[BWM] shalala we gonna go WIDE OPEN tonight... lol
[mikeyg] BWM how did the meetings go today// hear anything?
[BWM] mikeyg got a phone call around 3:45 with high expectations... so we'll see how things resolve
[.gizmo] does the 72 hrs end at 11pm tonite??
[BWM] first, the "72" hours is IMO a guess... there shouldn't be a hold or such placed on this when the prep has already been done... and as far as ending at a certain time, well we've seen those come and go
[pipeliner4rv] what is it that can possibly be making this take so very long
[BWM] the fate of the world is kind of a serious thing... and ppl have to take bathroom breaks during meetings you know... and not everyone is wearing a dress
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[da58] do we need copies of our dinar as some say to go to the bank?
BWM] banks no... it's currency. and as long as you are not letting the dinar leave your person (don't send it off) then you should have no issues... if you are going to a dealer they may ask to provide where you purchased to insure legitimacy... banks are going to be setting accounts up for you, less concern
[niftyfifty] are you of the mindset that it is no longer the ptb's. or unfinished business in iraq?
BWM] everything I have been told said that Iraq is done... does that mean we have seen all the things that we expected? NO. for obvious reasons.. IF they showed all the things we had expected there would be no excuses for why this isn't done...
[dealdoctor] is this now out of the hands of the 3 letter agencies and in the hands of the commercial banks?
[BWM] banks CANNOT pull the trigger... period
[drizz] BWM I'm numb! I really had hoped that Ms LaGarde would take care of this in December - it's the end of April - 4 months later - and nothing. It certainly doesn't seem to make any difference that the world is in economic turmoil so is there really a global reset? What needs to happen to have them RV?
[BWM] I don't see this as a "reboot" as some have termed it... we are not resetting the entire global currency... we are realigning the global DEBT... if you look at all the forgiveness going on between countries you should realize that is where the reset is occurring. On the basis of each country's national debt...
[da58] with no prior acct at the bank, will they open, deposit, and get the show on the road right there and then??
BWM] I can only speak from my experience with banks but YES. I'm expecting to walk in, cash in, set up brand new accounts, trusts, etc. AND walk out of the bank with money in my pocket... within the limits that are imposed on "cash in hand" of course
dealdoctor] Has Iraq signed off on the RV and it is now in the hands of the IMF, BIS and UST or are we still waiting on someting to say "Go!" from Shabbi?
[BWM] from what I have been told... Iraq has signed off on it... so from there it gets a bit more complicated and Iraq still has the right to make changes I believe until the actual activation occurs
igpup] We're probably all trying not to ask date / rate questions we know you can't answer ;-)
[BWM] I could throw out dates like others but I don't believe in them... how many times have we seen in the last couple of days "stand by" or "hang here for news" and nothing... I firmly believe that if you have something to say, say it... otherwise, wait until you have something bonafide to discuss... I have stayed quiet for a long time because I didn't want to get into the "intel wars"
[dannylee] when are we going to rv........
[BWM] when it's LIVE... truly LIVE, not pending, not on hold AT THE BANKS
[maw33312] whats the diversion? Whats your opinion on what the diversion will be to do this?
[BWM] I don't think there is time for a diversion at this point.. I think they will be looking for ways to avoid fallout for the dollar once this occurs and how to insulate the ppl from losing money
[niftyfifty] do you feel that we will have a reasonable period of time to cash in?
[BWM] I believe so... but that will always be based on the rate... I believe we will have plenty of time because I don't hold a lot of stock in the 26,32 or 40 something dollar rates...
[tlucas] BWM were you able to look at the Coalition Provision Authority Order Number 39 and what did you think?
[BWM] yes... I don't think it provides any negative respect to us... the main thing I read in that was outlining exactly what a currency under "sanctions" or "regulations" involved... and that has been resolved it seems
[thudz] Bam how are you planning on handling reserves
[BWM] well I don't have them... so that shouldn't be an issue... but if you ask specifically what you mean I would be happy to comment
[painter] Is there any way this goes to next year last year at this time we thought it was done but here we are
[BWM] even my most pessimistic contact says no way... so we keep looking at the closest opportunity and see how things continue to move forward
[da58] what do you recommend for the limit per acct..say, in millions..? many may need several??
[BWM] that will depend on your bank and the type of accounts (investment-wise) that you have set up... some accounts will be fine in the multi millions... again, look at how much concern you have in the ability to get liquid if needed
[xyz] Can you please summarize where we are today? Did you get update on the meeting that was supposed to happen this morning?
