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TETELESTAI Notification List

The TETELESTAI (It is finished) email which will contain the first 800#'s will be posted first on a private page and will be sent out to everyone subscribed to the private page's feed.

If you wish to subscribe to the private page's feed, please visit the TETELESTAI page located HERE and access the private page.

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(Note: The TETELESTAI post is the official "Go" for redemption/exchange.)

Guest Posting & Responding Now Available

Dinar Chronicles is now allowing viewers to guest post and respond to articles. If you wish to respond or speak your mind and write a post/article or about the current situation relating to Iraq, the RV, the GCR and so on. You may now send in an entry.

All you need to do is send your entry to UniversalOm432Hz@gmail.com with these following rules.

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Featured Post

"Projectors" - GCR/RV Intel SITREP - Wednesday - September 20, 2017

Received via email for publication at 8:00 AM EDT. ~ Dinar Chronicles Below are recent projectors of what appears to be the final RV rel...

Wednesday, September 20, 2017

"How will you be Remembered in the End?" - Cowboy Down Under - 9.20.17

Entry Submitted by Cowboy Down Under at 3:25 PM EDT on September 20, 2017



Big John was buried on his 80th birthday in a small church in northern Montana. The streets around the church were lined for miles with cars. There was standing room only as his family, friends and business associates packed the church. One after the other they got up and told stories about how Big John had affected their lives in such deep and meaningful ways. Like bringing a box of food when they had none, borrowing the down payment on their first house, co-signing to have a car to get to work in the factory he was running, paying for their kids’ college education and doing business from the heart like no other person had done with them. I cried as these total strangers talked to us eight kids and my mother about what a loving man Big John was.

Later in life when friends would tell me about the abuses they suffered at the hands of their fathers, I found it hard to believe that a father would do things like that to their own children. I know now in many places parents taking their frustrations out on their children is the norm and the mean streak we see in those children as adults is often a direct cause of that abuse. I feel so blessed to have learned love lessons in life from such a man as my father. He worked for a very, very rich man his entire life. This man respected and loved my father so much, I think at times he bought broken down bankrupt factories just so he could watch my father perform his magic of rejuvenation and revitalization to not only the factory, but the town it was located in. We moved a few times when I was growing up and the most memorable move for me was our relocation to a little town called Centerville, Indiana, because the rich man bought a lawn mower factory. My father traveled there first and bought us a house. I think he knew our move from what had become our home in Minnesota was not going to be easy so he found a paradise he knew we 8 kids and my mom would love. It was 10 acres with a large orchard, big gardens, a swimming pool and a very cool tree house. It even had a corral equipped with a Shetland pony we named Champ and 5 acres of the most green, manicured lawn I had ever seen. My father always said it was that lawn that sold him on the place because if he was going to rebuild a lawn mower factory he would need a test facility where we 8 kids could become his Research & Development Department and see how fast we could break things, so they could figure out how to make a better lawn mower. Now who else’s father ever asked them to see how fast they could break things? The memories I have of that time were reinforced by home Super-8 movies I would watch later in life of all of us living the Good Life.

When a man approached Grace and I on his lawn mower while we were playing golf on Grace's birthday, I thought back to those days as a lawn mower race car driver and smiled. He stopped in front of us and said, "I just want to tell you I felt so much love just now watching you two hug and it sure felt nice." Grace had just received a birthday call from her mommy and daddy who are still alive and she had been crying for how grateful she was for that and that she was able to attend their 60th wedding anniversary a few months ago. I was crying for how much I missed my mom and dad who had both passed many years ago. "Thanks,” I said to the man on the lawn mower. “She just got a call from her mom and dad because it's her birthday and it really affected both of us so much." The man looked down and said, "Yes I know what you mean. I sure miss my dad, he passed a few years ago. He’s the reason I am driving this lawn mower. This space-age golf course was his dream. It has 12 holes so you can play 6, 12 or 18 holes and golf carts that look like surf boards. The whole idea was his. In a way, I am just making sure his dream stays alive and looking good." I asked him, "So are you the owner of this place?" "Yup," he said. "You like it?" I laughed and told him it was one of the most immaculate well-kept courses I had played on in my whole life and his dad would be so proud of what he had done to keep the place the way he did.

