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.
As one of my readers jrg pointed out, the Basel III reforms can be found at http://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.
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 WMD? You mean he wasn’t one year away from getting nukes when coalition forces decimated his program? http://www.nytimes.com/2006/11/03/world/middleeast/03cnd-documents.html?hp&ex=1162616400&en=d6e60f288e881789&ei=5094&partner=homepage (last paragraph page 1)
China made the statement that they weren’t going to revalue their currency “at all” and 24 hours later did just that! With Kuwait, a notice was sent out by the Emir that they were postponing the revalue of their currency to some indefinite date. 24 hours later the Kuwaiti Dinar was revalued.
Again with this bogus China RV denial story? They denied that any time frame was agreed to, not that they would revalue. And their RV has been ongoing now for over eight years to the tune of a 35% increase, which is less than a 5% annual increase. There was no overnight RV that produced any windfall for speculators in China.
And once again, there was no Kuwaiti revaluation. The rate was the same when the central bank of Kuwait resumed business as it was before they were invaded.
Throughout the day we watched events unfold leading up to it. At the last minute, the process was halted and the delay was attributed (by some sources) as pushing it right up to Iraq’s induction into the WTO. Whether there is any validity in that report is questionable.
In a conversation this morning with a representative from the WTO, I posed the question as to whether we were going to get to see this event yet this year or whether it would get pushed off to mid-January (most likely January 21st).
Apparently that question was also on this representative’s mind and he said that he had put that same question to three of the central bankers who are part of the GCR process. Each of them in succession swore up and down that the GCR absolutely HAD TO HAPPEN before the end of 2013.
We shall see, won’t we?
We saw, all right. There’s more in his post but that’s about all my stomach can handle at the moment. Let me just remind everybody of some things that Eagle1 has stated in the past. He claimed in 2012 that Iraq has over $70 trillion in assets, in part due to the fact that he confuses billions with trillions. Not something one would expect from the former president of a financial institution, is it? In the same post he claimed that U.S. soldiers struck gold while digging foxholes in the streets of Baghdad. (Now think about that for a minute. Why do soldiers dig foxholes in battle? They do it when they’re in open areas and there’s nothing to hide behind to avoid enemy fire. In urban warfare you have buildings, cars, walls … etc. Why would you dig a foxhole when you can hide behind things that are already there? And how is a foxhole going to hide you from a sniper on the fourth floor of a building looking down on you? And even if they wanted to dig a foxhole, Baghdad is a fairly modern city with paved streets. How does one dig a foxhole through pavement?) Then in June of 2013 he blamed the GCR delay on the Edward Snowden situation.
So who is this Eagle1 guy? Well back in April somebody sent me an email with his first name. Frankly I wasn’t really too motivated to do any real research back then. I tried a few keyword searches and gave up. But after this latest post I had a relapse of researchitis and went back to work. To the left is a photo that I found with a cached page from KTFA’s site. (scroll down toward the bottom) If you’re a member there you can access the page without using the cache feature, but I have no interest in joining such a site. In the post Eagle1 explained why the RV would probably occur on a Tuesday, Wednesday, or Thursday. (That’s better than predicting a particular date, I suppose.)
Try the opposite extreme! Suppose I had business with HongKong-Shanghai Bank in HongKong, and it was 2:00 PM on Thursday in Anchorage. It was already 8:00 AM on Friday in HongKong. Had in been in HongKong, the reverse would be true. Thus, because of the time-zone differences around the world, international bankers have agreed universally that any transactions or trades between international banks would only occur on Tuesdays through Thursdays.
I often scheduled large tranches of money between banks, and we agreed that in order to avoid heavy international scrutiny, we would limit international transfers to $250 Million per transaction per day. (We could have done more and did so under limited circumstances, but this was an easy way to do business.) I often did transactions totaling into the tens and hundreds of billions of dollars, but they were still broken down into $250 Million transfers per day. Thus we deliberately limited ourselves to transferring $750 Million per week per transaction — Tuesday, Wednesday, Thursday — even if the total transaction were to exceed many billions of dollars. Under certain circumstances and time zones with parameters set up well in advance we transferred up to a billion dollars per week.
Family, this was more than two decades ago, and even though the limits and dollar amounts have changed throughout the years, banks still stick to Tuesday, Wednesday or Thursday for any major trade, currency exchange, currency revaluation, or international funds transfer. Its just the nature of how things are and have been conducted in our business world.
It wouldn’t surprise me at all to see some changes take place in these practices in the years to come as the rest of the world becomes better connected electronically (and you all have seen or at least heard about all the pinging between CBI and banks around the world as they have been preparing for the RV).
Maybe this explanation will help everyone better understand the philosophy of the Tuesday – Thursday window for the RV. It doesn’t mean that we couldn’t see an announcement on a Friday or Sunday, but no actual cashing in will likely begin until the Tuesday – Thursday window. That is, unless there are a lot of changes taking place I haven’t heard about! (Smile.)
Blessings on you!
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