I can’t even fathom how many examples of poor decisions I’ve had to explain, and how many just slipped through the lines of text. I have explained over and over you can’t definitively say anything about this investment. NO ONE KNOWS!
So when I see more and more people say things like:
Frank26 Article: “Sudanese directs to hold an extraordinary session next Sunday to discuss the 2024 budget schedules”
AN EXTRAORDINARY SESSION… FOR AN EXTRAORDINARY ANNOUNCEMENT! Frank, Frank, Frank, Frank, Frank…. How many times did you used to say, “My teams don’t call it, we never say a date”. Well, how many times now have you laid this out? You’re saying this Sunday. You can’t say this announcement will be the one, you don’t know!!!
Pimpy I have many people tell me, ‘they’re [JP Morgan] invested in Iraq dinar, so is Donald Trump.’ There’s no proof. They’re not invested in the Iraqi dinar. I’ve hear that for years, ‘…The United States has bought millions of dollars of the Iraqi dinar.’ No they haven’t. There’s no proof of that. Nobody can prove that anywhere. That’s just rumors and bullshit. That’s all that is. Well genius, you’ve stated without any shadow of a doubt that US has not bought dinars, because no one can prove it. Can you prove they haven’t? NOPE. The truth is that the US holds currency from EVERY COUNTRY. And as we look to other countries, China holds more foreign exchange currencies than any country in the world with $3.2 Trillion worth of non-gold reserves. Does the US hold as much as the gurus have stated over the years? I don’t know one way or the other. But to make the statement we don’t or do is wrong.
It’s so tiring to hear these people go back and forth with their so-called facts about what will happen when we really don’t know. I got tired of listening to some tell people to call the banks and get this info and that info, so I made a few calls myself. I have a couple of JP Morgan wealth managers call me for appointments so I decided to push for some information. I never mentioned what currencies I owned or how much I had of any one, but I’ll tell you how the conversation went.
Me: It’s my understanding that JPM Chase is investing in a number of countries and expanding it’s branches. Because I travel for work I was curious if it’s true in countries in the middle east like Qatar and Iraq? Wealth Manager 1: Thanks for that inquiry, JMP Chase is always looking at ways to expand their base of services to customers all over the world and the opportunity to also add branches for your convenience. At this time, I don’t know of any investments in either of those countries you mentioned but we do work with third party banks to provide services for investments. So, no confirmation of JPM Chase expanding currently in Iraq.
Me: Thanks for reaching out about my investment strategies, because I travel I was curious if Chase or JPM could do currency validation for exchange on site at any of the locations near me in the DC area? Wealth Manager 2: Almost all Chase banks in the DC metro area do handle currency exchanges from foreign currency into dollars. Me: Could you tell me if they use De LaRue machines to verify and whether that can be done on-site? I have a bad experience in the past and really don’t want to have to send my currency out for verification but need that done in my presence. Wealth Manager 2; I’m not aware of the actual name of the machines that we use, but I can tell you that most of the branches that handle that will verify your currency on site and make that transfer to you account immediately. Me: What about personal accounts that exceed the 250k insurance for the FDIC protections? Wealth Manager 2: We would create a chain of accounts for any amount over that protection or we could happily arrange insurance for you over those amounts. That insurance will have costs associated with it and I would suggest you just chain the accounts to save money and still have the protection you desire. Me; What about fiduciary services? To be honest, I don’t want someone that works for you, the bank, but someone that has my best interest in mind. Wealth Manager 2; I totally understand where you’re coming from there. With our private client advisors, we do offer fiduciary service account, there is a minimum amount in assets required ($100,000) but it sounds like you would be able to meet those standards. I’d be happy to arrange a time to sit down and discuss this with you. Me: I appreciate your responses, while I like what you had to say, I am shopping around for the best deals and protection for my accounts. Let me gather a few more things from other institutions and I’d like to get back with you and see how you compare and perhaps if there’s anything else you could do for me. Wealth Manager 2: I’d be happy to touch base with you in a couple weeks if you don’t mind and see where you are in that comparison if you don’t mind. Me: Absolutely! Feel free to add me to your calendar to check back and if I have the information I need we can talk. Thanks for your time.
Did I learn anything new? Well I did learn that many Chase locations in my area can handle exchange. Was that new information? Not really, in a metro area with as many Wealth Advisors available, I expected as much. Was there any other earth shattering news that makes me believe that Chase is on the verge of announcing some wealth transfer from Iraq to my bank account. Nope, nothing there either. There was no secret code, or wink wink moment that made me believe that Chase knows anything special. I have seen the bank memos in the past and as I continue to reiterate, the banks know no more real information than you or I do. So we keep looking for real information and throw out all the HAS TO or WILL BY crap that people keep throwing out there.
BWM