I know, I can hear you now. "Cowboy, what does any of this have to do with the RV?" Well, the RV/GCR is about character, perseverance, persistence and above all others keeping a dream alive. Your dream, my dream, our dream for a better place to live our lives, our children's lives and our grandchildren’s lives. The change we are about to make on this planet is a generational change that will be felt for many lifetimes to come. Don't let anyone talk you out of YOUR dream. You alone are the reason this RV/GCR is going to change the world. You don't need me, you don't need anyone to make YOUR dream a reality. You just need faith, hope and an understanding that you are cut from the cloth of God and no one can ever take that from YOU. I appreciate the 300-400 kind, loving and dedicated souls who have reached out to H.E.A.L. (Heal Earth And Life) and asked to stay connected. I know that though each and every one of us can do this alone if we need to, I also know that together we are stronger and together we will have the funds necessary to pay off the entire world's debt, to erase in one day the last two thousand years of tyranny, to build not only our dreams but the dreams of the entire planet. How we live our lives will be reflected in the friends we surround ourselves with, it will be there in the kind words others will speak when speaking of us and will be there in the deep heartfelt love of those we have touched in life and in death. I know Big John was watching in the church that day as those he had touched talked about his love. I know he understood that the character of a man is not in his talk, but in how he walks his walk throughout his life. You know by just watching how someone behaves whether you can trust them with supporting your dream or not. You know if they will be there in the end when you really need them or whether they will disappear into the misty. We as a family have something no one will ever take from us; the possibility of doing what our heart tells us needs to be done and the belief that we are not standing here today because of some mistake. No, this is a well thought out and well planned dream building exercise. How many people do you believe you can touch, how many hearts do you believe you can open to seeing their true potential, how many souls do you believe God wants to make their lives better by placing us here? Dream big my friends because it is in those dreams the future of the world is held. I know that in the end I will stand tall with the person I am, not just on my good days but on every day. I have made my mistakes and I have learned from them that it's not in the big things we do in our lives that matter it really about how we treat everyone day after day because that the true worth of a man and it's also when you know he walks the walk of Love Sweet Love!

God Bless you all and let's get this party started we got a planet to save!

Cowboy Ziggy & Grace
www.fundwithlove.com

It's a love without end Amen!

https://www.youtube.com/watch?v=6HInRBJLkLE

"For Victor, What Else is Possible?" by Rosestillarose - 9.20.17

Entry Submitted by Rosestillarose at 3:17 PM EDT on September 20, 2017

Victor,

Thank you for your post this morning, "Kids Know". I think your post is a wonderful pairing to Yosef's "Testimony". It is your testimony of your life experience through which you have become committed to retaining your kid-ness. This resonates with me, because I experience enlightenment as a return to innocence, which seems similar. For me, the value of GESARA, NEASARA and GCR is defined as an installation of conditions that make thriving in our natural state possible and much easier for all.

A good friend taught me to ask a question whenever I find myself painted into a corner, eating s**t for breakfast. The question is, "what else is possible?". When I find myself repulsed by religion, and I ask that question, here's what I get: It's possible that:
  • Yeshua was a man who attained enlightenment and continued to live on earth as an embodied soul.
  • His presence and his teaching ignited in others the experience and awareness of their true nature.
  • Some people desired what Yeshua offered, and they anchored themselves in that awareness. Other people desired only to increase their position in worldly affairs. They saw the power emanating from Yeshua as an opportunity to attain limited worldly status. Still others, desired to maintain complete parasitic control over mankind. They saw Yeshua's influence only as a threat which they sought to eliminate by any means.
  • The third group, through the second group killed the beloved man, Yeshua, and they tampered with his teachings. 
  • The "teachings of Christ" that you and I encountered as children and throughout life was the antithesis of what Jesus taught. Which is why the "teachings of Christ" had the effect of decreasing our connection with Self, against which, we rightly rebelled.
  • Humanity now has the opportunity to retrieve the true teachings of Christ, as well as the true teachings of spiritual masters to took birth in various times, places and traditions around the world.
  • Humanity now has the opportunity to discover the true master and authority within themselves.
  • Having experienced the adverse effect of religion, and having maintained a strong connection to our kid-ness/essential innocence, you and I are uniquely qualified to assist others while they extricate themselves from that particular form of bondage.
  • Everyone has the right to choose their own path.
This question, what else is possible, is a wonderful way for me to work with my mind. My mind does have the tendency to drive itself to a dead end! Wait! let's ask the question! What else is possible? It's possible that:
  • Living at a dead end is not the desire of my Inner Self, my Lord, or of anyone who knows how to love. 
  • I can retrain my mind. 
  • More and more people will connect their world of possibility with mine, until the very molecules of this physical world dance for joy in ever widening circles!
Okay, one more for the road. I fear failure, and my mind is telling me all the reasons I can't have what I truly want. What else is possible? It's possible that:
  • Fear of failure is an opportunity for me to drop my limited sense of self -- to leap! 
  • Humanitarian work is not about me proving myself. 
  • Instead, it is about freedom and well being for all. It is the wish of my Inner Self, my Lord and anyone who knows how to love. For this reason, there will be many helping hands, and it will be accomplished by that very power.
Love ya, Victor ;)