[BWM] news came late this afternoon which as I explained led me to rule out the bank update at 2... but news did come later that there was indeed movement.. and if you had not gotten the second part of the information that I got (a clarification) you'd have been sitting around at 4 o'clock calling for it to happen... fortunately, the information is still good and I think there is still an opportunity for tonight as long as nothing new comes into play
[drizz] BWM ~ Based on your answer about adjusting the debt between countries, how much more debt needs to be forgiven - if you know?
[BWM] some pointed out the cbi update info today... I think you can see things that were reflected in that, that there has been a substantial amount of debt forgiven... and you may see further with other countries once this occurs
[10urout] How much pressure is the Euro Crisis troubled road putting on Lagarde?
[BWM] she's a pretty strong and opinionated woman.... I think she has exactly in her mind what she hopes to accomplish.... dealing with so many factors obviously is making life a bit more difficult
[highhopes] some people say the rate will show up at banks first, others say the CBI, still others say the forex. Where do you think we will see it first or just suddenly everywhere at once????
[BWM] I would say cbi and banks... forex could be last or at the same time but I can't possibly see first (the trading side). One of the big misconceptions has been forex trading vs. forex banking information
[JohnnyB41] What "perks" are banks expected to offer and what will they be asking in return?
[BWM] about those... there has been a big deal put in these bank packages that are being offered by sites... the banks themselves have these for you... you will be able to download them probably off their own sites and I think we have put too much emphasis on "having" to have them from here in order to cash in.. remember these are "starting points" for your negotiations...
the perks will include rates, free services (trusts, atty, etc.), insurance and unlimited cards (black/titanium credit cards). the thing that they will be looking for is a specified amount of money being kept in their branch for a specific time... (keep 1 million for 6 months in their branch, just an example, amounts will vary)
[imperium] We have heard for months that China was fed up with delays and is carrying the biggest stick and took things into their own hands.... now it's april 23rd..... what gives?
[BWM] well guess that means china wasn't in control...
[ARHogFan] Are there any definite ideas on taxes associated with the exchange?
BWM] we will all sit on that until the rate shows... most feel 15% or nothing... but if you count on 35% you can't go wrong...
[Hebrews11:1] BWM hi Thanks for your time. What specifically are intel providers like jonnywg and BellaGrits working on confirming today that involved specific cities being mentioned?
[BWM] if it shows in one place it will show all places... most of those are just contact places that ppl are trying to confirm information... I can only confirm what I'm working with...
[Mr. Finance] Has the Bank of American pulled out of being one of the packages for the cash-in?
BWM] they are still going to be involved... whether they offer a package publically I can neither confirm or deny...
[timlbs] Do you think the CBI will be pulled into the GOI oversight or will it stay independant?
[BWM] not while Shabs is alive... but hey it's the middle east
[zerolimits] what other currencies are you getting involved in after the RV
[BWM] there are a number... the biggest point to look for is asset backed... canada, australia and a number of others will be good options... and eventually the dollar should bounce back
[drizz] BWM ~ why would there be fallout with the dollar?
[BWM] issues with currency vs. assets... the main concerns will be hyperinflation with the amount of currency that the gov has rampantly printed... making sure that the currency is "backed" by something of value
[mikeyg] how long will it take to devalue the dollar after the RV occures? Or will it?
[BWM] I don't expect the massive fallout that some seem to be debating... and I don't have a problem with keeping dollars... long term investments will be no issue... if I have a million dollars in the bank and the dollar drops... I only lose buying power I don't lose the number of dollars I Have... and upon rebound I will still have the same numbers
[dpa820] Upon,Rv and going to the bank, we have been told to set-up non-interest -bearing accts,and not to any major investments for approximately six months. But we at one time were told to place funds in a cd. What should we do?
[BWM] research YOUR plan... don't take anyone else's advice about what is best for you... you may receive good starting advice but the actual investments needed to accomplish things to fulfill your needs can only be accomplished by knowing your options... again, with the six month thing, if you are buying something to keep.. then no worries... it's the items that you might purchase and want to get rid of within say a year that I would be concerned... just be smart
[Girlpup] sorry hit wrong button will the bank packages have a list of participating banks? Seems like a big task, but I thought I remembered someone in our site saying that. Thank you
[BWM] it will depend on your region... I have basically NO big 4 banks around... and so I will pick and choose which branch I would use based on what they are offering
[mimi2] Is the Vietnamese VND going to be included in the bank packages or just the dinar? Will that rate be negotiable?
