Concordia res Parvae Crescunt
This is one of those events that flies under the radar, yet is very important. The Federal Reserve is moving to reclassify the official risk weighting given to gold.
From John Butler over at Financial Sense.
“…on 4th June the Federal Reserve, OCC (Office of the Comptroller of the Currency) and FDIC (Federal Deposit Insurance Corporation) collectively circulated a memo asking for comment on their proposed changes to the regulatory capital risk-weighting framework. Section 11, ‘Other Assets’, specifies that a “zero risk weight” is to be applied to “gold bullion held in the banking organization’s own vaults, or held in another depository institution’s vaults on an allocated basis…”
Read the press release here.
This development makes state sound money legislation all the more urgent. If we fail to gain a foothold at the state level, then the Federal government, along with the Federal Reserve, will monetize gold in some manner as a foundation for their new monetary system. Be assured that gold in any Fed system would be for a brief moment in history, until a new “more stable” national or global fiat system were implemented. I cannot stress enough the urgency of sound money legislation in 2013. It is indeed looking more like “Do or Die.”
Doug Tjaden is head of the TAC's Sound Money Center. He is in Strategic Business Development at SilverSaver.com by Mass Metal LLC. He is an avid proponent of helping states re-institute sound money through education and networking. Doug is also an author, pastor and father of five and is a speaker on economics, politics and religion. He is passionate about helping people understand history, and how it can help us identify trends in place which will soon affect our lives.
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I tried to get the SC Legislature to pass the SC Sound Money Bill, but it went nowwhere. The SC Legislature it so corrupt that they had to use the SC Supreme Court to take over 200 candidates off the ballot-to secure their jobs and keep the “good ole boy” system intact.
It’s not the Fed that is spearheading this move. This comes from the BIS and will be happening world-wide.
“The Basel Committee for Bank Supervision (or BCBS) as part of the BIS are arguably the highest authority in banking supervision and it is their role to define capital requirements through the forthcoming Basel III rules.”
http://www.mineweb.com/mineweb/view/mineweb/en/page103855?oid=152291&sn=Detail&pid=102055