Rosestillarose

"The Plans are Out There!" by Pat - 9.20.17

Entry Submitted by Pat at 3:05 PM EDT on September 20, 2017

Something that may set your mind at ease with your new found wealth, is that you don't have to start at ground zero in solving the world's problems. There are many quality people and plans in place to resolve our issues. The only thing holding them back is money.

Here in Oregon, the state created a plan to eliminate hunger statewide. The report is called Oregons Call to Action. "Google" "How to eliminate hunger in (state)." and see if a plan has been created in your state and it will reference the board members of those committees . If your state doesn't have one, then use Oregon's as a template to follow on ideas. Some of these reports are dated but still work as a guideline.

https://oregonhunger.org/sites/default/files/oregons-call-to-action-2010.pdf

One of the things I would like to institute is completely free organic, non-GMO meals at all schools, for all children. These meals are based on the organization www.consciouskitchen.org that created the idea and how to do it. All schools will also be provided a greenhouse to grow some of the food, but more importantly be a part of educational "fun" in participating in growing food and learning healthy habits for life. This is just one aspect of Education that needs complete updating.

Oregon also created a plan to eliminate homelessness statewide. http://www.oregon.gov/ohcs/pdfs/report-ehac-annual-2011.pdf. This report is also dated, with a budget of $19 million, but gives a person a point of reference and people to contact on this council. Check out your states guideline and reports, or use Oregons.

Yosef frequently implies ZIM holders will be filled with anxiety on what to do with their wealth. Anxiety only comes from a lack of knowledge. The information is many times already out there and all you have to do is contact those experts to get the ball rolling. There is no need to completely reinvent the wheel, if all is needed is some grease. Yes, there will be new areas with new ideas needed, but if that's scary to you, there are plenty of areas that already have plans like these in place and just looking for that Human Angel to bring it about.

Namaste,

Pat

"Use the Butterfly Effect to Affect Maria" by Vivagal - 9.20.17

Entry Submitted by Vivagal at 2:59 PM EDT on September 20, 2017

Thank you Miss Bright-eyed and Bushy-tailed for keeping us updated on the hurricanes. The following may help us increase our influence on them. My friend, who is knowledgeable about cascades and methods to apply them has supplied the following information.

The Butterfly Effect is a cascade. If you know where to start the cascade you achieve stronger results. People who create avalanches on purpose to make it safer for skiers are well aware of where to start their cascades.

For Marie we need to slightly cool the waters to the west of the storm since hot water increases the strength of the storm. First pick a time in the future you expect your cascade to start - maybe 10 or 15 minutes. Then visualize the colder waters of the Golf Stream coming south from Greenland. The waters naturally sink but will start rising as they begin to warm as they head south. Let's visualize them rising on the western edge of Maria and bringing the deep cooler ocean water with them. Only 2-5 degrees cooler water is needed. Picture the cooler waters extending at least 500 miles north. As the surface waters cool the outer bands of the hurricane are effected and the whole storm is moved north and weakens or even dissipates.

Lightworkers, let's combine our conscious efforts!

Vivagal

TNT Showtime CC w/ RayRen98 Notes by Adept1 9-20-17

(Notes by Adept1)

TNT Call notes 20-September-2017

Replay: 641.715.0623, PIN CODE 409029#


https://events.iteleseminar.com/?eventID=101638938

[RayRen said in chat this morning: “Puh-lenty of intel for today – that’s what I think. Everyone make sure you have electricity/internet on Thursday!]

[Music: Pomp and Circumstance, followed by the sound of fireworks]

RayRen: Good afternoon, TNT super-fantastic family! Today is Wednesday, September 21, 2017, with yours truly RayRen98 here. We’re going to talk about a few things and get on into the week. You know the information coming from the CBI and the Iraqi television continues to tell the citizens over there that their currency will gain in value in the month of September. In addition to that, the television is urging people to do their banking, and what to do when the lower denominations come into play. The campaign is letting them know something is happening, and then we hear reports of hoarding, that the citizens were holding onto their money rather than bringing it in. So it sounds like some of them are keeping it out of circulation, causing cash flow problems for the moment, but it’s not surprising – we would do the same.

