[FLPatriot59] Eagle1 Call starting momentarily….Please stand by.
EAGLE1 CALL – Over 370 people on this call tonight, over triple the number expected. Welcome and thank-you for joining us. What you hear on this call is our opinion only. Please check with your own advisors if you hear anything here you like.
E1 = EAGLE1 – Opening prayer is being presented now.
E1 – how we got 400 people on this call I don’t know. What started out with 50 people sure exploded on us. Obviously it has to do with the post I sent out over the weekend and it got a lot of people excited.
That post I sent out to our email list and the edited version that appeared on the Forum pretty much covered where we are. But I’ve had some interersting confirmations in the past 24 hours.
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E1 – the other piece of this news is that Panama is backing up their currency and returning to the use of the Balboa. Why have the UN rates shown the Balboa as parallel to the USD? The Balboa was technically never declared a defunct currency. But the USD has always been the currency of trade in Panama. With the decision to switch over to the Balbao, this is part of their decision to be part of the worldwide Basel III banking system and have an asset-backed banking system.
E1 – They’ve made a decision to back-up their currency with gold. I asked a friend at the IMF today about the Balboa long-haul if the GCR is released, should we look at the Balboa as future investment. His answer is “I do not recommend it, as there are much better currency investments than the Balboa.”
E1 – We still expect to have everything fly tonight. What I don’t know is whether the banks will be able to exchange tomorrow. We know all the rates are on administrative screens and are ready to go up front. They have assured themselves they are ready to push the button at midnight tonight.
E1 – We have some disputes about the rates. I’ve heard nothing about the Dong or Rupee. WF is showing an exchange rate of $3.22, which is not set in stone. They have been changing the rates offscreen to keep people off-guard, but we are assured it will be a $3+ rate. The expected range is expected between $3.44-3.55.
E1 – I’ve seen the fee structures at WF and they have ranged from 3.5% to 12%. It depends a lot on the value of the currency as to what the fees will be. When we go to the bank, based on the amount of money involved – this is unprecedented worldwide – we’re coming to the bank with millions of dollars and when we come as a group, when we walk in they know and they’ve already assured us we will get the best rate WF can provide us. We fully expect to see the bank provide us with the max possible, even if they take a cut in the spread. If we get the published rate per the CBI, then I would expect to get at least that amount.
E1 – Q&A Starting Now……
Q – I’m getting the impression that the banks will be ready to go into Tuesday morning? A – Yes, I will receive a call at 6AM my time to let me know if the rates are on the screens and if there’s a 24-hour hold. We’ve heard that once the GCR goes live there is a 24-hour period for the banks to get ready. Until tomorrow morning, I won’t know for tomorrow exchange or not.
Q – So the next 24 hours should be very telling? A – Absolutely!
Q – Would it be advisable to rush to the bank with everything they’ve got or just CE a note or two to see what we’ve got? A – That’s probably a wise course to follow, depending on how much total you have. If you’re looking at exchanging $10M IQD, I don’t recommend you walk into the bank with that. One of things we’ve been hearing is that when you exchange your IQD, there is a restriction on it until the USD is fully rolled out, as much as 30-60 days before we can use those funds outside the USA. You can spend them for products coming into the USA, but you can’t transfer them out of the country until the USD rolls out.
Q – That applies only to the IQD because of the gold-backing. You are being paid exclusively by the gold-backed USD. Until that roll-out is complete you cannot take that money outside the country. You can exchange VND or others and spend them anywhere else in the world. If you’re in Canada and you CE, you’re going to be paid in CDN and you won’t have those restrictions.
Q – We’ve heard to use the terms IQN or IQD, VND or VNN? A – When you walk in the bank with your currency, they don’t care what you call it. You have the currency in front of you. You’re there to exchange dinar period.
Q – Is it required to use the term “currency exchange?” A – Yes. You will be given a variable of the new FINcen form 104. You want to make sure when you discuss it that you are talking about a simple currency exchange. That applies to all currencies, not just the IQD. I posed this question to the folks at Abbot Downing and they said this form must be completed.
Q – Will this exchange be completed right there with immediate credit? A – Yes, you’re bringing in cash and you should see cash back in your bank account. You can’t bring in a $25K note and walk out with $75K USD. You can get cashier’s checks on the spot (for house payout, for example).
[sonnayhwh] Little trivia bit . . . “Abbot Downing” was the company that built the stage coaches for Wells Fargo . . . now, back to your regularly scheduled program. . . grin
[TexasMom] sonnayhwh hi that’s interesting!! ty
Q – For those who do not have a bank account, should there be a problem to open one? A – Correct, but it will just take longer.
[wxxxxxxxxx] Abbott Downing is the financial planning firm that WF aquired. Just something to think about…
Q – would it be a good idea to have a paper trail in paying off bills? A – Yes, we’re dealing in numbers that are not the norm in business transactions. You’re dealing in millions and contribute that to a ministry of some kind, you certainly want to keep a paper trail.
END OF CALL.