I found the last section of the article “Are U.S. Banks About to Stress Out?” particularly interesting.
It’s not discussed in the article but I would assume that bail-ins are going to be associated with some kind of bank holiday similar to what happened in Cyprus and Greece as opposed to being a singular event. Either way I’d encourage people to maintain a stash of small denomination bills outside of the banks and credit unions. A couple of months worth of expenses in 1’s, 5’s, 10’s. Throw some twenties into the mix but sparingly as change for 20’s, 50’s and 100’s will likely be in high demand.
If you have debt, payments on that debt will still be due on time even if the banks are closed so keep a couple months worth of debt payments in the larger notes on hand as you should still be able to purchase money orders and mail them in on time as verified by the post mark on your payments.
Bank Runs and Bail-Ins Going Global
Is your money safe in the bank?
Aside from our trust in God, yet still proclaimed on all of our currency, it may be our most sacred trust. That being the trust we have in our bank to hold our money and keep it safe. It is unthinkable to most, that you can put money in the bank and lose it. In fact, we were taught as kids, that you should save some of your money and for so doing you could earn interest on the accumulated balance.
On November 16, 2014, that all changed. On this date, the G20 formalized new standard procedures for handling bank failures to include bail-ins. No longer would taxpayers be called upon to bail out troubled financial institutions. Rather, the shareholders, bondholders, pensioners and creditors would be called on to bail-in their trusted financial institution, and in some cases, their country.
The rest of the fairly long article with all of the sources linked here: https://www.learcapital.com/news-blog/bank-runs-bailins-going-global
Good advice, IS. I also think that precious metals will be a good way to preserve wealth in the days ahead. Thanks
PM’s can be confiscated and possession made as illegal as Meth or Heroin with a stroke of the pen.
It’s been done before and I find no reason to believe it couldn’t happen again.
Keep that in mind and try to stay ahead of the curve if it does.
Context is everything, Anonymous.
Private ownership of gold was declared illegal in 1933 by Roosevelt for a reason; The U.S. was actually on the gold standard!! Roosevelt could not print money like he wanted unless he had all the gold to back the cash being printed. We’re not on a gold standard now. There would need to be a very compelling reason to make gold possession illegal ‘with a stroke of the pen’. Maybe just for shits and giggles?
Financing terror and drugs amd all other clandestine criminal enterprises by being untraceable outside of the coming cashless system, that would do it.
This is absolutely true. Everyone wants to believe in some sort of “security”, I guess it preserves the normalcy bias, even if the only normalcy to a SHTF scenario would be that money and transactions would still exist only using PM instead of fiat. This simply isnt true. Again and again, Venezuela should be a key reference given it is a shtf scenario with a FULLY OPERATIONAL govt. How is that for strange? While the masses starve the upper crust dines on caviar. Nonetheless I assure all that in a scenario where food becomes scarce all the money in the world…whether fiat or PM…isnt going to fill your belly. Only after the dust has settled on the other side of hardships and new chains of govt would there perhaps be a chance for PM to take hold and even then only in areas that have “stabilized” to the point of being able to conduct commerce.
— “PM’s can be confiscated and possession made as illegal as Meth or Heroin with a stroke of the pen.”
So could physical cash. It was no more legal when it was done with PMs, the printing on the paper won’t carry any water either.
Think Cashless.
Like this: https://www.thelocal.se/20170706/cashless-swedes-still-sitting-on-old-kronor-worth-billions
Sooner or later the USA will do what they all do. We will follow the pattern of Weimar,Zimbabwe and Venezuela. Some happen faster than others but they all eventually crash. The Romans took hundres of years and USA is at 100 years and counting. Venezuela is at about 10 or 12 years. What will happen is pretty much in the cards but timing is uncertain.
Have real stuff(food,shelter,clothing,transportation) and above all else be armed. Keep your preparations close to your vest.
Indent Service, nature’s wonder boy :I am amazed at your abilities to find a rabbit . You’re like my favorite coon dog.
Because of this dose of reality the next twenty posts on TBP will be couched as ‘enough of the negativity – it’s eating your potential’ or some shit. Good info…..keep going, thanks.