All eyes are now on Thursday, when Abadi is making a speech to the UN. Info has already come out that he will be making a presentation on ‘internationalism’; they are considering this a nation-wide event in Iraq, and it will be broadcast in all the provinces at 6.30 Iraqi time. Thursday is a holiday, and banks are closed on Friday anyway, but Sunday the banks are open in Iraq, and that is the day they expect to receive their pay, and they expect it at the new rate – and that is probably what Abadi will announce on Thursday, with the rate being released on Sunday the 24th.

The Kurds have already put out the message that their citizens will be paid on Thursday under the new rate, and that is a good expectation. There’s also a possibility that from late tonight the ATMs will start dispensing the new lower denominations. We shall see.

We also have screen rates being reported to us from various sources: dinar @ $3.71, and dong @ 47 cents. That’s nothing new, but it is coming from more sources, and that says something. The call centers are ‘on call’ to be ready to spring into action on a moment’s notice. It sounds like someone is gearing up to make appointments.

What else? I have some documentation that, if it proves to be true, would mean several major banks have been exchanging the IQD for quite a few days now. That’s interesting, to say the least.

Global Alpha sent me this message: “Usually, not wise to walk blindly in the dark when your sun rises in a few hours to guide you on a definitive path.”

Questions from the TNT forum

Q: An oil trader suggested to me that there is no logic in a 3.70 IQN revaluation; he tried to persuade me that Iraq is not making money but borrowing & spending – ergo best we can hope for is $1 to 1 Dinar. Can you shed insight as to why his logic is flawed?
A: His logic is flawed because he doesn’t have the information we’ve been sharing with you for several years. Why are you listening to someone who doesn’t have a tenth of the information you have? If the dinar were going back to Iraq, his logic might hold water, but that’s not what’s happening – it is going to credits that last for 20-30 years.

Q: I believe the Iraqi fiscal year ends 9/30 (correct me if I’m wrong). Does that bring any expectation with it for a public release date of 10/1? Are there any additional news tidbits or expectations surrounding this date?
A: If are subscribing to the concept of a new year coming in a bang, you could be on to something. Right now, I’m locked on to September 24th and see what happens.

Q: It was a blast Monday night doing the countdown; did you ever get anything from the Iraqi Banks that night??
A: No; we might want to do the countdown again tonight.

Q: Don’t know if this is the right way to ask this for a church. Can a church have a trust? Or can the church “own” it or “control” it?? And for any nonprofit, are company taxes paid quarterly or once a year?
A: Yes, a church can be in control of a trust, and it’s better than being incorporated, because you don’t have to ask permission from the state.

Q: To you – compared to a LLC, S-Corp or C-Corp, what are a few pluses or benefits that you see of having a 501c3 non-profit?
A: The only benefit is being tax-exempt; otherwise, they all operate the same way. If it’s a recognized 501c3 charity, taxes are never paid. There is just an annual report on the finances, what came in and what went out. As long as it meets the requirements, there is no taxation.

Q: If the big banking contact believes the 80 / 20 rules won’t apply what do they believe applies?
A: I don’t know.

Q1. What does the phrase mean “the bankers are on high alert” mean when you say that?
A: What high alert usually means.

Q2. With all the additional information and changes about the Zim, could you give us a thumbnail sketch of what you believe a typical Zim exchange will entail?
A: I did a whole training call that went over what I was told: look for 7-Sept-2017 call.

Q3. In putting some thought to the lower denominations and the exchange, do you believe the exchange will happen first or the lower denominations coming out will be first?
A: I assume you mean us exchanging over here, because they already have the currency over there. I would think the lower denoms would come out before we see the public release of the currency over here.

Q4. With all of the damage in the islands due to the hurricanes on our first trip down maybe we can help them do some cleanup and reconstruction as a humanitarian effort, my question is what type construction skills do YOU have?
A: My construction skills are top-notch; I can build a house from the foundation up, with assistance. But we can do other things besides pitching in and cleaning up, and we can do general things to help out. We were talking about this: for example, everyone sends clothes, but who sends new underwear? We all can go buy shirts and jeans, but never thought about grabbing some BVDs. I never thought about mosquito netting either. Things like that will be needed besides food, clothing, and water. Electricity is an issue there; those who have plenty can buy a boatload of generators and help out for this storm and others in the future, because they are in the path of every hurricane. We could look into what needs to be done, why it hasn’t been done in the past, and put together a charity specifically for those needs that are not covered by the Red Cross and other major charities. Let’s go down and find out what needs to be done.

