What Should I Do?
The situation seems to be getting worse. It's hard to know when things will finally fall off the cliff, but I sure as heck don't want to be on the ride when it goes. The tough part is that's where everyone else is and that's how the world works right now:by being on the ride.
The US banks are getting bailed out on an ongoing basis, to the tune of at least $75 billion per night in the repo markets. That's massive Quantitative Easing which is a fancy way of saying massive inflation. It hasn't actually hit the markets yet, but it will. All debts eventually have to be paid. The fact that the banks are needing liquidity bailouts means that things in their houses are not in order.
Does that mean I should pull all of my money out of the bank and hold it in stacks of cash?
I haven't decided. Eventually I won't have a choice. Some people are already talking about a time when the banks will limit the amount you can withdraw per day; then eventually prohibit withdraws completely. The sad part is that's not illegal. The laws have been set such that "depositors" are actually "creditors" who are last in line to get paid back. The only reason they let us withdraw money (currency) now is to keep the charade going. How long will it last?
For now I'm going to ponder it a bit longer so I can make the best decision. I don't want to put everything into precious metals because then I won't have anything to use for groceries or gas. Still, I think it's time to reduce my exposure to the banking system.
Has anyone taken the plunge and closed their bank account?
Not investment advice. Do your own research.
The Dodd Frank bill allows banks to do a "Bank In" which is what You describe. Them holding funds from their owners.
I split my holdings up from those in the bank and those in physical stacks. Thanks for sharing!!
Posted using Partiko Android
Yeah, with a bail in, they just take all your funds and give you stock in their bank instead. Of course, they'll be giving out LOTS of stock and they'll be bankrupt, so it's not like the stock will have value.
I think a physical stack is going to be a good idea!
I think that if you are not yet comfortable in pulling out your fiat from the banking system and given your thoughts about the banking system, then perhaps keep at least half of it in your home for emergencies and so that you have full access to your fiat and be liquid. Your bank statements already show that your fiat does not earn interest keeping it there. But I am not a financial adviser and what do I know, lol!😂🤣
Posted using Partiko iOS
It's tough. Even though I know the bank isn't the best place to have it, I've been taught my whole life that keeping it under the mattress isn't the best place to have it; put it in the bank where it's safe. The truth is that it's not safe there. I just need to stop thinking emotionally and apply the knowledge I've learned.
I think your idea is a good one. :)
I closed out my bank account about four years ago. I am all in on crypto, and metals. My gold is much easier to cash out than a bank would let me with no limit on how much I convert into paper. Take the plunge!
p.s my dealer is an 'off the record' kind of gold shop. (better)
So do you just convert metals into paper when you need it?
Metals or crypto. They get converted to dollars (but I don't keep that many dollars on hand) then u$d is converted to Pesos and Baam, bills get paid.