Muni Bond Ruling Sets Stage For Economic Collapse!

When JFK spoke about the “gnomes of Zurich”, I believe he was referring to what is now the BASEL banking commitee, of which all banks base their rules on. For US bank to adapt BASEL rules, the Office of the Comptroller has to sign off on it, which appears to be happening as soon as next week. 

Hoping to head off the kind of vulnerability seen during the 2008 credit crisis, the Fed, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. based their rule on an accord reached by the 27-nation Basel Committee on Banking Supervision. An initial version proposed last year, which called for a 2017 implementation, was toughest on banks with more than $250 billion in assets or major global reach.

Eric Kollig, a Fed spokesman, declined to comment on the final rule.

http://www.bloomberg.com/news/2014-08-25/u-s-bank-liquidity-rule-said-to-exclude-municipal-bonds.html

Wait, so it was supposed to be implemented in 2017, but the final rule has already been made?? Yes it has.

The flurry of rulemaking activity will come just before a Sept. 9 hearing of the Senate Banking Committee, where regulators will be questioned about their recent progress on implementing Dodd-Frank Act regulations, the people said.

http://www.bloomberg.com/news/2014-08-25/u-s-bank-liquidity-rule-said-to-exclude-municipal-bonds.html

This will decimate already strapped cities and counties who rely on borrowing through bonds to pay for the bonds they already owe.

It’s interesting this sudden revelation is occurring right along with Shemitah.

By counting sevens from then, we see that the next shemitah year will be the year 5775 after Creation, which runs from Sept. 25, 2014 through Sept. 13, 2015.

http://www.chabad.org/library/article_cdo/aid/562077/jewish/Shemitah-101.htm