TNT Call notes 29-June-2015
Dr Kyre Adept
I never thought we’d be here but here we are. We’re a little late on the call because I needed some coffee and a bite to eat. I’m tired, and Pam gave instructions for me to be nice anyway, so I thought I’d better have some coffee!
Tony: Good morning, TNT! Today is Monday, June 29, 2015. I’m not depressed about anything, just tired because it’s been a long weekend. All the news is good. I will clear up all the confusion with the way I see this, and all the people we talk to. We told you last week that we need to see what happens with Greece. I know you all discussed this over the weekend. This is what we have: Is Greece directly involved in the RV? No, not in anything Greece is doing but their general situation does. The RV has already been done. Everybody is ready: the banks, Iraq, all the rest. We are currently waiting for the Greek situation to show itself to the world and it has done today. The Yes or No vote doesn’t matter, all we need is a conclusion – they have a plan for Greece either way. One works well and the other does not, but that is up to them. The fact they are delaying until 5. July is immaterial for us. The German Chancellor wanted something by market-opening this morning. The market went down 3% but didn’t go crazy. If the global market stays stable… they want to know how the market will go globally because that affects all of us. Because that is pretty calm, they are feeling okay. It could go today, tomorrow… let’s see what happens. Everyone is fine with what happened today. They were expecting some kind of reaction there being no deal with Greece, but it’s okay.
Iraq has some things lined up for Wednesday and Thursday. This could go before that—today or in the next 48 hours. Greece said that they didn’t meet their deal and don’t plan to. That doesn’t make sense to the world, but it is what it is.
303 caller: You mentioned last week that you would discourage layaways or reserves. Is that just because of Sterling or other factors?
Tony: I’m not encouraging or discouraging reserves. My understanding is that 90% of reserves are not going to happen. I would have a Plan B, just in case. Things are changing even as we speak, so I’m not saying that is 100%. Not one currency dealer has called me with their plans. Based on what I heard before, most were going to drag it out past the window for contract rates. It never hurts to have a Plan B, either way.
Caller: I’m thinking that all the dealers are going to hand back the money because they cannot perform on the reserve contract. Won’t that lay them open to liability claims?
Tony: If they have the ability to perform and don’t perform, then yes. If something happens so that they can’t perform, then who knows?
Caller: [Appreciation] I’m a military historian, and we started with big armies engaging with each other. Now, military forces are decentralized like ISIL, so I don’t know when they will get their hands around the head of the snake. Complexity of country brings about emerging properties, so every time they push the button, something else comes in. I would rather deal with the consequences than to timidly hold back until conditions are perfect. They will never be perfect. Tony, please defeat the argument that this has to be a long-term process.
Tony: You’re really saying “why can’t we just press the button?” I understand that. If it were just a bunch of dinarians on the internet, with the rest of the world not having a clue, that would be one scenario. IN the last few months, this has been exposed to many people outside the dinarian world, in the banks, and especially to the Iraqi people. The rate has been loaded on their cards, and they are being told for the last few months that their currency is being revalued. They have a contest that says three people will win 30K dinar or 100,000 dollars. The situation in Greece – how will that affect the global markets and their debt? They have to make a decision on that, and see how it goes. Iraq cannot be a country without their own currency (with significant value) to achieve all the goals they have set and the world has set for them. Tomorrow is the last day for Greece to pay; if they default, that will set a plan in motion. Or maybe it will the Wednesday or Thursday. But everyone I have talked to has said that they are ready to go and all they need is an announcement.
Caller: This morning, I got up at 5am for an 11am call, so thank you for picking my call. Last week we had First-time Caller Friday… if you’re going to do that, please announce it on Wednesday so that I don’t have to get up at 5am to get on the call – is that fair to ask?
Tony: That’s Pam’s deal – talk to her about it! You were just the next in line.
404 caller: Greece has a fair amount of Iraqi currency; why then is the IMF reluctant to release the RV? That would give Greece money to NOT go into default. Or is there some kind of magician’s trick, keeping us focused on Greece rather than the other hand?
Tony: I think everything is set in the other hand. All these other countries were in the same position as Greece: Italy, Spain, Portugal, Ireland. All of them were told “fix your economy and we will help you with that” because otherwise they would take down the whole economy. Four out of five agreed to fix their economy so that all can flourish. One decided that they would just take the money without making changes. Now we are getting ready to flood the country with money, and without changes, they will bring down the new economy the same way they did the old one. Greece gets all this money, they continue to party, and that just prolongs that action. Or they can tell us what they are going to do so that the rest of the world can isolate them if necessary. If they have dinar, if they exchange and have more money how long with that last? They will still be broke unless they change the way they operate every day. That is a decision they have to make, and we are seeing how the rest of the world will react. So far, it seems everyone can live with what Greece is deciding. In Iraq, they are announcing to their people they will load their cards again on Thursday, so maybe they know something we don’t.
So now they are voting on the 5th, and we won’t know for another week what the people will decide. Everyone talking to me is saying that it won’t matter to us; we’ll see.
Caller: Also, they could cancel the referendum.
