Basel III, Student Loans, and Bailouts: What Do They Mean for the Markets?
"....the Tier-1 asset change of gold from a Tier-3 status, by the Bank for International Settlements. And that went into effect April 1...."
"... They're thinking that—and that perhaps the treasuries have been rehypothecated, pledged many times to other people. So the bottom line is that the banks stopped lending with one another, and interests rates started to spike on the overnight lending. And the Fed had to step in as the lender of last resort...."