Hi Mark_BC,
All forms of “money” have risks and limitations. BTC, bullion, paper FRNs. Diversify.
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Interesting. I haven’t received email notifications in months!
Thanks Sand Kitty (and others) for passing on your effort and experience in the form of knowledge and advice (easily given, arduously earned). I am in the UK in the middle of a property purchase using part cash part sale. It is a real eye opener right now given what is going on with UK gilts and the pound right now. It would not surprise me if a collapse and bail in happens this weekend, all the conditions exist for the takedown to proceed. I may well end up as the classic example of a day late!
As you mention below Bitcoin is about diversity. The destruction feels contrived and planned with the confusion, contradictions and lack of communication between the key institutions being frankly inexcusable. These people go to the best schools and universities and have the best advice and consultation at their fingertips. To think they are all blundering around making mistakes is laughable and exactly what they want people to think. My starting assumption with these parasites is that whatever they do is always planned and intentional.
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Bank Of Finland Warns “raise Cash”
This is what it’s like if you live in a country where the public servants actually serve the public … they speak plainly and give you useful advice and timely warnings.
This is good advice!
https://peakprosperity.com/wp-content/uploads/2022/10/Finland-Raise-Cash-1665661061.1308.jpg
And now it’s out int he open…at least in Finland. Over here in the US the official lying and gaslighting will continue, as per usual.
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it’s starting to feel really shaky, our central bank (Australia) suspended around one million overnight payments (who knows how much that totaled) citing a “software glitch” as the cause. hmmm…
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My 5 cents: diversify.
Keep some GBP for daily expenses, some easily convertable “gold”, for sure USD as that will the last currency to fail, if they fail.
If you have a lot of money, I think that others at PP will have better advice.
Ask around, but do your own due diligence.
I would advice you to spend a couple of days watching de videos of Coinbureau.
https://m.youtube.com/c/CoinBureau/featured
You can watch the youtube. You might be fazed initially by all the terms. I personally belief that it will be a good time investment.
If the IMF, the FED, governments and other central banks are opposed against something, it must be good for us…
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Congratulations - This Was Swann’s Recommendation For Today
Chris was featured on Ben Swann’s “New at Sovren” daily email.
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The limit on coverage being per institution, not per account, has been the case for decades. I know it was the case as far back as 1989.
Joint accounts are assumed to be split equally between the owners. Suppose a couple has $400,000 in a joint account and the wife has a personal account with $100,000. The husbands funds are insured for the full $200,000. The wife will lose $50,000.
Don’t forget bit coin is also a fiat currency. Derivatives are already manipulating this market.
Probably the only thing less secure than banks is wall street, and for the same reason. With banks, the banker takes all the gain/assets while the depositors take all the default risk. So with wall street, funds and billionaires have been getting gains from fed policy while main street gets the bill for the bail out.
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Things like that don’t have the power of their mantras.
Amount Of Actual Money Is Far Less Than What Is In Deposit
https://ycharts.com/indicators/us_currency_in_circulation
Above is a link to the chart below showing that there is approximately 2.283 trillion dollars in circulation. It makes no mention of cash outside the US held or used in or by other nations.
US bank deposit were at 19.93 trillion at the end of Q1 this year. You should always have some cash or physical currency as most if the money does not even physically exist. Most financial institutions only have a fraction of the money on deposit in cash. This is one reason that if you are withdrawing a large sum that they have limits or need time to order the cash from the federal reserve. It was very interesting watching Greece years ago.
Bitcoin relies on you having faith that both the internet and power grid will be there to access you funds. In a global crisis will anyone want a digital currency for good and services which is even less interchangeable then the digital dollar? I own some but I’m not blind to the fallacy on leaning too heavily on it.
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Even in a blackout?
There is a number that triggers a communication with the IRS though, it used to be 10K, not sure what it is now.
Safe Deposit Boxes
What might be the effect on SDBs of a bank failure? Would they or could they open your SDB and use any assets they find? Would they deny access to SDBs for an extended period of time? Or might they require an examination of anything you take out of your SDB (under the eyes of a federal marshal) and impose a levy on it?
Unless you’re going to a store with electronic cash registers linked tona computerized inventory…most shops close their doors in a power/comms outage. Same with trying to get your gold out of a storage vault. Peer-to-peer is fine…but anyone who has prepped won’t want cash.
Expected Volatility In Japanese Banks
I’m wondering if anyone has a thought about how risky Japanese banks are. Do they do the same derivative investing as US banks? I know Japan is included in the countries above, but I’m wondering if taking my money out of my Japanese bank is going to be necessary sooner than later.