Tony: The government of Greece want to find out what the people want to do. Right now, you can only withdraw $67, if you can find an ATM with money in it. Their bank accounts have been frozen for a week, and if this goes forward, they might be frozen for longer.
Caller: Thanks, and Vegas, Vegas, Vegas!
831 caller: What do your sources say about the BRICS and AIIB bailing out Greece? If they have an asset-based currency, wouldn’t that solve the problem?
Tony: They know that just giving Greece more money will not solve the problem. It’s like putting the candy on the table and telling the kids not to eat it. So they are not going to put the candy on the table because Greece doesn’t have the sense to eat it sensibly. It’s about more than the money, it’s about changing the way you live every day, and that is what Greece is not willing to change, it seems.
313 caller: How are you?
Tony: I am super-fantastic, actually. I didn’t talk as much as usual with DC and Pam and we enjoyed our weekend because we knew that nothing would happen until the market opens on Monday. Angela Merkel said we would have to see some action by that time. Nothing much happened; the market didn’t react. If that continues throughout the day, this thing is ready to go. There are no meetings nor discussion about Iraq, what Iraq is doing or not doing. Every finance minister in every country is focused on Greece: What are you going to do and how will that affect us? I knew exactly what to look for, this morning, this evening when the markets close, or tomorrow after they declare that Greece has officially missed its deadline and they can implement their plan, whatever it is. Iraq put out over the weekend that they are loading the cards and they will award three people 30K dinar each, which means $100,000 each.
Rates: dinar = $3.91; dong = 47 cents, rupiah 1.05, zim at 11 cents… no, Pam says not to give out the rates. The rates are still the same as I’ve been saying all along.
Caller: Vegas, Vegas, Vegas!
601 caller: It sounds like security is good enough in Iraq; the Greek thing is what’s staring us in the face, waiting to see which way it goes.
Tony: If you shut a whole country down because they cannot pay the IMF or anyone else, and they have shut people off from their bank accounts… if things don’t get better by Monday, they won’t change on Tuesday or Wednesday. I don’t know what kind of idiots are not getting money out of the bank, and the IMF says that will continue if Greece doesn’t pay up – who would vote for that? The stores in Greece aren’t even taking credit cards now because they’re not sure they will be paid. So it’s cash or nothing, and they cannot get the cash either. Will Greece become a third-world country? It has to be affect the countries around them, and even the US because it affects imports and exports. Will the RV be affected by that? No, because the RV is done, but they are concerned that an influx of money will destabilize things further. They want to do the announcement when the markets are smooth, not all over the place.
423 caller: Have you heard anything more about Sterling? They don’t answer their phone.
Tony: they have a statement on their site, and that’s all I know. I haven’t talked to Frank or Ty; I haven’t called them myself, I’m just waiting to see how it plays out. I try to be transparent or at least upfront: there is an FBI investigation involving Sterling. My giving my opinion is not going to help the situation, and won’t help me because I might be interfering with the investigation. I’m just saying that Sterling is not the only one, so I would plan on them not being there; worry about it afterwards because this is so close that they probably won’t resolve this during the contract rate period. If you choose, you can buy more dinar or other currencies, if you choose.
Caller; You suggested an attorney, but I don’t have money until after this goes. Should I talk to the Attorney General?
Tony: Against Sterling or against the FBI?
Caller: I just want the currency I paid for! Vegas, Vegas, Vegas!
732 caller: Tomorrow is the deadline for Greece to pay back the IMF or not, correct?
Tony: They have to choose whether to do what the IMF suggested in terms of changing their spending, etc. If not, they are in default, and they won’t receive further IMF funding.
Caller: So if they have a referendum, if will be too late, won’t it?
Tony: In theory, yes… but in practice, if they take another week, they take another week.
Caller: So do you infer that they are ready to let the RV go, meaning Baghdad then the rest of the world?
Tony: Yes, Iraq first, then all the little people in the world could exchange as well.
Caller: With Sterling I understand you are mainly talking about the reserves. If you bought from Sterling and you have the physically had the currency, will that be okay?
Tony: This is just my opinion, but I don’t think there is any issue with currency you have in your hand.
Caller: The receipts will be needed at tax time, will there be an issue because the receipts are from Sterling? As long as it is genuine currency…
Tony: By that time you will have exchanged, and the note will be in the bank. They are not going to worry about any particular note coming from Sterling.
Caller: Vegas, Vegas, Vegas! What about somewhere about the East Coast? Or maybe Dallas?
Tony: If you create a petition on the forum, we’ll press DC to attend an event in Dallas.
Today we are keeping this to one hour to help the transcribers. Pam? It’s your show…
Ray: Sounds like we lost Pam. Continue to enjoy this Marvelous Monday and we will see what we see when we see it!
Tony: Alright, guys. All we can do is to watch CNN and see what happens with Greece, or watch the financial markets to see if it’s going bad or if it’s leveling off. We are just waiting for is for Lagarde, Obama, and the other leaders to decide they are letting this go. Iraq is announcing to their people about the cards on Thursday. We are in the final position for this to go and to tell the banks to go do this. The rates are in the global banking system. We are in a great position. Let’s hope for the best and prepare for the worst. If this does happen, I will send out a tweet and we’ll be ready to rock and roll.