The Moratorium is three (sometimes four) pitches of technical and powerful stemming and jamming up a steep, right-facing corner system at the base of El Cap. It serves as a great approach to the classic "East Buttress" as they finish and start within a few meters of one another, but because the climbing is of such a different nature (that is, East Buttress being much easier, wandering, and adventurous), the Moratorium is perhaps better as a stand-alone climb.
The corner is easily identified on Shultz's Ridge. Approach via a short third class scramble in from the right.
P1: Climb up the steep, pumpy 5.10 corner via jams and quite a bit of laybacking. The top gets thin but just when things get desparate, one can step left to a great belay ledge. Belay at bolts. 5.10d.
P2: Step back into the corner (airy), and continue up on fun climbing until an ultra-thin, creative stemming affair at the top. 10d.
P3: Climb up some hollow flakes to a stance a little ways out from the belay. The crux involves steep liebacking and stemming up a seasonally wet crack. Kinda tough 5.11b. Link this pitch into the next one if you're continuing up to the East Buttress, or rap from here with two ropes.
P4: A short 5.9 pitch up flakes and blocks to the top.
Protection
Double set of cams with a strong emphasis on small gear (RPs not needed, but bring plenty of TCUs/tiny Aliens). Two ropes if you wish to rap.
This climb is a superb intro for valley 5.11 multi-pitch
By my alias From: Eldorado Springs, CO Nov 19, 2007
Excellent but desperate with the algae/seaweed in the crux tips section. Felt harder than other 5.11's on this trip such as the Rostrum. My experience linking the final 2 pitches would lead me to break them up next time.
seemed to me that of the first two 10d pitches, the second one worked me over way more. i felt like i was barely in there for the slappy moves to the anchors.