Live questions

631 caller: What’s the latest and greatest for the Zim? And are we still stuck at 47 cents for the dong?

RayRen: That’s what is being shown on the screen for dong, but it could change – if not immediately, then in three to seven days. You’ve waited this long, so what will it hurt to wait another few days? It’s not going to go below the international rate, so if it might shoot up to 75 cents, then you might as well wait.

Caller: But the contract rate is a fixed rate, right?

RayRen: Well, that’s a different context. If you want the contract rate, go in right away, and that WILL require an NDA. I have no idea how high that will go. People have said $20 or even $30. If it’s $20, does that excite you? I would take that, and take in everything I have and borrow yours as well!

Caller: What about this project rate?

RayRen: I haven’t heard anything about a ‘project rate’. None of my sources have ever mentioned a project rate, or a sovereign rate.

Caller: With the Zim, people have talked about 3-19 cents, dollar for dollar, and even three dollars – what do I tell my friends? If it’s $3, that’s $300 trillion dollars – how can that possibly work?

RayRen: I don’t know – I never promised you that! What I do promise is that you will find out at the right time. Other than that, we don’t know; all we can do is guess. We take the different things we have been told and develop a plan for that.

Caller: Will they delete the six zeros from the Zim? If not, people will be walking around with more money than is in the solar system!

RayRen: You know that’s not going to happen. And as for the 80/20, they haven’t told me anything different yet. I have been told the six zeros will be deleted, and the rate will be between 11 and 22 cents.

Caller: Did they say $3.71 at the national rate for Iraq? Will we see that or something different here in the USA?

RayRen: You will see 3.71 is the international rate, so far as I am being told. However, that is the sell rate, not the buy rate. That is the rate the bank will SELL the dinar to you, and the BUY rate is what the bank will offer to you in exchange for your dinar. The $3.71 will be the rate you see on the screen, and the bank will tell you what rate they will buy your dinar at – they will be upfront with that. There are always two rates for any currency. Those are the rates we were told two years ago, so you get the choice: either go for it, or wait for it to appreciate. If you wait for a while, you might get more than that, almost certainly for the dinar, possibly for the dong and other currencies.

Caller: Dong, Afghani, rial? [more of the same]

RayRen: We don’t know for sure until they all go international.

610 caller: If you are financially able to donate, please send your checks and money orders to Ray Renfrow, PO Box 1748, Elm City, NC 27822.

410 caller: With the back wall date of the 24th, have there been any reports about groups or SKRs holders checking in? I was hoping there might be movement there.

RayRen: Not yet. The SKR folks have been quiet but that doesn’t mean I won’t hear from them tonight or tomorrow.

864/404 caller: One of our member said they would have to change their names next week – or could it be this week? You can tell we are getting close to the end of things when we have those issues. You also said that the ATMs might be dispensing the lower denominations later tonight – which means this evening EST? Or later?

RayRen: I’m just going to stay with what I said. It’s just an expectation, nothing to stay up for.

Caller: I like what you said about the focus in Iraq on Abadi’s speech tomorrow. I am puzzled – is this speech to the UN General Assembly or for some other event? Usually the UN posts the speakers every day, and Iraq is not listed for tomorrow. Are you getting anything on that? Because 6.30 in Iraq is 11.30am EST here. It should be on the UN website, www.unitednations.org.

RayRen: Nothing other than the speech on Thursday.

Caller: How much longer do we have to wait before hearing what you are keeping back?

RayRen: I don’t know yet, we’ll have to see that happens in the course of the day.

Caller: I hope that means we won’t have a regular call on Friday. If we pay it forward in ten days’ time, that will take us to 1. October.

567 caller: I know you said that the 100T Zim note is the preferred note; how about the 50T note?

RayRen: I’ve always been told and passed on that both those notes are good.

702 caller: I’ve been in this about 13 years, and I have a question about the Zim. I think I heard you say it might exchange at two cents, and I did the math and it doesn’t come out to very much.

