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Could Our Worst Fears Come True After Our Exchange?


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Luigi asks...

Will our IQD simplyvvanish after we convert to USD at the banks?

What do you have planned should the banks steal our money?

Not varified. Your opine.

 

 

11/9/2015...​Sovereign Man  Notes From The Field   By Simon Black

November 9, 2015    Santiago, Chile
Astonishing Report From The Fed Says US Banks Are Not “Sound”
Late last week, a consortium of financial regulators in the United States, including the Federal Reserve and the FDIC, issued an astonishing condemnation of the US banking system.
 Most notably, they highlighted “continuing gaps between industry practices and the expectations for safe and sound banking.”
 This is part of an annual report they publish called the Shared National Credit (SNC) Review. And in this year’s report, they identified a huge jump in risky loans due to overexposure to weakening oil and gas industries.
 Make no mistake; this is not chump change.
The total exceeds $3.9 trillion worth of risky loans that US banks made with your money. Given that even the Fed is concerned about this, alarm bells should be ringing.
 Bear in mind that, in banking, there are three primary types of risk, at least from the consumer’s perspective.
 The first is fraud risk.
 This ultimately comes down to whether you can trust your bank. Are they stealing from you?
 MF Global was once among the largest brokers in the United States. But in 2011 it was found that the firm had stolen funds from customer accounts to cover its own trading losses, before ultimately declaring bankruptcy.
 It’s unfortunate to even have to point this out, but risk of fraud in the Western banking system is clearly not zero.
 The second key risk is solvency.
 In other words, does your bank have a positive net worth?
 Like any business or individual, banks have assets and liabilities.
 For banks, their liabilities are customers’ deposits, which the bank is required to repay to customers.
 Meanwhile, a bank’s assets are the investments they make with our savings. If these investments go bad, it reduces or even eliminates the bank’s ability to pay us back.
 This is precisely what happened in 2008; hundreds of banks became insolvent in the financial crisis as a result of the idiotic bets they’d made with our money.
 The third major risk is liquidity risk.
 In other words, does your bank have sufficient funds on hand when you want to make a withdrawal or transfer?
 Most banks only hold a very small portion of their portfolios in cash or cash equivalents.
 I’m not just talking about physical cash, I’m talking about high-quality liquid assets and securities that banks can sell in a heartbeat in order to raise cash and meet their customer needs to transfer and withdraw funds.
 For most banks in the West, their amount of cash equivalents as a percentage of customer deposits is extremely low, often in the neighborhood of 1-3%.
 This means that if even a small number of customers suddenly wanted their money back, and especially if they wanted physical cash, banks would completely seize up.
 Each of these three risks exists in the banking system today and they are in no way trivial.
 Very few people ever give thought to the soundness of their bank, ignoring the blaring warning signs that are right there in front of them.
 Every quarter the banks themselves send us detailed financial statements reporting both their low levels of liquidity and the accounting tricks they use to disguise their losses.
 Now we have a report from Fed and the FDIC, showing their own concern for the industry and foreshadowing the solvency risk I discussed above. 
Every rational person ought to have a plan B to hedge these risks. And I would propose three methods:
 1) Transfer a portion of your funds to a much safer, stronger banking jurisdiction, preferably one with zero net debt.
 2) Hold physical cash. Physical cash serves as a great short-term hedge against all three risks, with the added benefit that there’s no exchange rate risk.
 All you have to do is go to your nearest ATM machine, take out a small amount at a time and build up a small pool of cash savings.
 3) Hold gold and silver.
 While physical cash is a great short-term hedge against risk in the banking system, gold and silver are excellent hedges against long-term risks in the monetary system and global financial system as a whole.
 There may be a time where we are faced with the consequences not only of a poor banking system, but also of decades of wanton debt and monetary expansion.
 At that point, the only thing that will make any sense at all is direct ownership of real assets. 
 Until tomorrow, 
 
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I'm not quite ready to call my local banker, with whom I golf and fish with, a "cabal of evil". He is a family man, a good man, who takes pride in serving his community. He was worried back in 2008, but so was the whole world, due to our fiat currency system. But a "cabal of evil" is a little strong. Some people are using the same language about our police force. Next it will be public school teachers. We all need to relax on the rhetoric, folks. We live in the greatest country on earth. Than God for that blessing.

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I'm not quite ready to call my local banker, with whom I golf and fish with, a "cabal of evil". He is a family man, a good man, who takes pride in serving his community. He was worried back in 2008, but so was the whole world, due to our fiat currency system. But a "cabal of evil" is a little strong. Some people are using the same language about our police force. Next it will be public school teachers. We all need to relax on the rhetoric, folks. We live in the greatest country on earth. Than God for that blessing.

 

That kind of common sense is not going to sit well with the bunker babies.   :lol: 

 

GO RV, then BV

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***///

If anyone still exists that trusts banks with their money, they deserve what they get. <_<

... the banking cartel is a cabal of evil. :angry:

I second that emotion. If these white collar criminals were put into general population in a state prison that kind of corruption would be a lot less. When you slap their hand, fine them, and give them soft time in a fed prison and let them out to retain hidden funds it's going to go on for ever.

FWD

GO RV

like they said hold physical gold and silver

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I'm not quite ready to call my local banker, with whom I golf and fish with, a "cabal of evil". He is a family man, a good man, who takes pride in serving his community. He was worried back in 2008, but so was the whole world, due to our fiat currency system. But a "cabal of evil" is a little strong. Some people are using the same language about our police force. Next it will be public school teachers. We all need to relax on the rhetoric, folks. We live in the greatest country on earth. Than God for that blessing.

