Tony conducted a two and a half hour conference
call this morning starting at 10:00 AM PST, including about 90 minutes of
Q&A. Tony’s Washington contact “DC” was present for the first portion of
the call and contributed some explanatory remarks.
Tony opened by saying that a lot of good
information has been received, the roller coaster ride is almost over, and that we are still hoping for the RV to be
activated today. The next call should be about beginning the next phase of our
lives, and how we can begin to live the “good life”.
There are some changes in the way things will
be done during and after the currency exchange process, some of which cannot be discussed during this call.
At this point Tony commented on his preference
to deal with ideas rather than administrative details, emphasizing his record
of integrity in his dealings and his ability to keep his purpose and his goals
in focus. He noted that there are dinar sites out there criticizing TNT, yet no
other site is providing reliable information concerning the RV/CE processes. He
remarked yet again that the work he does in TNT, for which he did not
volunteer, requires an enormous amount of personal sacrifice on his part, and on the part of the staff and their families,
and that he would not wish his job on anybody.
Moving into a description of the RV situation
as it stands as of this morning/afternoon – Tony stated that there is no
negative news, there are no further deals to be made or agreements to be
signed, everybody is cued up, including the banks, the IMF and the UST. Enhanced security arrangements are in place, and call centers are being manned full time
in order to avoid providing timing clues triggered by call center activation.
Exchange centers will be manned only after the 800 numbers are released.
There are some bankers who want this to happen
right now, others who would prefer to wait until after January 1. However the
banks don’t control the timing – that will be determined by the IMF, which will
then give the OK to the UST to release the 800 numbers.
There is confirmation that the bond sale in
Iraq was concluded incorporating a dollar exchange rate of $3.71.
Many contracts are in place in Iraq for
economic development projects which must commence immediately after the first
of the year. Payments on these contracts must be made at the new rate. As DC
put it – “the cost of playing poker is becoming unacceptably high” (for those
who might wish to further delay this process).
The WTO audit took place over the weekend and
was completed successfully.
With respect to the “three zero” notes – DC
explained that the process of removing these high-denomination notes from
circulation has been going on for two years and is not directly correlated with
the timing of the RV.
As it stands now, based on the best information
available, there will be a single 800 number specific to each available
contract rate for the IQN and the VNN. (It is not clear if the IQN/VNN tiered
contract rates will be paired.) Each rate will be associated with a specific
NDA and with specific but unspecified restrictions. The nature of these
restrictions will not be known until the release of the 800 numbers. The latest
NDA information indicates that there are thirteen different versions of the NDA
currently in play, although it is not clear that all of these versions will be
used.
Once having selected the desired contract rate,
and upon calling the respective 800 number, the individual dinar/dong holder
will be asked to select the bank at which an appointment is desired for the currency exchange. He/she
will also be asked to provide the amount of the respective currencies on hand as well as appropriate personal
information. The manner in which reserve/lay-away currency will be handled is
not yet known. Currency holders seeking to exchange at a contract rate will be
required to provide proof of U.S. citizenship. Tony does not believe that using
the proceeds of a VNN currency exchange to pay off dinar reserves will be
considered “double dipping”.
Oil credits are the basis for the high contract
rates, as well as a vehicle for recapture of the costs of the Iraq war. The
U.S. co-operation with respect to the China contract rate is based on the fact
that China does not have internal petroleum reserves in ground, and that it is
in the interests of the U.S. to assist China in securing long-term petroleum
supplies.
In response to a question concerning the delay
of the RV from its anticipated activation last week, Tony stated that a number
of officials have been removed, retired, resigned and even arrested since last Tuesday.
Tony reiterated that all four currencies
(dinar, dong, zim, and rupiah) should reset simultaneously, and that the rates
remain consistent with previous rate information.
In closing, Tony stated that he is looking for
the RV announcement soon. It could be today, tonight, or tomorrow. Everything
known at this point is positive for the RV. Rather than concerning ourselves
with the exact timing of the RV, we should be focusing on what we will need to
be doing, what exact sequence of actions we will need to take, when the RV is
announced.
He stated that he expected that the next TNT
call would be the one following the RV announcement.
**************************************
[NOTE:
EVERY EFFORT HAS BEEN MADE TO REPORT ACCURATELY THE SUBSTANCE OF TONY’S
REMARKS, IF NOT THE ACTUAL WORDS FROM MY NOTES. IF ANY ERRORS OR SIGNIFICANT
OMISSIONS HAVE BEEN MADE, I WILL MAKE CORRECTIONS AS APPROPRIATE BASED ON
COMMENTS POSTED.]
Posted by FORO DINAR GURUS at 5:09 PM
