Hi, Folks -
Found here:
http://dinaresgurus.blogspot.com/2014/12/sunny-post-from-tnt-tnt-cliff-cc-notes.html
=====
SUNNY POST FROM TNT : TNT CLIFF CC NOTES, 5 DEC
As usual I may update after I have reviewed the notes. - Sunny
Tony: "Don’t see this happening before 6:00 pm (Iraq time) this evening." (this has passed - we wait - Sunny)
Caller: "Are we back in a specific window?" DC: "Yes, we are."
Tony: “DC . . . how much confidence do you have in this window? (window is this weekend)
DC . . . "feel very confident US has been very open about wanting to get it done now. Which is refreshing . . . Now they have a full throat-ed, Yes!, we’d like this to be done.”
Caller: Us and OPEC are trying to drive the oil prices down so Iraq will mess up budget? After a loooooooooooong, detailed analysis DC said, "No!" (these are Cliff Notes - the analysis will be in the verbatim transcription)
RV Announcement: Abadhi to make non-descript announcement, something like, “CBI changed rates based on our new economic foundations, etc." It is to be corordinated between CBI and all central banks. Going to make sure US is on board before making that speech.
USA will not be offering public announcement or congratulations to keep this low key.
IRAQ:
Parliament: Budget adjusted to $70/barrel. HCL adjusted, announced and included in the budget.All but third reading of budget completed. Abadhi back in the country from Bussels and Paris. Abadhi has retired 20-30 folks inside the ministry. Still pulling the people together.
Holiday's have been declared for Tues, Wed. and Thurs . . .again. On Sun & Mon. working hours have been reduced in Iraq to half days.
CBI has been released from government authority and is on it's own.
Mosque/TV: Announcing economic reform underway; about to be done; about to be very wealthy, celebrations planned, telling them to pay attention to specific web sites.
ISIS: progress continuing. NATO in Paris pulled together some additional, helpful resources to assist in the defense against ISIS.
INTERNATIONAL:
BIS & IMF: Working on coordinating the whole event, keeping everyone together. DC says, "they have the worse job trying to keep people in line."
UN pushing and pushing to get this done.
UNITED STATES: Situation is tense and lots of mistrust in Washington between administration, rep’s and even members of it’s own party and higher and lower levels around this exchange. People were put on notice that “we know what you were doing so stop screwing around.”
DC: They are not going to allow dirty things to happen. . . There are many folks beyond just us who are taking this very seriously and protecting us at the highest levels.
T: A lot of misinformation out. . . We have to sift through it. . . .We are ready to go on a moment’s notice as soon as we find out we aren’t. (exchanging)
UST/Administration: Promising and playing ball – doing what they said they would; not blocking it.
Banks: Have accepted the rate. Each bank doing their own individual exchange plan/process. Wells Fargo is the bank that will take everyone/anyone. The other banks will take the customers they want.
Exchanging: Everyone will have some cash up front. Banks still going to pick and choose who they want as clients. Not going to walk out of the bank with huge amounts of cash. Maybe $9,000. Banks do not keep large amounts of cash on hand. Bank will run background checks on people. If they suspect something illegal they will notify law enforcement.
Exchange Rate is assigned by a code. You'll know when you go in if you have the contract rate. If not the WM’s may decide your going to be a long term customer and is authorized to raise the rate based on what you want to do. DC: "Contract rate will only be available for a few days. . . The vast majority will get the $3.58 rate." 72 hours was mentioned.
Packages: Not yet
Security: Banks and law enforcement are ready.
Taxes: DC feels there will be a lot of contention about how this is considered/handled via the tax code and expects litigation around that. Keep the Dinar separate from other currencies, as likely Dinar will be taxed differently than others.
Exchange "1" $25,000 Note: Plan has been scrapped to allow that, at the banks, as the exchange plan has changed. Dealers can exchange a single note. Yes, it was indicated you could exchange some at dealer and some at bank.
What to expect: 800# will be tweeted out. Call it to get an appointment;, show up at the bank with two forms of ID. Security will be present; they will count out your dinar, if Delarue machine will run it through. They will tell you the rate, ask you to sign the paperwork, cash to take with you (within reason) and your done.
CLOSING STATEMENTS:
DC: Iraq ready. . .rates changed again yesterday and this morning. Excited about that. Everybody ready . .. even in US. . . looks very, very good. Make sure you have a plan for taxes and conservative income.
Pam: Tony, I know today was a tough call because I know you don’t feel well. Looking forward to tony time this weekend.
Ray: Continue to enjoy fabulous Friday.
Tony: Bank geared up. . .everyone being told this is it. .. weekend is the best time . . .to get as many people through as fast as they can. Everything they need to do has been approved. . . have agreed to let central bank be released from government authority and be on their own. Don’t want to continjue to look like idiots to be stopped once again. . . meeting yesterday he looked them in the eye. . . DC did an honest, honest effort to get us all exchanged. Agreed to this in Feb. of last year . . . as long as we treated fairly we keep our end and they keep theirs and go on from there. . . It is scheduled to happen. Let’s see what happens. . . Anything significantly happens, I’ll send out a tweet or . .. Enjoy your day!
*****************************************************************************
|
No comments:
Post a Comment