: Nothing new, still in the first basket.

Q: My son is a college student in a different district than where we live. Believing that the RV is within a few days, can he exchange a few Rupiah notes as a walk-in teller client to Bank of America at college but then come home after midterms and complete his total exchange of currencies at WF without any issues?

A: No. We are being told you have to exchange in the district where you live, all currencies – the district where you have lived 182 days.

Tony: When you call the 800 number OR your private banker, you need to tell them if you wan the contract rate. You MUST do that through 800 number system.

Q: Living in Hawaii we do not have any Wells, BOA or any other mainland banks, how do you see the exchange happening for us folks living here?

A: As we have said numerous times, you will not have any problem exchanging on Hawaii – the main banks will work through their existing affiliate banks. We know of people who have exchanged there already. Call the 800 number for District 12 and have them give you an appointment at a bank on the islands.

Tony: Tell your associates and friends what we’ve been saying TODAY. When it goes, there will be mass confusion. Instruct your people NOW so that they know to ask for the contract rate if that is what they want. Your people will be highly upset if they find they could have had the higher rate, but you didn’t give them full instructions. You need to tell people right now what the process and possibilities are today. Have them listen to the call rather than relying on their interpretation.

Questions from live callers

865/404: There are a lot of nuggets here. As for the NDA, and if there are 28 pages, that means it must be in a finalized form. Is there any change of your posting that on the forum so that we can read it before going to our appointments?

Tony: It is not finalized; there are two different versions. They intend to send me a copy of the final version today; they say I cannot pass it on to anyone (unless that changes). If I can post it on the site, it will be posted in advance. We will have to expand our site to post this, and that means we have to get our technical people to do some work. I was hoping to see it before this call; I should have it by this afternoon, though. Somehow, I will try to get that somewhere people can look at the NDA before their appointments.

Caller: How long will this [contract rates] offer be made before those with higher amounts be invited in?

Tony: The contract rates are available to everyone at the same time; their intention is to give it to those with lower amounts first. As people call the 800 numbers, they will set aside those sums, and the rest will be available to those with more dinar. If someone has 30 million dinar, s/he might get ten million at the contract rate and the rest at the regular rate. They are trying to spread what they have amongst as many people as possible. Everyone will get appointments in the order they call the 800 numbers. If you don’t want the contract rates, it will probably benefit you to wait a few days anyway. Again, they are looking to share the wealth and give stimulus amongst as many people as they can. They are trying to give first to those who couldn’t afford to buy more dinar. This was never supposed to be this long, and they never expected this many people to be involved, nor was it the intention for any one person to buy so much. It was supposed to be a few million people, never that one person could have millions of dinar, or dong, or a thousand Zim notes. That wasn’t part of the plan. Now they are adjusting on the fly because the plan changes.

CA caller: Zim notes? Are we back to no caps?

Tony: Not so far as we are being told. For right now, you are limited to one 100T note (or the equivalent). As Zim notes are exchanged, you will have the opportunity to exchange one or more further down the line. It could still change – we’ll have to wait and see.

Caller: Are you still suggesting we go in with everything we’ve got, just in case? Tony: Let them know how much you’ve got, so they know where to send you; the banker will then negotiate when you can exchange the rest of your Zim, maybe one note per month or quarter. The current cap of 100T is per person or entity, with 10 x 100T total; overall (that is, all currencies) the maximum any one person or entity can receive is one billion dollars. I’m not sure I understand that, but it will no doubt become clearer.

312 caller: [can’t hear this caller] Outside the USA?

Tony: As soon as we get the NDA, I will figure out how to post it. US banks operating outside the country may be able to share contract rates.

Caller: Will there be a separate number for those with less than ten million who want contract rates? Otherwise they will tie up the lines. Tony: It will be the same number. We will figure out what they are saying about one billion per person or entity. They are not wanting billionaires to be a common reality; that is not the purpose of this process. However, there are willing to make millionaires.

916 caller: Can you exchange to the separate limits into three separate entities: yourself, a nonprofit, and a corporation? Could you put 100T in each of them?

