Android: Play (Market) no connection (can not connect even with wifi or mobile internet on)

I run into this behavior several times after installing new experimental mods or playing around with re-flashing the devices.
When you are all setup and would like to go to the Market/Play (I saw a similar behavior with adding / creating an account on a fabric reset device) and receive a no connection in the market or a “Can’t establish a reliable data connection to the server” under account sign-on you better go and check the current date and time on the device.
For any reason it didn’t pick the right time from the phone provider and showed “Dec 31 5005”.
After changing the date to a current one I was able to sign-in into a Google account and also to access the market (Play).