RayRen: I used the EXAMPLE of IF the rate was TEN cents, just to make the calculations easier. If six zeros are deleted, and the rate is ten cents, then 100 T become 10 million, and 5% of your 20% allocation comes out as 100K per month for 25 years.

412 caller: I listened to the first training you did on the Zim, and then you made a correction the next time; are there replays of those calls?

RayRen: Go to the folder that says Conference Call Replay and select the correct date – it’s the only one that is on a Thursday. It’s was September 7. The example I was using said you’d get that 5% for a year, and the next day I updated it to say the 5% figure was monthly, not per year. That’s the information I have received.

303 caller: [chit-chat] Re: the music, if today is Graduation Day, and if you were the guest speaker, what wyould you be saying?

RayRen: We have had several Graduation Days and today we reached a new level of training. Today’s Commencement message would be “let’s wait and see’. That light will go green, and most people will take off; I suggest that we wait and see. Even if it goes yellow or red, we know it will go green soon. Sometimes, when we wait at the traffic lights, it prevents us from having an accident. So when it goes green, don’t just go zoom and shoot out there. Stop, assess the situation, and proceed with caution. So if your frame of mind is in the right place, you can move your tassel from one side to the other, but otherwise, don’t move it yet.

516 caller: [chit-chat] There is stuff circulating out there, and I need your viewpoint. Some have said “Don’t wait, get your money to the bank right away, don’t take chances.”

RayRen: What does that mean? What changes? The only time to rush is if you are going after the contract rate. Otherwise, what are they going to do – change their mind on revaluing the currency? There is no need to rush, the money’s not going to go away, and they may value it higher in a few days due to market forces or because they are giving other currencies a chance to catch up. If you are expecting a rate change to happen, you can ride up behind it. If you rush in, you’re not losing, you’re just not maximizing your return. Now, the contract rate, I’ll be surprised if it lasts a week, but the regular rate will be there, so take your time.

Caller: The second part is this: “Private redemptions, HSBC, $28.11 for dinar, $24.80 for dong, 3.51 for Zim; public redemptions will be $3.71, 47 cents, and 13 cents for Zim.” Do you think that would be the contract rates in the first part?

RayRen: That might be what they are calling contract rates; time will tell. I always give you what I hear, so I must not have heard those rates. Compare and decide what you want to go with. I’ve never said that you’ll only get the Alpha and Omega from me; I do say that I won’t shoot you a curve or put out something I know to be BS.

856 caller: I think Iraq is making great progress. Everyone has their eyes on tomorrow, and to revalue their currency in the last quarter is fabulous. In 2018, Iraq has a new election coming up. Do you think that will have an effect on the RV?

RayRen: You missed my opening statement altogether, right?

Caller: I will listen to the replay. I just hope doesn’t break into pieces like the former Yugoslavia.

RayRen: If you listen to my opening statement, you won’t care about Iraq’s political problems. The minute that there’s no holdup, most of us won’t care about those issues unless you care about the Iraqi people. It will be a moot point. Most people will be focused on whether you should go today or in a few days. That depends on what you know. If you know enough, you’ll know when to go to the bank.

Caller: I think the IQD will appreciate in the first week, and we’ll be in a good position.

702 caller: I hear you saying that there is likely to be an RV in Iraq on Sunday and we will see it next Monday.

RayRen: That is what they are expecting in Iraq, from what I’m being told.

Closing Statement

Global Alpha sent me this message: “Usually, not wise to walk blindly in the dark when your sun rises in a few hours to guide you on a definitive path.”

We are expecting a lot in the next few days. There should be some information tonight, and tomorrow morning Abadi should be making a speech that will have a lot of impact on what we have been awaiting. Citizens are being told to expect a change in value in their currency on Sunday. We will know more from Abadi’s speech about internationalism and what that means for Iraq. I think it is time for the chips to start falling. We will assess the situation hour by hour, day by day. The best of us will have an exciting last quarter, and the rest of us will have a good time as well. Whatever information comes out, I will post it with tweets, blasts, or in the forum. If there is a need to reconvene the membership, we’ll do that, too. In the meantime…

RayRen played I Believe: https://www.youtube.com/watch?v=9DYrqOUKLtA

Zimbabwe: Bond Notes, Wholesaler ’Tuckshops’ and Irregular Economy

Bond notes, wholesaler ’tuckshops’ and Zim’s irregular economy

September 20, 2017



Bond notes

Tinashe Nyamunda
I moved around Harare CBD observing how people are making do (kukiya-kiya). I was perplexed at how quickly they have adjusted to the bond note economy. How they are trading with it in inventive ways and exploiting any opportunity to make a quick buck is remarkable. Someone explained to me how they are buying a carton of sugar at $17,50 bond and selling it at US$13 . . . just slightly under the purchase price.