RayRen: I didn’t answer that question deliberately, because I think it is aimed at circumvention and I don’t want to address that, especially when they are listening. We seem to have caps in place now, so let’s leave it alone. You can ask the 800 number.

Tony: It’s better to ask for forgiveness than permission.

Caller: We have a large family; those who don’t live with us, who have their own families, will all those cousins, etc., have to align with the NDA as well?

Tony: Your parents, siblings, their spouses, your children and their spouses, and your first cousins – those you have told about this, and who could expose you. You should know who those people are. They have to sign the NDA as well. Have your attorney read the document, and ask who it applies to.

Caller: $500,000 is the limit per transaction as a wire transfer?

Tony: Yes, per wire transfer, in the first month.

770 caller: [Appreciation] This NDA scares me because it sounds like a trap for the first mouse. What do you think,

Tony? Tony: That’s a good question. You have to look at the NDA and see if you can abide by it. They are saying that I can share the document. They are saying that contract rates are available… but do you really want it on these terms? I know people who have already signed the NDA, and they are mainly government people used to being confidential. It might not be YOU so much as wondering if your brother-in-law can keep his mouth shut five years down the line. People will have to make those decisions for themselves, and that will scare off a lot of people. I will not make the decision until I read the NDA. MI caller: Have you heard any rates on the Zim? If I have less than a million dollars worth, I can go to the teller, right? Should I open an account beforehand?

RayRen: We haven’t heard any more about the six zeros… but all Zim has to go through the 800 numbers, so you might as well exchange everything you have at that time.

Tony: The only way you can exchange at the window is if you already have an account. Mostly they will tell you that the account has to be open 24 hours beforehand. We don’t really have an answer to those questions yet.

Caller: Which are the lead banks?

Tony: Wells Fargo and Bank of America, and also HSBC.

786 caller: Will we still be able to draw Social Security? What about our retirement?

Tony: You do need to be careful before you start handing out money to people, because they might lose their benefits. Look at these issues before you take this money or give it away. I don’t cover retirement law, but I don’t know of anyone losing their retirement because they got rich. For Social Security, you need to call them and ask.

Next caller: I’m a little confused. The total amount of currency we can exchange is one billion US dollars’ worth – is that correct?

Tony: That is what we have just been told.

Caller: And the cap on dinar is 20,000? What about dong?

Tony: No, the maximum dinar is ten million dinar to get contract rates. Above that, you will be exchanging at the official rate. For dong, you can exchange as much you have. That would be ten million DINAR @ $28.50 = 285 million.

Next caller: We have heard that there will be a floating rate on Forex… [Yes.] We know this is a nontaxable event, but you have to make a statement to the IRS about your accounts. How do you let your CPA know where this comes from?

Tony: Years ago, they said you can have your CPA sign the NDA also. Keep your receipts and exchange documents to prove that this is an exchange and nontaxable.

RayRen: It’s not going on your 1040, so your CPA won’t have to explain it anyway. The IRS doesn’t need to know where the interest comes from, just that there is interest earned. Where it comes from is irrelevant for income tax purposes. Capital gains is a different issue, if you make investments.

Closing Statement That’s two hours… I know some things are confusing, but it will become clear in time. We are learning more about the procedures, and you get to decide on whether you want contract rates based on what you make of the NDA and what you think your family will do.

When we get more info, we will let you know. In a conversation a few weeks ago, they said that this is not to make everyone rich, but to spread the wealth. That’s why they are allotting more of the contract rates to those with fewer dinar. It is also easier to explain and fits better into the economy to have 1,000 more millionaires than billionaires. They are saying they want to cap this off at one billion dollars per individual, and we’ll just have to see how that shakes out.

Don’t everyone call me about that because I cannot change it. If you only end up with 900 million dollars – what a glorious day! Everyone will get paid, and with more than we can use; everyone has the opportunity it expand what they will do. I will post the NDA when I figure out how to do that, or they will give me a link that I can send out. We are still being told it is this week regardless of what is happening in Iraq.

Enjoy your day; we’ll get on the phone as fast as we can when it is warranted.

RayRen: Don’t call Tony, and don’t call me!

Keep believing…

RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA