Wednesday, November 6, 2013

Are You Prepared For a US Bank Bail-In? - the dollar vigilante blog

 [Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick] 03 NOV 2013
If you have cash in a US bank, you can expect to have the federal government take it all the next time US banks find themselves in trouble.  

The days of the federal government stealing money from taxpayers, or borrowing it from the Federal Reserve, to save troubled banks -- as in they did in the 2008 crisis -- may be over. Congress is considering imitating the theft in Cyprus and letting troubled banks "bail-in" depositor money in order to make themselves solvent. 

Jim Sinclair, chairman and chief executive officer of Tanzania Royalty Exploration Corp., and whose family started Goldman Sachs, Salomon Brothers, Lehman Brothers, and others, has been warning of this for a while.

 “Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’. Not only can it happen here, but it will happen here...It stands on legal grounds by legal precedent both in the US, Canada and the UK."

If you don't get your money out now, possibly by end of this year or sooner, you may not be able ever to get it out. Once doors are closed the federal government might do a bank holiday and bail in to make the banks "solvent" again. At best you may get some "bank equity" that is both illiquid and which will ultimately be worth a tiny fraction of the deposit it replaces. 


And, not to mention FATCA coming into effect in July 2014 it will be nearly impossible for an American to get a bank account outside the US (it already is, but will be even worse). Now is the time to get your assets in an offshore account and TDV can help. Click here to learn more about how with TDV Offshore...http://dollarvigilante.com/blog/2013/11/04/plans-in-place-for-a-us-bank-bail-in.html

4 comments:

  1. Thanks for the info.... I need to keep up with all this. Cash is no longer king...

    ReplyDelete
    Replies
    1. Your Most Welcome George,
      Thank you for stopping by. I try to blend some US economic impact stories in with the EC - Ecuador stories, since we are on the USD for 13 going on 14 yrs - the year 2000.

      Yes Sir it is a lot to keep up with and more developing daily as they are constantly changing the rules of engagement. Feel free to join my blog roll upper right hand corner, I will be adding some fresh material shortly.
      Best,
      Jack in
      Quito, EC.

      Delete
  2. Cash is king, but silver and gold are safer, bitcoins the new way forward too.

    ReplyDelete
    Replies
    1. Hi Michael,
      Thank you for stopping by. I try to blend some US economic impact stories in with the EC - Ecuador stories, since we are on the USD for 13 going on 14 yrs - the year 2000.
      Best,
      Jack in
      Quito, EC.

      Delete