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|User Info||MF Global: The SERIOUS Issues Reach Mainstream Media; entered at 2011-12-08 10:41:25|
"And finally, let me reiterate what I've said since this story broke: So long as there are off-balance-sheet liabilities and derivative contracts have preference over deposits -- both of which are true in the present time -- this very same risk is present for anyone with a BANK OR INVESTMENT ACCOUNT OF ANY TYPE in The United States. If you believe otherwise you are wrong."|
Then where can one safely put their savings? Gold bars in a safe deposit box or is that vulnerable too? Kyle Bass says "productive assets" like apartment complexes where one will definitely take a hit when everything implodes, but won't lose everything and will recover value over time. However, that's good advice for the wealthy who can buy apartment complexes, not for most people.
On the gold bars in safe deposit boxes, just found this comment on a gold bug site (and, BTW, it's "safe deposit boxes" not "safety deposit boxes"; you're not depositing "safety", you're using a "deposit box" in a "safe."):
"One last thing not to do is to store your gold and silver in safety deposit boxes in a bank. Why? Look at what Roosevelt did in 1933, when he confiscated gold. He declared a banking holiday and raided everyone’s safety deposit boxes."
Last modified: 2011-12-08 10:56:54 by winstonsmith2009