[BWM] that's a great question and I haven't heard anyone discuss any additional packages for the VND... so I'm guessing the spread will not be as significant an issue when negotiating... so you may only have a small room for rates
[dannylee] do you think it will happen befor may1
[BWM] I don't have anything that says it can't... so I'm looking tonight first and go from there
[findmoney] I just looked at the national debt clock. Very scary at 15 trillion +. I guess there would be no escape from that unless this happened?
[BWM] well I'm not paying for it....and yes... it's pretty desperate at this time... kinda reminds me of that period when Clinton was in office
[da58] do you suggest cashing some here some there..various banks?? couldn't one just do it all at once, then transfer and open various accts later
[BWM] I will have several banks that I use strictly because of availability of big 4 banks as I discussed... be careful moving money... and make sure you don't create another taxable event in the process of trying to circumvent something
[da58] to diversify, say in canadian currency, do you recommend going there - and setting up acct - or just buying their currency here?
[BWM] there are not a lot of options to purchase the currency and keep here... I personally will be looking at going to the countries I'm interested in and working from there
[sandhaul] If we have all our debts paid off post RV is it still important to stay liquid for the next 6 mos?
[BWM] I think you pretty much are liquid if you have paid everything off....
[1biz4u] If our dollar is going to devalue some, why isn't our government already telling us this?
[BWM] they are working on ways to resolve that... why do you think everyone doesn't know about the dinar?
[da58] what percentage of one's wealth should be the limit on spending for a home..I think what I may want may be 20% of the after tax, not certain..too much, huh..
BWM] that's personal... just remember... every purchase comes with additional issues... taxes, insurance, maintenance and such... don't think it's "paid for" just because you don't have a mortgage...
[dealdoctor] Is there any specific reason for us to expect the RV in the next day or two or are we just waiting as usual in this very good investment based on the actual wealth of IRAQ and the artificial low value of their dinar imposed due to Saddam's invasion of Kuwait?
BWM] one day I'd love to explain the information we get everyday and just what gets sorted thru to decide what to tell you... if you think some of the stories you've heard are ridiculous, you should hear the ones that don't get repeated... elvis anyone?
[queenmum] Would it be wise to place your money in more than one kind of bank Splitting it among different ones ie WF, Chase the like?
BWM] I can only tell you my plans and you decide what is best for you... I will have an international bank (branches outside the US), a big 4 bank and a regional (local) bank...
[dealdoctor] Do you consider the fact that Iraq has a very high inflation rate AND the fact that they will soon in June have tarriffs which will increase costs of products within Iraq as real pressure to cause this RV to pop before the population explodes in rage to feed their families?
[BWM] Sadr is a strong force and promises have been made... at some point, if promises are delivered upon there will be chaos... does anyone remember the 100 day promise we were talking about this time last year?
[Jazzy] BWM do you think the Dodd Frank accounts will be extended into 2013?
[BWM] you'll have time to plan if necessary...
[zerolimits] I have some small notes I was going to hang on to for 6 months to a year just in case is went up later. Would you recommend that? The other thought with them small notes was to give them away as gifts instead of usd? Could you give me your thoughts Thank you for everything
BWM] look at the rate... and decide if you really want to deal with Iraq any longer... personally, I don't have much desire to deal with this any longer preRV...
[TMAN42] I have seen some say the rate will be low and then go high and some high then go low. What are your thoughts please and thank you.
[BWM] I'm looking for a basic rate... 4-6 and anything above that will be gravy...heck, that will be gravy... and once the rate shows we'll know what's happening from there... and will pass it along
[Scotzgirl] thanks for Q&A Coach - some time ago you discussed an international bank in NY(?) that we could use to make deposits in international currency - do you remember which bank that is?
BWM] yes... german bank Deutsche Bank... there are several good choices in german banks... one is considered the worlds safest bank...
[rocky] one of the advantages of waiting longer than I expected to cash in is the schooling we get in money management. Thank you and everyone else for your time and energy!!
[BWM] always glad to help
[da58] what banks are international??
[BWM] depends on what country you would like to consider as another option... start there and work back to the U.S.
[IbBle$$ed] What exactly is a Big 4 bank?
[BWM] BOA, WF, Chase, Citi
[da58] my bank didn't know what dodd frank was...and that is chase
[BWM] you'll be able to explain what you want when the RV happens... chase especially
[BWM] alright guys... I'm out of questions.. so we'll return the room to regular chat