Why April 1st???

lol..lol...BYE..BYE..BANKSTERS...NOW I SEE WHAT APRIL 1 IS THE TARGET DATE >>>>If you were wondering why the Big Banks were fighting so hard against The Volcker Rule over the past 5 years you are about to find out. As of Tuesday, April 1, 2014, the rule goes into effect.
 
 
OCC: Volcker Rule: Final Regulations 
 
 
http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-9.html
Highlights The final regulations
 
 
prohibit banks from engaging in short-term proprietary trading of certain securities, derivatives commodity futures, and options on these instruments for their own accounts.
impose limits on banks' investments in, and other relationships with, hedge funds and private equity funds.
 
 
provide exemptions for certain activities, including market making-related activities, underwriting, risk-mitigating hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds and private equity funds.
 
 
clarify that certain activities are not prohibited, including acting as agent, broker, or custodian.
scale compliance requirements based on the size of the bank and the scope of the activities. Larger banks are required to establish detailed compliance programs and their chief executive officers must attest to the OCC that the bank's programs are reasonably designed to achieve compliance with the final regulations. Smaller banks engaged in modest activities are subject to a simplified compliance program.
 
 
END
 
*Note: The banks don't have to be fully compliant until July 2015 so expect a wild shakeout between now and then as they try to rid themselves of TRILLIONS of DOLLARS worth of non-compliant derivatives. It won't take that long as big banks have a tendency to EAT THEIR OWN when it comes to their own survival!
 
 
So what do all these restriction do?
 
 
Well, history has shown that you can't have an unbacked fiat monetary system without controlling the prices of some key commodities and monetary instruments. Gold, silver, oil and the USD are the main ones. That's where market rigging with computers and derivatives came into play in the 1970's. That is why the top 5 banks (JPM, Citi, BofA, Goldman & Morgan Stanley) hold over $295 TRILLION in derivatives! It is the ONLY reason that the unbacked system is still viable. This unbacked system has lasted over 40 years after breaking all ties with gold...an unprecedented record in monetary history and only made possible by the computer market rigging programs written in the 1960's by Alan Greenspan.
Greenspan's Golden Secret
 
 
http://www.roadtoroota.com/public/190.cfm
 
Ultimately, the game must end as it was always the plan to run the unbacked system as long and hard as possible before returning to a true Gold Standard.
 
 
That time has come.
May the Road you choose be the Right Road.
Bix Weir

 
[size=18]OCC: Volcker Rule: Final Regulations
The final regulations to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker Rule, were published in the Federal Register on January 31, 2014, and become effective on April 1, 2014.

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Yea, well if the so called banksters were so all powerful, and this was so damaging to them do you think that for a minute it would have passed? Really as far as derivatives go, that's already dealt with under the BASEL III rules already in effect which dictates how they have to weight that sort of asset. 

Here is the full OCC Bulletin: 

Subject: Volcker Rule
Date: March 25, 2014
To: Chief Executive Officers of All National Banks and Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Final Regulations

Summary

On December 10, 2013, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission issued jointly developed final regulations to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker Rule. The final regulations were published in the Federal Register on January 31, 2014, and become effective on April 1, 2014.

National banks (other than certain limited-purpose trust banks), federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) are required to fully conform their activities and investments to the requirements of the final regulations by the end of the conformance period, which the FRB has extended to July 21, 2015.

Highlights

The final regulations

• prohibit banks from engaging in short-term proprietary trading of certain securities, derivatives commodity futures, and options on these instruments for their own accounts.
  
• impose limits on banks’ investments in, and other relationships with, hedge funds and private equity funds.
  
• provide exemptions for certain activities, including market making-related activities, underwriting, risk-mitigating hedging, trading in government obligations, insurance company activities, and organizing and offering hedge funds and private equity funds.
  
• clarify that certain activities are not prohibited, including acting as agent, broker, or custodian.
  
• scale compliance requirements based on the size of the bank and the scope of the activities. Larger banks are required to establish detailed compliance programs and their chief executive officers must attest to the OCC that the bank’s programs are reasonably designed to achieve compliance with the final regulations. Smaller banks engaged in modest activities are subject to a simplified compliance program.
  

Banks with trading assets and liabilities of at least $50 billion will be required to report metrics designed to monitor their permitted trading activities. These banks must

• begin to measure and record the required metrics on a daily basis starting July 1, 2014, and report their daily metrics recorded during the month of July to the OCC by September 2, 2014.  
  
• continue to report metrics data for each calendar month within 30 days of month-end through 2014, unless the OCC notifies them in writing that they must report on a different basis.  
  
