One of our regular contributors, Marc, sent to my Mail Bag an email letting me know about this latest posting on Dinar Douchebags.
I have admired DD for a while now, and I am re-posting part of their post below, to read the entire post, go directly to the DD website (LINK).
~ Mr. IQD
REPOSTED FROM DINAR DOUCHEBAGS:
Eagle1 Post and RebuttalRecently the dinar world was updated by Eagle1 on the delays in the GCR (Global Currency Reset) and the roll-out of the Babylon II software that the international banking industry will supposedly be using to track every country’s exchange rate and assets which will be required to back their currencies.http://www.dinarrecaps.com/1/post/2013/12/thoughts-from-eagle1-monday-evening-emailed-to-recaps.htmlI’m not going to take the time to respond to the whole post, but I will address a few important statements. Eagle1’s words are inred and my responses are in black.* * * * *Many months ago I published a post detailing the purposes of the Babylon II software that was implemented globally in the world banks. That process began last February.
This mythical software was no doubt called “Babylon II” because it would capture the attention of church people who believe that the RV of the dinar is a prelude to the eschatological “rebuilding of Babylon” in modern day Iraq. This view of bible prophecy has been exploited to trap untold thousands into buying dinar.
The rollout was not without flaws and failures despite months and months of testing. Without repeating a lot of what I said, the objective in the banking system was to enable daily adjustments in currency values while tracking the asset backing of each nation which would become the basis of each currency’s valuation.
And we’re supposed to believe that this incredible revamping of the world’s currencies and the new software to track them has gone unreported by Forbes, the Wall Street Journal, and every other respected financial publication but somehow Eagle1 knows about it?
The functions incorporated in Babylon II make the software for Obamacare pale by comparison.
So implementing a program that keeps track of less than two hundred currencies and their nations’ assets is more complicated than enrolling tens of millions of people into various health care plans? I knew that he was going to use the Obamacare website fiasco to explain why the Babylon II roll-out has been delayed. Look, if we’ve learned anything from this administration’s screw-up it’s how unnecessary the whole debacle was, and yet it only took a month or two to resolve the issues. But this Babylon II project has been delayed since February according to Eagle1.
The new banking software was essential for compliance with the Basel III protocols. Those protocols require all participating banks to raise their asset base to a minimum of 10% of overall liabilities.
As one of my readers jrg pointed out, the Basel III reforms can be found athttp://www.bis.org/bcbs/basel3/b3summarytable.pdf and they say nothing about asset backed currencies.
That sounds nuts when you think about it but when you realize that banks have been operating at a level of 5% since 1999 during the Clinton administration — a level incidentally which resulted in the 2007-2008 crash of so many banks — you can understand that greed and the desire for increased profits motivated that downward shift in 1999.
Former Fed Chairman, Paul Volcker, strenuously objected to the lowering of those standards in 1999, along with allowing banks to get into investment strategies for which they were not designed (or prepared) such as hedge funds, derivatives trading, etc., etc.
The Volcker Rule, which was just added to the Dodd-Frank regulations in the past few weeks, is an attempt to repair the cause of the banking debacle.
Even the 10% asset level, in my personal opinion, puts banks at continued risk — especially when you have the kind of exploded economy we’ve been suffering through during the past five years.
A quick example, if you don’t mind. When I was the president of Union Bond & Trust Company in the 80’s, Hong Kong-Shanghai Bank (now HSBC) offered me $50 Million for one year at 7%, payable in arrears. At the time, it meant I could lend out $500 Million during that year. At prevailing interest rates, I could easily make $50 Million and more during the year, return the $50 Million loan at year’s end plus the seven percent and be fat and happy.
Here it is. The big credentials reveal. This guy is not only a minister but he’s also the former president of Union Bond & Trust. This of course is about gaining trust. Surely somebody with such an impressive background knows what’s really going on here, right? Let me remind you that Rudy Coenen claimed to be a former VP at J.P. Morgan Chase, but according to the federal indictment against him he worked there a total of one day and wasn’t a VP of anything. Rudy is now awaiting sentencing for defrauding dinar investors.
The catch was that if any of my bank officers made risky loans, I could get hung out to dry and be liable for those funds without the ability to repay in a timely fashion.
We do business locally with Yakima Federal Savings & Loan for our ministry. They are easily the strongest banking institution in the northwest and one of the strongest in the nation. They keep their asset base at around 27% (and at the moment are nearing 30%). By comparison, this past year Bank of America was sanctioned by the FDIC because their asset level fell to 4.57%.
You get the picture!
With the Global Currency Reset in the offing, the implementation of the Volcker Rule is highly significant.
The major banks have been required to implement this rule immediately, while smaller banks will have until 2015 to get out of the various investment portfolios they are involved with.
The chief concern, and the primary logic behind the implementation of this rule, is that with the GCR taking place and many people holding different currencies, among which are the IQD and the VND, there will be a sudden influx of cash into the banks and the banking system as a whole.
Banks will suddenly have multiplied millions of dollars on deposit that they can turn around and reinvest into legitimate banking operations.
The Volcker Rule prevents banks from using those funds in riskier endeavors and putting depositors’ monies at risk.Is he saying that the Volcker Rule was implemented to protect the windfall from the RV and the GCR?
Many of you will remember the “false flag” events that preceded Kuwait’s revalue 20 years ago and China’s revalue more recently. In each case, just prior to the revaluation of their currencies, notices were published which were designed to deflect any immediate attention to what was actually occurring.
False flag? You mean Saddam didn’t invade Kuwait and take their money and torch their oil fields? You mean he never used… FULL ARTICLE