January 20, 2008 9:54 p.m. PST
Hello Dear Friends and White Knights,
I’ve done some preliminary research on Basel II; the new banking rules beginning to be implemented in large US banks beginning this month.
Here’s what wikipedia says about Basel II:
http://en.wikipedia.org/wiki/Basel_Accords
BASEL ACCORD
From Wikipedia, the free encyclopedia
(Redirected from Basel Accords)
The Basel Accord(s) or Basle Accord(s) … refers to the banking supervision Accords (recommendations on banking laws and regulations), Basel I and Basel II issued by the Basel Committee on Banking Supervision (BCBS). They are called the Basel Accords as the BCBS maintains its secretariat at the Bank of International Settlements in Basel, Switzerland and the committee normally meets there. Basel II seems to be concerned with reducing “risky loans” by tightening credit.
Basel II was developed by the big European bankers, the bankers at the central bank of the European Union, and the Federal Reserve. NONE of these bankers are your friend.
In the USA, the Federal Reserve is responsible for implementing Basel II in the US. Below are excerpts from Basel II press releases from the Federal Reserve:
http://www.federalreserve.gov/newsevents/press/bcreg/20070720a.htm
“For immediate release
July 20, 2007
Banking Agencies Reach Agreement on Basel II Implementation WASHINGTON, D.C. -- The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation reached an agreement today regarding the implementation of Basel II in the United States. The agreement resolves major outstanding issues and will now lead to finalization of a rule implementing the advanced approaches for computing large banks' risk-based capital requirements.
The agencies have agreed that rules implementing the advanced approach should be finalized expeditiously, and should be technically consistent in most respects with international approaches. The agreement retains the NPR's transitional floor periods. After the parallel run in 2008, those transitional floors provide for maximum cumulative reductions of 5 percent during the first year of implementation, 10 percent in the second year, and 15 percent in the third year.
After the end of the second transition year period, the agencies will publish a study that evaluates the new framework to determine if there are any material deficiencies. If the study finds there are such material deficiencies that cannot be addressed by existing tools, banks will not be permitted to exit the third transitional period unless the deficiencies are first addressed by changes to the regulation. However, if a primary supervisor disagrees with a finding of material deficiency, it may authorize banks it supervises to exit the third transitional period, but only if it first provides a public report explaining its reasoning.
The agencies also have agreed to eliminate language in the Notice of Proposed Rulemaking (NPR) concerning a 10 percent limitation on aggregate reductions in risk-based capital requirements. The agencies believe the annual review process by which they will assess the performance of the new rules is consistent with recommendations of the U.S. Government Accountability Office and provides a structured and prudent framework for managing the implementation of Basel II in the United States.
The agencies also agreed to proceed promptly to issue a proposed rule that would provide all non-core banks with the option to adopt a standardized approach under the Basel II Accord. This would replace the earlier proposed rule to adopt the "Basel IA" option. The agencies intend that the proposed standardized option would be finalized before the core banks begin the first transition period year under the advanced approaches of Basel II.
The agencies re-affirm our commitment to strive to achieve consensus throughout implementation. (End Quote)
http://www.federalreserve.gov/newsevents/press/bcreg/
5963B9C381624605B116649904087ECF.htm
(Begin Quote) Release Date: November 2, 2007
For immediate release
The Federal Reserve Board on Friday approved final rules to implement new risk-based capital requirements in the United States for large, internationally active banking organizations. The new advanced capital adequacy framework, known as Basel II, more closely aligns regulatory capital requirements with actual risks and should further strengthen banking organizations’ risk-management practices. “Basel II is a modern, risk-sensitive capital standard that will protect the safety and soundness of our large, complex, internationally active banking organizations. The new framework is designed to evolve over time and adapt to innovations in banking and financial markets, a significant improvement from the current system,” said Federal Reserve Board Chairman Ben S. Bernanke. …(End Quote) BANKERS MANUFACTURED CURRENT CREDIT CRISIS in USA
Over 10 years ago, American banks began flooding Americans with offers for credit cards. Most of us received 2 or 3 credit card offers in our postal mail every week.
There were numerous inducements, including “zero” interest rate on the new credit card if you transfer a balance from another credit card onto the new card.
Recently, banks have routinely offered 100% financing when people buy a new home; something not offered until recent years. In addition, bankers have pushed mortgages which over time increase the total amount owed.
If the Federal Reserve was worried about credit risks, the Fed should have tightened the credit rules years ago. Now, Americans are experiencing historically high rates of home foreclosures due to mortgages pushed onto customers by the bankers.
The “transparency” discussed in Basel II will NOT apply to the trading programs.
The “tracking” of money movements seems to be designed to help the government and the Fed to know every penny anyone has. This is not a benefit for the people of the USA.
NESARA Abolishes the Fed
In abolishing the Federal Reserve, NESARA will address all the banking problems forced upon Americans.
MMS UPDATE
In my December 24, 2007 Report, I focused on the detoxing MMS natural health therapy. I forgot to mention that you should NOT take Vitamin C within 3 hours of taking MMS. MMS works for 2 to 3 hours after you take it and then it becomes inactive. Taking Vitamin C too soon after MMS usually results in severe diarrhea. Separating taking MMS from Vitamin C by 3 hours should avoid causing this severe diarrhea.
NESARA NOW!
Blessings and Love,
Dove of Oneness
Executive Director
International NESARA Take Action Teams
Dove uses a pen-name for security and privacy reasons. The term "White Knights" is borrowed from the Wall Street Journal and the world of big business hostile takeovers when a vulnerable company is "rescued from a hostile takeover by a White Knight” corporation or wealthy person. Certainly, these people fighting to bring Americans and the world the benefits of NESARA and to rescue our people from government and banking fraud deserve to be called “White
Knights”.
For more information on NESARA, go to WWW.NESARA.US
