They settle on 40% haircut on accounts over €100,000
Umm - not very smart about banking, but isn't this pretty much how Credit Unions are structured, with depositors as shareholders? Or is it different because credit unions are effectively "owned" by the shareholders instead of some other entity?
The whole system is one big Ponzi, look at any aspect of it. Our currency has lost 95-98% of it's purchasing power, depending oh who you listen to, since the Fed was formed in 1913. Bernanke is targeting a 2% inflation, if he is successful at that rate, he will devalue our currency by 50 percent in the next 30+ years. If they overshoot and we have a 5% rate of inflation, it will devalue it by half in only 14 years.
Everybody brings up the FDIC when concerns about the safety of our money in the banks are expressed. The FDIC is not part of the Federal government but rather a private banking cartel. There is roughly $6T dollars of our money in the banking system, but the FDIC has maybe $50B to cover all those holdings. The FDIC has been bailed out several times in the past 4 years, but the MSM doesn't report that.
What about Social Security. Everyone know what it is intended for, we were told they were putting that money into investments and would be there for our retirement. There is no money, they have spent it behind our backs. Both parties have been involved in this for several decades now. I am 59 and I do not expect to see a dime of my money, I am certain they will keep moving the benefit age back and I will be chasing it. The other option which is just as bad is the few dollars I do get won't buy anything anyway. Social Security benefits haven't been raised for years now, they tell you the cost of living is not going up. What person living in Realville believes that crap.
Our total tax revenues in this country are roughly $2.5Trillion, but we spend all that on Social Security, Medicare, Pension obligations and paying the national debt. There is nothing left to fund one single government agency. No military, no department of education, no department of energy, nothing. They can't ever balance the budget, anyone who tries to tell you they can is lying to you. The Ryan budget is total BS, it relies on a 5% growth in GDP each year for the next 10 years just to reach a balance. How is our country going to have that kind of growth when they have already shipped all the manufacturing overseas.
Everyone is concerned about what is going on in Cyprus, which they should be, that something like that could happen here in America. It has already happened, recently too. It just didn't happen to you so no one paid enough attention. It happened to the bond holders when Obama stole GM for his union cronies. It happened again just over a year ago when MFGlobal stole over $2B of their clients assets to cover their bad bets on European debt. No one went to jail on that one.
Does anyone pay attention to the insurance industry? I am close friends with my insurance agent, he explained to me after Katrina that State Farm, the largest insurance company in America, lost 50% of it net worth in that single storm. State Farm does not re-insure like all the other companies do. They had $40Billion in assets at the time, that storm cost them $20Billion. There were several insurance companies that were just about wiped out by that storm. That was a localized disaster, what happens when something hits on a larger scale. I just did a search, the first article I saw said in 2005 you could purchase all of the US residential homes for $23.5Trillion. What about commercial property, life insurance, auto insurance. I could easily see the numbers exceed $100Trillion, how does the largest insurance company in America sit on $40Billion in assets and we are supposed to feel safe that we are protected?
I recently read there are more $100 bills in Moscow than in all of the US, who knows a lot of those are probably counterfeit. We have around $9Trillion of our dollars spread around the world, what happens when the rest of the world wakes up to how insolvent the banks are here and they loose faith in our dollar and those dollars start to get sent back home.
The only thing that keeps this Ponzi scheme going is confidence in the system. Once that confidence is broken, by what ever means or event, this system will come crashing down so fast you won't have time to do anything. I heard someone recently liken this coming collapse to an avalanche. The weight is piling up, no one knows what will cause it to collapse, but when it does it will come crashing down devouring everything in its path. An event like this one in Cyprus could be such an event to shake confidence.
If you have any money available, pay off your debt if at all possible. Buy hard assets, food, land, precious metals. Having your money in the banking system and investment system is too risky these days. I talk to so many people who are trapped in their IRA's and 401K's. I did hear a recent story about how to go about setting up a self directed IRA, one that you can buy and hold precious metals in. One that you can store those precious metals in your safe in your own home, and it's legal. Here is a link to where I heard about this.
http://www.thesurvivalpodcast.com/gray-on-holding-silver-in-self-directed-iras
I told my banker about this last Friday, he has been contacting various companies asking about this but has been told you can't do it without "cashing out". He was glad to hear about this and is going to look into it. Once I hear back from him on it, if he found this to be possible, I will post what he tells me.
Everybody brings up the FDIC when concerns about the safety of our money in the banks are expressed. The FDIC is not part of the Federal government but rather a private banking cartel. There is roughly $6T dollars of our money in the banking system, but the FDIC has maybe $50B to cover all those holdings. The FDIC has been bailed out several times in the past 4 years, but the MSM doesn't report that.
What about Social Security. Everyone know what it is intended for, we were told they were putting that money into investments and would be there for our retirement. There is no money, they have spent it behind our backs. Both parties have been involved in this for several decades now. I am 59 and I do not expect to see a dime of my money, I am certain they will keep moving the benefit age back and I will be chasing it. The other option which is just as bad is the few dollars I do get won't buy anything anyway. Social Security benefits haven't been raised for years now, they tell you the cost of living is not going up. What person living in Realville believes that crap.