Apparently, they then sell the foreign exchange in physical cash to desperate importers who transfer the proceeds of the sale to them at a premium of 30-35 percent.

This transferred money (a novel form of kuburner) is then used to make more purchases allowing them to replenish the stocks and start the process all over again.

As their volumes increase, they get a healthy profit. So instead of just facilitating exchange and easing the liquidity shortage, the bond note has become a prime target of increasingly speculative activities in different ways, as in the example given above.

Although the introduction of bond notes eased cash liquidity problems to some extent, and the Reserve Bank of Zimbabwe (RBZ) continues to be cautious not to stimulate inflation by injecting plenty of notes into the market, I get mixed signals from people about the current experiences and prospects of bond notes. On the basis of my observations, I will share some perspectives about Zimbabwe’s prospects.

FinX once moved a comment on how arbitrage will create mispricing. For the purposes of this article, I will paste the comment: “Zimbabweans, as we well know, are good at lying to themselves as well as each other with their statements on “being educated” and what the real impact of the bond notes will be. It’s one word – “arbitrage”. Arbitrage creates mispricing and mispricing allows some people to make a lot of money while the greater majority generally get poorer.

Although there is an impression that bonds notes have managed to maintain their general circulation value, even at par with the US dollar, I am concerned about their exchange value against foreign currency among importers and the arbitrage taking place. When making certain ordinary purchases, I have been using the bond at par with the dollar.

I purchase airtime, ice-creams and other trinkets from vendors and other SMEs and grocery businesses where much of the money is circulating, including an estimated $86 million bond notes. However, determining how much of the US$ is circulating is very difficult.

Nonetheless, at a closer look, one needs to fully appreciate all the nuances that inform what makes up the bond economy. Whereas Statutory Instrument (SI) 64 was implemented to substitute imports of goods that could be locally produced and aid RBZ exchange controls in saving foreign currency, its effects have also been mixed.

The manufacturing industry has responded positively to SI 64 as many food processing industries such as Zim Gold, Cairns, Nestle and others are reportedly enjoying a steady increase in demand. In fact, according to the CZI, industrial capacity utilisation has risen from around 20 percent to 47 percent.

If this can be sustained, money made by local companies can benefit the local economy through creating liquidity, expanding the capital base and gradually creating jobs.

Just walk into Bhadhella, Mahomed Mussa and other formal wholesalers; you can swipe your debit card or use the EcoCash facility to make transact or purchase goods. If this is maintained across the economy, a very positive effect can be anticipated.

However, the economy has continued to operate irregularly and in ways that the State failed to anticipate or plan for.

There is a very vibrant parallel economy that strives on imports. The pseudo-wholesalers, largely known as “tuckshops”, which are largely located downtown around the Charter, Rezende and adjacent streets operate a thriving smuggled goods economy with impunity right under the noses of the state.

The products that they sell are smuggled into the country under the noses of law enforcement agents and revenue authorities, making their way from the borders to the main city centres where they are openly traded in spite of the existence of SI 64.

How they are smuggled is an open secret. So, in spite of the State’s appearance to be implementing import controls to stimulate local industry whose capacity has been questioned, the smuggling economy’s modus operandi is hidden in the plain view.

All traders, particularly SMEs at the very bottom of the value chain, then benefit from these products sold at very marked down prices that compete with local products.

Therefore, this undercuts the benefits that can accrue to local producers. Yet many of these “tuckshops”, never mind the deceiving name as they sale well above what can be deemed “tuck”, are un-licenced and contribute very little towards taxes. Many of these businesses represent the highest form of what Janet Roitman termed “fiscal disobedience”, not paying tax, licenses and import duties.

Consequently, the benefits of SI 64 are at best limited and inadequate to contain imported, creeping inflation. This is because the “tuckshops” survive on selling goods that formal wholesalers such as Bhadhella and Mohammed Mussa do not necessarily specialise in or do not stock; goods which require a lot of foreign exchange.

The “tuckshops” phenomena proliferated as the country’s economy largely became informal, a key characteristic of what former Finance Minister Tendai Biti termed “supermarket economy.” The country became predominantly consumptive but very unproductive, indicative of severe economic decline.

