Archives for March2013

Gold Confiscation Argument is Dead

Dijsselbloem, who leads the group of 17 euro finance ministers, said imposing losses on depositors and bondholders can be part of the bailout toolkit after such measures were taken to avoid default in Cyprus.   LINK…
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In light of recent events in the international banking system and government legislations, the idea of someone confiscating your gold is about as likely as pigs flying, no offence to pigs. People forget that during the 1930’s the USD was backed by gold and the government needed gold to expand their balance sheet. Also there were no “Registered Retirement” accounts back then and many people stashed gold coins away for safety, not bank deposits, so there was not much liquidity in the banking system. 
Today, we have no gold standard and everyone has a “Registered Retirement” account and deposits in a bank account. The example being set in Cyprus is telling us that if central bankers want your money they will just take it from your deposits and if the government needs to add liquidity to the system they will simply change the rules on your “Registered Retirement” account and take the money away from you, because they have to “save the nation.” What do you think “Registered” really means? You give up control of your assets and register them to the government for a tax break now. However you become a debt prisoner in your retirement years. So if you want to “save your bacon” eliminate as many intermediaries as possible between you and your assets. As the old saying goes, “He who holds the gold, makes the rules.”   BK
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Savers be Warned, Your Money is Not Safe

Der Spiegel:  Germans are right to be worried about their savings because the euro bailouts will make most of them poorer in the long term — through higher inflation and lower payouts from life insurance and pension schemes. Why can’t crisis-hit nations follow the Cypriot example and make rich depositors pay a share?   LINK

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The “U-Vault Account” is safer than money in the bank, and 100% insured for the FULL value of your holdings. Whether you have $1 million or $100 million your gold is fully insured, allocated and segregated.   BK
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