• beginning with information for the month of January 2015, report metrics within 10 days of the end of each calendar month, unless the OCC notifies the banks in writing that they must report on a different basis.
  

Note for Community Banks Banks that do not engage in covered activities or investments are not required to establish a compliance program under the final regulations. This exemption extends to trading activities in certain exempt government and municipal obligations. Smaller banks, with total consolidated assets of $10 billion or less, engaged in modest proprietary trading activities for their own accounts are subject to a simplified compliance program. These banks may satisfy their compliance obligations under the final regulations by including in their existing policies and procedures appropriate references to the requirements of the final regulations. These policies and procedures should be appropriate to the size, scope, and complexity of the banks.

Further Information

Please contact Kurt Wilhelm, Director for Financial Markets, or Stephanie Boccio, Technical Expert for Credit and Market Risk, at (202) 649-6360; Ursula Pfeil, Counsel, or Tiffany Eng, Law Clerk, Legislative and Regulatory Activities, at (202) 649-5490; or Ted Dowd, Assistant Director, or Suzette Greco, Assistant Director, Securities and Corporate Practices, at (202) 649-5510.
 
Karen Solomon
Deputy Chief Counsel

ZZZ

Notice that this has to do with HOW they conduct their trading, not WHAT they hold. Despite the verbiage at the end, this is not going to trigger massive shakeouts, confusion, instability or a return to asset based currency any more than BASEL III compliance. You did know that the large Federal banks this applies only to are already above or very close to meeting their Tier1 requirements right?

Kevind53 I agree with you. Every country on earth have Foreign reserves in USD for balance of payments, imports and each country's currency value. We value our currency against the reserve currency of the world the USD.

Oil is still the King of all commodities and the most needed every second of the day just like fresh water. That is why America must ensure that they control most of the oil reserves Globally for the continued stability of the USD.

In my humble opinion, " A gold backed currency can only be as good as the confidence of people everywhere. In other words If the people have no confidence in the gold backed currency but continue to believe in the Petro dollar because the USD is tied to oil" What will happen to the Gold backed currency? That's anyone's guess.

Iraq must sign a contract like Saudia Arabia for oil to be sold in USD only. America must continue to build strategic alliances with friendly oil producing countries around the world in order to solidify the USD and ensure it continues to be the world reserve currency. I do not intend to adopt a Chinese or Russian culture and language, and I don't intend to dump my USD. I hope this administration (Obama) can handle the return of the cold war syndrome in an age of social media and ultra communication systems. Blessings all.

Yep I heard the same thing on two other sites. makes one go Hmmmmmmm.

They love to say April Fools day. No other reason. IMHO  

I have never bought into the whole GCR/asset based currency/UTN thing. In fact I find a lot of the statements by the proponents of such to be subtly antisemitic and have not been shy about saying so. I do not buy into it at all.

I FIND IT REPREHENSIBLE THAT WE ARE BEING ASKED TO FILE A COMPLAINT ABOUT THE DINAR BEING A SCAM. IT IS NOT A SCAM. ALTHOUGH I HAVE NOT PURCHASED IT PERSONALLY I HAVE PURCHASED THE VIETNAMESE DONG NUMEROUS TIMES FROM WELLS FARGO, WHO GOT IT THROUGH THE UST.

THE GCR (GLOBAL CURRENCY REVALUATION) SHOULD HAVE HAPPENED IN OCTOBER/NOVEMBER OF 2013. THOSE OF US WHO HAVE PURCHASED FOREIGN CURRENCY SUCH AS THE IRAQI DINAR AND VIETNAMESE DONG HAVE BEEN PATIENTLY WAITING FOR IT TO REVALUE. WE WERE TOLD IT WOULD HAPPEN IN OCTOBER. THEN WE WERE TOLD IT WOULD HAPPEN BY THANKSGIVING SO WE WOULD HAVE AN AWESOME BLACK FRIDAY AND COULD PUMP MONEY INTO THE ECONOMY. THEN WE WERE TOLD BY CHRISTMAS, THEN BY NEW YEARS, ETC. DO YOU GET THE PICTURE?

HERE'S THE PART THAT I CAN'T ABIDE. BACK IN NOV. AND DEC., SENATORS, CONGRESSMEN AND OTHER ELITES STARTED BEING ALLOWED TO GO IN AND EXCHANGE THEIR CURRENCY. WE WERE TOLD IT'S JUST HOW THINGS ARE... THAT THE ELITE GET TO GO FIRST. THEN THE ELITE STARTED SENDING THROUGH THEIR FAMILIES, GARDENERS, CHAUFEURS, FRIENDS, ETC. WHILE WE SAT BACK WAITING. TRILLIONS OF DOLLARS WENT THAT WAY.