Although some offer smart-cash facilities, the majority of these enterprises thrive, not on plastic money, bank transfers or mobile banking through EcoCash, but run/operate on cash.

They especially depend on foreign exchange, often demanding half of the currency of purchase from their customers to be denominated in foreign currency.

Worsened by outright externalisation of foreign currency by certain elites and other people as reported in the media, it is little wonder that foreign currency is fast disappearing from the banking sector and is increasingly becoming monopolised by these traders.

It may be among them also that the first foreign exchange traders and cash barons characteristic of yesteryear may re-emerge. This is where the SI 64 initiatives and exchange controls are compromised. But is this really a bad thing, or is it indicative of a more profound problem: The failure of the State to plan, police and coordinate productive and sustainable policies?

An anthropologist who works in West Africa, Jane Guyer recently published an interesting paper on the “hard-soft currency spectrum”. She describes how local African currencies, former assemblages of the major world currencies, struggle to retain their international exchange value especially because of the structure of their economies which are extractive based but also characterised by a predominantly consumptive behaviour.

As such, because of their compromised exchange capacity of the local currencies on global money markets, these “soft currencies” injected into the market as legal tender tend only to be used in local transactions. But the foreign exchange that is used in transnational transactions tends to have a higher demand on the market.

In Zimbabwe’s case, “tuckshops”, are much keener than local small business people and ordinary everyday traders to have foreign exchange instead of bond notes. In fact, many of these wholesalers are now demanding half or more of the cash payment to be made in foreign exchange, particularly the US dollars.

Thus, existing outside of the formal structures of the State where they require import licenses and need to apply for foreign exchange to import goods that are listed under SI 64 anyway. They utilise the informal channels to maintain their own parallel economy. Ironically, all of this is happening under the clear purview of the authorities.

It’s also happening as many business-people are struggling to access Point of Sale (POS) machines from the banks. Only those with access to POS machines can benefit from clients struggling to access cash from the banks. They, thus, have to balance up forms of payment at their tuckshops if they are to remain competitive with established wholesalers where plastic money is accepted.

So, locals have used bonds notes as the soft currency for local transactions whereas most people are retaining harder currencies for transnational business. The thinking is that one saves US dollars, but quickly disposes of bond notes.

Alternatively, one can use bond notes where they are accepted, but keep dollars for purchases where the local notes are not. Even some traders are marking their prices higher where they are denominated in bond and lower in cases where they are encouraging dollar purchases.

In short, the bond notes currency is on the soft side of the spectrum held in contempt by traders while the US dollars are increasingly sought after.

The result of this bond note-US dollar spectrum does not require too much imagination in forecasting.

With more importance attached to foreign exchange, this has provided a vent for surplus among currency dealers who are charging a premium on the foreign currency. Currently, the loose exchange rate of bond to dollar is an average of B$108 equivalent to US$100.

Whether this differential will remain stable is difficult to determine. Even if harvests have reduced the need for certain food imports in the country, the hard-soft currency differential will widen. This is largely driven by a misco-ordination among government ministries which do not cooperate in policing the economy.

There are disparate voices on economic issues from relevant ministries responsible for different sectors of the economy. The Zimra, police force, Ministries of Finance and Industry among others have all failed to coordinate their efforts in order to protect and sustain SI 64 and make exchange controls sufficient.

So, in spite of the efforts by the Government, their main challenge is how to incorporate the informal sector, tuckshops and other stakeholders in their vision of economic recovery. These groups hold much of the currency in circulation, most of which remains unbanked.

Yet the responsibility of confronting these challenges has largely been left to the RBZ alone, which has very limited capacity to police, monitor and attend to the deficiencies of policies passed by a poorly coordinated government.

As foreign currency becomes even scarcer, and as long as the tuckshops are allowed to dominate the smuggled goods market, both SI 64 and the bond notes initiatives may eventually collapse. It is from these unregulated, unmonitored and uncontrolled elements of the economy that inflation will be imported or rather smuggled into the country to eventually intensify, unless the Government takes up its role and engages the relevant stakeholders in national development and try as best as possible to coordinate their policy efforts. – This article was first published on finx in March 2017.

Source: The Herald

"Proximity" - GCR/RV Intel SITREP - Wednesday - September 20, 2017

Received via email at 2:16 PM EDT for publication. ~ Dinar Chronicles



Given our recent proximity to the RV release... Wednesday's weekly CLARION CALL will postponed.

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God is with us

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