***///

 

He should go work for a Credit Union.

 

If he is ignorant of the facts re: the central bankers true mission, we feel sorry for him.

 

Maybe he is a good guy as you say,

but he should do the moral thing and not continue to carry their water.

 

And as far as the same language re: police -- there ARE indeed some who serve there who are

part of the problem and serve a darker master.

 

Teachers, too, who fail to push back against kommon kore are also serving that same dark master.

 

Ignorance allows them to be sucked in.  They all need to wise up.

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Glass half empty or glass half full. I have been accused of being negativistic by some on this forum, but that's only in regarding the situation in iraq. BUT as for my country, the greatest country on the face of the planet, the most sympathetic, compassionate, human rights defending country, the world has ever known, I will defend it against all enemies domestic or foreign.

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 I will defend it against all enemies domestic or foreign.

***///

 

Then start with the darkness which took root here on Jekyll Island,

and continues to drag us down into the hell they've made for US.

 

Tell TheFed "no mas !"

 

as they are indeed a foreign enemy who have entrenched themselves here domestically to

take US down from within. 

 

Deal with it accordingly. :salute:

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Seems no matter what side Antietam stands on someone always shoots down his opinion. I agree with him on this. The US is still the greatest country to date. But it is never a bad idea to be cautious. Plan for the best, prepare for the worse....

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Luigi asks...

Will our IQD simplyvvanish after we convert to USD at the banks?

What do you have planned should the banks steal our money?

Not varified. Your opine.

 

 

11/9/2015...​Sovereign Man  Notes From The Field   By Simon Black

November 9, 2015    Santiago, Chile

Astonishing Report From The Fed Says US Banks Are Not “Sound”

Late last week, a consortium of financial regulators in the United States, including the Federal Reserve and the FDIC, issued an astonishing condemnation of the US banking system.

 Most notably, they highlighted “continuing gaps between industry practices and the expectations for safe and sound banking.”

 This is part of an annual report they publish called the Shared National Credit (SNC) Review. And in this year’s report, they identified a huge jump in risky loans due to overexposure to weakening oil and gas industries.

 Make no mistake; this is not chump change.

The total exceeds $3.9 trillion worth of risky loans that US banks made with your money. Given that even the Fed is concerned about this, alarm bells should be ringing.

 Bear in mind that, in banking, there are three primary types of risk, at least from the consumer’s perspective.

 The first is fraud risk.

 This ultimately comes down to whether you can trust your bank. Are they stealing from you?

 MF Global was once among the largest brokers in the United States. But in 2011 it was found that the firm had stolen funds from customer accounts to cover its own trading losses, before ultimately declaring bankruptcy.

 It’s unfortunate to even have to point this out, but risk of fraud in the Western banking system is clearly not zero.

 The second key risk is solvency.

 In other words, does your bank have a positive net worth?

 Like any business or individual, banks have assets and liabilities.

 For banks, their liabilities are customers’ deposits, which the bank is required to repay to customers.

 Meanwhile, a bank’s assets are the investments they make with our savings. If these investments go bad, it reduces or even eliminates the bank’s ability to pay us back.

 This is precisely what happened in 2008; hundreds of banks became insolvent in the financial crisis as a result of the idiotic bets they’d made with our money.

 The third major risk is liquidity risk.

 In other words, does your bank have sufficient funds on hand when you want to make a withdrawal or transfer?

 Most banks only hold a very small portion of their portfolios in cash or cash equivalents.

 I’m not just talking about physical cash, I’m talking about high-quality liquid assets and securities that banks can sell in a heartbeat in order to raise cash and meet their customer needs to transfer and withdraw funds.

 For most banks in the West, their amount of cash equivalents as a percentage of customer deposits is extremely low, often in the neighborhood of 1-3%.

 This means that if even a small number of customers suddenly wanted their money back, and especially if they wanted physical cash, banks would completely seize up.

 Each of these three risks exists in the banking system today and they are in no way trivial.

 Very few people ever give thought to the soundness of their bank, ignoring the blaring warning signs that are right there in front of them.

 Every quarter the banks themselves send us detailed financial statements reporting both their low levels of liquidity and the accounting tricks they use to disguise their losses.

 Now we have a report from Fed and the FDIC, showing their own concern for the industry and foreshadowing the solvency risk I discussed above. 

Every rational person ought to have a plan B to hedge these risks. And I would propose three methods:

 1) Transfer a portion of your funds to a much safer, stronger banking jurisdiction, preferably one with zero net debt.

 2) Hold physical cash. Physical cash serves as a great short-term hedge against all three risks, with the added benefit that there’s no exchange rate risk.

 All you have to do is go to your nearest ATM machine, take out a small amount at a time and build up a small pool of cash savings.

 3) Hold gold and silver.

 While physical cash is a great short-term hedge against risk in the banking system, gold and silver are excellent hedges against long-term risks in the monetary system and global financial system as a whole.

 There may be a time where we are faced with the consequences not only of a poor banking system, but also of decades of wanton debt and monetary expansion.

 At that point, the only thing that will make any sense at all is direct ownership of real assets. 

 Until tomorrow, 

 

It coould happen but fortunately a lot more transactions are just electronic transfers via online payments, checks, credit/debit cards etc. not many large transactions over $100 or used with physical dollars any more.

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