Our total tax revenues in this country are roughly $2.5Trillion, but we spend all that on Social Security, Medicare, Pension obligations and paying the national debt. There is nothing left to fund one single government agency. No military, no department of education, no department of energy, nothing. They can't ever balance the budget, anyone who tries to tell you they can is lying to you. The Ryan budget is total BS, it relies on a 5% growth in GDP each year for the next 10 years just to reach a balance. How is our country going to have that kind of growth when they have already shipped all the manufacturing overseas.
Everyone is concerned about what is going on in Cyprus, which they should be, that something like that could happen here in America. It has already happened, recently too. It just didn't happen to you so no one paid enough attention. It happened to the bond holders when Obama stole GM for his union cronies. It happened again just over a year ago when MFGlobal stole over $2B of their clients assets to cover their bad bets on European debt. No one went to jail on that one.
Does anyone pay attention to the insurance industry? I am close friends with my insurance agent, he explained to me after Katrina that State Farm, the largest insurance company in America, lost 50% of it net worth in that single storm. State Farm does not re-insure like all the other companies do. They had $40Billion in assets at the time, that storm cost them $20Billion. There were several insurance companies that were just about wiped out by that storm. That was a localized disaster, what happens when something hits on a larger scale. I just did a search, the first article I saw said in 2005 you could purchase all of the US residential homes for $23.5Trillion. What about commercial property, life insurance, auto insurance. I could easily see the numbers exceed $100Trillion, how does the largest insurance company in America sit on $40Billion in assets and we are supposed to feel safe that we are protected?
I recently read there are more $100 bills in Moscow than in all of the US, who knows a lot of those are probably counterfeit. We have around $9Trillion of our dollars spread around the world, what happens when the rest of the world wakes up to how insolvent the banks are here and they loose faith in our dollar and those dollars start to get sent back home.
The only thing that keeps this Ponzi scheme going is confidence in the system. Once that confidence is broken, by what ever means or event, this system will come crashing down so fast you won't have time to do anything. I heard someone recently liken this coming collapse to an avalanche. The weight is piling up, no one knows what will cause it to collapse, but when it does it will come crashing down devouring everything in its path. An event like this one in Cyprus could be such an event to shake confidence.
If you have any money available, pay off your debt if at all possible. Buy hard assets, food, land, precious metals. Having your money in the banking system and investment system is too risky these days. I talk to so many people who are trapped in their IRA's and 401K's. I did hear a recent story about how to go about setting up a self directed IRA, one that you can buy and hold precious metals in. One that you can store those precious metals in your safe in your own home, and it's legal. Here is a link to where I heard about this.
http://www.thesurvivalpodcast.com/gray-on-holding-silver-in-self-directed-iras
I told my banker about this last Friday, he has been contacting various companies asking about this but has been told you can't do it without "cashing out". He was glad to hear about this and is going to look into it. Once I hear back from him on it, if he found this to be possible, I will post what he tells me.
Ive never really totally trusted the banking or investment machine, but as a land and small business owner I have found it a necessary evil to deal with the banking system.
I like to put my 'extra' cash into hard goods I can actually use that can easily be re-sold whenever I need some cash for a profit or at the minumum my original money back hopefully- land, vehicles, vintage guitars and tube amps, coins, art, collectibles, etc. No firearms though. Not a good investment for me. I like to shoot them and thats all. The ones I buy used I will re-sell later but I probably lose a little on most of them.
I like to put my 'extra' cash into hard goods I can actually use that can easily be re-sold whenever I need some cash for a profit or at the minumum my original money back hopefully- land, vehicles, vintage guitars and tube amps, coins, art, collectibles, etc. No firearms though. Not a good investment for me. I like to shoot them and thats all. The ones I buy used I will re-sell later but I probably lose a little on most of them.
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You can have a self directed ira, but I don't believe there is anyway for you to do that and have direct control of your assets.
If I put my properties into a self directed ira I would be required to hire a management company to handle them.
They do not allow you to have personal use of assets in such an ira.
You might well be able to put real gold into a self directed ira, but you would be required to have a third party manage it and store it.
I'd be happy to be wrong about this.
If I put my properties into a self directed ira I would be required to hire a management company to handle them.
They do not allow you to have personal use of assets in such an ira.
You might well be able to put real gold into a self directed ira, but you would be required to have a third party manage it and store it.
I'd be happy to be wrong about this.
Better get your gold while you can.
Till the government outlaws private gold holdings...again. Better to diversify your holdings to include tangible, barterable assetts that are unlikely to be confiscated. Like someone said, ammo is a good one. So is silver.
Only problem i see investing in tangible things is that if the gov or banks fail, knowbody will want to buy/barter.
Ill give you an ounce of gold for a brick off bullets or ill trade an acre of land for a pound of gold.
Thats gonna create a whole new system. I just dont see it.
Check out the USSR collapse or read up on greece and Argentina. Our bank and our reactions will be similar.
Ill give you an ounce of gold for a brick off bullets or ill trade an acre of land for a pound of gold.
Thats gonna create a whole new system. I just dont see it.
Check out the USSR collapse or read up on greece and Argentina. Our bank and our reactions will be similar.
The barter system works every day, collapse or not. When paper fiat money becomes worthless, it will kick into high gear. If you have something someone NEEDS, it's easier to barter than having something someone wants.
