[Pete]

I've been busy but I've seen how the Cypriots were all robbed their money.

I was just browsing this morning and found this.

http://silverdoctors.com/fdic-bank-of-en...btf-banks/

What do you think of it?

Basically it states that (like Cyprus) if a big bank fails, depositors would face confiscation of their money. They would receive in exchange equity shares on the institution.

Quote:

The resolution states that while the US would prefer large financial institutions be resolved through ordinary bankruptcy, depositor wealth confiscation will be pursued in the case of a systemically important institution (i.e. BOA, JPMorgan, Goldman Sachs, etc):
As demonstrated by the Title I requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the U.S. would prefer that large
financial organizations be resolvable through ordinary bankruptcy. However, the U.S. bankruptcy process may not be able to handle the failure of a systemic financial institution without significant disruption to the financial system.

What do you think of this? I saw this at a site that sells and promotes physical silver. Nonetheless it wouldn't surprise me that what happenned in Cyprus would spread all over the world.

What would you do if it happenned ?

[vinman]

I have no savings in the bank. I buy silver, and I keep a few thousand dollars in cash in my safe at home. I only keep enough cash in the bank to pay my bills. I don't look at precious metals as an investment, I see them as a store of wealth. All of the major banks in the world are insolvent and the only thing keeping them afloat are large injections of capital from central banks.

[salmonfella]

I must admit i am quite a novice. but what would you suggest to buy gold or sliver?? i am looking at other ways of trying to save my money as the whole banks here in Ireland are on rocky roads too.so i just don't feel safe leaving my hard earned euros to trust the banks.

[Pete]

(03-31-2013 09:48 AM)vinman Wrote:  

I have no savings in the bank. I buy silver, and I keep a few thousand dollars in cash in my safe at home. I only keep enough cash in the bank to pay my bills. I don't look at precious metals as an investment, I see them as a store of wealth. All of the major banks in the world are insolvent and the only thing keeping them afloat are large injections of capital from central banks.

I'm thinking of buying gold and storing it overseas in different places. I share your opinion on that metals are not an investment. But it's better to have x amount of gold or other precious metal than to lose it all because the currency you had all your investments or savings collapsed.

I got really surprised with the Cyprus bailout. I mean, that's outright stealing.

(03-31-2013 09:49 AM)salmonfella Wrote:  

I must admit i am quite a novice. but what would you suggest to buy gold or sliver?? i am looking at other ways of trying to save my money as the whole banks here in Ireland are on rocky roads too.so i just don't feel safe leaving my hard earned euros to trust the banks.

I'm a novice too. I really don't know that much but I'm going to start reading on it. After seeing what's happening around the world, I don't trust banks that much.

[Jaylow]

My uncle owns pawn shops. He keeps almost all the gold he gets, when shit hits the fan he will be way richer.