Reverberation of the Echo Chambers

[David Merrill]

Up to the present I have been treating the redemption of lawful money as a carefully regulated release valve system for the highly compressed information infrastucture commonly called "money". In other words, if the illusion that nations can buy and sell debt and call that money ran its natural course fairly soon money would be completely worthless for currency trading. If I were to open communications too quickly then there would be an implosion of financial markets, as buying and selling debt is absurd to begin with.

Consider those redeeming by demand of like order. From A Course In Miracles:

In contrast, spirit reacts in the same way to everything it knows is true, and does not respond at all to anything else. 2 Nor does it make any attempt to establish what is true. 3 It knows that what is true is everything that God created. 4 It is in complete and direct communication with every aspect of creation, because it is in complete and direct communication with its Creator. 5 This communication is the Will of God. 6 Creation and communication are synonymous. 7 God created every mind by communicating His Mind to it, thus establishing it forever as a channel for the reception of His Mind and Will. 8 Since only beings of a like order can truly communicate, His creations naturally communicate with Him and like Him. 9 This communication is perfectly abstract, since its quality is universal in application and not subject to any judgment, any exception or any alteration. 10 God created you by this and for this.

This morning it would seem that the Office of the Comptroller of the Currency is becoming aware of last week's surge in consciousness!

Description: Supervisory Guidance on Natural Disasters and Other Emergency Conditions

The Office of the Comptroller of the Currency (OCC) in this bulletin sets out supervisory guidance for national banks, federal savings associations, and any federal branch or agency of a foreign bank (collectively, banks) in the event of a declaration of a legal holiday pursuant to 12 USC 95(b)(1) and 12 CFR 7.3000(b) for national banks, 12 USC 1463(a)(1)(A) for federal savings associations, and 12 USC 3102(b) for federal branches or agencies of a foreign bank, or a disaster that may affect a bank?s operations or customers. The bulletin rescinds and replaces

OCC Bulletin 2008-26, ?Responding to Disasters: Supervisory Guidance,? October 3, 2008;
Office of Thrift Supervision Chief Executive Officer Memorandum 278, ?Natural Disaster Preparedness,? September 9, 2008;
Office of Thrift Supervision Chief Executive Officer Memorandum 384, ?Natural Disaster Preparedness,? April 28, 2011; and
Office of Thrift Supervision Thrift Bulletin 71, ?Serving Communities Affected by Natural Disasters,? August 8, 1997.

The Comptroller of the Currency, or an appointed designee, has the authority to declare a legal holiday for banks in the event of natural calamity, riot, insurrection, war, or other emergency conditions whether caused by acts of nature or man (hereinafter referred to as events).

A written proclamation of a legal holiday, unless otherwise directed, provides bank management the discretion to make individual decisions to remain open, or close, for the duration of the event. It is anticipated that only those banks or offices directly affected by the event will close, and those banks or offices that close will make every effort to reopen as quickly as possible to address the banking needs of their customers and communities.

Regardless of whether a legal holiday has been declared through a written proclamation, bank management has the discretion in the case of any emergency or event, to act prudently and responsibly to ensure the safety of human life and to safeguard banking assets (tangible and intangible).
 
If a disaster or other event is expected to result in long-term or widespread disruption of critical services, and banks operate or have customers in areas that are affected by the event, the OCC encourages banks to consider...

This is the continuation of the Emergency in 1933 - The Bankers' Holiday of FDR. This Emergency was ended in the '70's but stipulating that the Secretary or President can call this Holiday again should there be a run on lawful money redemption, just like was happening in 1933 when the 30-year charter of the Fed expired.

End of the Emergency 1
End of the Emergency 2

This updating the manual for banks demonstrates a certain vigilance on the OCC's part paying attention to the pending bank run. If you Google "Redeemed Lawful Money" you might consider that another snapshot or profile on this subject.



Regards,

David Merrill.