JIM ROGERS: After Cyprus “Bail-in”–Your Accounts, Pension Plans, Are At Risk

JIM ROGERS: After Cyprus “Bail-in”–Your Bank Accounts, Pension Plans, Are At Risk

Think banks are pillars of ethics? Wachovia laundered money for Mexican and Columbian drug cartels. Instead of going to jail, they paid a fine and Wells Fargo merged with them.

I appreciate Tekoa Da Silva getting this Jim Rogers interview.

Jim Rogers has always struck me as being candid about what he thinks.  In a financial world where there are many hidden land mines, Rogers tries to help those who are what one calls Main Street, USA, the mom and pop businesses and investors.  I think it comes from his small town Alabama upbringing, not forgetting one’s roots.

Ask yourself:  After the wrath Congress got from bailing out the “too big to fail” banks in the 2010 mid-term elections, do you think those in Congress want a “second flogging”?  After all, getting to Congress, the way the system has evolved, might their survival instincts cause them to find another way to bail out the “too big to fail” banks should they have another nosedive?

If they don’t bail out the banks with taxpayer funds, then how is a bailout to occur if there is an assessment that “national security” is at risk?

Would they allow another MF Global raid to occur using pension funds that they’re the custodian? 

Or what about the monies on deposits with a failing bank?

What keeps them from doing a Cyprus manuever in the US–basically freezing depositor’s funds and using them as a “bail-in” with an IOU down the road should the bank in jeopardy becomes profitable again?

Do you know the “real health” of the financial institution(s) that holds your hard earned monies?

Should you be doing your due diligence research about the health of your financial institution(s)?  How much risk are you willing to take?  And what is your financial risk management strategy?

Think about it!–No Name Attorney

Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

April 5, 2013 | By Tekoa Da Silva

I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse.

Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned [now] by the IMF, the European union, and everybody else in sight; that a government in need, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“

When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”

Jim also urged that, “If people have money in any account, anywhere in the world…cut it down to under the guaranteed amount. They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world.”

With respect to which assets governments will likely be coming for next, Jim said,401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”

Read More Here…

 

New Bank Bailout Plan: Depositors Pay

Bank of America deposit slip

Will your deposits be safe? How solvent is your bank? Are they derivatives players?

New Bailout Plan: Depositors Pay

The European Finance Ministers have now set the precedent that when banks go broke and need a bank bailout, then  the depositors are the funding source.

What’s wrong with this picture?  When corporations go insolvent it is supposed to be their shareholders lose, not their customers.

Michael Snyder’s analysis of the ongoing fallout of the Cyprus levy tax on deposit holders is one that I will be following in my research. –No Name Attorney

Michael has a B.S. in Commerce from the University of Virginia, a law degree (J.D.) and a Masters of Law in Taxation (LL.M.) from the University of Florida School of Law.

The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts

By Michael, on March 27th, 2013

Don’t be surprised when the global elite confiscate money from your bank account one day. They are already very clearly telling you that they are going to do it. Dutch Finance Minister Jeroen Dijsselbloem is the president of the Eurogroup – an organization of eurozone finance ministers that was instrumental in putting together the Cyprus “deal” – and he has said publicly that what has just happened in Cyprus will serve as a blueprint for future bank bailouts. What that means is that when the chips are down, they are going to come after YOUR money. So why should anyone put a large amount of money in the bank at this point? Perhaps you can make one or two percent on your money if you shop around for a really good deal, but there is also a chance that 40 percent (or more) of your money will be confiscated if the bank fails. And considering the fact that there are vast numbers of banks all over the United States and Europe that are teetering on the verge of insolvency, why would anyone want to take such a risk? What the global elite have done is that they have messed around with the fundamental trust that people have in the banking system. In order for any financial system to work, people must have faith in the safety and security of that financial system. People put their money in the bank because they think that it will be safe there. If you take away that feeling of safety, you jeopardize the entire system.

So exactly how did the big banks in Cyprus get into so much trouble? Well, they have been doing exactly what hundreds of other large banks all over the U.S. and Europe have been doing. They have been gambling with our money. In particular, the big banks in Cyprus made huge bets on Greek sovereign debt which ended up failing.

But what happened in Cyprus is just the tip of the iceberg. All over the planet major financial institutions are being incredibly reckless with client money. They are leveraged to the hilt and they have transformed the global financial system into a gigantic casino.

If they win on their bets, they become fabulously wealthy.

If they lose on their bets, they know that the politicians won’t let the banks fail. They know that they will get bailed out one way or another.

And who pays?

We do.

Either our tax dollars are used to fund a government-sponsored bailout, or as we have just witnessed in Cyprus, money is directly confiscated from our bank accounts.

And then the game begins again.

People need to understand that the precedent that has just been set in Cyprus is a game changer.

The next time that a major bank fails in Greece or Italy or Spain (or in the United States for that matter), the precedent that has been set in Cyprus will be looked to as a “template” for how to handle the situation.

Eurogroup president Jeroen Dijsselbloem has even publicly admitted that what just happened in Cyprus will serve as a model for future bank bailouts. Just check out what he said a few days ago

“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’. If the bank can’t do it, then we’ll talk to the shareholders and the bondholders, we’ll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders”

Dijsselbloem insists that this will cause people “to think about the risks” before they put their money somewhere…

“It will force all financial institutions, as well as investors, to think about the risks they are taking on because they will now have to realise that it may also hurt them. The risks might come towards them.”

Well, as depositors in Cyprus just found out, there is a risk that you could lose 40 percent (and that is the best case scenario) of your money if you put it in the bank.

Read More Here….