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…

 

More About the “Cyprus Bank Robbery”

More About the “Cyprus Bank Robbery”

Everyone in the world should be following daily for a while the final ending of what some call the Cyprus “Bank Robbery”.  Does this have implications for Europe, the US or Asia?   Will there be a spillover effect in the months to come?

This is part 2 of Michael Snyder’s coverage of the Cyprus forced “Bank Holiday” 🙁

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 Great Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe

By Michael, on March 18th, 2013

The Great Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe - Photo by Yumi Kimura

The global elite have now proven that when the chips are down they are going to go after any big pile of money that they think they can get their hands on.  That means that no bank account, no retirement fund and no stock portfolio on earth is safe.  Up until now, most people assumed that private bank accounts were untouchable and that deposit insurance actually meant something.  Now we see that there is no pile of money that is considered “off limits” by the global elite and deposit insurance means absolutely nothing.  The number one thing that any financial system depends on is faith.  If people do not have faith in the safety and stability of a financial system, it will not work.  Well, the people that rule the world have just taken a sledgehammer to the trust that we all had in the global financial system.  They have broken the unwritten social contract that global banking depends on.  So now we will see a run on the banks, and this will not just be limited to a few countries in southern Europe.  Rather, this will be worldwide in scope.  Yoda may have put it this way: “Begun, the global bank run has.”  All over the world, frightened people are going to start pulling money out of the banks.  A lot of that money will go into gold, silver and other hard assets.  And as money starts coming out of the banks, this could cause many of the large banks that have been teetering on the edge of disaster to finally collapse.

Many of you may not believe that they would ever come after bank accounts, retirement funds or stock portfolios in the United States.

Many of you may be entirely convinced that the Great Cyprus Bank Robbery could never happen in America.

Well, where do you think this whole plan was dreamed up?

It was the IMF that reportedly pushed the hardest for the wealth tax in Cyprus, and the IMF is headquartered right in the heart of Washington D.C.

Almost every nation on the planet has to deal with the IMF.  It is an organization that is dominated by the United States and that is always involved when there is an international debt crisis.

If the IMF thinks that it is a great idea to steal from bank accounts to solve a financial crisis in Cyprus, why wouldn’t they impose a similar solution in other countries in the future?

And if bank accounts are no longer safe, are there any truly safe places to put your money?

You can trust the politicians when they tell you that an unannounced “wealth tax” will never happen where you live if you want, but that is the exact same lie that the politicians in Cyprus were telling their people until the day that it happened.  (emphasis added)  The following is from an article in the Cyprus Mail

And after all, President Anastasiades had emphatically declared in his inauguration speech that “absolutely no reference to a haircut on public debt or deposits will be tolerated,” adding that “such an issue isn’t even up for discussion.” Finance Minister Michalis Sarris made similarly reassuring statements, arguing that it would be lunacy for the EU to impose such a measure because it would threaten the euro system.

Read More Here…

12 Things That Just Happened That Show The Next Wave of the Economic Collapse Is Almost Here

Michael Synder’s work I am regularly featuring on this website with his permission from his economic collapse blog.

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. 

In this specific article, pay close attention to #1 and #11 of the items.  The reason number 1 (insider CEO execs of major corporations) is important is because despite a company’s press release or what the talking head commentators say on Cable, this is in essence a vote of “no confidence” in the current economic situation.

Number #11 is important because things will get much uglier and trying as the currency war advances.  In currency wars, the victims on the battlefield are not the soldiers but us consumers and families.  It’s like a toxic gas that is odorless and colorless:  You may not see if but you will definitely suffer the consequences.

China is in overdrive to have their currency, which will be partially backed by gold, to replace ours.  They have quietly gone to trading partner after trading partner getting them to not use the U.S. Dollar.  Because of some major trade deals and projects they have made with Saudi Arabia, I believe they are working behind the scenes to get the Saudis to agree to move away from the U.S. “petrodollar” . 

When the Saudis agree to use something other than US Dollars in settling the accounts from selling their oil, look for the life support plug for the dollar to be pulled out of the electricial outlet.     

The biggest obstacle for the Chinese in their efforts is the fact that they are a communist nation. 

Watching the currency war is a must.  Do your own research.  Don’t expect the mainstream media to keep you up to date.  You’re more likely to find out what is going on by monitoring solid financial sites and the European newspapers.–No Name Attorney

12 Things That Just Happened That Show The Next Wave Of The Economic Collapse Is Almost Here

By Michael, on March 3rd, 2013

12 Things That Just Happened That Show The Next Wave Of The Economic Collapse Is Almost Here

Are we running out of time?  For the last several years, we have been living in a false bubble of hope that has been fueled by massive amounts of debt and bailout money.  This illusion of economic stability has convinced most people that the great economic crisis of 2008 was just an “aberration” and that now things are back to normal.  Unfortunately, that is not the case at all.  The truth is that the financial crash of 2008 was just the first wave of our economic troubles.  We have not even come close to recovering from that wave, and the next wave of the economic collapse is rapidly approaching.  Our economy is like a giant sand castle that has been built on a foundation of debt and toilet paper currency.  As each wave of the crisis hits us, the solutions that our leaders will present to us will involve even more debt and even more money printing.  And each time, those “solutions” will only make our problems even worse.  Right now, events are unfolding in Europe and in the United States that are pushing us toward the next major crisis moment.  I sincerely hope that we have some more time before the next crisis overwhelms us, but as you will see, time is rapidly running out.

The following are 12 things that just happened that show the next wave of the economic collapse is almost here…

Read More Here