NEXT IN DEC. AND JAN. THE BANKERS STARTED RUNNING THEIR PEOPLE THRU TO DO THE EXCHANGE. WEALTH MANAGERS WERE TOLD TO CONTACT THOSE IN THEIR JURISDICTION WITH A BALANCE OF $5 MILLION IN WEALTH OR MORE TO GO PURCHASE DINAR AND COME TO THOSE BANKS TO EXCHANGE. AGAIN... TRILLIONS OF DOLLARS WERE LIQUIDATED BY PEOPLE WHO DIDN'T EVEN KNOW ABOUT THIS INVESTMENT. WE JUST STOOD BY WAITING... AND MORTIFIED THAT OUR OWN GOVERNMENT KNEW AND WOULD DO NOTHING ABOUT IT.

IT'S IMPORTANT THAT YOU UNDERSTAND THIS... WE WON'T JUST SIT IDLY BY AND ACT LIKE THIS NEVER HAPPENED. MANY WHO VOTED FOR BARRACK HUSSEIN OBAMA ARE DISALLUSIONED AND WILL BE VOTING DIFFERENTLY IN THE NEXT ELECTIONS.

TO SUMMARIZE, MY COMPLAINT IS NOT THAT THE DINAR IS A SCAM. MY COMPLAINT IS THAT MANY PEOPLE IN POWER KNEW HOW THE MONEY WAS BEING SQUANDERED ON THE ELITE AND THOSE CHOSEN BY WEALTH MANAGERS. WE ARE BEING ASKED TO ACCEPT THAT THIS IS JUST A SCAM. INSTEAD IT IS AN ABOMINATION AGAINST THE AMERICAN PEOPLE, THEIR RIGHT TO PURCHASE FOREIGH CURRENCY AND BASED ON ORDER 13303 BE ABLE TO EXCHANGE IT. iT IS AN ABOMINATION AGAINST THOSE WHO FOUGHT IN IRAQ AND AFGHANISTAN AND MADE THIS INVESTMENT. CAN YOU IMAGINE HOW THEY ARE FEELING RIGHT NOW? THEY LOST LIMBS AND LIVES AND FAMILY MEMBERS, AND THE US GOVERNMENT IS TELLING THEM IT WAS ALL A SCAM.

OUR GOVERNMENT SHOULD BE ASHAMED. SOME ARE SAYING WHAT THE BANKS DID WAS INSIDER TRADING. CLEARLY WHAT THE ELITES DID WAS TAKE MONEY OUT OF THE HANDS OF THE MIDDLE AND LOWER CLASS WHO TRULY NEED THE MONEY AND PUT IT INTO THE HANDS OF THE ALREADY VERY WEALTHY. SOME OF THOSE MIDDLE AND LOWER CLASS PEOPLE WHO PURCHASED FOREIGN CURRENCY ARE IN NEED OF A PLACE TO LIVE, FOOD, CLOTHING, MEDICAL CARE, ETC. AND INSTEAD OF LETTING THOSE PEOPLE EXCHANGE... THE POWERS THAT BE INSTEAD FELT IT WAS "PRUDENT AND APPROPRIATE" TO GIVE THE MONEY TO THE ALREADY WEALTHY AND MAKE THE RICH JUST GET RICHER.

IT'S WRONG WHAT THEY DID... AND THEY KNOW IT'S WRONG!

Unfortunately, the only thing you have right is that the Dinar is not a scam, it is a currency, nothing more, nothing less. What IS a scam is the rest of your story. There never was a GCR, and there will not be. There have not been exchanges for anybody, elite or otherwise. The promises and claims of the guru's are all lies, and there is the scam. They are either incredibly ignorant and gullible, or willing participants in efforts to pump sales of dinar, dong and reserves through hype and false information. Some are in fact known felons, under indictment and/or investigation.

I agree, it is wrong what they did, and they know it's wrong. However I define "they" as the guru's who have been feeding you and so many others lies.

Oh, BTW, despite what the guru's seem to think, typing in all caps does not make your posts more authoritative, just impolite and harder to read.

Wherbie it is all wrong what you think and heard. The scammers are the people who sold you Dinars with a promise that you will become a millionaire in a short time because that will not happen. That is the scam, if you have any evidence that anyone or any Bank told you to purchase dinars because you will become a millionaire or told you anything that caused you to purchase the Dinar  (Obtaining money by false pretense). You should report this to the relevant authorities. When we invest we only invest what you can afford to loose with a hope for the best.

You sound like a victim of guruism. Have a good day.