Spool of barbed wire-check. PMs-check. Case buckshot-check. 640z bags M&Ms-check. Disguise as young person (In case living next to Tommy & have to drive.)-check. Toilet paper-check.
I didn’t see Jack Daniels, Marlboros or generator fuel on your list! Other than that …
Contraceptives?
If confiscation were to occur today I believe it would be purely punitive. The total value of gold held at Ft Knox is $180 billion. The interest on US debt for June 2017 was $90 billion and every year since 2006 the US has spent more than double the value of all the gold in Ft Knox on interest alone. Add in the rest of the budget expenditures for the year and the total value of all US govt owned gold amounts to only hours or maybe days of spending.
I doubt the value of non-govt owned gold held by citizens amounts to even a few hours worth of budget spending so confiscation would purely be punitive or a show of force to impress the sheople who don’t have enough money or sense to buy a little gold.
I am also coming around to the idea that gold is not going to make some meteoric rise to $5000, $10,000 or any similar number. The dollar will not be hyper inflated nor will it collapse or cease to exist. I also don’t think the govt will collapse either but that’s another discussion. The dollar is currently undergoing a systematic process to transfer it’s reserve currency status to the SDR. The dollar won’t collapse because it’s actually too valuable in terms of international trade and investment. Dollar collapse does not benefit TPTB. A smooth orderly transition to the SDR system does benefit TPTB. You can usually bet on what benefits TPTB.
That’s not to say there won’t be some very volatile times ahead for PM’s but I’m beginning to think the next big move up, similar to the early 2011 rise to $1800 will be the time to unload at least part of your PM holdings and move the proceeds to real estate or some other investment. Timing for such a move might be tough but the trick will be to not get greedy. Sell off percentages of your PM’s at different levels of gain as the price rises. After the next big run up in PM prices (nothing like the gold bugs have been predicting) PM prices may settle and languish where they are now for decades or even drop further. It could of course go the other way but that is far less likely IMO.
I think most “dollar collapse” fanatics are going to be pretty disappointed when the “collapse” they’re expecting becomes a smooth transition from Reserve Currency to non-Reserve Currency like what happened to the British Pound in the decades following WWI. That transition took decades as has (and will) this one as it is far from complete. You don’t really think all these powerful countries collectively holding TRILLIONS of dollars in dollar denominated assets are just going to allow them to be poofed into the ether do you?
I’ve always said that I only hold PM’s as a method of transferring wealth from today to whatever comes next. That transition to what comes next is in full swing right now. I still expect a multi-step devaluation of the dollar to more closely align currency exchange rates as the transition proceeds and PM’s will be good for wealth preservation during that time but the closer we get to the end of those devaluations, the further away we get from big upside moves in PM prices so stay alert!
The dollar will continue on for decades as an internal currency and it will probably be better managed during that time as a big part of what determines a country’s price for SDR’s will be the health of each country’s internal economy.
The vast majority of the Debt is held here in the USA. Foreign nations hold about$6.281 trillion.
The public holds the rest of the national debt ($14.403 trillion).
https://www.thebalance.com/who-owns-the-u-s-national-debt-3306124
Be sure to have a week or 2 of food with your Jack Daniels, John
Or another scenario where the dollars all come home to roost and the value of the dollar plummets. We’ll use Euros or whatever seems to hold some dependable value. PM holders will be able to trade PMs for ((many)) inflated dollars to pay off dollar denominated debt. New US dollar will be established and will be trusted about the same as the Mexican Peso. Lives will continue, just not as many as before.
The dollar will last a while longer. I think we will see the Yen and Euro collapse first, which will give the dollar a few more decades.
We as a nation are so screwed , we are continually concerned about burning dinner while the house is on fire ! Like my great grandmother said :” they are all down there in Washington DC scurrying about like cats covering up shit ” ! She had another good one that applies to many today :” Put a beggar on horse back and he will ride it to death “!
Precious Metal lead & brass some long term food storage and hope I can see it coming before it’s on top of me !
The fear is it will hit like a lightening bolt !